Board Agenda 05.09.19 - AttachmentCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUNDS
BOARD MEETING AGENDA FOR
May 9, 2019 - 6:30 P.M.
Call to Order both boards
1. Courtesy of the Floor to Visitors
2. Approval of the Minutes for February 14, 2019, General Employee’s board meeting – (1)
3. Approval of the Minutes for February 14, 2019, 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
03/30/19 and subsequent activity since.
b. Recap Investment Performance for the General Employees’ for the period ended
03/30/19 and subsequent activity since.
7. Presentation of the annual actuary reports by Gabriel, Roeder, Smith & Company.
8. Pension Board Attorney to discuss matters of interest to the General Employees’ & Police
Officers’ Pension Board – Pension Board Attorney Sugarman & Susskind, P.A.
9. Financial Expenditures through 04/30/2019– Police Officers’ Pension Fund – (5)
10. Financial Expenditures through 04/30/2019–General Employees’ Pension Fund – (6)
11. Change in status – Jeri Benjamin (General)
12. Change in status – Keith Randich (General)
13. Any New Business – Tim Anderson
14. Adjournment – Police
15. Adjournment – General
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
February 14, 2019
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
Troy Stephens 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 November 8, 2018 meeting. Motion by Allen Gleit, seconded by
Troy Stephens. 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
$17,999,062.18.
B. Motion to rebalance by Ray Brandstaetter and seconded by Alan Gleit. Vote was 3-0.
Rebalance consisted of recommendations from advisors with no modifications.
6. Pedro Herrera updated the board on pending and upcoming items. No actionable items.
7. Financial Expenditure Report through 01/31/2019 was presented – non actionable, for discussion
and information only.
8. Change in Status – Boni Dover Ashley. Motion by Alan Gleit and seconded by Troy Stephens. Vote
was 3-0.
9. Adjournment – Motion to adjourn at 8:05.
_____________________
Board Member Signature
Return Summary
Quarter to Date 10/1/2018 - 12/31/2018 -5.2%
Fiscal Year to Date 10/1/2018 - 12/31/2018 -5.2%
Performance Since Inception 3/10/2010 - 12/31/2018 5.4%
CITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
POLICE EMPLOYEES’ PENSION BOARD MEETING
MEETING MINUTES
February 14, 2019
_____________________
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
Bill Tomson Russell Caffey - Plan Administrator
Tim Anderson Chris Bridges - Graystone Consulting
Bob Liggero Sidney Taylor - Graystone Consulting
Chase Jameson Pedro Herrera - Plan Attorney
Commissioner Candace Kelly – Commission Liaison
2. Courtesy of the floor to visitors. None
3. Motion to approve minutes from November 8, 2018 meeting. Motion by Bob Liggero, seconded by
Tim Anderson. The vote was 4-0.
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
$10,332,913.
Return Summary
Quarter to Date 10/1/2018 - 12/31/2018 -9.1%
12 Months 10/1/2018 - 12/31/2018 -9.1%
Performance Since Inception 3/10/2010 - 12/31/2018 5.4%
B. Motion to rebalance by Tim Anderson and seconded by Bob Liggero. Vote was 4-0.
Rebalance consisted of recommendations from advisors with no modifications.
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 Bill Tomson
and seconded by Chase Jameson. Vote was 4-0.
8. New Business – Chase Jameson requested information on the process of cost of living adjustment in
the plan. Pedro Herrara will research and report back to the board in May. No action was taken.
9. New Business – Tim Anderson discussed measures to improve the Police Plan funding level. A
modification to resolution 17-01 was discussed. No action was taken.
10. Adjournment – Motion to adjourn at 8:05.
00745794-1
RESOLUTION NO. 17-01
A RESOLUTION OF THE CITY OF ATLANTIC BEACH, FLORIDA
APPROVING A PROGRAM FOR EXTRA CONTRIBUTIONS TO THE
POLICE PENSION FUND TO BE CONSIDERED ANNUALLY BY THE
CITY COMMISSION IN ORDER TO IMPROVE THE FUNDING LEVEL
OF THE POLICE PENSION FUND; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS, at the conclusion of many fiscal years, the Police Department returns unused
funds to the City’s General Fund, often in amounts ranging from $250,000 to $400,000; and
WHEREAS, the actuarial value of the Atlantic Beach Police Pension Fund is sixty seven
percent (67%) of the Actuarial Accrued Liability, as stated in the most recent Actuarial Valuation
Report, dated September 30, 2015; and
WHEREAS, in order to improve the funding level of the Police Pension Fund, the program
would allow an annual contribution to the Police Pension Fund in an amount equal to ninety
percent (90%) of the amount returned to the General Fund by the Police Department at the
conclusion of the applicable fiscal year or Two Hundred Thousand Dollars ($200,000), whichever
is LESS; and
WHEREAS, on an annual basis, the City Commission shall consider whether to approve
any extra contribution to the Police Pension Fund in accord with the prior clause, taking into
account the then-current operating budget and other fiscal matters of the City.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
ATLANTIC BEACH, FLORIDA:
SECTION 1. A program to allow extra pension contributions to the Police Pension Fund
as described herein, to be considered annually by the City Commission, is hereby approved.
SECTION 2. The program will allow an annual contribution to the Police Pension Fund
in an amount equal to ninety percent (90%) of the amount returned to the General Fund by the
00745794-1
Police Department at the conclusion of the applicable fiscal year or Two Hundred Thousand
Dollars ($200,000), whichever amount is LESS.
SECTION 3. Annually, the City Commission shall consider whether to approve an extra
contribution to the Police Pension Fund in accord with Section 2, taking into account the then-
current operating budget and other fiscal matters of the City. Nothing in this Resolution shall
require any City Commission in the future to approve an extra contribution to the Police Pension
Fund.
SECTION 4. This Resolution shall become effective upon adoption.
PASSED AND ADOPTED by the Commission of the City of Atlantic Beach, Florida this
23rd day of January 2017.
Mitchell E. Reeves, Mayor
Attest:
Donna L. Bartle, City Clerk
Approved as to form and correctness:
Brenna M. Durden, City Attorney
Pooled Equity
(@04.30.19)
Morgan Stanley
Account (@03.31.19)Total
Balance 10.01.18 137,595$ 19,847,396$ 19,984,991$
-
Revenue -
Employer Contributions 474,826$ 474,826$
Employee Contributions 67,781 67,781
Morgan Stanley Portfolio (81,926) (81,926)
542,608$ (81,926)$ 460,681$
Expenses
Admin (50,972)$ (50,972)$
Retirees Payouts (623,487) (623,487)
(674,459)$ -$ (674,459)$
5,744$ 19,765,470$ 19,771,213$
City of Atlantic Beach
General Employee Pension Fund Fund Balance Report
April 30, 2019
Pooled Equity
(@04.30.19)
Morgan Stanley
Account (@03.31.19)Total
Balance 10.01.18 157,254$ 11,346,749$ 11,504,003$
-
Revenue -
Employer Contributions 237,667$ 237,667$
Employee Contributions 85,748 85,748
Chapter -185 123,068
Morgan Stanley Portfolio (8,158) (8,158)
446,484$ (8,158)$ 315,257$
Expenses
Admin (30,578)$ (30,578)$
Retirees Payouts (498,685) (498,685)
(529,263)$ -$ (529,263)$
74,475$ 11,338,591$ 11,289,998$
City of Atlantic Beach
Police Pension Fund Fund Balance Report
April 30, 2019
Account Description FY 19 Budget
FY 19
Expense
% Total
Budget
Plan Expense:
Service Providers:
Admin Expense (Acutuary & Legal)46,500 7,327 24.0%
Investment Expense 35,000 19,047 62.3%
Subtotal:81,500 26,374 86.3%
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 3.4%
Subtotal:3,161 1,054 3.4%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 486 284 0.9%
COAB Internal Services - Finance Department 2,200 1,283 4.2%
COAB Internal Services - Human Resources 2,686 1,567 5.1%
Printing & Publishing 12 17 0.1%
Subtotal:5,384 3,150 10.3%
TOTAL:93,545 30,578 100.0%
Admin Expense Reconciliation
GABRIEL ROEDER SMITH & CO 4,850
SUGARMAN & SUSSKIND,P.A.2,477
7,327
City of Atlantic Beach Police Pension Fund
Expenditures as of April 30, 2019
Account Description FY 19 Budget
FY 19 Expense
to Date
% Total
Budget
Plan Expense:
Service Providers:
Admin Expense (Acutuary & Legal)35,000 8,527 16.7%
Investment Expense 66,700 35,404 69.5%
Subtotal:101,700 43,931 86.2%
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 2.5%
Subtotal:3,807 1,269 2.5%
Pension Office:
Office Expenses:
COAB Internal Services - City Manager 505 295 0.6%
COAB Internal Services - Finance Department 2,500 1,458 2.9%
COAB Internal Services - Human Resources 6,804 3,969 7.8%
Printing & Publishing 50 50 0.1%
Subtotal:9,859 5,772 11.3%
TOTAL:120,366 50,972 100.0%
Admin Expense Reconciliation
GABRIEL ROEDER SMITH & CO 6,050
SUGARMAN & SUSSKIND,P.A.2,477
8,527
City of Atlantic Beach General Employee Pension Fund
Expenditures as of April 30, 2019