General Employees Pension Board Minutes - 6-11-15 vCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
June 11, 2015
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:30P.M. Those in attendance were:
Members
Ray Brandstaetter
Alan Gleit
Patty Drake
Mike Jones
Non -Members
Russell Caffey -Plan Administrator
Michael O'Shields -Investment Advisor
2. Courtesy of the floor to visitors. Chris Jorgensen was complimentary of the board and process
involved with making decisions as a group.
3. Approval of the minutes from the General Employee Retirement System May 14, 2015 meeting.
Motion to approve was made by Mike Jones and seconded by Ray Bradstaetter. The vote was
approved unanimously.
4. New Member introduction. Three employees were nominated for the position vacated by Gil Flores
on May 9, 2015 . One employee accepted their nomination , Patty Drake was introduced as the newest
member of the General Employee 's Pension Board .
5. Michael O'Shields led the discussion on investment performance as of 5/31115 including year to
date information.
6. New business:
a. Discussion related to current allocation and rate of return. The current plan has
80 .7% in Equity, 4.9% in Fixed Income , and 14.4% in Cash. The ending portfolio
value of $15 ,950 ,034 represents an annualized return of 8.5 % for the period
05 /31112 to 5/31 /15.
b. The Board also discussed asset allocation strategy and the associated risk.
No new business.
7. Adjournment -Ray Bradstaetter made a motion to adjourn the eeting at 7:21 PM it was
seconded by Mike Jones .
8.
Alan Gleit
Secretary
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