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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM OF THE VIRGIN ISLANDS REGULAR MEETING OF THE BOARD OF TRUSTEES St. Thomas/St. Croix Thursday, September 25, 2025 10:00 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: 8/21/25) 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). Approval of the Fiscal Year 2026 Budgets of the GERS, Board of Trustees, and Havensight Mall (ii). Amend GERS Travel Policy to Synchronize Changes Made to the Board Travel Policy (iii). Discussion and Action Regarding Removal of Trustee XIII. Privileges of the Floor XIV. Adjournment GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM’S MINUTES BOARD OF TRUSTEES REGULAR MEETING The Regular Meeting of the GERS Board of Trustees for Thursday, September 25, 2025, was called to order at 10:03 a.m. The meeting was held both in-person and via Zoom. At roll call, Trustees present were Tahmin Clarke, Andre T. Dorsey, Vincent G. Liger, Ronald E. Russell, Leona E. Smith, Dwane A. Callwood and ex-officio member Cindy Richardson. A quorum was established with 6 voting Trustees present. Staff in attendance included: Angel E. Dawson, Jjr., Administrator/CEO; Ishmael A. Meyers, Jr., General Counsel; Asiah Clendinen Gumbs, Sr. Deputy Administrator/COO; Michele Nico, Deputy Administrator; Denise Jeremiah, Chief Financial Officer; Glenville Henderson, Investment Analyst; Dannica Thomas, Director of Communications, Engagement & Organizational Effectiveness; Bianca Phillips, Communication and Member Education Specialist; Zuleyma Chapman, Esq., Deputy Counsel; Jahmed Mills, Director of Retail, Dining, and Entertainment/Property Manager-Havensight; Roy Moorehead, Asst. Property Mgr./Chief of Security-Havensight; LeSean Moses, Computer and Benefits Systems Tech -IT; Nikia Coley, Admin. Assistant to the Board. Also present was Pedro K. Williams, Esq., Board Counsel. Comments and Suggestions from Retirees None Comments and Suggestions from Active Members None A motion was made by Trustee Dorsey and seconded by Trustee Liger to amend the agenda and move the item addressing the removal of a Trustee into Executive Session. The motion passed with 4 Yes (Dorsey, Liger, Smith, and Russell), and 2 No (Clarke and Callwood). Secretary’s Minutes (Regular Meeting - August 21, 2025) No edits or corrections were made. A motion was made by Trustee Smith and seconded by Trustee Dorsey, to accept the minutes of August 21, 2025. The motion passed with 6 Yes. Communication and Correspondence None Chairman’s Report Nothing to report GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM’S MINUTES BOARD OF TRUSTEES REGULAR MEETING Administrator’s Report MEETINGS, PRESENTATIONS, AND APPEARANCES August 18 V3locity Migration Executive Committee Meeting August 25 Meeting with Senators re. Possible Development of GERS Lands August 26 Meeting with Senator Carla Joseph and UVI President Geroge re. Bill No. 36-0061 August 27 Internal Budget Meeting Augst 28 -Sept. 5 Personal Leave September 12 __ All-Staff Meeting September 15 GERS Steering Meeting re. V3locity Migration Project Member Services Retirement Applications - as of September 15, 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202 202 Total STX 147, (111 «118 = 177, 143,114 165 142,136 150 *106 ° 2 STT 142 164 122 224 172 126 178 184 _159 169 85 —1 Total 294 275 «245 «= 401 3315 240 343) 326 295 319s:*191—s 8 Processed 293 275 245 401 315 240 343 324 _292 303 -63 0 Remaining “I _0 0 _0 _9O 9 _Q _2 _3 16 128 _3 153 % Completed 99% 100% 100% 100% 100% 100% 100% 99% 99% 95% 33% 0 & Contributions Processing-Refunds and Death Benefits August 2025 Refunds No. of Cases Completed Total Amount # Cases Pending Regular 58 $926,700.42 83 Erroneous 6 1,796.66 2 Employer Share 1 1,074.62 1 Overpayment 26 45,958.67 9 Total 91 $975,530.37 95 Death Benefits No. of Cases Completed _Total Amount # Cases Pending Active 6 $153,885.05 35 Retired 4 256,967.89 27 Total 10 $410,852.94 62 