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06-10-2024 CITY OF EDGEWATER GENERAL EMPLOYEES' PENSION BOARD QUARTERLY MEETING MINUTES City Hall Council Chambers 104 N. Riverside Drive Edgewater, FL 32132 Monday, June 10, 2024, at 10:30AM TRUSTEES PRESENT: Brenda DeWees Bridgette Vaissiere Dilena Talley Tim Sopko Tyna Hilton TRUSTEES ABSENT: None OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson Frank Wan, Burgess Chambers &Associates Siera Feketa, Foster & Foster Troy Jenne, Foster & Foster 1 Call to Order— Brenda DeWees called the meeting to order at 10:30AM. 2. Roll Call —As reflected above. 3. Public Comments — None. 4. Approval of Minutes a. March 11, 2024, Quarterly Meeting Minutes i. Brenda DeWees commented it reflected her calling the meeting to order, but she wasn't here. Bridgette Vaissiere called the meeting to order. The Board approved the March 11, 2024, quarterly meeting minutes as revised, upon motion by Bridgette Vaissiere and second by Tyna Hilton; motion carried 6-0. 5. Reports (Attorney/Consultants) a. Burgess Chambers & Associates, Frank Wan, Investment Consultant i. Quarterly report as of March 31, 2024 1. Frank Wan gave an update on the market environment for the quarter. 2. Frank Wan reviewed the actual versus the target asset allocation. 3. The market value of the plan as of March 31, 2024, was $12,115,394. The fund's total net returns for the quarter were 4.6%, outperforming the policy benchmark of 4.2%. Trailing total fund gross returns for the 1-, 3-, and 5-year periods were 12.6%, 2.2% and 7.0% respectively. Frank Wan discussed the performance of each of the asset classes. 4. Frank Wan reviewed the performance of the different investments and how they contributed to the overall portfolio. 5. Frank Wan reviewed his outlook on the market. b. Klausner, Kaufman, Jensen, & Levinson, Bonni Jensen, Plan Attorney i. Discussion of lUOE Rep trustee seat 1. Bonni Jensen commented the 5 th trustee had to be a union member. Bonni commented now that they didn't have a union they may want to recommend a change to the language. Bonni commented there still might be some relationship with the union and the retirees as they were a closed plan. 2. The Board briefly discussed. Dilena Talley advised they were still working on dissolving the union. 3. The Board discussed possibly having a citizen or member seat. Bonni Jensen reviewed how the 5 th trustee normally was in other plans, commenting it would be elected by the other four trustees and just have it ratified by the City. 4. Bonni Jensen commented this would have to be changed in an ordinance through the City. The Board discussed the seat and why the union was being dissolved. 5. The Board and Siera Feketa discussed how the 5th trustee seat worked if they decided to proceed with changing the language so that the 5th trustee was elected by the Board. 6. Bonni Jensen asked if they wanted to wait until the union was dissolved or if they wanted to proceed now. The Board discussed it possibly having to be contingent upon the union closing. Bridgette Vaissiere commented if they knew they would choose someone from the union if there still was a union they could still do that once the language was updated. 7. Bonni Jensen reviewed the process to update the ordinance if they decided to proceed. 8. The Board discussed the status of the union being dissolved. 9. Tim Sopko asked if they could decide at the next meeting. Bonni Jensen commented they could. Dilena Talley commented she'd like to see language stating it should be a union member unless they didn't have a union then it should be a member selected by the remaining Board. The Board discussed the fact that it was a closed plan, and any future union would not represent the current retirees. 10.Brenda DeWees commented she just received a text saying the union was decertified in May. 11.Tirn Sopko discussed his concerns about the seat being elected by the Board if they didn't know someone to serve. Brenda DeWees commented the City used a process where they must receive applications and if they should have to follow that process. Bonni Jensen commented they could if they wanted to, but sometimes they did know someone. 2 12.The Board discussed the process of accepting nominations for this seat if they changed it to be Board elected. The Board voted to direct the plan attorney to recommend change in language in section 13.40(b) to the City Council so that the seat is elected by the Board and ratified by the Council, upon motion by Bridaefte Vaissiere and second by Tim Sopko; motion carried 5-0. 13.The Board discussed how they could advertise this seat in the future. 1099-R disability memo 1. Bonni Jensen commented she would just leave the memo with them, and this would be prospective so this wouldn't really be relevant to this plan. Bonni commented they could reach out if they had any questions. Brenda DeWees asked if this applied to just the Police & Fire plans or General too. Bonni commented it could apply to General, but it probably wouldn't really apply to them. iii. Updates Summary Plan Description 1. Bonni Jensen commented the Summary Plan Description (SPD) had to be updated and distributed to the active members. Bonni commented once their last active member retired, they wouldn't need to update this anymore. 2. Bonni Jensen commented she added Siera Feketa, but it may need to be Troy Jenne. Siera confirmed she would discuss this further later in the agenda, but the main point of contact would be Troy Jenne. 3. Bonni Jensen briefly reviewed the other changes throughout the SPD. 4. Brenda DeWees asked if they should change the makeup of the Board in this. Bonni Jensen commented if it was amended, they could update the SPD or table the SPD to the next meeting. The Board briefly discussed the timing with the amendment and agreed to table this to the next agenda pending an update on the 5th trustee seat. 6. New Business a. Update on trustee seats i. Siera Feketa commented Brenda DeWees and Tyna Hilton ran unopposed. Brenda asked when the election of officers would be done. Siera commented it was scheduled to be done every two years and was last done in December 2022 so it would be on the December 2024 agenda. 7. Old Business — None. 8. Consent Agenda a. Ratification of Warrants i. Warrant#93 b. New invoices for payment approval i. None. c. Fund Activity Report for March 5, 2024, through June 3, 2024 The Board approved the consent agenda as presented, upon motion by Tim Sopko, and second by Bridgefte Vaissiere; motion carried 5-0. 9. Staff Reports, Discussion, & Action a. Foster & Foster, Siera Feketa/Troy Jenne, Plan Administrators i. Staff Update 1. Siera Feketa gave a brief update commenting Troy Jenne would be serving as the main point of contact. Troy introduced himself and gave an overview of his background. 10. Trustee Reports, Discussion, and Action a. Brenda DeWees apologized for missing the educational sessions last quarter, commenting she did listen back and thanked the presenters for their presentations. 11. Adiournment—The meeting adjourned at 1 1:29AM. 12. Next Meeting — Monday, September 16, 2024, at 10:30AM. Respectfully submitted by: Approved by: --2 Siera Feketa, Plan Administrator Bridgette Vaissiere, Vice-Chair Date Approved by the Pension Board: