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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM OF THE VIRGIN ISLANDS REGULAR MEETING OF THE BOARD OF TRUSTEES St. Thomas/St. Croix Thursday, December 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: 10/23/25; Special: 11/04/25) 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 2026 Board Meeting Calendar 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). C. Rodriguez Board Appeal 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 was called to order at 9:37a.m. At roll call, Trustees’ present were Andre’ T. Dorsey, Vincent Liger, 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 Tahmin Clarke and Ronald E. Russell. A quorum was established with 4 voting Trustees present. Trustee Clarke joined the meeting after the Administrator’s Report was read into the record. 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, Zuleyma Chapman, Deputy General Counsel, Glenville Henderson, Investment Analysts, Ucilla Austrie, Accounting Coordinator, Jahmed Mills, Director of Retail, Dining, and Entertainment/Property Manager — Havensight, Ms. Dannica Thomas, Director, Communications, Engagement, & Organizational Effectiveness, Ms. Jerain Fleming, Executive Assistant to the Administrator, Sandy Bryan-Belle, Executive Assistant to the Administrator, LeSean Moses, Computer and Benefits Systems Technician, IT, Nikia Coley, Administrative Assistant to the Board, and Bianca Phillips, Communications and Member Education Specialist. 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 — 10/23/2025) A motion was made by Trustee Smith to accept the minutes of October 23, 2025, seconded by Trustee Liger. The motion passed with Yes 4 (Dorsey, Liger, Smith, and Callwood) and two (2) Absent (Clark and Russell). Secretary's Minutes (Special Meeting - 11/4/2025) A motion was made by Trustee Dorsey to accept the minutes of November 4, 2005, Special Meeting, seconded by Trustee Smith. The motion passed with Yes 4 (Dorsey, Liger, Smith, and Callwood) and two (2) Absent (Clark and Russell). GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Communications and Correspondences Ex officio Cindy Richardson's letter dated December 12, 2025, notifying of her absence, was read into the record. Chairman’s Report None Administrator’s Report MEETINGS, PRESENTATIONS, AND APPEARANCES November 19 Board of Trustees Regular Meeting (Convened and cancelled due to lack of quorum) November 24 Meeting with Senator Alma Francis Heyliger to discuss Bill 36-0122 (“An act amending title 3 Virgin Islands Code, chapter 27, section 711 and chapter 28a, section 760, by requiring the Government Employees Retirement System to discontinue making disability retirement annuity payments to a member who resumes any employment.”) Meeting with Vitech re. V3locity Configuration Strategy November 25 Structured walkthrough meeting with Vitech November 26 November 2025 “GERS Update” newsletter issued November 28 St. Thomas/St. John Retiree Holiday Social December 2 Testified (Written) in favor of Bill 36-0208 (“A resolution recognizing United States Senator Mike Crapo for his instrumental role in securing the historic increase in the rum cover over tax reimbursement for the Virgin {slands.”) December 3 Meeting with Havensight Mall Tenant re. lease matters December 5 Retiree Lottery Bonus payments made December 6 St. Croix Retiree Holiday Social GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING December 12 GERS All-Staff Year-End Meeting and Employee Recognition Member Services Retirement Applications - as of December 15, 2025 2015 STX 147 st 147 Total 294 Processed 293 Remaining 1 % Completed 99% 2018 2019 2020 2021 2022 2023 2016 2017 111 118 177 © 143 164 #1270 «©2224 = 172 275 «245 «= 401_~—Sfs 315 275 245 401 315 _0 0 0 0 100% 100% 100% 100% 114 165 142 136 4126 178 8184 _159 240 343 «863326 295 240, 343-324 —__292 —9 _Q _2 3 100% 100% 99% 99% Contributions Processing-Refunds and Death Benefits November 2025 Refunds Regular Erroneous Employer Share Overpayment Total Death Benefits Active Retired Total No. of Cases Completed 62 2 0 10 74 No. of Cases Completed 0 3 3 Total Amount $1,191,726.20 768.20 0 13,680.11 $1,206,174.51 Total Amount $ 0.00 325,169.76 $325,169.76 2024 2025 2026 Total 150 144 2 169 131 _4 319 «275”~—~Cté=«‘CC“ 305 147 _9O 14 128 _6 154 96% 53% 0% # Cases Pending 70 3 0 5 78 # Cases Pending 37 24 61 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Accounting Department Annuity Payments No. of retirees as of December 15, 2025, payroll: 8781 Cumulative dollar paid out from October 1, 2025 - December 15, 2025 700 =| Pensioners $0.00 702 | Service Retirement Annuities $55,670,124.03 703 | Survivors' Annuities $363,411.68 704 | Duty-Connected Death Annuities $534.05 705 | Duty-Connected Disability Annuities $632,030.53 706 | Non-Duty Disability Annuities $339,301.42 Totals $57,005,401.71 Number of retirees added to payroll from October 1, 2025 - December 15, 2025. 72 Number of retirees added to the payroll for December 15, 2025, pay date. 16 Number of retirees expected to be placed on payroll for December 31, 2025, pay date: 10 Number of retirees deleted from payroll from October 1, 2025, through December 15, 2025: 55 Note: As of 12/15/2025 payroll, the Gross Retiree Payroll has arrived at $11,409,911.57 Disbursement by Location as of 12/15/2025 Total Total Total Location Count Checks ACH Puerto Rico & Other islands 66 8 58 United States 1687 33 1654 International 4 2 2 1757 43 1714 St. Thomas 4147 52 4095 St. Croix 3560 ss 3505 St. John 231 6 22S 7938 113 7825 Total disb. 9695 156 9539 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM LOAN PORTFOLIO UNITS Active Personal Loans 1892 930 962 Retiree Personal Loans 627 282 345 Auto Personal Loans Total Active Loans 2520 1212 1308 Construction/Home Improvement 16 Land 10 10 Purchase/Refinance 11 10 Totals 37 29 TOTAL LOANS & MORTGAGES 2,557 1,241 1,316 TOTAL OUTSTANDING November 2025 - [Tota says [sx Active PL $12,898,115.13 $6,322,840.38 | $6,575,274.75 Retiree PL - 4,197,631.82 1,858,421.40 2,339,210.42 = Purchase/Refi 822,638.83 669,196.96 153,441.87 Construction = 1,347,289.79 737,790.34 609,499.45 Land Loans - 0.00 - 160,799.92 160,799.92 Auto PL 5,086.79 0.00 5,086.79 GRAND TOTAL $19,431,562.28 | $9,749,049.00 $9,682,513.28 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Operations November 2025 St.CroixOfficeComplen, Minor leaks were detected in various buildings, and we are awaiting estimates. St. Thomas Office Complex No major Issues to report. \Havensight Mall @aaaaen) aan el a ae eel ee eS ee Welcome Center Construction is about 95% completed. Building 3 Roof and Catwalk 100% Completed RFP for Painting of the Shop Building The project started with Building 3; Buildings 4 and S are scheduled next. Security Building CZM and DPNR permits submitted by the Architect. Green Space RFF RFP for Green Space under review by the Selection Committee. RentalCollection Office Buildings Rental and Electricity Collections — Exhibit A (below) November 2025 Total FYTD Arrearages Rental 63,212.42 179,986.84 118,804.00 Electric 0.00 77,890.28 136,021.50 Total 63,212.42 257,877.12 254,825.50 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING RENN TA TES JE XCHAU FTAs S| November 2025 Collection Rentat Electrical Rental Year-To- |Electrical Year-To-|T Rental Electrical Collection! Collection Date Collection for Date Collection Arrearage Arrearage Late Charge FY 2026 for FY 2026 |Departrent of Justice 44 678.00 | $ 23,120.26 Ts 118,804.00 |$ 112.263.18 oar July Aug Sept Oct Becinic [Division of Personnet 40,844.08 53,914.50 13,431.36 Oct. Etectnic |FirstBank 7 