Police Employee Pension Board Minutes - 02.15.18 DRAFTCITY 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