General Employee Pension Board Minutes - 12-11-14 v CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
December 11, 2014
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:32 P.M. The members in attendance were trustees: Tim Townsend, Alan Gleit, 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 gave a brief overview of family history
mentioning his Uncle Jean Viborel, Magnum Cum Laude, fluent in seven languages and the work he
did at Johnson Wax. He spoke about how much he enjoys the Pension Board meetings. He was
extremely impressed after the October 9th and October 16th meetings when Michael O'Shields
advised the Board of possible upcoming market fluctuations and facilitated the Boards plan of action
to handle these changes.
3. Approval of the Minutes for November 13, 2014, General Employees' board meeting. Motion to
approve was made by Tim Townsend and seconded by Alan Gleit. The vote to approve was
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unanimous.
4. Michael O'Shields led the discussion on investment performance as of 11/30/14 including year
to date information.
a. Michael presented a new format for the monthly portfolio review. This new report
consolidates the Police and General Pension Plans into one report. The Trustees
would like to include information comparing our plan to other similar plans to see
how we are doing. Michael will add a benchmark page and scorecard. Members
also discussed doing an expanded quarterly review like they did in the past. It was
agreed to do this and will include manager rankings and performance matrix. This
information will be based on month end results.
b. Discussion related to current allocation and rate of return. The current plan has
68.4% in Equity, 4.9% in Fixed Income, and 26.7% in Cash. The ending portfolio
value of 15 437 6 1 represents an annualized return of 8.14% for the period
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11/30/11 to 11/30/14.
c. It was agreed that for the January meeting Michael will provide information
including Target/Index/Return, Comp Analysis as of December 31st, and
alternative investment opportunities including REIT's.
5. RFP Consideration for the replacement of the current Financial Advisor. No action.
6. Acceptance of 2015 Quarterly Meeting Dates—2015. The agenda included the meeting dates
for the 2015 Quarterly meetings sent by Scott Christenson.
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7. New business: Doris Smith is retiring December 12, 2014. Motion to approve retirement was
made by Tim Townsend and seconded by Timmy Johnson. The vote to approve was unanimous.
8. Adjournment—Tim Townsend made a motion to adjourn the meeting at 8:07 PM.
Gil Flores Alan Gleit
Vice Chair Secretary
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