Police Employees Pension Board Minutes - 5-14-15 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 14,2015
1. The City of Atlantic Beach Police Employees' Pension Board meeting was called to order at
6:30 P.M. Those in attendance were:
Members Non - Members
David Cameron Russell Caffey- Plan Administrator
Vic Gualillo Michael O'Shields - Investment Advisor
Bob Liggero Debbie Sileo - Deputy Director of Finance COAB
John Wolfel 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 Vic Gualillo and seconded by John Wolfel. The vote was approved
unanimously.
4. Michael O'Shields led the discussion on investment performance as of 4/30/15 including year to
date information.
a. Discussion related to current allocation and rate of return. The current plan has
80.6% in Equity, 5.6% in Fixed Income, and 13.8% in Cash. The ending portfolio
value of $8,447,582 represents an annualized return of 6.4% for the period
04/30/12 to 4/30/15.
b. The Board also discussed asset allocation strategy and the associated risk.
5. 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 Vic Gualillo and
seconded by David Cameron. The vote was approved unanimously.
b. Motion to authorize Scott Christiansen to update the plan summary description.
Motion was made by Dave Cameron and seconded by Bob Liggero. The vote
was approved unanimously.
c. Motion to nominate Bob Liggero to the position of secretary. Motioned by
John Wolfel and seconded by Dave Cameron. 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
iv. Budget vs. Actual for FY 15
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CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
May 14,2015
6. Adjournment— Bob Liggero made a motion to adjourn the meeting at 7:42 PM it was seconded
by John Wolfel.
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Vic Gualillo David Cameron
Chair Vice Chair
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