Police Employees Pension Board Minutes - 4-9-15 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
April 9,2015
1. The City of Atlantic Beach Police Employees' Pension Board meeting was called to order at
6:35 P.M. The members in attendance were trustees: Vic Gualillo, John Wolfel, and Tim Saggau.
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 Vic Gualillo and seconded by Tim Saggau. 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, 5.2% in Fixed Income, and 19.3% in Cash. The ending portfolio
value of $8,413,980 represents an annualized return of 6.1% for the period
03/31/12 to 3/31/15.
b. The Board also discussed asset allocation strategy and the associated risk.
c. Discussion between members and the investment advisor regarding total fees
charged by Morgan Stanley were explored. At the next meeting, a schedule of fees
will be provided by the investment advisor.
5. New business: No new business
6. Adjournment– John Wolfel made a motion to adjourn the meeting at 7:25 PM it was seconded
by Vic Gualillo.
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Vic Gualillo David Cameron
Chair Vice Chair
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