Board Agenda 06-12-14 CITY OF ATLANTIC BEACH
PENSION BOARD OF TRUSTEES
PUBLIC NOTICE
NOTICE IS HEREBY GIVEN TI 1AT THE ATLANTIC BEACH GENERAL EMPLOYEES'
AND ATLANTIC BEACH POLICE OFFICERS PENSION BOARD OF TRUSTEES WILL
HOLD A MEETING AS FOLLOWS:
PLACE: COMMISSION CHAMBERS
800 Seminole Road
Atlantic Beach, FL 32233
DATE: June 12, 2014
TIME: 6:30 P.M.
THE ABOVE MEETING IS OPEN TO THE PUBLIC.
In accordance with the Americans with Disabilities Act, persons needing a
special accommodation to participate in this proceeding should contact Finance
Department, Nelson Van Liere at 247-5807 or at City Hall, 800 Seminole Road.
FOR ADDITIONAL INFORMATION OR QUESTIONS CONTACT:
CITY OF ATLANTIC BEACH
FINANCE DEPARTMENT
PHONE 247-5807
Notice Posted:June 5,2014
Posted by: Debbie Sileo
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
June 12, 2014 at 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for May 15,2014, Police Officers' board meeting—(1)
3. Approval of the Minutes for May 15, 2014,General Employees' board meeting—(2)
4. Status of Vacant Board position—General Employees
5. To be discussed by Michael O'Shields, Morgan Stanley Smith Barney :
a. Recap Investment Performance for the Police Officers' for the period ended 05/31114
and subsequent activity since.
b. Recap Investment Performance for the General Employees' for the period ended
05/31/14 and subsequent activity since.
6. Authorize Plan Administrator to sign GRS Impact Statement related to proposed ordinance
amendments -Police Officers
7. Authorize Plan Administrator to sign GRS Impact Statement related to proposed ordinance
amendments—General Employees
8. Approve revised GRS Actuarial Valuation Report, September 30, 2013 —Police Officers
9. Approval of Benefit Changes—Police Officers--(3)
10. Approval of Benefit Changes— General Employees—(3)
11. To be discussed by Nelson Van Liere, Plan Administrator: Letter mailed on June 2, 2014 to
disability benefit recipient.
12. Any New Business
13. Adjournment—Police
14. Adjournment—General
CITY OF ATLANTIC BEACH
POLICE EMPLOYEES' PENSION BOARD OF TRUSTEES:
4 year term; no term limit
Business Home Term
Name and Address Position Phone Phone Expires
Employee Elected
Vic Gualillo Chair 247-5859 N/A 02/28/18
Atlantic Beach Police Department
850 Seminole Road
Atlantic Beach, FL 32233
vgualillo @coab.us
Employee Elected
David Cameron Member 247-5859 N/A 08/01/17
Atlantic Beach Police Department
850 Seminole Road
Atlantic Beach, FL 32233
dcameron @coab.us
Civilian Appointed by Commission
William(Bill) T. Tomson Member 853-6985 12/31/17
377 12th Street
Atlantic Beach, FL 32233
williamtomson@gmail.com
Civilian Appointed by Commission
John Wolfel Vice Chair 699-8887 10/11/17
435 Inland Way 241-9800 (FAX)
Atlantic Beach, FL 32233
John.Wolfel@comcast.net
Resident selected by Board, Confirmed by Commission
Tim Saggau Member 838-3900 241-4694 06/10/17
2032 Duna Vista Court
Atlantic Beach, FL 32233
Timsaggau@yahoo.com
CITY OF ATLANTIC BEACH
GENERAL EMPLOYEE'S PENSION BOARD OF TRUSTEES:
4 year term; no term limit
Business Home Term
Name and Address Position Phone Phone Expire
Employee Elected
Timothy Townsend Chair 247-5839 247-5839 02/16/18
902 Assisi Lane
Atlantic Beach, FL 32233
ttownsend@coab.us
Employee Elected
Dennis Roberts Member 705-5858 705-5858 09/24/14
800 Seminole Road
Atlantic Beach, FL 32233
droberts@coab.us
Civilian Appointed by Commission
Vacant
Civilian Appointed by Commission
Alan Gleit Secretary N/A 241-9966 10/11/15
10 Tenth Street
Unit 32
Atlantic Beach
agleit@hotmail.com
Resident selected by Board, Confirmed by Commission
Gil Flores Member 247-5830 247-5842 05/09/15
1100 Sandpiper Lane
Atlantic Beach, FL 32233
gflores@coab.us
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 15,2014
1. The City of Atlantic Beach Police Employees' Pension Board meeting was called to order at
6:30 P.M. The members in attendance were trustees: Vic Gualillo, David Cameron,John Wolfel,
and Tim Saggau. Pension Plan Administrator Nelson Van Liere, Investment Advisor Michael
O'Shields, and Pension Board Attorney Scott Christiansen of Christiansen& Dehner, PA were also
in attendance.
