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GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM OF THE VIRGIN ISLANDS REGULAR MEETING OF THE BOARD OF TRUSTEES St. Thomas/St. Croix Thursday, February 26, 2026 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: 01/22/26) 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 9:31 a.m. At roll call, Trustees present were Andre’ T. Dorsey, Tahmin Clarke, Vincent Liger, Ex-Officio Richardson, and Dwane Caliwood. The meeting was held in person and via Zoom. Trustee Ronald E. Russell was absent, and Trustee Leona E. Smith was excused. A quorum was established with 4 voting Trustees present. Staff in attendance: Angel E. Dawson Jr., Administrator/CEO, Asiah Clendinen Gumbs, Senior Deputy Administrator, Ishmael A. Meyers Jr., General Counsel, Zuleyma Chapman, Deputy General Counsel, Glenville Henderson, Investment Analysts, Denise Jeremiah, Chief Financial Officer, Jahmed Mills, Director of Retail, Dining, and Entertainment/Property Manager — Havensight, Ms. Jerain Fleming, Chief Administrative Officer, Sandy Bryan-Belle, Executive Assistant to the Administrator, LeSean Moses, Computer and Benefits Systems Technician, IT, Nikia Coley, Administrative Assistant to the Board, Zaida M. Castro, Legal Secretary to the General Counsel, and Bianca Phillips, Communications and Member Education Specialist. Also present at the meeting was Kelsha Williams, Board Counsel and Stenographer, and Ms. Desiree Hill. Comments and Suggestions from Retirees None Comments and Suggestions from Active Members None Secretary's Minutes (Regular Meeting — 01/22/2026) The minutes should be amended to indicate that Trustee Dorsey requested to be excused for the January 22, 2026, meeting. Trustee Clarke made a motion to accept the minutes of January 22, 2026, as amended, and seconded by Trustee Dorsey. The motion passed with Yes 4 (Dorsey, Clarke, Liger, and Callwood) and two (2) Absent (Russell and Smith). Communications and Correspondences There were no Communications or Correspondences Chairman’s Report None GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Administrator’s Report MEETINGS, PRESENTATIONS, AND APPEARANCES January 20 Development Committee Meeting January 20 -22 Various V3locity Migration Meetings January 22 Board of Trustees Meeting January 26 Attended Governor's State of the Territory Address January 27 — 30 Various V3iocity Migration Meetings February 3 Meeting to discuss Cyber Security Policies February 3 Investment Committee Meeting February 4-6 Various V3locity Migration Meetings February 17 Organizational Change Management Presentation February 17 — 20 Various V3locity Migration Meetings February 18 Policy Committee Meeting February 20 Havensight Greenspace Construction Project Kickoff Meeting Member Services Retirement Applications - as of January 15, 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total STX 147 «111 118 177 143 114 = 165 142 = 136 150 153. 16 STT 147 164 127 224 172 126 178 184 _159 169 141 _8 Total 294 275 245 401 315 240 39-3343 326 295 319 294 =24 Processed 293 275 «8245 «401 315 240 343 324 293 307 lI _O Remaining 1 ie) 0 0 0 Q ie) 2 2 12 117 _ 24 158 % Completed 99% 100% 100% 100% 100% 100% 100% 99% 99% 96% 60% 0% GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Contributions Processing Refunds and Death Benefits January 2026 Refunds Cases Carried New Cases Cases Cases Total Amount Forward Received Completed Pending Refunded Regular 71 38 20 89 443,246.86 Erroneous 2 5 0 7 0.00 Employer Share 1 0 1 0 2,490.70 SCP Overpayment 5 10 15 0 13,474.78 Total 79 53 36 96 $459,212.34 Cases Carried New Cases Cases Cases Total Completed Death Benefits Forward Received Completed Pending Death Benefits Active 40 7 6 41 201,618.05 Retired 22 2 0 24 0.00 Total 62 9 6 65 $201,618.05 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Accounting Department Annuity Payments No. of retirees as of February 13, 2026, payroll: 8763 Cumulative dollar paid out from October 1, 2025, to February 13, 2026 700 | Pensioners $0.00 702 | Service Retirement Annuities $100,275,675.52 703 | Survivors’ Annuities $651,188.74 704 | Duty-Connected Death Annuities $961.29 705 | Duty-Connected Disability Annuities $1,135,108.41 706 | Non-Duty Disability Annuities $611,027.50 Totals $102,673,961.46 Number of retirees added to payroll from October 1, 2025, to February 13, 2026. 105 Number of retirees added to the payroll for February 13, 2026, pay date. 8 Number of retirees expected to be placed on payroll for February 27, 2026, pay date: 15 Number of retirees deleted from payroll from October 1, 2025, through February 13, 2026: 106 Note: As of 02/13/2026 payroll, the Gross Retiree Payroll has arrived at $11,418,605.84 Disbursement by Location as of 02/13/2026 Total Total Total Location Count Checks ACH Puerto Rico & Other islands 66 8 58 United States 1684 27 = 1657 International 4 2 2 1754 37 1717 St. Thomas 4148 52 4096 St. Croix 3562 45 3517 St. John 229 6 223 7939 103 7836 Total disb. 9693 140 9553 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Government Employees’ Retirement System Loan Portfolio UNITS Active Personal Loans 1829 887 942 Retiree Personal Loans 628 283 345 Auto Personal Loans Total Active Loans 2458 1170 1288 [MORTGAGES >gay =) coms TE Re a ania cae ea| 16 9 7 Construction/Home Improvement Land 10 10 Purchase/Refinance 13 11 Totals 39 30 TOTAL LOANS & MORTGAGES 2,497 1,200 1,297 TOTAL OUTSTANDING January 2026 [total | srs st Active PL = $11,768,927.13 $5,697,981.96 $6,070,945.17 = Retiree PL 4,088,781.65 1,790,144.86 2,298,636.79 Purchase/Refi - 874,933.81 683,877.08 191,056.73 Construction 1,333,218.05 730,985.88 602,232.17 - Land Loans 156,327.21 156,327.21 0.00 Auto PL - 4,356.79 0.00 4,356.79 GRAND TOTAL $18,226,544.64 $9,059,316.99 $9,167,227.65 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Operations January 2026 St. Croix Office Complex PLESSEN OPHTHALMOLOGY BUILDING: Working on estimates for roof repair at the Plessen Eye Clinic. Building. Estimates received and will be submitted for review and comments. Glass 2000 visited and rectified the leaks from the glass walt during the rainfall on the North side of the building. Projects Second Floor Ceiling Repair GERS Main Bldg.: Service Contract is being Generated. St. Thomas Office Complex Maintenance Experiencing leaking copper lines throughout the building, most recently in the Department of Justice restroom. Plumbers addressed. Projects Legal Department renovation in progress. Work is progressing on schedule. New Construction of an office is in progress. Work is progressing on schedule. Annual Air Quality Testing The annual testing of the GERS buildings on St. Thomas and on St. Croix is pending a date from the environmental! specialist. Work will commence once the date is finalized. RFP for GERS Main STT — Restroom and Lobby Rehabilitation and ADA Compliance Solicited bids received one bid and are awaiting two additional bids. Havensight Mall Green Space Contract executed. Kick-off meeting scheduled. Welcome Center Construction is about 99% completed. RFP for Painting of the Shop Building Building 3 was completed; Work on Buildings 4 and 5 has commenced. Security Building CZM requires some adjustments to the submittal. The architect will rectify and resubmit. 