09-14-2021CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Council Chambers
Tuesday, September 14, 2021, at 10:30 AM
TRUSTEES PRESENT: Brenda Dewees
Bridgette Vaissiere
Dilena Talley
Tim Sopko
TRUSTEES ABSENT: Tyna Hilton
OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson (via phone)
Frank Wan, Burgess, Chambers & Associates
1.
2.
3.
4.
Doug Lozen, Foster & Foster (via phone)
Michelle Rodriguez, Foster & Foster
Call to Order -Brenda Dewees called the meeting to order at 10:35 AM.
Roll Call -As reflected above.
Public Comments -None.
Approval of Minutes
a.June 14, 2021, Quarterly Meeting Minutes
i.Bridgette Vaissiere commented the "a" in August needed to be capitalized.
The Board approved the June 14, 2021, quarterly meeting minutes with revisions, upon motion by
Bridgette Vaissiere and second by Dilena Talley; motion carried 4-0.
5.New Business
a.2022 Meeting Dates
i.Michelle Rodriguez advised the Board she changed the September 12, 2022,
meeting date to September 19, 2022, because the City Commission was scheduled
to meet on September 12, 2022.
6.Old Business -None.
7.Reports
a.Foster & Foster, Doug Lozen, Plan Actuary
i.Rate Assumption Discussion
1.Doug Lozen reviewed the actuarial study from the last meeting and
commented lowering the investment assumption return from 6.75% to
6.50% would increase the City's required contribution by approximately
$31,000.00.
2.Doug commented the September 30, 2021 plan returns are expected to be
very good and that would mitigate the increase in the City's required
contribution.
3.Bridgette asked what rate of return is currently expected for a closed plan.
4.Doug commented a 6.25% rate assumption would most likely be cost
neutral.
5.Bonni asked if he could use 6.25% for the upcoming valuation report and
then if things don't work out as expected modify it later.
6.Doug commented he did not recommend that because the GASB report
would also need to be modified and it could cause problems with the audit.
The Board voted to lower the investment return assumption to 6.25% in conjunction with the October
1, 2021 actuarial valuation reportupon motion by Bridgette Vaissiere and second by Tim Sopko;
motion carried 4-0.
Burgess, Chambers & Associates, Frank Wan, Investment Consultant
i. Quarterly Report as of June 30, 2021
1. Frank Wan commented in spite of the seemingly constant bad news, the
market was doing fine.
2. The market value of the plan as of June 30, 2021, was $14,587,734.
3. The fund's total gross returns for the quarter were 5.4%, outperforming the
policy benchmark of 5.0%. Trailing total fund gross returns for the 1, 3, and
5 -year periods were 20.3%, 11.8% and 10.2% respectively.
4. Frank Wan recommended rebalancing the fund as per the standing
rebalance letter dated June 19, 2017.
5. The Board agreed by consensus with the recommendation of the investment
consultant.
c. Klausner, Kaufman, Jensen, and Levinson, Bonni Jensen, Plan Attorney
i. Bonni reviewed the plan's death benefit and commented it would only affect the one
active member of the plan and any terminated vested members who had not started
their benefit yet. Bonni commented she would work with the plan administrator to
ensure all retired members had option selections on file.
Consent Agenda
a. Ratification of Warrants
i. Warrants #72, #73, and #74
b. New invoices for payment approval
i. None
c. Fund Activity Report for June 8, 2021, through September 7, 2021
The Board approved the consent agenda as presented upon motion by Tim Sopko and second by
Bridgette Vaissiere; motion carried 4.0.
9. Staff Reports, Discussion, and Action — None.
10. Trustee Reports, Discussion, and Action
i. Bridgette Vaissiere asked when they would have their next education session.
Michelle commented they were usually done at their first quarter meeting. Bridgette
asked that the meeting dates be updated to include a one hour education session
one hour prior to the first quarter meeting.
11. Adjournment —The meeting adjourned at 11:19 AM.
12. Next Meeting — December 13, 2021, at 10:30 AM.
Respectfully submitted by: Apprr ed by:
Michelle Rodriguez, P an Adm istr renda DeWees, Chair
Date Approved by the Pension Board:��I 13,a/
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