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VI UPDATE U.S. Virgin Islands Public Records TRANSCRIPT OF PUBLIC PROCEEDINGS GERS Monthly BOT's meeting 1/27/22 GERS Retirement System (Board of Trustees) January 27, 2022 · 2.5 hours · gov Source recording https://youtu.be/WWGexMcMVk0 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. good morning we're good to go um chairman okay good morning everybody i'd like to call this meeting of the gis board to order and to ask for a roll call please Trustee Caldwood? Present. Trustee Dorsey? 0:00:00 Trustee Dorsey? Absent. Trustee Liger? Absent. Trustee McDonnell? Absent. Ex-official member of City Richardson? Ex-officio member Sidney Richardson. Okay. Absent. Trustee Russell. Absent. Trustee Smith. 0:00:48 Trustee Smith is on the call. trustee smith see mr mr mr liger is on the call yes i i saw that i just passed him already i'll go back chairman barry present trustee liger he's on mute Present. 0:01:37 Present. Trustee Russell. Present. Let me go back and go back. Trustee Dorsey. Trustee Smith. mr chair i have four present and four absent which includes the ex-official member so we have a quorum okay just to confirm who is who is present palwood liger russell barry okay Okay, so let's get started. I see Dorsey's on the call if you want to. 0:02:08 Mark him as president, you want to call him to see. I just know that he came in after the call. okay so this is a portion of the agenda where we we accept comments and suggestions from retirees and active members um do we have any are there any retirees on the call who are comments and suggestions or any active members on the call with comments and suggestions um hearing none i'll move to next item on the agenda which is secretary of minutes and i guess we have three sets of minutes I'd like to ask for a motion to accept this measure, unless somebody has any questions about that. 0:03:25 You want to go to them separately? Yes, we'll start with, at least the first one on my list is the one for the meeting date december one it's a change move that we accept the secretary's minutes from the december first meeting of the board of trustees iso move it's been moved you had a second second second second then any comments yes trusty dorsey absent trusty liger yes trusty mcdonald absent trusty russell yes trusty smith Absent? Chairman Bowery? Yes. Four years, three absent. Okay, so the next one is the minutes for the meeting of 12, 16, 21. 0:04:41 Mr. Chair, I move that we accept the minutes from the December 16th meeting of the Board of Trustees, I so move. Second, second. Move then, second. Trustee Caldwell? Yes. Trustee Dorsey? Absent. Trustee Liger? 0:06:14 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 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 Yeah. Trustee McDonnell, absent. Trustee Russell? Trustee Russell? Yes, yes. Trustee Smith? Absent. Chairman Barry? Yes. Boyes, three absent. Yes, I accept it. Next will be the minutes of the special meeting held on January 7th. 0:06:42 Mr. Chair, I move that we accept the minutes from the special meeting held on January 7th. I so move. I have a second. I'll second it. Moved and seconded. We'll call. Trustee Caldwell? Yes. Trustee Dorsey? Yes. 0:07:17 Trustee Liger? Yes. Trustee McDonnell? Yes. Trustee Russell? Yes. Trustee Smith? Yes. Chairman Barry? Yes. Okay, meeting minutes are accepted. Next item is communication and correspondences. Do we have any? Yes, we do. Please. 0:07:43 On January 24th, The letter was written by me and sent to, someone need to mute there. The letter was sent to Honorable Ray Martinez, Commissioner, Police Department, in regards to training and partnership um with the havenside mall the grs havenside mall for training including traffic control patrolling observation report writing crowd management conflict resolution handling emergency situations risk management and defensive taxes tactics we did meet with the the commissioner early in um in december after the incident and had variable favorable responses from him on january 26th i received a letter from senator bailey in regards to an invitation to appear before the committee on finance on tuesday february 1st 2022 at 9 00 a.m to give testimony on bill number 34-0171 which is an act amending reginaldo's code title 3 chapter 27 section 707 706 i'm sorry and chapter 28 a sections 755 relating to service annuity retirement to allow retirees to re-enter government service and retain the annuity while paying contributions to the retirement system and that bill was sponsored by senator milton potter also on yesterday received that's the bill is uh again you have a copy of the bill um we did discuss this before um in board meeting it's uh bill number 34 0 171 0:08:29 also on yesterday or two days ago january 25th i receive an invitation from the 34th legislature which will convene a committee of the whole legislative session on monday january 31 2022 at 10 a.m in the lbr2 legislative hall in saint thomas to um if testimony on br 21.0685 which is the governor's bill to um to fund the grs and for stores for stall the insolvency the bill is attached was sent to you and there's a discussion in that bill in regular session let's see if that's all um regarding the bill mr nibs aunt we invited to testify and they'll have to have to try the chair okay um mr barry and we invited i think i saw an invitation for us to comment on the bill i'm looking i i don't like anything i don't recall seeing one to me for that i saw i received an invitation to the committee and the whole yes yeah yeah yeah yeah i got an invitation to comment on the one to the committee in the whole because that's not the same bill that the the the one to the committee whole is a special purpose vehicle right um yeah yeah the the financing for grs yes yes but the the one that um senator patter sponsored um my understanding 0:10:45 is uh that we receive something to comment on that or the comment period is over uh senator russell we brought this before as a matter of fact brs was the one that put forth submitting a bill to the legislature i think in november we came in and we submitted i think the month after uh senator potter submitted his bill we discussed this before yes i know to all it is is to um since there are vacancies i think there were about a thousand at that time what we were saying is that let the retirees come back to work to fill those positions because we needed contributions and those positions remain unfilled we we we would not we would have a um you know shortage of contributions yes yes about eight 18 million dollars approximately using the the actuarial average rate. So I don't know. 0:12:34 I don't think there was any opposition to it. What I think it was, Mr. Nibs, and members and trustees is that we think we could strengthen the bill for the GRS. There's some things that might not have been considered. the bill the bill is a carte blanche for the executive branch to rehire and that's good and um then we get paid through the annuity so i think there's some some avenues for some minor tweaks so that's why i asked if if we could testify regarding the bill um that's what that's what it is all about we discussed it we discussed it and uh member dorsey myself and uh like uh um we discussed it but they might they may they may be ruled for improvement that's how we say okay yeah i i know that senator party we did have a um stakeholder session working session early in january okay with all the stakeholders the unions personnel you know the governor's um chief of staff was there there's a whole lot of stakeholders and try to iron out certain things there were some concerns in regards to the union and the personnel health insurance funny regard to the health insurance yes um and those are under consideration i don't know if um if trustee carlwood who's uh is you know attached to the senator's office would have anything to add um to make you feel more comfortable yeah well you know um let me just mention um if you coming back and you gain an annuity should should you be required to pay more into the system a little bit more since you're receiving the benefit of two checks from the government just little things like that instead of paying they won't be paying more 0:13:36 because they will be paying at the tier two rates yeah the tier two rate but you know um things things what what i would like to see is um the commentary period for the senator is still open and we could submit some tweaks that we might think would help the system and to alleviate some of the loopholes that might exist and i think some loopholes exist but we we will discuss that this is your report continue but mr chairman excuse me if i may be heard um i think if you recall what happened when the bill came up i mean it was referred to the policy committee to vet the bill and i don't believe that 0:15:43 Machine transcript · UNVERIFIED. 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VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 2 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 ever happened i guess because of scheduling or timing issues um so i don't i don't believe that the board has had an opportunity as an entity to review the bill and make any comments as um trustee um russell has indicated so technically and procedurally that has not happened what is also supposed to happen assuming the administrator somebody's going to go down to testify and these bills those testimonies are supposed to be presented to the board to be vetted prior to the testimony being heard and i don't know whether that has occurred or not no i understand the timing may be tight or short but that is that is in fact the procedure and the policy in terms of what is supposed to happen so that you know trustees have concerns or comments about what is being said whether in favor of the bill against the bill changes being proposed that they have an opportunity to comment on on what is technically the position of the grs mr chairman i think the management has done exactly what the board counselor said we have submitted it you must remember it first it was our bill recommendations to legislature we put it before the policy committee political committee could not schedule a meeting right and i just got this request yesterday it's it's a short turnaround maybe two days or three days to get a testimony in that testimony will be submitted to the board before i submit it if i may mr nibs this bill appears to be a revised bill so there have been some changes but as you know we've been preparing for monday's hearing so i have not had a chance yet to go through the bill i plan to do that after the meeting so that i can give you my comments on any changes or adjustments or any concerns uh chair this is trustee dorsey um morning to everyone um the council is right i think we need to follow policy we as trustees we had this assigned this bill assigned to the policy committee and we haven't met um to discuss it to vent it so we need an opportunity to do that my suggestion is that um we don't have anybody speak on the bill at this time because we're not prepared to speak because we haven't had the opportunity as trustees to actually vent the bill so i think that's really what we should do from a board standpoint we should follow policy and if the policy is that we need to vent it and we had questions and we never got the opportunity as council has said because of the scheduling issues then i think that's what that's the position we need to take it's not because someone invites you to speak as an administrator you 0:17:37 should just go speak when we didn't follow policy so we have a lot of things going on we have a lot of moving parts and i and i also for that that other bill that was mentioned the governor's bill we agreed when we met with the governor we would present a white paper position but also we agreed that we would vent that bill as well which we haven't had an opportunity to sit down as a as trustees to vent that bill so we're kind of putting a card before the horse for both of these bills i'm not sure what the rush is um but i think we need to do that so the policy committee chair i don't know if you want to call a meeting for tomorrow afternoon or tomorrow morning but i think we need to start to look at the two bills and come up with a position if it's doable for the other trustees i would make myself available because of the short notice but i think we should follow policy i don't think we should be skipping a step at this point well if if members could participate in a meeting tomorrow i would schedule a meeting tomorrow because i have the time and if you have the time uh i don't know if member carl would member anybody we should just schedule the meeting tomorrow and then report whatever concerns and comments we have out of the policy committee uh to the legal council and to to the rest of the board