6 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING Generator A maintenance agreement in process. Rental Collection Office Buildings Rental and Electricity Collections — Exhibit A (below) January 2026 Total FYTD Arrearages Rental 117,035.69 429,901.03 37,063.00 Electric 63,793.37 235,700.17 45,156.97 Total 180,829.06 665,601.20 82,219.97 Rental — EXHIBIT A Sacuary 2026 Colecfon NOS Emenee : ey a Bechtel pa nan te ba Yea To-Dato Elect Charge | lecton poe CoBection for FY | Revequs Arrearage ones Department of usoce $ IBOls MTOOs ta—001$ os 290080 =F oe Dhision of Persoanel 401.2726 4S) $55,087, | 4R37858 sacred FestBank M18 15] 1180, 90.53] ae E:) LEC ae nat BM Peso eC ADMIN 118 7078.16) ET Plessen Eye ULC, ASC 452421 68 : Euan Wortorea Solution Sait 19 Taf ez ot — a IE es WiGasino 8 50| | : Poe Depart 250500] 4072.13} 740.00 ag72.t3 art2g | 3742 res Totatlncome Recelved __|$ 11703605] Ga7RANT| ——=«ERUTS|~—=«C«AR TOOT] ANTM] S7.OEROO] aS SRT | _| 4 Updates on Rentals Cindy Richardson, Director of the Department of Personnel, confirmed that the paperwork has been submitted to the Department of Finance for payment processing. Trustee Dorsey commends the Havensight Mall employee responsible for the Tap and Still area restrooms for maintaining high standards of cleanliness. He also recognized the Havensight Mall team for the recent white-and-yellow restriping repair project. Committee Report (a) Investment Committee — Chairman Callwood reported that the Investment Committee met on February 3rd to receive from Investment Managers updates on the GERS portfolio 7 GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING performance. (b) Development Committee — Trustee Leona E. Smith — No Report (c) Budget/Audit Committee Report — Chairman Callwood — No Report (d) Policy Committee Report- Trustee Clarke reported that the policy committee met on February 18" to discuss a matter of contributions. Treasurer’s Report Ms. Denise Jeremiah, read the Treasurer’s Report for the System and Havensight Mall for the month ending January 31, 2026. Total Collections for January 31, 2026, are $14M and FYTD is $108M. Total Disbursements for January 31, 2026 is $25M and FYTD is $106M; Net deficit for the month is $11M. FYTD Net Cash Surplus of $2M. Havensight Mall. Total Collections for are $786K and FYTD $3M; Total Disbursements are $353K and FYTD is $2M. Net Cash surplus of $434K for the month and Net Cash Surplus of $653K FYTD. A motion was made by Trustee Dorsey and seconded by Trustee Clarke to accept the Treasurer’s Report for January 31, 2026. The motion passed with 4 Yes (Dorsey, Clarke, Liger, and Callwood) and 2 Absent (Russell and Smith). Investment Officer's Report: Glenville Henderson gave an update on the Investment Portfolio as of January 31, 2026 Total Plan returned 0.2% MTD Total Domestic Equity returned 1.9% MTD - Russell 2000 Index returned 1.4% - Russell 2000 Index returned 5.4% Total International Equity returned 6.2% MTD - Developed Market Equity returned 5.2%. - Emerging Market Equity returned 9%. Total Domestic Fixed Income returned .4% MTD. - Investment Grade Bonds returned 0.2% - TIPS returned 0.5% - High-Yield Bonds returned 0.5%. - (Cash returned 0.3%. Total Alternatives returned 0.6% MTD (excludes Member Loan Programs as well as St. Thomas and St. Croix Facilities) GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM MINUTES BOARD OF TRUSTEES REGULAR MEETING A motion was made by Trustee Dorsey and seconded by Trustee Clarke to accept the Investment Report for January 31, 2026. The motion passed with 4 Yes (Dorsey, Clarke, Liger, and Callwood) and 2 Absent (Dorsey and Russell). Privileges of the Floor Trustee Liger inquired about Trustee Russell’s future participation in Board meetings. Chairman Caliwood responded that the attendance policy can be reinforced and that the Board may address the matter at the next board meeting. Adjournment A motion was made by Trustee Clarke and seconded by Trustee Dorsey to adjourn the Board meeting for February 26, 2026. The motion passed with 4 Yes (Dorsey, Clarke, Liger, and Callwood) and 2 Absent (Dorsey and Russell). The meeting ended at 10:31 a.m. The minutes were transcribed from the Zoom recording by Zaida Castro, Legal Secretary to the General Counsel, and reviewed and edited by Chairman Dwane Callwood, Angel E. Dawson Jr., Administrator and CEO, and Ishmael Meyers, General Counsel. Angel E. Dawson Jr. Administrator/CEO Secretary, GERS Board of Trustees