USVI Public Records

Document text

VI UPDATE U.S. Virgin Islands Public Records TRANSCRIPT OF PUBLIC PROCEEDINGS Government Employees' Retirement System Monthly Board Meeting GERS Retirement System (Board of Trustees) recording published January 14, 2019 · 0.2 hours · gov Source recording https://youtu.be/YhxX8ZGqkbk Status This is NOT the official transcript. 3 V.I.C. § 884 requires the agency itself to make a verbatim record of its proceedings and reduce it to a transcript within sixty days. This is a working transcript produced by machine from a recording of the proceeding, offered as a finding aid. Transcribed by VI Update, using OpenAI Whisper large-v3-turbo, run locally. Not reviewed by a person. Reliability Automatic transcription, UNVERIFIED. Verify every quotation against the recording before relying on it. Speech recognition splits spoken digits and wraps figures mid-number, so a dollar amount, a vote count or a bill number can be wrong in a way that reads as correct. Speakers are not identified: automatic speaker labelling was measured unusable and removed. Public record The underlying proceeding is a public record, and this body is NAMED as a governmental agency in 1 V.I.C. § 253(b), so its meetings are open to the public under § 254. 3 V.I.C. § 884 requires it to make a verbatim record of each proceeding and reduce it to a transcript within sixty days, and § 884(b) makes that transcript open to examination under § 881, which also gives every citizen the right to copy it and the news media the right to publish it. The source recording is not ours, is not hosted here, and remains with its publisher at the link above. Rights To what we added · the transcription, its arrangement and its description · we assert nothing. A verbatim transcript is mechanical rather than authored, so there is likely nothing in it to own; to the extent any copyright is nonetheless found to subsist, it is dedicated to the public domain under CC0 1.0. Please copy it, quote it, index it, train on it, republish it, mirror it, sell it. Redistribution is the point: a public record with one copy is one fire from gone. No permission is needed, and none is ours to grant or withhold. Yes. Trustee Liger? Yes. Trustee Maynard? Yes. Trustee McDonnell? Absent. Trustee Smith? Yes. Chairman Calendar? Yes. Mr. Chair, six. Yes. One absent. Okay. All right. Thank you, sir. I think what happened here, sir, that there was no date on the calendar for the board retreat this year when it was approved in December, so the date needs to be established for the board retreat so we can you know resolve those dates it's usually usually around the end of June or July I don't know maybe we we haven't done maybe we need to establish from the actuary and also Makita their availability and we can put this on hold until we do we need some tentative dates to see the actuaries available at those times but if you can give me dates and hold the vote until the next meeting or we can do a poll vote so that I can have a discussion with the actuary and the the investment advisor as to date availability, as to their availability. 0:00:00 Henry, so what are you suggesting? Well, right now, we have to accept as anything to retreat to 2020. How many days will we do for the retreat? Two years. Well, there's a lot of, the sooner we get to 2023, there's a lot of discussion have to be had. I would say no more than three days. The first day probably is, you know, actuarial report on the investment officer. 0:01:55 investment advisor last two days is internal there's a lot of knowns a lot of planning proactive planning that has to be done we may not be able to meet the carambola I'm not sure so maybe we need to look at alternative western open now i thought i was only timeshares but they still have a conference room okay well we can um can't look at that a problem but i i don't think we should abandon the board retreat i think it needs to we need to have it because I'm going to be coming with a lot of recommendations because this you know unless I can see some type of infusion we have to start planning we have been planning already well yes correct what I mean I'm also concerned about at least with infusion your anxiety has been decreased either way you have to plan like I said when we go to DC we don't know I'm trying to get a meeting with a delegate to revisit the federal loan start speaking to her about that again and maybe there's a legislative conference up on Capitol Hill one of those days we're gonna go up 0:02:41 Machine transcript · UNVERIFIED. Verify every quotation against the recording. Speakers are not identified. VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 1 of 3 GERS Retirement System (Board of Trustees) · Government Employees' Retirement System Mon there and see see what the other members of NCPOS are speaking about what they talked about who they speak into so as you know we discussed that briefly with the governor seems favorable to it but it depends on the political climate obviously I think we have as GRS the board has really done a lot trying to well in the last four years let's see with all the attack that we've been having and negativity I think we have been moving forward I just heard what mr. Henderson said it by 2020 we would only have bonds and cash some cash probably runs on cash so we don't have a large infusion we're gonna be just living on bonds and cash bonds don't bring in a whole lot of uh uh return so you know we have to really currently as um as it pertains to our marketable assets i think we are at 70 funds right now 70 to 75 percent 25 equity right as it relates to the marketable securities and that includes um cash And there should be a 60-40 allocation, 60-40. Typically it would have been 60-40. 