12-11-2017CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
City Hall Council Chambers
Monday, December 11, 2017 at 10:30AM
TRUSTEES PRESENT: Brenda DeWees
Tim Sopko
Tyna Hilton
Tiana Dewees
Bridgette King
TRUSTEES ABSENT: None
OTHERS PRESENT: Paul Daragjati, Klausner, Kaufman, Jensen & Levinson
Ferrell Jenne, Foster & Foster
1. Call to Order — Brenda DeWees called the meeting to order at 10:52AM.
2. Roll Call — As reflected above.
3. Public Comments — None.
4. Approval of Minutes
The minutes from the October 23, 2017, quarterly meeting were approved upon motion by
Tyna Hilton and second by Tim Sopko, motion carried 5-0.
5. New Business and Reports
a. New Council appointed trustee, Bridgette King
i. Board welcomed Bridgette King.
b. Renewal of 2018 FPPTA board membership
i. Ferrell Jenne explained that if the board wanted to renew their
membership for 2018, the annual subscription fee is $600.
The board approved the renewal of the FPPTA membership for 2018 upon motion by Tyna
Hilton and second by Bridgette King, motion carried 5-0.
c. 2018 proposed meeting dates
i. Ferrell Jenne reminded the board that all three pension plans meet on
the same day and commented she will send out an email once the dates
have been finalized with the other boards.
d. Memo from Foster & Foster regarding the online submittal of the valuation
reports
i. Ferrell Jenne reviewed the new state mandate to file all future valuation
reports online and the associated work and fees.
The board approved the additional fees to Foster & Foster for the online submittal of
valuation reports upon motion by Bridgette King and second by Tyna Hilton, motion
carried 5-0.
6. Old Business
a. Further discussion of updating the SPD and Plan Restatement
i. Paul Daragjati commented he reviewed the current ordinance and there
have been four updates. Paul commented that the SPD hasn't been
updated since 2009 and, per Chapter 112, it should be done every two
1
years. Paul commented that he would rewrite the SPD and capture all
statutory required. Paul commented it would take 3-4 hours at the most.
Paul recommended updating the SPD only and not moving forward with
the plan restatement. Paul commented that if more than four hours is
spent, there wouldn't be a charge for the additional hours.
The board approved Paul Daragjati to draft the updated Summary Plan Description for a
fee not to exceed $1,300 upon motion made by Tim Sopko and second by Tiana Dewees,
motion carried 5-0.
Reports
a. Klausner, Kaufman, Jenson, & Levinson (KKJL), Paul Daragjati, Board Attorney
i. Paul Daragjati reviewed the RMD memo and explained the IRC's
required minimum distribution. Board requested Ferrell Jenne to have
the actuary run a RMD report in conjunction with the valuation report.
Consent Agenda
a. Payment warrants for ratification.
i. Warrant #30
b. Payment warrants for approval.
i. Warrant #31
c. Fund activity report for October 17, 2017 — December 6, 2017.
The board voted to approve the consent agenda as presented upon motion by Bridgette
King and second by Tyna Hilton, motion carried 5-0.
Staff Reports, Discussion, and Action
a. Foster & Foster, Ferrell Jenne, Plan Administrator
i. Educational Opportunities.
1. Ferrell Jenne reviewed the upcoming FPPTA schools being held
January 28-31, 2018 and June 24-27, 2018.
10. Trustee Reports, Discussion, and Action — None.
11. Adjournment —The meeting adjourned at 11:09am
12. Next Meeting — March 19, 2018, at 10:30am.
Approved by:
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