MINUTES OF THE CITY OF SARASOTA GENERAL EMPLOYEES PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING OF SEPTEMBER 26, 2022 Present: Chair Ryan Chapdelain, Vice Chair Mark Nicholas, Treasurer Kelly Strickland, Secretary Shayla Griggs, Trustee Robert Reardon, Trustee Barry Keeler, and Trustee Jan Thornburg. Others: Attorney Scott Christiansen, Pension Plans Administrator Debra Martin, and Senior Pension Analyst Anthony Ferrer. Absent: None. 1. CALL MEETING TO ORDER: Chair Chapdelain called the General Employees Pension Plan (Plan) Board of Trustees Regular meeting to order at 8:30 a.m. 2. PLEDGE OF ALLEGIANCE: Presenter(s): Chair Chapdelain. Chair Chapdelain led the Board and meeting attendees in the Pledge of Allegiance. 3. PLEDGE OF CIVILITY: Chair Chapdelain stated for the record, "We may disagree, but we will always be respectful to one another. We will direct all comments to issues, and we will not engage in personal attacks. n 4. ROLL CALL: Pension Plans Administrator Martin called roll. Treasurer Strickland and Trustee Reardon were not present at roll call. 5. PUBLIC INPUT: None. 6. APPROVAL OF MINUTES: 6.1. Approval Re: Minutes of the General Employees' Pension Plan Board of Trustees Regular Meeting of July 19, 2022. Presenter(s): Chair Chapdelain. Trustee Keeler made a motion to approve the minutes of the Regular Meeting of July 19, 2022; Vice Chair Nicholas seconded the motion. The motion carried unanimously (5-0). 7. APPROVAL OF RETIREMENT REQUEST/S): 7.1. Presentation and Discussion: Vested Deferred Retirement Request of Richard Winder. Presenter: Debra Martin, Pension Plans Administrator. Book 1 Page 338 09-26-2022 8:30 a.m. Book 1 Page 339 09-26-2022 8:30 a.m. Pension Plans Administrator Martin stated that Mr. Winder is 66 years old. In 2011, Mr. Winder elected to freeze his benefits after 6 years of service; he recently left City employment, and this is his deferred benefit. He selected the pop-up option. Trustee Keeler made a motion to accept Richard Winder's request for vested deferred retirement; Vice Chair Nicholas seconded the motion. The motion carried unanimously (5-0). Chair Chapdelain asked if the Board would allow hearing item 10.1. next; the Board informally approved. 10. NEW BUSINESS: 10.1. Presentation and Discussion Re: Proposal to Provide Audit Services for Fiscal Year Ending September 30, 2022. Presenter(s): Alison Wester, Mauldin & Jenkins. Alison Wester of Mauldin & Jenkins appeared before the Board and introduced herself. Ms. Wester reviewed the engagement letter, noting it has been updated from previous years due to changes in auditing standards. Page 3 requires the auditor to communicate significant risks as part of planning and they must state, Management's override of internal controls. n This has previously been communicated in internal documents, and it does not reflect any change or new concern with Pension Administration or governance. Ms. Wester noted that there is an increase in their fee of $1,000 from their previous proposed fee for this year due to increased costs from inflation. The addendum meets the requirements proposed by Attorney Christiansen, with public records, public entity crimes, electronic delivery, and E-Verify. To Chair Chapdelain's question, Ms. Wester advised that Mauldin & Jenkins will strive to present the Plan's Fiscal Year 2022 financial statements at the February 2023 meeting, however these may not be ready until the March 2023 meeting. Trustee Keeler made a motion to approve engagement with Mauldin & Jenkins for fiscal year ending September 30, 2022; Vice Chair Nicholas seconded the motion. The motion carried unanimously (5-0). 8. INVESTMENT PERFORMANCE REVIEW: None. 9. UNFINISHED BUSINESS: 9.1. Presentation and Discussion Re: Graystone Consultants, Small Cap Growth Manager Search. Presenter(s): Scott Owens, CFA, CIMA, Associate Vice President, Institutional Consultant; Theodore Loewe, CFA, Institutional Consultant Analyst; Graystone Consulting. Scott Owens and Theodore Loewe of Graystone Consulting appeared before the Board and introduced themselves. Mr. Owens noted that Mr. Loewe has produced all of the materials issued by Graystone for the Board, and he has been an analyst with Graystone for 14 years; he holds a CFA designation. Mr. Loewe will attend more Board meetings in the future. Mr. Owens provided a brief history of events which lead to the small cap growth manager search, and stated that, initially, Allianz's small cap team would all transition to Voya; however, a new investment team will be managing the small cap space for Voya which will present today to the Board. Further, Voya's small cap team has not undergone Graystone's due diligence, and therefore Graystone will be unable to make a recommendation regarding Voya at this time. The Board is welcome to hire Voya if it chooses to do sO. Mr. Owens noted neither the Board nor Graystone took issue with Allianz to predicate a small cap manager search. Mr. Owens stated