members but it would be good if all board members participate so that we could have a consensus regarding the board members and i would i would venture to say i could meet tomorrow uh let me check my schedule right now because this urgency is i could meet tomorrow at 10. and if if members would participate let's schedule a meeting at 10. i have an another conference at 0:19:25 nine but i i'll be ready to attend so mr chair could i schedule an emergency policy meeting to consider these two bills uh tomorrow and could we get a consensus of who could participate and who could attend please well i thought the governor's bill is on our agenda for today so i don't know that you need that in the policy committee before board is going to discuss it today okay fine you may only want to do the one for um the return to work yeah well well fine thanks for the correction okay and i need to clarify something the bill that's on the agenda today was the legislature's markup copy that's going before the legislature so the governor submitted a bill but the legislature made changes to it and the bill that you have that was sent to you recently is the bill that's going before the legislature with their markups attorney smith um the markup bill is the bill they're going to consider then they're not considering the the governor's bill that we discussed with the governor last week this is a markup from that bill yes so there are some changes to it from the governor's original bill okay so we're going to spend the time is that is that that's on the agenda today so we're going to go through the bill today for the governor attorney smith um the staff reviewed the bill and we had some concerns and some questions and those were to be brought to the board's attention no i don't think that's i don't think that's his question the bill that's on the agenda today is the legislature's bill which is a markup of the governor's bill correct kathy yes that's correct okay so we're going to go to that bill today okay the governor indicated there were going to be changes in the meeting that we had my question to the chair when we're done going through the markup bill today 0:21:28 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 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 are we doing a position today as well or you want to take that up in the policy committee meeting that we may have tomorrow to send to the senate well i think if if we have a discussion today we must well decide it today um the fact is that the legislature the session is on monday mr nims yes the session is on monday okay tomorrow is friday so um we don't have a lot of time Okay, Chair, that's the Committee of the Whole on Monday, right? 0:23:29 That's correct. Okay, so in the Committee of the Whole, you don't vote in Committee of the Whole if I understand how the rules work. You're just vetting the information. So they're in a sense going through their process of vetting the bill, making whatever other changes before they go into regular session to vote on it, vote it up or down. so i guess in our case then i guess the logical thing would be to do what we have to do today and then tomorrow on the other uh bill for uh the back to work for retiree the maintenance committee of the whole and legislative session also so they're going to go into committee to hold first and then the legislative session second mr nibs that's what you're saying actually invitation okay so then we we really have to get this done between today and tomorrow so whatever we don't finish today we can finish in a policy meeting tomorrow no we need to finish this today man at least the one for monday we need to finish that today okay that's fine um my time is available at 10 tomorrow if other members can make the policy meeting mr chief why not who is um who could make the meeting i don't want to schedule a meeting and then only myself and dorsey attend well um let me see i already have plans for tomorrow so i wouldn't be able to attend the meeting okay uh mr carwood what's your place why why we have no policy committee and it's um policy committee meeting instead of an investment committee meeting where all the trustees are part of the 0:24:11 committee that's that's my only question well we could do the investment i'm just saying it's since time is of the essence let's do a committee where all um all members of the board are part of committee okay no problem with me as long as we're going to discuss the the the bill you can call a special meeting oh even or even a special meeting i'm available but i just think that's a route to go yeah i think a special meeting is probably the best i don't know if we have any issues with it notice notice miss i believe there's a 24-hour requirement so if you're gonna do that i think miss coley would need to send out the notice like immediately and as long as it's before 10 o'clock um so that at least you meet the 24-hour requirement so you may want to you know push it back to 10 30 or 11 just so that i i think 11 will be good because what what do you think mr chair i'm fine at 11. 0:26:08 okay well let's let's let's schedule it and and it would be according to mr carlwood an investment committee meeting to deal with the no it'd be a special special meeting on the board a special meeting on the board to consider the legislation sponsored by senator patto right now we're talking about the the um the financing bill the one that goes before the committee we're discussing the financing bill today and the special meeting will be to consider the return to work bill which would be the potter bill okay okay got you got you that's correct stand corrected okay so uh we set for the special meeting tomorrow at 11. okay yeah we have to do we have to make a motion on this there's really no need for motion i mean the chairman could call a special meeting at any time okay good okay good mr nips could you have somebody and stuff and i'm not sure if oh yeah look my miss cole is on the line so um are you raising your hand miss calling you're on mute oh no i didn't mean to raise my hand oh okay were you listening to discussion about this yes tomorrow at 11. 0:27:23 okay so yes just to make sure we comply with the 24-hour notice requirement All right, Chair, just a quick point since the bill is a for the governor is a major item do you want to you want to re uh uh assign that item like right now so that we can just get it out the way in case we lose our quorum. 0:28:59 um reorganize that and put it on the agenda for now so we can get right to it it's regular session right it is on the agenda no i meant to discuss it like right now on the agenda so we don't lose a quorum well i would i would even recommend mr chairman then put it for tomorrow but what we can do about tomorrow we have more time yeah i think i think that's a better suggestion because um and and people would be able to have at least to read it i read it and i have several questions but i think it's an improvement but um and i would like to discuss that with the full full trustee membership you know uh so i i like the idea of putting the two them for the special meeting and just go through the agenda today with whatever we can cover okay i'm good with that okay um so i i i would make a motion that we assign the consideration of the governor's bill that is now on the agenda i sign it to the special meeting tomorrow at 11 o'clock i so move well trust you well just again just to be factually correct i don't know that we want to keep referring to it as the governor's bill since technically it is well i guess the bill says proposed by the governor kathy does it not but you're saying that that's the legislature's markup so it may still be technically correct that it is the governor bill i just wanted to distinguish 0:29:35 it because we got the governor's bill first and it was sent out to everybody with comments and then we got this bill and we sent it out to the board members with the comments on this particular bill so i don't want them confused so i want to make sure everybody's looking at the right bill that's going to be addressed on monday so it's fine to us and the way you are proceeding yeah and i that's just so that we could correct this agenda and have it organized and i need a second do the trustees understand the motion what is the motion sir the motion is to reassign the governor's bill from consideration 0:31:34 Machine transcript · UNVERIFIED. 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VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 4 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 today to reassign it to tomorrow's special meeting second thank you trusty carlwood yes trusty dorsey trusty dorsey trusty leiter yes trusty mcdonald trusty russell yes yes yes five years two absent what was it i didn't hear that guys what was the motion sorry about that vote has already been taken yeah i'm asking what it was motion was to reassign the governor's bill which is uh bn br210685 legislature number for special meeting tomorrow 1-28-22 reassign it to special meeting tomorrow oh yeah i would say yes on that no problem okay all right so um so the chairman is six one six yes one absent okay so we've pretty much uh reordered the agenda that's what we've done okay so next next on the agenda um is chairperson's report um i i don't have a full report to give at this point so we'll move to the administrator's report good morning again i'll start with my meetings and appearances on december 20th i attended the heavenside mall oversight committee meeting the 21st i was invited and attended a working session with senator potter another stakeholders on bill number 34.0 171 return to work on december 30th I attended the GRS policy committee meeting. January 7th, I attended GRS special board meeting. On the 8th, I attended meeting with JLL consultants in regards to development at Havenside Mall. 0:33:51 On the 11th, I presented at DPNR rezoning hearing of parcels 2 and 4 at Havenside Mall. the 14th of january and met with gll regarding the ground lease at havenside mall on the 19th i met with governor and his team in regards to the spv legislation on the 20th i met with jll regarding the ground research inside mall also attended on that day the havenside mall oversight committee meeting on the 24th i met with whopper executives availability of infrastructure funds to replace the Havenside Mall water distribution system. That same time I met with JLL regarding the ground lease at Havenside Mall at 26. I testified as a witness on a member's case. I also attended Vitek's presentation in regards to the new software. 0:35:15 As far as member services, the applications that received for 2022-28 those application remaining for 2021 156 so we have completed at least 51 percent uh so we have not done anything with those that we received in 2022 as yet overall we have about 176 applications still not processed as you can see the majority is last year which is 156 remaining process 150. As far as the duty done to disability disability life certificates we validated 200 free with disease and we receive 28 of the certificate pending. We're going to be sending out about distributing those certificates again sometime next month. There are 13 disability cases pending for the termination. Refunds, so from October last year, from October to December, which is three months, we have $1.8, $1.9 million paid out. 0:36:10 1.98 is about 1.74 those are those that are not vested that benefits we paid out about 313 between active and retiree members that passed away to their beneficiaries the payroll for january 14 2022 a total of 8 700 retirees cumulative amount from october to january 14 i was paid out 75 million nine hundred fifty thousand eight hundred seventy three dollars and 49 cents number of retirees added to the payroll from october through july january 14 102 those that were deleted from the payroll for the same period 82 the gross payroll was 10 million eight hundred seventy six thousand eight forty eight fifty one cents for the 114 22 payroll personal loans as you can see these units are decreasing we have approximately 1900 personal loans at 12 31 2021 not personal loans but loans and mortgages of the 1900 1819 a personal loans 81 mortgages left balance the books 21 million 18 15,508.95. We funded for December over payments 22 units, $18,562.35 and we make a note here at the end of calendar year 2021 approximately 534 loans was scheduled to be much short so So if those payments came in in January, this amount of the 18, 1819 should be increased. 