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Board Agenda 09-11-14CITY 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: September 11, 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: September 4, 2014 Posted by: Debbie Sileo CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS BOARD MEETING AGENDA FOR September 11, 2014 at 6:30 P.M. Call to Order both boards 1. Courtesy of the Floor to Visitors 2. Approval of the Minutes for August 14, 2014, Police Officers' board meeting—(1) 3. Approval of the Minutes for August 14, 2014, General Employees' board meeting—(2) 4. Status of Board position for Dennis Roberts. Nomination forms were emailed on August 27, 2014 —General Employees 5. To be discussed by Michael O'Shields, Morgan Stanley Smith Barney : a. Recap Investment Performance for the Police Officers' for the period ended 08/31/14 and subsequent activity since. b. Recap Investment Performance for the General Employees' for the period ended 08/31/14 and subsequent activity since. 6. Discussion of Investment Return Charts as of June 30, 2014 emailed to trustees on August 25, 2014 —(3) 7. Acknowledgment of Receipt of 2013 Premium Tax Distribution. A warrant has been received and the funds deposited. The required return documentation to the state was mailed on August 20, 2014. (4) 8. Any New Business 9. Adjournment—Police 10. 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 CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND POLICE EMPLOYEES' PENSION BOARD MEETING MEETING MINUTES August 14, 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 were also in attendance. 2. Courtesy of the floor to visitors. Chris Jorgensen spoke about community members and financial loss and suggested the board use logic not emotion when thinking about expenditures. 3. Approval of the Minutes for July 10,2014, Police Employees' board meeting. Motion to approve was made by David Cameron and seconded by John Wolfel. The vote to approve was unanimous. 4. Financial Expenditures for the quarter ended June 30, 2014 —Police Employees' Pension Fund. The Board was provided with an expenditure report. Motion to approve was made by David Cameron and seconded by John Wolfel. The vote to approve was unanimous. 5. Michael O'Shields led the discussion on investment performance for period ended 7/31/14 including year to date information. a. Discussion related to current equity and bond investment allocation, and rate of return. The consensus was to not change the current portfolio composition at this time. The ending portfolio value of$7,910,365 represents a net return of 10.1% for the last 12 months ended August 13, 2014. b. Pension Attorney Scott Christiansen said he had a fiduciary responsibility to mention that the clients he has been working with in other areas of the state have a higher rate of return. He said the worst plan from his client list is at 10%. Several Pension Board members asked for a list of the clients so they could review the plans and returns. Michael O'Shields reminded the Board that they are in a Risk Adjusted Plan and said the Board felt comfortable with a target of 8%. The Board previously agreed to participate in this conservative plan. Scott Christiansen will give the Board his client list so they can research. 6. Pension Board Attorney to discuss matters of interest to the General Employees' & Police Officers' Pension Board—Pension Board Attorney Scott Christiansen of Christiansen & Dehner, P.A. a. Scott Christiansen reminded all Board members to file their disclosure forms with the state if they have not already as the September deadline is approaching. b. A table of forms related to the pension plan was delivered. This will be scanned and a copy will be given to the HR Director and held in the Clerk's office. 7. Discussed 2015 Operating Budget for Police Employees' Pension Fund. Board was provided with the proposed budget; there was no discussion. 8. F.P.P.T.A. Upcoming Events Calendar. A calendar was provided for Board members. Scott Christiansen told the Board they need to attend every 4 years and new members should attend within the first six months of taking a seat on the board. He also mentioned another conference that is put on by the Department of Management Services in November. 1 LIB 9. Reported status of Section 185 insurance premium dollars—Police Employees. The Board authorized Nelson Van Liere to contact the Pension Board Attorney to discuss options for the use of these funds. 10. Acknowledged passage of the Pension Ordinance on August 11, 2014. Copies of the signed ordinance were presented to the Pension Attorney. 11. No new business. 12. Adjournment—David Cameron made a motion to adjourn the meeting at 7:29 PM. Vic Gualillo David Cameron Chair Secretary 2 CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND GENERAL EMPLOYEES' PENSION BOARD MEETING MEETING MINUTES August 14, 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, Dennis Roberts, Alan Gleit, Ray Brandstaetter and Gil Flores. Pension Plan Administrator Nelson Van Liere, Investment Advisor Michael O'Shields, and Pension Board Attorney Scott Christiansen were also in attendance. 2. Courtesy of the floor to visitors. Chris Jorgensen spoke about community members and financial loss and suggested the board use logic not emotion when thinking about expenditures. 3. Acknowledgment was made regarding the expiring term of Dennis Roberts. The term will expire on September 24, 2014 and we will begin the process of holding an employee election. 4. Approval of the Minutes for July 10,2014, General Employees' board meeting. Motion to approve was made by Tim Townsend and seconded by Ray Brandstaetter. The vote to approve was unanimous. 