11-08-18 General Employee Pension Board MinutesCITY OF ATLANTIC BEACH
BOARD OF TRUSTEES OF THE ATLANTIC BEACH PENSION FUND
GENERAL EMPLOYEES' PENSION BOARD MEETING
MEETING MINUTES
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
Alan Gleit
Jim Griffiths
Timmy Johnson
Troy Stephens
2. Courtesy of the floor to visitors. None
Russell Caffey - Plan Administrator
Chris Bridges - Graystone Consulting
Sidney Taylor - Graystone Consulting
Pedro Herrera - Plan Attorney
Commissioner Candace Kelly — Commission Liaison
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