Police Employee Pension Board Minutes - 11.08.18CITY 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.