Police Employees Pension Board Minutes 08-14-14CITY 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
6:30P.M. The members in attendance were trustees: Vic Gualillo , David Cameron, John Wolfe!,
and Tim Saggau. 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. Approval of the Minutes for July 10, 2014, Police Employees' board meeting. Motion to approve
was made by David Cameron and seconded by John Wolfe!. 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 Wolfe!. The vote to approve was unanimous.
5. Michael O'Shields led the discussion on investment performance for period ended 7/31114
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 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 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.
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9. Reported status of Section 185 insurance premium dollars -Police Employees. The Board
authorized Nelson VanLiere 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 7:29PM.
v
Vic Gualillo
Chair
David Cameron
Secretary
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