09-19-2022 CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Council Chambers
Monday, September 19, 2022, at 10:30 AM
TRUSTEES PRESENT: Bridgette Vaissiere
Dilena Talley
Tim Sopko
TRUSTEES ABSENT: Brenda DeWees
Tyna Hilton
OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson (via phone)
Frank Wan, Burgess, Chambers &Associates
Doug Lozen, Foster& Foster
Michelle Rodriguez, Foster& Foster
1. Call to Order— Bridgette Vaissiere called the meeting to order at 10:33 AM.
2. Roll Call—As reflected above.
3. Public Comments— None.
4. Approval of Minutes
a. June 13, 2022, Quarterly Meeting Minutes
The Board approved the June 13, 2022, quarterly meeting minutes as presented, upon motion by
Dilena Talley and second by Tim Sopko; motion carried 3-0.
5. New Business
a. Proposed Meeting Dates
i. Michelle Rodriguez reviewed the meeting dates for 2023.
6. Old Business
i. Ordinance#2022-0-17 Update
1. Michelle Rodriguez commented Ordinance Amendment 2022-0-17 passed
second reading and she sent a form for members to request a calculation.
Bonni Jensen commented she would review the form and let them know if
any changes should be made.
7. Reports
a. Foster& Foster, Doug Lozen, Plan Actuary
i. Foster& Foster Fee Proposal
1. Doug Lozen reviewed the Foster & Foster fee and commented the updated
fees would be effective 10/1/22 and thereafter would be tied to annual
inflation.
2. Dilena Talley asked if the administrator and actuarial valuation fees were
included in this proposal and Doug commented they were not.
The Board voted to approve the fee proposal as presented, upon motion by Tim Sopko and second
by Dilena Talley, motion carried 3-0.
b. Burgess, Chambers &Associates, Frank Wan, Investment Consultant
i. Quarterly Report as of June 30, 2022
1. Frank Wan reviewed his Market Overview report and commented it had
been a tough quarter with the bond market substantially losing.
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2. Frank Wan commented this was in large part due to the Federal Reserve
raising interest rates.
3. Frank Wan commented the economy as a whole was not doing bad and
there were predictions for continued growth for U.S. corporations.
4. Frank Wan commented he was disappointed with the Virtus, Ceredex,
Allspring funds' performances and he would be watching them to see how
well they pivot to come back in the next quarter.
5. Bridgette Vaissiere asked if there was a benchmark for the Allspring fund
and Frank Wan said they shared a benchmark with the Vanguard Growth
fund.
6. Frank Wan commented the Real Estate market was doing well however it
was expected to cool down in the future.
7. Frank Wan commented since they were a closed plan, member
contributions decrease while benefit payments increase and his
recommendation, along with the actuary, was to lower their rate assumption
over time. Frank commented they should also lower their risk by moving
more towards a fixed income strategy.
8. The market value of the plan as of June 30, 2022, was $11,890,553. The
fund's total net returns for the quarter were -10.4%, underperforming the
policy benchmark of-9.2%. Trailing total fund gross returns for the 1, 3, and
5-year periods were-13.9%, 4.6% and 5.5% respectively.
c. Klausner, Kaufman, Jensen, and Levinson, Bonni Jensen, Plan Attorney
i. There was no report provided.
d. Foster& Foster, Michelle Rodriguez, Plan Administrator
i. There was no report provided.
8. Consent Agenda
a. Ratification of Warrants
i. Warrants#81
b. New invoices for payment approval
i. Warrant#82
c. Fund Activity Report for June 7, 2022, through September 13, 2022
The Board approved the consent agenda as presented, upon motion by Tim Sopko and second by
Dilena Talley; motion carried 3-0.
9. Trustee Reports, Discussion, and Action — None.
10. Adiournment—The meeting adjourned at 11:23 AM.
11. Next Meeting — December 12, 2022, at 10:30 AM.
Respectfully submitted by: Approved by:
Michel a Rodriguez, P an Admin rat rends DeWees, Chair
Date Approved by the Pension Board: (
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