General Employees Pension Board Minutes - 3-12-15 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
March 12,2015
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:35 P.M. The members in attendance were trustees: Alan Gleit, Gil Flores, Ray Brandstaetter, and
Timmy Johnson. Finance Director Russell Caffey, and Investment Advisor Michael O'Shields, also
attended.
2. Courtesy of the floor to visitors. Chris Jorgensen enjoyed the handouts from the January meeting
provided by Michael O'Shields showing the Country by Country International /Global Mutual Sector
Summary.
3. Approval of the minutes from the General Employee Retirement System February 19,2015
meeting. Motion to approve was made by Gil Flores and seconded by Alan Gleit. The vote was
unanimous to approve.
4. Michael O'Shields led the discussion on investment performance as of 2/28/15 including year to
date information.
a. Discussion related to current allocation and rate of return. The current plan has
75.7% in Equity, 4.7% in Fixed Income, and 19.6% in Cash. The ending portfolio
value of$15,922,721 represents an annualized return of 6.9%for the period
2/29/12 to 2/28/15.
b. The Board also discussed asset allocation strategy and the associated risk.
5. New business: No new business
6. Adjournment—Gil Flores made a motion to adjourn the meeting at 7:25 PM.
Gil Flores Ray Br.ndstaetter
Chair Vice Chair