General Employee Pension Board Minutes 06-12-14 v 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.
I
Offilb2
Timot ownsend Gil Flores
Chair Vice Chair
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