06-09-2025CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, June 9 , 2025, at 10:00AM
TRUSTEES PRESENT: Brenda DeWees
Dilena Talley
Tim Sopko
Tyna Hilton
Bridgette Vaissiere
TRUSTEES ABSENT: None
OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson
Frank Wan, Burgess Chambers & Associates
Doug Lozen, Foster & Foster
Troy Jenne , Foster & Foster
1. Call to Order -Brenda DeWees called the meeting to order at 10:03AM .
2. Roll Call -As reflected above.
3. Public Comments -None .
4. Approval of Minutes
a. March 10, 2025, Quarterly Meeting
The Board approved the March 10, 2025, quarterly meeting minutes as presented,
upon motion by Bridgette Vaissiere and second by Dilena Talley; motion carried 5-0.
5. Reports (Attorney/Consultants)
a. Foster & Foster, Doug Lozen, Board Actuary
i. October 1, 2024, actuarial valuation report
1. Doug Lozen presented the October 1, 2024, actuarial valuation
and reviewed the overall report for the Board .
2. Doug Lozen commented on a small net actuarial loss, only
because of the 4-year smoothing method used to combat sharp
up and down years.
3 . Doug Lozen commented that the investment performance was
very strong for the fiscal year, but with the smoothing method, it
ended up as an overall 5% loss.
4. Doug Lozen commented the cost increase to the City would be
$49,000.
5. Doug Lozen discussed the need to adopt a new mortality
assumption moving forward.
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6. Doug Lozen commented that the funded status remained at
about 67%, and he expected it to stay in that range for a couple
years before increasing.
The Board approved the October 1, 2024, actuarial valuation report as presented,
upon motion by Tim Sopko and second by Tyna Hilton; motion carried 5-0.
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 by Bridgette Vaissiere and second by Tyna Hilton; motion
carried 5-0.
ii . FRS Mortality Table memo
1. Doug Lozen requested the opinion of the Board to perform a
mortality table study , based on the FRS study .
The Board approved the actuary to perform a mortality study, upon motion by
Bridgette Vaissiere and second by Dilena Talley; motion carried 5-0 .
b. Burgess Chambers & Associates, Frank Wan , Investment Consultant
i. Quarterly report as of March 31, 2025
1. Frank Wan discussed the rapid automation sweeping the world,
and its effects on the market.
2. Frank Wan discussed the US economic numbers that had been
and would continue to affect the markets.
3 . Frank Wan reviewed the plan's performance for the quarter ,
which had an overall slight loss .
4 . The market value of assets (MVA) as of March 31 , 2025 , was
$12,003,482 .
5. The total fund net returns for the quarter were -1.7%,
underperforming the policy benchmark of -0.1 %. Trailing total
fund net returns for the 1-, 3-, and 5-year periods were 4 .8%,
2.9% and 8.1 % respectively.
6 . Frank Wan discussed the performance of each of the asset
classes.
7. Frank Wan reviewed the plan performance versus the plan's
peers .
8. Frank Wan commented on interval funds and said he would
expand on this next quarter for the Board.
9. Frank Wan commented American Realty had a nice increase
this quarter.
10. Frank Wan commented on the $133,000 still to be recalled from
American Realty. Frank recommended ceasing the call-back to
let this money grow as offices were calling employees back to
work.
The Board voted to cease the $133,000 recall from American Realty, upon motion by
Tim Sopko and second by Bridgette Vaissiere; motion carried 5-0.
c. Klausner , Kaufman, Jensen, & Levinson, Bonni Jensen, Board Attorney
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9-15-2025
i. Bonni Jensen commented she had followed up on the communication
with the City Clerk regarding the Municode Update.
ii. Financial disclosure form memo
1. Bonni Jensen reviewed the financial disclosure requirement
with the Board.
iii. Legislative update
1. Bonni Jensen advised she would review the legal updates next
quarter.
6. New Business-None.
7. Old Business-None .
8 . Consent Agenda
a. Ratification of Warrants
i. None .
b. New invoices for payment approval
i. Warrant #98
c . Fund Activity Report for March 4 , 2025, through June 2, 2025
The Board approved the consent agenda as presented, upon motion by Tim Sopko
and second by Tyna Hilton; motion carried 5-0.
9 . Staff Reports, Discussion, & Action
a. Foster & Foster, Troy Jenne, Plan Administrator
i. Troy Jenne commented he had nothing to report at this time.
10. Trustee Reports, Discussion, and Action -None.
11. Adjournment -The meeting adjourned at 10:52AM .
12. Next Meeting -September 15, 2025, at 1 0:00AM.
Respectfully submitted by : Approved by :
Tr : S'tnn ~ ~inistralor ~es~
Date Approved by the Pension Board : _________________ _
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