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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM OF THE VIRGIN ISLANDS REGULAR MEETING OF THE BOARD OF TRUSTEES ​ ​ ​ ​ ​ St. Thomas/St. Croix Thursday, May 29, 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: 4/24/25) 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. 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). A. Hunt Hearing Recommendation XIII. Privileges of the Floor​ ​ XIV. Adjournment GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING The Regular Meeting of the Board of Trustees was called to order at 9:35AM. 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. Trustee not present during roll call was Ronald E. Russell. A quorum was established with 5 voting Trustees present. Staff in attendance: Angel E. Dawson Jr., Administrator/CEO, Asiah Clendinen Gumbs, Senior Deputy Administrator, Michele Nico, Deputy Administrator, tshmael A. Meyers Jr., General Counsel, Shoran Sasso, Chief Benefits Administrator, 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. Ucilla Austrie, Accounting Coordinator, 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 Kelsha Williams from Law Offices of Williams and Williams, and Ms. Desiree Hill, stenographer. Comments and Suggestions from Retirees None Comments and Suggestions from Active Members None Secretary's Minutes (Regular Meeting — 04/24/2025) A motion was made by Trustee Dorsey to accept the minutes of April 24, 2025 and seconded by Trustee Clarke. The motion passed with Yes 5 (Clarke, Dorsey, Liger, Smith, and Callwood) and one (1) Absent (Russell). Communications and Correspondences None Chairperson’s Report On May 14, 2025, Chairman Callwood along with Trustee Smith, Chair of the Development Committee, and Administrator/CEO Dawson, met with Governor Bryan. Accompanying Governor Bryan at the meeting were representatives from the V.I. Housing Authority and the Office of Disaster Recovery. The meeting was a preliminary discussion about the development of l GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING affordable housing initiatives on the land GERS owns adjacent to Weymouth Rhymer Highway (Estate Hoffman). MEETINGS, PRESENTATIONS, AND APPEARANCES April 24 Board of Trustees Meeting April 25 V3locity Migration Project Status Meeting with Linea Solutions April 28 Budget Preparation Meeting V3locity Migration Executive Committee Meeting April 29 Launch Phase Discussion Meeting with Vitech and Linea Solutions May 8 GERS/Linea Secure Executive Status Update May 9 V3locity Migration Project Status Meeting with Line Solutions May 12 Management Meeting V3locity Executive Committee Meeting May 13 On-Site Meeting with Hampton by Hilton Developer May 14 Meeting with Governor, VIHFA Director and ODR Director re. possible Housing Development Partnership May 15 GERS Launch Phase Discussion Follow-Up Meeting with Havensight Visitor Center and Greenspace Designer May 18-22 National Conference on Public Employee Retirement Systems Conference Administrator Dawson issued a press release regarding the Limited Retiree Loan Program. As of May 28th, 2025, a total of 252 retirees have shown interest in securing a loan. The first appointments for consultations will be scheduled for early June, with additional appointments available until August. In addition, the Velocity Migration project continues to progress. The agency is nearing the completion of the launch phase of the V3locity migration, which is expected to conclude by the end of May. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Member Services Retirement Applications - as of May 15, 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total STX 147 111 118 177 143 114 165 142 135 149 56 STT 147 164 122 224 172 126 178 184 159 169 40 Total 294 275 245 401 315 240 343 326 294 318 96 Processed —_ 2 223 22 243 401 22 249 343 324 288 269 Remaining 1 0 0 0 0 ie) 2 6 49 34 —1 153 % Completed 99% 100% 100% 100% 100% 100% 100% 99% 98% 85% 2% 0% Contributions Processing-Refunds and Death Benefits April 2025 Refunds No. of Cases Completed Total Amount # Cases Pending Regular 72 $1,124,107.47 68 Erroneous 4 778.96 6 Employer Share 1 1,005.84 1 Overpayment 64 239,550.61 31 Total 141 $1,365,442.88 106 Death Benefits Total Amount No. of Cases Completed # Cases Pending Active 3 $ 187,737.41 37 Retired 1 49,891.92 26 Total 4 $ 237,629.33 63 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Accounting Department Annuity Payments No. of retirees as of May 15, 2025, payroll: 8785 Cumulative dollar paid out from October 1, 2024 — May 15, 2025 700 ‘| Pensioners $0.00 702 | Service Retirement Annuities $165,59 1,686.04 703 | Survivors’ Annuities $1,085,727.82 704 | Duty-Connected Death Annuities $1,602.15 705 ‘| Duty-Connected Disability Annuities $1,957,226.53 706 | Non-Duty Disability Annuities $1,004,798.67 Totals $169,641 ,041.21 Number of retirees added to payroll from October 1, 2024 — May 15, 2025. 