Board Agenda 02.14.19 w attachmentsCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
February 14, 2019 - 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for November 8, 2018, General Employee’s board meeting – (1)
3. Approval of the Minutes for November 8, 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
12/31/18 and subsequent activity since.
b. Recap Investment Performance for the General Employees’ for the period ended
12/31/18 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 01/31/2019– Police Officers’ Pension Fund – (5)
9. Financial Expenditures through 01/31/2019–General Employees’ Pension Fund – (6)
10. Change in status – Bonnie Dover Ashley
11. Any New Business
12. Adjournment – Police
13. Adjournment – General
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
November 8, 2018
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
Ray Brandstaetter Russell Caffey - Plan Administrator
Alan Gleit Chris Bridges - Graystone Consulting
Jim Griffiths Sidney Taylor - Graystone Consulting
Timmy Johnson Pedro Herrera - Plan Attorney
Troy Stephens Commissioner Candace Kelly – Commission Liaison
2. Courtesy of the floor to visitors. None
3. Motion to approve minutes from August 9, 2018 meeting. Motion by Allen Gleit, seconded by
Timmy Johnson. The vote was 5-0.
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
$19,878,025.
Return Summary
Quarter to Date 6/31/2018 - 9/30/2018 3.7%
Fiscal Year to Date 10/1/2017 - 9/30/2018 9.1%
Performance Since Inception 3/10/2010 - 9/30/2018 7.4%
B. Motion to rebalance by Alan Gleit and seconded by Ray Brandstaetter. Vote was 5-0.
Rebalance consisted of recommendations from advisors with no modifications.
Sell 190k of Columbia Select
Buy 190K JPM Eq Inc
Sell $95k Boston Partners SMID Value
Sell $418k Riverbridge SMID Gr
Buy $133k TORIX
C. Draft: Investment Policy Statement (IPS) was presented. Motion to accept the IPS with
suggested revision was made by Alan Gleit and seconded by Jim Griffiths. Vote was 5 -0.
6. Pedro Herrera updated the board on pending and upcoming items. No actionable items.
7. Adjournment – Motion to adjourn at 8:11.
_____________________
Board Member Signature
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
November 8, 2018
_____________________
Board Member Signature
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
Tim Anderson Russell Caffey - Plan Administrator
Bob Liggero Chris Bridges - Graystone Consulting
Bill Tomson 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 August 9, 2018 meeting. Motion by Bill Tomson, 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
$11,362,543.
Return Summary
Quarter to Date 6/31/2018 - 9/30/2018 10.1%
12 Months 10/1/2017 - 9/30/2018 8.7%
Performance Since Inception 3/10/2010 - 9/30/2018 7.2%
B. Motion to rebalance by Bob Liggero and seconded by Tim Anderson. Vote was 3-0.
Rebalance consisted of recommendations from advisors with the modification to half
the recommended amounts in fixed income managers.
Buy $140k JPM Eq Inc
Buy $108k Boston Partners SMID Value
Sell $97k Riverbridge SMID Gr
Buy $97k Sage
Buy $65k Aston/Doubleline Core Plus
C. Draft: Investment Policy Statement (IPS) was presented. Motion to accept the IPS with
suggested revision was made by Bill Tomson and seconded by Tim Anderson. Vote was
3 -0.
6. Pedro Herrera updated the board on pending and upcoming items. No actionable items.
7. Vote to approve the Quarterly Financial Expenditure Report. Motion was made by Tim Anderson
and seconded by Bob Liggero. Vote was 3-0.
8. Adjournment – Motion to adjourn at 8:11.
Pooled Equity
(@09.30.18)
Morgan Stanley
Account (@09.30.18)Total
Balance 10.01.18 137,595$ 19,847,396$ 19,984,991$
-
Revenue -
Employer Contributions 474,826$ 474,826$
Employee Contributions 39,476 39,476
Morgan Stanley Portfolio (755,714) (755,714)
514,302$ (755,714)$ (241,412)$
Expenses
Admin (11,185)$ (11,185)$
Retirees Payouts (522,380) (522,380)
(533,565)$ -$ (533,565)$
118,332$ 19,091,682$ 19,210,014$
City of Atlantic Beach
General Employee Pension Fund Fund Balance Report
January 31, 2019
Pooled Equity
(@09.30.18)
Morgan Stanley
Account (@09.30.18)Total
Balance 10.01.18 157,254$ 11,346,749$ 11,504,003$
-
Revenue -
Employer Contributions 237,667$ 237,667$
Employee Contributions 46,964 46,964
Morgan Stanley Portfolio (394,743) (394,743)
284,631$ (394,743)$ (110,112)$
Expenses
Admin (9,157)$ (9,157)$
Retirees Payouts (398,852) (398,852)
(408,009)$ -$ (408,009)$
33,876$ 10,952,007$ 10,985,882$
City of Atlantic Beach
Police Pension Fund Fund Balance Report
January 31, 2019
Account Description FY 19 Budget
FY 19
Expense
% Total
Budget
Plan Expense:
Service Providers:
Admin Expense (Acutuary & Legal)46,500 6,296 68.8%
Investment Expense 35,000 - 0.0%
Subtotal:81,500 6,296 68.8%
Trustee Expenses:
Book, Subscription, Memberships - - 0.0%
Training 3,500 - 0.0%
Subtotal:3,500 - 0.0%
Other Plan Expenses:
Insurance 3,161 1,054 11.5%
Subtotal:3,161 1,054 11.5%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 486 162 1.8%
COAB Internal Services - Finance Department 2,200 733 8.0%
COAB Internal Services - Human Resources 2,686 895 9.8%
Printing & Publishing 12 17 0.2%
Subtotal:5,384 1,807 19.7%
TOTAL:93,545 9,157 100.0%
Admin Expense Reconciliation
GABRIEL ROEDER SMITH & CO 4,550
SUGARMAN & SUSSKIND,P.A.1,746
6,296
City of Atlantic Beach Police Pension Fund
Expenditures as of January 31, 2019
Account Description FY 19 Budget
FY 19 Expense
to Date
% Total
Budget
Plan Expense:
Service Providers:
Admin Expense (Acutuary & Legal)35,000 6,596 59.0%
Investment Expense 66,700 - 0.0%
Subtotal:101,700 6,596 59.0%
Trustee Expenses:
Book, Subscription, Memberships 800 - 0.0%
Training 4,200 - 0.0%
Subtotal:5,000 - 0.0%
Other Plan Expenses:
Insurance 3,807 1,269 11.3%
Subtotal:3,807 1,269 11.3%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 505 168 1.5%
COAB Internal Services - Finance Department 2,500 833 7.5%
COAB Internal Services - Human Resources 6,804 2,268 20.3%
Printing & Publishing 50 50 0.4%
Subtotal:9,859 3,320 29.7%
TOTAL:120,366 11,185 100.0%
Admin Expense Reconciliation
GABRIEL ROEDER SMITH & CO 4,850
SUGARMAN & SUSSKIND,P.A.1,746
6,596
City of Atlantic Beach General Employee Pension Fund
Expenditures as of January 31, 2019