General Employee Pension Board Minutes 10-9-14 v 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 meetin at 7:17 PM.
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Tim Townsend Alan Gleit
Chair Secretary
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