194 Number of retirees added to the payroll for May 15, 2025, pay date. 13 Number of retirees expected to be placed on payroll for May 31, 2025, pay date: 12 Number of retirees deleted from payroll from October 1, 2024, through May 15, 2025: 179 Note: As of 05/15/2025 payroll, the Gross Retiree Payroll has arrived at $11,356,557.72 Disbursement by Location as of 05/15 Total Total Total Location Count Checks ACH Puerto Rico & Other islands 68 9 59 United States 1685 25 1660 International 5 2 3 1758 36 1722 St. Thomas 4121 62 4059 St. Croix 3526 56 3470 St. John 230 6 224 7877 124 7753 Total disb. 9635S 160 3947S GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM UNITS LOAN PORTFOLIO Total STT/STJ STX Active Personal Loans Retiree Personal Loans Auto Persona! Loans Total Active Loans Construction/Home Improvement Land Purchase/Refinance Totals TOTAL LOANS & MORTGAGES TOTAL OUTSTANDING April 2025 Active PL - Retiree PL - Purchase/Refi - Construction - Land Loans - Auto PL - GRAND TOTAL 2026 997 1029 88 45 43 1 0 1 2115 1042 1073 20 12 8 21 18 3 26 19 7 67 49 18 2,182 1,091 1,091 $16,266,869.39 $8,070,050.64 | $8,196,818.75 429,173.66 220,461.32 208,712.34 1,127,771.95 801,076.32 326,695.63 1,637,609.49 1,006,505.41 631,104.08 310,409.41 294,338.32 16,071.09 7,052.65 0.00 7,052.65 $19,778,886.55 $10,392,432.01 | $9,386,454.54 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Operations St. Croix Office Complex - Parking Lot Lamp Repairs & Upgrades Work is in progress—approximately 90% complete. St. Thomas Office Complex - No major issues to report Havensight Mall Hotel Development - The project is currently 91% complete, with significant milestones achieved. - Scheduled for a CZM Hearing for a modification of the permit ~ May 27, 2025. - August 5" — Soft Opening - October — Grand Opening Welcome Center The footing has been set. All major work is estimated to be completed by November 2025 with finishes/details to follow. Greenspace Finalizing RFP components to issue in June 2025. Rental Collection Office Buildings Rental and Electricity Collections - Exhibit A (below) April 2025 Total FYTD Arrearages Rental $189,735.34 $680,412.28 $45,322.12 Electric $82,696.95 $298,629.01 $ 51,238.67 Total $272,432.29 $979,041.29 $96,560.79 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING RENTAL — EXHIBIT A April 2026 Collection Late Charge FY 2026 FY 2026 Collection. Department of Justice $ 111,18900/$ 81,314577$ — 222,37800/$ 192,338.94 /§ 444, 74694]$ 37063.00]$ 26 10870 Division of Personnel 19,504.50 457,105.58 101,407.60 260,519.48 26,129 97 FirstBank 297.16 101.93 1,789 92 67869 2,468.61 PPE cioay Consieients, 6,556,36 45,894 52 45,804.82 Plessen Eye, LLC_ADMIN 4,625.10 21,143 34 21,143.38 8,259 12 Plessen Eye, LLC_ADMIN STORAGE 597.40 §,424 40 8,424.40 Plessen Eye. LLC_ASC 9.410.386 32,031.41 32,031.41 Equus Workforce Sotution 3607 40 1,280 46 12,696.11 4,203.78 46,229.89 ViCasino 24,084.00 74,799.00 74,789.99 Vi Police Department 8,935.00 107,220 60 407,220.00 Total income Received $ 189,736.34] 82,696.95 660,412.28 298,629.01 979,041.29] 4632212] 51,238.67 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. Ucilla Austrie, Accounting Coordinator, read the Treasurer's Report for the System and Havensight Mall for the month ending of April 30, 2025. Total Collections for April 30 2025, are $18M and FYTD is $196M. Total Disbursements for April 30, 2025, is $26M and FYTD is $180M; Net deficit for the month is $7M. FYTD Net Cash Surplus of $16M. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Havensight Mall. Total Collections for April 30, 2025 are $582K and FYTD $4M; Total Disbursements are $406K and FYTD is $3M. Net Cash surplus of $176K for the month and Net Cash Surplus of $1M FYTD. A motion was made by Trustee Clarke and seconded by Trustee Smith to accept the Treasurer’s Report for April 30, 2025. The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, and Callwood) and 1 Absent (Russell). Investment Report Mr. Glenville Henderson read the investment report for April 30, 2025 into the record. No cash raised for the month ending April 30, 2025 Tota! Plan returned 0.5% for the month Total Domestic Equity returned -0.8% for the month. Total International Equity returned 3.6% for the month o Developed Market Equity returned 4.7% o Emerging Market Equity returned 0.7% © Total Domestic Fix income Return 0.2% © Investment Grade Bonds returned 0.4% © TIPS returned 0.1% o High Yield Bonds returned -0.1% o Cash Returned 0.4% Total Alternatives returned 0.4% for the month. A motion was made by Trustee Dorsey and seconded by Trustee Clarke to accept the investment Officer’s Report for April 30, 2025. The motion passed with 4 Yes (Clarke, Dorsey, Smith, Callwood), 1 not voting (Liger) and 1 Absent (Russell). A motion was made by Trustee Smith and seconded by Trustee Dorsey to go into 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. The motion passed with 5 Yes (Clarke Dorsey, Liger, Smith, and Callwood), and 1 Absent (Russell). 8 GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Ex-Officio Richardson was excused from the Executive Session due to a conflict of interest arising from the individual involved in the subject matter being discussed. Executive Session A motion was made by Trustee Smith and seconded by Trustee Clarke to come out of Executive Session. The motion passed with 5 yes {Clarke, Dorsey, Liger, Smith, and Cal/wood and 1 Absent Russell). Regular Session The Chairman reported out of Executive Session that the Board discussed the Hearing Officer's recommendation regarding a Board Appeal. Privileges of the Floor None Adjournment A motion was made by Trustee Clarke and seconded by Trustee Dorsey to adjourn. The motion passed with 4 Yes (Clarke, Dorsey, Liger, Smith, and Cal/wood) and 1 Absent (Russell) The meeting ended at 10:38 A.M. The minutes were transcribed from the zoom recording by Zaida Castro, Legal Secretary to the General Counsel and reviewed and edit by Chairman Dwane Callwood, Angel E. Dawson Jr., Administrator and CEO, and Ishmael Meyers, General Counsel. Angel E. Dawson Jr. Administrator/CEO Secretary, GERS Board of Trustees 9