03-18-2013 Edgewater Firefighter's Pension Fund
March 18, 2013
City Hall Conference Room
6:00 p.m.
CALL TO ORDER:
Chairman Dominick Fede called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on March 18, 2013 at 6:10 p.m. at the
Edgewater City Hall Conference Room.
ROLL CALL:
Members present were Chairman Dominick Fede, Justin Nickels, Barbara Scott,
and Shontella Jackson, Recording Secretary. Also present were David Kelley of
Bowen Hanes, Jack Evatt of Bogdahn Group, Doug Lozen of Foster & Foster
and Jonathan McKinney, Finance Director.
Absent was: Gary Butt.
APPROVAL OF MINUTES:
The minutes of December 10, 2012 meeting was submitted for approval.
MOTION by Barbara Scott. SECOND by Justin Nickels to approve the
minutes of December 10, 2012 Edgewater Firefighter's Pension Board as
written. MOTION CARRIED UNANIMOUSLY.
NEW BUSINESS:
Report by Bowen Hanes
David Kelly of Bowen Hanes presented the portfolio as of March 14, 2013. Mr.
Kelly gave clarification on the bond types. Mr. Kelly stated that the current
portfolio owns bonds less than "A" but the firm feels it would be costly and
imprudent to sell all non-rated "A" bonds to purchase "A" or Better bonds. Mr.
Kelly plans to work with the City and ordinance language to accommodate less
than "A" rated bonds. The Board reviewed and discussed the portfolio summary.
Report by Bogdahn Consultants
Jack Evatt of Bogdahn Group presented the fourth quarter report ending
December 31, 2012. Mr. Evatt stated that ordinance changes have been needed
in the past three years. The general and police pension board is working on new
language and it should be completed by late 2013. The Board reviewed and
discussed the quarterly report.
Annual report by Foster & Foster
Doug Lozen of Foster & Foster presented the annual actuarial valuation to the
Board. Mr. Lozen stated that Foster & Foster will review all assumption and
conduct a study for the assumptions. This could lower the city's contribution. Mr.
Lozen state the study would not exceed the cost of $7000 and will return in June
with the results. MOTION by Barbara Scott. SECOND by Justin Nickels to
have Foster & Foster conduct the study of assumptions and for the cost
not to exceed $7000. MOTION CARRIED UNANIMOUSLY.
The Board had a brief discussion on the annual actuarial valuation. MOTION by
Justin Nickels. SECOND by Barbara Scott to approve the annual actuarial
valuation as written with the cost of $1500 for a reevaluation is needed.
MOTION CARRIED UNANIMOUSLY. Foster & Foster will provide a revised
copy to reflect the changes.
Employee for all city pensions
Chairman Dominick Fede discussed the plan to have an employee to oversee all
pension boards. Jonathan McKinney explained that the general and police have
had a plan advisor for their pension for a few years. The plan administrator will
manage all three pension plans and handle the ordinance changes needed for all
plans. Mr. McKinney advised the Board to join the general and police RFP for a
plan administrator which will be conducted in June. MOTION by Justin Nickels,
SECOND by Barbara Scott to join the RFP for a plan administration with
general and police. MOTION CARRIED UNANIMOUSLY.
Salem Trust signature update
Chairman Dominick Fede discussed and advised that he would like to have a
third party on the signature authorization with the Board. Mrs. Scott stated she
could not sign due to her current employer restrictions. No other party was
available to provide a signature. Chairman Dominick Fede stated he would ask
the personnel department to be an additional signature authorizer.
Board vacancies
Chairman Dominick Fede introduced Scott Hopkins to the Board. Mr. Hopkins
stated he is a retired firefighter. He was involved with the pension in New
Hampshire on the State Board. He is willing to serve on the Board and can be
very flexible and available. MOTION by Justin Nickels. SECOND by Barbara
Scott to appoint Scott Hopkins to Firefighters' Pension Board. MOTION
CARRIED UNANIMOUSLY.
ADJOURNMENT:
MOTION by Dominick Fede, SECOND by Barbara Scott to adjourned the
meeting at 8:08 p.m.
Minutes respectfully submitted by:
Shontella Jackson, Recording Secretary
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