Government Employees’ Retirement System’s Minutes Board of Trustees Regular Meeting October 23, 2025 The Regular Meeting of the GERS Board of Trustees for Thursday, October 23, 2025, was called to order at 9:34 a.m. The meeting was held both in-person and via Zoom. At roll call, Trustees present were Tahmin Clarke, Andre T. Dorsey, Vincent G. Liger, Leona E. Smith, and Dwane A. Callwood. Trustee Ronald E. Russell, and ex-officio member Cindy Richardson were absent. A quorum was established with 5 voting Trustees present. Staff in attendance included: Angel E. Dawson, Jr., Administrator/CEO; Ishmael A. Meyers, Jr., General Counsel; Asiah Clendinen Gumbs, Sr. Deputy Administrator/COO; Michele Nico, Deputy Administrator; Denise Jeremiah, Chief Financial Officer; Shoran Sasso, Chief Benefits Officer; Glenville Henderson, Investment Analyst; Dannica Thomas, Director of Communications, Engagement & Organizational Effectiveness; Zuleyma Chapman, Esq., Deputy Counsel; Jahmed Mills, Director of Retail, Dining, and Entertainment/Property Manager-Havensight; Roy Moorehead, Asst. Property Mgr./Chief of Security-Havensight; LeSean Moses, Computer and Benefits Systems Tech - IT; Nikia Coley, Admin. Assistant to the Board and Jerain Fleming, Executive Assistant to the Administrator. Also present: Pedro Williams, Esq., Board Counsel, Atty Kelsha Williams and Desiree Hill, Stenographer. A motion was made by Trustee Dorsey and seconded by Trustee Clarke to move the discussion of Bill No. 36-0122 to Executive Session. The motion passed with 5 Yes and 1 Absent (Russell). Comments and Suggestions from Retirees None Comments and Suggestions from Active Members None Secretary’s Minutes (Regular Meeting - September 25, 2025) No edits or corrections were made. A motion was made by Trustee Dorsey and seconded by Trustee Clarke to accept the minutes of September 25, 2025. The motion passed with 5 Yes and 1 Absent (Russell). Communication and Correspondence None Chairman’s Report Nothing to report Government Employees’ Retirement System’s Minutes Board of Trustees Regular Meeting October 23, 20245 Administrator’s Report MEETINGS, PRESENTATIONS, AND APPEARANCES September 18 V3locity Project Status Meeting with Linea Solutions September 19 Vitech Weekly Status Meeting September 22 Testimony on Bill 36-0061 before the Legislature’s Committee on Government Operations, Veterans’ Affairs, and Consumer Protection September 25 GERS Board of Trustees Meeting September 29 Meeting with Meketa October 1 Meeting with community organization regarding possible program activities at Havensight Visitor Center and Park Issued Press Release on shortfall in 2025 Funding Note Payment October 4 Guest on WSTX 970 radio show, Community Digest, with Abdul Ali October 6-8 In-Person Meetings with Linea Solutions October 9 Attended Housing Construction Stakeholder Meeting conducted by Senator Marvin Blyden October 10 Meeting with CEO of Juan F. Luis Hospital October 16 Structured Walkthrough of new V3locity System October 17 Announcement of GERS Employee Appointments Member Services Retirement Applications - as of October 15, 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Total STX 147, «111 118 177 143 114 165 142 136 150 119 2 STT 142 164 122 224 172 126 #4178 184 _159 169 105 _ 2 Total 294 275 245 401 315 240 8343 326 295 319 224 4 Processed 293 275 245 401 315 240 343 324 _292 395 88 _0O Remaining —1 _0 _0O0 _0 _J9 9 _0 _2 _3 14 186 _4 160 % Completed 99% 100% 100% 100% 100% 100% 100% 99% 99% 95% 39% 0% Contributions Processing-Refunds and Death Benefits September 2025 Refunds No. of Cases Completed _Total Amount # Cases Pending Regular 35 $631,491.34 85 Erroneous 0 0 9 Employer Share 3 5,139.64 0 Overpayment 14 47,590.37 12 Total 52 $684,221.35 106 Government Employees’ Retirement System’s Minutes Board of Trustees Regular Meeting October 23, 2025 Death Benefits No. of Cases Completed Total Amount # Cases Pending Active 0 SO 37 Retired 2 142,096.27 28 Total 2 $142,096.27 65 Accounting Department Annuity Payments No. of retirees as of October 15, 2025, payroll: 8777 Cumulative dollar paid out from October 1, 2025 - October 15, 2025 700 | Pensioners $0.00 702 | Service Retirement Annuities $11,119,589.28 703 | Survivors’ Annuities $72,776.16 704 | Duty-Connected Death Annuities $106.81 705 | Duty-Connected Disability Annuities $127,784.50 706 | Non-Duty Disability Annuities $66,673.92 Totals $17,386,930.67 | Number of retrees added to payroll rom October 1, 2025 - October 15, 2025. 