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM’S MINUTES BOARD OF TRUSTEES REGULAR MEETING Accounting Department Annuity Payments No. of retirees as of September 15, 2025, payroll: 8778 Cumulative dollar paid out from October 1, 2024 - September 15, 2025 700 | Pensioners $0.00 702 | Service Retirement Annuities $254,365,606.04 703 | Survivors’ Annuities $1,663,855.94 704 | Duty-Connected Death Annuities $2,2456.63 705 | Duty-Connected Disability Annuities $2,985,463.26 706 | Non-Duty Disability Annuities $1,530,686.57 Totals $260,548,068.44 Number of retirees added to payroll from October 1, 2024 - September 15, 2025. 294 Number of retirees added to the payroll for September 15, 2025, pay date. 15 Number of retirees expected to be placed on payroll for September 30. 2025. pay date: 7 Number of retirees deleted from payroll from October 1, 2024, through September 15, 2025: 286 Note: As of 09/15/2025 payroll, the Gross Retiree Payroll has amved at $11,370,926.43 Disbursement by Location as of 09/15/2025 Total Total Total Location Count Checks ACH Puerto Rico & Other islands 67 9 58 United States 1692 30 §=61662 International 5 2 3 1764 41 #1723 St. Thomas 4138 62 4076 St. Croix 3540 46 3494 St. John 225 5 220 7903 113. 7790 Total disb. 9667 134 869513 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM’S MINUTES BOARD OF TRUSTEES REGULAR MEETING GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM LOAN PORTFOLIO UNITS Active Personal Loans 1979 971 1008 Retiree Personal Loans 605 270 335 Auto Personal Loans 1 0 1 Total Active Loans 2585 1241 1344 Construction/Home Improvement 16 9 7 Land 10 10 0 Purchase/Refinance 12 11 1 Totals 38 30 8 TOTAL LOANS & MORTGAGES 2,623 1,271 1,352 TOTAL OUTSTANDING August 2025 [ete sissy sx Active PL - $14,701,135.14 $7,263,142.47 $7 ,437,992.67 Retiree PL - 4,331 ,880.32 1,888,678.19 2,443 ,202.13 Purchase/Refi_ - 834,569.78 681,127.91 153,441.87 Construction - 1,415,440.15 796,785.01 618,655.14 LandLoans~ - 1,555,474.65 1,555,474.65 0.00 Auto PL - 5,943.19 0.00 5,943.19 GRAND TOTAL $22,844,443.23 $12,185,208.23 $10,659,235.00 Operations Security Systems: A proposal was received from the Security Services provider for additional cameras. Safety Equipment: Fire Pump, Fire Control Panel repair completed. Alarm system indicating Pump Tamper Switch in the system. All Starfire alerted. GERS EXECUTIVE OFFICES BUILDING: Modification of the Temperature Controller for the Units was completed in all areas. PLESSEN OPTHALMOLOGY BUILDING: Sanitary line & Toilets replacement Capital Project in progress by Brothers Construction Inc. This project is approximately 90% completed. An order change is GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM’S MINUTES BOARD OF TRUSTEES REGULAR MEETING expected due to some unforeseen damage that needs to be corrected. (Broken underground domestic waterlines}. CASINO COMMISSION CONTROL BUILDING: No issues or concerns. HVAC The A/C Unit for the Maintenance and Storage areas will be replaced as it is also inoperable. Estimates received and submitted for review and approval. Quarterly Maintenance Proposals for all HVAC systems were received. Legal to draft Maintenance Agreement. Maintenance The A/C Chiller system was cleaned of accumulated dirt/natural elements. All fitters in the four air handler rooms were replaced. Environmental Cleaning of HVAC System ADCON Environmental Services has completed the cleaning in the DOJ, Attorney General, and OCB areas. The DOP areas will undergo the same cleaning procedures next. Air Purifiers and Dehumidifiers Air purifiers and dehumidifiers have been installed in the following areas: COO, CEO, Administration, Member Services, Accounting, Legal, Records, IT, Payroll, CFO, Customer Service, and Operations. Although our air quality is already within acceptable standards, these units were added to enhance indoor air quality further. Regular maintenance is also in place to ensure proper performance. Air Conditioning Unit Replacement The air conditioning unit