Board Agenda 10-9-14CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
October 9, 2014 at 6:30P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for September 11 , 2014, Police Officers' board meeting-(1)
3. Approval of the Minutes for September 11 , 2014, General Employees' board meeting-(2)
4. To be discussed by Michael O'Shields, Morgan Stanley Smith Barney:
a. Recap Investment Performance for the Police Officers' for the period ended 09/30114
and subsequent activity since.
b. Recap Investment Performance for the General Employees' for the period ended
09/30/14 and subsequent activity since.
5. Approval of Benefit Changes-General Employees-(3)
6. Any New Business
7. Adjournment-Police
8. Adjournment-General
CITY OF ATLANTIC BEACH
GENERAL EMPLOYEES' PENSION BOARD OF TRUSTEES:
4 year term; no term limit
The board members are required to file Statement o(Financial Interests
N arne and Address Position
Employee Elected
Tim Townsend Chair
902 Assisi Lane
Atlantic Beach, FL 32233
ttownsend @coab. us
Employee Elected
Timmy Johnson Member
716 Ocean Blvd
Atlantic Beach, FL 32233
tj ohnson @coab. us
Civilian Appointed by Commission
Ray Brandstaetter Member
254 Oceanwalk Dr. S.
Atlantic Beach, FL 32233
brandstaetter@comcast.net
Civilian Appointed by Commission -
Alan Gleit Secretary
10 Tenth Street #32
Atlantic Beach
agleit@hotmail.com
Business
Phone
(904) 247-5839
(904) 247-5828
(904) 206-2655
Resident selected by Board, Confirmed by Commission
Gil Flores Vice Chair
271 Sailfish Drive E .
Atlantic Beach, FL 32233
gflores @coab .us
Home
Phone
Term
Expiration
02116118
09 /24118
(904) 247-2867 06 /09 /18
(904) 241-9966 10 /11115
(904) 613-4195 05 /09115
CITY OF ATLANTIC BEACH
POLICE EMPLOYEES' PENSION BOARD OF TRUSTEES:
4 year term; no term limit
The board members are required to file Statement o(Financial Interests
Business
Name and Address Position Phone
Employee Elected
Vic Gualillo Chair 247-5859
Atlantic Beach Police Department
850 Seminole Road
Atlantic Beach, FL 32233
vgualillo @coab. us
Employee Elected
David Cameron Member 247-5859
Atlantic Beach Police Department
850 Seminole Road
Atlantic Beach, FL 32233
dcameron @ coab.us
Ci vilian Appointed by Commission
William (Bill) T. Tomson Member
377 12th Street
Atlantic Beach, FL 32233
williamtomson@ gmail.com
Ci vilian Appointed by Commission
John Wolfel Vice Chair
435 Inland Way
Atlantic Beach, FL 32233
John. Wolfel @ comcast.net
Re sident selected by Board , Confirmed by Commission
Tim Saggau Member
2032 Duna Vista Court
Atlantic Beach, FL 32233
Timsaggau@yahoo.com
Home
Phone
N/A
N I A
853-6985
699-8887
241-9800 (FAX)
838-3900
Term
Expiration
02 /28 /18
08 /01 /17
12/31 /17
10/11117
6/10117
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
September 11, 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: David Cameron, John Wolfel, and Bill
Tomson. Pension Plan Administrator Nelson VanLiere, and Investment Advisor Michael O'Shields ,
were also in attendance .
2. Courtesy of the floor to visitors. There were no visitors .
3. Approval of the Minutes for August 14, 2014, Police Employees' board meeting. Motion to
approve was made by bill Tomson and seconded by David Cameron. The vote to approve was
unammous.
4. Michael O'Shields led the discussion on investment performance as of 9/10/14 including year to
date information. Discussion related to current equity and bond investment allocation, and rate of
return . The ending portfolio value of $8 ,048 ,518 represents a net return of 7.4% (net of fees) for the
last 12 months ended September 10 , 2014. David Cameron asked if we are on track to meet the
funded amount and Michael said we are. Motion to keep the allocation the same for now and re-
address in October was made by David Cameron and seconded by Bill Tomson. The vote to approve
was unanimous .
