12-11-2018CITY OF EDGEWATER
POLICE OFFICERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Tuesday, December 11, 2018 at 1:30PM
TRUSTEES PRESENT: Lawrence Leaf
Alexander Penalta
Aaron Soltz
Joe Mahoney
TRUSTEES ABSENT: None
OTHERS PRESENT: Ken Harrison, Sugarman & Susskind
Michelle Rodriguez, Foster & Foster
John Thinnes, AndCo Consulting
Brenda DeWees, City of Edgewater
Bridgette King, City of Edgewater
Julie Christine, City of Edgewater
Adam Burris
Betsy Burris
Misti Howey, Bichler, Oliver, Longo & Fox
Mary Dobson, Court Reporter
Call to Order — Alex Penalta called the meeting to order at 1:49 pm.
Roll Call — As reflected above.
Public Comment -- None.
4. Approval of Minutes
The minutes from the September 26 2018 quarteft meeting were approved upon motion
by Lawrence Leaf and second from Joe Mahoney, motion carried 4-0.
5. New Business
a. Update on vacant trustee seat
i. Michelle Rodriguez commented that the 5t" Trustee seat needed to be
voted upon and there was still a vacancy in one of the council appointed
seats. Michelle commented the City Clerk advised her no one had
applied for the position yet.
The board voted to reappoint Lawrence Leaf to the 5t" trustee seat upon motion by Aaron
Soltz and second bV Joe Mahomy. motion carried 4-0.
6. Old Business None
Reports
a. Sugarman & Susskind, Ken Harrison, Plan Attorney
i. Share Plan Rules and Procedures Amendment
1. Ken Harrison reviewed the revised Share Plan Rules and
Procedures. Ken noted changes to paragraph 8 stipulating the
initial distribution of the share plan would be 80% to allow for
market fluctuations, with a second distribution to be processed
the following year.
2. Ken Harrison also noted the addition of a 0% interest floor that
would prevent negative returns in individual accounts.
The board voted to approve the updated Share Plan Rules and Procedures as presented,
upon motion by Aaron Soltz and second by Lawrence Leaf, motion carried 4-0.
Note: John Thinnes arrived at 2:05 pm
b. AndCo Consulting, John Thinnes, Investment Consultant
i. Quarterly report as of September 30, 2018
1. John Thinnes reviewed the September 30, 2018 quarterly report
and noted the plan ended the quarter with a strong performance.
2. The market value of the fund as of September 30, 2018 was
$10,323,578.
3. Gross total fund returns for the quarter were 3.15%,
underperforming the policy benchmark of 3.54%. Trailing total
fund gross returns for the 1, 3 and 5 -year periods were 8.21%,
9,25% and 7.77%. Since inception {101112000} gross returns
were 5.24%, slightly underperforming the policy benchmark of
5.33%.
4. John Thinnes commented the economy looked good with no
recession in sight and a tight job market. John commented the
Real Estate returns would be included in the next quarterly
report.
5. John Thinnes commented the Becker Value Equity fund was
trailing -2.19% this quarter and he would be visiting their offices
for an update.
6. Jon Thinnes reviewed the compliance checklist and commented
there were no recommendations for changes at this time.
7. Alex Penaita asked if the Federal Reserve was subject to
lawsuits from local pension boards. The board discussed the
merits of such action.
Consent Agenda
a. Payment Ratification
L Warrant #53, #54 and #55
b. Fund activity report for September 11, 2018 —December 4, 2018.
The board voted to approve the consent agenda as presented, upon motion by Lawrence
Leaf and second from Aaron Soltz, motion carried 4-0.
Staff Reports, Discussion, and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. Proposed 2019 meeting dates
1. Michelle Rodriguez reviewed the proposed 2019 meeting dates.
The board voted to approve the 2019 proposed meeting dates as presented, upon motion
by Lawrence Leaf and second by Aaron Soltz motion carried 4-0.
ii. FPPTA membership renewal
1. Michelle Rodriguez informed the board their FPPTA annual
membership needed to be renewed.
The board voted to approve the renewal of their FPPTA membership, upon motion by
Lawrence Leaf and second by Aaron Soltz, motion carried 4-0.
iii. Actual expenses as of September 30, 2018
1. Michelle Rodriguez presented the actual expenses as of
September 30, 2018.
The board voted to approve the actual expenses as of September 30, 2018, as present
upon motion by Lawrence Leaf and second by Soltz, motion carried 4-0.
iv. Educational Opportunities
1. Michelle Rodriguez reviewed upcoming educational
opportunities. Alex Penalta commented he would like to attend
the upcoming FPPTA school. Michelle commented that she
would send him the registration material.
10. Trustee Reports, Discussion, and Action — None.
11. Initial Disability Hearing — Adam Burris
a. Misti Howey introduced herself as Adam Burris' attorney. Ken Harrison
reviewed the confidentiality of medical records and then reviewed the IME
report submitted my Dr. Martinez.
b. Ken Harrison commented the report indicated Adam Burris suffered from PTSD
which was assumed to be a service related condition under Worker's
Compensation Law and that Adam was not able to perform his duties as a
Police Officer.
c. Ken Harrison commented that the IME report stated Adam Burris had not
reached Maximum Medical Improvement (MMI), however other doctors had
reported that even if Adam did reach MMI he still would not be able to
effectively perform the duties of a Police Officer- Alex Penalta asked for
clarification of the requirement that the disability was a permanent condition.
Misti Howey commented the disability only had to prevent the effective
performance as a Police Officer and did not extend to other types of work.
d. Alex Penalta asked if the board was authorized to vote on the disability
application now. Ken Harrison confirmed that the board was authorized to take
action at the current meeting.
The board voted to approve an In Line of Duty Disabilitv Retirement for Adam
Burris Upon Motion by Joe Mahoney and second b Aaron Soltz motion carried
4-0.
e. Alex Penalta thanked Adam Burris for his bravery and service to the
community.
f. Joe Mahoney commented it was a pleasure working with Adam Burris and
found him to be an exceptional Police Officer.
g. Michelle Rodriguez asked for Adam Burris' date of termination. Julie Christine
confirmed it would be December 15, 2018.
12. Adjournment — The meeting adjourned at 2:37 PM
13. Next Meeting -- Monday, March 11, 2018, at 1:30 PM.
/Respectfully submitted by: Approved
IG `
Michelle Rodriguez, Ian Ad ini r for Alexander Penalta, Chairman
Date Approved by the Pension Board:
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