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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM OF THE VIRGIN ISLANDS REGULAR MEETING OF THE BOARD OF TRUSTEES ​ ​ ​ ​ ​ St. Thomas/St. Croix Thursday, February 27, 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: 1/23/25) 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). Presentation of Property Appraisal Reports XII. 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 9:38AM. At roll call, Trustees present were, Tahmin O. Clarke, Andre’ T. Dorsey, Vincent G. Liger, Ex-Officio Cindy L. Richardson, Leona E. Smith, and Dwane Caillwood. 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. Trustee Russell joined the meeting during the discussion of the Limited Retiree Program. 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, Glenville Henderson, Investment Analysts, Jahmed Mills, Director of Retail, Dining, and Entertainment/Property Manager — Havensight, Roy Moorehead, Assistant Director/Chief Security Officer Havensight Mail, 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. Ms. Desiree Hill, the stenographer, was not present but will transcribe the minutes using the Zoom recording. Comments and Suggestions from Retirees None Comments and Suggestions from Active Members None Chairman Callwood requested an amendment to the agenda to include the topic of the Limited Retiree Loan Program following the recording of the Secretary's Minutes, proceeded by the Treasurer's Report and then the Investment Report. A motion was made by Trustee Dorsey and seconded by Trustee Clarke to amend the agenda to include the topic of the Limited Retiree Loan Program proceeded by the Treasurer’s Report and Investment Officer’s Report. The motion passed with a vote of 5 in favor (Trustees Clarke, Dorsey, Liger, Smith, and Callwood) and one (1) absent (Russell). Secretary’s Minutes (Regular Meeting — 01/23/2025) A motion was made by Trustee Dorsey to accept the minutes of January 23, 2025 and seconded by Trustee Clarke. The motion passed with Yes 5 (Clarke, Dorsey, Liger, Smith, and Callwood) and one (1) Absent (Russell). GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Limited Retiree Loan Program The Investment Committee proposed a Limited Retiree Loan Program with parameters: loans ranging from $2,500 to $7,500, terms up to five years, at an 8% interest rate, with authorization for one year, totaling $7.5M per district. Chairman Callwood requested a motion to adopt this recommendation. A motion was made by Trustee Dorsey and seconded by Trustee Smith to accept the recommendation of the Investment Committee regarding the Limited Retiree Loan Program and its parameters. The motion passed with Yes 6 (Clarke, Dorsey, Liger, Russell, Smith, and Callwood) Treasurer’s Report Ms. Denise Jeremiah, CFO, read the Treasurer’s Report for the System and Havensight Mall for the month ending of January 31, 2025 Tota! Collections for January 31, 2025 are $13M and FYTD is $150M. Total Disbursements for January 31, 2025 is $25M and FYTD is $105M; Net deficit for the month of January is $12M. FYTD Net Cash Surplus of $45M. Havensight Mall. Total Collections for January 31, 2025 are $601K and FYTD $2M; Total Disbursements are $361K and FYTD is $1M. Net Cash surplus of $240K for the month of January 31, 2025 and Net Cash Surplus of $567K FYTD. A motion was made by Trustee Dorsey and seconded by Trustee Smith to accept the Treasurer's Report for January 31, 2025. The motion passed with 6 Yes (Clarke, Dorsey, Liger, Russell, Smith, and Callwood) investment Officer’s Report Mr. Glenville Henderson read the investment report for January 31, 2025 in the record. $19M raised for the month ending January 2025. Total Plan returned 2.2% for the month Total Domestic Equity returned 3.2% for the month. Total International Equity returned 4.4% for the month o Developed Market Equity returned is 5.3% o Emerging Market Equity returned 1.8% GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING o Total Domestic Fix Income Return 0.9% oa Investment Grade Bonds returned 0.5% o TIPS