General Employee Pension Board Minutes 09-11-14 v 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
6:30 P.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
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, 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, 2014. Motion to keep the allocation the same for now and re-
address in October was made by Tim Townsend and seconded by Dennis Roberts. The vote to
approve was unanimous.
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 30t. 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 7:14 PM.
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Tim Townsend Alan Gleit
Chair Secretary
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