06-14-2021 CITY OF EDGEWATER
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QUARTERLY" """=�~� " ""°=~ MINUTES
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City Hall Council Chambers
Monday, jUOB 14. 2021 at 1:30DDl
TRUSTEES PRESENT: AamnGo|tc
Myles Lawler
Charles Geiger
Joe Mahoney
TRUSTEES ABSENT: None
OTHERS PRESENT: Ken Harrison, Sugarman & Susskind (via phone)
Doug Lozen. Foster& Foster(via phone)
K4iohaUe Rodriguez, Foster& Foster
John Thinnea. And[bConsulting
1. Call to Order—Joe Mahoney called the meeting boorder ot1:3Gpm.
2. Roll Call —Aarefectedahove.
3. Public Comment—Nonm.
4.
Approval of Minutes
e. March 8, 2021 Quarterly Meeting Minutes
The Board approved the March 8, 2021, quarterly meeting minutes as presented, upon
motion by Aaron Soltz and second by Myles Lawler: motion carried 4-0.
5. New Business
o. City Appointed Trustee Seats
L Michelle Rodriguez advised the board the term for the City appointed
trustee seat held by Myles Lawler would expire on September 23, 2021.
Myles Lawler stated he would like to serve another berm and K4iohe||a
said she would ask the City Clerk to put the reappointment on the next
City Council agenda.
ii. Michelle Rodriguez advised the board Aaron Sn|tzran unopposed and
would serve another two-year terms through June S. 2O22.
The Board ratified the election results, upon motion by Charles Geiger and second bV
Myles Lawler; motion carried 4-0.
8. Old Business—None.
7, Reports
a. FoetorQ Fomter, Doug Lmzgn, Plan Actuary
i. Investment Return Study
1. Doug Lozen reviewed the study of the impact on the Plan's
liabilities and funding requirements associated with decreasing
the investment return assumption from 7.4096 to 7.00% and
commented this would increase the City's required contribution
by 4.7% of payroll next fiscal year. The board discussed the
issue and agreed by consensus not to take any action at this
time.
b. AndCo Consulting, JohnThinnea' Investment Consultant
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i Quarterly Report aaofMarch 31' 2021
1� The market value of assets as of March 31` 2021. was
$13.438.931.
2. The total fund gross returns for the quarter ending K4anoh 31.
2021' were 2.0796, underperforming the policy benchmark of
2.6196. The 1-, 3-, 5-' 7-' and 10-year trailing returns were
34A7%. 11.16%. 10.73%. 8.41% and 8.82%, respectively.
Since inception (10/1/00)' the return was 5.99%. slightly
underperforming the benchmark OfO.O6%.
3. John Thinnes commented as of today the market value of the
plan ia $14.2million.
4. John Thinnee reviewed the estimated annual #*ea and the
compliance checklist. John *mnnmenhad they should review the
Investment Policy Statement at the next meeting.
The Board voted to approve the quarterly report as presented, upon motion by Aaron Soltz
and second by Myles Lawler; motion carried 4-0.
o. Sugarman & Susskind, Ken Harrison, Plan Attorney
L Proposed Ordinance Amendment, Enhanced Multiplier
1. Ken Harrison reviewed the proposed ordinance and commented
this was a negotiated benefit because there was a cost tothe
plan. Joe Mahoney commented he would like the QO day
deadline to bedeleted. The board discussed provision changes
and Ken asked them to send him their comments and he would
bring anupdated version tothe next meeting.
8. Consent Agenda
o. Payment Ratification
i. Warrants #88and#84
b. Invoices for payment approval
i. None
c. Fund activity report for K8apoh 2. 2021 through June 7, 2021
The Board voted to approve the consent agenda as presented, upon motion by Charles
Geiger and second by Aaron Soltz; motion carried 4-0.
Q. Staff Reports, Discussion, and Action
o. Fosbar& Footer, Michelle Rodhguez, Plan Administrator
i Financial Disclosure Forms
1. Michelle Rodriguez reminded the trustees tosubmit their annual
financial disclosure forms with the Supervisor ofElections in the
county inwhich they reside.
ii Annual Report Update
1. Michelle Rodriguez advised the board the annual report had
been submitted tothe State.
iii. Educational Opportunities
1. Michelle Rodriguez reviewed the upcoming educational
opportunities with the board.
lU. Trustee Reports, Discussion, and Action — None.
11. Adiournment—The meeting adjourned ot2:3Opm.
12. Next Meeting—Tuesday, September 14. 2O21. at1:3Opm.
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Respectfully submitted by: Approved by:
'i 4d
ichelle Rodriguez, Plan
Date Approved bythe Pension Board:
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