for the first floor has been ordered and is expected to arrive in September. Once received, the current unit will be removed and replaced to restore comfort in the rented space. VIPD currently leases this space. REP for GERS Main STT ~ Restroom and Lobby Rehabilitation and ADA Compliance The facility has been experiencing random copper line bursts in various areas. The replacement of waterlines as part of the scope of work for the restroom and lobby rehabilitation and ADA compliance will alleviate this issue. RFP has been issued for the GERS Main Building. ° Request for Proposal Announcement August 27th, 2025 ° Pre-Proposal Conference/Walkthrough September 10th, 2025, at 10am e Final Day for Questions September 12th, 2025, at 4pm ° Provide Responses by: September 17th, 2025, at 5pm ° Deadline for Submissions October 3rd, 2025, at 4pm ° Selection committee reviews October 8th, 2025 ° Interview, Presentations October 10th, 2025 (if necessary) e Selection of Finalist(s) and Notification October 14th, 2025 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM’S MINUTES BOARD OF TRUSTEES REGULAR MEETING ° Contract Preparation October 20th, 2025 ° Contract Execution & Project Initiation November 3rd, 2025 Generator: Works, no issues; regularly serviced. The diesel tank is at 100% capacity. Projects Ongoing: Replacing electrical wiring and butbs in the courtyard. Covered parking, Asphalt replacement Greenspace Park RFP Issued Monday, August 18, 2025 Pre-Bid Meeting & Site Visit Friday, August 29, 2025, at 9:30 AM at White House (Havensight) Deadline for Clarification Requests Tuesday, September 2, 2025, at 5:00 PM Responses to Questions Issued Friday, September 5, 2025 Proposal Submission Deadline Friday, September 719, 2025, at 4:00 PM AST (By email only) Evaluation by Selection Committee Tuesday, September 23, 2025 Notification of Finalist(s) Monday, September 29, 2025 Contract Execution & Project Start Friday, October 3, 2025 Demolition Work Contractor has demolished and removed some contracted portions of old concrete and damaged roofing finish materials and has removed them from the site. All roof areas were cleaned and are free of any loose materials. This project is 90% completed Installation Work The contractor has installed several booth kits and composite protective casings to safeguard the roof penetration from potential water leakage. FP fo : ing of th Shop Buildi g The selection committee met with evaluations of the submitted bids and subsequently selected a contractor. Contract pending and Notice to Proceed is imminent. The generator (New Caterpillar 2,000 kW Genset 3516C - Model 2023) is 98% complete and worked in accordance with the outlined scope of work during the recent power outages. A final walk-through for final approval will be scheduled, final invoices need to be submitted, and a maintenance agreement drafted. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM’S MINUTES BOARD OF TRUSTEES REGULAR MEETING Office Buildings Rental and Electricity Collections — Exhibit A(below) August 2025 Total FYTD Arrearages Rental $52,077.42 $953,627.23 $74,126.00 Electric $671.88 $383,790.11 $81,458.65 Totat $52,749.30 $1,337,417.34 $155,584.65 August 2028 Collection ee SEE Rental E ' Rental Year-To- | Electrical Year-To-| — arvad Collection! arate Date Collection for | Date Collection for} on a | Late Charge FY 2028 FY 2025 Department of Justice $ - |$ - |S — 206,50400]$ 21047849 : $ 52,21742 puhmom Meter Obision of Personnel 34,169.00 . 230,443.58 153,902.07 5,077.47 — FistBank 27.18 113.13 2978.56 101255] Ptessen Eye, LLC ADMIN 4,120.56 : 6416.24 5 Plessen Eye, LLC. ADMIN STORAGE 597.40 : 7,814.00 Plessen Eye, LiC_ASC 524 21 . 50,309.22 ji ° Equa Workforce Solution 1,603.73 558.75 19,841.03 6,765.50 2 703.20 dy rene WiCasino : 99,732.00 : . ViPotce Department 134,025.00 3,762.35 437,707.38 . 