Police Employees Pension Board Minutes - 11.12.15 DRAFTCITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES November 12, 2015
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1. The City of Atlantic Beach Police Employees’ Pension Board meeting was called to order at
6:38 P.M. Those in attendance were:
Members Non - Members
Bill Tomson
Russell Caffey - Plan Administrator
John Wolfel Sidney Taylor - Graystone Consulting
Bob Liggero
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 Police Retirement System for September 10, 2015 meeting.
Motion to approve was made by Bill Tomson and seconded by Bob Liggero. The vote was approved
unanimously.
4. Approval of the minutes from the Police Retirement System for October 8, 2015 meeting. Motion to approve was made by Bob Liggero and seconded by Bill Tomson. 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 65.6% in Equity, 5.7% in Fixed Income, and 28.7% in Cash. The ending portfolio
value of $8,298,568.
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 5.7%
b. Motion to reduce Sage Allocation from 30% to 25% and move the 5% into
Aston/Doubleline Core Plus FI. Motion by Bob Ligero, seconded by John
Wolfel. Vote was unanimously approved.
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 31st.
CITY OF ATLANTIC BEACH BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES November 12, 2015
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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.
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 – No new business.
8. Adjournment – Bob Liggero made a motion to adjourn the meeting, it was seconded by John
Wolfel.
__________________________ ____________________________
Vic Gualillo David Cameron Chair Vice Chair