General Employees Pension Board Minutes - 4-9-15 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
April 9,2015
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,
Mike Jones, and Timmy Johnson. Director of Finance - Russell Caffey and Investment Advisor
Michael O'Shields, also attended.
2. Courtesy of the floor to visitors. Chris Jorgensen enjoyed the spirited conversations that take place
during these meetings and he noted that the new name placards added an air of professionalism to the
meeting.
3. Approval of the minutes from the General Employee Retirement System March 12, 2015
meeting. Motion to approve was made by Ray Brandstaetter and seconded by Timmy Johnson. The
vote was unanimous to approve.
4. Michael O'Shields led the discussion on investment performance as of 3/31/15 including year to
date information.
a. Discussion related to current allocation and rate of return. The current plan has
75.5% in Equity, 4.9% in Fixed Income, and 19.6% in Cash. The ending portfolio
value of $15,808,678 represents an annualized return of 6.3% for the period
03/31/12 to 3/31/15.
b. The Board also discussed asset allocation strategy and the associated risk.
5. Approval of Benefit Changes — Donna Kaluzniak status change to "retired". Motion to change
status was made by Gil Flores and seconded by Timmy Johnson.
6. New business: No new business
7. Adjournment — Ray Brandstaetter ade a motion to adjourn the meeting at 7:25 PM it was
seco 4 - , by Gil Flor;s
Alan Gleit Ray Bran,staetter
Secretary Vice Chair
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