GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM 
OF THE VIRGIN ISLANDS 
REGULAR MEETING OF THE BOARD OF TRUSTEES 
 
St. Thomas/St. Croix via Zoom 
Thursday, March 24, 2022 
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: 2/24/22)         
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. 
REGULAR SESSION 
A. 
Unfinished Business 
(i). Approval of January 2022 Administrator’s Report 
(ii). Approval of January 2022 Treasurer’s Report 
(iii). Approval of January 2022 Investment Officer’s Report 
(iv). Ratify Poll Vote for A. Nibbs Contract Extension 
B. 
New Business 
(i). N. Coley Contract Extension 
XII. 
EXECUTIVE SESSION 
This portion of the meeting will be closed to the public for matters pertaining to trade secrets / or financial or 
commercial information/ or personal/ or legal matters; or matters whose premature disclosure will frustrate 
the implementation of the proposed agency action.  
A. Unfinished Business 
(i). GVI Financing Funding Transaction 
(ii). JLL Discussion 
B. New Business 
(i). Alternative Funding Discussion 
XIII.  Privileges of the Floor  
 
XIV.    Adjournment  
 
GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM   
MINUTES BOARD OF TRUSTEES REGULAR MEETING  
                  March 24, 2022 
1 
   
 
 
 
 
The Regular Meeting of the Board of Trustees for March 24, 2022 was called to order at 9:34 am. 
The meeting was held via Zoom. At roll call, Trustees present were Trustee Callwood, Dorsey, 
Liger, Russell, Smith, and Bowry. Trustee not present during the roll call was McDonald. A 
quorum was established with 6 trustees present and 1 absent (McDonald). Ex-officio member 
Cindy Richardson submitted a letter to be excused.  
 
Staff in attendance:  Austin Nibbs, Administrator, Cathy Smith, General Counsel, Ishmael Meyers, 
Deputy General Counsel, Denise Jeremiah, CFO, Asiah Clendinen Gumbs, COO, Glenville 
Henderson, Investment Analyst, LeSean Moses, IT, and Nikia Coley, Administrative Assistant to 
the Board of Trustees.  
 
Also, present in the meeting were Pedro K. Williams, Board Counsel and Kelsha Williams 
(Associate Pedro Williams Law Offices), Desiree Hill, Stenographer, and Johnathan Walk (JLL), 
and Aldwin Frias, VP, Actuary (Segal). 
 
Comments and Suggestions from Retirees and Active Members  
There were no comments or suggestions from retirees or active members. 
 
Before the vote for the approval of the Secretary’s minutes was taken, Trustees Dorsey 
and Russell stated that they had to leave the meeting by noon. Trustee Dorsey made a 
motion to reorder the agenda to go into executive session to take up the executive 
session items which was seconded by Trustee Russell. The motion passed 5 yes 
(Dorsey, Liger, Russell, Smith, and Bowry) and 2 absent (Callwood and McDonald). 
 
The Chairman asked Attorney Smith to contact the individuals that will be presenting 
in executive session to see if they are available since they were scheduled to be 
available later in the meeting. 
 
The Chairman asked that the board address the items that are on the agenda in regular 
session (extension of the contract for Nikia Coley and the ratification of the extension 
of the contract for the Administrator). 
 
Motion made by Trustee Smith and seconded by Callwood to extend the contract for 
Nikia Coley for 1 year. The motion passed 4 yes (Callwood, Russell, Smith, and 
Bowry), and 1 not voting (Dorsey), and 2 absent (Liger and McDonald).  
 
Motion was made by Trustee Smith and seconded by Trustee Callwood to ratify the 
vote to extend the contract for the Administrator until September 30, 2022. The 
motion passed 4 yes (Callwood, Liger, Smith, and Bowry), 2 not voting Dorsey and 
Russell), and 1 absent (McDonald).  
 
GOVERNMENT EMPLOYEES’ RETIREMENT SYSTEM   
MINUTES BOARD OF TRUSTEES REGULAR MEETING  
                  March 24, 2022 
2 
   
 
 
 
Motion made by Trustee Smith and seconded by Trustee Russell to go into executive 
session to discuss matters pertaining to trade secrets/or financial or commercial 
information/or personal/or legal matters; or matters whose premature disclosure will 
frustrate the implementation of the proposed agency action.  
 
Executive Session 
A motion was made by Trustee Dorsey and seconded by Trustee Russell to come out of executive 
session. The motion passed 5 yes (Callwood, Dorsey, Liger, Russell, and Bowry) and 2 absent  
(McDonald and Smith). 
 
Regular Session 
A motion was made by Trustee Russell and seconded by Trustee Dorsey to come out of executive 
session. The motion passed 5 yes (Callwood, Dorsey, Liger, Russell, and Bowry) and 2 absent  
(McDonald and Smith). 
 
The meeting adjourned at approximately 11:31pm. 
 
___________________________ 
Austin L. Nibbs, CPA, CGMA 
Administrator/CEO 
Secretary, GERS Board of Trustees