General Employees' Pension Board Minutes 8-11-16 CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
August 11,2016
1. The City of Atlantic Beach General Employees' Pension Board meeting was called to order at
6:33 P.M. Those in attendance were:
Members Non -Members
Ray Brandstaetter Russell Caffey-Plan Administrator
Mike Jones Chris Bridges - Graystone Consulting
Alan Gleit Scott Christiansen -Plan Attorney
Jim Griffiths
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 General Employee Pension Plans for July 14, 2016. Motion to
approve was made by Ray Brandstaetter and seconded by Jim Griffiths. 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
62.0% in Equity, 27.3% in Fixed Income, 4.9% in Alternatives and 5.9% in Cash.
The ending portfolio value of$16,184,246.
Return Summary
Month 7/1/2016 - 7/31/2016 2.6%
Quarter 7/1/2016 - 7/31/2016 2.6%
Fiscal YTD 10/1/2015 - 7/31/2016 9.2%
Last 3 Years 7/1/2013 - 7/31/2016 5.7%
5. Motion to rebalance account made by Alan Gleit and seconded by Jim Griffiths. The vote was
approved unanimously. Official motion was to move 50% from Columbia holdings (Equity) to
purchase Pioneer.
6. There was general discussion regarding the expected annual rate of return. Motion to keep
assumed rate of return at 7%was made by Alan Gleit seconded by Mike Jones. The vote was approved
unanimously.
7. Adjournment 8:06 pm—Ray Brandstaetter made a motion to adjourn the meeting,it was seconded by
Mike Jones.
Ray Bgdandstaetter Mike Jones
Chair Vice Chair
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