Board Agenda 11.08.18 w attachementsCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
November 8, 2018 - 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for August 9, 2018, General Employee’s board meeting – (1)
3. Approval of the Minutes for August 9, 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. Discussion regarding Investment Policy Statement Draft. (5)
b. Recap Investment Performance for the Police Officers’ for the period ended
09/30/18 and subsequent activity since.
c. Recap Investment Performance for the General Employees’ for the period ended
09/30/18 and subsequent activity since.
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. Financial Expenditures through September 30, 2018– Police Officers’ Pension Fund – (6)
9. Financial Expenditures through September 30, 2018–General Employees’ Pension Fund
– (7)
10. Any New Business
11. Adjournment – Police
12. Adjournment – General
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
August 9, 2018
1
1. The City of Atlantic Beach General Employees’ Pension Board meeting was called to order at
6:31 P.M. Those in attendance were:
Members Non - Members
Mike Jones Russell Caffey - Plan Administrator
Alan Gleit Chris Bridges - Graystone Consulting
Jim Griffiths Sidney Taylor - Graystone Consulting
Timmy Johnson Pedro Herrera - Plan Attorney
Commissioner Candace Kelly – Commission Liaison
2. Courtesy of the floor to visitors. None
3. Motion to approve minutes from May 10, 2018 meeting. Motion by Jim Griffiths, seconded by Mike
Jones. The vote was 3-0 (T. Johnson stepped out to take a work call).
4. Fund Balance Report was presented – non actionable, for discussion and information only.
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
$19,518,193.45.
Return Summary
Quarter to Date 4/1/2018 - 06/30/2018 1.27%
Fiscal Year to Date 10/1/2017 - 06/30/2018 4.91%
Performance Since Inception 3/10/2010 - 06/30/2018 6.6%
B. Motion to rebalance by Alan Gleit and seconded by Jim Griffiths. Vote was 4-0.
6. Pedro Herrera updated the board on pending and upcoming items. No actionable items.
7. Quarterly Financial Report was presented – non actionable, for discussion and information only.
8. New Business – none
9. Adjournment– Motion to adjourn at 7:58.
__________________________ ____________________________
Ray Brandstaetter Mike Jones
Chair Vice Chair
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
August 9, 2018
2
Open Items for Staff
1. Send email link for Financial Disclosure Form 1F to former Pension Board Member Mike Jones.
(08.16.18 R. Caffey)
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
August 9, 2018
1
1. The City of Atlantic Beach Police Employees’ Pension Board meeting was called to order at 6:31
P.M. Those in attendance were:
Members Non - Members
Chase Jameson Russell Caffey - Plan Administrator
Tim Anderson Chris Bridges - Graystone Consulting
Bob Liggero Sidney Taylor - Graystone Consulting
Pedro Herrera - Plan Attorney
Commissioner Candace Kelly – Commission Liaison
2. Courtesy of the floor to visitors. None
3. Motion to approve minutes from May 10, 2018 meeting. Motion by Bob Liggero, seconded by Tim
Anderson. The vote was 3-0.
4. Fund Balance Report was presented – non actionable, for discussion and information only.
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
$10,327,579.
Return Summary
Quarter to Date 4/1/2018 - 06/30/2018 1.24%
Fiscal Year to Date 10/1/2017 - 06/30/2018 4.63%
Performance Since Inception 3/10/2010 - 06/30/2018 6.50%
B. Motion to rebalance by Tim Anderson and seconded by Bob Liggero. Vote was 3-0.
6. Pedro Herrera updated the board on pending and upcoming items. No actionable items.
7. Vote to approve the Quarterly Financial Expenditure Report. Motion was made by Tim Anderson
and seconded by Bob Liggero. Vote was 3-0.
8. Approval of the FY19 Police Pension Budget. Motion by Chase Jameson and seconded by Tim
Anderson. Vote was 3-0.
9. New Business - Nomination and Vote of New Pension Fund Chairman. Bill Tomson was nominated
by Bob Liggero and seconded by Chase Jameson. Vote was 3-0.
10. Adjournment – Motion to adjourn at 7:58.
__________________________ ____________________________
Bill Tomson David Cameron
Chair Vice Chair
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
August 9, 2018
2
Open Items for Staff
1. Send email link for Financial Disclosure Form 1F to former Pension Board Member Vic Gualillo.
(08.16.18 R. Caffey)
2. Send email link for Financial Disclosure Form 1 to new Pension Board Member Chase Jamison. (08.16.18
R. Caffey)
Pooled Equity
(@09.30.18)
Morgan Stanley
Account (@09.30.18)Total
Balance 10.01.17 98,202$ 16,324,242$ 16,422,444$
-
Revenue -
Employer Contributions 1,332,119$ 1,332,119$
Employee Contributions 117,536 117,536
Morgan Stanley Portfolio 3,523,154 3,523,154
1,449,655$ 3,523,154$ 4,972,809$
Expenses
Admin (31,261)$ (31,261)$
Retirees Payouts (1,444,098) (1,444,098)
(1,475,359)$ -$ (1,475,359)$
Transfers out and A/R at Year end 65,098$ 65,098
137,595$ 19,847,396$ 19,984,991$
City of Atlantic Beach
General Employee Pension Fund Fund Balance Report
September 30, 2018
Pooled Equity
(@09.30.18)
Morgan Stanley
Account (@09.30.18)Total
Balance 10.01.17 468,175$ 8,723,191$ 9,191,366$
-
Revenue -
Employer Contributions 745,533$ 745,533$
Employee Contributions 131,498 131,498
Casualty Insurance Premium Tax 113,703
Casualty Insurance Premium Tax #2 123,068
Morgan Stanley Portfolio 2,623,558 2,623,558
1,113,802$ 2,623,558$ 3,500,589$
Expenses
Admin (25,152)$ (25,152)$
Retirees Payouts (690,687) (690,687)
(715,839)$ -$ (715,839)$
Transfers out and A/R at Year end (708,885)
157,254$ 11,346,749$ 11,976,116$
City of Atlantic Beach
Police Pension Fund Fund Balance Report
September 30, 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 21,888 44.0%
Investment Expense 34,907 16,437 24,581 49.4%
Subtotal:60,745 41,479 46,469 93.4%
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 299 486 486 1.0%
COAB Internal Services - Finance Department 999 76 76 0.2%
COAB Internal Services - Human Resources 2,484 2,686 2,686 5.4%
Printing & Publishing 11 11 16 0.0%
Subtotal:3,793 3,259 3,264 6.6%
TOTAL:67,453 51,783 49,733 100.0%
Admin Expense Reconciliation
GABRIEL ROEDER SMITH & CO 15,565
SUGARMAN & SUSSKIND,P.A.5,252
CHRISTIANSEN & DEH 1,070
21,887
City of Atlantic Beach Police Pension Fund
Expenditures as of June 30, 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 23,742 27.8%
Investment Expense 66,700 45,000 54,099 63.4%
Subtotal:111,362 70,000 77,841 91.2%
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 311 505 505 0.6%
COAB Internal Services - Finance Department 1,487 163 163 0.2%
COAB Internal Services - Human Resources 6,294 6,804 6,804 8.0%
Printing & Publishing 33 50 48 0.1%
Subtotal:8,125 7,522 7,520 8.8%
TOTAL:122,402 86,792 85,361 100.0%
Admin Expense Reconciliation
GABRIEL ROEDER SMITH & CO 16,229
SUGARMAN & SUSSKIND,P.A.6,357
CHRISTIANSEN & DEH 1,155
23,741
City of Atlantic Beach General Employee Pension Fund
Expenditures as of June 30, 2018