Police Employee Pension Board Minutes 05-15-14 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, 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 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.
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9. Adjournmen • Gualillo made a motion to adjourn the meeting at 7:32 PM.
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Vic Gualillo David Cameron
Chair Secretary
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