10-23-2017CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Monday, October 23, 2017 at 10:30AM
TRUSTEES PRESENT: Brenda DeWees
Tim Sopko
Tyna Hilton
Tiana Dewees
TRUSTEES ABSENT: None
OTHERS PRESENT: Paul Daragjati, Klausner, Kaufman, Jensen & Levinson
Ferrell Jenne, Foster & Foster
Frank Wan, Burgess Chambers & Associates (BCA)
Julie Christine, HR Director
Mindy Johnson, Salem Trust
1. Call to Order — Brenda DeWees called the meeting to order at 10:32AM.
2. Roll Call — As reflected above.
3. Public Comments — None.
4. Approval of Minutes
The minutes from the June 19, 2017, quarterly meeting were approved upon motion by Tim
Sopko and second by Tyna Hilton, motion carried 4-0.
5. New Business and Reports
a. Appointed I.U.O.E Trustee, Tiana Dewees.
i. New Trustee, Tiana Dewees, was welcomed by the Board.
b. Resignation of John McKinney, Council appointed Trustee.
L Ferrell Jenne commented that John McKinney's seat would be discussed
at the November 13, 2017, City Council Meeting.
6. Old Business — None.
7. Reports
a. The Salem Trust Company, Mindy Johnson, Custodian.
i. Quarterly Service Report
1. Mindy Johnson briefly reviewed the service report, commenting
the report was generated on a quarterly basis.
2. Mindy Johnson reviewed the confirmation of receipt of
statements with the board and discussed who was listed to
receive statements.
3. Mindy Johnson reviewed the class-action process and
commented that there hadn't been any collections during the
past year. Mindy commented that they used CCC as a third -
party provider to process class-action claims and they charged a
fee of 20% of the award.
4. By consensus, the board agreed to continue services with Salem
Trust, and CCC, for class-action processing.
b. Burgess Chambers & Associates, Frank Wan, Investment Consultant
i. Quarterly Report as of September 30, 2017.
I . Frank Wan explained that he had both the June 30, 2017 and
September 30, 2017 reports on hand. The board requested
review of the September 30, 2017 report.
2. Frank Wan reviewed the compliance checklist.
3. Market value of assets as of September 30, 2017, were
$12,504,816.
4. Frank Wan commented that the plan was ranked in the 12th
percentile amongst its peers.
5. Total fund earnings for the quarter were 2.9% versus the
benchmark of 2.9%. The total fund returns for the trailing 1, 3,
and 5 -year periods were 9.3%, 5.7%, and 8.0%.
6. Frank Wan reviewed the asset allocation, commenting that
everything was in line with the Investment Policy Statement
(IPS).
7. Frank Wan reviewed the performance of each manager and the
market environment during the quarter.
c. Klausner, Kaufman, Jenson, & Levinson (KKJL), Paul Daragjati, Attorney
i. Discussion of a Plan Restatement and updated Summary Plan
Description (SPD).
1. Paul Daragjati commented that the plan document was drafted in
2008 and that there had been subsequent Ordinance
Amendments. Paul requested that the plan document be
updated by doing a Plan Restatement and SPD. Paul
commented it should take 10-15 hours of work, but if it took
longer than 15 hours, no further charge would be incurred.
Ferrell Jenne confirmed an hourly rate of $325. By consensus,
the board asked that this be tabled until the next meeting. The
board asked Ferrell to send the current SPD. Paul commented
that if just the SPD were updated, it would be no more than 5
hours.
8. Consent Aaenda
a. Payment Warrants for Ratification.
i. Warrant #28 & #29
b. Payment Warrants for Approval.
i. None
c. Fund activity report for June 13, 2017 — October 16, 2017.
The board voted to approve the consent agenda as presented upon motion by Tim Sopko
and second by Tyna Hilton, motion carried 4-0.
9. Staff Reports, Discussion, and Action
a. Foster & Foster, Ferrell Jenne, Plan Administrator
i. Educational Opportunities.
1. Ferrell reminded the board of the upcoming Division of
Retirement Conference, November 15 —17, 2017 in Orlando, FL.
H. Fiduciary Liability Update.
1. Ferrell confirmed that the new policy had been bound through
the City.
10. Trustee Reports, Discussion, and Action — None.
11. Adjournment — The meeting adjourned at 11:13am
12. Next Meeting — December 11, 2017, at 10:30am.
2
Respectfully submit d by:
Namerrell Jenne
Title: Plan Administrator
Approved by:
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Date Approved by the Pension Board: V3 am I ( -7