General Employee Pension Board Minutes - 02.15.18 DRAFTCITY 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