5. Discussion of Investment Return Charts as of June 30,2014. Michael O'Shields gave an update
of the fund performance after June 30 , 2014 , shown on the chart provided by Pension Board
Attorney Scott Christiansen. The higher risk funds have shown a loss since June 30th. The goal of the
Risk Adjusted plan the Board adopted is steady growth with minimal loss. (See attached chart)
6. Acknowledged 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.
7. New business. David Cameron requested approval to attend the 44th Annual Police Officers' Pension
Trustees Conference with Vic Gualillo. John Wolfel mentioned he might go as well. There is no fee
to attend however lodging will be required. Members attending the conference will submit the
necessary travel request forms .
8. Adjournment -David Cameron made a motion to adjourn the meeting at 7:14PM.
Vic Gualillo
Chair
David Cameron
Secretary
.-
-
-
-
Pl
a
n
Sp
o
n
s
o
r
Pe
e
r
Gr
o
u
p
An
a
l
y
s
i
s
vs
.
.
A
l
l
Pu
b
l
i
c
Pl
a
n
s
-
T
o
t
a
l
Fu
n
d
23
.
0
20
.
0
17
.0
14
.
0
E
::
>
11
.
0
'
i
0:
:
8,
0
5.
0
2.
0
-1
.
0
e
45
%
R3
0
0
0
I
15
%
EA
F
E
I
40
%
AG
G
5t
h
Pe
r
c
e
n
W
e
1s
t
Qu
a
r
t
i
l
e
Me
d
i
l
i
n
3r
d
Qu
a
r
t
i
l
e
95
t
h
Pe
r
c
e
n
t
i
l
e
Pa
r
e
n
t
h
e
s
e
s
co
n
t
a
i
n
pe
r
c
e
n
t
i
l
e
ta
1
1
k
i
'
l
g
•
.
Ca
l
c
u
l
a
Uon
ba
s
e
d
on
mo
n
th
l
y
pe
r
i
o
<
i
e
i
t
y
.
QT
R
3.66
(4
7
)
4.
6
2
3.
9
9
3.
6
3
3.
2
7
2.
6
1
}
YT
D
Fi
s
c
a
l
YT
D
5
.52
(4
6
)
11
.
1
0
(5
5
)
7.
3
4
13
.
9
2
6.
1
1
12
.
2
9
5.
4
1
11
.
2
6
4.
7
7
10
.
3
3
3.
6
7
8
.23
~
~\Y
'
l
c
e
<f
eu
s
~
e
l
\
Pl
a
n
Sp
o
n
s
o
r
Peer Group Analysis
45
%
R3
0
0
0
/15% EAFE /40% AGG As of June 30, 2014
--~C
N
\
e
30j J,.o \ L\ jf
3
,
0
o
a
Cl I. <g /(')
1
t?
u
.
s
~
e
\
)
:;
)
,
0
0
6 ~ (-:). ~ ~0) {-3,\~o)
~
ms
c
:
r
:
£
A
F
e
·~
~ BC
A
'
6
13
0
!
\
d
-
.. ,
1
YR
3Y
R
SY
R
16
.
4
5
(5
7
)
10
.
3
1
(3
7
)
12
.
6
4
(5
5
)
19
.
9
4
11
.67
14
.
3
2
18
.
0
2
10
.64
13
.
4
1
16
.
8
2
9.
9
1
12
.
7
6
15
.
5
4
9.
0
1
11
.
9
3
12
.
2
3
7.
3
7
10
.
3
2
0 0.0 /0 10YR 7.15 (50) 8.34 7.62 7.13 6.64 5.76 ~THE '(......,;, BOGDAHN GROUP.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
September 11, 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,
and Gil Flores. Pension Plan Administrator Nelson Van Liere, and Investment Advisor Michael
0' Shields, were also in attendance.
2. Courtesy of the floor to visitors. There were no visitors.
3. Approval of the Minutes for August 14, 2014, General Employees' board meeting. Motion to
approve was made by Tim Townsend and seconded by Gil Flores. The vote to approve was
unanimous .
4. Status of Board position for Dennis Roberts. Three employees were nominated for the General
Employee Pension Board . Timmy Johnson accepted the nomination while the other two declined so
Timmy Johnson will step in to fill the position vacated by Dennis Roberts .
