Board Agenda 02.09.17CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
February 9, 2017 - 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for November 10, 2016, General Employee’s board meeting –
(1)
3. Approval of the Minutes for November 10, 2016, Police Pension board meeting – (2)
4. Fund Balance Report, General Employee Plan – non actionable, for discussion and
information only. (3)
5. Fund Balance Report, Police Plan – non actionable, for discussion and information only.
(4)
6. To be discussed by Sidney Taylor and Chris Bridges, Morgan Stanley:
a. Recap Investment Performance for the Police Officers’ for the period ended
12/31/16 & 01/31/17 and subsequent activity since.
b. Recap Investment Performance for the General Employees’ for the period ended
12/31/16 & 01/31/17 and subsequent activity since.
7. 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.
8. Financial Expenditures through January 31, 2017 – Police Officers’ Pension Fund – (5)
9. Financial Expenditures through January 31, 2017 – General Employees’ Pension Fund –
(6)
10. Change in status – General Employee’s Plan – David Catir
11. Discussion : For Recruitment of new Pension Board members:
Recommendations on what we like new volunteers to have as far as
experience, education, life skills etc.
What training is required by Florida statutes etc.
Financial disclosure
Sunshine law orientation
12. Any New Business
13. Adjournment – Police
14. Adjournment – General
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
November 10, 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 Brandstaetter Russell Caffey - Plan Administrator
Mike Jones Chris Bridges - Graystone Consulting
Alan Gleit Sidney Taylor - Graystone Consulting
Jim Griffiths Scott Christiansen - Plan Attorney
Timmy Johnson
2. Courtesy of the floor to visitors. Chris Jorgensen made general comments regarding oil, pipelines and
old age medical care.
3. Approval of the minutes from the General Employee Pension Plans for August 11, 2016. Motion
to approve was made by Jim Griffiths and seconded by Timmy Johnson. The vote was approved
unanimously.
4. Chris Bridges and Sidney Taylor of Graystone consulting lead a discussion of the portfolios of
both plans.
Discussion related to current allocation and rate of return. The current plan has
61.8% in Equity, 27% in Fixed Income, 5.3% in Alternatives and 5.9% in Cash. The
ending portfolio value of $16,332,130.
5. Change to quarterly meeting dates: The meeting initially scheduled for February 16th was changed
to February 9th.
6. Adjournment– Ray Brandstaetter made a motion to adjourn the meeting, it was seconded by Mike
Jones.
__________________________ ____________________________
Ray Brandstaetter Mike Jones
Chair Vice Chair
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
November 10, 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
John Wolfel Chris Bridges - Graystone Consulting
Bob Liggero Sidney Taylor - Graystone Consulting
Scott Christiansen - Plan Attorney
2. Courtesy of the floor to visitors. Chris Jorgensen made general comments regarding oil, pipelines and
old age medical care.
3. Approval of the minutes from the Police Pension Plans for August 11, 2016. Motion to approve
was made by Vic Gualillo and seconded by Bob Liggero. The vote was approved unanimously.
4. Chris Bridges and Sidney Taylor of Graystone consulting lead a discussion of the portfolios of
both plans.
Discussion related to current allocation and rate of return. The current plan has
61.4% in Equity, 27.2% in Fixed Income, 5.1% in Cash and 6.3% in Alternatives.
The ending portfolio value of $8,726,858.
5. Change to quarterly meeting dates: The meeting initially scheduled for February 16th was changed
to February 9th.