that after each of the small cap growth managers presents, Graystone would be available to further discuss any questions the Board may have. 9.2. Presentation and Discussion Re: Small Cap Growth Manager Search: DF Dent and Company. Presenter(s): Dr. Gary Wu, Portfolio Manager; Mike Morrill, Head of Client Relations, DF Dent and Company. Dr. Gary Wu and Mike Morill of DF Dent and Company appeared before the Board and introduced themselves. Mr. Morill provided brief personal histories of himself and Dr. Wu and discussed the Introduction To DF Dent And Company. He noted that Daniel Dent, the firm's founder, is still active, and the firm is independently owned. He noted that Securities and Exchange Commission rules prevent DF Dent employees from buying shares of the stocks it buys for clients, however employees may own: shares of DF Dent's small cap mutual fund; approximately 20% of the mutual fund shares are held by DF Dent employees. Treasurer Strickland entered the meeting at 8:40 a.m. Mr. Morill noted the amount of assets under management DF Dent has in each strategy and advised they are on Morgan Stanley's focus list for their research products. He reviewed the Institutional Retirement Plans, pointing out they offer 3 strategies: all cap growth, mid cap growth, and small cap growth; he discussed the Experienced Investment Team, pointing out that Dr. Wu is one of the two Portfolio Managers of the Small Cap Growth product as well as analyst on the Investment Team for the Mid and All Cap products. To Chair Chapdelain's question, Mr. Morill stated that Matthew Dent has been a Small Cap Growth Portfolio Manager since 2009 and Dr. Wu has been a Portfolio Manager of that strategy since he joined the firm in 2012. Dr. Wu gave an overview of DF Dent's investment philosophy, described on the Investment Approach page of the materials. He noted the firm strives for both upside-capture as well as downside protection by investing in high quality growth stocks, have a bottom-up research process, and maintain low-turnover in their portfolio. He reviewed the characteristics of companies in which DF Dent invests listed on the Investment Criteria page of the materials. Trustee Reardon entered the meeting at 8:48 a.m. Dr. Wu discussed Kinsale Capital Group as a company which meets DF Dent's investment criteria, and that it seeks to invest in people who embody principles discussed in Jim Collins' book Good to Great. He provided highlights of DF Dent's Investment Process, noting their research is collaborative, based on first-hand knowledge, and independent. Dr. Wu discussed the Portfolio Composition as of June 30, 2022, noting its top 10 stocks typically comprise 30% of the total portfolio, and aim for a diversified but concentrated portfolio between 45 and 55 stocks, and hold stocks, for approximately 4 years on average. DF Dent seeks durable stocks and do not invest in energy, materials, real estate, or utilities; this approach, as well as the rest of its investment philosophy, have been consistent since inception, and it applies this philosophy to each of its products. He briefly discussed Highlights of Historical Performance. Mr. Morill discussed Peer Comparison, noting their above average, long-term returns with below average risk. He attributed its performance to its extensive research process. Book 1 Page 340 09-26-2022 8:30 a.m. Book 1 Page 341 09-26-2022 8:30 a.m. To Trustee Reardon's question about DF Dent's performance relative to its peers and benchmark in the prior rising interest rate environment, Dr. Wu noted that the small cap fund began in 2009, which was after the last significant interest rate increase. He discussed how DF Dent balances investments between two types of companies: the first are newer companies which have not yet begun to turn profits yet are working well towards making significant impacts, and the second are companies with established, proven business models which have solid cash flows throughout the business cycle. As interest rates are rising, it will shift investments towards more established companies. He asserted interest rates will not rise much longer, and that the Federal Reserve will discontinue interest rate hikes as employment rates begins to decline. At Chair Chapdelain's request, Dr. Wu, who is also Chief Risk Officer for DF Dent, discussed its "red team review" of stocks which are those which are down 25% since purchase, 25% relative to the benchmark on a year-to-date basis, or 40%. He described the review process and noted it is performed by a portfolio manager and analyst who are not involved in the management of the stock to preserve independence. At Chair Chapdelain's request, Mr. Morill noted the fees listed on page 27 of the materials do not apply to the Plan, and the Board should refer to Graystone's materials for the correct fee structure. To Trustee Reardon's question, Dr. Wu advised that DF Dent will invest in any stock traded in the United States. The Board thanked Dr. Wu and Mr. Morill for their presentation. 