07-13-2018CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Friday, July 13, 2018 at 10:30AM
TRUSTEES PRESENT: Bridgette King
Brenda DeWees
Tim Sopko
Tyna Hilton
TRUSTEES ABSENT: None
OTHERS PRESENT: Paul Daragjati, Klausner, Kaufman, Jensen & Levinson
Julie Christine, Director, Human Resources, City of Edgewater
Frank Wan, Burgess Chambers & Associates
Mindy Johnson, Salem Trust
Ferrell Jenne, Foster & Foster
1. Cali to Order — Brenda DeWees called the meeting to order at 10:40 a.m.
2. Roll Call — As reflected above.
3. Public Comments -- None.
4. Approval of Minutes
The board voted to approve the minutes from the March 19 2018quarterly meetinq as
resented upon motion by Bridgette King and second from T na Hilton motion carried 4-
0.
5. New Business
a. Vacant trustee seat
i. Bridgette King commented that Tiana DeWees was no longer the union
representative. The board requested Ferrell Jenne to reach out to the
IUOE and request the new representative information.
b. Trustee term expirations
i. Ferrell Jenne informed the board that the two Council appointed seats
were due to expire at the end of the month. Tim Sopko and Bridgette
King stated that they would like to serve another term. Ferrell
commented that she would let the City Clerk know that Tim Sopko and
Bridgette King would like to serve another term.
8. Old Business - None.
7. Reports
a. Salem Trust, Mindy Johnson, Plan Custodian
i. Quarterly service report
1. Mindy Johnson reviewed the quarterly service report and the
additional security measures that Salem Trust was taking against
cybercrime and phishing.
2. Mindy Johnson reviewed the cyber liability policy their firm has in
place.
b. Burgess Chambers & Associates, Frank Wan, Investment Consultant
i. Presentation of the June 30, 2018, quarterly report
1. Frank Wan commented that the June 30, 2018, quarterly report
recently became available, so he would like to review that report
with the board.
2. Frank Wan gave a brief overview of the market environment
during the quarter. Frank reviewed the interest rate hikes that
occurred during the quarter.
3. The total fund gross returns for the quarter were 1.5%,
outperforming the benchmark of 1.2%. Trailing total fund gross
returns for the 1, 3 and 5 -year periods were 7.5%, 5.6% and
7.4% respectively. The 1 year outperformed the benchmark of
6.4% where the 3 year underperformed the benchmark of 6.0%
and the 5 year was on target with the policy benchmark being
7.4%.
4. The market value of the plan as of June 30, 2018, was
$12,388,518.
5. Frank Wan reviewed the current asset allocation and didn't
recommend any changes.
6. Frank Wan reviewed the treasury yield curve and associated
rates. Frank commented the yield curves haven't substantially
increased in the last 12 months.
C. Klausner, Kaufman, Jensen, Levinson, Paul Daragjati, Plan Attorney
i. Summary Plan Description (SPD)
1. The board discussed the board of trustees listed in the SPD. On
consensus, the board requested that the current trustees be
listed with the understanding the board could change.
2. The board reviewed the SPD and didn't request any changes be
made.
The board voted to approve the SPD as presented, upon motion by Tyna Hilton and
second from Tim Sopko, motion carried 4-0_
3. Paul Daragjati reviewed a recent Sunshine Law case with a city
in Florida. Paul reviewed the Sunshine Law and how to abide by
the law as a member of the pension board.
Consent Agenda
a. Ratification of Warrants
i. Warrant #36 and #37
b. New invoices for payment approval
i. None
c. Fund Activity Report for March 13, 2018 — July 6, 2018
The board voted to approve the consent agenda as presented, upon motion by Tim So ko
and second by Bridqette King, motion carried 4-0
8. Staff Reports, Discussion and Action
d. Foster & Foster, Ferrell Jenne, Plan Administrator
i. Upcoming educational opportunities
1. Ferrell Jenne reviewed upcoming educational opportunities.
2. Ferrell Jenne reviewed the SB 534 requirements and
commented everything was sent to the city for posting.
9. Trustee Reports, Discussion and Action — None.
10. Adjournment — The meeting adjourned at 11:15 a.m.
11. Next Meetin — September 26, 2018, at 10:30 a.m.
2
Ily sub 'tted by: Approved by:
Ferr II Jenne Name: Brenda DeWees
Administrator Title: Chairperson
Date Approved by the Pension Board: