12-11-2023 CITY OF EDGEWATER
FIREFIGHTERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, December 11, 2023, at 4:00pm
TRUSTEES PRESENT: Ron Hayward
Kory Hayward
James Binder
TRUSTEES ABSENT: David Blair
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera (via
phone)
John Thinnes, AndCo Consulting
David Kelly, Bowen Hanes & Company
Michelle Rodriguez, Foster & Foster
1. all to Order— The meeting was called to order at 4:03pm.
2. Public Comments — None.
3. Approval of Minutes
a. September 18, 2023, Quarterly Meeting Minutes
The Board approved the September 18, 2023, guarterly meeting minutes as
presented, upon motion by on Hayward and second by James Binder; motion
carried 3-0.
4. Old Business
a. Online Member Portal Update
i. Michelle Rodriguez advised the Board she worked with the
City and determined they could not provide the information
needed for bi-weekly pay feeds without adding undue
administrative burden.
ii. Michelle Rodriguez commented an annual pay feed could be
used, this would give up to date service credit for calculations,
but the salary information would be from the previous fiscal
year.
iii. Michelle Rodriguez commented the setup fee would be the
same, but the annual fee would decrease to $4,500.00.
iv. The Board agreed by consensus to table this matter until a full
Board was present.
5. New Business
a. Disability Recertification Process
i. Michelle Rodriguez commented in 2019 the Board directed the plan
attorney to change the requirements from annual review to periodic
review.
ii. Michelle Rodriguez commented she included a disability
recertification form used by her firm and asked the Board for
directions on the type and frequency of disability recertification they
would like to proceed with.
iii. The Board asked the administrator to put this item on the next
agenda for consideration.
b. Council Appointed Seat
i. Michelle Rodriguez commented Herb Epstein had resigned from the
Board, and she had notified the City Clerk of the vacancy.
ii. Michelle Rodriguez commented Ron Hayward's council-appointed
seat was due to expire and he confirmed he would like to continue to
serve.
c. Officer Elections
i. Michelle Rodriguez advised the Board Herb Epstein was Secretary
and asked for nominations to fill that spot.
ii. The Board agreed by consensus to table this item until the next
meeting.
6. Reports (Attornev/Consulltants)
a. Bowen Hanes, David Kelly, Investment Manager
iii. Quarterly Investment Report as of September 30, 2023
1. David Kelly reviewed the portfolio's asset allocations and
individual fund performance over the last quarter.
b. AndCo, John Thinnes, Investment Consultant
i. Quarterly Investment Report as of September 30, 2023
1. John Thinnes reviewed the market environment over the last
quarter.
2. John Thinnes reviewed the sector allocations of the plan and
did not have any recommendations for changes.
3. The market value of assets as of September 30, 2023, was
$19,620,752.
4. The total fund net returns for the quarter ending September
30, 2023, were -3.50%, underperforming the policy
benchmark of -3.29%. The 1, 3, 5, 7, and 1 0-year trailing
returns were 15.17%, 4.91%, 6.47%, 8.64% and 8.02%,
respectively. Since inception (12/01/01), the return was
6.13%, underperforming the benchmark of 6.56%.
5. John Thinnes reviewed the individual investment funds and
did not have any recommendations for changes.
c. Sugarman, Susskind, Braswell & Herrera, Pedro Herrera, Plan Attorney
i. House Bill 3 Reporting Requirements
1. Pedro Herrera reviewed the reporting requirements and
recommended the Board formally designate Foster & Foster
as authorized to submit the report on their behalf.
The Board voted to authorize Foster & Foster to submit the required report on the
Board's behalf, upon motion by James Binder and second by KoEy Hayward;
motion carried 3-01
2. Pedro Herrera reviewed gift disclosure rules under State
ethics law.
3. Pedro Herrera advised the Board his firm would donate to a
local food bank on the Board's behalf in lieu of holiday gifts.
7. Consent Agenda
a. Payment Ratification
i. Warrants #98 and #99
b. Invoices for payment approval
i. None
c. Fund activity report for September 12, 2023, through December 4, 2023
The consent agenda was approved as presented, upon motion by James Binder
and second by Kory Hayward; motion carried 3-0.
8. Staff Reports, Discussion, and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. FPPTA Membership Renewal
1. Michelle Rodriguez advised the Board their FPPTA
membership was due for renewal at a cost of$750.00.
The Board voted to renew their annual FTT A membership, upon motion by James
Binder and second by on Hayward, motion carried 3-0.
ii. Educational Opportunities
1. Michelle Rodriguez reviewed the educational opportunities
available to the Board.
9. Trustees' Reports, Discussion, and Action
a. David Blair asked if it was time to have a plan restatement done. Pedro
Herrera commented 2014 was the last time one was done, and they had
had several amendments since then. Pedro would begin work on it and
have an update at the next meeting.
10.Adjournment— Meeting adjourned at 4:58pm.
11.Next Meeting — March 11, 2023, at 4:00pm.
Respectfully submitted by: Approved by:
x Siera Feketa, Plan Administrator uwv`d Blair, Chairman
6-10-24
Date Approved by the Pension Board: