12-12-2022 CITY OF EDGEWATER
FIREFIGHTERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Monday, December 12, 2022, at 4:00pm
TRUSTEES PRESENT: Justin Nickels
James Binder
Herb Epstein
David Blair
Ron Hayward
TRUSTEES ABSENT: None
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera (via phone)
John Thinnes, AndCo Consulting
David Kelly, Bowen Hanes & Company
Michelle Rodriguez, Foster& Foster
Jason Haynes, Plan Member
1. Call to Order—Justin Nickels called the meeting to order at 4:03pm.
2. Public Comments
a. Jason Haynes asked about pension improvements specifically additional accrual service
(AAS) time and COLAs.
b. Justin Nickels explained the board's authority was to administer the pension plan as it was
written, they did not have the authority to change or improve benefits in any way. Benefits
must be negotiated between the Union and the City.
3. 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 James Binder and second by Herb Epstein; motion carried 5-0.
4. New Business
a. Annual Service Provider Review— Bowen Hanes & Company
i. The board reviewed the contract and David Kelly explained fees were basis points
(bps), 1%was 1 bps, and they were being charged 45 bps which was less than %2
of a percent. The board agreed by consensus they were very happy with Bowen
Hanes's service.
5. Old Business— None.
6. Reports (Attorney/Consultants)
a. Bowen Hanes, David Kelly, Investment Manager
i. Quarterly Investment Report as of September 30, 2022
1. David Kelly reviewed the individual plan holdings. The board did not have
any comments or questions.
b. AndCo, John Thinnes, Investment Consultant
i. Quarterly Investment Report as of September 30, 2022
1. John Thinnes reviewed the market environment over the last quarter and
commented it was a relatively good year. John commented even though
they did not have real estate to prop their numbers up they still ranked
higher than the majority of their peers. John commented with one manager
and more equity than other plans, he liked their strategy. John commented
they had cash ready to be deployed in bonds when David Kelly was ready.
2. The total fund net returns for the quarter ending September 30, 2022,were
-3.04%, outperforming the policy benchmark of-5.51%. The 1-, 3-, 5-, 7-,
and 10-year trailing returns were -15.15%, 4.59%, 6.03%, 8.20% and
7.58%, respectively. Since inception (12/01/01), the return was 5.71%,
underperforming the benchmark of 6.21%.
c. Sugarman, Susskind, Braswell & Herrera, Pedro Herrera, Plan Attorney
i. Elimination of the Line-of-Duty Injury Health 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
reading.
2. Pedro Herrera reviewed the gift giving reporting requirements under the
State ethics law.
3. Pedro Herrera advised the board his office would make a donation in the
board's name to the American Red Cross Hurricane Ian Relief fund in lieu
of a holiday gift.
7. Staff Reports, Discussion, and Action
a. Foster& Foster, Michelle Rodriguez, Plan Administrator
L FPPTA Membership Renewal
The Board voted to renew their FPPTA annual membership, upon motion by Ron Hayward and
second by Herb Epstein; motion carried 5-0.
ii. Educational Opportunities
1. Michelle Rodriguez reviewed educational opportunities there were
available to the board.
8. Consent Agenda
a. Payment Ratification
i. Warrant#92
b. Invoices for payment approval
i. None
c. Fund activity report for September 14, 2022, through December 5, 2022
The consent agenda was approved as presented, upon motion by David Blair and second by James
Binder; motion carried 5-0.
9. Trustees' Reports, Discussion. and Action
a. At the board's request Michelle Rodriguez gave a brief explanation of the AAS that was
recently adopted by the Police pension plan.
10. Adjournment– Meeting adjourned at 5:04pm.
11. Next Meeting – March 13, 2023, at 4:OOpm.
Respectfully submitted by: Approved by:
c
Michelle Rodriguez, Plan Adm to stra -tin Nickels, Chairman
Date Approved by the Pension Board: JAPmA 15, a-023