5. Financial Expenditures for the quarter ended June 30, 2014—General Employees' Pension Fund. The Board was provided with an expenditure report. Motion to approve was made by Dennis Roberts and seconded by Tim Townsend. The vote to approve was unanimous. 6. Michael O'Shields led the discussion on investment performance for period ended 7/31/14 including year to date information. a. Discussion related to current equity and bond investment allocation, and rate of return. The consensus was to not change the current portfolio composition at this time. The ending portfolio value of$14,606,765 represents a net return of 9.5% for the last 12 months ended August 13, 2014. b. Pension Attorney Scott Christiansen said he had a fiduciary responsibility to mention that the clients he has been working with in other areas of the state have a higher rate of return. He said the worst plan from his client list is at 10%. Several Pension Board members asked for a list of the clients so they could review the plans and returns. Michael O'Shields reminded the Board that they are in a Risk Adjusted Plan and said the Board felt comfortable with a target of 8%. The Board previously agreed to participate in a conservative plan. Scott will give the Board his client list so they can research. 7. Pension Board Attorney to discuss matters of interest to the General Employees' & Police Officers' Pension Board —Pension Board Attorney Scott Christiansen of Christiansen & Dehner, P.A. a. Scott Christiansen reminded all Board members to file their disclosure forms with the state if they have not already as the September deadline is approaching. b. A table of forms related to the pension plan was delivered. This will be scanned and a copy will be given to the HR Director and held in the Clerk's office. 1 C"21 8. Status update regarding death benefit distribution for Gail Baker.Nelson Van Liere addressed the Pension Board Attorney regarding the current status of the benefit distribution. While the Board previously approved the distribution of money, we have not received a request for distribution by the beneficiary so the money is currently sitting in an account until the request has been received. Mr. Christiansen explained the beneficiary will need an order of the court to release the money if there is not a clear beneficiary named. 9. Discussed 2015 Operating Budget for General Employees' Pension Fund. Board was provided with the proposed budget; there was no discussion. 10. F.P.P.T.A. Upcoming Events Calendar. A calendar was provided for Board members. Scott Christiansen told the Board they need to attend every 4 years and new members should attend within the first six months of taking a seat on the board. He also mentioned another conference that is put on by the Department of Management Services in November. 11. Acknowledged passage of the Pension Ordinance on August 11,2014. Copies of the signed ordinance were presented to the Pension Attorney. 12. No new business. 13. Adjournment—Dennis Roberts made a motion to adjourn the meeting at 7:29 PM. Timothy Townsend Alan Gleit Chair Secretary 2 Sileo, Debbie From: Scott Christiansen [scott @cdpension.com] Sent: Monday, August 25, 2014 2:54 PM To: Sileo, Debbie Cc: Van Liere; Van Liere, Nelson Subject: Atlantic Beach Pension Plan Returns Attachments: Public Plan Universes.pdf Debbie-- As requested by the Boards' of Trustees, I am attaching investment return charts as of June 30, 2014 showing returns of two different pension fund universes from two different consulting firms. As you can see on the Bogdahn chart, for the fiscal year, the manager in the 95th percentile (100 is the worst), earned 8.23 percent. Our Atlantic Beach Plans got 7% and 6.5% which would be very near the bottom of the chart. Please distribute these to each trustee of each board. Thank you. Scott Christiansen Christiansen & Dehner, P. A. 63 Sarasota Center Blvd., Ste 107 Sarasota, Florida 34240 941-377-2200 scott(&cdpension.com 1 C3) ycaNI' X csl� Q © Qfl a ` M c. O L. 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''�I F K ro H n W p . rn N o o a w Q ti ` ci ,?1' .:,c' e c L S Q O O C S O 8 C O G O G G 7 a > ( v O GD .D V N O co uO d N G t'1 y ¢6 3 y x 0 00 N N N a Q (%)N?3n.i 1(30 e.LVb a.8z W t.. ^ � w c �m ti $ I- 2i1N¢ 1111 0 > 0 + I O w 0 v)C.) a.Q0 vO1 • Bureau of Local Retirement Systems FLORIDA DEPARTMENT OF MANAGEMENT SERVICES Municipal Police Officers'and Firefighters' retirement , e Retirement Trust Funds'Office P.O.Box 3010 We serve those who serve Florida Tallahassee,Florida 323153010 Tel:850.922.0667 I Fax:850.921.2161 I Toll-Free:877.738.6737 Rick Scott,Governor Craig J.Nichols,Agency Secretary August 15, 2014 Mr. Victor Gualillo, Chairman City of Atlantic Beach 800 Seminole Road Atlantic Beach, FL 32233 Re: 2013 Premium Tax Distribution Atlantic Beach Police Officers' Retirement Trust Fund Dear Mr. Gualillo: The enclosed state warrant in the amount of$96,216.76 constitutes the revenue due your pension plan under Chapter 185, Florida Statutes, for calendar year 2013. This warrant is to be deposited into the appropriate Police Officers' Retirement Trust Fund immediately, and under no circumstances more than five days after receipt as provided in §185.11, Florida Statutes. Please acknowledge your receipt and deposit of this revenue by signing this letter and sending a copy to our office at the following address: Municipal Police Officers' and Firefighters' Retirement Trust Funds Office Division of Retirement Post Office Box 3010 Tallahassee, Florida 32315-3010 Sincerely, SIVA Sarah Carr Carr Benefits Administrator Division of Retirement Enclosure (Chairman s ignature) - /44 (Date) Copy: Mayor -7/10-,ILd abzii4