Board Agenda 11-13-14 - QuarterlyCITY OF ATLANTIC BEACH
PENSION BOARD OF TRUSTEES
PUBLIC NOTICE
NOTICE IS HEREBY GIVEN THAT THE ATLANTIC BEACH GENERAL EMPLOYEES'
AND ATLANTIC BEACH POLICE OFFICERS PENSION BOARD OF TRUSTEES WILL
HOLD A MEETING AS FOLLOWS:
PLACE: NORTH CONFERENCE ROOM
800 Seminole Road
Atlantic Beach, FL 32233
DATE: November 13, 2014
TIME: 6:30 P.M.
THE ABOVE MEETING IS OPEN TO THE PUBLIC.
In accordance with the Americans with Disabilities Act, persons needing a
special
accommodation to participate
in
this
proceeding
should contact
Finance
Department, Nelson Van Liere
at
247 -5807
or at
City Hall, 800
Seminole Road,
FOR ADDITIONAL INFORMATION OR QUESTIONS CONTACT:
CITY OF ATLANTIC BEACH
FINANCE DEPARTMENT
PHONE 247 -5807
Notice Posted: October 28, 2014
Posted by: Debbie Sileo
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
November 13, 2014 at 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the
3. Approval of the
4. Approval of the
5. Approval of the
6. Financial Expen
Fund — (5)
Minutes
Minutes
Minutes
Minutes
ditures f
for
for
for
for
)r tl
October
October
October
October
ie quarte
% 2014, Police Officers' board meeting — (1)
% 2014, General Employees' board meeting — (2)
16, 2014, Police Officers' board meeting — (3)
16, 2014, General Employees' board meeting — (4)
r ended September 30,2014 — Police Officers' Pension
7. Financial Expenditures for the quarter ended September 30,2014 — General Employees' Pension
Fund — (6)
8. Acknowledge email from Michael O'Shields regarding plan asset allocation changes — (7)
9. To be discussed by Michael O'Shields, Morgan Stanley Smith Barney
a. Recap Investment Performance for the Police Officers' for the period ended 10/31/14
and subsequent activity since.
b. Recap Investment Performance for the General Employees' for the period ended
10/31/14 and subsequent activity since.
10. Pension Board Attorney to discuss matters of interest to the General Employees' & Police
Officers' Pension Board — Pension Board Attorney Scott Christiansen of Christiansen &
Delmer, RA
11. Status update regarding death benefit distribution for Gail Baker
12. Any New Business
13. Adjournment — Police
14. Adjournment — General
CITY OF ATLANTIC BEACH
GENERAL EMPLOYEES' PENSION BOARD OF TRUSTEES:
4 year terms no term limit
The board members are required to rile Statement of Financial Interests
Business Home
Name and Address Position Phone Phone
Employee Elected
Tim Townsend Chair (904) 247 -5839
902 Assisi Lane
Atlantic Beach, FL 32233
Townsend @coab.us
Employee Elected
Timmy Johnson Member (904) 247 -5828
716 Ocean Blvd
Atlantic Beach, FL 32233
tjohnson@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
(904) 206 -2655
Resident selected by Board, Confirmed by Commission
Gil Flores Vice Chair
271 Sailfish Drive E.
Atlantic Beach, FL 32233
floresgcoab.us
Term
Expiration
02/16/18
09/24/18
(904) 247 -2867 06/09/18
(904) 241 -9966 10/11/15
(904) 613 -4195 05/09/15
CITY OF ATLANTIC BEACH
POLICE EMPLOYEES' PENSION BOARD OF TRUSTEES:
4 year terms no term limit
The board members are required to file Statement of Financial Interests
Name and Address Position
Employee Elected
Vic Gualillo Chair
Atlantic Beach Police Department
850 Seminole Road
Atlantic Beach, FL 32233
vgualillo @coab.us
Employee Elected
David Cameron
Member
Atlantic Beach Police Department
850 Seminole Road
Atlantic Beach, FL 32233
dcameron @coab.us
Civilian Appointed by Commission
William (Bill) T. Tomson Member
377 12th Street
Atlantic Beach, FL 32233
williamtomson@gmail.com
Civilian Appointed by Commission
John Wolfel Vice Chair
435 Inland Way
Atlantic Beach, FL 32233
John. Wolfel@comcast.net
Business
Phone
Resident selected by Board, Confirmed by Commission
Tim Saggau Member
2032 Duna Vista Court
Atlantic Beach, FL 32233
Timsaggau @yahoo.com
247 -5859
247 -5859
Home
Phone
N/A
N/A
853 -6985
699 -8887
241 -9800 (FAX)
838 -3900
Term
Expiration
02/28/18
08/01/17
12/31/17
10/11/17
6/10/17
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
October 9, 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: Vic Gualillo, David Cameron, John Wolfel,
and Bill Tomson. Pension Plan Administrator Nelson Van Liere, and Investment Advisor Michael
O' Shields, also attended.
