02-12-2022CITY OF EDGEWATER
01OLICE OFFICERS' PENSION BOARX
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Monday, December 12, 2022, at 1:30pm
TRUSTEES PRESENT: Myles Lawler
Joe Mahoney
Charles Geiger
David Williams
TRUSTEES ABSENT: None
OTHERS PRESENT: Pedro Herrera, Sugarman & Susskind (via phone)
Michelle Rodriguez, Foster & Foster
John Thinnes, AndCo Consulting
1. Call to Order - Joe Mahoney called the meeting to order at 1:40pm.
2. Roll Call - As reflected above,
3. Public Comment - None.
4, Approval of Minutes
a, September 19, 2022, Quarterly Meeting Minutes
The Board approved the September 19, 2022, quarterly meeting minutes as presented,
upon motion by Charles Geiger and second by David Williams; motion carried 4-0.
5. New Business
a. Member Elected Trustee Seat
a. Michelle Rodriguez advised the board they received two nominations for
Aaron Stoltz's member elected trustee seat and would hold an election
over the next two weeks,
b. Election of Officers
a. Michelle Rodriguez advised the board they needed to elect a secretary.
The Board elected Charles Geiger as secretary, upon motion by David Williams and
second by Myles Lawler; motion carried 4-0.
6. Old Business - None.
Reports
a. AndCo Consulting, John Thinnes, Investment Consultant
a. Quarterly Report as of September 30, 2022
1. John Thinnes reviewed the market environment over the last
quarter and commented markets declined globally and inflation
continued to increase. The plan was at $13.325 million, up 7.5%
as of today.
2, The market value of assets as of September 30, 2022, was
$12,494,129. The total fund gross returns for the quarter ending
September 30, 2022, were -4.28%, slightly outperforming the
policy benchmark of -4.81%. The 1-, 3-, 5-, 7-, and 10 -year
trailing returns were -15.30%, 4.11%, 5.11 %, 6.42% and 6.79%,
respectively. Since inception (10/1/00), the return was 5.08%,
slightly underperforming the benchmark of 5.18%.
3. John Thinnes reviewed the individual funds and commented
Transamerica was currently outperforming with a 20% return.
John added real estate was their only positive return this fiscal
year, however that market was expected toslow down.
4. John Th|Ones reminded the board the actuary would smooth out
investment |OSS8S over the next five years. John advised the
board not to be afraid of the bond market as a yield of 5 or G
percent was expected in the next year and may be one of their
best performing asset classes.
b. Sugarman & Susskind, Pedro Herrera, Plan Attorney
a. Eliminating Qfthe Linm-Of-DutyHealth Insurance Benefit
1� Pedro Herrera commented he would submit a proposed
ordinance to the City Attorney for his approval before it went to
the City Commission for first reeding.
2. Pedro Herrero reviewed the gift giving reporting requirements
under the State ethics law.
1 Pedro Herrera advised the board his office would make a
donation in the board's name to the American Red Cross
HU[[iCBO8 Ian Relief fund in lieu of holiday gift.
4. Joe Mahoney commented the board vvnu|d like for the donation
to stay local and would give Pedro the name of their preferred
charity.
8. Staff Reports, Discussion, and Action
a. Foeter& Foster, Michelle Rodriguez, Plan Administrator
a. FPPTA Membership Renewal
The Board voted to renew their annual FPPTA membership, upon motion by David
Williams and second by Myles Lawler; motion carried 4-0.
b. Educational Opportunities
a. Michelle Rodriguez reviewed upcoming educational opportunities for the
board.
9. Consent Agenda
a. Payment Ratification
a. Warrant #95
b. Invoices for payment approval
o. None
o. Fund activity report for September 14.2O22.through December 5.2022
The Board voted to approve the consent agenda as presented, upon motion by Charles
Geiger and second by Myles Lawler; motion carried 4-0.
10. Trustee Reports, Discussion, and Action —Nong.
11. Adiournment — The meeting adjourned at 2:06pm.
12. Next Meeting — Monday, March 13'2D23.sd1:3Opm.
Respectfully submitted by: Approved by:
Michelle — - Rodriguez, Plan Admin 0/7*P—Y,�
Date Approved by the Pension Board:
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