Loading...
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 Ci t y o f A t l a n t i c B e a c h P o l i c e P e n s i o n F u n d Ex p e n d i t u r e s a s o f D e c e m b e r 3 1 , 2 0 1 7 20 1 7 A c t u a l FY 1 8 % Total Ac c o u n t D e s c r i p t i o n Ex p e n s e FY 1 8 B u d g e t Ex p e n s e Budget Pl a n E x p e n s e : Se r v i c e P r o v i d e r s : Ad m i n E x p e n s e ( A c u t u a r y & L e g a l ) 25 , 8 3 8 21 , 1 5 4 1, 0 7 0 27.9% In v e s t m e n t E x p e n s e 34 , 9 0 7 15 , 4 1 2 - 0.0% Su b t o t a l : 60 , 7 4 5 57 , 7 2 0 2, 1 4 1 55.8% Tr u s t e e E x p e n s e s : Bo o k , S u b s c r i p t i o n , M e m b e r s h i p s - - - 0.0% Tr a i n i n g - 3, 5 0 0 - 0.0% Su b t o t a l : - 3, 5 0 0 - 0.0% Ot h e r P l a n E x p e n s e s : In s u r a n c e 2, 9 1 5 3, 5 4 5 88 6 23.1% Su b t o t a l : 2, 9 1 5 3, 5 4 5 88 6 23.1% Pe n s i o n O f f i c e : Of f i c e E x p e n s e s : CO A B I n t e r n a l S e r v i c e s - C i t y M a n a g e r 29 9 48 6 12 2 3.2% CO A B I n t e r n a l S e r v i c e s - F i n a n c e D e p a r t m e n t 99 9 76 19 0.5% CO A B I n t e r n a l S e r v i c e s - H u m a n R e s o u r c e s 2, 4 8 4 2, 6 8 6 67 2 17.5% Pr i n t i n g & P u b l i s h i n g 11 11 - 0.0% Su b t o t a l : 3, 7 9 3 3, 2 5 9 81 2 21.2% TO T A L : 67 , 4 5 3 68 , 0 2 4 3, 8 3 9 100.0% Ad m i n E x p e n s e R e c o n c i l i a t i o n GA B R I E L R O E D E R S M I T H & C O CH R I S T I A N S E N & D E H 1, 0 7 0 1, 0 7 0 Ci t y o f A t l a n t i c B e a c h G e n e r a l E m p l o y e e P e n s i o n F u n d Ex p e n d i t u r e s a s o f D e c e m b e r 3 1 , 2 0 1 7 20 1 7 A c t u a l FY 1 8 E x p e n s e % Total Ac c o u n t D e s c r i p t i o n Ex p e n s e FY 1 8 B u d g e t to D a t e Budget Pl a n E x p e n s e : Se r v i c e P r o v i d e r s : Ad m i n E x p e n s e ( A c u t u a r y & L e g a l ) 44 , 6 6 2 25 , 0 0 0 1, 1 5 5 28.2% In v e s t m e n t E x p e n s e 66 , 7 0 0 45 , 0 0 0 -0.0% Su b t o t a l : 11 1 , 3 6 2 70 , 0 0 0 1, 1 5 5 28.2% Tr u s t e e E x p e n s e s : Bo o k , S u b s c r i p t i o n , M e m b e r s h i p s - 80 0 -0.0% Tr a i n i n g - 4, 2 0 0 -0.0% Su b t o t a l : - 5, 0 0 0 -0.0% Ot h e r P l a n E x p e n s e s : In s u r a n c e 2, 9 1 5 4, 2 7 0 1, 0 6 8 26.1% Su b t o t a l : 2, 9 1 5 4, 2 7 0 1, 0 6 8 26.1% Pe n s i o n O f f i c e : Of f i c e E x p e n s e s : CO A B I n t e r n a l S e r v i c e s - C i t y M a n a g e r 31 1 50 5 126 3.1% CO A B I n t e r n a l S e r v i c e s - F i n a n c e D e p a r t m e n t 1, 4 8 7 16 3 41 1.0% CO A B I n t e r n a l S e r v i c e s - H u m a n R e s o u r c e s 6, 2 9 4 6, 8 0 4 1, 7 0 1 41.6% Pr i n t i n g & P u b l i s h i n g 33 50 -0.0% Su b t o t a l : 8, 1 2 5 7, 5 2 2 1, 8 6 8 45.7% TO T A L : 12 2 , 4 0 2 86 , 7 9 2 4, 0 9 1 100.0% Ad m i n E x p e n s e R e c o n c i l i a t i o n GA B R I E L R O E D E R S M I T H & C O CH R I S T I A N S E N & D E H 1, 1 5 5 1, 1 5 5