09-15-2025CITY OF EDGEWATER
POLICE OFFICERS' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
104 N. Riverside Drive
Edgewater, FL 32132
Monday, September 15, 2025, at 1 :30PM
TRUSTEES PRESENT: Myles Lawler
David Williams
Charles Geiger
Brian Gintz
Scott Gaboury
TRUSTEES ABSENT: None
OTHERS PRESENT: Pedro Herrera, Sugarman, Susskind, Braswell &
Herrera (via phone)
1.
2.
3 .
4.
Siera Feketa, Foster & Foster
Doug Lozen, Foster & Foster
Troy Jenne, Foster & Foster
John Thinnes, Mainer Institutional
Call to Order -Charles Ge iger called the meeting to order at 1 :46PM
Roll Call -As reflected above.
Public Comments -None.
Approval of Minutes
a. June 9, 2025, quarterly meeting
The Board approved the June 9, 2025, quarterly meeting minutes as
presented, upon motion by David Williams and second by Brian Gintz;
motion carried 5-0.
5. New Business
a. Trustee update
a. Troy Jenne introduced Scott Gaboury as the new member-
elected Trustee and welcomed him to the Board. Troy
discussed the general workings of the meetings and
determined he had served on a Board before.
The Board nominated Charles Geiger as Chairman, upon motion by Myles
Lawler and second by Brian Gintz; motion carried 4-0.
The Board nominated David Williams as Secretary, upon motion by Brian
Gintz and second by Myles Lawler; motion carried 4-0.
1
b. Proposed 2026 meeting dates
1. Troy Jenne reviewed the proposed 2026 meeting
dates with the Board.
The Board approved the proposed 2026 meeting dates presented, upon
motion by David Williams and second by Brian Gintz: motion carried 5-0.
c. Proposed 2025-206 budget
1. Troy Jenne reviewed the 2025-2026 proposed budget
with the Board.
The Board voted to approve the proposed 2025-2026 budget as presented,
upon motion by Myles Lawler and second by David Williams: motion
carried 5-0.
d. Summary Plan Description update
1. Troy Jenne reviewed the updated Summary Plan
Description with the Board.
The Board approved the Summary Plan Description to include the update
to the Board Trustees, upon motion by David Williams and second by Brian
Gintz; motion carried 5-0.
6. Reports (Attorney/Consultants)
a. Foster & Foster , Doug Lozen , Board Actuary
a. Experience study
1. Doug Lozen reviewed the Experience Study prepared
for the Board.
2. Doug Lozen explained that the current investment
assumption was 7.30% and he didn't believe this was
a good number to stay at. Doug provided options for
the Board to discuss, lowering the assumption rate
slightly.
3. Doug Lozen asked John Thinnes to discuss his
opinion with the Board. John recommended a 7.25%
assumption rate moving forward to take a slight
decrease moving toward a future of 7 .00%. Doug
commented he agreed with this glidepath method,
instead of an all at once move .
4. Doug Lozen reviewed the salary increase history and
projection moving forward.
5. Doug Lozen reviewed the Mortality Table with the
Board.
The Board approved the Experience Study option (8), but at a 7.25%
assumption rate with the October 1, 2025 valuation report, upon motion by
David Williams and second by Myles Lawler: motion carried 5-0.
b. Mariner Institutional, John Thinnes, Investment Consultant
a. Quarterly report as of June 30, 2025
2
1. John Thinnes spoke to the new Trustee to explain his
basic role in managing the pension fund.
2. John Thinnes commented on a recent award his
company won for being at the top of their profession.
3. John Thinnes reviewed the fund performance from
the past quarter. This included a sharp downturn
followed by a spike, to return about a 7% increase for
the quarter.
4. The market value of assets (MVA) as of June 30,
2025, was $19,005.325.
5. The total fund net returns were 8.25%,
underperforming the policy benchmark of 7.26%. The
1, 3, 5, 7, and 10-year trailing net returns were
11 .92%, 11.80%, 9.17%, 8.52% and 7.77%,
respectively . Since inception (10/1 /00), the net return
was 6.01 %, slightly underperforming the benchmark
of 6.13%.
6 . John Thinnes reviewed the strong performance for
the quarter versus their peers.
7. John Thinnes reviewed the domestic and international
performances, as well as real estate still holding its
own .
8. John Thinnes discussed the investment of the state
funds that were just received.
9. John Thinnes reviewed the Investment Policy
Statement (IPS) he handed out to the Board . John
discussed the new state law regarding doing business
with companies of concern and the most recent was
companies that refuse to do business with Israel.
John recommended updating the IPS.
The Board approved updating the Investment Policy Statement to include
the new law changes, upon motion by Brian Gintz and second by David
Willams; motion carried 5-0.
10. John Thinnes discussed a handout he gave the Board
regarding a fee adjustment Mariner was requesting .
The Board voted to approve the fee increase Option 2 beginning on
January 1, 2026, upon motion by David Williams and second by Scott
Gaboury; motion carried 5-0.
7.
8.
c. Sugarman, Susskind, Braswell, & Herrera, Pedro Herrera, Board
Attorney
a. Pedro Herrera gave a legal update on the Florida legislative
session.
Old Business -None.
Consent Agenda
3
12-08-2025
a. Payment Ratification
a. Warrant #112
b. New invoices for payment approval
a. None
c. Fund activity report for June 3, 2025, through September 8, 2025
The consent agenda was approved as presented, upon motion by David
Williams and second by Scott Gaboury; motion carried 5-0.
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Troy Jenne, Plan Administrator
a. State monies update
1. Troy Jenne informed the Board the state monies were
received in the amount of $302,630.99.
b. Educational opportunities
1. Troy Jenne reviewed upcoming educational
opportunities available to the Board.
10. Trustee Reports, Discussion, and Action -None.
11. Adiournment -The meeting adjourned at 2:45PM
12. Next Meeting -December 8, 2025, Quarterly Meeting, at 1 :30PM
Respectfully submitted by: Approved by:
Date Approved by the Pension Board: ______________ _
4