09-16-2024AIWAO-T&AFIRTWEAU4.0
I I il 911 A
City Hall Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, September 16, 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 (via
phone)
Frank Wan, Burgess Chambers & Associates
Inez Garcia, Salem Trust Company
Siera Feketa, Foster & Foster
Troy Jenne, Foster & Foster
Call to Order — The meeting was called to order at 10:32AM.
2. Roll Call — As reflected above.
4. Approval of Minutes
a. June 10, 2024, Quarterly Meeting
The Board approved the June 10, 2024, quarterly meeting minutes as presented,
upon motion by Bridgette Vaissiere and second by Dilena Talley, motion carried 4-0.
5. 'Reports (Attorney/Consultants)
a. Salem Trust, Inez Garcia, Board Custodian
Update on Salem Trust
1. Inez Garcia gave a brief update on pensioner portal. Inez
commented on a company executive retirement and some
exciting changes moving forward.
b. Burgess Chambers & Associates, Frank Wan, Investment Consultant
i. Quarterly report as of June 30, 2024
1. Frank Wan gave an update on the market environment for the
quarter including the recent political issues affecting the U.S.
and the world markets.
2. Frank Wan reviewed the actual versus the target asset
allocation.
3. The market value of the plan as of June 30, 2024, was
$12,070,107. The funds total net returns for the quarter were
1.2%, underperforming the policy benchmark of 1.6%. Trailing
total fund gross returns for the 1-, 3-, and 5-year periods were
10.5%, 0.4% and 6.1 % respectively. Frank Wan discussed the
performance of each of the asset classes.
4. Frank Wan discussed the performance of each of the asset
classes.
5. Frank Wan reviewed the strategy of selling parts of large cap
magnificent 7 to help to pay benefits due to members. This
was done so believing the magnificent 7 were at or near their
market highs.
6. Frank Wan reviewed the performance of the different
investments and how they contributed to the overall portfolio.
7. Frank Wan reviewed his outlook moving forward for the market
with regard to real estate. Frank advised despite the losses in
the last two years, it was still slightly in the plus. Frank
commented that the market was reacting to lower interest rates
in a positive way.
8. Frank Wan did not recommend a rebalance at this time.
c. Klausner, Kaufman, Jensen, & Levinson, Bonni Jensen, Board Attorney
i. Discussion of lUOE Rep Trustee Seat
1. Bonni Jensen gave an update on the proposed ordinance. The
ordinance passed 1st reading on August 5th and it would be on
the October agenda for 2nd reading.
ii. Bonni Jensen commented the SPD was being updated and she was
waiting on the ordinance to be approved.
6. New Business
a. Proposed 2025 meeting dates
i. The September 8, 2025, meeting date would have to be moved to
September 15, 2025.
Troy Jenne discussed a potential move to a 10:OOAM start time.
iii. Bridgette Vaissiere reminded everyone they normally do a one -hour
training yearly and Bonni Jensen said it was usually in March. Troy
Jenne said he would add the training to the March schedule at
9:OOAM and this was also agreeable to Frank Wan.
iv. By consensus, the 2025 meeting dates were approved for the date
and time changes.
b. Trustee term expirations
i. Troy Jenne confirmed that Tim Sopko and Bridgette Vaissiere agreed
to serve another term, and he would follow-up with the City Clerk who
would add to the Council agenda to be reappointed.
7. Old Business — None.
8. Consent Agenda
a. Ratification of Warrants
K
i. Warrant #94
b. New invoices for payment approval
i. None.
c. Fund Activity Report for June 4, 2024, through September 9, 2024
The Board approved the consent agenda as presented, upon motion by Tim Sopko
and second by Bridgette Vaissiere; motion carried 4-0.
d. Siera Feketa discussed the fiduciary liability policy and confirmed it would be
on the next City Council agenda for ratification.
The Board voted to bind the fiduciary liability policy once approved by City Council,
upon motion by Tim Sopko and second by Dillena Talley; motion carried 4-0.
9. Staff Reports, Discussion, & Action
a. Foster & Foster, Siera Feketa/Troy Jenne, Plan Administrators
i. Educational opportunities
1. Troy Jenne reviewed educational opportunities available to the
Board.
2. Bonni Jensen elaborated on the pre -meeting Trustee training
for the Board to be held at the Q1 meeting this coming year, as
it has been in the past.
10. Trustee Reports, Discussion, and Action — None.
11. Adjournment — The meeting adjourned at 1 1:02AM.
12. Next Meeting — December 9, 2024, at 10:30AM.
Respectfully submitted by: Approved by:
Troy Jer ,°dministrator
Date Approved by the Pension Board:
�Trer�da DeWees, Chair