Minutes a April 21, 2022  POTTER COUNTY RETIREMENT BOARD MEETING  CALLTOORDER Commissioner Grupp called the meeting to order at 11:02 a.m.  MOMENT OF SILENCE PLEDGE OF ALLEGIANCE  ROLL CALL Treasurer Krista Miller, Comm. Nancy Grupp, ChiefClerk Jessica Giebel, Comm. Barry Hayman; all present. Comm. Paul Heimel and Recording Secretary Danielle  Gietler, absent PUBLIC COMMENT None  MINUTES - January 27, 2022, -Action-- Treasurer Miller moved to approve. Comm. Grupp  seconded. Miller yes; Grupp: yes; Giebel yes.  OLD BUSINESS None NEW BUSINESS  Robl Rossi with C.S. McKee reported on 1st quarter 2022 results oft the employees' retirement fund. Fund balance was adversely affected by the 8.5-percent inflation rate, with a drop in its overall equity allocation. Russia's attack on Ukraine has caused disruptions and resultant higher prices for oil andi natural gas. At the end oft the 1S quarter, the fund's value was $19,825,137,  down from $20,979,859 att the end ofthe 4th quarter of2021. By category: Large-Cap Core Equity return was -4.50% for the quarter Small-Cap Core Equity return was -6.97% quarter Small-Cap Passivel Equity return was -7.12% for the quarter International Mutual Fund returned -6.77% for the quarter Fixed Income had a gain of- -4.56% for the quarter Total portfolio returned -4.86% for the quarter  Mr. Rossi recommended that thel Retirement Board allow C.S. McKee greater flexibility to adapt tot the changing market by amending its investment policy to reduce risk. Treasurer Miller moved to amend thej policy as recommended; Comm. Grupp seconded. Miller yes; Grupp yes; Giebel yes; ADJOURNMENT Treasurer Miller moved to adjourn. Comm. Grupp seconded. Miller yes;  Hayman yes.  Grupp yes; Giebel yes; Hayman yes.  Prepared by Danielle Gietler  Daill hitlas Potter County Executive Secretary  A,  Last revised 7/26/2022 9:10:18. AM PCCI Retirement Board) Meeting Minutes 04/21/2022 Page 1