General Employee Pension Board Minutes 05-15-14 v 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 T,im 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 05/14/14
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.
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11. Adjournment—Tim Townsend made a motion to adjourn the meeting a,7:32 PM.
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I
imothy rwnsend Alan Gleit
Chair Secretary
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