09-15-2025 CITY OF EDGEWATER
FIREFIGHTERS’ PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, September 15, 2025, at 11:30AM
TRUSTEES PRESENT: Kory Hayward
Dominick Fede
David Blair
James Daly
Jason Haynes
TRUSTEES ABSENT: None
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera (via
phone)
John Thinnes, Mariner Institutional
David Kelly, Bowen Hanes
Doug Lozen, Foster & Foster
Troy Jenne, Foster & Foster
Siera Feketa, Foster & Foster
1. Call to Order – David Blair called the meeting to order at 11:33AM.
2. Roll Call – As reflected above.
3. Public Comments – None.
4. Approval of Minutes
a. June 9, 2025, Quarterly Meeting
The Board approved the June 9, 2025, quarterly meeting minutes as presented,
upon motion by Dominick Fede and second by Kory Hayward; motion carried 5-0.
5. New Business
a. 2026 proposed meeting dates
i. Troy Jenne reviewed the proposed 2026 meeting dates.
The Board approved the dates as presented, upon motion by James Daly and
second by Kory Hayward; motion carried 5-0.
b. 2028-2026 proposed budget
i. Troy Jenne reviewed the proposed 2025-2026 budget with the
Board.
The Board voted to approve the 2025-2026 proposed budget as presented, upon
motion by Kory Hayward and second by James Daly; motion carried 5-0.
c. Updated Summary Plan Description
i. Troy Jenne reviewed the updated Summary Plan Description (SPD)
with the Board.
The Board approved the updated Summary Plan Description, upon motion by Kory
Hayward and second by Dominick Fede; motion carried 5-0.
ii. James Daly asked about the Death before Retirement, five or more
years interest, on the SPD on page 5-line G (2), and Siera Feketa
answered his question.
d. Review of service provider – Foster & Foster, Plan Administrator
i. Troy Jenne conducted the annual Service Provider review, which
was the Plan Administrator this year.
ii. The Board gave feedback on the Plan Administration performance.
The opinion of the Board was very positive. It was noted next year
the review would be for attorney services.
6. Reports (Attorney/Consultants)
a. Foster & Foster, Doug Lozen, Plan Actuary
i. Experience study
1. Doug Lozen reviewed the study prepared for the Board.
2. Doug Lozen reviewed the assumption return process and the
effect on the City’s contribution to fund the plan.
3. Doug Lozen reviewed the Summary portion of the experience
study and also discussed the assumption rate and the City’s
contribution requirement.
4. Doug Lozen commented he was comfortable with the 7.00%
assumption rate, but did acknowledge many plans, including
the Florida Retirement System that were moving toward the
6.75% rate.
5. Doug Lozen asked John Thinnes to comment, and John
recommended holding at the 7.00% assumption rate.
6. Doug Lozen gave a line-by-line review of the Summary. Doug
discussed the 4-year smoothing method used to mitigate
overly high and low years.
The Board approve continuing at the current 7.00% assumption rate and option (8)
of the experience study to be included for the October 1, 2025, actuarial valuation
report, upon motion by James Daly and second by Kory Hayward; motion carried
5-0.
b. Bowen Hanes & Company, David Kelly, Investment Manager
i. Quarterly report as of June 30, 2025
1. David Kelly gave a brief update on the market environment.
2. The current fiscal year to date market value of assets (MVA)
as of August 31, 2025, was $27,500,454.93.
3. David Kelly reviewed the fund performances by manager for
the Board.
4. David Kelly discussed the biggest movers in the portfolio for
the Board.
5. David Kelly reviewed the foreign and domestic holdings.
6. David Kelly discussed the market moving news coming up this
week with the Federal Reserve making a decision on rate cuts
this Wednesday, as well as later in the year.
c. Mariner Institutional, John Thinnes, Investment Consultant
i. Quarterly report as of June 30, 2025
1. John Thinnes reviewed the overall performance over the
past quarter.
2. John Thinnes reviewed the history of the AndCo to Mariner
switchover and the great award they received for being at
the top of their industry.
3. John Thinnes reviewed the asset allocation. As of June 30,
2025, the market value of assets (MVA) was $27,515,691.
4. The total fund net returns for the quarter ending June 30,
2025, were 11.49%, outperforming the policy benchmark of
7.71%. The 1, 3, 5, 7 and 10-year trailing returns were
13.27%, 16.26%, 12.22% 10.94% and 9.74%, respectively.
Since inception (12/01/01), the net return was 7.20%,
underperforming the benchmark of 7.37%.
5. John Thinnes reviewed the schedule of investable assets
chart with the Board.
6. John Thinnes did not have any recommendations for
rebalance.
7. John Thinnes reviewed the asset allocation versus their
peers.
8. John Thinnes reviewed the number one ranking amongst
their peers for the quarter and year-to-date.
9. John Thinnes provided a handout to the Board for State of
Florida having passed rules for not doing business with
certain companies. John commented he would work with
David Kelly to make sure the plan was in compliance.
The Board approved the new language to be added to the Investment Policy
Statement to comply with the new state law, upon motion by Kory Hayward and
second by James Daly; motion carried 5-0.
10. John Thinnes reviewed another handout he presented to the
Board addressing a fee adjustment for Mariner’s services.
The Board voted to approve the new fee schedule, proposal #2, to a percent of
assets structure as presented beginning January 1, 2026, upon motion by Kory
Hayward and second by James Daly; motion carried 4-1, with Dominick Fede
opposing.
d. Sugarman, Susskind, Braswell & Herrera, Pedro Herrera, Plan Attorney
i. Pedro Herrera discussed the legislative update with regard to HB
1519. Pedro recommended updating the Investment Policy
Statement.
7. Old Business – None.
8. Consent Agenda
a. Payment Ratification
i. Warrant #109
b. Invoices for payment approval
i. None
c. Fund activity report for June 3, 2025, through September 8, 2025
The consent agenda was approved as presented, upon motion by James Daly and
second by Dominick Fede; motion carried 5-0.
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Troy Jenne, Plan Administrator
i. Update on State Monies
1. Troy Jenne gave an update on the State Monies and
commented the plan received $301,768.39.
ii. Educational opportunities
1. Troy Jenne reviewed upcoming training opportunities
available to the Board.
10. Trustees’ Reports, Discussion, and Action
a. David Blair discussed the Wolf Popper securities monitoring solicitation he
received. Troy Jenne and Pedro Herrera discussed this with the Board.
John Thinnes spoke to the Board about the securities litigation firms and
what they offered to the Board. The Board requested to table until the next
meeting.
11. Adjournment – The meeting adjourned at 1:33PM.
12. Next Meeting – December 8, 2025, at 11:30AM.
12-08-2025