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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM OF THE VIRGIN ISLANDS REGULAR MEETING OF THE BOARD OF TRUSTEES St. Thomas/St. Croix Thursday, April 24, 2025 9:30 am ** AGENDA ** I. Call to Order II. Roll Call III. Comments and Suggestions from Retirees IV. Comments and Suggestions from Active Members V. Secretary’s Minutes (Regular: 3/27/25) VI. Communications and Correspondences VII. Chairperson’s Report VIII. Administrator’s Report IX. Committee Reports X. Treasurer’s Report XI. Investment Officer’s Report XII. REGULAR SESSION A. New Business (i). GERS March 2025 Performance Report XIII. EXECUTIVE SESSION This portion of the meeting will be closed to the public for matters pertaining to trade secrets / or financial or commercial information/ or personal/ or legal matters; or matters whose premature disclosure will frustrate the implementation of the proposed agency action. A. New Business (i). Medical Review Committee Recommendation XIV. Privileges of the Floor XV. Adjournment -- ----- ---- - GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING The Regular Meeting of the Board of Trustees was called to order at 9:31AM. At roll call, Trustees present were, Tahmin Clarke, Andre' T. Dorsey, Ex-Officio Cindy L. Richardson, Leona E. Smith, and Dwane Callwood. The meeting was held in person and via Zoom. Trustees not present during roll call were Vincent G. Liger and Ronald E. Russell. A quorum was established with 4 voting Trustees present. Trustee Liger joined the meeting during Meketa's GERS March 2025 Performance Report presentation. Staff in attendance: Angel E. Dawson Jr., Administrator/CEO, Asiah Clendinen Gumbs, Senior Deputy Administrator, Michele Nico, Deputy Administrator, Ishmael A. Meyers Jr., General Counsel, Denise Jeremiah, Chief Financial Officer, Shoran Sasso, Chief Benefits Administrator, Glenville Henderson, Investment Analysts, Jahmed Mills, Director of Retail, Dining, and Entertainment/Property Manager - Havensight, Ms. Dannica Thomas, Director, Communications, Engagement, & Organizational Effectiveness, Ms. Jerain Fleming, Executive Assistant to the Administrator, LeSean Moses, Computer and Benefits Systems Technician, IT, Nikia Coley, Administrative Assistant to the Board, Zaida M. Castro, Legal Secretary to the General Counsel Also, present at the meeting were Pedro K. Williams, Board Counsel, and Keisha Williams from Law Offices of Williams and Williams, Ms. Desiree Hill, stenographer, Leandro Festino, Managing Principal and Consultant, along with Shawn Bowen, Senior Vice President and Consultant, both from Meketa. Comments and Suggestions from Retirees None Comments and Suggestions from Active Members None Chairman Callwood proposed an amendment to the agenda to permit the Meketa representatives to present the March 2025 Performance Report due to time constraints. A motion was made by Trustee Clarke and seconded by Trustee Dorsey to reorder the agenda to have Meketa representatives present the March 2025 Performance Report1 after the Comments and Suggestions from Active Members. The motion passed with a vote of 4 in favor (Clarke, Dorsey, Smith, and Cal/wood) and two (2) absent (Liger and Russell). - - - GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING New Business - GERS March 2025 Performance Report Leandro Festino, Managing Principal and Consultant, along with Shawn Bowen, Senior Vice President and Consultant, both from Meketa, delivered the Performance Report for March 2025. Brief highlights of Meketa's presentation are the GERS' adjustments to the International Development Market, which split Russell 3000 index fund Investment into investments in a Russell 1000 index fund and a Russell 2000 index fund, showed improvement in the portfolio. The portfolio invests in low-cost index funds, which encourages daily liquidity and exposure to broad markets at a minimum cost. According to Meketa, the fund has performed well; Meketa reported that the fund is not to profit from daily movement in the market but instead, be well-positioned to do well in various environments. Investment Report Mr. Glenville Henderson read the investment report for March 31, 2025 in the record. $19.SM raised for the month ending March 31, 2025 Total Plan returned -1.8% for the month Total Domestic Equity returned -5.9% for the month. Total International Equity returned 1.4% for the month o Developed Market Equity returned 0.1% o Emerging Market Equity returned 1.2% o Total Domestic Fix Income Return -0.1% o Investment Grade Bonds returned 0.0% o TIPS returned 0.6% o High Yield Bonds returned -1.1% o Cash Returned 0.4% Total Alternatives returned 0.2% for the month. A motion was made by Trustee Clarke and seconded by Trustee Dorsey to accept the Investment Officer's Report for March 31, 2025. The motion passed with 5 Yes (Clarke, Dorsey, l.iger, Smith, Cal/wood) and l Absent (Russell). 2 - GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM MINUTES BOARD OF TRUSTF.ES REGULAR MEETING Secretary's Minutes (Regular Meeting- 03/27/2025) A motion was made by Trustee Clarke to accept the minutes of March 27, 2025 and seconded by Trustee Dorsey. The motion passed with Yes 5 (Clarke, Dorsey, Liger, Smith, and Cal/wood} and one (1} Absent (Russell). Communications and Correspondences None Chairperson's Report None Administrator's Report March 25 March 25-28 March 31 April 1-4 April 7-10 MEETINGS, PRESENTATIONS, AND APPEARANCES Meeting with Office of Collective Bargaining regarding ongoing matter Various meetings with Vitech and Linea Solutions Transfer Day Holiday Personal Leave Seatrade Cruise Global on behalf of Havensight Mall - World Cruise Tourism Summit - 2025 Global Cruising and Destination Outlook - Destinationlnnovation - Navigating Generational Shifts & Crafting Future-Ready Shore Experiences - Port Infrastructure Panel - State of the Global Cruise Industry Keynote - Retail Through a Cruise Leader's Lens - Issues Facing Growing Ports - Seizing the Cruise Port Opportunity - Driving the Future of Cruise Ports - Megatrends and the Future of Cruising 3