12-16-2013 CITY OF EDGEWATER GENERAL EMPLOYEES' PENSION
BOARD QUARTERLY MEETING MINUTES
City Hall Council Chambers
Monday December 16, 2013 at 11:OOAM
TRUSTEES PRESENT: Brenda Dewees
Tim Spoko
John Brackin
John McKinney
TRUSTEES ABSENT: Gigi Bennington
Tyna Hilton
Bobby Laramore
OTHERS PRESENT: Lee Dehner, Board Attorney
Ferrell Jenne, Plan Administrator
Donna Looney, Personnel Director
Jack Evatt, Investment Consultant
1. Call to Order Brenda Dewees called the meeting to order at 11:10 AM.
2. Roll Call As reflected above.
3. No Public Comment
4. Approval of Minutes
The minutes from the September 16, 2013 special meeting September 16 2013 quarterly
meeting, and October 2 2013 special meeting were approved upon motion bV Tim Spoko
and second by John Brackin motion carried 4-0.
5. New Business
a. Board approves all 2014 meeting dates submitted by Christiansen & Dehner,
start time to remain at 11:OOAM.
6. Reports
a. The Bogdahn Group, Jack Evatt
i. Jack Evatt advises the Board that Investment Performance Review
information for the third quarter is preliminary data due to the errors
contained in the data provided by Salem Trust that were not corrected by
the time the report was produced. This is also noted on the front cover of
the report.
1. Mr. Dehner advises the Board/Finance Department to keep track
of any additional fees incurred due to the transition problems
Salem Trust encountered. John McKinney states that he
believes fees have been incurred and will present the Board with
an expense summary at the next quarterly meeting.
ii. Quarterly report as of September 30, 2013
1. Net earnings for the quarter were 6.11%, beating the policy
benchmark of 4.61% by 1.50% points.
2. Fiscal year to date returns were 14.28%, beating the policy
benchmark of 11.22% by 3.06% points.
3. Since inception, the fund is at 4.34%, underperforming the policy
benchmark of 5.21% by 0.87% points.
4. Jack Evatt does not have any recommendations to the Board at
this time.
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b. Christiansen & Dehner, Lee Dehner
i. Lee Dehner advises the Board that he believes there will be more Bills
that will be considered in Tallahassee. Mr. Dehner will update the Board
at the next quarterly meeting.
ii. IRC language was approved by the City Council, Lee Dehner requests a
signed copy.
7. Disbursements
Disbursements were approved as stated on the agenda upon motion made by John
McKinney and second by Tim Spoko, motion carried 4-0.
0. Staff Reports, Discussion, and Action
a. Ferrell Jenne, Plan Administrator
Addendum to the Investment Management Agreement for Integrity Fixed Income changing
the compensation to 25 basis points of the market value of the assets in the Investment
account was approved with a motion made by John McKinney and a second by Tim
Spoko, motion carried 4-0.
i. Fee survey results were presented to the Board. After reviewing the fee
results, John McKinney rests on changing any professional consultants
at this time due to the fact he feels like all fees are competitive. Lee
Dehner notes that doing a fee request every 3 years fulfills the role of
being a fiduciary to the Fund.
9. Trustees' Reports, Discussion, and Action
a. John McKinney proposes that the Board lays out when the Board member
elections are held and to add this information to the Operating Rules &
Procedures document.
i. John McKinney proposes that elections are held annually at the
December meeting
10. Adjournment The meeting adjourned at 11:50AM.
11. Next Meeting Monday, March 17, 2014 at 11:00AM
ectfulyu mitted by: Approved by:
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Date Approved By the Pension Board: "1
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