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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM OF THE VIRGIN ISLANDS REGULAR MEETING OF THE BOARD OF TRUSTEES ​ ​ ​ ​ ​ St. Thomas/St. Croix Thursday, March 27, 2025 9:30 am ** AGENDA ** I.​ Call to Order II.​ Roll Call III.​ Comments and Suggestions from Retirees IV.​ Comments and Suggestions from Active Members V.​ Secretary’s Minutes (Regular: 2/27/25) VI. Communications and Correspondences VII. Chairperson’s Report VIII. Administrator’s Report IX. Committee Reports X. ​ Treasurer’s Report XI. ​ Investment Officer’s Report XII. Privileges of the Floor​ ​ XIII. Adjournment GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING The Regular Meeting of the Board of Trustees was called to order at 9:31AM. At roll call, Trustees present were, Andre’ T. Dorsey, Vincent G. Liger, Ex-Officio Cindy L. Richardson, Ronald E. Russell, Leona E. Smith, and Dwane Callwood. The meeting was held in person and via Zoom. Trustee not present during roll call was Tahmin O. Clarke. A quorum was established with 5 voting Trustees present. Trustee Clarke joined the meeting during the reading of the Administrator’s Report. Staff in attendance: Angel E. Dawson Jr., Administrator/CEO, Asiah Clendinen Gumbs, Senior Deputy Administrator, Michele Nico, Deputy Administrator, Ishmael A. Meyers Jr., General Counsel, Denise Jeremiah, Chief Financial Officer, Glenville Henderson, Investment Analysts, Jahmed Mills, Director of Retail, Dining, and Entertainment/Property Manager - Havensight, Ms. Dannica Thomas, Director, Communications, Engagement, & Organizational Effectiveness, Ms. Jerain Fleming, Executive Assistant to the Administrator, LeSean Moses, Computer and Benefits Systems Technician, IT, Nikia Coley, Administrative Assistant to the Board, Zaida M. Castro, Legal Secretary to the General Counsel! Also, present at the meeting were Pedro K. Williams, Board Counsel, and Kelsha Williams from Law Offices of Williams and Williams and Ms. Desiree Hill, stenographer. Comments and Suggestions from Retirees None Comments and Suggestions from Active Members None Secretary’s Minutes (Regular Meeting — 02/27/2025) A motion was made by Trustee Dorsey to accept the minutes of February 27, 2025 and seconded by Trustee Smith. The motion passed with Yes 5 (Dorsey, Liger, Russell, Smith, and Callwood) and one (1) Absent (Clarke). Communications and Correspondences None Chairperson’s Report Attended the V3locity Migration Project Kick-Off Meeting on March 11" at My Brother’s Workshop site. GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Administrator’s Report MEETINGS, PRESENTATIONS, AND APPEARANCES February 25 Attended Investment Committee Meeting February 26 Direct Reports Meeting February 27 Board of Trustees Meeting March 4 V3locity Migration Project Meeting March 5 Enculturation Interview re. Havensight Rebranding March 6 JIRA Tickets Update Meeting March 7 Meeting with Haven Development March 11 - 13 V3locity Migration Kickoff with Vitech On-Site March 13 Appearance on “Pass It On” Radio Program March 17 V3locity Migration Executive Committee Meeting March 18 - 21 On Site Meetings with Linea Solutions GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Member Services Retirement Applications - as of March 31, 2025 ——_—-_ Oe OCS OC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Total STX 147 111 118 177 143 114 165 142 135 148 27 STT 172 126 178 184 159 169 17 Total 294 275 245 401 315 240 343 326 294 317 44 Processed 0 343 324 288 213 — Remaining 0 ce) 2 6 44 % Completed 99% 100% 100% 100% 100% 100% 100% 99% 98% 67% 0% Contributions Processing - Refunds and Death Benefits February 2025 Refunds No. of Cases Completed Total Amount # Cases Pending Regular 34 $451,036.65 69 Erroneous 4 10,098.15 7 Employer Share 0 0 1 Overpayment 26 64,197.18 60 Total 64 $525,331.98 137 Death Benefits No. of Cases Completed Total Amount # Cases Pending Active 0 $ 0 38 Retired 0 0 27 Total 0 $ 0 65 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Accounting Department Annuity Payments No. of retirees as of March 15, 2025, payroll: 8769 Cumulative dollar paid out from October 1, 2024 — March 15, 2025 700 =| Pensioners $0.00 702 =| Service Retirement Annuities 121,325,077.42 703 {| Survivors’ Annuities 797,581.04 704 | Duty-Connected Death Annuities 1,174.91 705 | Duty-Connected Disability 1,439,267.13 Annuities 706 | Non-Duty Disability Annuities 738,525.70 Totals 124,301,626.20 Number of retirees added to payroll from October 1, 2024 — March 15, 2025. 129 Number of retirees added to the payroll for March 15, 2025, pay date. 7 Number of retirees expected to be placed on payroll for March 28, 2025, pay date: 5 Number of retirees deleted from payroll from October 1, 2024, through March 15, 2025: 130 Note: As of 03/15/2025 payroll, the Gross Retiree Payroll has arrived at $ 11,313,711.73 Disbursement by Location as of 03/15/2025 Location Total Total Total Count Checks ACH Puerto Rico & Other islands 68 9 59 United States 1684 32. «©1652 International 6 2 4 1758 43 1715 St. Thomas 4109 60 4049 St. Croix 3511 52 3459 St. John 229 5 224 7849 117 97732 Total disb. 9607 160 9447 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM LOAN PORTFOLIO UNITS ee lea a er Active Personal Loans 2101 1044 1057 Retiree Personal Loans 181 102 79 Auto Personal Loans 1 Total Active Loans 2283 1146 1137 Construction/Home Improvement 20 12 21 Land 18 Purchase/Refinance 26 19 Totals 67 49 18 TOTAL LOANS & MORTGAGES 2,350 1,195 1,155 TOTAL OUTSTANDING February 2025 [aes aR s/s |S rc Active PL - $17,583,503.07 $8,776,524.96 $8,806,978.11 Retiree PL - 624,969.41 348,235.70 276,733.71 Purchase/Refi - 1,140,773.72 814,078.09 326,695.63 Construction - 1,668,971.29 1,027,809.78 641,161.51 Land Loans - 314,831.12 298,760.03 16,071.09 Auto PL - 7,727.74 0.00 7,727.74 GRAND TOTAL $21,340,776.35 | $11,265,408.56 | $10,075,367.79 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Operations St. Croix Office Complex St. Thomas Office Complex Havensight Mall Hotel Development e The hotel project is 85% completed. Guestroom finishing work is underway. Microturbine work completed, was tested and is up and running. e Hotel is connected to city sewage. City water connection is scheduled for the upcoming weeks; waiting on materials e Hotel is currently on cistern water (125,000-gallon capacity) Rental Collection Office Buildings Rental and Electricity Collections — Exhibit A (below) February 2025 Total FYTD Arrearages Rental $67,414.95 $454,366.45 $87,420.66 Electric $17,813.73 $188,685.26 $80,888.23 Total $85,228.68 $643,051.71 $168,308.89 RENTAL — EXHIBIT A February 2025 Collection Rental Rental Year-To- |Electricat Year-To-4Total Year-To-Date Collection! baat Date Collection for} Date Collection Revenue apenal - cecal Late Charge FY 2025 for FY 2025 Collection 9 g Oepartment of Justice $ - ¥$ $ 411,189.00 } & 111.024 37 F$ 222,213.37 13 74.126.00|$ 55,096.53 Division of Personnel 39,669.00 16,982.77 117,936.58 74,947.43 192,884.01 24,460.17 FirstBank 297.16 104.06 1,195.60 474 83 1,670.43 nie 6,556.36 32,781.80 32,781.80 Plessen Eye, LLC_ADMIN 12,388.68 412,388.68 8589.48 Plessen Eye, LLC_ ADMIN STORAGE 121870 3,608.30 3,608.30 Ptessen Eye, LLC_ASC 18,096.84 18,096.84 4705.16 Equus Workforce Solution 1,803.73 726.90 9,018.65 2,238.63 11,267.28 1.331,.53 VI Casino 49,866.00 49,866.00 Vi Police Department 17, 870,00 98,285.00 98,285.00 : Total income Received $ 67,414.95 17,813.73 454 366.45 188,685.26 643,051.74 87,420.66 80,888.23 6 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Questions for the Administrator Trustee Dorsey requested to know about the warranty period for the testing of the Migration Software and if the System can obtain an extension of the warranty. Attorney Meyers replied that the warranty is a 90-day standard offer and there is an opportunity to increase the warranty at a hefty price. Administrator Dawson