returned 1.3% © High Yield Bonds returned 1.4% o Cash Returned 0.4% Total Alternatives returned 0.5% for the month A motion was made by Trustee Dorsey and seconded by Trustee Clarke to accept the investment Officer’s Report for January 31,2025. The motion passed with 6 Yes (Clarke, Dorsey, Liger, Smith, Russell, Caltwood) Communication and Correspondences None Chairman’s Report Traveled to Washington D. C. from February 11th -14th and met with VI Delegate to Congress, Stacey Plaskett and Democratic and Republican members of Congress to discuss the rum cover over funding. Administrator Dawson and 4 Senators of the 36th Legislature also took part in the meetings. Administrator's Report MEETINGS, PRESENTATIONS, AND APPEARANCES January 22 Contract Discussions with Linea Solutions January 23 Board of Trustees Meeting January 24 Planning Meeting with Executive Staff Meeting with Hampton by Hilton Developer January 27 Attended State of the Territory Address January 28 Meeting with Delegate Plaskett and Board of Trustees GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Administrator’s Report CONTINAUTION OF MEETINGS, PRESENTATIONS, AND APPEARANCES February 4 New Trustee Orientation with Mr. Tahmin Clarke February 7 V3locity Upgrade Planning and Preparation Meeting February 11-14 Travel to and from Washington D.C. with Chairman Callwood at invitation of Delegate Plaskett to meet with various House of Representative Members regarding increase of Rum Tax Cover- Over Rate February 18 Havensight Website Review with IDEAS February 20 Employee Grievance Hearing Vitech JIRA Update Meeting Linea Project Status Touchpoint Meeting Member Services Retirement Applications - as of January 15, 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 STX 147 111 118 177 143 114 165 142 135 146 18 STT 447 164 Jaz 224 172 126 «6178 184 _159 161 —& Total 294 275 245 401 315 240 343 326 294 307 24 Processed 293-275-245 40:20 3438 324286 gg _O Remaining 1 0 ie) (a) 0 0 0 2 8 11g) 24 % Completed 99% 100% 100% 100% 100% 100% 100% 99% 97% 62% 0 & Contributions Processing-Refunds and Death Benefits January 2025 Refunds No. of Cases Completed Total Amount # Cases Pending Regular 26 $377,537.69 65 Erroneous 0 0 10 Employer Share 2 493.47 0 Overpayment 18 29,148.44 25 Total 46 $407,179.60 100 4 o - Es E GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Member Services Contributions Processing-Refunds and Death Benefits January 2025 Death Benefits No. of Cases Completed Total Amount # Cases Pending Active 5 $ 67,756.52 35 Retired 2 39,446.72 27 Total 9 $ 107,203.24 62 Accounting Department Annuity Payments No. of retirees as of February 15, 2025, payroll: 8760 Cumulative dollar paid out from October 1, 2024 — February 15, 2025 700 {Pensioners $0.00 702 ~=|Service Retirement Annuities 99,239,001.13 703 = |Survivors' Annuities 652,679.56 704 |Duty-Connected Death Annuities 961.29 705 |Duty-Connected Disability Annuities 1,180,287.43 706 ~=|Non-Duty Disability Annuities 603,185.88 Totals 101,676,115.29 Number of retirees added to payroll from October 1, 2024 — February 15, 2025. 108 Number of retirees added to the payroll for February 15, 2025, pay date. 9 Number of retirees expected to be placed on payroll for February 28, 2025, pay date: 9 Number of retirees deleted from payroll from October 1, 2024, through February 15, 2025: 118 Note: As of 02/15/2025 payroll, the Gross Retiree Payroll has arrived at $ 11,297,501.28 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Disbursement by Location as of 02/15/2025 Total Total Total Location Count Checks ACH Puerto Rico & 68 9 59 Other islands United States 1684 29 1655 International 6 2 4 1758 40 1718 St. Thomas 4101 60 4041 St. Croix 3504 51 3453 St. John 229 5 224 7834 116 7718 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM LOAN PORTFOLIO UNITS Nc | Active Personal Loans 2121 1054 1067 Retiree Personal Loans 181 102 79 Auto Personal Loans 1 Total Active Loans 2303 1156 1147 20 12 Construction/Home Improvement Land 21 18 Purchase/Refinance 26 19 Totals 6? 