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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 22, 2024 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: 1/25/24) VI. Communications and Correspondences VII. Chairperson’s Report VIII. Administrator’s Report IX. Committee Reports X. Treasurer’s Report XI. Investment Officer’s 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 Recommendations (ii). N. Coley Contract 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 for February 22, 2024, was called to order at 9:35 a.m. At roll call, Trustees present were Andre Dorsey, Vincent Liger, Ex-Officio Member Cindy Richardson, Leona Smith, and Dwane Callwood, Sr. The meeting was held via the Zoom. Trustees not present during roll call were Nellon Bowry and Ronald Russell (excused). A quorum was established with 4 voting Trustees present. Staff in attendance: Angel E. Dawson, Administrator/CEO, Ishmael Meyers, Acting General Counsel, Denise Jeremiah, Chief Financial Officer, Asiah Clendinen Gumbs, COO, Ms. Shoran D. C. Sasso, Chief Benefits Officer, Glenville Henderson, Investment Analysts, Roy Moorehead, Acting Property Manager-Havensight Mall, Dannica Thomas, Director of Communications, LeSean Moses, IT, Zaida Castro, Executive Assistant to the Administrator, Nikia Coley, Administrative Assistant to the Board Also, present in the meeting were Attorney Pedro K. Williams and Attorney Kelsha Williams, Board Counsel (Williams and Williams Law Firm), Desiree Hill, Stenographer Comments and Suggestions from Retirees None Comments amie Suggestions from Active Members None Secretary’s Minutes (January 25, 2024) A motion was made by Trustee Smith to accept the minutes of January 25, 2024, and seconded by Trustee Dorsey. The motion passed with 3 Yes (Dorsey, Smith, and Callwood), 2 Absent (Bowry and Russell) and 1 not-voting (Liger). Communication and Correspondences Administrator Dawson read an E-Mail from Ms. Mary Moorehead, dated February 4, 2024, into the record. In summary, the letter acknowledges Chairman Callwood and Administrator Dawson's visit to St. Croix Government Retirees Inc. (SCGR) on Tuesday, January 30, and highlights topics of interest for the SCGR. 1. To write PFA to provide the GERS funds regarding the Rum Cover Over. 2. To revisit eligibility requirements, particularly for retirees to become members of the Board of Trustees. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING 3. To allow open meetings in accordance with the V.I. Code 4. Consider researching Coakley Bay property to construct housing for GERS members with the mortgage program. Chairman’s Report January 30" Chairman Callwood and Administrator Dawson visited the St. Croix Government Retirees Inc. (SCGR) Meetings, Presentations, and Appearances January 26 Direct Reports Meeting January 29 Meetings with various internal units January 29 Meeting with Vitech January 30 Meeting with St. Croix Retiree Group January 31 ; Meeting with Haven Development Group January 31 Participated in January Birthday Social February 1 Meeting with Havensight Mall Team February 2 Meeting with Vitech February 5 Meeting with IDEAS re. Havensight Mall February 6 Exit Meeting with Government Accountability Office February 8 Planning Meeting re. Havensight Mall Green Space February 17 -18 Participated with Staff in St. Croix Agricultural and Food Fair GERS Booth February 20 Guest appearance on Senator Carla Joseph’s radio talk show GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Member Services Retirement Applications - as of February 15, 2024 2015 2016 2017 2018 2019 2020 2021 #2022 2023 #2024 Total STX 147 i bk 118 177 143 114 165 141 134 27 STT 442 164 122 224 172 126 «6178 184 _148 14 Total 294 275 245 401 315 240 343 325 282 41 Processed 293 225 245 401 315 240 342 320 _186 0 Remaining om Q _0 (e} _0 oo 5 96 41 144* % Completed 99% 100% 100% 100% 100% 100% 99% 98% 66% 0% Compliance and Control - Contribution Processing October 1, 2023 — January 31, 2024 Refunds No. Cases Total No. of Cases Completed Amount Pending Regular 133 $2,601,488.54 50 Erroneous 3 1,621.77 8 Employer Share (e) 0.00 3 Overpayment. _110 . S 300,426.63 2 Total _ 246 $2,903,536.94 63 Death Benefits No. Completed Amount No. of Cases Types 10/1/23-01/31/2024 10/1/23-01/31/2024 