05-11-17 General Employee Pension Board MinutesCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
May 11, 2017
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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
Alan Gleit Chris Bridges - Graystone Consulting
Jim Griffiths Sidney Taylor - Graystone Consulting
Timmy Johnson Scott Christiansen - Plan Attorney
Mike Jones 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
$17,154,213.
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 Alan
Gleit and seconded by Ray Brandstaetter. The vote was approved unanimously.
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 Ray
Brandstaetter and seconded by Mike Jones. The vote was approved unanimously.
b. Approval of the Summary Plan Description. Motion to approve made by by Ray
Brandstaetter and seconded by Alan Gleit. 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 Mike Jones and
seconded by Alan Gleit. 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 Jim Griffiths and seconded
by Ray Brandstaetter. Vote was approved unanimously.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
May 11, 2017
2
b. Vote to commission GRS to conduct an experience study. Motion was made by
Ray Brandstaetter and seconded by Timmy Johnson. Vote was approved
unanimously.
6. Vote to approve the Change in Status.
a. Laurie Scott. Motion by Timmy Johnson, seconded by Jim Griffiths. Approved
unanimously.
b. Shelton Flowers Sr.. Motion by Timmy Johnson, seconded by Jim Griffiths.
Approved unanimously.
c. Eugenio Cruz. Motion by Alan Gleit, seconded by Timmy Johnson. Approved
unanimously.
7. Adjournment 8:38 pm– Mike Jones made a motion to adjourn the meeting, it was seconded by Jim
Griffiths.
__________________________ ____________________________
Ray Brandstaetter Mike Jones
Chair Vice Chair