06-09-2025CITY OF EDGEWATER
FIREFIGHTERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, June 9, 2025, at 11:30AM
TRUSTEES PRESENT: Kory Hayward
Dominick Fede
David Blair
TRUSTEES ABSENT: James Daly
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera (via
phone)
John Thinnes, Mariner Institutional
David Kelly, Bowen Hanes
Doug Lozen, Foster & Foster (via phone)
Troy Jenne, Foster & Foster
Trevor Barlow, Plan Member
1. Call to Order— David Blair called the meeting to order at 11:31AM.
2. Roll Call —As reflected above.
3. Public Comments
a. Trevor Barlow who was in the DROP, asked about the DROP balance if he
DROP exited before his normal October DROP date. Pedro Herrera
responded to this question commenting he believed the plan restatement
included that the interest was accrued through the end of the previous
quarter. Mr. Barlow thanked him for answering the question.
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 Kory Hayward and second by Dominick Fede; motion carried 3-0.
5. New Business
a. Election of 5th Trustee
i. Troy Jenne asked Pedro Herrera if nomination of the 5th trustee
could be held with only three trustees. Pedro recommended waiting
until there was a total of four trustees to elect the 5th trustee.
b. DROP extension to 8 years
i. A discussion of the DROP extending to 8 years from 5 years was
held at the Board's request.
ii. Doug Lozen addressed this as to their not being a cost incurred.
iii. Pedro Herrera discussed the formality of the process, to include the
bargaining process between the City and the Union before the Board
would get to a motion to approve the new ordinance.
c. Member contribution discussion
i. Dominick Fede asked Doug Lozen about the percent of payroll and
specifically who was included in the process in the cost study. Doug
advised it was only the firefighters that contributed to the pension.
Doug said this did not include DROP participants.
6. Reports (Attorney/Consultants
a. Foster & Foster, Doug Lozen, Plan Actuary
i. October 1, 2024, actuarial valuation report
1. Doug Lozen explained the actuarial valuation and how the
numbers were reflective of the four-year smoothing method
used for their plan.
2. Doug Lozen advised the City's required contribution went
from 19.9% to 19.6% this year.
3. Doug Lozen discussed the very strong investment
performance which was helping to keep them on pace for
another high funded status. The funding percentage was
slightly over 100%.
4. David Blair asked Doug Lozen about adding a benefit
improvement to the members, and how long would it take to
get back to the 100% range. Doug answered the question for
him, to include it was a two-pronged financial impact answer,
which Doug explained to the understanding of the Board.
5. Doug Lozen reviewed the need to update the Experience
Study (last one was 5 years ago), which would encompass
the FRS Mortality Study, which Doug explained to the Board
as well.
The Board approved the actuary prepare an actuarial experience study, upon
motion by David Blair and second Kory Hayward; motion carried 3-0.
The Board voted to approve the October 1, 2024, actuarial valuation report as
presented, upon motion by Kory Hayward and second by Dominick Fede; motion
carried 3-0.
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 Kory Hayward and second by Dominick Fede; motion
carried 3-0.
b. Bowen Hanes & Company, David Kelly, Investment Manager
Quarterly report as of March 31, 2025
1. David Kelly gave an update on the market environment and a
review of the political moves by the US government, and its
effect on the plan.
2. Current fiscal year to date MVA as of June 3, 2025, was
$26,427,844.55.
3. David Kelly advised a total plan increase as of June 3, 2025
of 6.1 %.
4. David Kelly discussed the market bounce back since
liberation day.
c. Mariner Institutional, John Thinnes, Investment Consultant
i. Quarterly report as of March 31, 2025
1. John Thinnes reviewed the overall performance over the
past quarter.
2. John Thinnes reviewed the performance versus their peers
which was very strong.
3. John Thinnes reviewed the asset allocation. As of March 31,
2025, the market value of assets was $24,761,733.
4. The total fund net returns for the quarter ending March 31,
2025, were -3.76%, underperforming the policy benchmark
of -0.38%. The 1, 3, 5, 7 and 10 -year trailing returns were
5.73%, 6.79%, 13.11% 9.55% and 8.52%, respectively.
Since inception (12/01/01), the net return was 6.78%,
underperforming the benchmark of 7.11 %.
5. John Thinnes reviewed the policy compliance and advised it
was still in balance.
6. John Thinnes did not have any recommendations for
rebalance.
d. Sugarman, Susskind, Braswell & Herrera, Pedro Herrera, Plan Attorney
i. Legislative update
1. Pedro Herrera discussed the legislative update, to include
the legislative session didn't end as expected, so the session
was still open. Nothing that directly affected this plan.
ii. Mariner Acquisition Agreement
1. Pedro Herrera discussed the consulting agreement with
Mariner and said this was ready to be signed.
iii. Pedro Herrera reviewed the financial disclosure for Trustees that
was due to be electronically filed by July 1, 2025.
7. ®Id Business —None.
8. Consent Agenda
a. Payment Ratification
i. Warrant #108
9-15-2025