09-14-2021CITY OF EDGEWATER
POLICE OFFICERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Tuesday, September 14, 2021, at 1:30pm
TRUSTEES PRESENT: Aaron Soltz
Myles Lawler
Charles Geiger
Joe Mahoney
TRUSTEES ABSENT: None
OTHERS PRESENT: Pedro Herrera, Sugarman & Susskind (via phone)
Doug Lozen, Foster & Foster (via phone)
Michelle Rodriguez, Foster & Foster
John Thinnes, AndCo Consulting
1. Call to Order — Joe Mahoney called the meeting to order at 1:35pm.
2. Roll Call — As reflected above.
3. Public Comment — None.
4. Approval of Minutes
a. June 14, 2021, Quarterly Meeting Minutes
The Board approved the June 14, 2021, quarterly meeting minutes as presented, upon
motion by Aaron Soltz and second by Myles Lawler; motion carried 4-0.
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.
b. FY 2021-2022 Proposed Budget
i. Michelle Rodriguez reviewed the proposed budget and expenditure
types. Pedro Herrera explained the purpose of the proposed budget
which was a requirement of Chapter 175/185.
The Board approved the FY 2021-2022 proposed budget, upon motion by Aaron Soltz and
second by Wes Lawler: motion carried 4-0.
6. Old Business
a. Enhanced Multiplier Discussion
i. Pedro Herrera commented if the board agreed with the language, it
should be sent to the Union and the City to be collectively bargained.
ii. Joe Mahoney asked if they could remove the 90 -day deadline and the
restriction to use the enhanced multiplier to only years 15 through 20.
iii. Charles Geiger commented he would like for the members to be able to
use the enhanced multiplier as soon as they vest.
iv. Doug Lozen commented they would need to specify if the time would
count towards eligibility.
v. The board agreed by consensus to have the chair discuss the issue with
the plan attorney and plan actuary after the meeting.
7. Reports
a. Foster & Foster, Doug Lozen, Plan Actuary
i. Rate Assumption Study
1. Doug Lozen reviewed the investment return study from the last
meeting and commented lowering the investment return
assumption from 7.40% to 7.00% would increase the City's
required contribution by approximately 4.7% of payroll.
2. Joe Mahoney commented he would like to wait to take any
action until they verified the City was aware of the potential
increase. The board agreed by consensus to table this issue until
their next meeting.
b. AndCo Consulting, John Thinnes, Investment Consultant
i. Quarterly Report as of June 30, 2021
1. John Thinnes commented he agreed with the actuary's
recommendation to lower the assumption rate. John reviewed
the market over the last quarter.
2. The market value of assets as of June 30, 2021, was
$14,339,692.
3. The total fund gross returns for the quarter ending June 30,
2021, were 6.35%, outperforming the policy benchmark of
5.54%. The 1-, 3-, 5-, 7-, and 10 -year trailing returns were
25.61%, 12.95%, 11.72%, 8.83% and 9.34%, respectively.
Since inception (10/1/00), the return was 6.23%, slightly
underperforming the benchmark of 6.26%.
c. Sugarman & Susskind, Pedro Herrera, Plan Attorney
i. Pedro Herrera advised the board the State paid out bonus checks for
first responders and if any of their members have not received them yet
to let him know. Joe Mahoney commented they had already received
them.
8. Consent Agenda
a. Payment Ratification
i. Warrants #85, #86 and #87
b. Invoices for payment approval
i. None
c. Fund activity report for June 8, 2021, through September 7, 2021
The Board voted to approve the consent agenda as presented, upon motion by Aaron
Soltz and second by Myles Lawler; motion carried 4-0.
Staff Reports, Discussion, and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. Educational Opportunities
1. Michelle Rodriguez reviewed the upcoming educational
opportunities with the board.
10. Trustee Reports, Discussion, and Action
a. Joe Mahoney asked if they could remove the residency requirement for the
5th trustee. Pedro commented he would prepare a proposed ordinance
amendment.
b. The Board agreed by consensus to have the attorney prepare the proposed
ordinance amendment.
11. Adjournment — The meeting adjourned at 2:31 pm.
12. Next Meeting — Monday, December 13, 2021, at 1:30pm.
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