11-09-17 General Employee Pension Board Minutes
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.
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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.
11/24
B , ndstaetter Mike Jonesay
Chai Vice Chair
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