General Employees Pension Board Minutes - 2-19-15 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
February 19,2015
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:38 P.M. The members in attendance were trustees: Alan Gleit, Gil Flores and Timmy Johnson.
Pension Plan Administrator Nelson Van Liere, Investment Advisor Michael O'Shields, and Actuary
Piotr Krekora from Gabriel, Roeder, Smith& Company also attended.
2. Courtesy of the floor to visitors. Chris Jorgensen is very interested in listening to the Actuary
tonight.
3. Approval of the minutes from the General Employee Retirement System January 8,2015
meeting. Motion to approve was made by Timmy Johnson and seconded by Alan Gleit. The vote
was unanimous to approve.
4. Approval of the minutes from the General Employee Retirement System January 29,2015
meeting. Motion to approve was made by Timmy Johnson and seconded by Gil Flores. The vote
was unanimous to approve.
5. Financial Expenditures for the quarter ended December 31,2014—General Employees'
Pension Fund. Motion to approve was made by Alan Gleit and seconded by Timmy Johnson. The
vote was unanimous to approve.
6. Update of election results from the 2/11/15 ballot count for the vacant spot on the General
Employee's Board. Mike Jones had the most votes and will begin attending Pension Board meetings
in March.
7. Michael O'Shields led the discussion on investment performance as of 2/17/15 including year to
date information.
a. Michael provided two handouts for information purposes including Morgan
Stanley's "Active Small/Mid Cap US Equity(SMID)to Play Rebound in SMID &
Active Managers," and"International/Global Mutual Fund Sector Summary."The
second item will be discussed further at the next meeting.
b. Discussion related to current allocation and rate of return. The current plan has
79.4% in Equity,4.8% in Fixed Income, and 19.8%in Cash. The ending portfolio
value of$15,690,417 represents an annualized return of 6.4% for the period
2/29/12 to 2/17/15.
8. To be discussed by Piotr Krekora, Gabriel, Roeder, Smith & Company (GRS), for both Police
Officers' and General Employees' Retirement Systems:
a. Acceptance of Actuarial Valuation Reports dated 9/30/14. The Board approved
the report dated February 13, 2015. Motion to approve was made by Alan Gleit
and seconded by Gil Flores. The vote was unanimous to approve.
b. Impact to City Financial reporting upon implementation of GASB 67.
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c. Approval to retain the services of GRS to perform a periodic experience
study.No Action.
d. Board Declaration of the Expected Rate of Return. Timmy Johnson made a
motion that based on the advice of the consultant; the Board declares the expected
rate of return of 7% for the next year and future years. This was seconded by Vie G.1 clo C es
and the vote was unanimous to approve.
e. Board Authorization to Invite Jim Rizzo to Present the Approved Actuarial
Valuation Reports to the City Commission. Motion to approve was made by Gil
Flores and seconded by Timmy Johnson. The vote was unanimous to approve.
9. Pension Board Attorney to discuss matters of interest to the General Employees' & Police
Officers' Pension Board—Pension Board Attorney Scott Christiansen of Christiansen &
Dehner, P.A. Scott discussed pension plan reviews and will let us know if any changes need to be
made. He also gave an update regarding the various bills being worked in the House and Senate.
Nelson asked Scott about rescinding the Mortality Table that was approved during the January 29,
2015 Special Meeting. The Board can adopt the Actuarial Report which did not include the mortality
table and this will reverse the vote to use the table.
10. Police& Fire Pension and F.P.P.T.A. Upcoming Events Calendar Nelson let the Board about
upcoming opportunities in the attached calendar.
11. Approval of Benefit Changes—General Employees Tim Townsend retired January 2, 2015.
Motion to approve was made by Gil Flores and seconded by Alan Gleit. The vote was unanimous to
approve.
12. New business: No new business
13. Adjournment—Gil Flores made a motion to adjourn the meeting at 8:47 PM.
Gil Flores Ray Bra staetter
Chair Vice Chair
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