General Employees Pension Board Minutes - 11/12/15 v 1111.,
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
November 12, 2015
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:38 P.M. Those in attendance were:
Members Non -Members
Ray Brandstaetter Russell Caffey-Plan Administrator
Alan Gleit Sidney Taylor- Graystone Consulting
Mike Jones Chris Bridges- Graystone Consulting
Scott Christiansen-Plan Attorney
2. Courtesy of the floor to visitors. Chris Jorgensen was complimentary of the board and process
involved with making decisions as a group. Jim Griffiths reintroduced himself to the group and
expressed his interest to be on the GEPP board.
3. Approval of the minutes from the General Employee Retirement System for September 10,
2015 meeting. Motion to approve was made by Mike Jones and seconded by Ray Brandstaetter. The
vote was approved unanimously.
4. Approval of the minutes from the General Employee Retirement System for October 8, 2015
meeting. Motion to approve was made by Mike Jones and seconded by Alan Gleit. The vote was
approved unanimously.
5. Sidney Taylor and Chris Bridges of Graystone consulting lead a discussion of the portfolios of
both plans.
a. Discussion related to current allocation and rate of return. The current plan has
65.7% in Equity, 5.0% in Fixed Income, and 29.3% in Cash. The ending portfolio
value of$15,591,919.
Return Summary
Month 9/30/2015 - 10/31/2015 4.5%
Quarter 9/30/2015 - 10/31/2015 4.5%
Fiscal YTD 9/30/2015 - 10/31/2015 4.5%
Last 3 Years 10/31/2012 - 10/31/2015 5.6%
6. Pension Board Attorney discussed matters of interest to the Pension Board — Pension Board
Attorney Scott Christiansen of Christiansen&Dehner,P.A
a. Mr. Christiansen noted that the Police Pension budget passed by the board at
previous meeting contained extra information that isn't needed and that it
needs to be revised at the next meeting and sent to the state before December
3151.
b. Mr. Christiansen stated the expenditure information distributed by COAB staff
contained extra information and it should be presented to the board in summary
form.
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CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
November 12,2015
c. Mr. Christiansen noted that the Summary Plan Description needs to be
distributed to all members.
d. Mr. Christiansen stated that the board needs to vote on internal services
provided by COAB.
e. Mr. Christiansen noted that board member need to attend trustee school at least
once per term. This item can be paid for by the fund but, needs to be approved
as part of the budget approved by the board. The fund can pay for COAB staff
that handle pension to go to the school as well but it needs to be voted on by
the boards.
f. Mr. Christiansen stated that it would be good practice for the boards to re elect
new officers at the next meeting.
7. New business — Motion was made by Alan Gleit to approve Jim Griffiths for the 5th seat on the
General Employee Pension Board. Motion was seconded by Mike Jones. The vote was approved
unanimously.
8. Adjournment — Alan Gleit made a motion to ad'ourn the meetingt was seconded by Ray
Brands ett- .
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Ray B :ndstaetter Alan Gleit
Chair Secretary
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