8 Number of retirees added to the payroll for October 15, 2025, pay date. 20 Number of retinees expected to be placed on payroll for October 30, 2025, pay date: 12 Number of retrees deleted from payroll from October 1, 2025, through October 15, 2025: 20 Note: As of 10/15/2025 payroll, the Gross Retiree Payroll has amved at $11,386,930.67 Disbursement by Location as of 10/15/2025 Total Total Total Location Count Checks ACH Puerto Rico & Other islands 67 9 58 United States 1687 28 =1659 Internationa! 4 2 2 1758 39. 1719 St. Thomas 4145 6S 4080 St. Croix 3544 50 3494 St. John 225 5 220 7914 «61200 «—7794 Total disb. 9672 «#9159 «=69513 Government Employees’ Retirement System’s Minutes Board of Trustees Regular Meeting October 23, 2025 GOVERNMENT EMPLOYEES' RETIREMENT SYSTEM LOAN PORTFOLIO UNITS Active Personal Loans 1958 959 999 Retiree Personal Loans 621 279 342 Auto Persona! Loans Total Active Loans 2580 1238 1342 [MORTGAGES eS Sa Sa ee pS epee Construction/Home improvement pore 15 9 Land 10 10 Purchase/Refinance 11 10 Totals 36 29 TOTAL LOANS & MORTGAGES 2,616 1,267 1,349 TOTAL OUTSTANDING September 2025 Active PL - $14,245,285.09 $7,014,209.26 $7,231,075.83 Retiree PL - 4,339,742.00 1,905,471.44 2,434,270.56 Purchase/Refi - 830,899.82 677,457.95 153,441.87 Construction - 1,319,403.43 791,622.77 527,780.66 Land Loans - 154,015.17 154,015.17 0.00 Auto PL - 0.00 5,660.07 5,660.07 GRAND TOTAL $20,895,005.58 $10,542,776.59 | $10,352,228.99 Operations September 2025 St.Croix Office Complex Security Systems: Purchased additional cameras and replacement cameras. Safety Equipment: Awaiting an estimate on repair to Alarm indicating Pump Tamper Switch in the system. All Starfire alerted. GERS EXECUTIVE OFFICES BUILDING: e Minor Roof leaks encountered from the heavy rainfall. Working on estimates for roof repair. Government Employees’ Retirement System’s Minutes Board of Trustees Regular Meeting October 23, 2025 PLESSEN OPTHALMOLOGY BUILDING: Sanitary line & Toilets replacement project completed on October 2, 202,5 by Brothers Construction Inc. This project is 100% completed. A change-order is expected due to some unforeseen damage that needed to be corrected. (Broken underground domestic watertines). Brothers Construction is also conducting an assessment to submit an estimate for repairs to the areas that leaked internally during the rainfall. Glass 2000 is scheduled to visit and review some leaks from the glass wall during the rainfall. CASINO COMMISSION CONTROL BUILDING: Reported leaks in the building from an area in the roof, and leaks around the windows. Paris Construction is conducting an assessment to provide an estimate for repairs. HVAC Main A/C Unit Maintenance area downstairs Installation was completed and Unit functioning well. The A/C Units for Storage area were installed and functioning well. HVAC First Quarterly maintenance was completed by Bengoa International inc, all normal. Temperature in the entire Second Floor level is within normal office ranges. Maintenance The A/C Chiller system was cleaned of accumulated dirt/natural elements. All filters in the four air handler rooms were replaced. Environmental Cleaning of HVAC System ADCON Environmental Services has completed the DOP areas. Air Purifiers and Dehumidifiers Air purifiers and dehumidifiers have been installed in the following areas: COO, CEO, Administration, Member Services, Accounting, Legal, Records, IT, Payroll, CFO, Customer Service, and Operations. Although our air quality is already within acceptable standards, these units were added to enhance indoor air quality further. Regular maintenance is also in place to ensure proper performance. RFP for GERS Main STT — Restroom and Lobby Rehabilitation and ADA Compliance - Will re-issue the RFP as no bids were received in the timeframe