0:37:33 Operations and major issues on St. Thomas, we continued with the heatproof replacement. That is going pretty good. The air conditioner project is also moving along very well, plan to complete that project the second quarter this year. Some ongoing projects that we do have is this guard installation we began and then erected on the workstations for the employees. replacement we did um replaced two transformers were replaced last week um fencing some fabrication left for the fencing painting on the perimeter fence repairs are 95 completed that's to enclose the equipment that is on the in the parking area air quality testing we did have some problems in several areas of high concern within the building we did receive two quotes and we would be scheduling the mold remediation and the target completion date is in february the generator we do have an issue right now the generator is currently not operable there's a problem with a fuel pump that is need to be rebuilt would take about three to six weeks the new parts part would take about three or four months so we selected to rebuild the part with knowledge that the generator will not be applicable so if whopper goes right now we wouldn't have any um generation the warehouse demolition it's unholdful for environmental and hazards protection and state historic preservation of this review there was a site visit by fema at given site mall on december 10 2021 we are waiting 0:39:43 the feedback warehouse j this is the the um the warehouse that is going to be rehabilitated to help to house the tenants and that requires warehousing DPNR application was filed, and we're finalizing an RFP to be sent out as soon as possible. So that should be starting very soon. There's a White House annex at Havenside Mall. It's a small building just to the south of the White House. That house was damaged in the hurricane in 2017. 0:41:50 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) 5 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 The roof came off. Yes, Wyco replaced the roof. However, all the files, the paper files and archives and the two floors were drenched and there's a lot of mold infestation. We are going to have to remove at least 600 boxes on both floors. So we obtained quotes from two individuals to do that. It's a very hazardous operation. Rental and electrical collections for december we collected 66 162 dollars and 74 cents of that amount sixty two thousand three hundred and thirty seven thousand eighty four cents was rental total fiscal year to date collected one hundred and seven thousand two hundred and twenty two dollars and forty two cents of that amount $96,930.20 was rental. As of December 21, a revenue is $307,146.74. 0:42:37 Of that amount $150,757 is rental. The balance of $156,389.42 is electrical. as far as the leases the uh depression of personal lease has been finalized for the government procurement process signatures are pending on um for uh procurement and dop justice department justice the lease was transmitted from the property procurement to drs for signature the signed lease was forwarded to department of justice awaiting the attorney general signature as far as the fema insurance on december 10th as we said female data walkthrough in anticipation of the demolition of the warehouse is and we designed restoration of where lg the representative from female which is uh ehp which is the environmental hazard protection unit submitted a document for clarification clarifying questions grs responded no feedback received from that unit as yet we continue to work with with o'brien on the course new course estimates to support letter to fema to revise the reimbursement month for the retail roofs at haven site hall at the meeting held on with fema on monday january 10th DRS is to regard the scope of work with architectural and design details of warehouse, yay. 0:43:37 That ends my, that ends my report. I have a couple of questions. I also have some questions after you, Mr. Chair. So, the disability cases, they said there were 30 of them. Is that an unusually high number? 0:45:15 How far back they're going, what's the issue? What's taking long to resolve them? Well, I know some are waiting, scheduling, I guess, hearings. um also some are waiting the um accumulation of documents mr clandinen yes good morning good morning good morning trustees uh yes we have a few that are pending appeal there are several that are in the process we're in the process of obtaining the information from the physicians oh we're waiting back on documentation to support their applications yes there are 13 it's not an unusually high number um more than half of the 13 there has been a determination and the rest would be pending and appeal okay well the only the only two medical review cases that are pending of that are on appeal and that number of 13 disability cases have been and the administrators report for at least the last four reporting cycles so um you know other than the cases that are on appeal i have no knowledge of you know what the other disability cases are right that's why i just explained that they're pending documentation we receive an application and we're sending them away to get the second and third independent physicians review one of the things one of the things i'd like to do trustees is um i don't want to establish another committee maybe we could do it as assign it to one of the 0:45:44 existing committees but um i'd like us to do a a better job of of monitoring the the report we get a member services in case it's pending and um a few other items that i mentioned that keeps popping up on these reports monthly and i'm not sure whether the numbers are going down or they're going up so uh i'd like to get your feedback and i think we need to uh do like a maybe a subcommittee of one of the committees to to just to monitor um the items that are outstanding uh with respect to member services Any thoughts, any ideas? Yes. I did a disability hearing yesterday. And I wanted to get an idea of what is the next step and how soon we could resolve it. 0:47:42 I mean, it's not a disability hearing, Senator Rossi. No, not disability, no. I did a hearing for an appeal, right, Mr. Onibs? Correct, yes. Yeah, okay. And it seems to me that we have a certain responsibility to address these matters timely. If we are the board as trustees, so I agree with you, Mr. Bowery, it's just a matter of getting the time to put in the time to put in to address these member matters because that's that's hearing is just a fair assessment of what board parties have submitted and they should be given a chance to hear the cases expeditiously instead of just waiting. 0:48:58 um i i think that we could sit down when we do that special meeting we could sit down and really assess whatever deficiencies in the hearing process is happening maybe we don't have um you know uh adequate information as miss clinton said but you know we got to do something about that well um i'm not i guess i guess we need to be careful about going in too much detail in this in this you know in a session yeah trustee if i may yes go ahead just for clarification of the 13 i just pulled up the pending case list just to give an overview five of the 13 were already approved two were disapproved two were appealed and disapproved on the appeal two awaiting medical in-person medical examinations and i'm thinking i'm counting correct okay right um so there is details that are sent um in the administrator's report and maybe that's something that could be sent additional with just the status to the trust i wasn't looking for more detail at this level at the board level i was um i was more interested i mean the detail we get that as a in a board report is fine i i what i was looking towards is a is a is a process that the board could monitor that that part of the operations i mean we have committees that monitor the overall finance we have committee that will monitor the big policy uh we have different 0:49:55 Machine transcript · UNVERIFIED. 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VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 6 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 committees and uh and you know month after month we get these reports on the and the outline the status of of issues relating to member services and you know so i'll hear a report and i get a number 160 pending and unless i go back to the previous report to try to figure whether that number is going down is going up or making any movement in it um i i just think we need to have a you know a formal process that we we could we could dig into the details that you're going into now i don't i don't think necessarily this is a form for for to do that and you know in a board meeting so somebody had a question mr chain regards to that i would like i would would like the board to also monitor those pending cases for folks that were double dipping and we're still um i'm still awaiting um a word from the system okay so we we have a problem with that too um in terms of um getting back to folks in regards to the status yeah and so i i move to suggestions and i i don't necessarily want to to to um to create another committee um but i mean if if this could be a subcommittee of of an existing committee uh well i'm open to suggestions sorry uh mr dorsey but you probably could call a meeting with the board to discuss this 0:51:52 i mean i don't think you need an ex-committee for that you probably could call us i mean six is uh is a meeting um attorney williams right four six members present four if we call a meeting to discuss these um pending all you need all you need is four members present for quorum yeah but you know unless those unless those members that you said were double dipped in unless an appeal was made to the board those members annuities have been stopped awaiting repayment okay so right you know so i mean unless they appeal it to the board i mean i mean what we should do what we could do then is i agree to the next board meeting that that's being an agenda item okay yeah uh chair yes you could you could probably just um call a meeting just for that issue as was suggested instead of waiting to the board meeting i mean you could you could do a special meeting just for that issue or issues i mean i've been watching i've been watching those issues on the on the um the monthly meeting documents and um that's why i was always questioned in the loan section if you can remember because it's a repeat it's a repeat and i keep questioning that as it relates to the uh the v the v tech uh the software the software update system right but we we really never had a drill down time because we don't have the time to do it in the monthly media i'm suggesting i'm suggesting we make it an agenda item 0:53:44 so so it would be instead of being uh an item that's read out on the report it would be an agenda item that um in which the management is required to give a full update i don't think we need to call a special meeting for that okay well I think we're going to run into the same problem because we're going to all have questions, but I mean, if that's what you want to do, that's fine. It'll probably be lengthy in a regular meeting. That discussion will probably be very lengthy in a regular board meeting. 0:55:42 Okay. A special meeting would take care of this issue, because we're just dealing with that issue. Yeah, a special meeting, I yield to the rest of the board members on this one. My preference would be one or two things, either it is a committee meeting or make it an agenda item on a regular meeting and we'll just schedule the meeting, the agenda, so that we allow time for full discussion on that issue. 0:56:24 well chair the agenda meeting is long already so if you're going to add that on you might lose your quorum talk about this agenda meeting and talking about the next meeting that's what i'm saying the agenda meetings are long meetings and that's why you have your committees to vent it so when you come to your general meeting you're just kind of voting things up or down at that point That was my original suggestion that we do a committee. 0:57:14 Yeah, may I pitch into this? I agree with Trustee Smith. This is really how we solve in our members. And when they appeal, we have to deal with it expeditiously. And I would agree that to deal with the whole issue of appeals, challenges, And even the lawsuits against the GRS, we could have a special meeting to address members and their interaction with this, you know, GRS. So I think we all agree that we need some process, some form. 0:57:46 question what the form is going to be and saying that my preference would be for committee meeting i mean all members could be could could attend if that's the issue yeah i i i i think we need if you if you're doing it in a committee meeting which committee will you assign it to if you do it in a special meeting you just um you know have a time set aside for us to deal with these issues that members bring to us and it's been showing up often so we're going to have a special meeting every month well we can have a special meeting every month if we have to yeah yeah i i i think i agree with members trusty smith you know because it's important people appeal because they real really feel that you know the system has done something wrong and we need to address it right to run we need to just make a decision and if we have them lingering i i think that's not that's not right so i have a special meeting so are you attorney russell are you are you are you suggesting a special meeting yes well move a motion yeah um mr chair i move on motion yeah i i don't think you needed a motion the chairman said that he was yielding to the right wishes of the others if the majority if you want a special meeting and i think that's what he's saying okay i think we could vote on it well we should vote on it yes also mr chairman you could appoint a part according to the bylaws you could appoint an ad hoc committee to deal with this i i 0:58:33 Machine transcript · UNVERIFIED. 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VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 7 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 mean i know i know that i mean so we'll we'll pass that discussion now we um look like if we have a special meeting and we have to come up with that fine but i think we need to have a special meeting and and deal with this situation i've been it's been lingering too too long people have a lot of concerns and we are not addressing them in a timely fashion you're talking um member schmidt are you talking about double dipping well i have some members are concerned about that as well so i say we could put both of them together but i'm saying unless a member unless someone who was caught double dipping you know it came out they had infected general did his report unless that person appealed to the board those members um annuity has been suspended and they they're supposed to pay back it will never be paid the annuity we still need an update on those okay fine we haven't we haven't had an update we haven't remember you are supposed to generate a list for us we haven't gotten that we haven't gotten that list and we still haven't gotten an update and um Okay, so also, Mr Chairman, if I may, I just wanted to remind attorney Russell that there are board rules for the hearings. 1:00:27 And so under the guise of the board's attorney, the system follows those rules and those timelines. Kathy, Kathy, I think we're everybody's in agreement that we need some process to manage these things these items which i lump under the category of member service item member services the question the only question i'd say now is what the form is going to be and so um and it looks like they're saying we need to call a special meeting for that okay i just want to make sure it's clear that it's not the system that's creating the lengthy timeline that's that's not that's not this is that's not a discussion on i'm not i'm not i'm not fascinated that that's the point the point is that in a in in a in a session in a targeted session you'll be able to explain what you're trying to explain right now okay i just want the public because the public is listening to understand that it's not grs system that's holding up this we're following the timeline that's all i'm trying to clear up yeah so we will schedule a a special meeting within the next board meeting to um to discuss member service right issues But trustee Russell, you have a motion? 1:01:36 It may not be necessary now because the chair has acquiesced to the fact that all of us have a desire to have a special meeting. So he will schedule it. I just want it. They have to be scheduled before our next board meeting because when we have the next board meeting we should be able to report to the members you know something a little more substantial than you know something pending uh so i used to report to the memory a special board meeting it's a board meeting i know and and so you you you have to i think information is absolutely necessary for So the more information people get, Mr. Chair, if we do a special board meeting and members participate and they don't participate or they don't reiterate it in the scheduled meeting, nothing wrong with that. 1:03:21 I don't think, you know, we just have to be a little more responsive. That's all it is. okay um i don't know if uh miss cole is still on the line i'm not seeing oh yeah so miss colia listening will coordinate to to convey a special special board meeting sometime within the next two weeks yes all right because um we still have a report for the administrator right yeah he was just wrapping up i think he's wrapping up go ahead you have a question i have a question yeah uh mr nibs i'm looking at your report and and i must commend you it's comprehensive and and reading it it you know provided a lot of information to me but this fema inspection i i don't think i understand why fema came to haven site and what they were expecting so you could get into detail about fema and insurance in your report yeah well it's a part of well we have to contact fema it's a part but miss splendid is the liaison with fema so let her respond good morning again uh trustee russell when the hurricanes hit us in 2017 under the direction of mr nibs the grs applied for fema funding to be reimbursed for some of our funds that of course is offset by any insurance proceeds which we receive so in order to qualify for the fema funded the grs wrote 13 project worksheets or 13 grants of those 13 grants we're only pending to we've 1:04:23 received everything else and the demolition of the warehouse and the refurbishment of warehouse JA and the parking lot and the green space are all in the pws that are left project worksheets that are left to be paid by fema because of the location of the warehouses and the age of the warehouses environmental and hazardous protection and the state historic and preservation office has to do reviews for fema so ehp they call it a review is a part of the process in order for us to get the funds that we need obligated so you are not to destroy touch do anything to the buildings until you get that go-ahead if you want fema funds and we've already decided because we've collected on 10 12 of the oh 11 of the 13 and we want those funds so we're just going through the process so So their team came from DC in a way to do an onsite assessment because everything I was sending is paperwork and pictures and they wanted to get a feel of what was there, what was to be demolished, what was to be retained. 1:06:33 So it's just a part of the process to finalize our grant. Okay, thank you for the explanation. You're welcome. And then Mr. Nims, and I say, you know, one more question about i'm looking at the loan disbursements okay so mr nibs we um i look at the delinquent miscellaneous uh where are you looking at the treasurer's report um no i looking at your your report this is supplemental information december 2021 okay yeah um i'm i'm trying to get an understanding of that i'm not what what page is it on sir yeah okay okay the numbers okay let me that's it it's called low loan disbursements that has to be the 1:07:45 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) 8 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 treasurer's report okay okay okay that okay let me um okay but maybe you know about it what what what are the refunds that we're getting for loan disbursement maybe you know it has to do with insurance um for those loans insurance i think okay i'll wait the treasurer's report and um and so and and the last part the operations in st croix um you still not allowing in-person visits in synchrony well we we did like i said we have a more remediation issue and um we did um vote offices we did do that and we have some we have to clear up that situation before we can allow that we can see something maybe down in february to reopen up okay thank you very much okay thank you mr cheer i have a question mr chair all right um i think it i was trying to understand the um um in your report mr so the arrears that we're talking about for i guess primarily for the division of personnel and the department of justice um is because they didn't sign the lease they're still behind is that is that money sitting on deposit once they sign the lease will to become current. 1:09:41 Mr. Administrator Nips, may I? . Trustee Dorsey, good morning. A payment was received for the Division of Personnel for their rentals, and an ACH was sent for their electricity and we haven't received that yet but um they sent the information from the erp so we could see what's done so they're trying to despite the pending lease still get us paid i spoke to the cfo of justice yesterday and he has processed the payment um property and procurement has given him permission to process the entire outstanding among knowing that the lease is going through the process just so grs could be made whole so again division of personnel sent their payments and property procurement just returned an approved letter so justice could go ahead but the monies are there um and truly they were waiting on the executed fully executed lease but property and procurement has allowed them to pay us yeah but if the uh marriages don't have anything to do with execution of the leases if they're not uh they don't have an executed lease on a month-to-month basis so you still have to pay yeah property and procurement's position was they weren't approving any payments until leases were um executed as to not have so many outstanding leases in the government's month to month for 10 15 years but again as i said they've allowed them to process the out all outstanding payments for us because we've you mr nibs have signed the lease and it's going through the process okay staying on the tenant landlord we can say i think that we on 1:10:35 issue they cannot hold up payment of any anything to us because the the tenant is still on a month to month lease when they don't have a signed lease i mean okay so we we for the explanation so your expectation is clinton and is that the money will be coming to us shortly that is correct like i said we've already received some for division of personnel and we're waiting on justice and dops electricity correct okay yeah let me comment on that i i agree with mr nip you know the these treating the grs like a second-class citizen the law provides that month to month and that you have to pay and the government um has to understand and maybe we need to write a strong letter to them because what mr nibs is saying is correct and they need to understand that that's the way the law is written and that is the way they have to abide by the law so i i agree with you mr nips thank you okay i had another uh question uh mr nips you met with wapa on the 24th of december and that was for a different type of meeting but between yourself and miss jeremiah uh has wapa paid the money that was due us have they paid the balance had they come home they needed 30 days or something like that well i just signed the resolution i think last week but i haven't seen anything with jeremiah no no payment is yet yeah so what is outstanding still i think it's two point something million two point something million okay no it's 1:12:29 but i i don't think the issue really was ultimately whether they had paid something the resolution was that um the system had 60 days to work out a payment plan and i think the question is was a payment plan worked out is that being worked on what is the status of that this uh my knowledge of payment plan hasn't been worked on we want to there's a new director and we were waiting um kathy and i discussed it some days ago we want to meet with that director and give him an overview of the situation for the grs payments I guess my question is, whether we have a new director or not, those guys who were there, those members who were there, they knew about it. 1:14:20 So this was within the 60-day window to work out a payment plan. So you guys decided outside of the 60-day window not to do a payment plan? That's my question. No, Mr. Dorsey. It's not that we decided outside of the plan. it's just trying to schedule a meeting with them and they knew that they had hired another ex a new executive director and they didn't want to commit to anything knowing that they have a new boss coming on board so i am working on trying to schedule a meeting with the new director so is this outside of the 60 days i haven't seen the resolution i think it just came in the other day so i don't recall what the date was but but again let's let's be clear the fact that you may not have seen the resolution you knew what the board asked and you knew what the timeline was you you've done stuff without getting the written resolution so let's not say that you know you had to wait on that pedro that's not what i'm saying kathy kathy let me finish the resolution is clear you had 60 days to work on a payment plan and if that wasn't done regardless of whatever wapu's position is you had your march in order to initiate litigation i mean i there's no dispute about that well i don't think we want to go to litigation mr chairman we would jump on it right away i know i signed the resolution and i saw the 60 days last week we will get on it as soon as possible yes let me just clarify though i was not saying or making an excuse i could 1:15:12 Machine transcript · UNVERIFIED. 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VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 9 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 not answer mr dorsey's question about the dates because i did not have the dates in front of me so i did not want to misspeak and say yes or no because i don't recall the dates off the top of my head without looking at the resolution but we will try to meet with the executive director first because i think that's common courtesy to try to meet with him first to settle this amicably and then if not we will do we will file um a complaint unless the board direct us to do otherwise but you already been directed you know you guys have been directed you get you had a 60-day window then you were supposed to move on to the next uh part of this process um whether there's a new ceo or not that was irrelevant so you're telling me if this see this ceo decides he's not no longer going to be there after a month on the job where does that leave us i think we should just follow what we requested as a board on that issue all right we'll go ahead and prepare to complain and file it and also um i had a question i don't know i don't think we need to complain i think we need to meet with the executive of wapa so we can get them up to speed and let them try to see if we can get a plan from what i understand they're going to have a new cfo they're going to have a new executive director they'll have a new executive team so i think we need to meet them before we file any complaints maybe we don't need to file a complaint why are we getting into some type of legal issue when we can try to see if we can uh not get into that so i think we don't need that like we discussed last uh this week i think we need to just speak with a new executive director and and the ceo cfo and um try to work things out and see what their cash liquidity is and see if we can get a payment plan that's all if they can't then we will we will file some type of complaint but i've been to wapa 1:17:06 been through this with wapa before we went to the judge when we filed a complaint the judge says hey look try to negotiate this thing it took us a while to negotiate it but i'm just saying i don't see why we should file a complaint you know right now and until we work every we try to do everything as possible to negotiate for them to come up with a payment plan i i wonder i wonder now why we even do make recommendations for the administration to follow the board's requests if you guys are just going to sit back and decide you're going to do it outside of what we requested why we're here now if you guys are going to just do what you want to do we put it in we voted on it as a board you asked for some time i was ready to go from the 30-day window you guys had asked for some time so now we put this in and now you decide you don't want to follow what we requested so i'm not sure what we're really doing here with that issue i don't think we're saying that we don't want to follow the board request i think you should give the management some discussion okay and i think mr dorsey we're going to be trying to work with wapo on other projects that will be beneficial to the grs so we want to give the new executive director the courtesy of trying to work with him so he won't hold it against us when we work with wapa on the other projects or tell wapa no don't assist us so it's only a matter it's not that we're ignoring you but we want to try to give this executive director the courtesy so we can get his cooperation on future projects i'll just make a correction attorneys you're not ignoring me you're ignoring the trustees it's not dorsey it's the trustees right we voted on this and certain things supposed to happen sometimes people will just react because they respect the process but if they see you kind of hesitating on things then they continue along the route they've been 1:18:55 going and that's kind of been the pattern here the other question i had mr nibs because i'm going to move on um i just lost my train of thought on it okay i'm i'm done for the moment here if it comes back to me i'll raise it again i'm done for the moment thank you okay um so i'm just just to uh from my perspective mr mr nids and katie obviously are aware of um the urgency that the board has placed on and is settling this issue so um i i trust that you would you would act accordingly going forward i mean i think there's some merit to your argument in my view of i'm trying to work it out my preferences are to work these things out um i mean you you probably get it faster than trying to get it to the court um but anyway so so yeah i just got my thought back that i had a question about moving um so move on that um aggressively for please yeah mr um yes mr nibs and uh attorney smith um when we have situations like non-payment just across the board right shouldn't that fall under the the uh the document that you give us to review on a monthly basis under uh what's the title of it the litigate the litigation document they shouldn't fall in that section uh when members or i guess people were doing business with for this for example um the agencies the two agencies the primary agencies which is the vision of personnel the attorney general's office and then we also have wapa that owes us several million dollars 1:20:54 and then we also have uh the other vendors at the haven site shouldn't that fall in that same category of the document someplace or maybe a sub document so that we could have everything in one place because we got we have items like in three four different sections of this uh monthly document that you give us but if we can consolidate it then maybe as the chair was saying earlier with some of the other items in the monthly document, we could be more pointed on that. 1:23:04 Mr. Darcy, um, just explain my monthly legal report of matters that are handled by the general counsel's office. If a case is turned over to us for collection, then you will see it in my report. If it's not turned over to our office to handle, it's not going to be in my report. Okay. So I guess my point would be the abatement that we're talking about for the Haven site tenants, right? I look at that, I look at that situation, hold on Mr. Nibs, I look at that situation and I look at the collections for the division of personnel and the AG, I look at those guys kind of in the same area because we're talking about 1:23:35 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) 10 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 collection of rent, right? But it's not under the litigation legal report, I understand all of that, but I think it should be in that report, so it's all in one place, it could be in categories within that report. So if we decide as trustees in the future, we wanna call a special hearing meeting on those issues, we'd have it all in one place, but right now it's in like four or five different places within this document. So you have your legal report, then you have your abatement document, then you have your rent document, and then I don't even have nothing in this document on the WAPA, I just have it in my old notes to ask that question today because it's not a follow-up document in here for us to follow as trustees. So if we don't pay attention, a lot of this stuff will just slip by. So I was just trying to figure out why don't we consolidate everything in one place because it seems to fall in the same category, but we can put subcategories in the legal report document so that we can cover that. Now for months, we haven't covered the legal document, even in executive session for whatever reason, we haven't done that, but within that same document, and I don't know if you caught it chair or any other trustees, but the first section of the litigation, it talks about, we don't discuss the board, the general counsel's report in open session. That's to be done. 1:25:01 I'm just repeating, I'm repeating in the legal document, correct, but I'm repeating what's which is already public information in the document we have today my question was why did you put it from that document to this document and then there's a difference in the years of the insolvency as well i don't know if you saw it but there's a year different a full year different in the insolvency in the document from the governor and the document from the senate and in the document that you have you have a year shorter than what they have so they have 2024 and you have 2023 i think that's a serious i don't know oversight or maybe you're right on point and the other two are not on point so i wanted to point that out move the agenda we need to conclude mr nib's report um and move on to the to the other report okay i just wanted an answer on what i just asked what is the question you have all these different sections where we talk about abatement rent not being paid our other legal issues and a whole legal document rent abatement they're in different sections in the report when you do a report something like this you're always going to be behind because you're going to be going back and forth back and forth you're never really gaining any ground that's your question mr mr dawson it should be consolidated into one section in the report even if it's a report we never get to but at some point we'll have a special meeting and get to it and I think because we haven't gotten to this part of the report 1:25:45 I would say for what the last five meetings I could be wrong what is your question Mr. Dawson that we put everything related to abatement related to the whopper monies monies that are old and one section of the report one section which report the legal the legal report which is a legal report it comes from attorney smith to mr nips and it lists all the areas of concern of monies owed or monies in uh a debate with the with the system so right now we have different areas where people either owe us money they owe the system money they're renting from us they want uh they they're not paying and it's in different places in the report i was asking if we can just put it in one place and we have to find that place the only place i can see is in the legal report it could be a subsection it could be a subsection of the legal report except mr dorsey again that makes me dependent on other people to give me the information to complete my report i can do my report based on what's in my office and what's being handled if i have to get the rental information and other information then i have to compile it from other people i the legal report should include in my view only stuff that uh you know elevated to take legal action i mean if if you're talking about a wearage and stuff those are those those are operational things why why why would they get into a legal report no chairman let me ask you this so you're telling me the two million dollars that wapo or us is not a legal issue you're telling me the millions of dollars that the haven site 1:27:40 tenants or us is not a legal issue not a legal issue until we we follow some some kind of some kind of legal action okay so it's an operational election of rent and outstanding business operational it's nothing well let me let me just reference the council to the board um am i missing something here council i'm trying to consolidate what is owed to us and i'm saying that in the same legal report it could be a subcategory of these items so everything is in one place because right now we have a meeting we're going back and forth back and forth and then the next thing you're going to say chair well we need to move on with the agenda but then i'm trying to connect i'm trying to connect the dots where i sit i'm just trying to connect the dots and it's what i propose mr stemmel is that we can do a separate report created site mall with the financials and everything one that is going to be a a very extensive report you want all the schedules and everything like that we're just trying to condense it but i we can come up with a report merge all of havenside mall into one report i don't know i mean which is what i was going to suggest i think if i understand what trustee dorsey is saying you probably need um some details or summary as to where we are in terms of collection with tenants and haven site mall and those should just just be a part of the administrator's report because they are operational issues it's going to be discussed in executive session today okay so i have one more question before miss jeremiah um did we draw down another 15 million for this for this process miss jeremiah are we up to 30 million i'm trying to understand that we haven't gotten to a report today i was asking a question 1:29:34 Machine transcript · UNVERIFIED. 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VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 11 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 we were at 30 million last report and we are still at 30 million for december's report okay so we haven't had any drawdowns from that report till today we made a drawdown in january but it's not on the december's report because that report is december's okay so when you include the january how much was that drawdown we drew down 20 million in january wow okay okay thank you okay mr jeremiah please proceed with your report is mr jeremiah next or committee reports excuse me is is the treasurer's report next or committee reports what is it now is in committee reports so it is no committee reports i think i missed that yeah mr chairman you you skipped the committee report okay i'm sorry i'm sorry yeah okay yeah i'm sorry committee reports are there any committee reports none um from the policy we are have the none from the policy none from the none from budget um is there any committee reports none from the development committee okay 1:31:34 um mr chair who who reports on the medical um for the medical committee we have anybody to report on that we don't have anything in medical to oh that's on our executive session because i never really hear anything from um from that committee the medical committee the medical review committee yeah well bear in mind that the medical review committee is a statutory committee so you wouldn't necessarily hear a report at a board meeting other than if the committee makes a recommendation to the board for a decision and there are two cases pending before the medical committee that needs to have um hearings and i believe the um administrative assistant is working with the medical review committee members to schedule those two hearings okay so you're good miss smith yes mr chair thank you okay okay so now we go to um the treasurer's report okay are we adapting the um the administrators report do we have to vote and adapting them or just move to them as part of the agenda i we have not been adopting them in the past as far as i know okay okay that's okay let's mr nibs am i correct you're correct sir 1:33:26 treasurer's report okay i'll be sharing the screen you can see my screen right yes okay this is the schedule of receipts and disbursement for the government employees retirement system for the month ending december 31st 2021 receipts from collections we had loan repayment 846 686 year to date 2 million 732 981 rent from tenants 62 1719 year-to-date 130 616 employer retirement contributions 8 623 966 year-to-date 23 million six hundred and eighteen thousand five hundred and nineteen employee retirement contributions four million three hundred and sixty two thousand nine hundred and sixteen year to date twelve million one hundred and fifty one thousand nine hundred and seventy three parking facility two year to date 1,720, miscellaneous 149,285, year to date 768,566, total collections 14,045,857, Year-to-date collections, $39,404,456. Disbursements. We have annuity payments, $22,258,746. 1:35:15 Year-to-date, $67,657,131. Administrative expenses, $1,122,966. Year-to-date, $3,351,824. Personal loans, $12,092. Year-to-date, 36 850 mortgage loans 12 791 year to date 50 058 retiree loans 5873 year to date 8489 we have land loans of 35 refund of contributions 696 143 year to date 2 million fifty two thousand seven hundred and twenty eight for total disbursement of 24 million one hundred and eight thousand six hundred 76 year to date 73 million 157 113 for a net cash deficit of 10 million 62 819 year to date cash deficit 33 million 752 dollars 657 cents So, for December, the IRS collected 58% or 14 million of what is needed for the expenses, which was 24 million and collected 26 or 2 million, 2.8 million more than it did for December of fiscal 2021 year-to-date collections was 2% or 737 less than the same period of fiscal 2021 year-to-date expenditure for fiscal 22 was 1% over the same period of fiscal 2021 year-to-date expenditure is 21 percent of fiscal 2022 budget and this is a comparison of the loans in fiscal 2022 1:37:31 what um was posted to the v3 system at the time is 1.9 million and the breakout is principle 1.6 interest 262 escrow 32 779 and for fiscal 2021 3895 for the period was collected and this was the breakout as shown and i was just letting you know that this is what was posted at the time of this report was done in v3 there was a total of 2.7 million collected but because of timing with posting that's what and thus far as of december 31st we have drawn down 30 million from the portfolio even side this is saving sites schedule of receipts and disbursement for the month ending december 31st 2021 total collections for the month is 185 352 year to date 614 3 614 354 we had a total disbursement of 286,598 year to date 623,017 and we have a net cash deficit of 101,156 year to date cash deficit of 8,663 For the month of December 2021, Havenside Mall collected 65% of what was needed for expenditure, thus creating a 35% or $101,156 shortfall. 1:39:53 Fiscal year-to-date collections increased by 68%, or 248,000, over the last fiscal year-to-date collections. Our fiscal year-to-date expenditure was 33%, or 302, on the last fiscal year-to-date expenditure. The Haven site mall expenses were 18% off budget. That ends the treasurer's report, Mr. Chair. 1:41:50 Do you have any questions on the treasurer's report? Yes, I have a question. Go ahead, Mr. Dorsey, I'll ask after you. Yes, Mr. Jeremeyer, when you mentioned the difference of that 20 million, was that, I understand it's not on your document, but was that for the two payment periods, like 10 and 10? periods like 10 and 10 or was that for one payment period when we withdraw money from the portfolio it depends on our needs at the time we might not have collected enough money so for pay period 1 15 we did not have enough in the bank account to pay the retirees so we had to draw down money in order to make that payment which report we're talking about Mr. Dorsey asked about the $20 million that was withdrawn 1:42:23 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) 12 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 in January. Okay. That $20 million was for the one pay period, that's what you're saying? When we withdraw, we don't just say, okay, we just need $10 million. We withdraw enough to cushion for the next pay period as well. Oh, I got it. Exactly. We had enough money to ensure that the next pay period would be covered as well. as well okay thank you yeah along the line that line before i go into what i think so um you have a month-to-month comparison of income and disbursements that you used to determine the yes and as well as looking at the bank account which agency have outstanding money for us if any agency have not paid we call them up we collect what we can and then it will determine whether we go ahead and withdraw or not okay so you do a a a quick evaluation as to income and then you look at the expenses for that month right correct every monday morning the first thing the accountants do on a monday morning is give me a book balance and a bank balance so that i can evaluate what is needed for that week yeah okay good okay that's that's my first question falling up go back to the low the go go to the top of this um land loans and the top of yes right there what what do we what do we fund for the personal loans is you refunding tell me what payments over payments ah okay so are you refund the openment over payments um annually or is it a monthly or 1:43:23 is it what whenever um the loan division said there's an overpayment they make that overpayment that's what this report is okay and for the mortgage is the insurance those who we um have escrow for that's the insurance payment for those mortgages okay and the refi retiree loans refund same thing correct okay and now the land loans you got it at 34 34 34 okay Yeah, I thought so, OK, OK. So go to the next slide. Just one more slide there. Yes. 1:45:23 OK, let me see. Let me move this along. OK, when you have annuities, deceased pensioners checks, explain that for me a little bit more. Those are the checks that we, okay, we make payments, and the pensioner was deceased, so the payments came back to us. So those are those amounts. Okay, okay, good, good, good, good. Okay, yeah. Okay, good, good, good. 1:46:08 And what replacement card is? Well, that's $40. What's that? I believe that has to do with the entrance, the card entrance for the ERS. That's correct. And if you lose it, you have to pay to replace it. Okay, good, good, good, good. And ADEC, that is a security or something agency? Actuarial Determine Amount Contribution, Employer Contribution. 1:46:49 Oh, yeah, okay. That's what that is? Yes. didn't know what the um the acronym meant okay okay thank you very much mr cheering yeah i have one more question for miss jeremiah so miss jeremiah um when the agencies when you look at your spreadsheet on monday and you know this uh particular agency has not paid in their money are we charging them a late fee it's not necessarily that they are late because they have 10 days by law after each pay period to submit their money it may so happen that their 10 days is not up yet but i'm calling them and say hey can we come and pick up the check or can you bring over the check for us or whatever and sometimes they comply we go get them or they will bring it before the 10 days so does that need to be cut to five days so that we don't have to be drawing down so much from our investments i can't determine the loss well i was just saying if you're looking at a spreadsheet and you're looking at the flow you know you're looking at the flow of the money right you said on monday so if this is something that's ongoing maybe we need to change that is there any recommendations has any recommendations been made over the years in reference to this part of the operation i can't answer that and i will not be the one making a recommendation who can answer that mr nibs is there somebody else financially who can answer that you know sometimes changing our operations costs money if the auditor hasn't said anything to us what's why would we want to change it unless it's a burdensome to us well i guess 1:47:25 my question is i don't know if the auditor maybe the auditor needs it in that way so he can understand it also maybe the auditor didn't catch it but we have that out to bid now to get a different auditor right i don't have any problem with it sir um you know it's a minute issue and this is an operational issue but mr nibs how can you say it's minute when you're drawing down money from the investment dollars to meet payroll how how can that be my newt tell me what is the what may i say something what is the alternative uh the alternative is that agencies whoever always whatever whoever is doing business with us they need to pay the money to the system say that say that again i think this is what the governor's legislation is trying to um trying to cover isn't it we don't have that much problems with um the semi-autonomous agencies only one we had an issue whopper does have an issue also but usually we don't have an issue with the uh semi-autonomous agencies the thing is though whether they pay on time or not we will still have to draw down the factor that we will have to draw down the contribution is just not enough to support what is being paid out so regardless if they pay on time or not we will have to draw down still not enough there's a deficit position yeah you know you know you know mr nibs and miss jeremiah when i try to ask for an explanation i don't really get it but when i start to press you guys on what i'm asking about and you ask from a different perspective then all of a sudden you can find something to say to me because i thought what i asked miss jeremiah was pretty straightforward 1:49:16 Machine transcript · UNVERIFIED. 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VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 13 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 for somebody who's looking at our spreadsheet on a monday i mean that's what we do in business we we look at our costs we look at our income i thought that was pretty straightforward i'm not sure why you can't answer that however you answer what you have to look at it holistically i don't think you're looking at it that way well i will say this i will say this mr nibs i will say this mr and mr jeremiah right from where i sit whatever dollars we can get is less that you have to take out of our investment dollars that's how i was looking at it and anybody else that has cost every month they have to meet that's that's what you look at so if the system is an agency a semi-tonymous agency is paying late i was just asking if there's a policy in place or a system in place to collect mr jeremiah shared what it was she'll pick up the phone and call if that's what it is that's what it is i was just asking if there's any recommendations you know you're here to give us recommendations right that's all it was this is an operational this is an operational issue it's the operational issue that have us in this mr nips is part of it it's not our problem drs problems the plans thank you chair thank you let's move on mr chair make a motion to approve the treasurer's report you have a second second second you said it first but who's second second doesn't matter trusty calvin 1:51:04 yes trusty dorsey yes trusty lager yes trusty mcdonald trusty russell yes trusty smith yes Chairman Valerie? Yes. Six years, one absent. Next is the investment officer's report. Good morning, Mr. Chair, other trustees. This is an update of the performance report of the GRS investment fund as of December 31st, The total plan returned slightly positive at 0.1% for the month ending December 31st. The total fixed income was slightly down negative 0.3%, but it was in line with its benchmark. 1:53:02 Our total alternative portfolio was up 1.5% and was underperforming the benchmark by 3.3%. Notable fund performances, our pure capital active income fund returned negative 0.3%, which is slightly underperforming benchmark by 0.04%, our BlackRock U.S. Debt Index Fund returned negative 0.3%, and for the month ending December 31st, our measurable private equity funds returned 6.5%. does that equate to in balance for the month for the month ending we were pretty much still in line with the previous month ending at 407.8 million we raised no funds in the month of December as Jeremiah stated in our previous report we did withdraw 20 million in the month of January and also subsequently we did have to raise some cash to replenish the the cash on hand um after that um so we began the month at um 407.5 million of our beginning market value we had no we had a net cash flow of zero so we had no no no activity for one as it relates to cash flow. We had an income of 388,000. We had an unrealized last of 152.9,000 that brought us to that ending market value of 407.8 million as of December 31st 2021. As it relates to any management, custodian, or consultancy, we paid no fees for the month. We ended the calendar year at $640,000 in fees paid, and fiscal year-to-date, as of December 21st, we paid $102,000. As it relates to securities lending, month-to-date, we had a $300 inflow. 1:54:01 year to date, 10,000 and fiscal year to date, we had about $1,500. So as you can see by the graph, our assets continue to still, I mean, we had a stable month where pretty much, you know, the activity left the portfolio three months as it was for the beginning of the month. of the month i think uh as of december 31st we were at about 372 million in marketable security so those would be our securities that we can totally liquidate at any moment for cash i think based on the 407 or 8 million along with the member loans program and the our complexes which we don't report that overall number i think we would be at about 109 million in illiquid illiquid assets mr chair i'll be happy to entertain any questions any questions on the on the investment officer's report oh i have a question chair brian brian mr henderson that's roughly how are you today i'm doing well good good um um so our cash position is the 56th may and that's our actual cash on hand after the actual 1:56:22 cash on hand yes at the at the um level so when we're drawing down that's what we're drawing from at this point that is correct okay so we took 20 million off of that number that's correct so you wouldn't recommend that we have a supplemental report that would be more up to date when we come in on our monthly meetings if there's been activity even if it's the day before so at least we know what our true position is 20 million 20 million off of that number is a historically i i i beg the um pardon historically i usually put um what we would plan to raise if we have a plan to raise funds in the in a subsequent one coming up i would usually put it in a notation here in the cash flow section and i i and i did not work this time so i'll try to do that faithfully forward so you guys would have a better idea not i can't i i'm not sure if we usually put the cash that we're going to raise we don't usually put the the funds that we actually want um that's usually covered uh in this um general my report but i usually in my cash flow analysis i would have i would tell them what we plan to raise x and x amount of dollars to replenish the cash account and i did not in this case so going forward i will try to make sure i do that well the reason why i raise it because it's not in mr jeremiah's report and um it needs to show up someplace we're just in a position right now that it's a lot of speculation as to what's going to happen or not happen because it hasn't 1:58:14 happened yet so we have to go by our actuals you know what i mean yeah i mean we report we report i guess these people are you know reporting at a specific end of month period so um you know to i hear you i hear you laughing clear i 2:00:10 Machine transcript · UNVERIFIED. 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VI Update · usvipublicrecords.com · public record, no rights asserted (CC0 1.0) 14 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 was just stating right because of the state that the plan is in we just need to be a little bit more pointed so you know 30 days is a long windows a lot of activity a lot of moving parts and as i was explaining earlier with this report we actually have numbers all over the place so if you don't have your head on it can get very confusing and i can only imagine how it is to our trustees i mean our constituents that are listening right right but i just feel like everything should be consolidated that's in the same category and one part of the report but when you do it like this you know you're like flipping pages you're back and forth um some of us understand it and some of us don't um so we have people at a disadvantage and i'm sorry i didn't get to you i did promise but it's been pretty busy i'll still try to do that um i still see some changes that we can add in um that was definitely one of them but 20 million is a big number and i think it should be in red on this document explain what it is even if it's for the following month it's just my recommendation but it is what it is thanks again you're welcome okay um keeping the chat up mr uh okay let me let me look at this okay when when you draw down money um what's the process to dry down is it is it coming directly from our bank account do you have to liquidate some of your bonds how how do we get access to more money um to to buttress the annuities tell me that process okay um let me stop sharing this document if i could pull up a next one for you yeah to give you a better idea of you know yeah okay yeah so you see a spreadsheet on the um on the screen yeah definitely okay Okay, so this is what we call a projections of sources and uses for funds. Every beginning of the fiscal year, we would walk with our consultant, Nikita, to come up with a cash flow projection schedule as to where we would fund monies for a particular fiscal year as the need arises to cover the charge file for benefits and expenses. Where you see the red highlighted cash flow indications, that would be based on our projected cash flows, based on accountants need for cash to pay benefits and expenses. 2:02:06 These red highlighted cash flow amounts are where we would source those funds after we've done the withdrawal. These areas, these managers are where we would source those funds to cover or to replenish the cash account to the established levels that we need to be at at all times. So you have an IDA, it's a protection and you have an IDA, and then when you get close to drawing it down, you get more into detail of the actual amount, is that how it is? That's correct. So as we got a request for cash from Mr. Ramayor's team, and we, you know, initiate that withdrawal, well yeah we need to at some point replenish that cash account that we took those monies out back to the levels that we want and hence would trigger hence would trigger the need to raise cash from the identified manager to replenish that cash okay they meant a single the manager legal is our actuary mikita investment group is our consultant yeah because um okay okay so this schedule is a little noisy but at the at the heart of it it just identifies where would we where we would be sourcing those funds throughout the fiscal year to stay in line with our current allocation and to make sure that our cash cash on hand is at an adequate level okay good good okay just as a follow-up to that so you have a method oh yes definitely we have a method yeah and it's a good method and i needed to understand 2:03:32 no we don't know it's not it's not it's not any ad hoc situation definitely there's a method because we're going into some critical legislation and we need to understand how So, you know, the method we're going to access money. Now, with this one now, okay, let's figure now into the Haven Site Mall, how it figures into this. And I know it figures because, you know, the treasurer's report gives us that, okay? 2:05:25 um so that the overall financial picture is taken with all of the assets here inside the land and everything and and we proceed that kind of way in in in getting these projections right all assets are taken into consideration when we make these projections so if you look here at um local assets yeah the haven site mall is within that that um that the the haven site mall value is within that um that number okay very good very good okay all assets of the of the plan is is taken into consideration when these projections are made okay siegel seem to have been advising the governor too you see a conflict there legal actuary yeah uh if on on behalf of the g of of the grs as far as i could see right yeah so i i don't know if i i mean i'm not i'm not a legal because um you do a good job and i want to know that we have an independent resource because we're getting into discussions with the legislature and the governor and some of us have skepticism about how this process is moving so i i want to oh i could ask um mr cheer would i could pedro williams um give us his initial reaction to that question the i'm sorry the question is whether or not seagull has a conflict yeah because they're 2:06:05 representing the governor on the spv issue yeah and they and then they represent us as our actual So, you know, it would appear to me that if the Department of Interior was involved in this whole financial process, we could get independent confirmation as to the best approach. When Siegel advising us and advising the governor, I'm a little concerned about that. 2:08:03 If I may, Mr. Chairman. Hold on, hold on, Cassie. Obviously, I would need to know more. I haven't seen what agreement, if any, Segal has with the government. I mean, I don't even know that. I mean, I've seen Segal's contract with the GRS years ago. I haven't seen it recently. So it's hard for me to opine on it. obviously there could be a potential conflict if the government of grs were an adversarial relationship i don't believe that that's necessarily the case and i think that a lot of 2:08:46 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) 15 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 times are what will determine whether or not there's a conflict of interest it seems to me that generally the the central government of the government of the version has interested grs interests are basically aligned so you know it's hard for me to see where there would be a conflict but it really i would assume that since siegel has represented the grs for a number of years if some other entity adds siegel to do work for them siegel would need to do a conflict check to determine whether in fact they would have a conflict in representing entity x um knowing that they also represented grs and a lot of that would determine whether company x is an adversarial relationship with grs i mean those are my general responses um to what you've asked without no more specifics if i may mr chairman i believe siegel's role with the government was to take the government's proposed plan and to because it has intimate knowledge of grs to determine how it would affect the grs they were not opining on whether it was good bad or indifferent all they were taking was the government's proposal and and putting it into charts to show the benefit or i should say the effect it would have on the grs as finances that was yeah go ahead i have no knowledge of that so that's what i'm saying i mean cassie may have more information but i haven't seen i i didn't even know what she just said so it's hard for me to determine or pine on whether or not there's a conflict well it is correct because i was the one that recommended after uh the administration had asked i contacted siegel they felt they did not have a conflict all they were doing is taking our information looking at the spv and submitting the same things the same thing that siegel submitted we have all that information already so they didn't see it as a conflict i didn't see it as a conflict well let me put it clear we have had different interests although the government is the plan sponsor we have had different approaches to resolving this whole insolvency issue and uh the board of trustees of the grs have to have independent from the government i believe consultation and advice and when it appears that the governor use seagull it raised a red flag with me whether or not um sigling just going along with the governor and saying that's the best plan i don't think so senator okay well i think i i don't think so um based on there's nothing in the seagull report that says whether the plan is good or bad the seagull report takes the numbers that the government gave them and ran it through their 2:10:50 program to this to determine whether it it's it would avoid insolvency or not that's that's that's all it is you know what what that schedule that schedule that that they include that's the same schedule they do for us all the time we have several of those schedules so yeah there's there's obviously no conflict. I can say this to the chair. I read in the trustee Russell's position is that if the government, the sponsor of the plan wanted to run the numbers, then they should have got another company outside of who we've been using. I think just to avoid the appearance. We always talk about the appearance we're not saying that we're not saying that they are in conflict but we're just saying that these are people that we're using that have our inside information right so i guess the trustee is saying and i could be wrong the trustee is saying that it needed to be it needed to be maybe a third party group to pick up that information and do their due diligence because that was one of the things that they represent one of the representatives i'm not going to call any names but one of the representatives indicated to myself that they were using our people to justify their position at that time which you know people use who they use but I'm just saying like I never got a chance to respond back to even that comment because I've asked since I've been on the board as a trustee that I've asked Siegel before to look at other assets operational issues that we have to help us in the insolvency um our our financial advisors on different occasions as indicated to me and getting back to me that that's not what they signed up for even though they may see an opportunity to help us that's not what they sign up for they stay in their domain so i'm just saying like it to me is where 2:12:57 they want to move around because i've asked that early on i've always felt like if you're advising us on a financial side of our investments and we have other investments that can be made i always felt like you should help us as a system you should help us and they've always they've always said no that's not in their domain we have a question mr mr darcy i was responding to what trustee russell was saying and he's right on he's right on point okay okay you directed a question to the council and he gave up and um uh on his face of it i got to accept that Siegel would have done a conflict check. 2:15:08 But it makes me a little comfortable moving forward in the process where you have one financial institution giving advice to everybody. Okay, again, Mr. Attorney Russell, Siegel did not give advice to the government. They took the government's proposal and put it into a chart to show how the proposal would affect the solvency of the GRS. They have not given any opinion as to whether it's good, bad, or indifferent. They only took that proposal and ran it in the chart. It's the same thing they did under Governor DeYoung's task force. When there were proposals made by the task force, Siegel would run the proposals and see how it would affect the solvency of the GRS. They never gave an opinion on, on, on what the government is proposing. Yeah, I need to hear from Siegel, though. Okay. You want me to call him? 2:15:59 No, no, no. I, I, I, I, I go write a, a, a, a, a, a, a, I, I write it down. Okay, go ahead. yeah and and submit it and then katie and and mr nibs you you raise raise it to seagull i go right well i said like i said uh senator russell we did i did we spoke about it with arwin and he said he didn't see a conflict because he was not giving an opinion we all he was doing was taking the governor's proposal and running the scenarios which has done given us before so he he's on our side not on the 2:16:59 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) 16 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 governor's side well i don't i don't write my concern to you mr all right and you get it to him all right and i thought i thought that the the um and the reason why that came up because um when we do the draw down we have to have some you know some entity in washington in dc wherever the entity um they have to call to get the draw down we want to be sure that you know they they we have our who we pain working for us and that's the issue i don't want them working for somebody else and we being them okay i'll write my thing in in in email okay thank you okay um um any other questions on the report uh she had just a uh question to you is there is there a reason why we can't hear from seagull if mr nibs is able to get him on the phone while we're here no no no it's not that this we need to move on the agenda okay mr i'll have my letter out after this meeting immediately don't worry okay well just for the record chair that same when i spoke to and referenced to our assets and he just said that's not what he's here to do so it's interesting now that he's finding something else to do so trustee russell is really not wrong in him it's just that um you can't be picking and choosing because as a trustee i ask them because to me it just sticks out yes you can be picking and choosing what do you mean could i respond because you leave things you know like that and the public is hearing things he's speaking about nikita nikita told him nikita told him that they have a contract which spells out the services that the board wanted them to do so you can't say that that's the board domain the board has given them a contract and telling them what the scope of work is if it's outside of their scope they're not going to do it that's not what i was saying mr um mr that's not what i was saying mr remember the conversation when you asked him about it mr news we have other assets and i was asking mr owen you can assist us in developing these other assets because they could be potential cash flow to the system mr nibs you're asking about your accent first first of all you're getting it mixed up between seagull and mikita that's another responsibility you ask me speak mikita mikita does not opine on our local assets i'm not getting that i'm not getting that mixed up mr nibs these guys these guys have access to individuals and i was talking about public private partnership at the time and we were talking about building our asset base because we have assets that are just like a doormat they're not doing anything mr dorsey mr dorsey could we get him mr mr wessel said he's going with his letter let me see what the letter says seagull is a natural analysis that the the government wanted 2:18:53 is natural analysis that's why it turned to seagull that's that's where actual analysis is what they do right mr chair but they have other divisions within the corporation and i ask that the other divisions weigh in on helping us that's what i was asking mr dorsey that's what he's trying to say that's not their responsibility let's let's go let's move on um mr henderson was that was my question started there i just wanted one more right you still there mr henderson coffee ruffle yeah okay good good good okay so so that and and did you provide a projection of the monthly drawdown annually um in in the analysis that has gone to the um to both the legislature and the governor regarding their bills have anybody turned to you for the real analysis of what's happening with the cash flow of our system? 2:20:58 I didn't get a direct request but I'm assuming that they looked at the historical cash flows from the plan to come to put in their analysis to go to their conclusion. yeah um and and i have a problem with that and i know i i sat and know you were going to say no they didn't reach out to you mr mr mr russell you said you right i could put it in so mr enderson thank you very much yeah trusty russell i mean that that that i mean mr nips requested that information readily uh when he reports to the legislature which is pretty much on a regular basis so that that information is readily available to them okay okay good thank you okay so i understand i'd like to get a copy of that last document that last slide you put up also then you say the schedule the last one with the funding um Yes. 2:22:12 Yes. No problem with it. I'll email it to you. Okay. Thank you. Okay. Or rather, Mr. Chairman, I'll email it out to everyone, all the trustees. Right. Okay. So can we actually accept or approve the investment officer's report? Mr. Chair, I move that we accept the investment officer's report as a move. Second. 2:23:19 Yes. Trustee Dorsey. Yes. Trustee Liger. Yes. Trustee Mardeno absent. Trustee Russell. Yes. Trustee Smith. Yes. Chairman Barry. Yes. Six yes, one absent. Okay. so we're going to a regular session unfinished business the first item we just um we've said that we're going to deal with that tomorrow the special meeting so we'll go to the new the new business mr nils makita contract extension As you know, Makita has an annual contract and I think it expires on February 1st. 2:23:54 So we are recommending that we extend the contract another year and usually ordinarily the contract used to be for three years. However, since we were winding down and we did not know exactly what was going to happen uh regarding the insolvency we we a couple years ago we reduced the contract to one year and reduce the fee also because they don't have the asset base to manage like they used to so we are asking that the the board extend the contract through uh 2-1-23 um at the same at the same um fee any questions any discussions on that no question no okay could you have a a motion it's a chair move that we extend the makita contract um into 2023 as recommended by the administrator as we move. 2:24:53 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) 17 of 18 GERS Retirement System (Board of Trustees) · GERS Monthly BOT's meeting 1/27/22 Second. Trustee Caldwell? Yes. Trustee Dorsey? Yes. Trustee Liger? Yes. Trustee McDonnell absent. Trustee Russell? Yes. Trustee Smith? Yes. Chairman Bari? Yes. Six yes, one absent. okay that that concludes the open session portion of the meeting could you get a motion to go into executive session mr chair i make a motion to move into executive session and this portion of the meeting will be closed to the public for matters pertaining to trade commercial you may want to restate the motion we missed half of what you said yeah court reporters purposes blocked out for a while here so we read the emotion okay this portion of the meeting will be closed to the public for matters pertaining to trade secrets of financial or commercial information or personal and legal matters or matters whose premature disclosure will frustrate them and implementation of the proposed agency action i got a second second roll call yes trusty dorsey trusty dorsey absent trusty liger yeah trusty mcdonald absent trusty russell yes trusty smith yes chairman barry yes five years 2:26:04 okay and first item on 2:28:18 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. 9x Trustee Andre Dorsey heard in this transcript as: Dorsey 9x Trustee Leona E. Smith heard in this transcript as: Smith 8x Trustee Ronald Russell heard in this transcript as: Russell 6x Trustee Vincent Liger heard in this transcript as: Liger Bills and acts referred to Matched by number against our own acts corpus. The number is what the recognition heard, so it may be wrong; where it resolved, the title is the one the Legislature gave the act. Referred to but not found in our acts corpus: Bill 34-0171 Machine transcript · UNVERIFIED. Verify every quotation against the recording. Speakers are not identified. 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