Board Agenda 11.10.16 w attachmentsCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
November 10, 2016 - 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for August 11, 2016, General Employee’s board meeting – (1)
3. Approval of the Minutes for August 11, 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 9/30/16
& 10/31/16and subsequent activity since.
b. Recap Investment Performance for the General Employees’ for the period ended
9/30/16 & 10/31/16 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 September 30, 2016 – Police Officers’ Pension Fund –
(5)
9. Financial Expenditures through September 30, 2016 – General Employees’ Pension Fund
– (6)
10. Proposed change to the quarterly meeting dates:
a. February 9th (formerly the 16th)
b. May 11, 2017 (no change)
c. August 10, 2017 (no change)
d. November 9, 2017 (no change)
11. Any New Business
12. Adjournment – Police
13. Adjournment – General
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
August 11, 2016
1
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 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
August 11, 2016
1
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 Russell Caffey - Plan Administrator
David Cameron Chris Bridges - Graystone Consulting
Bob Liggero Scott Christiansen - Plan Attorney
Bill Tomson
John Wolfel
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 $8,659,668.
Return Summary
Month 7/1/2016 - 7/31/2016 2.7%
Quarter 7/1/2016 - 7/31/2016 2.7%
Fiscal YTD 10/1/2015 - 7/31/2016 9.1%
Last 3 Years 7/1/2013 - 7/31/2016 5.8%
5. Motion to rebalance account made by Vic Gualillo and seconded by David Cameron. The vote was
approved with one dissenting vote (Bill Tomson). Official motion was to move 2.0% from Columbia
(Equity) and 4.0% cash to purchase 6% Tortoise MLP. Then, liquidate half of the remaining Columbia
holdings and purchase Pioneer. (Percentages are in relation to entire portfolio)
6. There was general discussion regarding the expected annual rate of return. Motion to keep
assumed rate of return at 7% was made by Bill Tomson seconded by Bob Liggero. The vote was
approved unanimously.
7. Change in Status in the Police Pension Plan for Barrett Hatfield. Motion to grant was made by
David Cameron and seconded by Vic Gualillo. The vote was approved unanimously.
8. Adjournment 8:06 pm – Bob Liggero made a motion to adjourn the meeting, it was seconded by Vic
Gualillo.
__________________________ ____________________________
Vic Gualillo David Cameron
Pooled Equity
Morgan Stanley
Account Total
Balance 10.01.15 68,735$ 14,905,074$ 14,973,809$
-
Revenue -
Employer Contributions 1,112,334$ 1,112,334$
Employee Contributions 128,204 128,204
Morgan Stanley Portfolio 1,427,054 1,427,054
1,240,538$ 1,427,054$ 2,667,592$
Expenses
Admin (64,118)$ (64,118)$
Retirees Payouts (1,207,803) (1,207,803)
(1,271,921)$ -$ (1,271,921)$
Transfers 100,000$ (100,000)$ -
137,352$ 16,232,128$ 16,369,480$
City of Atlantic Beach
General Employee Pension Fund Fund Balance Report
09.30.2016
Pooled Equity
Morgan Stanley
Account Total
Balance 10.01.15 68,372$ 7,933,173$ 8,001,545$
-
Revenue -
Employer Contributions 729,483$ 729,483$
Employee Contributions 117,014 117,014
Morgan Stanley Portfolio 793,684 793,684
846,497$ 793,684$ 1,640,181$
Expenses
Admin (42,836)$ (42,836)$
Retirees Payouts (570,310) (570,310)
(613,147)$ -$ (613,147)$
301,723$ 8,726,857$ 9,028,580$
City of Atlantic Beach
Police Pension Fund Fund Balance Report
09.30.2016
Account Description
2015 Actual
Expense FY 16 Budget
FY 16
Expense
% Total
Budget
Plan Expense:
Service Providers:
Actuary - Admin Exp 27,801 25,000 20,034 46.7%
Investment Expense 44,250 45,000 13,149 30.6%
Subtotal:72,050 70,000 33,183 77.3%
Trustee Expenses:
Book, Subscription, Memberships 600 700 600 1.4%
Training 605 3,500 2,194 5.1%
Subtotal:1,205 4,200 2,794 6.5%
Other Plan Expenses:
Insurance 3,098 3,882 2,979 6.9%
Subtotal:3,098 3,882 2,979 6.9%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 324 296 296 0.7%
COAB Internal Services - Finance Department 1,327 1,265 1,265 2.9%
COAB Internal Services - Human Resources 2,218 2,406 2,406 5.6%
Printing & Publishing 11 20 20 0.0%
Subtotal:3,880 3,987 3,987 9.3%
TOTAL:80,233 82,069 42,943 100.0%
Retirement Payouts:
Service Retired Pay 406,206 406,207 428,309
Disability Retired Pay 118,331 118,331 118,331
Drop Pay - ICMA 401 Plan - - -
Pension Refunds 28,505 15,000 23,671
Subtotal:553,043 539,538 570,310
City of Atlantic Beach Police Pension Fund
Expenditures as of September 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 19,530 30.2%
Investment Expense 78,464 75,000 31,869 49.3%
Subtotal:108,100 100,000 51,399 79.5%
Trustee Expenses:
Book, Subscription, Memberships 600 800 600 0.9%
Training 641 4,200 1,206 1.9%
Subtotal:1,241 5,000 1,806 2.8%
Other Plan Expenses:
Insurance 3,098 3,882 2,979 4.6%
Subtotal:3,098 3,882 2,979 4.6%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 337 307 307 0.5%
COAB Internal Services - Finance Department 1,946 2,005 2,005 3.1%
COAB Internal Services - Human Resources 5,618 6,097 6,097 9.4%
Printing & Publishing 33 50 50 0.1%
Subtotal:7,934 8,459 8,459 13.1%
TOTAL:120,373 117,341 64,642 100.0%
Retirement Payouts:
Service Retired Pay 690,055 690,000 789,096
Disability Retired Pay 55,582 56,400 46,859
Beneficiary Pay 123,847 123,200 132,570
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 1,207,803
City of Atlantic Beach General Employee Pension Fund
Expenditures as of September 30, 2016