Book 1 Page 53 06-04-2020 10:00 a.m. MINUTES OF THE EMPLOYEE RETIREMENT ACCOUNT COMMITTEE REGULAR QUARTERLY MEETING OF JUNE 4, 2020. VIA TELECONFERENCE, which is allowable under Executive Order No. 20-69 issued by Governor DeSantis on March 20, 2020 Present: Vice Chair Jeffrey Vredenburg. Secretary Shayla Griggs, Treasurer Kelly Strickland, and Member Aaron Olson. Others: Pension Plans Administrator Debra Martin, Senior Pension Analyst Anthony Ferrer, and Pension Specialist Peter Gottlieb. Absent: None. 1. CALL THE MEETING TO ORDER: Secretary Griggs stated that all Employee Retirement Account Committee (Committee) members were in attendance. Vice Chair Vredenburg, Secretary Griggs, and Treasurer Strickland appeared telephonically. Pension Plan Administrator Martin and Senior Pension Analyst Ferrer appeared telephonically. Vice Chair Vredenburg called the meeting to order at 10:03 a.m. 2. PLEDGE OF CIVILITY: Secretary Griggs stated, "We may disagree, but we will be respectful to one another We will direct all comments to issues. We will avoid personal attacks." 3. PUBLIC INPUT: None. 4. APPROVAL OF MINUTES: 4.1. Approval Re: Minutes of the Employee Retirement Account Committee Regular Quarterly Meeting of February 20, 2020 Treasurer Strickland made a motion to approve the minutes from its February 20, 2020 meeting; Vice Chair Vredenburg seconded the motion. The motion carried unanimously (4-0). 5. COMMITTEE APPOINTMENTS: 5.1. Appointment Re: Selection of Chair. Presenter(s): Secretary Griggs. Secretary Griggs stated that the City Auditor and Clerk's office had not received any applications for the vacant Chair position, and therefore, if the Committee were to appoint a Committee member as Chair, the Committee could nominate a replacement to the vacant Committee seat in today's meeting. Treasurer Strickland nominated Vice Chair Vredenburg to the Chair position; Member Olson seconded the motion. Pension Plan Administrator Martin took a roll call vote; the motion passed unanimously (3-0). Vice Chair Vredenburg was not eligible to vote in this motion. Treasurer Strickland made a motion to nominate Member Olson to be Vice Chair; Vice Chair Vredenburg seconded the motion. Pension Plan Administrator Martin took a roll call vote; the motion passed unanimously (3-0). Member Olson was not eligible to vote in this motion. 6. QUARTERLY INVESTMENT REPORTS: 6.1. Presentation and Discussion Re: AIG Retirement Services, ERAC Report for Quarter Ending, March 31, 2020. Presenter(s): Gregg Hudak, District Vice President, Trent Harris, Financial Advisor VALIC Financial Advisors Inc.; Lilia J. Pivetta, FLMI, Senior Relationship Manager, AIG Retirement Services. Mr. Hudak, Mr. Harris, and Ms. Pivetta came before the Committee telephonically and introduced themselves. Mr. Harris explained that Carolyn Garvey, the Plan's previous VALIC advisor, had retired, and he has replaced her; AIG has sent out an introduction letter to Plan participants. During this most recent quarter, Ms. Garvey, prior to her departure, and Mr. Harris have enrolled a total of 7 new employees. Mr. Harris indicated that, under the voluntary 457 Plan, no participants had requested distributions under the CARES Act; the 401a Plan has not adopted the CARES Act. The Committee thanked Mr. Hudak, Mr. Harris, and Ms. Pivetta for their time. 6.2. Presentation and Discussion Re: Quarterly Investment Analysis Review Ending March 31, 2020 Presenter: Howard Daher, Principal, Daher Capital Group. Mr. Daher came before the Committee telephonically and introduced himself. Mr. Daher reviewed the first quarter financial market activity, and asserted that despite the significant and rapid downturn in most markets due to the COVID-19 pandemic during that time period and as well as the uncertainty for the remainder of the calendar year, the year-to-date investment data reflects more positive news than benchmarks indicate. Mr. Daher explained that since January 1, 2020, through close of market June 3, 2020, the S&P 500 Index was -3.34%, the 1-year retum from June 4, 2019 through June 3, 2020, was just below 14%, and 3-year return was just under 9%. Mr. Daher presented funds being monitored on the watch list and noted this analysis includes not just performance, but also fund expenses, and risk factors. He did not have any recommendations at this time regarding funds on the watch list, and believed their potential is more promising than their recent performances suggest. Vice Chair Vredenburg asked if a date has been established for their new platform, considering a 40-day wait period after approval. Ms. Pivetta stated that a completion date is currently pending. Secretary Griggs stated that VALIC meetings had been on hold due to the COVID-19 pandemic but will resume the following week. The Committee thanked Mr. Daher for his presentation. 7. UNFINISHED BUSINESS: Book 1 Page 54 06-04-2020 10:00 a.m. Book 1 Page 55 06-04-2020 10:00 a.m. None. 8. NEW BUSINESS: None. 9. OTHER MATTERS: Vice Chair Vredenburg noted the date of the next scheduled quarterly meeting stated on the agenda should be September 10, 2020 at 10:00 a.m.; Pension Plan Administrator Martin confirmed. 10. ADJOURN. Vice Chair Vredenburg adjourned the Committee's Regular Quarterly Meeting at 10:41 a.m. VL Atuceland Secretary Shayla Griggs/ Treasurer Kelly Strickland