Board Agenda 05.10.18CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
May 10, 2018 - 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for February 15, 2018, General Employee’s board meeting – (1)
3. Approval of the Minutes for February 15, 2018, 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
03/30/18 and subsequent activity since.
b. Recap Investment Performance for the General Employees’ for the period ended
03/30/18 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. Presentation of the annual actuary reports by Gabriel, Roeder, Smith & Company
9. Financial Expenditures through March 30, 2018– Police Officers’ Pension Fund – (5)
10. Financial Expenditures through March 30, 2018–General Employees’ Pension Fund – (6)
11. Change in status – General Employee Pension Plan – Carolyn Thomas
12. Any New Business
13. Adjournment – Police
14. Adjournment – General
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
February 15, 2018
1
1. The City of Atlantic Beach Police Employees’ Pension Board meeting was called to order at 6:33
P.M. Those in attendance were:
Members Non - Members
Vic Gualillo Russell Caffey - Plan Administrator
Dave Cameron Chris Bridges - Graystone Consulting
Tim Anderson Sidney Taylor - Graystone Consulting
Bob Liggero David Robinson - Plan Attorney
Bill Tomson Commissioner Candace Kelly – Commission Liaison
2. Courtesy of the floor to visitors. None
3. Motion to approve minutes from November 9, 2017 meeting. Motion by Bill Tomson, seconded by
Bob Liggero. The vote was 4-0.
4. Chris Bridges and Sidney Taylor of Graystone consulting lead a discussion of the portfolios of
both plans.
A. Discussion related to current allocation and rate of return. The ending portfolio value is
$10,238,986.
Return Summary
Quarter to Date 10/1/2017 - 12/31/2017 3.74%
Fiscal Year to Date 10/1/2017 - 12/31/2017 3.74%
Performance Since Inception 3/10/2010 - 12/31/2017 6.81%
Motion to rebalance the weighting of investments. Motion to accept the recommendation
with modification was made by Bob Liggero and seconded by Bill Tomson. The vote was 5-
0. Graystone recommendation (Reduce Vanguard S&P 500 Index VOO 1.1%, Reduce Vanguard
Total Int’l Stock Mkt VXUS .2%, Reduce Cash .5%, Increase Goldman Sachs EM Debt GSDIX
2%). Additional recommendation: Reduce Sage Intermediate 1%, Increase Ashton/Double line
Core Plus 1%)
B. Discussion regarding the Investment Policy Statement was led by Mr. Bridges and Mr.
Taylor. Ultimately it was decided that they will rebuild the Investment Policy Statement
incorporating sound practices for municipal pensions. Additionally, other sample items
may be included for reference. The Board will discuss adoption, modification and
potentially a workshop at the next meeting.
5. David Robinson updated the board on pending and upcoming items. No actionable items.
6. Vote to approve the Quarterly Financial Expenditure Report. Motion was made by Dave Cameron
and seconded by Tim Anderson. Vote was 5-0.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
February 15, 2018
2
7. Motion for change in status for Merlyn Alvaro. Motion by Dave Cameron, seconded by Vic
Gualillo. Vote was 5-0.
8. Commissioner Kelly requested that a member of the Pension Board give the City Commission
Quarterly updates. Tim Anderson volunteered.
9. Adjournment – Bill Tomson made a motion to adjourn the meeting at 8:00, it was seconded by all
members.
__________________________ ____________________________
Vic Gualillo David Cameron
Chair Vice Chair
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
February 15, 2018
1
1. The City of Atlantic Beach General Employees’ Pension Board meeting was called to order at
6:33 P.M. Those in attendance were:
Members Non - Members
Ray Brandstaetter Russell Caffey - Plan Administrator
Mike Jones Chris Bridges - Graystone Consulting
Alan Gleit Sidney Taylor - Graystone Consulting
Jim Griffiths David Robinson - Plan Attorney
Commissioner Candace Kelly – Commission Liaison
2. Courtesy of the floor to visitors. None
3. Motion to approve minutes from November 11, 2017 meeting. Motion by Alan Gleit, seconded by
Jim Griffiths. The vote was 4-0.
4. Chris Bridges and Sidney Taylor of Graystone consulting lead a discussion of the portfolios of
both plans.
A. Discussion related to current allocation and rate of return. The ending portfolio value is
$18,765,183.
Return Summary
Quarter to Date 10/1/2017 - 12/31/2017 3.82%
Fiscal Year to Date 10/1/2017 - 12/31/2017 3.82%
Performance Since Inception 3/10/2010 - 12/31/2017 6.89%
Motion to rebalance the weighting of investments Motion to accept the recommendation
was made by Alan Gleit and seconded by Jim Griffiths. The vote was 4-0. (Sell 2% Vanguard
S&P 500 Index, Buy 2% Goldman Sachs EM Debt).