2. Courtesy of the floor to visitors. No visitors exercised their right to speak.
3. Approval of the minutes from the Police Employee Retirement System April 10,2014 meeting.
Motion to approve was made by Vic Gualillo and seconded by John Wolfel. The vote was
unanimous to approve.
4. The Financial Expenditures through March 31,2014 for the Police Employees' Pension Plan
were approved: the motion was made by Vic Gualillo and seconded by David Cameron. The vote
was unanimous to approve.
5. Michael O'Shields led the discussion on investment performance for the period ended 05/14/14
including year to date information. Discussion related to current equity and bond investment
allocation. Current calendar year performance has resulted in a$75,364 gain with a current ending
portfolio value of$7,847,461. This represents a cumulative gain of 5.7%after the seventh month of
the fiscal year ended September 30, 2014.
6. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Dehner, P.A.:
A. Discussion related to "Financial Disclosure Forms" due July 1st, 2014. There is a$25
per day penalty (Board Member responsibility) if deadline is not met.
B. The attorney has prepared an ordinance with updates regarding disability provisions
and IRC changes. Additionally, attorney requested a zero impact study from actuary
in regards to proposed changes in the ordinance. Motion made by Vic Gualillo to
present ordinance to City Commission and request the zero impact study. Motion
seconded by David Cameron. The vote was unanimous to approve
C. Provided updates on legislation that may affect the Plan regarding state provided
monies. Additionally,provided updates on future impact studies that will be required
of the Plan.
7. Update on additional monies available from City's pooled cash. Pension Plan Administrator
led discussion related to $55,000 that was transferred from the City's pooled cash to the Plan's
investment portfolio. Amount was invested in line with Plan's current investment policy.
8. No new business.
1
9. Adjournment—Vic Gualillo made a motion to adjourn the meeting at 7:32 PM.
Vic Gualillo David Cameron
Chair Secretary
2
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 15,2014
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:30 P.M. The members in attendance were trustees: Tim Townsend, Alan Gleit, Gil Flores, and
Dennis Roberts. Pension Plan Administrator Nelson Van Liere, Investment Advisor Michael
O'Shields, and Pension Board Attorney Scott Christiansen of Christiansen& Dehner, P.A were also
in attendance.
2. Courtesy of the floor to visitors. No visitors exercised their right to speak.
3. Approval of the minutes from the General Employee Retirement System April 10,2014
meeting. Motion to approve was made by Dennis Roberts and seconded by Tim Townsend. The
vote was unanimous to approve.
4. The Financial Expenditures through March 31,2014 for the General Employees' Pension Plan
were approved: the motion was made by Tim Townsend and seconded by Dennis Roberts. The vote
was unanimous to approve.
5. Michael O'Shields led the discussion on investment performance for the period ended 05/14114
including year to date information. Discussion related to current equity and bond investment
allocation. Current calendar year performance has resulted in an increase of$121,428 with a current
ending portfolio value of$14,717,784. This represents a cumulative gain of 5.4%after the seventh
month of the fiscal year ended September 30, 2014.
6. The following was discussed by Pension Board Attorney Scott Christiansen of Christiansen &
Dehner, P.A.:
A. Discussion related to "Financial Disclosure Forms"due July 1st, 2014. There is a$25
per day penalty (Board Member responsibility) if deadline is not met.
B. The attorney has prepared an ordinance with updates regarding disability provisions
and IRC changes. Additionally, attorney requested a zero impact study from actuary
in regards to proposed changes in the ordinance. Motion made by Tim Townsend to
present ordinance to City Commission and request the zero impact study. Motion
seconded by Gil Flores. The vote was unanimous to approve
C. Provided updates on future impact studies that will be required of the Plan.
7. Update on "30 & Out" impact statement. Pension Plan Administrator led discussion revolving
around the actuarial study regarding the cost of the"30 &Out"proposal. Discussion related to
costs and effects it may have on the Plan assets.
8. Update on additional monies available from City's pooled cash. Pension Plan Administrator led
discussion related to $250,000 that was transferred from the City's pooled cash to the Plan's
investment portfolio. Amount was invested in line with Plan's current investment policy.
9. Benefit Changes for William Searcy and Robert Stewart. Motion to approve was made by
Timothy Townsend and seconded by Gil Flores. The vote was unanimous to approve.
10. No new business.
(a)
11. Adjournment—Tim Townsend made a motion to adjourn the meeting at 7:32 PM.
Timothy Townsend Alan Gleit
Chair Secretary
2
Recent Changes to Retirement Benefits
Police Officers
Name Type Period Start Date
NONE
General Employees
Name Type Period Start Date
Carper, Ricky Service Monthly 06/01/2014
Baker, Gail Death Lump Sum TBD (1)
(1) Payable to Estate
(3)