specified. The facility has been experiencing random copper line bursts in various areas. The replacement of waterlines as part of the scope of work for the restroom and lobby rehabilitation and ADA compliance will alleviate this issue. RFP has been issued for the GERS Main Building. NEW DATES (Daily News Ad to be published by Friday October 17") ° Request for Proposal Announcement October 17, 2025 ° Pre-Proposal Conference/Walkthrough October 31, 2025, at 10am ° Final Day for Questions November 5, 2025, at 4pm ° Provide Responses by: November 7, 2025, at 5pm e Deadline for Submissions November 17, 2025, at 4pm ° Selection committee reviews November 19, 2025 Government Employees’ Retirement System’s Minutes Board of Trustees Regular Meeting October 23, 2025 ° Interview, Presentations November 20-21, 2025 (if necessary) ° Selection of Finalist(s} and Notification November 24, 2025 ® Contract Preparation November 25, 2025 e Contract Execution & Project initiation December 5, 2025 Generator: Working with no issues; regularly serviced. The diesel tank is at 100% capacity. Projects Ongoing: © The air conditioning unit for VIPD has arrived, and the old unit has been removed and replaced. Final connections and component installations are currently in progress, which will soon restore comfort to the rented space. e The covered parking area has been reassessed, and it was decided to remove the asphalt layer above the concrete. The request for quotes on the Polyaspartic commercial floor coating is still in progress. Greenspace Park NEW DATES (Daily News Ad to be published by Friday October 17*") RFP Issued October 17, 2025 Pre-Bid Meeting & Site Visit October 31, 2025, at 3pm at White House (Havensight) Deadline for Clarification Requests November 5, 2025, at 4pm Responses to Questions Issued November 7, 2025, at 5pm Proposal Submission Deadline November 17, 2025, at 4pm Evaluation by Selection Committee November 20, 2025 Notification of Finalist(s) November 24, 2025 Contract Execution & Project Start December 3, 2025 Welcome Center Construction is about 75% completed. Building 3 Roof and Catwalk — Inspection Report Demolition Work Contractor has demolished and removed some contracted portions of old concrete and damaged roofing finish materials and has removed them from the site. All roof areas were cleaned and are free of any loose materials. 100% Installation Work Contractor has installed several booth kits and composite protective casings to safeguard Roof penetration from potential water leakage. The Contractor continues to use adhesive to support the TPO Sheathing System at the Roof. Workers are using approved termination bars and are hot welding all seams. The Contractor has installed metal brackets, metal railings to match existing and steel beams to support the new poured in place catwalk at the eastern and northern portions at Building No. 3. The Contractor has cleaned the lower, northern Roof and is installing elastomeric silicone coating to the treated secondary roof surface area. This is the first application of two that was applied to the secondary roof. Sub-Contractor, ARS Roofers, continue to cover and protect exposed electrical equipment and cover and protect exposed steel columns. The Government Employees’ Retirement System’s Minutes Board of Trustees Regular Meeting October 23, 2025 Contractor has completed approximately 97% of the TPO Sheathing on Building No. 3. 97% completed RFP for Painting of the Shop Building Contract awarded to Supreme Painting. Project start is imminent. Generator The generator (New Caterpillar 2,000 kW Genset 3516C - Model 2023) is 98% complete and worked in accordance with the outlined scope of work during the recent power outages. A final walk-through for final approval will be scheduled, final invoices need to be submitted, and a maintenance agreement drafted Office Buildings Rental and Electricity Collections — Exhibit A (below) September 2025 Rental $22,713.86 Electric $11,929.61 Total $34,643.47 Total FYTD $976,341.09 $395,719.72 $1,372,060.81 Arrearages $115,483.74 $119,292.95 $234,776.69 September 2026 Collection — Rental . Rental Year-To- | Electrical