12-13-2021CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Council Chambers
Monday, December 13, 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
Michelle Rodriguez, Foster & Foster
Call to Order — Brenda DeWees called the meeting to order at 10:32 AM.
Roll Call — As reflected above.
Public Comments — None.
Approval of Minutes
a. September 14, 2021, Quarterly Meeting Minutes
The Board approved the September 14, 2021 quarterly meeting as presented, upon motion by
Bridgette Vaissiere and second by Dilena Talley; motion carried 4-0.
5. New Business
a. Election of Officers — Chair, Vice -Chair, and Secretary
i. Brenda DeWees commented she would be retiring on March 25, 2022 and the City
Code requires trustees to be actively employed.
ii. Bonni Jensen commented she would draft a proposed ordinance amendment that
would remove that requirement.
The Board voted to reelect Brenda DeWees as Chair and to elect Bridgette Vaissiere as Vice Chair
and Tim Sopko as Secretary, upon motion by Tim Sopko and second by Bridgette Vaissiere; motion
carried 4-0.
6. Old Business — None.
Reports
a. Salem Trust, Mindy Johnson, Custodian
i. Mindy Johnson commented she would like to thank the board for their continued
business and added she brought an authorized signer form the board to update.
b. Burgess, Chambers & Associates, Frank Wan, Investment Consultant
i. Quarterly Report as of September 30, 2021
1. Frank Wan reviewed performance of the market over the last year and
commented plan returns were very positive.
2. The market value of the plan as of September 30, 2021, was $14,391,019.
3. The fund's total gross returns for the quarter were -0.3%, slightly
underperforming the policy benchmark of 0.5%. Trailing total fund gross
returns for the 1, 3, and 5 -year periods were 17.4, 11.3% and 9.6%
respectively.
c. Klausner, Kaufman, Jensen, and Levinson, Bonni Jensen, Plan Attorney
Consent Agenda
a. Ratification of Warrants
i. Warrants #75 and #76
b. New invoices for payment approval
i. None
c. Fund Activity Report for September 8, 2021, through December 6, 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
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. FPPTA 2022 Board membership renewal
1. Michelle Rodriguez asked the board if they would like to renew their FPPTA
membership.
The Board voted to renew their FPPTA annual membership upon motion by Bridgette Vaissiere and
second by Tim Sopko; motion carried 4-0.
ii. Educational Opportunities
1. Michelle Rodriguez reviewed the educational opportunities available to the
board.
10. Trustee Reports, Discussion, and Action — None.
11. Adiournment — The meeting adjourned at 11:00 AM.
12. Next Meeting — March 14, 2022, at 10:30 AM.
Respectfully submitted by: Approved by:
IG-b4a ,
Michelle Rodriguez, Plan Admini a rends DeWees, Chair
Date Approved by the Pension Board:��
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