03-14-2022 CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Council Chambers
Monday, March 14, 2022, at 10:30 AM
TRUSTEES PRESENT: Brenda DeWees
Bridgette Vaissiere
Dilena Talley
Tim Sopko
Tyna Hilton
TRUSTEES ABSENT: None
OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson
Frank Wan, Burgess, Chambers & Associates (via phone)
Mitchel Brennan, Burgess, Chambers, &Associates (via phone)
Doug Lozen, Foster& Foster
Michelle Rodriguez, Foster& Foster
1. Call to Order— Brenda DeWees called the meeting to order at 10:30 AM.
2. Roll Call—As reflected above.
3. Public Comments— None.
4. Approval of Minutes
a. December 13, 2021, Quarterly Meeting Minutes
The Board approved the December 13, 2021, quarterly meeting as presented, upon motion by Dilena
Talley and second by Tim Sopko; motion carried 5-0.
5. New Business—None.
6. Old Business— None.
7. Reports
a. Foster& Foster, Doug Lozen. Plan Actuary
i. October 1, 2021, actuarial valuation report
1. Doug Lozen reviewed the summary report and commented the City's
required contribution decreased by approximately $36,000.00. Doug
commented this was due in part to the rate assumption being lowered to
6.25%.
2. Doug Lozen commented the funded status of the plan was 68.8% and he
expected the to increase a little bit each year as long as they continued to
meet their rate assumption.
The Board approved the October 1, 2021, actuarial valuation report as presented, upon motion by
Bridgette Vaissiere and second by Tim Sopko; motion carried 5-0.
The Board voted the declaration of returns for the plan shall be 6.25% for the next year, the next
several years, and the long-term thereafter net of investment related expenses, upon motion by
Bridgette Vaissiere and second by Tyna Hilton; motion carried 5-0.
b. Burgess, Chambers &Associates, Frank Wan, Investment Consultant
i. Quarterly Report as of December 31, 2021
1
I. Frank Wan commented even though the current global environment was
volatile, he expected increases in the U.S. Market to persist.
2. Mitchel Brennan reviewed the market environment over the last year and
commented there had been a transition from the growth market to the value
market.
3. The market value of the plan as of December 31, 2021, was$14,653,176.
4. The fund's total gross returns for the quarter were 3.1%, underperforming
the policy benchmark of 4.9%. Trailing total fund gross returns for the 1, 3,
and 5-year periods were 10.30%, 15.30%and 10.8% respectively.
5. Mitchel Brennan reviewed the plan's market value growth and did not have
any recommendations for allocation changes. Mitchel commented the plan's
holdings have a less than 0.30% exposure to Russia or Ukraine.
c. Klausner, Kaufman, Jensen, and Levinson, Bonni Jensen, Plan Attorney
i. Proposed Ordinance Amendment, Retiree Trustees
1. Bonnie Jensen reviewed the language of the proposed ordinance. The
board discussed whether all members of the plan, including retirees who
were no longer employed with the City of Edgewater, should be allowed to
serve on the board and vote in elections.
2. The Board agreed by consensus that all plan members should be allowed to
serve on the Board and vote in elections.
The Board approved the language of the proposed ordinance as presented and forward to the City
Council for consideration, upon motion by Tim Sopko and second by Dilena Talley; motion carried 5-
0.
J. Special Tax Notice 2021
1, Bonnie Jensen reviewed the changes made to the Special Tax Notice.
8. Consent Agenda
a. Ratification of Warrants
i. Warrants#77 and#78
b. New invoices for payment approval
i. None
c. Fund Activity Report for December 7, 2021, through March 7, 2022
The Board approved the consent agenda as presented, upon motion by Tim Sopko and second by
Bridgette Vaissiere; motion carried 5-0.
9. Staff Reports, Discussion, and Action
a. Foster& Foster, Michelle Rodriguez, Plan Administrator
i. Educational Opportunities
1. Michelle Rodriguez reviewed the educational opportunities available to the
board.
10. Trustee Reports, Discussion,and Action– None.
11. Adjournment–The meeting adjourned at 11:22 AM.
12. Next Meeting–June 13, 2022, at 10:30 AM.
Respectfully submitted by: Approv d by:
7
M' elle o nguez, Ian Adminwtro— renda DeWees, Chair
Date Approved by the Pension Board: ' ! A,�
2