General Employees Pension Board Minutes - 12.10.15 DRAFTCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
December 10, 2015
1
1. The City of Atlantic Beach General Employees’ Pension Board meeting was called to order at
6:31 P.M. Those in attendance were:
Members
Non - Members
Ray Brandstaetter
Russell Caffey - Plan Administrator
Alan Gleit
Sidney Taylor - Graystone Consulting
Timmy Johnson
Jim Griffiths
2. Courtesy of the floor to visitors. Chris Jorgensen commented on the state of the world that we are
currently living in. Highlights of his insightful diatribe touched on many topics. First, he touched on
the horrific events in San Bernardino, California. Next, Mr. Jorgensen segued into the current state of
San Bernardino’s fiscal health. Lastly, Mr. Jorgensen updated the boards of the cyber attack that he
was currently battling.
3. Approval of the minutes from the General Employee Retirement System for November 12, 2015
meeting. Motion to approve was made by Jim Griffiths and seconded by Alan Gleit. The vote was
approved unanimously.
4. 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
59.7% in Equity, 30.0% in Fixed Income, and 10.4% in Cash. The ending portfolio
value of $15,754,542.
Return Summary
Month 10/31/2015 - 11/30/2015 1.1%
Quarter 9/30/2015 - 11/30/2015 5.7%
Fiscal YTD 9/30/2015 - 11/30/2015 5.7%
Last 3 Years 11/31/2012 - 11/30/2015 5.9%
b. Changes to the current Investment Policy Statement were presented and discussed.
No actionable motion was made at the conclusion of the discussion.
5. Approval of the Internal Services charged by the City of Atlantic Beach for FY 16. Motion to
approve was made by Alan Gleit and seconded by Ray Brandstaetter. The vote was approved
unanimously.
6. New business
a. Pension travel was discussed. It was requested that COAB staff send the available
classes to both boards.
b. The Atlantic Beach Committee Review Board approved Alan Gleit serving another
term on the GEPP Pension Board.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
December 10, 2015
2
c. The Committee Review Board approved Jennifer Lada to sit on either pension
board. Her approval will last 365 days from 12/1/15. The Chair noted that Mrs.
Lada has an impressive resume and she gave an impressive interview.
d. It was noted that Pension Attorney suggested re-electing officers at the December
meeting. Mike Jones was nominated for the position of Vice Chair by Alan Gleit
and seconded by Timmy Johnson. Vote was approved unanimously.
7. Adjournment 7:27 – Ray Brandstaetter made a motion to adjourn the meeting, it was seconded by
Timmy Johnson.
__________________________ ____________________________
Ray Brandstaetter Mike Jones
Chair Vice Chair
Open items for COAB Staff:
a. Send pension school information to members (Emailed by R Caffey 12.11.15)
b. Jim Griffiths requested the Morgan Stanley handouts from the prior meeting (Emailed
by R Caffey 12.11.15)