General Employees Pension Board Minutes - 02.11.16 DRAFTCITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES February 11, 2016
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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
Mike Jones Sidney Taylor - Graystone Consulting
Alan Gleit
Chris Bridges- Graystone Consulting
Timmy Johnson
Scott Christiansen - Plan Attorney
Jim Griffiths
2. Courtesy of the floor to visitors. Chris Jorgenson made general comments about the state of
domestic economies and Russia.
3. Approval of the minutes from the General Employee Retirement System for January 14, 2016
meeting. Motion to approve was made by Ray Brandstaetter and seconded by Timmy Johnson. The
vote was approved unanimously.
4. Approval of the Financial Expenditures through February 9, 2016. Motion to approve was made
by Ray Brandstaetter and seconded by Alan Gleit. The vote was approved unanimously.
5. Sidney Taylor 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
57.1% in Equity, 31.9% in Fixed Income, and 11.1% in Cash. The ending portfolio value of $14,900,869.
Return Summary
Month 12/31/2015 - 1/31/2016 -4.1%
Quarter 12/31/2015 - 1/31/2016 -4.1%
Fiscal YTD 9/30/2015 - 1/31/2016 -0.1%
Last 3 Years 1/31/2016 - 1/31/2016 3.3%
b. Motion to rebalance portfolio to preselected Board targets. Motion to approve was made by Ray Brandstaetter and seconded by Alan Gleit. The vote was
approved unanimously.
6. Pension Attorney presented matters of interest. No actionable items.
7. New business
8. Adjournment– Mike Jones made a motion to adjourn the meeting, it was seconded by Ray Brandstaetter.
__________________________ ____________________________
Ray Brandstaetter - Chair Mike Jones – Vice Chair