05-11-17 Police Employee Pension Board MinutesCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
May 11, 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. 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
$9,135,695.
Return Summary
Quarter to Date 3/31/2017 - 3/31/2017 4.5%
12 Months 10/1/2016 - 3/31/2017 4.9%
Performance Since Inception 3/10/2010 - 3/31/2017 6.7%
a. Motion to accept Morgan Stanley’s recommendation and rebalance the
weighting of investments Motion to accept the recommendation was made by Bob
Liggero and seconded by Bill Tomson. The vote was approved 3 to 1 (Wolfel was
dissenting vote).
4. Scott Christiansen updated the board on pending and upcoming items.
a. Adoption of an Annual Rate of Return. Base on the advice of the Morgan Stanley,
the plan’s financial advisors a motion to adopt 7% rate of return was made by John
Wolfel and seconded by Dave Cameron. The vote was approved unanimously.
b. Approval of the Summary Plan Description. Motion to approve made by Bill
Tomson and seconded by Bob Liggero. Vote was approved unanimously.
c. Approval of the minutes from the Police Pension Plans for February 9, 2017
with suggested revisions. Motion to approve was made by Bob Liggero and
seconded by John Wolfel. The vote was approved unanimously.
5. Gabriel Roeader Smith (GRS) presented the Annual Actuary Report and lead a discussion about
the state of the plan and an experience study.
a. Approval of the Actuary Report. Motion was made by Bob Liggero and seconded
by John Wolfel. Vote was approved unanimously.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
May 11, 2017
2
b. Vote to commission GRS to conduct an experience study. Motion was made by
John Wolfel and seconded by Dave Cameron. Vote was approved unanimously.
6. Vote to approve the Quarterly Financial Expenditure Report. Motion was made by John Wolfel
and seconded by Dave Cameron. Vote was approved unanimously.
7. Adjournment 8:38 pm– Dave Cameron made a motion to adjourn the meeting, it was seconded by
John Wolfel.
__________________________ ____________________________
Vic Gualillo David Cameron
Chair Vice Chair