10-12-2018CITY OF EDGEWATER
FIREFIGHTERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Friday, October 12, 2018 at 4:OOPM
TRUSTEES PRESENT: Dominick Fede
Justin Nickels
Dick Calabrese
David Blair
TRUSTEES ABSENT: William Dailey
OTHERS PRESENT: David Kelly, Bowen, Hanes & Company (Via Phone)
Ken Harrison, Sugarman & Susskind (Via Phone)
John Thinnes, AndCo Consulting
Michelle Rodriguez, Foster & Foster
Ferrell Jenne, Foster & Foster
1. Call to Order — Dominick Fede called the meeting to order at 4:01 p.m.
2. Roll Call — As reflected above
3. Public Comments — None
4. Approval of Minutes
The board voted to approve the minutes from the July 13, 2018 meeting, upon motion by David
Blair and second from Dick Calabrese, motion carried 4-0.
5. New Business
a. Discussion of the resignation of William Dailey
i. Ferrell Jenne commented the City would appoint the new trustee and if the board
had any recommendations, they should contact the City.
b. Discussion of possible plan provision changes
i. Dominick Fede asked if lowering the member contribution rate would be feasible.
Ferrell Jenne commented that Doug Lozen could do a cost study, but he would
need the board to give him direction regarding specific benefit improvements they
would like to look at.
c. Proposed 2018-2019 Administrative Budget
i. Dominick Fede asked about the possibility of increased fees.
ii. Ferrell Jenne commented the proposed budget included room for an increase in
any of the consultant fees.
The board voted to approve the 2018-2019 administrative budget as presented, upon motion by
Justin Nickels and second by Dick Calabrese motion carried 4-0.
6. Old Business — None.
7. Reports
a. Bowen Hanes & Company, David Kelly, Investment Manager
i_ September 30, 2018 quarterly report
1- David Kelly reviewed the last quarter and commented the market had been
up the last 18 to 20 months.
David Kelly recommended that no changes to the portfolio should be made
at this time.
David Kelly reviewed the September 30, 2018, report.
The market value assets as of 09/30/18 were $14,600,757.28.
David commented he expected stocks to do better than bonds over the
next few years.
AndCo, John Thinnes, Investment Consultant
i. June 30, 2018, Quarterly Report
1. John Thinnes gave an overview of the market environment during the
quarter.
2. John Thinnes reviewed the asset allocation and commented that no
rebalancing was needed at this time.
3. The market value of assets as of June 30, 2018, was $10,127,432
4. John Thinnes reviewed the flash report ending 9130118 and commented it
had been a tough first 2 weeks in October but there was a full year ahead
for positive returns.
5. John Thinnes reviewed the compliance checklist and commented that by
the next quarter he expected they would be in compliance in all categories.
Note: John Thinnes left at 4:29pm
c. Sugarman & Susskind, Ken Harrison, Board Attorney
i. Update on overtime issues
1. Ken Harrison stated the City had agreed to include 300 overtime hours in
the AFC calculation. Ken Harrison would draft an Ordinance amendment
and send it to Doug Lozen to prepare an impact statement.
ii. Redaction of Disability documents
1. Ken Harrison commented that neither his office nor the administrator
included the redaction of disability documents in their contract fees. Ken
commented that usually his office would have the administrator redact
documents, but they will perform the task and charge the board their hourly
rate.
iii. Revised Administrative Rules and Procedures for Supplemental Benefits
1. Ferrels Jenne and Ken Harrison discussed the revised cap language.
Ferrels commented that the board only wanted to set the floor at zero so
that members didn't lose money. Ken commented he would redo the
language and present the revised document at the next meeting.
8. Consent of Agenda
a. Payment ratification
i. Warrant 443, #44, #45 and 946.
b. Fund activity report for July 7, 2018 — October 5, 2018
The board voted to approve the consent agenda as presented, upon motion by Justin Nickels and
second from Dick Calabrese, motion carried 4-0.
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Ferrell Jenne, Plan Administrator
i. Upcoming educational opportunities
1. Ferrell Jenne introduced Michelle Rodriguez to the board.
2. Ferrell Jenne reviewed upcoming educational opportunities.
ii. Fiduciary Liability Policy
1. Ferrell Jenne explained the City bound the three pension plans' fiduciary
liability policies in conjunction with the other City departments, to get a
better rate. Ferrell confirmed the application for renewal has been
submitted to the City.
iii. State Annual Report
1. Ferrell Jenne commented that the annual report had been approved and
the distribution to the plan is approximately $4,100 more than the prior
year's distribution.
iv. Update on member elections
1. Ferrell Jenne commented that Justin Nickels and Dominick Fede ran
unopposed and will serve for another term as the two member elected
trustees.
10. Trustees' Reports, Discussion, and Action — None.
11. Adiournment — Meeting adjourned at 4:53 p.m.
12. Next Meeting December 11, 2018, at 4:00 p.m.
Respectfully submitted by:
udh,
Michelle Rodriguez, PIEW A; inistrator
Date Approved by the Pension Board
Approved by:
ominick Fede, Chairman
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