2. Courtesy of the floor to visitors. Chris Jorgensen said he is happy he could attend and is looking
forward to next year and second quarter.
3. Approval of the Minutes for September 11, 2014, Police Employees' board meeting. Motion to
approve was made by David Cameron and seconded by John Wolfel. The vote to approve was
unanimous.
4. Michael O'Shields led the discussion on investment performance as of 10/9/14 including year to
date information.
a. Discussion related to current equity and bond investment allocation and rate of
return. The ending portfolio value of $7,897,561 represents an annualized return of
8.0% for the period 9/30/11 to 9/30/14.
b. Historically October has been a challenging month and the goal is to protect
capital. There was a significant change due to a market rollover. Trustees
discussed moving from small cap to large cap funds and decided to keep the
allocation as it is.
5. Adjournment — John Wolfel made a motion to adjourn the meeting at 7:17 PM.
Vic Gualillo
Chair
David Cameron
Secretary
q)
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
October 9, 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, Alan Gleit, Ray Brandstaetter,
Gil Flores and Timmy Johnson. Pension Plan Administrator Nelson Van Liere, and Investment
Advisor Michael O'Shields, also attended.
2. Courtesy of the floor to visitors. Chris Jorgensen said he is happy he could attend and is looking
forward to next year and second quarter.
3. Approval of the Minutes for September 11, 2014, General Employees' board meeting. Motion to
approve was made by Tim Townsend and seconded by Alan Gleit. The vote to approve was
unanimous.
4. Michael O'Shields led the discussion on investment performance as of 10/9/14 including year to
date information.
a. Discussion related to current equity and bond investment allocation, and rate of
return. The ending portfolio value of $14,753,154 represents an annualized return
of 8.8% for the period 9/30/11 to 9/30/14.
b. Historically October has been a challenging month and the goal is to protect
capital. There was a significant change due to a market rollover. Trustees
discussed moving from small cap to large cap funds. Alan Gleit made a motion to
move $300,000 from GW Capital into Cambiar Investors and move the remaining
$923,461 into Columbia Management. The motion was seconded by Tim
Townsend and the vote to approve was unanimous.
5. Approval of Benefit Changes — General Employees. Motion to approve the retirement of Phillip
Nodine was made by Tim Townsend and seconded by Timmy Johnson. The vote to approve was
unanimous.
6. No new business.
7. Adjournment — Gil Flores made a motion to adjourn the meeting at 7:17 PM.
Tim Townsend
Chair
Alan Gleit
Secretary
C��
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
SPECIAL - POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
October 16, 2014
1. The City of Atlantic Beach Police Employees' Pension Board meeting was called to order at
11:05 A.M. The members in attendance were trustees: Vic Gualillo, John Wolfel, and Bill Tomson.
Pension Plan Administrator Nelson Van Liere, and Investment Advisor Michael O'Shields, also
attended.
2. Courtesy of the floor to visitors. No visitors spoke.
3. Michael O'Shields discussed market activity from and investment performance as of 10/16/14
including year to date information.
a. Discussion began with John Wolfel asking for a revision in the Portfolio Review
package provided at every meeting. On the Asset Allocation Detail sections he
would like to remove the heading "City of Atlantic Beach" located above each
account name as it distracts from the name of the manager. Also the screen shot
black graph is too dark and the legend is too small. Michael will change the
background of the graph to white so it is easier to read and he will add a text box
legend that will also be presented better.
b. Michael presented the attached Change in Allocation (attached) and discussed the
activity of the first fifteen days of October 2014 and detailed where the market
stands. Both Boards accepted this restructuring of allocations and decided to
implement a collar investment strategy with specific trigger points for re- allocating
pension assets. Motion to approve was made by Vic Gualillo and seconded by Bill
Tomson. The vote to approve was unanimous. The details of the strategy are:
1. Specifically, should the S &P 500 decline to 1,790 (the current potential
downside target), that will trigger a 5.0% investment of total plan assets into
the Large Cap Growth portfolio and a 5% investment of total plan assets into
the Large Cap Value portfolio. Also, the corporate bond portfolio will be
reduced to 5.0% from 15% of total plan assets.