B. Discussion regarding the Investment Policy Statement was led by Mr. Bridges and Mr.
Taylor. Ultimately it was decided that they will rebuild the Investment Policy Statement
incorporating sound practices for municipal pensions. Additionally, other sample items
may be included for reference. The Board will discuss adoption, modification and
potentially a workshop at the next meeting.
5. David Robinson updated the board on pending and upcoming items. No actionable items.
6. Motion for change in status for Harry McNally. Motion by Alan Gleit, seconded by Mike Jones.
Vote was 4-0.
7. Commissioner Kelly requested that a member of the Pension Board give the City Commission
Quarterly updates. Ray Brandstaetter volunteered.
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
February 15, 2018
2
8. Adjournment– Jim Griffiths made a motion to adjourn the meeting at 8:00, it was seconded by Mike
Jones.
__________________________ ____________________________
Ray Brandstaetter Mike Jones
Chair Vice Chair
Pooled Equity
(@03.31.18)
Morgan Stanley
Account (03.31.18)Total
Balance 10.01.17 98,202$ 16,324,242$ 16,422,444$
-
Revenue -
Employer Contributions 666,054$ 666,054$
Employee Contributions 60,157 60,157
Morgan Stanley Portfolio 2,425,697 2,425,697
726,211$ 2,425,697$ 3,151,908$
Expenses
Admin (42,252)$ (42,252)$
Retirees Payouts (557,019) (557,019)
(599,271)$ -$ (599,271)$
Transfers -
225,142$ 18,749,938$ 18,975,080$
City of Atlantic Beach
General Employee Pension Fund Fund Balance Report
March 31, 2018
Pooled Equity
(@03.31.18)
Morgan Stanley
Account (03.31.18)Total
Balance 10.01.17 468,175$ 8,723,191$ 9,191,366$
-
Revenue -
Employer Contributions 372,768$ 372,768$
Employee Contributions 65,123 65,123
Morgan Stanley Portfolio 1,470,363 1,470,363
437,891$ 1,470,363$ 1,908,254$
Expenses
Admin (22,593)$ (22,593)$
Retirees Payouts (351,888) (351,888)
(374,481)$ -$ (374,481)$
531,585$ 10,193,554$ 10,725,139$
City of Atlantic Beach
Police Pension Fund Fund Balance Report
March 31, 2018
Account Description
2017 Actual
Expense FY 18 Budget
FY 18
Expense
% Total
Budget
Plan Expense:
Service Providers:
Admin Expense (Acutuary & Legal)25,838 25,042 2,476 11.0%
Investment Expense 34,907 16,437 18,475 81.8%
Subtotal:60,745 41,479 20,951 92.7%
Trustee Expenses:
Book, Subscription, Memberships - - - 0.0%
Training - 3,500 - 0.0%
Subtotal:- 3,500 - 0.0%
Other Plan Expenses:
Insurance 2,915 3,545 - 0.0%
Subtotal:2,915 3,545 - 0.0%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 299 486 246 1.1%
COAB Internal Services - Finance Department 999 76 36 0.2%
COAB Internal Services - Human Resources 2,484 2,686 1,344 5.9%
Printing & Publishing 11 11 16 0.1%
Subtotal:3,793 3,259 1,642 7.3%
TOTAL:67,453 51,783 22,593 100.0%
Admin Expense Reconciliation
GABRIEL ROEDER SMITH & CO 300
SUGARMAN & SUSSKIND,P.A.1,105
CHRISTIANSEN & DEH 1,070
City of Atlantic Beach Police Pension Fund
Expenditures as of March 31, 2018
Account Description
2017 Actual
Expense FY 18 Budget
FY 18 Expense
to Date
% Total
Budget
Plan Expense:
Service Providers:
Admin Expense (Acutuary & Legal)44,662 25,000 2,561 6.1%
Investment Expense 66,700 45,000 35,905 85.0%
Subtotal:111,362 70,000 38,466 91.0%
Trustee Expenses:
Book, Subscription, Memberships - 800 - 0.0%
Training - 4,200 - 0.0%
Subtotal:- 5,000 - 0.0%
Other Plan Expenses:
Insurance 2,915 4,270 - 0.0%
Subtotal:2,915 4,270 - 0.0%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 311 505 252 0.6%
COAB Internal Services - Finance Department 1,487 163 84 0.2%
COAB Internal Services - Human Resources 6,294 6,804 3,402 8.1%
Printing & Publishing 33 50 48 0.1%
Subtotal:8,125 7,522 3,786 9.0%
TOTAL:122,402 86,792 42,252 100.0%
Admin Expense Reconciliation
GABRIEL ROEDER SMITH & CO 300
SUGARMAN & SUSSKIND,P.A.1,105
CHRISTIANSEN & DEH 1,155
City of Atlantic Beach General Employee Pension Fund
Expenditures as of March 31, 2018