5. Michael O'Shields led the discussion on investment performance as of 9/10/14 including year to
date information. Discussion related to current equity and bond investment allocation, and rate of
return. The ending portfolio value of $14,960,314 represents a net return of 6.4% (net of fees) for the
last 12 months ended September 10 ,20 14. Motion to keep the allocation the same for now andre-
address in October was made by Tim Townsend and seconded by Dennis Roberts. The vote to
approve was unammous .
6. Discussion of Investment Return Charts as of June 30,2014. Michael O'Shields gave an update
of the fund performance after June 30, 2014, shown on the chart provided by Pension Board
Attorney Scott Christiansen. The higher risk funds have shown a loss since June 30th. The goal of the
Risk Adjusted plan the Board adopted is steady growth with minimal loss. (See attached chart)
7. No new business.
8. Adjournment-Tim Townsend made a motion to adjourn the meeting at 7:14PM.
Tim Townsend
Chair
Alan Gleit
Secretary
.-
-
-
-
Pl
a
n
Sp
o
n
s
o
r
Pe
e
r
Gr
o
u
p
An
a
l
y
s
i
s
vs
.
Al
l
Pu
b
l
i
c
Pl
a
n
s
-
T
o
t
a
l
Fu
n
d
23
.
0
20
.
0
17
.
0
14
.
0
E
::
I
11
.
0
a;
0:
:
8,
0
5.
0
2.
0
-1
.
0
e
45
%
R3
0
0
0
/1
5
%
EA
F
E
/4
0
%
AG
G
5t
h
Pe
r
c
e
n
t
i
l
e
1s
t
Qu
a
r
t
i
l
e
Me
d
i
l
i
n
3r
d
Qu
a
r
t
i
l
e
95
t
h
Pe
r
c
e
n
t
i
l
e
Pa
r
e
n
t
h
e
s
e
s
co
n
t
a
i
n
pe
r
c
e
n
t
i
l
e
ra
n
l
<
n
g
s
.
Ca
l
c
u
l
a
ti
on
ba
s
e
d
on
mo
n
l
h
l
y
pe
r
i
o
d
i
c
i
t
y
.
QT
R
3.
6
6
(4
7
)
4.
6
2
3.
9
9
3.
6
3
3.
2
7
2.
6
1
}
·
YT
D
Fi
s
c
a
l
YT
D
5.52
(4
6
)
11
.
1
0
(5
5
)
7.
3
4
13
.
9
2
6
.11
12
.29
5.
4
1
11
.
2
6
4.
7
7
10
.
3
3
3.
6
7
8
.23
~
Pl
a
n
Sp
c
m
s
o
r
Peer Group Analysis
45
%
R3
0
0
0
/15% EAFE I 40% AGG As of June 30, 2014
<;
,
(
\
c e
-:s
-
C
N
\
e
30! ')0 \ '--\ Jf
-
<f
eu
s
~
e
l
\
3
,
0
o
a
Cl I. ~ /(')
I
eu
.
s
~
e
\
)
:>
,
0
0
6
~
ms
c
:
r
:
£
A
F
e
,_
.
,
.
.
.
.
.
.
.
.
_
r
.
=
..
.
.
,
.
,
.
.
...
a ..
.
.
~.z
:
:
:
-
J
'
"
"
"
"
-
1,.~,
~
~
13
C
A
'
6
B(
)
f
'
d
-
··~
-.
1
YR
3Y
R
SY
R
16
.
4
5
(5
7
)
10
.
3
1
(3
7
)
12
.
6
4
(5
5
)
19
.
9
4
11
.
6
7
14
.
3
2
18
.
0
2
10
.
6
4
13
.
4
1
16
.
8
2
9.
9
1
12
.
7
6
15
.
5
4
9.
0
1
11
.
9
3
12
.23
7.
3
7
10
.
3
2
~(-;). ~ ~0) = {-3,\ ~0) 0 0.0 /0 10YR 7.15 (50) 8.34 7.62 7.13 6.64 5.76 cnoGDAHN GROUP.
Nodine , Phillip (general)
Recent Changes to Benefits
Retired 10 /10 /2014
lJ)