08-10-17 Police Employee Pension Board MinutesCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
August 10, 2017
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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
Dave Cameron Russell Caffey - Plan Administrator
Bob Liggero Chris Bridges - Graystone Consulting
John Wolfel Sidney Taylor - Graystone Consulting
Bill Tomson Scott Christiansen - Plan Attorney
Jim Rizzo – GRS Consulting
Nicolas Lahaye – GRS Consulting
2. Courtesy of the floor to visitors. None
3. Motion to approve minutes from May 11, 2017 meeting. Motion by Dave Cameron, seconded by
Bob Liggero. The vote was unanimous.
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 ending portfolio value is
$9,390,535.
Return Summary
Quarter to Date 3/31/2017 - 6/30/2017 2.8%
12 Months 10/1/2016 - 6/30/2017 7.6%
Performance Since Inception 3/10/2010 - 6/30/2017 6.3%
5. Gabriel Roeader Smith (GRS) presented the results of their experience study and lead a
discussion about the results.
a. Vote to lower the assumed rate of return to 6.75%. Motion was made by Bill
Tomson and seconded by Bob Liggero. Vote was 4-0.
6. Scott Christiansen updated the board on pending and upcoming items.
a. Motion to make City Clerk the custodian of public records (Senate Bill 80
update). Motion by Bob Liggero seconded by Bill Tomson. Vote was 4-0.
7. Vote to approve the Quarterly Financial Expenditure Report. Motion was made by Bob Liggero
and seconded by John Wolfel. Vote was 4-0.
8. Vote to approve pension budget. Motion by John Wolfel and seconded by Dave Cameron. Vote was
4-0.
9. Vote to approve change in status for Robert Harding. Motion by Dave Cameron and seconded by
Bob Liggero. Vote was 4-0.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
August 10, 2017
2
10. Adjournment – Bill Tomson made a motion to adjourn the meeting, it was seconded by Dave
Cameron.
__________________________ ____________________________
Vic Gualillo David Cameron
Chair Vice Chair