08-20-17 General Employee Pension Board MinutesCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
August 10, 2017
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
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. Motion to approve minutes from May 11, 2017 meeting. Motion by Ray Brandstaetter, seconded
by Mike Jones. The vote was 5-0.
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
$17,610,718.
Return Summary
Quarter to Date 3/31/2017 - 6/30/2017 2.7%
12 Months 10/1/2016 - 6/30/2017 7.8%
Performance Since Inception 3/10/2010 - 6/30/2017 6.4%
a. Motion to accept Morgan Stanley’s recommendation and rebalance the
weighting of investments Motion to accept the recommendation was made by Ray
Brandstaetter and seconded by Timmy Johnson. The vote was 5-0. (Motion was to
reduce large cap holdings and move the funds to International)
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 Alan
Gleit and seconded by Timmy Johnson. Vote was 5-0.
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 Alan Gleit seconded by Jim Griffiths. Vote was 5-0.
7. Adjournment– Mike Jones made a motion to adjourn the meeting, it was seconded by Jim Griffiths.
__________________________ ____________________________
Ray Brandstaetter Mike Jones
Chair Vice Chair