9460.58 om Total income Received | $ 82,077.42 671.88 983,627.23 363,790.11 74,126.00] 81,458.65 Committee Reports The Budget Committee met on Sept. 23 to review the budgets for the GERS System and Havensight Mall for 2026. The budgets will be voted on later in the agenda. Treasurer’s Report Ms. Denise Jeremiah, CFO, presented the Treasurer’s Report for the System and Havensight Mall for the month ending August 31, 2025. GERS’ Schedule of Receipts and Disbursements: - Total Collections for August 2025 are $17.9M, and $256,293.761 FYTD. - Total Disbursements for August 2025 are $26.2M, and $287,682,693 FYTD. - This represents a Net Cash Deficit of $8.3M for the month of August 2025, and a Net Cash Deficit of $31.4M FYTD. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM’S MINUTES BOARD OF TRUSTEES REGULAR MEETING Havensight Mall’s Schedule of Receipts and Disbursements: - Total Collections for August 2025 are $602,902, and $5.8M FYTD. - Total Disbursements for August 2025 are $855,237 and $5.7M YTD. - This represents a Net Cash Deficit of $252,335 for the month of August 2025, and a Net Cash Surpius of $143,537 FYTD. A motion was made by Trustee Dorsey and seconded by Trustee Clarke, to accept the Treasurer’s Report. The motion passed with 6 Yes. Investment Officer’s Report Glenville Henderson gave an update of the Investment Portfolio as of August 31, 2025. Market Highlights: Corporate earnings, inflation trends, and expectations for lower interest rates contributed to positive global equity performance in August. In fixed income, investment-grade credit gained, supported by companies reporting earnings above analyst forecasts. Total Plan returned 2.0% MTD Total Domestic Equity returned 2.8% MTD - Russell 1000 Index returned 2.1% - Russell 2000 Index returned 7.2% Total International Equity returned 3.7% MTD - Developed Market Equity returned 4.3% - Emerging Market Equity returned 1.9% Total Domestic Fixed Income returned 1.3% MTD - Investment Grade Bonds returned 1.2% - TiPS returned 1.6% - High Yield Bonds returned 1.3% - Cash returned 0.4% Total Alternatives returned -0.4% MTD (excludes Member Loan Programs as well as St. Thomas and St. Croix Facilities) Monthly Cash Flow Update: The month ended at approximately $485M - $20M raised o $11M-—Domestic Equity o $4,.5M-U.S. TIPS o $2.5M-U.S. High Yield Bonds o $2M-Investment Grade Bonds GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM’S MINUTES BOARD OF TRUSTEES REGULAR MEETING A motion was made by Trustee Dorsey and seconded by Trustee Smith to accept the Investment Officer’s Report. The motion passed with 6 Yes. A motion was made by Trustee Clarke and seconded by Trustee Dorsey to go into Executive Session. The motion passed with 6 Yes. After Executive Session A motion was made by Trustee Dorsey and seconded by Trustee Clarke to adopt the FY2026 budget for the GERS. The motion passed with 5 Yes and 1 Absent (Russell). A motion was made by Trustee Dorsey and seconded by Trustee Liger to adopt the FY2026 Budget for Havensight. The motion passed with 5 Yes and 1 Absent (Russell). A motion was made by Trustee Dorsey and seconded by Trustee Clarke to amend the GERS’ Travel Policy to mirror the Travel Policy that was adopted for the Board of Trustees in the August Board Meeting, allowing for consistency across the entire organization. The motion passed with 5 Yes and 1 Absent (Russell). Privileges of the Floor Administrator Dawson officially introduced Attorney Zuleyma Chapman as the new Deputy General Counsel for GERS. Atty Chapman is based in the GERS’ St. Croix office. Adjournment A motion was made by Trustee Dorsey and seconded by Trustee Clarke to adjourn the meeting. The motion was passed with 5 Yes and 1 Absent (Russell). The Board of Trustees’ Meeting was adjourned at 11:46 a.m. The minutes for the Regular Meeting of the GERS Board of Trustees were transcribed from the meeting as well as the Zoom recording, by Jerain Fleming, Executive Assistant to the Administrator. They were reviewed and edited by Angel E. Dawson, Jr., Administrator and CEO. aw Angel E. Dawson Jr. : Administrator/CEO Secretary, GERS Board of Trustees