03-11-2024 CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, March 11, 2024, at 10.30AM
TRUSTEES PRESENT: Bridgette Vaissiere
Dilena Talley
Tim Sopko
Tyna Hilton
TRUSTEES ABSENT: Brenda DeWees
OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson
Frank Wan, Burgess, Chambers & Associates
Doug Lozen, Foster & Foster
Siera Feketa, Foster & Foster
1. Call to Order— Bridgette Vaissiere called the meeting to order at 9:40AM.
2. Roll Call —As reflected above.
3. Education Session
a. Klausner, Kaufman, Jensen, and Levinson, Bonni Jensen, Plan Attorney
i. Bonni Jensen gave an educational presentation on Federal Pension
Issues & Florida environmental, social, and governance (ESG)
reporting rules.
ii. The Board and Bonni Jensen discussed ESG and the requirements
for investing. Bonni commented they could only invest based on
pecuniary factors, which could be an ESG fund as long as their
decision was based on pecuniary factors only.
iii. Bridgette Vaissiere commented there were some discussions
regarding changes or enhanced benefits and asked if that would fall in
their grounds as a fiduciary. Bridgette and Bonni Jensen discussed
what it meant to be a fiduciary for the plan. Bonni stated the Board
could not make changes to the benefits, but they could make
recommendations to the City.
b. Burgess Chambers & Associates, Frank Wan, Investment Consultant
i. Frank Wan gave an educational presentation on retirement savings.
Frank gave an overview on Secure Act 2.0
ii. Frank Wan reviewed the defined contribution plans offered through
the City of Edgewater. Frank reviewed the investment options and the
fees associated with their investment options.
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iii. Bridgette Vaissiere and Frank Wan discussed the requests for
MissionSquare to attend on site. Bridgette commented he had been
requested to attend quarterly.
iv. Frank Wan reviewed the resources for the City to gauge the
retirement readiness of their employees.
4. Public Comments — None.
5. Approval of Minutes
a. December 11, 2023, Quarterly Meeting Minutes
The Board approved the December 11, 2023, quarterly meeting minutes as
presented, upon motion by Tim Sopko and second by Dilena Talley; motion carried
4-0.
6. Reports (Attorney/Consultants)
a. Foster & Foster, Doug Lozen, Board Actuary
i. October 1, 2023, actuarial valuation report
1. Doug Lozen reviewed the summary of the report. Doug
commented the City required contribution increased to
$959,544 applicable to fiscal year September 30, 2025 from
$777,332 for fiscal year end September 30, 2024. Doug
commented this was a result of the investment returns.
2. Plan experience was unfavorable overall on the basis of the
plan's actuarial assumptions. Sources of actuarial loss include
an investment return of 2.87% (Actuarial Asset Basis) which fell
short of the 6.25% assumption and inactive mortality
experience. There were no significant sources of actuarial gain.
3. Doug Lozen commented there was one retiree and one
beneficiary that passed away during the year.
4. Doug Lozen reviewed the reconciliation of unfunded actuarial
accrued liabilities. Doug discussed the benefits of consolidating
the unfunded liability.
5. Doug Lozen commented he was comfortable with an
investment return assumption of 6.25% and discussed the work
the Board did to reduce the assumption. Bridgette Vaissiere
asked if they should make any reductions now. Frank Wan and
Doug Lozen agreed 6.25% was reasonable.
The Board voted to approve the October 1, 2023, actuarial valuation report as
presented, upon motion by Tvna Hilton and second by Dilena Talley; motion carried
4-0.
The Board voted the declaration of returns for the plan shall be 6.25% for the next
year, the next several years, and the long-term thereafter net of investment related
expenses, upon motion made by Tim Sopko and second by Tvna Hilton; motion
carried 4-0.
b. Burgess Chambers & Associates, Frank Wan, Investment Consultant
i. Quarterly investment performance report as of December 31, 2023
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1. Frank Wan gave an overview of the market environment for the
quarter. Frank reviewed the factors that impacted the market.
2. Frank Wan reviewed the historical asset allocation.
3. The market value of the plan as of December 31, 2023, was
$11,798,604. The fund's total net returns for the quarter were
8.0%, outperforming the policy benchmark of 7.7%. Trailing
total fund gross returns for the 1-, 3-, and 5-year periods were
11.8%, 0.9% and 7.3% respectively.
4. Frank Wan reviewed the performance of the managers and
how they've impacted the portfolio.
5. Frank Wan reviewed the redemption they had pending with real
estate. Frank gave an update on the queue to get the funds
back. Frank discussed the real estate environment.
c. Klausner, Kaufman, Jensen, and Levinson, Bonni Jensen, Plan Attorney
i. IRS Mileage Rate for 2024
1. Bonni Jensen commented the mileage rate increased to 67
cents this year.
ii. Electronic Form 1 filing requirement
1. Bonni Jensen commented the financial disclosure form filing
was to be filed online this year. Bonni discussed the Form 6
commenting it did not apply to them. Bonni reviewed the
EFDMS website for the filing of Form 1 s.
2. Bonni Jensen commented before you file Form 1 if you were
eligible for any records exemption, they needed to file the
records exemption first.
7. New Business
a. Upcoming Trustee term expirations
i. Brenda DeWees, member elected, April 11, 2024
1. Siera Feketa commented she would confirm if Brenda DeWees
wanted to serve another term.
ii. Tyna Hilton, Member elected, April 11, 2024
1. Tyna Hilton commented she would serve another term.
2. Siera Feketa commented she would proceed with handling the
election once she confirmed with Brenda DeWees if she
wanted to serve again.
3. Bridgette Vaissiere asked if the trustees could continue to serve
past April 11, 2024. Bonni Jensen reviewed the holdover rules.
8. Old Business — None.
9. Consent Agenda
a. Ratification of Warrants
i. Warrant#92
b. New invoices for payment approval
i. None.
c. Fund Activity Report for December 5, 2023, through March 4, 2024
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The Board approved the consent agenda as presented, on motion by Tim SoRko
and second bv Dilena Tallev, motion carried 4-0.
10. Staff Reports, Dis;cus=sion,_& Action
a. Foster & Foster, Siera Feketa, Plan Administrator
i. Staff Update
1. Siera Feketa gave an update commenting Michelle Rodriguez
was no longer with the firm, but there would be no impact to
their services.
11. Trustee Reports, Discussion, and Action — one.
12. Adjournment— The meeting adjourned at 11:30AM.
13. Next Meeting — Monday, June 10, 2024, at 10:30AM.
Respectfully submitted by: Approved by:
Siera Feketa, Plan Administrator /'Brenda DeWees, Chair
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Date Approved by the Pension Board:
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