0:04:29 Equity is 60. Unbalanced, there's no equilibrium. This is part of the dynamic allocation. Like I said, Carambola, our real properties, we're looking at that also, and Carambola will be sold hopefully in a couple of months. Then we, the two vacant properties, we got to deal with that. There was some interest from VI Housing Finance Authority, can look at them too with our mortgages. When the acting OMB director, he was the poor chair, he spoke about that. 0:06:14 Maybe them purchasing mortgages and doing some type of housing project, housing development. So we are going to be coming with some recommendations, like I said. I'm optimistic. I used to be pessimistic, but I feel better now with the new administration, I must say, because they're open to our recommendations and our ideas. I really felt on a high that day. trust me I was I was like you know cloud nine because I remember the first meeting with the last administration but I'm hearing positive things you know so are they trying to help they want to meet with us like every other week that's good i asked to meet with them in the financial team it's all for that so the last thing he told me i think i should be seeing you every 15 days and i said okay i think to discuss fine as long as we can mr chairman uh sorry to interrupt we have an executive session yeah but uh you must remember he said we should go out now this stuff i'm going to discuss in the with roosevelt david show i'm going to let it out i'm not i mean it's nothing that he told us to be out there i didn't say anything to you i just reminded the chairman you know anyway i guess uh but it's 0:07:04 there are good things on the horizon as far as i'm concerned if keep to the word okay Okay, some dates for the board retreat. I'm going to be here the entire month of July. No, I'm saying the end of July, I won't be here. 0:08:51 Okay, let's don't do the last week of July. Good, I can't. I'm going to a wedding. And no, it's not mine. Just answer your question. I'll wait in for an invitation. I can see your mind working. You won't get one, trust me. Any time in June is fine. Okay, you have Napa. Except for last week. Yeah, you have Napa. Except for last week. I'll meet you in the meeting. The sooner we know the better for me so that my wife will go and plan something. Do you need anything else? 0:09:25 No, I just need some tentative dates. Maybe two months? June? Any time in July than the last weekend? Not the last week is July. For the first three weeks in June and the first three weeks in July. Anybody has any other suggestion, any objection to those days? What, so June? First three weeks in June, first three weeks in July. 0:10:10 We heard one more. I can't, I even want June. June is your festival. July. She's going to be telling her I'm getting ready for the festival. And this is our last lap. Because Helen's St. John, she can comfortably know out there. I think she's last week, so. It's your last. Before we go into the effect in 2020. Oh, okay. Yeah. 0:10:39 Before we take over. So you can do what you want to do. Yeah. I mean, if it's in St. John, it's no problem. Why don't you give us two sets of dates, so we can run them past the actuarine. The first three weeks in June and the first three weeks in July, but the preference is the earlier in June. 0:11:10 And early July. No, because the first week is coronable or St. John's, so it would have to be the second or the third week in July. You could have a conflict also with the committee on finance. they usually start okay I would uh you can give us something to make it yeah The 11th to the 15th, I'm in D.C. 0:11:55 The 11th to the 15th, right? Okay. Maybe we can also take it to August. 2-4. Yeah. Let's try it out for June. Alright. Early June. Okay. Disposure of the meeting will be closed to the public for matters pertaining to trade secrets or financial or commercial information. In a motion to put to executive session. So moved. Second. 0:12:44 Trustee Caldwell. Yes. Trustee Cohen. Yes. Trustee Liger. Yes. Trustee Maynard. Yes. Trustee McDonnell absent. Trustee Smith? Yes. Chairman Callum? Yes. Chair 6 years more absent. Thank you. Thank you. 0:13:25 Machine transcript · UNVERIFIED. Verify every quotation against the recording. Speakers are not identified. VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 2 of 3 GERS Retirement System (Board of Trustees) · Government Employees' Retirement System Mon People named in this transcript SUSPECTED, and a finding aid only. Names were matched by machine against the spellings used across all 426 of our transcripts, and the title is the one used in the room. Being named here is NOT evidence that a person attended or spoke · only that the name was said. Speech recognition mishears names, so a spelling may be wrong even where no alternative is offered. 3x Trustee Leona E. Smith heard in this transcript as: Smith 3x Trustee Vincent Liger heard in this transcript as: Liger Machine transcript · UNVERIFIED. Verify every quotation against the recording. Speakers are not identified. VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 3 of 3