09-16-2013 Edgewater Firefighter's Pension Fund
September 16, 2013
Council Chambers
6:00 p.m.
CALL TO ORDER:
Chairman Dominick Fede called to order the regular meeting of the Edgewater
Firefighters' Pension Fund Board on September 16, 2013 at 6:05 p.m. at the
Edgewater Council Chambers.
ROLL CALL:
Members present were Chairman Dominick Fede, Barbara Scott, Scott Hopkins,
Gary Butt and Shontella Jackson, Recording Secretary. Also present were David
Kelley of Bowen Hanes, Jack Evatt of Bogdahn Group, Doug Lozen and Ferrell
Jenne of Foster & Foster, John McKinney, Finance Director and Donna Looney,
Personnel Director.
Absent: Justin Nickels
APPROVAL OF MINUTES:
The minutes of June 17, 2013 meeting was submitted for approval. MOTION by
Scott Hopkins. SECOND by Barbara Scott to approve the minutes of June
17, 2013 Edgewater Firefighter's Pension Board as written. MOTION
CARRIED UNANIMOUSLY.
NEW BUSINESS:
Performance Snapshot by Bowen Hanes & Co
David Kelley presented the portfolio summary as of September 10, 2013. Bowen
Hanes & Company is currently charging 55 basis points. Mr. Kelley states when
the portfolio hits $1 million it would drop to 50 basis points. Mr. Kelley proposed
to drop fees to 50 basis points now. MOTION by Barbara Scott. SECOND by
Ga t to accept the lower fee ro osal. MOTION CARRIED
UNANIMOUSLY.
Performance by Foster & Foster— Completed Actuarial Valuation
Doug Lozen of Foster & Foster presented and reviewed the revised 2012
actuarial report with the Board. MOTION by Gary Butt. SECOND by Barbara
Scott to accept the new actuarial report by Foster & Foster. MOTION
CARRIED UNANIMOUSLY.
Performance snapshot by Bogdahn Consultants
Jack Evatt of Bogdahn Group presented the second quarter report ending June
30, 2013.
OLD BUSINESS
Plan Administrator
Chairman Dominick Fede opened the discusslon of plan administrator with
Foster & Foster or in house, Finance Direclor John McKinney stated the
consistence of all boards with a plan administrator under Foster & Foster is
desired, After reviewing the contract presented by Foster & Foster a discussion
regarding the fees and cost of the TPA agreement. A brief recess was called by
Doug Kogan at 7:10 pm. The meeting was called back to order at 7:13 pm.
Foster & Foster agreed to keep consistence with all the other Boards. MQjW
OV Scott n Sarbar_a_S_c t_ e
lit ter n n ces on pagg 8 p ragrapti 1
UNANIMOUSLY
Bond managers
Jack Evatt of Bogdahn Group presented a manager evaluation of domestic fixed
Income to the Board, Two companies were included in the evaluation: Agincourt
Caro and Integrity Core. S .fit
to leave thQ bond mangy r with Be_n I�as. Mt?TIONCAF3RtE0
UNANIIif MLY.
DISCUSSION ITEMS:
John McKinney stated that fiduciary insurance would cost$2455 for next year
and would like consent to proceed with the fiduciary insurance as agreed.
ADJOURNMENT:
MOTION by Dominick Fede SECOND by Gary Butt to adeoumed the
meeting at 8:00 p.m.
Minute r ctfully s itted by: Approved By:
Shontella Jackson cording Secretary Dominick Fede, Chairman
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Date Approved by the Pension Board: 0 ftm
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