06-14-2021 CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Council Chambers
Monday, June 14, 2021, at 10:30arn
TRUSTEES PRESENT: Brenda DeWees
Bridgette Vaissiere
Tyna Hilton
Dilena Talley
Tim Sopko
TRUSTEES ABSENT: None
OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson
Frank Wan, Burgess, Chambers &Associates
Doug Lozen, Foster& Foster(via phone)
Michelle Rodriguez, Foster& Foster
1 Call to Order— Brenda DeWees called the meeting to order at 10:32am.
2. Roll Call—As reflected above.
3. Public Comments— None.
4. Approval of Minutes
a. March 8, 2021 Quarterly Meeting Minutes
The Board approved the March 8, 2021, quarterly meeting minutes, upon motion by Bridgette
Vaissiere and second by Tim Sopko; motion carried 5-0.
5. New Business
a. Council Appointed Trustee Seats
i, Michelle Rodriguez advised the Board the two council appointed seats were up for
reappointment on(,)A�jgust 6, 2021, Bridgette Vaissiere and Tim Sopko commented
they would like to serve another term and Michelle said she would ask the City Clerk
to put the reappointments on the agenda for the next City Council meeting.
6. Old Business—None.
7. Reports
a. Foster& Foster, Doug Lozen, 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 6.75% to 6.50% and commented this would increase the
City's required contribution by approximately $31,000 next fiscal year. The
board discussed the issue and agreed by consensus not to take any action
at this time.
b. Burgess, Chambers &Associates, Frank Wan, Investment Consultant
i. Quarterly Report as of March 31, 2021
1. Frank Wan reviewed the volatile market environment over the last year.
2. The market value of the plan as of March 31, 2021, was $14,057,505.
3. The fund's total gross returns for the quarter were 1.8%, equal to the policy
benchmark. Trailing total fund gross returns for the 1, 3, and 5-year periods
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were 27.4%, 1O.4% and Q,G% respectively. Frank reviewed the individual
asset allocation ofthe plan.
c. Klausner, Kaufman, Jensen, and Levinson, Bonni Jensen, Plan Attorney
i Financial Disclosure Forms
1. Bonni Jensen reminded the trustees to submit their annual financial
disclosure forme with the Supervisor of Elections in the county in which they
reside.
The Board voted to approve the policy as presented, upon motion by Bridgette Vaissiere and second
by Dillena Talley; motion carried 5-0.
8. Consent Agenda
a. Ratification of Warrants
i. Warrants#7Oand #71
b. New invoices for payment approval
i None
o. Fund Activity Report for March 2. 2021 through June 7, 2021
The Board approved the consent agenda as presented, upon motion by Tim Sopko and second by
Bridgette Vaissiere; motion carried 5-0.
9� Staff Reports, Discussion,and Action
a. Foeter& Fmster, K8iohaUe Rodri8uez, Plan Administrator
i E-VerifyUpdate
1. Michelle Rodriguez advised the board Fosbar & Foster had gathered letters
confirming E4/erifv registration for all of the sen/ice providers and were now
in the process ofregistering the plan.
ii, Missing Participant Update
1� Michelle Rodriguez advised the board all of the contact information for plan
participants onthe pension plan roster had been updated.
10. None.
11. Adiournment—Thameeting adjourned at 11:17am.
12. Next Meeting,—September 14. 2O21. at1D:3Oam.
Respectfully submitted by: Approve db
mfche'lle-' Rodriguez,'Plin Ad*
Date Approved by the Pension Board:
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