Police Employees Pension Board Minutes - 07.14.16CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
July 14, 2016
1. The City of Atlantic Beach Police Employees' Pension Board meeting was called to order at
6:37 P.M. Those in attendance were:
Members Non - Members
Ray Brandstraetter
Mike Jones
Alan Gleit
Jim Griffiths
Timmy Johnson
Russell Caffey - Plan Administrator
Chris Bridges - Graystone Consulting
Sidney Taylor — Graystone Consulting
2. Courtesy of the floor to visitors. Chris Jorgensen made general comments regarding the City of
Jacksonville as a comparison and sales tax options.
3. Approval of the minutes from the General Employee Pension Plans for June 9, 2016. Motion to
approve was made by Jim Griffiths and seconded by Mike Jones. The vote was approved unanimously.
4. 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
63.5% in Equity, 27.9% in Fixed Income, and 8.6% in Cash. The ending portfolio
value of $15,771,700.
Return Summary
Month 6/1/2016 - 6/30/2016 0.1%
Quarter 4/1/2016 6/30/2016 2.1%
Fiscal YTD 10/1/2015 - 6/30/2016 6.4%
Last 3 Years 6/1/2016 6/30/2016 5.3%
5. Motion to rebalance account made by Alan Gleit and seconded by Mike Jones. The vote was
approved unanimously. Discussion was tabled until next month. Official motion was to move 2.5%
from Columbia (Equity) and 2.5% cash to purchase 5% Tortoise MLP.
6. There was general discussion regarding the expected annual rate of return. Discussion was tabled
until next month.
7. Change in Status in the General Employee Pension Plan for Deborah Ramsay. Motion to grant
was made by Jim Griffiths and seconded by Timmy Johnson. The vote was approved unanimously.
8. Adjournment 8:03 pm — Mike Jones made a motion to adjourn the meeting, it was seconded by Ray
Brandst . etter.
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Ray andstraetter Mike Jones
Chair Vice Chair
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