06-12-2023CITY OF EDGEWATER
POLICE OFFICERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, June 12, 2023, at 1:30pm
TRUSTEES PRESENT: Myles Lawler
Joe Mahoney
Charles Geiger
David Williams
Brian Gintz
TRUSTEES ABSENT: None
OTHERS PRESENT: Pedro Herrera, Sugarman & Susskind (via phone)
Inez Garcia, Salem Trust
Michelle Rodriguez, Foster & Foster
John Thinnes, AndCo Consulting
1. Call to Order — Joe Mahoney called the meeting to order at 1:30pm.
2. Roll Call — As reflected above.
3. Public Comments — None.
4. Approval of Minutes
a. March 13, 2023, Quarterly Meeting Minutes
The Board approved the March 13 2023 guarterly meeting minutes as presented upon
motion by Myles Lawler and second by Charles Geiger: motion carried 5-0.
5. New Business — None
6. Old Business
a. Ordinance Amendment updates
a. Michelle Rodriguez advised the board that ordinance 2023-0-23 which
included the police chief opt -out and 0% floor for the Share Plan had
passed first reading. Michelle commented as soon as it passed second
reading, she would ask the actuary to redo the September 30, 2022,
Share Plan statements.
Reports (Attorney/Consultants)
a. Salem Trust, Inez Garcia, Plan Custodian
a. Pensioner Portal
1. Inez Garcia reviewed the features of the pensioner portal and
commented it was completely optional and there was no cost to
the plan.
The Board voted to approve the Salem Trust pensioner portal with all functions, upon
motion by Charles Geiger and second by Myles Lawler: motion carried 5-0.
b. AndCo Consulting, John Thinnes, Investment Consultant
a. Quarterly Report as of March 31, 2023
1. John Thinnes reviewed the market environment over the last
quarter and commented both US and international equity
1
markets continued to recover. John commented expectations
were for inflation to continue to decline and for the Federal
Reserve to slow down rate hikes.
John Thinnes explained the yield curve.
John Thinnes reviewed the sector allocations of the plan and
recommended they rebalance to bring their US equity and fixed
income closer to their target allocations.
4. The market value of assets as of March 31, 2023, was
$13,613,905. The total fund gross returns for the quarter ending
March 31, 2023, were 4.64%, slightly underperforming the policy
benchmark of 4.84%. The 1-, 3-, 5-, 7-, and 10 -year trailing
returns were -6.00%, 10.12%, 6.40%, 7.44% and 7.08%,
respectively. Since inception (10/1/00), the return was 5.41%,
slightly underperforming the benchmark of 5.53%.
5. John Thinnes reviewed the individual investment funds and did
not have any recommendations for changes.
c. Sugarman & Susskind, Pedro Herrera, Plan Attorney
a. House Bill 3 Memo
1. Pedro Herrera reviewed House Bill 3 that recently passed the
Florida House and Senate. Pedro explained this bill changed the
definition of a fiduciary and prohibited trustees of public pension
plans to consider Environmental, Social and Governance (ESG)
concerns when making investment decisions.
2. Pedro Herrera commented this new legislation would require
them to submit a report to the State by December 31s' every
other year and added his firm was working with the Department
of Management Services to verify the details of the reporting
requirements.
8. Consent Agenda
a. Michelle Rodriguez commented the invoices were not included on the
attachment and commented she would put it on the next agenda for the board
to review and ratify.
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
a. Annual Report update
1. Michelle Rodriguez advised the board that the annual report was
submitted to the State on April 17, 2023.
b. Educational Opportunities
1. Michelle Rodriguez reviewed educational opportunities that were
available to the board.
10. Trustee Reports, Discussion, and Action — None.
11. Adiournment— The meeting adjourned at 2:14pm.
12. Next Meeting — Monday, September 18, 2023, at 1:30pm.
Respectfully submitted by: Approved b
C
Mi helle Rodriguez, Plan Admin( r Jce oney, Chairman
Date Approved by the Pension Board: