06-13-2022CITY OF EDGEWATER
POLICE OFFICERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Monday, June 13, 2022, at 1:30pm
TRUSTEES PRESENT: Aaron Soltz
Myles Lawler
Joe Mahoney
David Williams
TRUSTEES ABSENT: None
OTHERS PRESENT: Pedro Herrera, Sugarman & Susskind (via phone)
Michelle Rodriguez, Foster & Foster
John Thinnes, AndCo Consulting
Inez Garcia, Salem Trust (via phone)
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. March 14, 2022, Quarterly Meeting Minutes
The Board approved the March 14, 2022, quarterly meeting minutes as presented, upon
motion by Aaron Soltz and second by David Williams; motion carried 4-0.
5. New Business — None.
6. Old Business
a. Proposed Ordinance Amendment, 511 Trustee Residency Requirement
a. Michelle Rodriguez commented this proposed ordinance amendment
passed first reading and was on the next Commission meeting agenda.
The Board voted to appoint Charles Geiger as the 5th trustee contingent upon the passing
of Ordinance 2022-0-09, upon motion by David Williams and second upon Aaron Soltz;
motion carried 4-0.
b. Proposed Ordinance Amendment, Enhance Multiplier
a. Pedro Herrera reviewed the changes made. Joe Mahoney requested that
all vested members were eligible instead of just those members hired
after 10/1/2000. The board agreed by consensus to open the eligibility
for this benefit to all members.
7. Reports
a. Salem Trust, Inez Garcia, Plan Custodian
a. Inez Garcia introduced herself and commented she was looking forward
to meeting everyone in person.
b. AndCo Consulting, John Thinnes, Investment Consultant
a. Quarterly Report as of March 31, 2022
1. John Thinnes reviewed the market environment and commented
it was a tough quarter with the U.S. equity market experiencing
its first down quarter since the beginning of the pandemic.
2. John Thinnes reviewed the asset allocation and individual fund
performance.
3. The market value of assets as of March 31, 2022, was
$14,391,962.
4. The total fund gross returns for the quarter ending March 31,
2022, were -5.43%, underperforming the policy benchmark of -
4.16%. The 1-, 3-, 5-, 7-, and 10 -year trailing returns were
5.66%, 11.47%, 9.84%, 7.94% and 8.79%, respectively. Since
inception (10/1/00), the return was 5.98%, slightly
underperforming the benchmark of 6.09%.
c. International Equity Manager Search
1. John Thinnes outlined the five different managers presented and
reviewed the historical performance of each one.
2. John Thinnes recommended the Transamerica International
Equity fund because of the consistent, long-term results. John
recommended they sell half of the American Funds EuroPacific
fund and use the proceeds to purchase the Transamerica fund.
The Board voted to follow the recommendation of the investment consultant, upon motion
by David Williams and second by Aaron Soltz; motion carried 4-0.
d. Fee Proposal
1. John Thinnes commented his firm had charged a flat fee with no
escalator for the last six years and he was now proposing a 3%
annual escalator. John commented although the dollar amount
was higher, the percentage of assets was lower. John added this
proposed fee increase would be effective 7/1/22 and was
guaranteed for three years.
The Board voted to approve the AndCo fee proposal as presented, upon motion by Aaron
Soltz and second by David Williams; motion carried 4-0.
e. Sugarman & Susskind, Pedro Herrera, Plan Attorney
a. Financial Disclosure Forms
1. Pedro Herrera reminded the board their financial disclosure
forms were due on July 1st.
b. Legislative update
1. Pedro Herrera commented the bill that would have made
COVID-19 a presumptive disease did not make it through
committee but would probably be on next year's legislative
agenda.
8. Consent Agenda
a. Payment Ratification
a. Warrants #92 and #93
b. Invoices for payment approval
a. None
c. Fund activity report for March 8, 2022, through June 6, 2022
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
a. State Annual Report update
1. Michelle Rodriguez commented the Annual Report was
submitted to the State on May 16, 2022
b. Educational Opportunities
1. Michelle Rodriguez reviewed upcoming educational opportunities
with the board.
10. Trustee Reports, Discussion, and Action — None.
11. Adiournment — The meeting adjourned at 2:14pm.
12. Next Meeting — Monday, September 19, 2022, at 1:30pm.
Respectfully submitted by: Approved by:
Michelle Rodriguez, Plan Administra Aaron Soltz, Secretary
Date Approved by the Pension Board: ! 11q
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