Police Employee Pension Board Minutes 06-12-14 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
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