12-13-2021CITY OF EDGEWATER
POLICE OFFICERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Monday, December 13, 2021 at 1:30pm
TRUSTEES PRESENT: Aaron Soltz
Myles Lawler
Joe Mahoney
David Williams
TRUSTEES ABSENT: None
OTHERS PRESENT: Pedro Herrera, Sugarman & Susskind (via phone)
Mindy Johnson, Salem Trust
Michelle Rodriguez, Foster & Foster
John Thinnes, AndCo Consulting
1. Call to Order — Joe Mahoney called the meeting to order at 1:30pm.
2. Roll Call — As reflected above.
3. Public Comment — None.
4. Approval of Minutes
a. September 14, 2021, Quarterly Meeting Minutes
The Board approved the September 14 2021 quarterly meeting minutes as presented
upon motion by Aaron Soltz and second by Myles Lawler; motion carried 4-0.
New Business
a. Member Elected Trustee Seat, Joe Mahoney
i. Michelle Rodriguez commented Joe Mahoney's member elected trustee
seat expired on 3/20/2022 and asked Joe if he would like to continue to
serve. Joe said he would, and Michelle commented she would send out
a request for nominations in February.
b. Officer Elections, Chair and Secretary
i. Michelle Rodriguez commented office election were done each year and
currently Joe Mahoney was the Chair and Aaron Soltz was the
Secretary.
The Board voted to keep Joe Mahoney as Chair and Aaron Soltz as Secretary, upon
motion by David Williams and second by Myles Lawler; motion carried 4-0.
Old Business — None.
Reports
a. Salem Trust, Mindy Johnson, Custodian
i. Mindy Johnson
b. AndCo Consulting, John Thinnes, Investment Consultant
i. Quarterly Report as of September 30, 2021
1. John Thinnes reviewed the market environment over the last
quarter and commented inflation remained above the average
target. John commented the plan was in compliance across all
sectors and did not recommend any changes in the portfolio at
this time.
2. The market value of assets as of September 30, 2021, was
$14,547,413.
3. The total fund gross returns for the quarter ending September
30, 2021, were 0.17%, slightly underperforming the policy
benchmark of 0.23%. The 1-, 3-, 5-, 7-, and 10 -year trailing
returns were 18.85%, 11.85%, 11.11%, 9.04% and 10.39%,
respectively. Since inception (10/1/00), the return was 6.16%,
slightly underperforming the benchmark of 6.20%.
4. Joe Mahoney asked if the board should consider investing in
crypto -currency and John Thinnes commented he would send
the trustees a research "white" paper on the topic so they could
discuss at their next meeting.
c. Sugarman & Susskind, Pedro Herrera, Plan Attorney
i. Pedro Herrera commented he sent a proposed amendment to remove
the residency requirement for the 5th trustee to the City Attorney who
agreed with the language. Pedro commented he requested a no impact
statement from the actuary and would work to get the proposed
amendment on the city commission agenda for first reading.
ii. Pedro Herrera reviewed recently introduced State legislation that would
make COVID-19 a presumptive disease for disability and death benefits.
iii. Pedro Herrera reviewed reporting requirements for gifts received by the
trustees.
iv. Pedro Herrera commented in lieu of giving their clients holiday gifts this
year, his firm donated to the Dr. Marilyn Seskin Gynecologic Oncology
Research Fund in their client's names.
Consent Agenda
a. Payment Ratification
i. Warrants #88 and #89
b. Invoices for payment approval
i. None
c. Fund activity report for September 8, 2021, through December 6, 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.
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. FPPTA 2022 Board Membership Renewal
1. Michelle Rodriguez advised the board their FPPTA annual board
membership was up for renewal at a cost of $750.00
The Board voted to renew their FPPTA annual membership in the amount of $750.00, upon
motion by Myles Lawler and second by Aaron Soltz; motion carried 4-0.
ii. Educational Opportunities
1. Michelle Rodriguez reviewed the upcoming educational
opportunities with the board.
10. Trustee Reports, Discussion, and Action — None.
11. Adjournment — The meeting adjourned at 2:01 pm.
12. Next Meeting — Monday, March 14, 2022, at 1:30pm.
Respectfully submitted by: Approved by:
4,7
Michelle Rodriguez, Plan AdminjjkirAaron Soltz, Secretary
Date Approved by the Pension Board:
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