Board Agenda 02.13.18 w. attachments
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
February 15, 2018 - 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for November 11, 2017, General Employee’s board meeting –
(1)
3. Approval of the Minutes for November 11, 2017, 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 Pension 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
12/31/17 and subsequent activity since.
b. Recap Investment Performance for the General Employees’ for the period ended
12/31/17 and subsequent activity since.
c. Investment Policy Statement Review.
7. Pension Board Attorney to discuss matters of interest to the General Employees’ & Police
Officers’ Pension Board – Pension Board Attorney Sugarman & Susskind, P.A.
8. Financial Expenditures through December 30, 2017– Police Officers’ Pension Fund – (5)
9. Financial Expenditures through December 30, 2017–General Employees’ Pension Fund –
(6)
10. Change in status – Police Pension Plan – Merlyn Alvaro
11. Change in status – Employee Pension Plan – Harry McNally
12. Any New Business
13. Adjournment – Police
14. Adjournment – General
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
November 9, 2017
1. The City of Atlantic Beach General Employees’ Pension Board meeting was called to order at
6:36 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
Mike Jones Scott Christiansen -Plan Attorney
2. Courtesy of the floor to visitors. None
3. Motion to approve minutes from August 10, 2017 meeting. Motion by Alan Gleit, seconded by Jim
Griffiths. The vote was 4-0.
4. Motion to approve the Summary Plan Description. Motion by Ray Brandstaetter, seconded by Alan
Gleit. The vote was 4-0.
5. 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
$18,115,817.
Return Summary
Quarter to Date 6/30/2017 -9/30/2017 2.97%
Fiscal Year to Date 10/1/2016 -9/30/2017 11.39%
Performance Since Inception 3/10/2010 -9/30/2017 7.12%
Motion to rebalance the weighting of investments Motion to accept the recommendation
was made by Alan Gleit and seconded by Ray Brandstaetter. The vote was 4-0. (Sell 1%
Boston Partners SMID Value, Sell 1% Riverbridge SMID Growth, Buy 1% Vanguard Total
Int’l Stock Mkt, Buy 1% Lazard International Strategic Eq Instl., Buy $915k of Federated
Moneymarket)
6. Scott Christiansen updated the board on pending and upcoming items.
a. Motion to agree to the assignment of attorney contract to Sugarman &
Susskind, P.A. Motion by Alan Gleit seconded by Ray Brandstaetter. Vote was 3-
1 (Griffiths was dissenting vote).
7. Motion for change in status for Judith Schneider. Motion by Alan Gleit, seconded by Ray
Brandstaetter. Vote was 4-0.
8. Motion for change in status for Mike Marcum. Motion by Ray Brandstaetter, seconded by Mike
Jones. Vote was 4-0.
1
__________________________ ____________________________
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
November 9, 2017
9. Motion to accept proposed calendar. Motion by Jim Griffiths, seconded by Mike Jones. Vote was
4-0.
February 15, 2018
May 10, 2018
August 9, 2018
November 8, 2018
10. Adjournment– Ray Brandstaetter made a motion to adjourn the meeting at 8:33, it was seconded by
Mike Jones.
Ray Brandstaetter Mike Jones
Chair Vice Chair
2
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
November 9, 2017
1. The City of Atlantic Beach Police Employees’ Pension Board meeting was called to order at 6:36
P.M. Those in attendance were:
Members Non -Members
Vic Gualillo Russell Caffey -Plan Administrator
Bob Liggero Chris Bridges -Graystone Consulting
Bill Tomson Sidney Taylor -Graystone Consulting
Scott Christiansen -Plan Attorney
2. Courtesy of the floor to visitors. None
3. Motion to approve minutes from August 10, 2017 meeting. Motion by Bill Tomson, seconded by
Bob Liggero. The vote was 3-0.
4. Motion to approve the Summary Plan Description. Motion by Bob Liggero, seconded by Bill
Tomson. The vote was 3-0.
5. 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
$9,870,329.
Return Summary
Quarter to Date 6/30/2017 -9/30/2017 3.1%
12 Months 10/1/2016 -9/30/2017 11.2%
Performance Since Inception 3/10/2010 -9/30/2017 7.0%
Motion to rebalance the weighting of investments Motion to accept the recommendation
was made by Vic Gualillo and seconded by Bill Tomson. The vote was 3-0. (Sell 1.5% of
JPM Equity Income, Sell 0.3% of Boston Partners SMID Value, Sell 0.1% Riverbridge
SMID Growth, Buy 0.9% Vanguard Total Int’l Stock, Buy 0.9% Lazard International
Strategic Eq, Buy $500k Federated Money Market)
6. Scott Christiansen updated the board on pending and upcoming items.
a. Motion to agree to the assignment of attorney contract to Sugarman &
Susskind, P.A. Motion by Bill Tomson seconded by Bob Liggero. Vote was 3-0.
7. Vote to approve the Quarterly Financial Expenditure Report. Motion was made by Bill Tomson
and seconded by Vic Gualillo. Vote was 3-0.
1
__________________________ ____________________________
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
November 9, 2017
8. Motion to accept proposed calendar. Motion by Vic Gualillo, seconded by Bob Liggero. Vote was
3-0.
February 15, 2018
May 10, 2018
August 9, 2018
November 8, 2018
9. The City of Atlantic Beach’s Board Member Review Committee nominated Tim Anderson for City
Commission approval to serve on the Police Pension Board. Mr. Anderson was to be on the November
13th Agenda.
10. Adjournment – Bob Liggero made a motion to adjourn the meeting at 8:33, it was seconded by Vic
Gualillo.
Vic Gualillo David Cameron
Chair Vice Chair
2
City of Atlantic Beach
General Employee Pension Fund Fund Balance Report
December 31, 2017
Pooled Equity Morgan Stanley
(@12.31.17) Account (12.31.17) Total
Balance 10.01.17 $ 98,202 $ 16,324,242 $ 16,422,444
‐
Revenue
Employer Contributions
Employee Contributions
Morgan Stanley Portfolio
$
$
333,030
28,830
361,860 $
2,468,794
2,468,794
$
$
‐
333,030
28,830
2,468,794
2,830,654
Expenses
Admin
Retirees Payouts
$
$
(4,091)
(274,162)
(278,253) $ ‐
$
$
(4,091)
(274,162)
(278,253)
Transfers ‐
$ 181,808 $ 18,793,036 $ 18,974,844
City of Atlantic Beach
Police Pension Fund Fund Balance Report
December 31, 2017
Pooled Equity Morgan Stanley
(@12.31.17) Account (12.31.17) Total
Balance 10.01.17 468,175$ 8,723,191$ $ 9,191,366
‐
Revenue ‐
Employer Contributions 186,383$ $ 186,383
Employee Contributions 29,217 29,217
Morgan Stanley Portfolio 1,508,654 1,508,654
215,601$ 1,508,654$ $ 1,724,255
Expenses
Admin $ (3,839) $ (3,839)
Retirees Payouts (182,897) (182,897)
$ (186,736) $ ‐$ (186,736)
497,040$ 10,231,845$ $ 10,728,884
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