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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM OF THE VIRGIN ISLANDS REGULAR MEETING OF THE BOARD OF TRUSTEES ​ ​ ​ ​ ​ St. Thomas/St. Croix Wednesday, June 18, 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: 5/29/25) 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. Privileges of the Floor​ ​ XIII. Adjournment GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING The Regular Meeting of the Board of Trustees was called to order at 9:37 AM. At roll call, Trustees present were Tahmin Clarke, Andre’ T. Dorsey, Leona E. Smith, and Dwane Callwood. The meeting was held in person and via Zoom. The trustees who were not present during roll call were Vincent Liger and Ronald E. Russell. A quorum was established with 4 voting Trustees present. Trustee Liger joined the meeting during the reading of the Investment Report. 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 D. C. Sasso, Chief Benefits Officer, Glenville Henderson, Investment Analysts, Jahmed Mills, Director of Retail, Dining, and Entertainment/Property Manager — Havensight, Mr. Roy Moorehead, Assistant Director and Chief Security Officer — Havensight Mall, 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, Aduke O. Baptiste, Records Retention & Imaging Coordinator, Chonda Todman, Benefits Assistant. Also, present at the meeting were Pedro K. Williams, Board Counsel, and Ms. Desiree Hill, Stenographer. Comments and Suggestions from Retirees None Comments and Suggestions from Active Members None Secretary’s Minutes (Regular Meeting - 05/29/2025) The minutes from May 29th must be corrected to accurately reflect that Trustee Liger was present. A motion was made by Trustee Dorsey to accept the minutes of May 29, 2025, as amended, and seconded by Trustee Clarke. The motion passed with Yes 4 (Clarke, Dorsey, Smith, and Callwood) and one (2) Absent (Liger and Russell). Communications and Correspondences Ex-Officio Cindy Richardson's letter dated June 10, 2025, notifying of her absence, was read into the record. Chairperson’s Report None May 30 May 30 June 2 June 3 June 4 June 6 June 9 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING MEETINGS, PRESENTATIONS, AND APPEARANCES June 12 -13 Member Services Retirement Applications - as of May 15, 2025 STX STT Total Processed Remaining 2015 147 147 294 223 4d % Completed 99% Havensight Focus Meeting Launch Phase of V3locity Migration officially concluded Retiree Loan Appointments began Havensight Phase 3 Update Meeting with IDEAS Memorandum increasing Employer Contributions to 26.5% issued Meeting with WICO on various issues V3locity Base-Migration Phase Kickoff United Steelworkers Negotiations No “Oo 2016 2017 2018 2020 2021 114 165 3 164 lz 224 172 126) 178 275 245 401 315 240 343 401 315 240 343 Oo 0 100% 100% 100% 100% 100% 100% 2022 142 184 326 324 99% 2023 135 159 294 288 98% 2024 149 169 318 278 87% 2025 70 55 125 15 110 12% to S Inn IO VIO | ex E 4 ° -_- tes] GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Contributions Processing-Refunds and Death Benefits May 2025 Refunds No. of Cases Completed Total Amount # Cases Pending Regular 16 $289,087.19 84 Erroneous 2 3,351.31 8 Employer Share | 5,128.53 0 Overpayment 31 94,121.60 It Total 50 $391,688.63 103 Death Benefits No. of Cases Completed Total Amount # Cases Pending Active 3 $ 140,286.92 39 Retired i] 110,550.25 27 Total 4 $ 250,837.17 66 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Accounting Department Annuity Payments No. of retirees as of June 13, 2025, payroll: 8775 Cumulative dollar paid out from October 1, 2024, to June 13, 2025 700 | Pensioners $0.00 702 | Service Retirement Annuities $187,763,022.72 703 =| Survivors' Annuities $1,230,011.53 704 | Duty-Connected Death Annuities $1,815.77 705 | Duty-Connected Disability $2,213,693.47 Annuities 706 | Non-Duty Disability Annuities $1,134,611.45 Totals $192,343,154.94 Number of retirees added to payroll from October 1, 2024, to June 13, 2025. 217 Number of retirees added to the payroll for June 13, 2025, pay date. 10 Number of retirees expected to be placed on payroll for June 30, 2025, pay date: 10 Number of retirees deleted from payroll from October 1, 2024, through June 13, 2025: 212 Note: As of 06/13/2025 payroll, the Gross Retiree Payroll has arrived at $11,353,002.56 Disbursement by Location as of 06/13/2025 Total Total Total Location Count Checks ACH Puerto Rico& 68 9 59 Other islands United States 1687 29 1658 International 5 2 3 1760 40 1720 St. Thomas 4118 57 4061 St. Croix 3522 55 3467 St. John 229 5 224 7869 117 7752 Total disb. 9629 157 9472 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING UNITS Active Personal Loans Retiree Personal Loans Auto Personal Loans Total Active Loans Construction/Home Improvement Land Purchase/Refinance Totals GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM LOAN PORTFOLIO TOTAL LOANS & MORTGAGES 2,186 TOTAL OUTSTANDING May 2025 Active PL - Retiree PL - Purchase/Refi - Construction - Land Loans - Auto PL - GRAND TOTAL 2015 992 1023 104 48 56 1 0 2120 1040 1080 19 12 7 2 18 B 26 19 7 66 49 17 1,089 1,097 $16,030,463.00 $7,956,154.44 $8,074,308.56 599,967.66 272,220.25 827,747.41 1,124,429.85 797,734.22 826,695.63 1,633, 734.52 1,003,419.05 630,315.47 309,861.56 293,790.47 16,071.09 6,915.96 0.00 6,915.96 1519,705,372.55 $10,323,318.43 $9,382,054.12 Administrator Dawson provided an update on the Limited Retiree Loan Program. In the St. Thomas/St. In John district, 144 retirees have been processed, while the St. Croix district has processed 126 retirees. Of the $7.5 million allocated to each district, we have processed $1,040,775 for St. Thomas, which accounts for 13.8% of the loan allocation. In St. Croix, we processed $936,600, or 12.4% of the loan allocation. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Operations St. Croix Office Complex Parking Lot Lighting Project — 100% complete. 1* Floor Ceiling Repair — Received two quotes, awaiting a third. Parking Lot Striping — invitation to bid from three companies. Round Aluminum Column Replacement — Invitation to bid received, awaiting two quotes St. Thomas Office Complex The elevator is at the end of its life expectancy. Received information on upgrade models. Another vendor has been contacted for quotes. Havensight Mall Hotel Development - The project is currently 95% complete. - Submitted electrical, plumbing, and fire department inspection requests to DPNR. CZM Hearing for a modification was held and approved with modifications. Haven Development is working on the CZM conditions list. Visitor Center foundation and walls are completed. Rental Collection | Office Buildings Rental and Electricity Collections — Exhibit A (below) May 2025 Total FYTD Arrearages Rental $120,553.92 $800,966.20 $8,259.12 Electric $39,428.73 $338,057.74 $37,820.88 Total $432,414.94 $1,139,023.94 $46,080.00 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING RENTAL — EXHIBIT A May2025 Collection Rental Rental Year-To- | Electrical Year-To- . Collection/ panei Date Collection for | Date Collection for eaneanann penal heal LateCharge c FY2025 FY2025 venue Collection earage rrearage Department of Justice $ 74,126.001$ 26,108.70 $ 296,504.00] $ 218.447.644$ 514,951.64] ¢ Divisionof Personnel 19,584.50 12,591.24 176,690.08 113,998.84 290,688.92 37,212.85 FirstBank 297.16 97.82 2,087.08 776.51 2,863.59 ae Coneultants 6.556 36 52,450.88 52,450.88 PlessenEye, LLC_ADMIN 4,129.56 25,272.90 25,272.90 8,259.12 PlessenEye, LLC_ADMINSTORAGE 597.40 6,021.80 6,021.80 PlessenEye, LLC_ASC 4,524.2 1 36,555.62 36,555.62 EquusWorkforceSolution 1,803.73 630.97 14.429 84 4,834.75 19,264.59 608.03 VICasino 74,799.00 74,799.00 ViPoliceDepartment 8,935.00 116,155.00 116,155.00 Total income Received $ 120,553.92 39,428.73 800,966.20 338,057.74 1,139,023.94 8,259.12 37,820.88 Committee Reports. (a) Investment Committee ~ Chairman Callwood — No Report (b) Development Committee — Trustee Leona E. Smith — No Report (c) Budget/Audit Committee Report — Chairman Callwood — No Report (d) Policy Committee Report — TBA — No Report Treasurer’s Report Ms. Denise Jeremiah, Chief Financial Officer, read the Treasurer’s Report for the System and Havensight Mall for the month ending May 31, 2025. Total Collections for May 31, 2025, are $14M and FYTD is $210M. Total Disbursements for May 31, 2025, is $26M and FYTD is $207M; Net deficit for the month is $12M. FYTD Net Cash Surplus of $4M. Havensight Mall. Total Collections for May 31, 2025, are S460K and FYTD $4M; Total Disbursements are $331K and FYTD is $3M. Net Cash surplus of $130K for the month and Net Cash Surplus of $1M FYTD. A motion was made by Trustee Smith and seconded by Trustee Dorsey to accept the Treasurer’s Report for May 31, 2025. The motion passed with 4 Yes (Clarke, Dorsey, Smith, and Callwood) and 2 Absent (Liger and Russell). GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Investment Report Mr. Glenville Henderson read the investment report for May 31, 2025, into the record. $20M raised for the month ending May 31, 2025. Total Plan returned 2.7% for the month Total Domestic Equity returned 6.4% for the month. Total International Equity returned 4.5% for the month o Developed Market Equity returned 4.7% Emerging Market Equity returned 4.0% Total Domestic Fix Income Return -0.1% Investment Grade Bonds returned -0.7% TIPS returned -0.6% High Yield Bonds returned 1.7% o Cash Returned 0.4% Total Alternatives returned 0.4% for the month. 0000 0 A motion was made by Trustee Dorsey and seconded by Trustee Clarke to accept the Investment Officer’s Report for May 31, 2025. The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, Callwood), and 1 Absent (Russell). Privileges of the Floor None Adjournment A motion was made by Trustee Clarke and seconded by Trustee Smith to adjourn. The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, and Callwood) and 1 Absent (Russell) The meeting ended at 10:23 A.M. The minutes were transcribed from the Zoom recording by Zaida Castro, Legal Secretary to the General Counsel, and reviewed and edited by Chairman Dwane Callwood, Angel E. Dawson Jr., Admini or and CEO, and Ishmael Meyers, General Counsel. Angel E. Dawson Jr. Administrator/CEO Secretary, GERS Board of Trustees