Year-To- . Coecton | Ceean| Ose Coleco for Oat Coecfon fol Ctcton! Anenage | Arenas Late Charge FY 2025 FY 2025 : : Departmento sti 3 6 - {S$ «LS ~— 206,504.00] 200.4764] $ $14,954.64] 117,189.00] $ 83,8202 saree uoar Diision ofPersonnel 11,103.53 230,443.58 164,905.60 395,349.18 29,152.08 pile FrstBank 297.16) 122.88 3,275 72 1135.43 AAAS vali Consultant, 6,556.36 72,119.98 72,119.96 Plessen ye LLG ADMIN ; 46,416.24 46,416.24| 420474 Sept Ret Plessen Eye, LLC_ADMIN STORAGE 597.40 8,411.40 8,411.40 . Plessen ye, LC ASC 4524.21 ; 54 833.43 54,933.43 Equus Workforce Solution 1,803.73 703.20 21,644.76 7,468.70 29,113.46 763.79 Aug Electic ViCasino ; 99,732.00 99,732.00 : VIPotce Deparment 8,935.00 142,960.00 3,762.35 146,722.35 5,555.06 mae Totalincome Received |$ 22,713.86] 11,929.61 976,341.09 395,719.72] 1,372,060.81] 115,483.74] 119,292.95 Government Employees’ Retirement System’s Minutes Board of Trustees Regular Meeting October 23, 20245 Committee Reports None Treasurer’s Report Ms. Denise Jeremiah, CFO, presented the Treasurer’s Report for the System and Havensight Mall for the month ending September 30, 2025. GERS’ Schedule of Receipts and Disbursements: - Total Collections for September 2025 are $12,000,175, and $268,293,935 FYTD. - Total Disbursements for September 2025 are $25,649,614, and $313,346,648 FYTD. - This represents a Net Cash Deficit of $13.6M for the month of September 2025, and a Net Cash Deficit of $45M FYTD. Havensight Mall’s Schedule of Receipts and Disbursements: - Total Collections for September 2025 are $487,913 and $6,313,532 FYTD. - Total Disbursements for September 2025 are $525,562 and $6.2M FYTD. - This represents a Net Cash Deficit of $37,649 for the month of September 2025, and a Net Cash Surplus of $105,889 FYTD. A motion was made by Trustee Dorsey and seconded by Trustee Clarke, to accept the Treasurer’s Report. The motion passed with 5 Yes and 1 Absent (Russell). Investment Officer’s Report Glenville Henderson gave an update of the Investment Portfolio as of September 30, 2025. Market Highlights: Global financial markets recorded strong gains, driven by sustained demand for artificial intelligence and technology, robust corporate earnings, and a widely anticipated interest rate cut by the Federal Reserve. The weakening of the U.S. dollar further bolstered emerging markets. Total Plan returned 2.0% MTD. FYTD 12.2% Total Domestic Equity returned 3.4% MTD -17.7%FYTD - Russell 1000 Index returned 3.5% - Russell 2000 Index returned 3.2% Total International Equity returned 3.3% MTD - 16.7% FYTD - Developed Market Equity returned 2.0% - Emerging Market Equity returned 7.1% Total Domestic Fixed Income returned 0.9% MTD — 4.9% FYTD - Investment Grade Bonds returned 1.1% - TIPS returned 0.4% Government Employees’ Retirement System’s Minutes Board of Trustees Regular Meeting October 23, 2025 - High Yield Bonds returned 0.8% - Cash returned 0.3% Monthly Cash Flow Update: The month ended at approximately $495M A motion was made by Trustee Smith and seconded by Trustee Dorsey to accept the Investment Officer’s Report. The motion passed with 4 Yes and 2 Absent (Liger and Russell). Amotion was made by Trustee Clarke and seconded by Trustee Dorsey to go into Executive Session. The motion passed with 4 Yes and 2 Absent (Liger and Russell). After Executive Session Chairman Callwood noted that during Executive Session the Board discussed several items, to include: Bill No. 36-0122, a medical review committee recommendation and a potential contract extension with one of the consultants. Privileges of the Floor None Adjournment A motion was made by Trustee Clarke and seconded by Trustee Dorsey to adjourn the meeting. The motion was passed with 4 Yes and 2 Absent (Liger and Russell). The Board of Trustees’ Regular Meeting was adjourned at 11:00 a.m. The minutes for the Regular Meeting of the GERS Board of Trustees were transcribed from the meeting as well as the Zoom recording, by Jerain Fleming, Executive Assistant to the Administrator. They were reviewed and edited by Angel E. Dawson, Jr., Administrator and CEO. Angel E. Dawson Jr. Administrator/CEO Secretary, GERS Board of Trustees