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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM OF THE VIRGIN ISLANDS REGULAR MEETING OF THE BOARD OF TRUSTEES St. Thomas/St. Croix Thursday, January 22, 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: 12/18/25) 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. 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). Board Counsel Memorandum RE: Contributions XIII. 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 9:37a.m. At roll call, Trustees present were Tahmin Clarke, Vincent Liger, Leona E. Smith, and Dwane Callwood. The meeting was held in person and via Zoom. Trustee Andre’ T. Dorsey, who was excused, and Trustee Ronald E. Russell were absent during roll call. A quorum was established with 4 voting Trustees present. Ex- officio Trustee Richardson submitted a notice of absence following the presentation of the Investment Report. Staffin 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, Denise Jeremiah, Chief Financial Officer, Shoran D. C. Sasso, Chief Benefits Officer, Jahmed Mills, Director of Retail, Dining, and Entertainment/Property Manager — Havensight, Ms. Jerain Fleming, Chief Administrative Officer, Sandy Bryan-Belle, 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, and Bianca Phillips, Communications and Member Education Specialist. Also, present at the meeting was Kelsha Williams, Board Counsel Trustee Callwood made a motion to amend the agenda to add the Development Committee Recommendation. A motion was made by Trustee Clarke and seconded by Trustee Smith to accept the recommendation by Chairman Callwood to add the item of the Development Committee Recommendation to the Executive Session. The motion passed with Yes 4 (Clarke, Liger, Smith, and Callwood), and 2 Absent (Dorsey and Russell). Comments and Suggestions from Retirees None Comments and Suggestions from Active Members None Secretary's Minutes (Regular Meeting — 12/18/2025) A motion was made by Trustee Clarke to accept the minutes of December 18, 2025, seconded by Trustee Smith. The motion passed with Yes 4 (Clarke, Liger, Smith, and Callwood) and two (2) Absent (Dorsey and Russell). GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Communications and Correspondences There were no Communications or Correspondences Chairman’s Report On January 14, 2006, Chairman Callwood accompanied the Development Committee on an exploratory diligence site visit. Before presenting the Administrator Report, Mr. Dawson announced the passing of Terrance V. Somersall, an employee of Havensight Mail, and requested a moment of silence. Administrator’s Report MEETINGS, PRESENTATIONS, AND APPEARANCES December 15 Meeting re. GERS Insurance Coverage Audit V3locity Migration Steering Committee Meeting December 18 GERS Board of Trustees Meeting December 22 - 26 Personal Leave December 30 Pre-Code Freeze Statement of Work Assessment — Vitech January 7-9 Various V3locity Migration Meetings January 13 Due Diligence/Exploratory Meeting with Development Committee January 15 - 16 Various V3locity Migration Meetings Member Services Retirement Applications - as of December 15, 2025 2015 2016 2017 2018 2019 2020 2021 #2022 2023 2024 2025 2026 Total STX 147, 111 «#9118 «=6177' 148), sd165——isisd142s—id136@—'—‘i‘iSQSsC18 8 SsTT 147 164 127 224 172 126 «178 «184 _159 169 137 _4 Total 294 -275« 245) «401i 240s—s=343—s326——i295s 39's 28B—SCi22. Processed 293 275 «6245 «= 40. 315 240 3438 324) S292 305 Ss «168 «=__O Remaining 1 0 0 0 0 0 _o 2 3 14 120 _12 149 % Completed 99% 100% 100% 100% 100% 100% 100% 99% 99% 96% 58% 0% GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Contributions Processing Refunds and Death Benefits December 2025 Refunds Regular Erroneous Employer Share Overpayment Total Death Benefits Active Retired Total No. of Cases Completed 29 1 0 24 54 No. of Cases Completed 1 2 3 Total Amount $485,691.00 1,006.60 0 26,974.06 $513,671.66 Total Amount $ 5,767.34 75,002.67 $80,770.01 # Cases Pending 71 2 1 5 79 # Cases Pending 40 22 62 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 - January 15, 2026 700 | Pensioners $0.00 702 | Service Retirement Annuities $77,973,150 703 | Survivors’ Annuities $508,340.94 704 | Duty-Connected Death Annuities $747.67 705 | Duty-Connected Disability Annuities $883.569.47 706 | Non-Duty Disability Annuities $475,164.46 Totals $79,840,972.54 Number of retirees added to payroll from October 1, 2025 - December 15, 2025. 