General Employee Pension Board Minutes 07-10-14 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
July 10, 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, Ray Brandstaetter and Gil
Flores. 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 noted how
interesting the information is from the Pension Advisor and that the agenda is in a good format.
3. Approval of the Minutes for June 12, 2014, General Employees' board meeting. Motion to
approve was made by Tim Townsend and seconded by Ray Brandstaetter. The vote to approve was
unanimous.
4. Michael O'Shields led the discussion on investment performance for period ended 6/30/14
including year to date information. Discussion related to current equity and bond investment
allocation and the consensus was to not change the current portfolio composition at this time. Current
calendar year performance has resulted in a gain of$275,665 with a current ending portfolio value of
$14,697,020. This represents a cumulative gain of 6.5 after the ninth month of the fiscal year ended
September 30, 2014.
5. No new business.
6. Adjournment—Tim Townsend made a motion to adjourn the meeting at 7:00 PM.
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Timot Townsend Gil Flores
Chair Vice Chair
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