General Employees Pension Board Minutes - 5-14-15 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 14,2015
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:30 P.M. Those in attendance were:
Members Non -Members
Ray Brandstraetter Russell Caffey- Plan Administrator
Alan Gleit Michael O'Shields - Investment Advisor
Timmy Johnson Debbie Sileo -Deputy Director of Finance COAB
Mike Jones Scott Christiansen-Plan Attorney
2. Courtesy of the floor to visitors. Chris Jorgensen noted that he enjoys the spirited conversations that
take place during these meetings.
3. Approval of the minutes from the General Employee Retirement System April 9, 2015 meeting.
Motion to approve was made by Ray Brandstaetter and seconded by Timmy Johnson. The vote was
approved unanimously.
4. Michael O'Shields led the discussion on investment performance as of 4/30/15 including ■ear to
date information.
a. Discussion related to current allocation and rate of return. The current plan has
80.75% in Equity, 4.9% in Fixed Income, and 14.4% in Cash. The ending portfolio
value of $15,871,761 represents an annualized return of 6.6% for the period
04/30/12 to 4/30/15.
b. The Board also discussed asset allocation strategy and the associated risk.
5. Approval of Status Changes —Five Employees status change to "retired". Motion to change status
was made by Alan Gleit and seconded by Timmy Johnson. The vote was approved unanimously.
6. New business:
a. Motion to appoint the Director of Finance for the City of Atlantic Beach to the
position of Plan Administrator. Motion was made by Alan Gleit and seconded
by Timmy Johnson. The vote was approved unanimously.
b. Motion to authorize Scott Christiansen to update the plan summary description.
The motion was made by Ray Brandstaetter and seconded by Mike Jones. The
vote was approved unanimously.
c. Motion to nominate Ray Brandstaetter to the position of chairman. The motion
was made by Timmy Johnson and seconded by Alan Gleit. The vote was
approved unanimously.
d. Russell and/or Debbie, before the next meeting will email all members:
i. The Summary Plan Description
ii. Operating rules and procedures
iii. Contracts and purchase orders
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CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 14,2015
iv. Budget vs. Actual for FY 15
7. Adjournment — Ray Brandstaetter made a motion to adjourn e meeting at 7:4 PM it was
seconded by Mike Jones.
Ray Bra dstaetter Alan leit
Chair Secretary
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