03.11.24 CITY OF EDGEWATER
FIREFIGHTERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City all Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, March 11, 2024, at 4.-OOpm
TRUSTEES PRESENT: Ron Hayward
Kory Hayward
James Daly
David Blair
TRUSTEES ABSENT: James Binder
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera (via
phone)
John Thinnes, AndCo Consulting
David Kelly, Bowen Hanes & Company
Doug Lozen, Foster & Foster
Siera Feketa, Foster & Foster
1. all to Order— The meeting was called to order at4:01pm.
2. Public Comments — None.
3. Approval of Minutes
a. December 11, 2023, Quarterly Meeting Minutes
The B02rd approved the December 11, 2023, quarterly meeting minutGs as
presented, upon motion by Kory Hayward and second by on avward• motion
carried 4-0.
4. New Business
a. Actual expenses as of September 30, 2023
i. Siera Feketa reviewed the actual expenses requirement and the total
amount spent.
The Board voted to approve the actual expenses as of September 30, 2023, as
presented, upon motion by James Daly and second by Kory Hayward; motion
carried 4-0.
b. Discussion of Trustee terns & appointments
i. Siera Feketa commented Ron Hayward's, City appointed trustee,
term expired April 1, 2023, and both member elected seats, James
Binder and Kory Hayward, were expiring. Ron Hayward and Kory
Hayward stated they would serve another term. Siera commented
she would confirm if James Binder wanted to serve another term and
then proceed with sending out the nomination notice to the
membership.
c. Election of Officers (Chairman/Secretary)
i. Siera Feketa commented David Blair was currently the Chairman,
but the Secretary was vacant. The Board agreed by consensus to
table this to the next agenda.
5. Reports (Aftorney/Consultants)
a. Foster & Foster, Doug Lozen, Board Actuary
i. October 1, 2023, actuarial valuation report
1. Doug Lozen reviewed the summary of the reports. Doug
commented the City and state required contribution
percentage of project annual payroll decreased to 22.5% for
fiscal year-end September 30, 2025 from 23.2% for fiscal
year-end September 30, 2024.
2. Plan experience was unfavorable overall on the basis of the
plan's actuarial assumptions. Sources of actuarial loss
included an average salary increase of 12.17%, exceeding
the 5.09% assumption, unfavorable retirement experience,
and unfavorable turnover experience. There were no
significant sources of actuarial gain.
3. Doug Lozen reviewed the history of the funding progress.
4. Doug Lozen commented they would be due for an experience
study, but they could probably wait one more year.
The Board voted to approve the October 1, 2023, actuarial valuation report, upon
motion Kory Hayward and second by on Hayward; motion carried 4-0.
The Board voted the declaration of returns for the Plan shall be 7.00% for the next
year, the next several years, and the long-term thereafter net of investment related
expenses, upon motion by David Blair and second by on Hayward. motion carried
b. AndCo, John Thinnes, Investment Consultant
i. Organization update —Acquisition by Mariner
1. John Thinnes briefly reviewed the acquisition commented
there shouldn't be any impact for the plan.
ii. Quarterly investment performance report as of December 31, 2023
1. John Thinnes briefly reviewed the market environment for the
quarter.
2. John Thinnes reviewed the asset allocation.
3. John Thinnes reviewed the asset allocation versus other
public pension plans.
4. The market value of assets as of December 31, 2023, was
$21,975,647. The total fund net returns for the quarter ending
December 31, 2023, were 11.97%, outperforming the policy
benchmark of 9.71%. The 1, 3, 5, 7, and 10-year trailing
returns were 19.76%, 6.81%, 11.42%, 10.26% and 8.42%,
respectively. Since inception (12/01/01), the return was
6.60%, slightly underperforming the benchmark of 6.93%.
5. John Thinnes briefly reviewed the performance of the
investments.
6. John Thinnes commented he didn't have any
recommendations.
c. Bowen Hanes, David Kelly, Investment Manager
i. Quarterly Investment Report as of December 31, 2023
1. David Kelly gave an update on the market environment.
2. David Kelly reviewed the portfolio summary.
3. David Kelly reviewed the portfolio appraisal.
4. David Kelly reviewed the performance summary.
5. David Kelly reviewed the investment for the current fiscal year
and since inceptions.
d. Sugarman, Susskind, Braswell & Herrera, Pedro Herrera, Plan Attorney
i. Proposed Ordinance amendments
1. Pedro Herrera commented he just sent over today a draft
amendment that was discussed at the last meeting to clarify
the additional benefit language, essentially buying the higher
multiplier.
2. James Dailey asked if there had been a cost study. Pedro
Herrera commented there hadn't been the cost study, but he
didn't think there would be an impact.
ii. Electronic Form 1 filing requirement
1. Pedro Herrera reviewed the changes to the Form 1 filing
requirements commenting they had to be filed online.
iii. Proposed ordinance (continued)
1. The Board briefly reviewed the ordinance. Pedro Herrera
commented this was standard language for buying up the
multiplier.
2. David Blair asked what needed to be done next.
3. Pedro Herrera commented they could send it to the City and
have the actuary prepare the impact statement. The Board
agreed to have the plan attorney move forward with the
ordinance.
iv. Legislative update
1. Pedro Herrera briefly reviewed the latest update commenting
there could be an impact to the state monies. Pedro
commented he would continue to watch it, but he was not sure
if it would pass at this time.
2. David Blair asked about the status of a plan restatement.
Pedro Herrera commented he would get with Siera Feketa
and see where this was and then move forward after the next
agenda.
3. David Blair asked about putting a description of the
ordinances on the portal. Siera Feketa commented once they
had the plan restatement on there that probably wouldn't be
necessary as everything would be in one document.
6. Old Business
a. Online Member Portal Update
i. Siera Feketa commented the City couldn't provide biweekly payroll
feeds. James Dailey commented they couldn't provide accurate
information because the overtime was reconciled annually.
ii. Siera Feketa commented she was going to work with the police Chair
between meetings to come up with better solutions.
iii. The Board agreed to let the administrator have discussions between
meetings and bring back to the next meeting.
7. Consent Auenda
a. Payment Ratification
i. Warrant#100
b. Invoices for payment approval
i. None
c. Fund activity report for December 5, 2023, through March 4, 2024
The consent agenda was approved as presented upon motion by Kory NUward
and second by on Hayward; motion carried 4®
8. Staff Reports, Discuss.ion, and Action
a. Foster & Foster, Siera Feketa, Plan Administrator
i. Staff update
1. Siera Feketa commented Michelle Rodriguez was no longer
with Foster & Foster, but they shouldn't see any impact to
their services.
ii. Discussion of disability affidavits
1. Siera Feketa briefly reviewed the disability affidavits. The
Board commented this was discussed at last meeting. Siera
commented she would double check and update them at the
next meeting regardless.
9. Trustees' Reports, Discussion, and Action — None.
10.Adjournment— Meeting adjourned at 5:07pm.
...........
11.Next Meeting- Monday, June 10, 2024, at 4:00pm.
Re, ectfully submitted by: Approved by:
iera Feketa, Plan Administrator 43aTid- Blair, Chairman
Date Approved by the Pension Board: 6/10/24