08-03-18 General Employee Pension Board MinutesCITY 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
6:30 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 Pedro Herrera - Plan Attorney
Timmy Johnson Commissioner Candace Kelly – Commission Liaison
2. Courtesy of the floor to visitors. None
3. Motion to accept the annual actuary reports by Gabriel, Roeder, Smith & Company. Motion by
Ray Brandstaetter, seconded by Mike Jones. The vote was 5-0.
4. Motion to approve minutes from February 15, 2018 meeting. Motion by Jim Griffiths, seconded
by Timmy Johnson. The vote was 5-0.
5. 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
$18,765,920.10.
Return Summary
Quarter to Date 10/1/2017 - 3/31/2018 0.0%
Fiscal Year to Date 10/1/2017 - 3/31/2018 3.8%
Performance Since Inception 3/10/2010 - 3/31/2018 7.2%
6. Pedro Herrera updated the board on pending and upcoming items. No actionable items.
7. Motion for change in status for Carolyn Thomas. Motion by Jim Griffiths, seconded by Timmy
Johnson. Vote was 5-0.
8. Motion for change in status for Malcolm Clemons. Motion by Jim Griffiths, seconded by Timmy
Johnson. Vote was 5-0.
9. New Business – Pension Attorney Pedro Herrera recommended that the Pensions Funds make a motion
to adopt their expected rate of return. Ray Brandstaetter motioned to adopt 6.75% as the expected
rate of return, the motion was seconded by Mike Jones. The vote was 5-0.
10. Adjournment– Motion to adjourn at 8:25
__________________________ ____________________________
Ray Brandstaetter Mike Jones
Chair Vice Chair