6. Adjournment – Vic Gualillo made a motion to adjourn the meeting, it was seconded by Bob Liggero.
__________________________ ____________________________
Vic Gualillo David Cameron
Chair Vice Chair
Pooled Equity
(@02.09.17)
Morgan Stanley
Account (01.31.17)Total
Balance 10.01.16 160,615$ 16,324,242$ 16,484,857$
-
Revenue -
Employer Contributions 391,865$ 391,865$
Employee Contributions 38,078 38,078
Morgan Stanley Portfolio 383,748 383,748
429,943$ 383,748$ 813,691$
Expenses
Admin (26,933)$ (26,933)$
Retirees Payouts (354,462) (354,462)
(381,395)$ -$ (381,395)$
Transfers -
209,164$ 16,707,989$ 16,917,153$
City of Atlantic Beach
General Employee Pension Fund Fund Balance Report
02.09.17
Pooled Equity
(@02.09.17)
Morgan Stanley
Account (01.31.17)Total
Balance 10.01.16 197,427$ 8,723,191$ 8,920,618$
-
Revenue -
Employer Contributions 248,510$ 248,510$
Employee Contributions 40,806 40,806
Morgan Stanley Portfolio 170,610 170,610
289,316$ 170,610$ 459,926$
Expenses
Admin (16,794)$ (16,794)$
Retirees Payouts (205,332) (205,332)
(222,126)$ -$ (222,126)$
264,617$ 8,893,800$ 9,158,417$
City of Atlantic Beach
Police Pension Fund Fund Balance Report
02.09.17
Account Description
2016 Actual
Expense FY 17 Budget
FY 17
Expense
% Total
Budget
Plan Expense:
Service Providers:
Actuary - Admin Exp 20,034 25,000 3,710 22.1%
Investment Expense 13,149 30,000 8,898 53.0%
Subtotal:33,183 55,000 12,608 75.1%
Trustee Expenses:
Book, Subscription, Memberships 600 700 - 0.0%
Training 2,194 3,500 - 0.0%
Subtotal:2,794 4,200 - 0.0%
Other Plan Expenses:
Insurance 2,979 4,270 2,915 17.4%
Subtotal:2,979 4,270 2,915 17.4%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 324 299 100 0.6%
COAB Internal Services - Finance Department 1,327 999 332 2.0%
COAB Internal Services - Human Resources 2,218 2,484 828 4.9%
Printing & Publishing 11 20 11 0.1%
Subtotal:3,880 3,802 1,271 7.6%
TOTAL:42,836 67,272 16,794 100.0%
Retirement Payouts:
Service Retired Pay 428,309 550,650 165,889
Disability Retired Pay 118,331 118,331 39,444
Drop Pay - ICMA 401 Plan - - -
Pension Refunds 23,671 15,000 -
Subtotal:570,310 683,981 205,332
City of Atlantic Beach Police Pension Fund
Expenditures as of February 9, 2017
Account Description
2016 Actual
Expense FY 17 Budget
FY 17 Expense
to Date
% Total
Budget
Plan Expense:
Service Providers:
Admin Expense (Acutuary & Legal)19,530 25,000 3,058 11.4%
Investment Expense 31,869 75,000 18,227 67.7%
Subtotal:51,399 100,000 21,285 79.0%
Trustee Expenses:
Book, Subscription, Memberships 600 800 - 0.0%
Training 1,206 4,200 - 0.0%
Subtotal:1,806 5,000 - 0.0%
Other Plan Expenses:
Insurance 2,979 4,270 2,915 10.8%
Subtotal:2,979 4,270 2,915 10.8%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 337 311 104 0.4%
COAB Internal Services - Finance Department 1,946 1,487 496 1.8%
COAB Internal Services - Human Resources 5,618 6,294 2,100 7.8%
Printing & Publishing 34 50 33 0.1%
Subtotal:7,935 8,142 2,733 10.1%
TOTAL:64,118 117,412 26,933 100.0%
Retirement Payouts:
Service Retired Pay 789,096 911,296 272,186
Disability Retired Pay 46,859 46,884 15,620
Beneficiary Pay 132,570 132,564 44,190
Drop Pay - ICMA 401 Plan - - -
Drop Pay - DB Plan - - -
Lump Sum Distribution 207,381 - -
Pension Refunds 31,898 - 22,467
Subtotal:1,207,803 1,090,744 354,462
City of Atlantic Beach General Employee Pension Fund
Expenditures as of Febraury 9, 2017
Name Term Expiration
Employee Elected Vic Gualillo 2/28/2018
Employee Elected David Cameron 8/1/2017
Civilian Appointed by Commission Bill Tomson 12/31/2017
Civilian Appointed by Commission John Wolfel 10/11/2017
Resident Selected by Board, Confirmed by Commission Bob Liggero 6/10/2017
Name Term Expiration
Employee Elected Mike Jones 2/16/2018
Employee Elected Timmy Johnson 9/24/2018
Civilian Appointed by Commission Ray Brandstaetter 6/9/2018
Civilian Appointed by Commission Alan Gleit 10/11/2019
Resident Selected by Board, Confirmed by Commission Jim Griffiths 11/23/2019
Police Pension Board of Trustees
General Employee Pension Board of Trustees