2. The other side of the collar is based on the S &P 500 returning to its 200 day
moving average at 1,905. If that were to occur, that will trigger a 5.0%
investment of total plan assets into the Large Cap Growth portfolio and a 5%
investment of total plan assets into the Large Cap Value portfolio. Also, the
corporate bond portfolio will be reduced to 5.0% from 15% of total plan
assets.
4. Adjournment — John Wolfel made a motion to adjourn the meeting at 12 :00 PM,
Vic Gualillo
Chair
David Cameron
Secretary
wig
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CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
SPECIAL - GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
October 16, 2014
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
11:05 A.M. The members in attendance were trustees: Tim Townsend, Alan Gleit, Gil Flores,
Timmy Johnson, and Ray Brandstaetter participated by phone. Pension Plan Administrator Nelson
Van Liere, and Investment Advisor Michael O'Shields, also attended.
2. Courtesy of the floor to visitors. No visitors spoke.
3. Michael O'Shields discussed market activity from and investment performance as of 10/16/14
including year to date information.
a. Discussion began with John Wolfel asking for a revision in the Portfolio Review
package provided at every meeting. On the Asset Allocation Detail sections he
would like to remove the heading "City of Atlantic Beach" located above each
account name as it distracts from the name of the manager. Also the screen shot
black graph is too dark and the legend is too small. Michael will change the
background of the graph to white so it is easier to read and he will add a text box
legend that will also be presented better.
b. Michael presented the attached Change in Allocation (attached) and discussed the
activity of the first fifteen days of October 2014 and detailed where the market
stands. Both Boards accepted this restructuring of allocations and decided to
implement a collar investment strategy with specific trigger points for re- allocating
pension assets. Motion to approve was made by Alan Gleit and seconded by Tim
Townsend. The vote to approve was unanimous. The details of the strategy are:
1. Specifically, should the S &P 500 decline to 1,790 (the current potential
downside target), that will trigger a 5.0% investment of total plan assets into
the Large Cap Growth portfolio and a 5% investment of total plan assets into
the Large Cap Value portfolio. Also, the corporate bond portfolio will be
reduced to 5.0% from 15% of total plan assets.
2. The other side of the collar is based on the S &P 500 returning to its 200 day
moving average at 1,905. If that were to occur, that will trigger a 5.0%
investment of total plan assets into the Large Cap Growth portfolio and a 5%
investment of total plan assets into the Large Cap Value portfolio. Also, the
corporate bond portfolio will be reduced to 5.0% from 15% of total plan
assets.
4. Adjournment — Tim Townsend made a motion to adjourn the meeting at 12:00 PM,
Tim Townsend
Chair
Alan Gleit
Secretary
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Sileo, Debbie
From: O'Shields, Michael [Michael.Oshields @morganstanley.com]
Sent: Tuesday, October 21, 2014 10:14 AM
To: Townsend, Tim; Johnson, Timmy; bra ndstaetter@co mcast. net; agleit @hotmail.com; Flores,
Gil
Cc: Gualillo, Victor; Cameron, David; williamtomson @gmail.com; John.Wolfel @comcast.net;
Timsaggau @yahoo.com; Van Liere, Nelson; Sileo, Debbie
Subject: S &P 500 Trigger Hit Yesterday
Good Morning All
Yesterday at 3:57 p.m. the S &P 500 hit 1905 and triggered the additional allocation of 5.0% of total plan assets to our
Columbia Large Cap Growth Portfolio and the additional allocation of 5.0% of total plan assets to our Cambiar Large Cap
Value Portfolio for both pension plans.
Also, and because of the trigger, our Corporate Bond Portfolio is being further reduced from 15.0% of total plan assets
to 5.0% of total plan assets.
Thanks,
Michael
Michael T. O'Shields
Senior Vice President
Morgan Stanley Wealth Management
814 A1A North, Suite 100
Ponte Vedra Beach, FL 32082
904- 543 -7809 Direct
904 - 273 -0883 Fax
michael.oshields@morganstanley.com
Please do not use e -mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately,
we cannot execute such instructions provided in e -mail. Thank you.
The sender of this e -mail is an employee of Morgan Stanley Smith Barney LLC ( "Morgan Stanley "). If you have received
this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Erroneous
transmission is not intended to waive confidentiality or privilege, Morgan Stanley reserves the right, to the extent
permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the
following link: http://www.mor.ganstanley.com/disclaimers/mssbemail.html. If you cannot access this link, please notify us
by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the foregoing.
1
(�l
Important
Notice
to Recipients:
Please do not use e -mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately,
we cannot execute such instructions provided in e -mail. Thank you.