Pending Active 13 $ 948,782.61 35 Retired 4 138,927.61 _4 Total _17 $ 1,087,710.22 39_ GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Accounting Department Annuity Payments No. of retirees as of February 15, 2024, payroll: 8780 Cumulative dollar paid out from October 1, 2023 — February 15, 2024 700 | Pensioners $0.00 702 =| Service Retirement Annuities 98,275,803.08 703 | Survivors' Annuities 619,934.19 704 | Duty-Connected Death Annuities 961.29 705 | Duty-Connected Disability 1,177,820.41 Annuities 706 | Non-Duty Disability Annuities 585,605.30 Totals 100,660,124.27 Number of retirees added to payroll from October 1, 2023 — February 15, 2024. 126 Number of retirees added to the payroll for the February 15, 2024, pay date. 10 Number of retirees expected to be placed on payroll for February 15, 2024, pay date: 8 Number of retirees deleted from payroll from October 1, 2023, through February 15, 2024: 106 Note: As of 2/15/24 payroll, the Gross Retiree Payroll has arrived at $ 11,209,721.36 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING JANUARY 2024 LOAN PORTFOLIO UNITS iii is Active Personal Loans 306 180 126 Retiree Personal Loans 383 218 165 689 398 291 Construction/Home Improvement 11 Land 20 Purchase/Refinance 20 Auto Loan Totals 71 41 11 TOTAL LOANS & MORTGAGES 760 399 291 TOTAL OUTSTANDING January 2024 aE ea AT A TAI Active PL - $ 2,094,786.72 1,300,384.29 $ 794,402.43 Retiree PL 2,063,511.08 1,160,306.66 Purchase/Refi 1,218,650.14 885,396.86 333,253.28 Construction 1,877,911.27 1,192,501.50 685,409.77 Land Loans 357,410.55 16,071.09 anaanae = Auto 7,727.74 $7,727.74 $ GRAND TOTAL 7,619,997.50 4,887,656.51 $ 2,732,340.99 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Operations St. Croix Office Complex BUILDING No major issues other than ongoing maintenance. St. Thomas Office Complex BUILDING: Projects Completed: e Adcon Environmental cleaning, disinfecting, and sanitizing all GERS occupied spaces after results from mold testing. OTHER ONGOING PROJECTS New GERS Main Generator e Build a foundation and extend the room. (Work in progress) Havensight Mall Warehouse J Occupancy permit received. WAPA meters installed. Tenants are currently occupying. The ridge cap had some leaks with the recent rain. The contractor repaired and mitigated at no additional cost. Hotel Development Currently working on the parking spaces/green space design (GERS HM will contract with an architect, civil engineer, and a landscape design company. Generators Letters were mailed to the adjacent property owners. Havensight Mall Waterline Replacement and Rehabilitation — Engineering Design Services - RFQ Update —The company completed the underground GPR and Elipse will continue the waterline design. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Office Buildings Rental and Electricity Collections — Exhibit A January 2024 Rental $94,324.93 Electric $15,022.77 Total $109,347.70 LEASES Casino Control Commission - VICCC is reviewing the updated changes from GERS. Total FYTD $385,995.70 $133,303.36 $519,299.06 Arrearages $44,834.00 $64,945.02 $109,779.02 Department of Justice — Property and Procurement is still awaiting fiscal information for DOJ to process the additional Purchase orders required to execute the lease. Virgin Islands Police Department — Lease negotiated and being routed through the government approval process. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING January 2024 Collection Rental Electrical Rental Year-To- | Electrical Year-To: Total YearsTo-Date Rental Electrica Date Collection for |Date Collection for Collection Collection FY 2024 FY 2024 Revenue Collection} Arrearage Arrearage Department of lustie § §,20000\$ ) 19347200 |$ 116,195.23 | § 269,667.23} § 31,843.00) $ 29,782.37 Division of Personnel 16,006.32 1430301 100,141.44 14303.01 113A 3325037 FirstBank 290120 1,160.80 488.75 1,049.45 204.92 Opthalmology Consultants, 6,360.40 2461.60 25,461.60 LLC Plessen Eye, LC ADMIN 4,000.28 8,018.56 8,016.56 8,018.56 Plessen Eye, LC ADMIN STORAGE 260100 1,740.00 1,740.00 260100 Plessen Eye, LLC. ASC 6,764.88 8,704.88 4302.44 Equus Workforce Solution 1803.73 119.76 ai 121492 2316.37 4531.29 Vi Casino 21,004.90 24,001.50 385,995.70 133;303.36 Total income Received $94] Goma $19,209.06} 483400) 63,946.02 Ex-Officio Richardson commented that Division of Personnel has processed internally rent payments for January and February and is waiting for Department of Finance to execute these payments in the next payment cycle. Questions from Trustees to Administrator Angel E. Dawson Jr. None GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Committee Reports. (a) Investment Committee — Chairman Callwood — No Report (b) Development Committee — Trustee Russell — Trustee Dorsey reported that the Development Committee met on February 21% with Mr. Wayne Bigs of Economic Development Commission (EDC). The trustees present were Russell and Dorsey. Mr. Bigs offered ideas for undeveloped property on the St. Thomas and St. Croix. Administrator Dawson and Board Counsel Williams confirm to have not been notified about the Development Committee meeting. (c) Budget/Audit Committee Report — Chairman Callwood — No Report (d) Policy Committee Report- Trustee Bowry. Chairman Callwood reported that the committee had convened on February 7th to suggest alterations to the medical review policy. However, the meeting was postponed due to the requirement for additional legal research. Trustee Smith inquired about the status of the legal research that had been requested. In response, Attorney Meyers shared that since the Board Counsel was not in favor of the first proposed amendment, a second proposal was created. It will be reviewed by the CEO and his team before being presented to the Board. Treasurer’s Report Denise Jeremiah, CFO read the Treasurer’s Report for the System and Havensight Mall for the month ending of January 31, 2024 Total Collections for January 31, 2024, is S9M and FYTD is $169M. Total Disbursements for January 31, 2024, is $25M and FYTD is $100M; Net Cash Deficit is $16M a Net Cash Surplus for FYTD of $68M. Havensight Mall. Total Collections for January 31, 2024, was $493K and FYTD $2M; Total Disbursements for was $362K and FYTD is $1M and a Net Cash Surplus of $130K and Net Cash surplus of S60K FYTD. A motion was made by Trustee Dorsey and seconded by Trustee Smith to accept the Treasurer’s Report for January 31, 2024. The motion passed with 4 Yes (Dorsey, Liger, Smith, and Callwood) and 2 Absent (Bowry and Russell). GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Investment Officer’s Report Mr. Glenville Henderson read the investment report for the month ending January 31, 2024. Total Plan returned 6% for the month (includes local investments and not Loans and St. Thomas and St. Croix facilities.) Total Domestic Equity returned 1.2 % for the month. : Total International Equity returned -1.2% for the month o Develop Market Equity returned is 0.5% o Emerging Market Equity returned -4.7% Total Domestic Fix Income Return 0.1% o Investment Grade Bonds returned -0.2% o TIPS returned 0.4% o High Yield Bonds returned 0.0% - §20M raised in the month of January 2024 : Total Alternatives returned 2.1% for the month A motion was made by Trustee Smith and seconded by Trustee Dorsey to accept the Investment Officer’s Report for January 31, 2023. The motion passed with 4 Yes (Dorsey, Liger, Smith, and Callwood) and 2 Absent (Bowry and 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 4 Yes (Dorsey, Liger, Smith, and Callwood), and 2 Absent (Bowry and Russell). 10 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Executive Session A motion was made by Dorsey and seconded by Smith to come out of Executive Session. The motion passed with 6 Yes (Bowry, Dorsey, Liger, Russell, Smith, and Callwood). Regular Session The Chairman reported out of Executive Session that the Board discussed pending legal matters, medical review committee cases and a personnel matter. Privileges on the Floor None Adjournment A motion was made by Trustee Smith and seconded by Trustee Dorsey to adjourn the meeting. The motion passed with 4 Yes (Dorsey, Liger, Smith, and Callwood), and 2 Absent (Bowry and Russell). The meeting ended at approximately 11:45a.m. The minutes for the Regular Session were transcribed from the zoom recording by Zaida Castro, Executive Assistant to the Administrator and reviewed and edit by Angel E. Dawson Jr. Administrator and CEO. eamedencas 4 Angel E. Dawson Jr. ae Administrator/CEO Secretary, GERS Board of Trustees 11