12-11-2018 CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOAF�D
QUARTERLY MEETING MfNUTES
City Hall Councrl Chambers
T�esday December 11, 20�8 at 10:30AM
TRUS7'EES PR�SENT: Bridgette King
Brenda DeVtlees
Tim Sopko
Tyna Hiltan
7RlJSTE�S ABSEN�: None
OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman; Jensen & Levinson (via
phone}
Frank Wan, Burgess, Chambers & Associates
Michelie Rodriguez, Foster& Faster
1. Ca11 to Order— Brenda DeWees c�lled the meeting to order at 10:49 a.m.
2. Roll Call—As reflected above.
a. It was noted that Wayne Nichols had retEred anc4 the IOU� trustee position was
now vacant.
3. Public Comments—None.
4. Appraval of Minutes
The boarcf �oted ta approve the minutes frorn the Sep#ember 26, 201�, quarferlV meetinq
as resented u on motion b T na Hilton ancf second frqm Tim So ka motion carried 4-fl.
5. New Business
a. Update on trustee reappointments
i. 8renda DeWees comtnented the City appainted trustee sea�s were
ratified at a previous commissian meeting. Michelle Rodriguez
commented sha would follow up with the City Clerk to veri�y the date.
6. OEd Business - None.
7. Reports
a. Burgess, Chambers &Associates, Frank Wan, Investment Consultant
i. Quarterly Report as of September 30, 2018
1. Frank Wan referenced histarical research that indicated stacks
were usually strong after midterm elections, Frank reviewed the
treasury yield curve and commented although a reeess�on was
not on tfne horizon, some research had irtdicated the percentage
a� prabability had increased.
2. �he Market Vaiue of the plan as of Septem6er 30, 2018 was
$12,53�',100.
y
3. The total fund gross returns for the quarter were 2.7%,
underperfarming th� benchmark of 2.9%. Trailing tatal fund
gross returns for t1�e 1, 3 and 5-year periods were 7.1%, 8.5°fo
and 6.7°/a respectively.
4. Frank Wan reviewed We�ls Fargo's performance and
commented since their performance was down, he
recos�nmended placing them back on the watch list.
5. Frank Wan commented the Virt�s Ceredex Large Cap Value
fun� was also down and recommended putting them on the
watcf� list and having tY�e manager come to the next meeting to
speak to fhe board.
6. Frank VVan commented the board made the right decisian in
lowering the assumed rate of return.
b. Klausner, Kaufrnan, Jensen and Levinson, Banni Jensen, Plan Attorney (via
phone)
i. Discussion of Vice Chair requirement
�. Bonni Jensen cammented the position of Vice Chair would stand
in fior the Chairperson if they were not ab[e to attend a meeting.
2. A discussion followed regarding the ordinance co�ering fhe issue
and it was nated Chapter 13 af the City Code had not been
�pdated to reflect the current ordinance,
3. Michelle Rodriguez commented she would follow up with the City
Clerk to update the City Code.
4. The baard discussed the need for a Vice Chair.
The board vofed to approve Briclqette Kinq as the Vice Chair, upon motion by Tyna Hilton
and second by Tim Sopko, motion carried_4-0.
ii. Discussion of educational session
1. Bonni Jensen commented sh� dr the investment cons�ltant were
auailable to prouide tl�e boarc� with an ed�cation s�ssion on a
variety of subjects. Brenda DeWees commer�ted an educatian
session once per year would �ae sufFicient.
Note: Frank Wan left at �1:20 am
2. Bridgette King and Tyna Hilton commented that they would like
to have a session regarding fiduciary responsibility.
Note: Frank Wan Returned at 11:25 am
3. Franic Wan commentecf he could present an overview of asset
dasses.
4. 7he board deeided by mutual cansent to inelude an education
session at fhe next board meeting and to move the start time to
9:30 am.
iii. Updated tax notice
1. Bonni Jensen reviewed the purpose of the upciated tax notice
and commented it contained required language from the IRS.
Bonni commented this form was given ta members who were
faking a lump sum of their pens�on funds.
iv. Updated RMLO designafion
1. Bonni Jensen commented the Gity Clerk, Robin Matusik was the
current Records Management Liaison Off€cer for the Edgewater
General Employee's Pension Soard. The board agreec� Upon
mutual consent to keep the current RMLt].
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$. Consent A enda
a. Ratification of Warranfs
i. Warrant#41 and #42
b. New invoices for payment approval
i. Warrant#43
c. Fund Activity Report for September 20, 2018 through December 4, 2d18
The board votec� ta a ro�e the consent a enda as resented u on motion b T na Hilton
and secand bv Tim Sopko, motion carried 4-0.
8. Staff Repor�s, Discussion, and Action
d. Foster& Faster, Michel�e Rodriguez, Plan Administrator
i. 4'ropased 2019 meeting dates
1. ll�ichelle reviewed the proposed 2019 meeting dates.
2. The baard agreed by mutual consent to accept the dates as
present�d.
ii. FPPTA renewal
1. �he board agreed by m�tual consent to renew the FPPTA
m�rrtbership.
iii. Upcoming educational opportunities
1. Michell� Rodriguez re�iewed upcaming educational
opportunities.
9, Trustee Reports, f]iscussion, and Action — None.
10. Adjournrnent—The meeting adjourned at 11:59 a.m.
11. Next Meetinq — March �1; 2d19, at 49:30 a.m.
Respectfully submitted by: Appro�ed by: ,,
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f�ame: Michelle Rodriguez .1 Name: Brenda DeVllees
Title: Plan Administrator l-itle: Chairperson
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Dat� Approvec4 by Che Pension Boar�d: ��.l i�'�.�'g � �� � �'���.-�� �_
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