06-10-2024 CITY OF EDGEWATER
POLICE OFFICERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, June 10, 2024, at 12:30pm
TRUSTEES PRESENT: Myles Lawler
Joe Mahoney
Charles Geiger
TRUSTEES ABSENT: David Williams
Brian Gintz
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera
Siera Feketa, Foster & Foster
Troy Jenne, Foster & Foster
John Thinnes, AndCo Consulting
Jim Daly, City of Edgewater Finance Director
Members of the Public
1. Call to Order—The meeting was called to order at 12:30pm.
2. Roll Call —As reflected above.
3. Public Comments — None.
4. Approval of Minutes
a. March 11, 2024, Quarterly Meeting Minutes
The Board approved the March 11, 2024, quarterly meeting minutes with
revisions, upon motion by Charles Geiger and second by Myles Lawler;
motion carried 3-0.
5. New Business
a. Update on trustee terms
a. Siera Feketa gave an update commenting Joe Mahoney ran
unopposed and the two City appointed trustees, Myles
Lawler and David Williams were scheduled to be
reappointed at the July City Council meeting.
b. Appointment of 5th Trustee seat
a. Siera Feketa stated Charles Geiger is the 5th trustee,
commenting the Board could re-elect him, or open up the
floor for nominations. Siera commented she would need
confirmation from the plan attorney that Charles could vote
for himself. The 5th trustee appointment was tabled to the
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next meeting as Pedro Herrera stated Charles could not vote
on his own reappointment,
6. Reports (Attorney/Consultants)
a. Mariner Institutional, John Thinnes, Investment Consultant
a. Quarterly report as of March 31, 2024
1. John Thinnes gave an update on the market
environment for the quarter.
2. John Thinnes reviewed the asset allocation by asset
class. John commented there was no rebalance
needed at this time.
3. John Thinnes reviewed the financial reconciliation for
the plan.
4. The market value of assets as of March 31, 2024,
was $16,189,692. Total fund net returns were 6.44%,
outperforming the policy benchmark of 4.78%. The 1-,
3-, 5-, 7-, and 10-year trailing returns were 16.54%,
4.87%, 8.54%, 8.19% and 7.16%, respectively. Since
inception (10/1/00), the return was 5.74%, slightly
underperforming the benchmark of 5.88%.
5. John Thinnes reviewed the performance of the
investment managers and how they impacted the
overall performance.
2. Old Business
a. Discussion of annual pay feeds for the member portal
a. Siera Feketa gave an update commenting the issue was
relating to overtime and payroll staff not having time. The
Board briefly discussed the portal and the benefit to the
members. Jim Daley commented it was more of an issue of
providing unaudited data.
The Board voted to approve annual pay feeds and establish the portal for
members, upon motion by Charles Geiger and second by Myles Lawler;
motion carried 3-0.
3. Consent Agenda
a. Payment Ratification
a. Warrant#104
b. New invoices for payment approval
a. None
c. Fund activity report for March 5, 2024, through June 3, 2024
The consent agenda was approved as presented, upon motion by Charles
Geiger and second by Myles Lawler; motion carried 3-0.
4. Staff Reports, Discussion, and Action
a. Foster & Foster, Siera Feketa/Troy Jenne, Plan Administrators
a. Staff update
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1. Siera Feketa gave a brief update commenting Troy
Jenne would serve as the main point of contact. Troy
introduced himself and gave an overview of his
background.
b. Update on disability affidavits
1. Siera Feketa commented these were amended to
remove the physician's statement requirement. Siera
commented three disability retireesa returned the
affidavit and they still had one missing. Siera
commented they would send another mailing and
update the Board again at the next meeting.
c. Updated Summary Plan Description
1. Siera Feketa commented the Summary Plan
Description needed to be updated as it was
scheduled to be updated every two years. Siera
commented the actuary could do it for a fee not to
exceed $750 or the attorney could update the
document.
The Board voted to approve the Summary Plan Description to be prepared
by Foster & Foster for a fee not to exceed $750 or have Sugarman,
Susskind, Braswell & Herrera prepare it, depending on who has done it in
the past, upon motion by Charles Geiger and second by Myles Lawler;
motion carried 3-0.
5. Reports (continued)
a. Sugarman, Susskind, Braswell, & Herrera, Pedro Herrera, Board
Attorney
a. Disability application
1. Pedro Herrera gave an update on the disability
application commenting they were waiting for the
independent medical examination (IME) appointment
and once the IME report was received, they would
schedule the informal hearing.
b. Plan restatement
1. Pedro Herrera briefly reviewed the purpose of the
restatement. Siera Feketa commented the Board
could table this until the ordinance amendment was
adopted so they could include that change. Charles
Geiger asked if the footnotes were questions for the
Board. Pedro commented they were items they might
need additional clarification on. Charles asked if this
was the first restatement they'd ever done. Pedro
commented it was not.
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The Board motioned to table the plan restatement until the next meeting,
upon motion by Charles Geiger and second by Myles Lawler; motion
carried 3-0.
c. Pedro Herrera reminded the Board to file their financial
disclosure forms by July Ist.
d. Ordinance amendment
1. Siera Feketa asked if the Board should approve the
amendment relating to the Police Chief opt out and in-
service distribution. Pedro Herrera confirmed they
should.
The Board approved the proposed Ordinance amendment and authorized it
to be sent to the City for first reading, upon motion by Charles Geiger and
second by Myles Lawler; motion carried 3-0.
b. Election of 5th trustee (continued)
a. Siera Feketa asked if Charles Geiger could vote for himself
or if they needed three other trustees present. Pedro Herrera
opined they should wait until they had three other trustees
present. Siera commented she would add this to the next
agenda.
6. Trustee Reports, Discussion, and Action — None.
7. Adjournment—The meeting adjourned at 1:06pm.
8. Next Meetinq — Monday, September 16, 2024, at 12:30pm.
Respectfully submitted by: Approved by:
Siera Feketa, Plan Administrator Job
Chairman
Date Approved by the Pension Board: 09-16-24
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