The sender of this e -mail is an employee of Morgan Stanley Smith Barney LLC ( "Morgan Stanley "). If you have received
this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Erroneous
transmission is not intended to waive confidentiality or privilege, Morgan Stanley reserves the right, to the extent
permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the
following link: http://www.mor.ganstanley.com/disclaimers/mssbemail.html. If you cannot access this link, please notify us
by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the foregoing.
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(�l
Sileo, Debbie
From: O'Shields, Michael [ Michael .Oshields @morganstanley.com]
Sent. Sunday, November 02, 2014 12:45 PM
To: Gualillo, Victor; Cameron, David; williamtomson @gmail.com; John.Wolfel @comcast.net;
Timsaggau @yahoo.com
Cc: Van Liere, Nelson; Sileo, Debbie
Subject: Police Officers Pension Update
Good Afternoon All,
I wanted to take a moment and update everyone on the
Thursday October 16th. The beginning value on October
16th, the market value had declined by - 116,065 ( -1.50%
equities while reducing our allocation to Fixed Income fc
October,
results for the month of October since our special meeting on
11 2014 for the pension was $7,897,561, when we met on the
to $7,781,496. Our decision to increase our exposure to
allowing the market correction paid off for the month of
Specifically, from the October 16 market value of $7,781,496 we added $340,686 or 4.30% of net investment returns to
close the month of October with a market value of $8,122,182.
From ,a net investment return perspective for the entire month of October, we added $224,621 or 2.80 %. For your
reference, the S &P 500 returned 2.40% for October, the Dow returned 2.00 %, a 60% S &P 500 and 40% Barclays
Aggregate Bond returned 1.20% and the MSCI EAFE Index returned - 1.50%.
Thanks for everyone's efforts, I do appreciate it.
Michael
Michael T. O'Shields
Senior Vice President
Senior Institutional Consultant
Morgan Stanley Wealth Management
814 A1A North, Suite 100
Ponte Vedra Beach, FL 32082
904 - 543 -7809 Direct
904 - 273 -0883 Fax
michael.oshields(c@morganstanley.com
Important Notice to Recipients:
Please do not use e -mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately,
we cannot execute such instructions provided in e -mail. Thank you.
The sender of this e -mail is an employee of Morgan Stanley Smith Barney LLC ( "Morgan Stanley "). If you have received
this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Erroneous
transmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent
permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the
following link: http: / /www.morganstanley.com /disclaimers /mssbemail.htm1. If you cannot access this link, please notify us
by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the foregoing.
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Sileo, Debbie
From: O'Shields, Michael [ Michael .Oshields @morganstanley.com]
Sent: Sunday, November 02, 2014 12:46 PM
To: Townsend, Tim; agleit @hotmail.com; brandstaetter @comcast.net; Johnson, Timmy; Flores,
Gil
Cc: Van Liere, Nelson; Sileo, Debbie
Subject: General Employees Pension Update
Good Afternoon All,
I wanted to take a moment and update everyone on the results for the month of October since our special meeting on
Thursday October 16th. The beginning value on October 1, 2014 for the pension was $14,753,154, when we met on the
16th, the market value had declined by - 169,801 (- 1.20%) to $14,583,370. Our decision to increase our exposure to
equities while reducing our allocation to Fixed Income following the market correction paid off for the month of
October.
Specifically, from the October 16 market value of $14,583,370 we added $652,357 or 4.50% of net investment returns to
close the month of October with a market value of $15,235,727.
From a net investment return perspective for the entire month of October, we added $482,557 or 3.30 %. For your
reference, the S &P 500 returned 2.40% for October, the Dow returned 2.00 %, a 60% S &P 500 and 40% Barclays
Aggregate Bond returned 1.20% and the MSCI EAFE Index returned - 1.50%.
Thanks for everyone's efforts, I do appreciate it.
Michael
Michael T. O'Shields
Senior Vice President
Senior Institutional Consultant
Morgan Stanley Wealth Management
814 A1A North, Suite 100
Ponte Vedra Beach, FL 32082
904 - 543 -7809 Direct
904 - 273 -0883 Fax
michael.oshields morganstanley.com
Important Notice to Recipients:
Please do not use e -mail to request, authorize or effect the purchase or sale of any security or commodity. Unfortunately,
we cannot execute such instructions provided in e -mail. Thank you.
The sender of this e -mail is an employee of Morgan Stanley Smith Barney LLC ( "Morgan Stanley "). If you have received
this communication in error, please destroy all electronic and paper copies and notify the sender immediately. Erroneous
transmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent
permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the
following link: http: / /www.morganstanley.com /disclaimers /mssbemail.htm1. If you cannot access this link, please notify us
by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the foregoing.
1