The Minutes of the Meeting of the February 9, 2024  Lancaster County Retirement Board  The meeting was called to order by Commissioner Joshua Parsons at 9:00 a.m. in Conference Room 703 at the Lancaster County Offices, 150 North Queen Street. Members Present: Commissioner Joshua Parsons, Commissioner Ray D'Agostino,  Commissioner Alice Yoder, Controller Lisa Colon, and Treasurer  Amber Martin. and Kathy Kunkel.  Others Present: Lee Martin (Marquette Associates), Larry George, Amy Campbell, Commissioner D'Agostino moved to approve the November 3, 2023 Retirement Board minutes as circulated. Treasurer Martin seconded. The motion carried unanimously. Mr. Martin presented the Retirement Fund's Portfolio Overview as of the 4th Quarter 2023. As of December 31, 2023, the Fund was valued at approximately $371.0 million with a fourth quarter net gain 6.4% ($22.4M gain) and a year-to-date gain of $43.6 million. Mr. Martin noted the following portfolio returns: 1 year - 13.1%, 5 years - 9.4% and 10 years - 7.0%. He stated that the positive attribution for the quarter were from small-mid cap equities, real assets, and fixed income structure. The negative attribution were from global and international value equities, low volatility equities, and emerging Mr. Martin noted the Fund gained $146.9M for five years and for ten years gained $206.8M. He noted lower volatility and downside capture: Beta 0.94 and low investment management fees of 0.40% He reported that real estate redemptions are ongoing, as Mr. Martin reviewed the Asset Allocation report with the current approved asset allocation per the IPS alongside two further de-risking proposals to 1) Switching Fixed Income benchmark mandate to Aggregate (Core) bonds. 2) reduce equities by 5% to source 5% increase to Fixed Income while switching the Fixed Income benchmark mandate to Aggregate (Core) bonds. Following discussion, it was the consensus of the Board to stay with the current IPS, as there is no need to further derisk at this time. The current IPS has an estimated return of 7.10% versus the Fund's long term assumed rate Controller Colôn reviewed the projected operating cash balance for the Retirement Fund. She stated that the operating cash balance was approximately $500,000 as of December 31, 2023. Controller Colôn reported that we will rebalance and $1.9 million  market equities.  well as Sigular Guff capital call fundings.  of return target of 7%.  will be transferred to the Fund balance in February.    Retirement Board Minutes February 9, 2024 Page 2  Controller Colôn stated that December 31, 2024 will be the end of the current 3-year contract (2020-2022) with two one-year extensions (2023-2024) for the retirement fund investment consultant services with Marquette Associates. It was the consensus of the Board to continue moving forward with the plan to issue an RFP for retirement consulting services during 2024. Controller Colon stated that she will work with Purchasing to put together an RFP and provide information to the Board at the May meeting for discussion. The plan is to interview candidates in August 2024. Controller Colôn reviewed an updated Retirement fund list of 2024 Contracts and Agreements. This list summarizes the vendor service provided, contract period, Treasurer Martin moved to adjourn the meeting at 9:45 a.m. Commissioner Yoder seconded. The motion carried unanimously. The next meeting is May 10, 2024at9:00  extension/renewal dates, contract expiration details, and dollar amount.  a.m.  Respectfully submitted, Cio*Bn Lisa K. Colôn Secretary