49 18 TOTAL LOANS & MORTGAGES 2,370 1,205 1,165 TOTAL OUTSTANDING January 2025 > ee se | Active PL $18,371,371.52 $9,159,275.18 $9,212,096.34 Retiree Pt 601,136.74 329,424.76 271,711.98 Purchase/Refi 1,145,386.90 818,691.27 326,695.63 Construction 1,679,055.66 1,032,360.99 646,694.67 Land Loans 317,669.51 301,598.42 16,071.09 Auto PL 7,727.74 0.00 7,727.74 GRAND TOTAL $22,122,348.07 $11,641,350.62 $10,480,997.45 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Operations St. Croix Office Complex BUILDING: e HVAC SYSTEMS: - RTU #4 was replaced and working fine. - RTU #3 & RTU #5 Estimates were requested from Bengoa International Inc., - RTU#1& RTU #2 still Pending - New Board Room Unit is on site and coordination is being made for installation. - Arevised proposal was requested for Refrigeration lines insulation replacement. St. Thomas Office Complex BUILDING: e ARS is 100% complete with the Southern Flat Roof Renovation and the Western flat roof. Warranty and close out report from Jaredian received. All work was completed satisfactorily. Havensight Mall Hotel Development The hotel project is 80% completed. Guestrooms, windows and roof work are completed. Interior and exterior finishing are now underway. Microturbine work is nearing completion, and testing is scheduled for the end of February. GENERATORS The WICO generator is back online Rental Collection Office Buildings Rental and Electricity Collections — Exhibit A January 2025 Total FYTD Arrearages Rental $138,711.36 $406,536.00 $41,364.70 Electric 50 $170,871.53 $60,332.58 Total $138,711.36 $577,407.53 $101,697.28 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING RENTAL — EXHIBIT A January 2025 Collection Rental | Rental Year-To- | Electrical Year-To-| Yotel-Year: To-Date - Collection’ pascal Date Collection for| Date Collection | events Py ste pate Late Charge FY 2026 for FY 2026 | _Gollection =. 7 Duperonent of lustics $ - 1$ $ 114,18900|$ 11102437|$ @eeatasy|$ 37,06300|$ 2833182 Division of Personnet 19,564.80 07:852.08 $7,964 66 +55 B16.74 3058916 FirstBank 297.16 898 44 37077 1,26021 696 yo Consultants, 6,558 36 26.225 44 | 28,228.44 Plessen Eye, 1LC_ADMIN 12,388.68 {agpagg] = 4.28474 Plessen Eye, LLC_ADMIN STORAGE 597 40 2,969.60 2,389.60 Plessen Eye. LIC ASC 452421 18,096 84 a ee Equus Workforce Solution 4803.73. 7214.92 4,541.73 8726.66 141160 VI Casino 24,933.00 49,856 00 49,868.00 Vi Police Department 80,415.00 80,415.00 80,416.00 é : TotalincomeRecelved «> $_ 138,711.36 406,636.00 170,871.63 S77 A0763] 41,364.70 60,332.58 Ex-Officio Cindy Richardson confirmed that February 2025 rental payment was processed and included late fees. Committee Reports. (a) Investment Committee — Chairman Callwood — Chairman Callwood reported the Investment Committee met on Tuesday, February 25th and received an update from investment advisors of the performance portfolio and discussed the parameters of the Limited Retiree Loan Program, (b) (c) (d) Regular Session A. New Business (i). Presentation of Property Appraisal Reports Development Committee — Trustee Leona E. Smith — No Report Budget/Audit Committee Report — Chairman Callwood — No Report Policy Committee Report- TBA ~— No Report Administrator Dawson shared brief results of three appraisal reports which are as follows: The St. Croix complex property value increased from $3.3M in year 2021 to $3.4M in year 2024; the St. Thomas complex property value increased from $8M in 2021 to $10.4M in year 2024; Havensight Mall property value increased from $41M in year 2017 to $46.5M in year 2024. Upon completion GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING of the hotel development at Havensight Mall, the value of the property is projected to increase to $58.7M. The appraisers will provide a more detailed report at the next Board of Trustees Retreat. Privileges on the Floor None Adjournment A motion was made by Trustee Dorsey and seconded by Trustee Clarke to adjourn. The motion passed with 6 Yes (Clarke, Dorsey, Liger, Russell, Smith and Callwood) The meeting ended at 10:12 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