Board Agenda 05.12.16CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
May 12, 2016 - 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for April 14, 2016, Police Officers’ board meeting – (1)
3. Approval of the Minutes for April 14, 2016, General Employee’s board meeting – (2)
4. Financial Expenditures through April 30, 2016 – Police Officers’ Pension Fund – (3)
5. Financial Expenditures through April 30, 2016 – General Employees’ Pension Fund –
(4)
6. Fund Balance Report, Police Plan – non actionable, for discussion and information only.
(5)
7. Fund Balance Report, General Employee Plan – non actionable, for discussion and
information only. (6)
8. To be discussed by Sidney Taylor and Chris Bridges, Morgan Stanley:
a. Recap Investment Performance for the Police Officers’ for the period ended 4/30/16 and
subsequent activity since.
b. Recap Investment Performance for the General Employees’ for the period ended 4/30/16
and subsequent activity since.
9. Pension Board Attorney to discuss matters of interest to the General Employees’ &
Police Officers’ Pension Board – Pension Board Attorney Scott Christiansen of
Christiansen & Dehner, P.A.
11. Change in status (7)
a. Barb Sumrall – Police Plan
b. Nancy Bailey – General Employee’s Pension Plan
12. Any New Business
13. Adjournment – Police
14. Adjournment – General
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
April 14, 2016
1
1. The City of Atlantic Beach Police Employees’ Pension Board meeting was called to order at
6:31 P.M. Those in attendance were:
Members
Non - Members
Vic Gualillo
Russell Caffey - Plan Administrator
David Cameron
Sidney Taylor- Graystone Consulting
Bob Liggero
John Wolfel
2. Courtesy of the floor to visitors. Chris Jorgensen made general comments about a conversation
from the prior meeting, the coal industry and Chapter 11.
3. Approval of the minutes from the Police Retirement System for March 10, 2016 meeting.
Motion to approve was made by Dave Cameron and seconded by John Wolfel. 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
62.5% in Equity, 28.22% in Fixed Income, and 9.3% in Cash. The ending portfolio
value of $8,268,090.
Return Summary
Month 3/1/2016 - 3/31/2016 4.7%
Quarter 1/1/2016 - 3/31/2016 0.0%
Fiscal YTD 10/1/2015 - 3/31/2016 4.2%
Last 3 Years 3/1/2013 - 3/31/2016 4.4%
5. Discussion regarding the Fund Balance Report and two finance members traveling for pension
training.
6. New business
7. Adjournment– Vic Gualillo made a motion to adjourn the meeting, it was seconded by John Wolfel.
__________________________ ____________________________
Vic Gualillo David Cameron
Chair Vice Chair
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
April 15, 2016
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 Brandstraetter
Russell Caffey - Plan Administrator
Mike Jones
Sidney Taylor- Graystone Consulting
Alan Gleit
Jim Griffiths
Timmy Johnson
2. Courtesy of the floor to visitors. Chris Jorgensen made general comments about a conversation
from the prior meeting, the coal industry and Chapter 11.
3. Approval of the minutes from the General Employee Retirement System for March 10, 2016
meeting. Motion to approve was made by Mike Jones and seconded by Jim Griffiths. 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
62.8% in Equity, 27.9% in Fixed Income, and 9.3% in Cash. The ending portfolio
value of $15,551,201.
Return Summary
Month 3/1/2016 - 3/31/2016 4.7%
Quarter 1/1/2016 - 3/31/2016 0.1%
Fiscal YTD 10/1/2015 - 3/31/2016 4.3%
Last 3 Years 3/1/2013 - 3/31/2016 4.3%
5. Discussion regarding the Fund Balance Report and two finance members traveling for pension
training.
6. New business
7. Adjournment– Ray Brandstaetter made a motion to adjourn the meeting, it was seconded by Mike
Jones.
__________________________ ____________________________
Ray Brandstaetter - Chair Mike Jones – Vice Chair
Account Description
2015 Actual
Expense FY 16 Budget
FY 16
Expense
% Total
Budget
Plan Expense:
Service Providers:
Actuary - Admin Exp 27,801 25,000 14,818 41.1%
Investment Expense 44,250 45,000 13,149 36.5%
Subtotal:72,050 70,000 27,967 77.6%
Trustee Expenses:
Book, Subscription, Memberships 600 700 600 1.7%
Training 605 3,500 2,223 6.2%
Subtotal:1,205 4,200 2,823 7.8%
Other Plan Expenses:
Insurance 3,098 3,882 2,979 8.3%
Subtotal:3,098 3,882 2,979 8.3%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 324 296 189 0.5%
COAB Internal Services - Finance Department 1,327 1,265 777 2.2%
COAB Internal Services - Human Resources 2,218 2,406 1,295 3.6%
Printing & Publishing 11 20 11 0.0%
Subtotal:3,880 3,987 2,272 6.3%
TOTAL:80,233 82,069 36,041 100.0%
Retirement Payouts:
Service Retired Pay 406,206 406,207 274,424
Disability Retired Pay 118,331 118,331 78,887
Drop Pay - ICMA 401 Plan - - -
Pension Refunds 28,505 15,000 8,208
Subtotal:553,043 539,538 361,519
City of Atlantic Beach Police Pension Fund
Expenditures as of April 30, 2016
Account Description
2015 Actual
Expense FY 16 Budget
FY 16 Expense
to Date
% Total
Budget
Plan Expense:
Service Providers:
Admin Expense (Acutuary & Legal)29,636 25,000 14,304 25.7%
Investment Expense 78,464 75,000 31,869 57.3%
Subtotal:108,100 100,000 46,173 83.0%
Trustee Expenses:
Book, Subscription, Memberships 600 800 600 1.1%
Training 641 4,200 1,235 2.2%
Subtotal:1,241 5,000 1,835 3.3%
Other Plan Expenses:
Insurance 3,098 3,882 2,979 5.4%
Subtotal:3,098 3,882 2,979 5.4%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 337 307 196 0.4%
COAB Internal Services - Finance Department 1,946 2,005 1,134 2.0%
COAB Internal Services - Human Resources 5,618 6,097 3,276 5.9%
Printing & Publishing 33 50 34 0.1%
Subtotal:7,934 8,459 4,640 8.3%
TOTAL:120,373 117,341 55,626 100.0%
Retirement Payouts:
Service Retired Pay 690,055 690,000 518,434
Disability Retired Pay 55,582 56,400 31,239
Beneficiary Pay 123,847 123,200 88,380
Drop Pay - ICMA 401 Plan 142,594 - -
Drop Pay - DB Plan 19,113 - -
Lump Sum Distribution - - 207,381
Pension Refunds - - 31,898
Subtotal:1,031,191 869,600 877,332
City of Atlantic Beach General Employee Pension Fund
Expenditures as of April 30, 2016
Fund Balance 10.01.15 8,493,122$
Revenue Summary 835,891
Expenditure Summary (397,560)
8,931,453$
Revenue
Investment Revenue 342,354$
Employer Contributions 425,516
Employee Contributions 68,021
835,891$
Expenses
Admin (36,041)$
Retirees Payouts (361,519)
(397,560)$
Pooled Equity in Cash Account 87,166
Calculated Fund Balance 9,018,620$
City of Atlantic Beach
Police Pension Fund Fund Balance Report
Fund Balance 10.01.15 15,008,338$
Revenue Summary 1,387,383
Expenditure Summary (932,958)
15,462,763$
Revenue
Investment Revenue 661,559$
Employer Contributions 648,886
Employee Contributions 76,938
1,387,383$
Expenses
Admin (55,626)$
Retirees Payouts (877,332)
(932,958)$
Pooled Equity in Cash Account 79,037
Calculated Fund Balance 15,541,800$
City of Atlantic Beach
General Employee Pension Fund Fund Balance Report