Board Agenda 07-10-14CITY OF ATLANTIC BEACH
PENSION BOARD OF TRUSTEES
PUBLIC NOTICE
NOTICE IS HEREBY GIVEN THAT THE ATLANTIC BEACH GENERAL EMPLOYEES’
AND ATLANTIC BEACH POLICE OFFICERS PENSION BOARD OF TRUSTEES WILL
HOLD A MEETING AS FOLLOWS:
PLACE: NORTH CONFERENCE ROOM
800 Seminole Road
Atlantic Beach, FL 32233
DATE: July 10, 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 30, 2014 Posted by: Debbie Sileo
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
July 10, 2014 at 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for June 12, 2014, Police Officers’ board meeting – (1)
3. Approval of the Minutes for June 12, 2014, General Employees’ board meeting – (2)
4. To be discussed by Michael O’Shields, Morgan Stanley Smith Barney : a. Recap Investment Performance for the Police Officers’ for the period ended 06/30/14 and subsequent activity since.
b. Recap Investment Performance for the General Employees’ for the period ended
06/30/14 and subsequent activity since.
5. Acknowledgment of approval of 2013 Annual Reports - Police Officers – (3)
6. Any New Business
7. Adjournment – Police
8. Adjournment – General
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
Ray Brandstaetter Member 206-2655 247-2867 6/9/18
254 Oceanwalk Dr. S.
Atlantic Beach, FL 32233 brandstaetter@comcast.net
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 Vice Chair 247-5830 247-5842 05/09/15
1100 Sandpiper Lane
Atlantic Beach, FL 32233 gflores@coab.us
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 Secretary 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
1
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND POLICE EMPLOYEES’ PENSION BOARD MEETING MEETING MINUTES June 12, 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: William (Bill) Tomson, David Cameron, and
Tim Saggau. Pension Plan Administrator Nelson Van Liere, and Investment Advisor Michael
O’Shields were also in attendance.
2. Courtesy of the floor to visitors. Chris Jorgenson spoke about his background and family history
and noted this was the reason behind his interest in the community and City finances.
3. Approval of the Minutes for May 15, 2014, Police Officers’ board meeting. Motion to approve
was made by David Cameron and seconded by Tim Saggau. The vote to approve was unanimous.
4. Michael O’Shields led the discussion on investment performance for period ended 5/31/14
including year to date information.
a. Discussion related to current equity and bond investment allocation. The Board decided to move $2M from Cash & Equivelants to Equities. $1M will go to
Cambriar Investors and $1M will go to Thompson Siegel & Walmsley.
b. Current calendar year performance has resulted in a gain of $48,933 with a current
ending portfolio value of $7,893,209. This represents a cumulative gain of 6.3
after the eighth month of the fiscal year ended September 30, 2014.
5. Approved authorization for Plan Administrator to sign GRS Impact Statement related to proposed ordinance amendments - Police Officers. Motion to approve by David Cameron with a
second by Tim Saggau. The vote was unanimous to approve.
6. Approval of the revised GRS Actuarial Valuation Report, September 30, 2013 – Police Officers.
A motion was made by David Cameron with a second from Bill Tomson. The vote was unanimous to approve.
7. Approval of Benefit Changes – Police Officers – (3) No changes.
8. Discussion by Nelson Van Liere, Plan Administrator: Letter mailed on June 2, 2014 to
disability benefit recipient. Nelson Van Liere explained that a letter had been mailed to former
employees on disability and explained all but one had reached retirement age and therefore the letter would only apply to one recipient.
9. No new business.
10. Adjournment – Bill Tomson made a motion to adjourn the meeting at 7:33 PM.
__________________________ ____________________________
Vic Gualillo David Cameron Chair Secretary
1
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND GENERAL EMPLOYEES’ PENSION BOARD MEETING MEETING MINUTES June 12, 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, Ray Brandstaetter
and Dennis Roberts. Pension Plan Administrator Nelson Van Liere, and Investment Advisor Michael
O’Shields were also in attendance.
2. Courtesy of the floor to visitors. Chris Jorgenson spoke about his background and family history
and noted this was the reason behind his interest in the community and City finances.
3. Approval of the Minutes for May 15, 2014, General Employees’ board meeting. Motion to
approve was made by Dennis Roberts and seconded by Tim Townsend. The vote to approve was
unanimous.
4. Status of Vacant Board position – General Employees. Ray Brandstaetter will fill the vacant
position on the General Employees’ Pension Board. The vacancy was created when Michael Diaz resigned in February 2014 and the four year term will expire on 6/9/2018. The Board formally
elected Gil Flores and he has accepted the position of Vice Chair. A motion was made by Tim
Townsend and seconded by Dennis Roberts. The vote to approve was unanimous.
5. Michael O’Shields led the discussion on investment performance for period ended 5/31/14
including year to date information.
a. Discussion related to current equity and bond investment allocation. The Board
decided to move $3M from Cash & Equivalents to Equities. $1M will go to
Cambriar Investors, $1M to GW Capital and $1M will go to Thompson Siegel &
Walmsley.
b. Current calendar year performance has resulted in a gain of $84,998 with a current ending portfolio value of $14,628,348. This represents a cumulative gain of 6.0
after the eighth month of the fiscal year ended September 30, 2014.
6. Approved authorization for Plan Administrator to sign GRS Impact Statement related to
proposed ordinance amendments - General Employees. Motion to approve by Tim Townsend with
a second by Dennis Roberts. The vote was unanimous to approve.
7. Benefit Changes for Ricky Carper and Gail Baker – General Employees – (3) Motion to approve
was made by Dennis Roberts with a second by Tim Townsend. The vote to approve was unanimous.
8. Discussion by Nelson Van Liere, Plan Administrator: Letter mailed on June 2, 2014 to
disability benefit recipient. Nelson Van Liere explained a letter that had been mailed to former
employees on disability and explained all but one had reached retirement age and therefore the letter would only apply to one recipient.
9. No new business.
10. Adjournment – Dennis Roberts made a motion to adjourn the meeting at 7:33 PM.
__________________________ ____________________________
Timothy Townsend Gil Flores Chair Vice Chair
FLORIDA DEPARTMENT OF MANAGEMENT SERVICES
. retirement
We serve those who serve florida
Bureau of Local Retirement Systems
Municipal Police Officers' and Firefighters'
Retirement Trust Funds' Office
P.O. Box3010
Tallahassee, Florida 32315-3010
Tel: 850-.922.0667 I Fax: 850. 921.2161 I Toll-Free: 877.738.6737
Rick Scott, Governor Craig J. Nichols, Agency Secretary
To:
From:
APPROVED
MEMORANDUM
June 13, 2014
Mr. Victor L. Gualillo, Chairman
Atlantic Beach Police Officers' Pension Fund
Office of Municipal Police Officers' and Firefighters'
Retirement Trust Funds, Division of Retirement
Subject: 2013 ANNUAL REPORTS
This is to advise that we have reviewed and approved the 2013 Annual Report (s) for the Atlantic
Beach Police Officers' Pension Fund.
If you have any questions, please contact our office at (850) 922-0667.
mjm
Copy: Nelson Van Liere, Finance Director .,/
Approved