08-11-16 Police Employees Pension Board MinutesCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
August 11, 2016
1. The City of Atlantic Beach Police Employees' Pension Board meeting was called to order at
6:33 P.M. Those in attendance were:
Members Non - Members
Vic Gualillo
David Cameron
Bob Liggero
Bill Tomson
John Wolfel
Russell Caffey - Plan Administrator
Chris Bridges - Graystone Consulting
Scott Christiansen - Plan Attorney
2. Courtesy of the floor to visitors. Chris Jorgensen made general comments regarding the behavior of
oil companies drawing comparisons to a poker game.
3. Approval of the minutes from the Police Pension Plans for June 9, 2016. Motion to approve was
made by Vic Gualillo and seconded by Bill Tomson. The vote was approved unanimously.
4. 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, 27.4% in Fixed Income, and 9.0% in Cash. The ending portfolio
value of $8,659,668.
Return Summary
Month 7/1/2016 - 7/31/2016 2.7%
Quarter 7/1/2016 - 7/31/2016 2.7%
Fiscal YTD 10/1/2015 - 7/31/2016 9.1%
Last 3 Years 7/1/2013 - 7/31/2016 5.8%
5. Motion to rebalance account made by Vic Gualillo and seconded by David Cameron. The vote was
approved with one dissenting vote (Bill Tomson). Official motion was to move 2.0% from Columbia
(Equity) and 4.0% cash to purchase 6% Tortoise MLP. Then, liquidate half of the remaining Columbia
holdings and purchase Pioneer. (Percentages are in relation to entire portfolio)
6. There was general discussion regarding the expected annual rate of return. Motion to keep
assumed rate of return at 7% was made by Bill Tomson seconded by Bob Liggero. The vote was
approved unanimously.
7. Change in Status in the Police Pension Plan for Barrett Hatfield. Motion to grant was made by
David Cameron and seconded by Vic Gualillo. The vote was approved unanimously.
8. Adjournment 8:06 pm — Bob Liggero made a motion to adjourn the meeting, it was seconded by Vic
Gualillo.
Vic Gualillo
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