06-12-2023CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, June 12, 2023, at 10:30 AM
TRUSTEES PRESENT: Bridgette Vaissiere
Dilena Talley
Tim Sopko
Brenda DeWees
TRUSTEES ABSENT: Tyna Hilton
OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson (via phone)
Frank Wan, Burgess, Chambers & Associates
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Inez Garcia, Salem Trust
Michelle Rodriguez, Foster & Foster
Call to Order/Roll Call -Brenda Dewees called the meeting to order at 10:30 AM.
Public Comments -None.
Approval of Minutes
a.March 13, 2023, Quarterly Meeting Minutes
The Board approved the March 13, 2023, quarterly meeting minutes as presented, upon motion by
Bridgette Vaissiere and second by Tim Sopko; motion carried 4-0.
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New Business -None.
Old Business -None.
Reports (Attorney/Consultants)
a.Salem Trust, Inez Garcia, Plan Custodian
i.Pensioner Portal
1.Inez Garcia reviewed the features of the pensioner portal and commented ii
was completely optional and there was no cost to the plan.
2.Dilena Talley asked if the system had the ability to send a verifying email to
the retiree. Inez Garcia said she wasn't sure and would get back to them.
The Board voted to implement the pensioner portal without allowing changes to direct deposit and
address, upon motion by Br idgette Vaissiere and second by Tim Sopko; motion carried 4-0.
b.Burgess, Chambers & Associates, Frank Wan, Investment Consultant
i.Quarterly Report as of March 31, 2023
1.Frank Wan reviewed the market environment over the last quarter and the
recent banking crisis.
2.Frank Wan commented that even though their net gain was slightly behind
their benchmark, they still ranked in the top 451" percentile of their peer
group.
3.Frank Wan commented the plan had paid out more than it had brought in,
and for that reason they were forced to hold more cash than normal in order
to make those benefit payments.
4.The market value of the plan as of March 31, 2023, was $11,643,014. The
fund's total net returns for the quarter were 4.2%, underperforming the
policy benchmark of 4.5%. Trailing total fund gross returns for the 1, 3, and 5-year periods were -7.3%, 7.9% and 5.1 % respectively.5.Frank Wan advised the board in December 2022 a $300,000 withdrawalwas requested from American Core Realty and a total of $26,000 had beendistributed, leaving $274,000 remaining in the withdrawal queue.6.Bridgette Vaissiere asked if they planned to make an additional distributionrequest from American Core.7.Frank Wan commented that right now there were a lot of investors in thequeue so it would be a long wait. Frank added the real estate market wasexpected to rebound so it would be better to wait for an increase in interestrates.
c.Klausner, Kaufman, Jensen, and Levinson, Bonni Jensen, Plan Attorneyi.ARA Disclosure Document1.Bonni Jensen reviewed the ARA disclosure document and commented noaction was needed.
ii.House Bill 3 Memo1.Bonni Jensen reviewed the memo.2.Bonnie Jensen commented House Bill 3 recently passed the Florida Houseand Senate and would go into effect July 1 ". Bonni explained this billchanged the definition of a fiduciary and prohibited trustees of publicpension plans to consider Environmental, Social and Governance (ESG)concerns when making investment decisions.3.Bonni Jensen commented this new legislation would require them to submita report to the State by December 31 '' every other year and added her firmwas working with the Department of Management Services to verify thedetails of the reporting requirements.
iii.Legal Services Fee Agreement1.Bonni Jensen reviewed the proposed agreement and commented the lastfee increase was in 2017.
The Board voted to accept the legal services fee agreement as presented. upon motion by Bridgette
Vaissiere and second by Tim Sopko; motion carried 4-0.
7.Consent Agendaa.Ratification of Warrantsi.Warrants #86 and #87b.New invoices for payment approvali.None
The Board approved the consent agenda as presented. upon motion by Tim Sopko and second by
Dilena Talley; motion carried 4-0.
8.Trustee Reporta. Discussion, and Action None.
9.Adjournment -The meeting adjourned at 11 :38 AM.
10.Next Meeting -September 18, 2023, at 10:30 AM.
Respectfully.,submitted by:
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Date Approved by the Pension Board:
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