confirmed that a permit has been secured for repairs of an overhang at Havensight Mall, specifically by "The Great Wall of China.” Plans for additional improvements will be created in partnership with IDEAS (Integrity Arts and Technology Inc) to boost branding efforts. Committee Reports. (a) Investment Committee ~ Chairman Callwood — No Report (b) Development Committee - Trustee Leona E. Smith — No Report (c) Budget/Audit Committee Report — Chairman Callwood — No Report (d) Policy Committee Report- TBA — No Report Treasurer’s Report Ms. Denise Jeremiah, CFO, read the Treasurer’s Report for the System and Havensight Mall for the month ending of February 28, 2025 Total Collections for February 28, 2025 are $15M and FYTD is $165M. Total Disbursements for February 28, 2025 is $25M and FYTD is $130M; Net deficit for the month of February is S9M. FYTD Net Cash Surplus of $35M. Havensight Mall. Total Collections for February 87, 2025 are $515K and FYTD $2.5M; Total Disbursements are $400K and FYTD is $1.8M. Net Cash surplus of $115K for the month of February 28, 2025 and Net Cash Surplus of $681K FYTD. Trustee Clarke inquired about the decline in collections compared to the figures from February of the previous year. CFO Jeremiah explained that this decline is attributable to the timing distortions associated with employer and employee contributions. Additionally, at the five-month mark, Administrator Dawson announced that administrative expenses fiscal year to date are less than 41% of the budgeted total. A motion was made by Trustee Smith and seconded by Trustee Clarke to accept the Treasurer’s Report for February 28, 2025. The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, and Callwood) and 1 Not Voting (Russell). GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Investment Officer’s Report Mr. Glenville Henderson read the investment report for February 28, 2025 in the record. $19M raised for the month ending January 2025. Total Plan returned 1.3 for the month Total Domestic Equity returned -2.3% for the month. Total international Equity returned 1.6% for the month o Developed Market Equity returned is 1.9% o Emerging Market Equity returned 0.7% o Total Domestic Fix Income Return 1.8% o Investment Grade Bonds returned 2.2% o TIPS returned 2.2% o High Yield Bonds returned 1.4% o Cash Returned 0.4% Total Alternatives returned 8.4% for the month. Management Expense Analysis o Total Market Value $462M o Estimated Fee Value $121M a Estimated Fee 0.02% Administrator Dawson acknowledged Mr. Jahmed Mills, and his team and staff, highlighting the positive impact on the portfolio derived from Havensight Mail's group value, as noted in Mr. Henderson's Investment Report. - Trustee Russell announced he was leaving the meeting due to personal commitment before the motion for the Investment Report was carried out. A motion was made by Trustee Dorsey and seconded by Trustee Clarke to accept the Investment Officer's Report for February 28, 2025 The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, Callwood) and 1 Absent (Russell). --- - --- - - -- GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING ' Privileges on the Floor Trustee Dorsey congratulated Mrs. Clendinen Gumbs, who was recently honored at the DFG Community Foundation of the V.I. event, 2025 International Women's Day, and Women History Month Celebration. Other trustees, Administrator Dawson, and staff seconded the motion. Adjournment A motion was made by Trustee Dorsey and seconded by Trustee Clarke to adjourn. The motion passed with 5 Yes (Clarke, Dorsey, Liger, Smith, and Callwood} and l Absent (Russell} The meeting ended at 10:20 A.M. The minutes were transcribed from the zoom recording by Zaida Castro, Legal Secretary to the General Counsel and reviewed and edit by Chairman Dwane Callwood, Angel E. Dawson Jr., Administrator and CEO, and Ishmael Meyers, General Counsel. - - . Angel E. Dawson Jr. Administrator /CE 0 Secretary, GERS Board of Trustees 9