06-08-2020CITY OF EDGEWATER
GENERAL EMPLOYEES' PENSION BOARD
QUARTERLY MEETING MINUTES
Governor Ron DeSantis signed Executive Order 20-69 which suspends all statutes that require a
quorum to be present in person or require a local government body to meet at a specific public
place. It also provides that local government bodies may utilize communications media technology,
such as telephonic and video conferencing, as provided in section 120.54(5)(b)2, Florida Statutes.
Under Executive Order 20-69, the board meeting was held via video conference using Zoom
Meeting.
Monday, June 08, 2020, at 10.30AM
TRUSTEES PRESENT: Brenda DeWees
Bridgette Vaissiere
Tyna Hilton
Dilena Talley
Tim Sopko
TRUSTEES ABSENT: None.
OTHERS PRESENT: Bonni Jensen, Klausner, Kaufman, Jensen & Levinson
Frank Wan, Burgess, Chambers & Associates
Michelle Rodriguez, Foster & Foster
Call to Order — Brenda DeWees called the meeting to order at 10:32am.
2. Roll Call — As reflected above.
Public Comments — None.
4. Approval of Minutes
The minutes from the March 09, 2020 quarterly meeting were approved, upon motion by
Tyna Hilton and second by Bridgette Vaissiere; motion carried 5-0.
New Business
a. Bonni Jensen commented the Governor created an executive order where
meetings could be conducted virtually, and this policy had been extended
indefinitely but the declaration of emergency was only until July 7th and therefore it
was likely the next board meeting would probably be held in person.
The Board voted to accept the Virtual Meeting Policy as presented, upon motion by
Bridgette Vaissiere and second by Tim Sopko; motion carried 5-0.
Old Business
a. Brenda DeWees asked Michelle Rodriguez if there was an update
regarding Chris Mathewson. Michelle commented she reached out to the
City and was told he did not request a leave payout at retirement, so it was
not included in his Average Final Compensation.
Reports
a. Burgess, Chambers & Associates, Frank Wan, Investment Consultant
i. Quarterly Report as of March 31, 2020
1. Frank Wan reviewed the market environment for the last quarter
and commented the although the last quarter was extremely
volatile the plan assets had grown $12.3 million since last
Thursday. Frank advised the Board historically each drop in the
marker was typically up 20.0% one year later. ended negative, it
was already on the upswing
2. The market value of the plan as of March 31, 2020, was
$11,046,176.
3. The fund's total gross returns for the quarter were-11.1%,
underperforming the benchmark's return of -9.2%. Trailing total
fund gross returns for the 1, 3, and 5-year periods were -2.1 %,
3.9% and 3.5% respectively.
4. Frank Wan reviewed the fund's performance and the different
asset classes and what the driving factors were. Frank discussed
what potentially could happen if the workforce did not return to
normal in the upcoming months when the Federal stimulus that
went into companies started to run out and reviewed how this
could impact the stock market.
5. Frank Wan commented they were watching the international
market due to the principal of first in, first out of the pandemic.
Frank commented that the real estate market had done very well
and been able to collect 90.0% of their rents.
6. Bonni Jensen commented that American Core Realty had done a
very good job in communicating with their plans and keeping them
informed by providing them information.
7. Frank Wan commented that he spoke with Integrity Fixed Income
today and even though end of March they were underperforming
the benchmark, as of today, not only have they recovered, but they
were now outperforming their benchmark.
8. Frank Wan commented that the market impressively recovered
and was reacting to the optimistic future.
9. Bonni Jensen asked that since this was a closed plan and did not
have a significant cash inflow, did Frank Wan have
recommendations on future actions from the Board. Frank
commented that this plan was not mature so there was time to help
draw on the liquidity. This plan had stayed very balanced and this
was not the time to change things.
10. Brenda DeWees asked Frank Wan if we were expecting to see a
positive number for the end of the 2nd quarter. Frank commented
that the fiscal year and the calendar year numbers should both
drastically improve as long as nothing drastic happened from now
until the end of the month.
b. Klausner, Kaufman, Jensen and Levinson, Bonni Jensen, Plan Attorney
i. Covid-19 memos
1. Bonni Jensen commented over the course of the past few months
their office had sent out a lot of information to try to keep the Board
as up-to-date as possible regarding Covid-19. Bonni stated the
virtual meeting policy previously discussed covered the most
pertinent information to the Board.
ii. CARES and FFCRA Memos
1. Bonni Jensen commented most of the CARES Act would not affect
this plan. Bonni commented that the early withdrawal IRS penalty
of 10.0% had been waived if they were taking a corona virus
distribution in case there were any plan members with a 457
account.
iii. Financial Disclosure Forms
1. Bonni Jensen reminded the Board to make sure they filed their
Form 1's by July 1st and recommended filing via email, if available,
so they could get an immediate confirmation of receipt. Dilena
Tally asked if this was the same form that she had to fill out when
she first joined the Board and Bonni commented it was but she
should verify if the Supervisor of Elections had her form on file and
that she did not need to refile this year.
Consent Agenda
a. Ratification of Warrants
2
b. New invoices for payment approval
i. Warrant #62
c. Fund Activity Report for March 02, 2020 through June 01, 2020
The Board voted to approve the consent agenda as presented, upon motion by Tim Sopko
and second by Bridgette Vaissiere; motion carried 5-0.
Staff Reports, Discussion, and Action
a. Foster & Foster, Michelle Rodriguez, Plan Administrator
i. Educational Opportunities
1. FPPTA 361h Annual Conference (formerly Fall Trustee School),
October 4-7, 2020, Orlando, FL.
a. Michelle Rodriguez commented this conference would
replace the fall trustee school.
10. Trustee Reports, Discussion, and Action
a. Bonni commented that the plan administrator sent the Ordinance to the City and it
should be passed at the next City Council meeting. Bonni commented she would
attend that meeting if necessary.
9. Adiournment — The meeting adjourned at 11:15am.
10. Next Meeting — September 23, 2020, at 10:30am.
Respectfully submitted by: Approved by:
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Michelle Rodriguez', Plah'j4inistrator %Brenda DeWees, Chair
Date Approved by the Pension Board: September 23, 2020