Police Employees Pension Board Minutes 09-11-14 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
6:30 P.M. The members in attendance were trustees: David Cameron, John Wolfel, and Bill
Tomson. 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, Police Employees' board meeting. Motion to
approve was made by bill Tomson and seconded by David Cameron. The vote to approve was
unanimous.
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 7:14 PM.
Vic Gualillo David Cameron
Chair Secretary
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