General Employee Pension Board Minutes 08-14-14 vCITY 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
6:30P.M. The members in attendance were trustees : Tim Townsend, Dennis Roberts , Alan Gleit ,
Ray Brandstaetter and Gil Flores. Pension Plan Administrator Nelson VanLiere, 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
los s 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 ofholding 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
unammou s.
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 of9.5% 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 1 0%. 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.
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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 ofthe signed
ordinance were presented to the Pension Attorney.
12. No new business.
13. Adjournment -Dennis Roberts made a motion to
Timothy Townsend
Chair
Alan Gleit
Secretary
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