297.18 60,426.56 $94.32 91.73 108.74" Oct Electric | Opthatmotogy Consultants, LEC 6,556.36 13,142.72 [Ptessen Eye, LLC_ADMIN 8,589.48 742.719.04 Plessen Bye, LLC_ADMIN STORAGE 597.40 1,194.80 £ Plessen Eye. LLC_ASC 452421 9,048.42 Sept, Oct. 1,803:73 3807.46 16379 1 246.09 M Casino 25,668.50 26,668.50 - dune july Aug Septet m Police Department "9935.00 8,935.00 > 897213 Electne Total Income Received 179,986.84 7750025 (ESTE 118,804.00 136,021.50 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Committee Report None Treasurer’s Report Ms. Ucilla Austrie, Accounting Coordinator, read the Treasurer’s Report for the System and Havensight Mall for the month ending November 30, 2025 Total Collections for November 30, 2025, are $7M and FYTD is $78M. Total Disbursements for November 30, 2025, is $26M and FYTD is $52M; Net deficit for the month is $18M. FYTD Net Cash Surplus of $26M. Havensight Mall. Total Collections for November 30, 2025, are $503K and FYTD $1M; Total Disbursements are $570K and FYTD is $1M. Net Cash deficit of $67K for the month and Net Cash Surplus of $9K FYTD. A motion was made by Trustee Dorsey and seconded by Trustee Clarke to accept the Treasurer’s Report for November 30, 2025. The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, and Callwood) and 1 Absent (Russell). Investment Officer's Report: Glenville Henderson gave an update on the Investment Portfolio as of November 30, 2025. Total Plan returned 0.2% MTD Total Domestic Equity returned 0.2% MTD - Russell 1000 Index returned 0.1% - Russell 2000 Index returned 1.0% Total International Equity returned -0.3% MTD - Developed Market Equity returned 0.4% - Emerging Market Equity returned -2.5% Total Domestic Fixed Income returned 0.5% MTD Investment Grade Bonds returned 0.6% TIPS returned 0.2% High-Yield Bonds returned 0.5% Cash returned 0.3% Total Alternatives returned -0.1% MTD (excludes Member Loan Programs as well as St. Thomas and St. Croix Facilities) GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF FRUSTEES REGULAR MEETING A motion was made by Trustee Dorsey and seconded by Trustee Clarke to accept the Investment Report for November 30, 2025. The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, and Callwood) and 1 Absent (Russell). Regular Session Approval of 2026 Board Meeting Calendar Changes to the 2026 Board Meeting Calendar are as follows: > June 25th remains unchanged until further notice; > The August 20" Board Meeting was rescheduled for August 18th; > The November 19" Board Meeting was rescheduled for November 17th; and > The December 17 Board Meeting was rescheduled for December 15th A motion was made by Trustee Clarke and seconded by Trustee Dorsey to accept the 2026 Board Meeting Calendar as amended. The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, and Callwood) and 1 Absent (Russell). A motion was made by Trustee Smith and seconded by Trustee Clarke 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). 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 Callwood and 1 Absent Russell). Regular Session The Chairman reported out from Executive Session that the Board discussed an appeal from a former member regarding an Administrator’s decision. Privileges of the Floor None Adjournment A motion was made by Trustee Clarke and seconded by Trustee Dorsey to adjourn. The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, and Callwood) and 1 Absent (Russell) The meeting ended at 10:40a.m. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING The minutes were transcribed from the Zoom recording by Zaida Castro, Legal Secretary to the General Counsel, and reviewed and edited by Chairman Dwane Cailwood, Angel E. Dawson Jr., Administrator and CEO, and Ishmael Meyers, General Counsel. = _— — Ape AF, Angel E. Dawson Jr. Administrator/CEO Secretary, GERS Board of Trustees 10