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AGENDA 05-23-22 (3) Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 28, 2022 MINUTES OF THE GENERAL EMPLOYEES' PENSION PLAN REGULAR BOARD MEETING HELD VIRTUALLY ON MONDAY FEBRUARY 28, 2022, AT 1:30 P.M. Trustees: Steven Grant, Chairman Others: Amanda Kish Office of the Resource Centers Laurie Fasolo Jeff Swanson, Southeastern Advisory Sheryl Claude Bonni Jensen, Office of Klausner, Kaufman, Jakeera Jourdan Levinson Brian Liffick, Cherry Bekaert and Holland I. Call to Order— Mayor Steven Grant Steven Grant called the meeting to order at 1:30 P.M. II. AGENDA APPROVAL: A. Additions, Deletions, Corrections III. APPROVAL OF MINUTES A. Regular Quarterly Meeting —November 2022. Motion Laurie Fasolo moved to have the Minutes presented at the next meeting. Sheryl Claude seconded the motion that unanimously passed 4-0. IV. PRESENTATIONS A. Cherry, Bekaert & Holland L.L.P: Brian Liffick 1. Audited Financial Statement Report Draft as of October 1, 2022 Mr. Liffick introduced himself to the Board and thanked the Trustees. He reported that the Financials Statements have a clean opinion with no material weaknesses or deficiencies. Mr. Liffick reviewed the financial activity noting there were no adjustments only reclassifications made. Cherry Bekeart uses an outside firm for second review on the fair value noting no disagreements. There were no issues with management or with gaining the needed documents and reporting for competition for the audit. Mr. Liffick reviewed the financial statement highlights. The net position increased by$ 47,320,265 the increase was primarily due to contributions and investment return. The net position for 2021 was$ 229,173,283 versus $194,072,809 as of fiscal year 2020. He reviewed the administrative and investment expenses while also comparing to last fiscal year's expenses. The Plan's funded ratio is 91.2%. The Board was presented the management letter. He explained that the management letter confirms that the information that was 1 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 28, 2022 provided is correct and accurate. A signature is needed on the management letter prior to the release of the final Audit copy Motion Sheryl Claude moved to approve the Audited Financial Statements as of October 1, 2022. Laurie Fasolo seconded the motion that unanimously passed 4-0. Laurie Fasolo moved to approve the Management Representation Letter for the Financial Statements of October 1,2022.Jakeera Jourdan seconded the motion that unanimously passed 4- 0. B. Clearbridge Management: Terence Fennessy Mr. Fennessy presented the Clearbridge report for the quarter ending December 31, 2021. He reviewed the firm's strategy Mr. Fennessy provided a brief market overview. Clearbridge underperformed for the fourth quarter. The leading sectors were IT and Health Care. He continued to review Clearbridge performance. C. Southeastern Advisory Services: Jeff Swanson 1. Quarterly Investment Performance Report as of December 31, 2021 Mr., Swanson reviewed the market environment. He stated that the portfolio had a positive fiscal year return. Mr. Swanson reviewed the performance of the market environment for major market indexes as of December 31, 20201.He reported that for quarter ending December 31, 2021, the Plan's return was 6.2%. The fiscal year return was 15.9%The Plan's total value, including the R&D account,was reported to be$ $247,057,808 He reviewed the allocation of assets for the quarter; Domestic Equity 51.5%International Equity 12.8%Real Estate 16.3%% Fixed Income 18.2%and Cash 1.3%.Mr.Swanson reviewed the market environment for each investment sector. The 1-year Total Fund-Gross of Fees returns was 6.2% versus the index at 5.3%He reported that for the quarterly returns where Total Domestic Equity was at 9.6%% versus the index of 8.6%; Total International Equities were at 1.5% ahead of the index at 2.7%Total Real Estate was at 7.9% ahead of the index at 8.0%and Total Fixed Income was-0.2%versus the benchmark of 0.0% Mr. Swanson presented the Real Estate and Private Real Estate manager search. He reviewed each manager's experience, performance, and strategy. The Board held a discussion regarding the presented managers. The Board suggested inviting the managers to the next meeting to present. V. CORRESPONDEN CE There was no correspondence. VI. OLD BUSINESS There was no Old Business VII. NEW BUSINESS A. Attorney Report 1. Special Tax Notice: Mrs. Jensen presented special tax notice to the Board. She reviewed the notice in detailing explaining that each member should receive a tax notice when applying for retirement or taking a refund. 2 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 28, 2022 B. Administrative Report 1. Interim Financials The Board received and filed the Interim Financials. 2. Warrant for Invoices. The Board reviewed the Disbursements the plan administrator presented for approval. Motion Sheryl Claude moved to approve the warrants as presented. Laurie Fasolo seconded the motion that unanimously passed 4-0. 3. Benefit Approvals The Board reviewed the Benefit Approvals presented. Motion Jakeera Jourdan moved to approve the benefits in the Benefit Approvals as amended. Sheryl Claude seconded the motion that unanimously passed 4-0 4. Fiduciary Liability Mrs. Kish informed the Board that they will need to renew the fiduciary liability policy. Motion Sheryl Claude moved to approve Fiduciary Liability Policy. Laurie Fasolo seconded the motion that unanimously passed 4-0 VIII. PUBLIC COMMENTS There were no Public Comments IX. ADJOURNMENT There being no other business and the next meeting having been previously scheduled for Monday, August 22,2022 at 1:30 p.m., the Trustees adjourned the meeting at 3:25 P.M. MINUTES APPROVED: Steven B. Grant, Mayor Boynton Beach General Employees' Pension Board 3 Meeting Minutes General Employees' Pension Fund Boynton Beach, Florida February 28, 2022 4