88 Number of retirees added to the payroll for December 15, 2025, pay date. 6 Number of retirees expected to be placed on payroll for December 31, 2025, pay date: 8. Number of retirees deleted from payroll from October 1, 2025, through December 15, 2025: 71 Note: As of 12/15/2025 payroll, the Gross Retiree Payroll has arrived at $11,416,476.70 Disbursement by Location as of 01/15/2026 Total Total Total Location Count Checks ACH Puerto Rico & Other islands 66 8 52 United States 1687 28 1659 International 4 2 2 1757 38 1719 St. Thomas 4151 55 4096 St. Croix 3570 43 3527 St. John 231 Ss 226 7952 103 7843 Total disb. 9709 141 9568 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM LOAN PORTFOLIO ees alae |e A ctive Personal Loans 1862 911 951 Retiree Personal Loans 627 283 344 Auto Personal Loans 1 Total Active Loans 2490 1194 1296 Construction/Home Improvement 16 Land 10 10 Purchase/Refinance 12 10 Totals 38 29 TOTAL LOANS & MORTGAGES 2,528 1,223 1,305 TOTAL OUTSTANDING Dec-25 Active PL - Retiree PL - 4,082,815.28 1,789,669.86 2,293,145.42 Purchase/Refi - 856,046.05 664,989.32 191,056.73 Construction - 1,338,412.90 732,759.29 605,653.61 Land Loans - 0.00 158,828.99 158,828.99 Auto PL - 4,650.59 0.00 4,650.59 GRAND TOTAL $18,695,015.09 | $9,323,022.65 $9,371,992.44 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Operations December 2025 St. Croix Office Complex Plessen Building- Plessen Generator is end-of-life, and a replacement generator is being sourced. The GERS covers the purchase and repair of the generator, but not its service. St. Thomas Office Complex No major Issues to report. All equipment service was completed. Havensight Mall Welcome Center Construction is about 98% completed. RFP for Painting of the Shop Building Building three painting is complete; the contractor is refinishing the wood doors. Painting to begin on Buildings 4 and 5 in January. Security Building CZM and DPNR permits submitted by the Architect. Fire Marshall reviewed the project for the building permit, and it was completed. Notices to neighboring properties are ready for pick up at the DPNR certified mailing. Anticipate 30-45 days to CZM final approval. Green Space RFP Contractor selected — Custom Builders, Contract in progress. Work to commence in February 2026 with approximately 6-7 months until completion. Office Buildings Rental and Electricity Collections — Exhibit A (below) December 2025 Total FYTD Arrearages Rental 17,908.42 197,895.26 193,909.04 Electric 2,105.72 79,996.00 157,139.81 Total 20,014.14 277,891.26 351,048.85 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Rental — EXHIBIT A Brecamber 2025 Collection sors Renta! Rental Year-To- | Electrical Year-To- | Collection Caan Date Collection for |Date Collection for] "I Peon par: Late Charge | FY 2026 Fy2026 =f ibahhtaiell Ecethielen alt Department of Justica | $ 44.978.00|3 28,120.20] SPOR FBEIG] $ 155.86700|$ 120,02789 Qe ler. Myunsen _ December Hon erber Division of Personnel 00,428.58 8391450 | 116,243.08 2017204] 17,388.04 FlrstBank 297.18 21280 801 48 Eve) Ge Opiha! mis, “ oe aad gel “ie an Coens 6,556 36 19,660.08 _ 19,660.08 #0.08 Plessen Eye, UC, ADMIN 4.12956 16,848.60 16,848.60 Plessen Eye, LIC_ADMIN STORAGE 587 40 175220 1,792.20. Plessen bye UCASE 42421 1357269 = =I ——— Equus Warldorce Solution 1.603.73 1,892.92 5,444.19 2656.71] 8.087.890 ; Vicasina 25,568.50 25,668.50 : : ViPotice Department 8935.00 £936.00] 17,870.00} 10,745.88 ume see Total income Received | § {TG0hid) 210872 107 95 28 | 70,008.00 Tareat 26) 195,909.04] 15713981 Updates on Rentals The Department of Justice (DOJ) has made progress in reducing outstanding arrearages. Currently, the DOJ has $81,741.00 in rental arrears and $47,017.00 in electrical arrears. The Virgin Islands Police Department is also experiencing arrears, which will be closely monitored to ensure timely resolution. Quality Unit Reconciliation and Control postings are up to date except for RLSHMC(Regular), VIWAPA, JFLHMC, VIHFA, UVI & VIWMA. 1. RLSHMC: The last contribution postings were 9/19/2024 for Employee Contributions, Prior Service and Loans. Employer Contributions from 9/21/2023 to present remain outstanding. R & C received batch sheets from accounting representing payments for retired, resigned/terminated, and prior service contributions from pay date 9/21/2023 to 5/29/2025 for RLSHMC. Employee Contributions are outstanding from pay date 10/03/2024 — 6/26/2025. However, we are up to date with employee contributions as RLSHMC continues to submit the payments. WAPA Employer contributions remain outstanding for all employees for the pay dates July 8, 2021, through June 6, 2024. WAPA HAVE BEEN PAYING CONTRIBUTIONS (EMPLOYEE, EMPLOYER, LOANS, ETC.) FROM PAY DATE 6/24/2024. And only submit outstanding employer contribution amounts when members are retiring or being refunded. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING JFLHMC: JFLHMC experienced a cyber-attack, thus causing their system to be compromised. The last contribution file that was processed for JFLHMC was for pay date 5/15/2025. Contribution for pay dates 5/29/2025 to present remains outstanding. WMA The last contributions posted for WMA were pay date 7/10/2025. We are in receipt of the outstanding electronic files from 5/29/2025 — 9/18/2025 but the batch sheets are outstanding, which indicates Accounting have not received payments. Hence the contributions for pay dates 7/24/2025 to present remain outstanding. VIHFA R & C are in receipt of electronic contribution files from VIHFA for pay dates 10/02/2025 - 12/22/2025. The last batch sheet received from accounting is for pay date 10/02/2025. Accounting has notified VIHFA about the outstanding payments. UVIR & Care in receipt of the batch sheets and electronic contribution files from UVI/UVIM. Although UVI is closed for the holidays, we reached out to Ms. Shauna Matthews, Associate Dir., HR & Organizational Dev. Dir, who said she was having some technical! issues when trying to submit the file. We reached out to IT to confirm if there were any issues that would prevent the file from being uploaded from UVI and Mr. Andrews said there was not any. We tried a work around where we provided the secure link to attach the file in a notepad format, we received the test. Nonetheless, the files were uploaded on 12/23/2025. Committee Report (a) Investment Committee — Chairman Callwood (b) Development Committee — Trustee Leona E. Smith — Trustee Smith reported that the (c) Development Committee met but has not yet decided or have a recommendation for the Board. Budget/Audit Committee Report — Chairman Callwood — No Report (d) Policy Committee Report- TBA — No Report Treasurer’s Report Ms. Denise Jeremiah, read the Treasurer’s Report for the System and Havensight Mail for the month ending December 31, 2025. Total Collections for December 31, 2025, are $16M and FYTD is $95M. Total Disbursements for December 31, 2025, is $29M and FYTD is $81M; Net deficit for the month is $13M. FYTD Net Cash Surplus of $13M. Havensight Mall. Total Collections for December 31, 2025, are $620K and FYTD $2; Total Disbursements are $409K and FYTD is $2M. Net Cash deficit of $211K for the month and Net Cash Surplus of $220K FYTD. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING A motion was made by Trustee Smith and seconded by Trustee Clarke to accept the Treasurer’s Report for December 31, 2025. The motion passed with 4 Yes (Clarke, Liger, Smith, and Callwood) and 2 Absent (Dorsey and Russell). investment Officer's Report: Glenville Henderson gave an update on the Investment Portfolio as of December 31, 2026 Total Plan returned 0.5% MTD Total Domestic Equity returned -0.2% MTD - Russell 1000 Index returned- 0.1% - Russell 2000 Index returned -1.6% Total International Equity returned 0.3% MTD - Developed Market Equity returned 0.3%. - Emerging Market Equity returned 3.0%. Total Domestic Fixed Income returned -0.1% MTD. - Investment Grade Bonds returned -0.3% - TIPS returned -0.6% - High-Yield Bonds returned 0.6%. - Cash returned 0.3%. Total Alternatives returned 0.6MTD (excludes Member Loan Programs as well as St. Thomas and St. Croix Facilities) A motion was made by Trustee Clarke and seconded by Trustee Smith to accept the Investment Report for December 30, 2025. The motion passed with 4 Yes (Clarke, Liger, Smith, and Callwood) and 2 Absent (Dorsey and Russell). Mr. Dawson informed the Board of Trustees and the audience that GERS' assets declined from $700 million to below $400 million. He explained that the strong returns in 2022-2023 were driven by favorable capital markets and the funding note. However, this positive trend has ended due to a funding shortfall, and insolvency is projected for 2033. A motion was made by Trustee Clarke and seconded by Trustee Liger 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 (Clarke, Liger, Smith, and Callwood), and 2 Absent (Dorsey and Russell). GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Executive Session The board was unable to complete a motion due to the lack of quorum during the executive session. Regular Session The Chairman reported out from Executive Session that the Board discussed a matter of contributions back to the Policy Committee as well as the Board’s approval for the exploration of initial funding for a development initiative. Privileges of the Floor None Adjournment The board was unable to complete a motion for adjournment due to the lack of quorum during the executive session. The meeting ended at 10:40a.m. The minutes were transcribed from the Zoom recording by Zaida Castro, Legal Secretary to the General Counse!, and reviewed and edited 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 10