9.3. Presentation and Discussion Re: Small Cap Growth Manager Search: Geneva Capital Management. Presenter(s): José Munoz, Managing Principal, Portfolio Manager; George Poorman Head of Distribution; Geneva Capital Management. José Munoz and George Poorman appeared before the Board and introduced themselves. Mr. Poorman gave an overview of their presentation, and began with page 2 titled, Who is Geneva Capital Management in their presentation materials. He noted its flagship product, the small cap growth fund, has approximately $2.6 Billion under management, and has been listed in Morgan Stanley's focus list for over 10 years. It has 1 team which manages the small cap growth, SMID cap growth, and mid cap growth strategies. He reviewed Geneva's Diversity statistics and stressed its importance to Geneva. Mr. Munoz reviewed the page titled Why Geneva Capital Management and page 4 titled Who is Geneva Capital Management noting its collaborative approach to investing through debate. He discussed Market cycle performance and noted its strong downside protection, and that it tends to outperform in most environments other than a speculative market, such as in 2009. He reviewed the Performance Update and stated that because ofi its long-term success, Geneva is comfortable remaining disciplined to its strategy despite the market conditions and noted that discipline is paying off during the current sell-off. Mr. Munoz discussed Geneva's definition of "high quality" as stated on the Investment Philosophy page of the materials as well as its 3-part stock selection process. To Trustee Reardon's question, Mr. Munoz noted that, although it prefers organic growth, some of its holdings grow through mergers and acquisitions. In those cases, the new companies have clean balance sheets with less than 50% deblo-captalization or 3 times debt to dividend. Mr. Munoz reviewed the Idea Generation & Process slide of the materials, noting its collaborative approach to decision-making. In discussing the Sell discipline and risk control slide, Mr. Munoz stated that Geneva trims holdings if they exceed twice the weighting of benchmark, 15% absolute of the subsector allocation, or more than 5% of the position-size. He provided highlights of the Portfolio characteristics. Mr. Poorman returned to Trustee Reardon's question regarding rising interest rates and noted the last time rates increased, which was in 2018, Geneva outperformed. He asserted that its consistent application of growth- oriented strategy has outperformed in every year the benchmark has had negative return. Chair Chapdelain thanked Mr. Munoz and Mr. Poorman for their presentation. At Trustee Thornburg's request, Chair Chapdelain recessed the meeting at 9:27 a.m., and resumed the meeting at 9:37 a.m. 9.4. Presentation and Discussion Re: Small Cap Growth Manager Search: Voya Investment Management. Presenter(s): Mike Coyne, Senior Portfolio Manager; Conor Sullivan, Head of US Institutional; Michael Moran, VP Institutional Client Team; Voya Investment Management. Mike Coyne, Conor Sullivan, and Michael Moran of Voya Investment Management appeared before the Board and introduced themselves. Mr. Moran noted he is with, and had been, the Plan's assigned contact at Allianz Global Investors before the portfolio management team moved to Voya in July 2022, as discussed on several occasions. He will transition to Voya in the coming weeks and would be the Plan's assigned contact if it remains with Voya. Secretary Griggs left the meeting at 9:37 a.m. and returned at 9:44 a.m. Mr. Moran apologized on behalf of Allianz for the inconvenience of changing investment management companies and thanked the Board for its 30-year history with Allianz and patience through the transition. Mr. Sullivan noted Voya's humility at the opportunity to continue a seasoned relationship such as that with the Plan and Allianz and thanked the Board for the opportunity to present. He provided a brief history of Voya's acquisition of Allianz and noted that, because both Allianz and Voya had small cap growth portfolios, it is prudent for Voya to assume responsibility going forward for the small cap growth product. He reviewed the Voya Financial slide of their presentation materials, Capabilities and Solutions, and Equity Investment Team, noting the Small Cap Growth team joined Voya in early 2022 from Tygh Capital Management. He stated that the Tygh Capital team was attractive because of its purity of strategy, focus on bottom-up fundamentals, and their team stability and culture. In discussing the Voya Small Cap Growth Strategy, Mr. Sullivan noted that some ofVoya's strategies have been in operation for 27 years; Mr. Coyne advised that over those 27 years, Voya has outperformed by over 425 basis points when annualized. Mr. Coyne discussed his decision to join Voya and stated that deciding factors were the increased resources Voya offered for research and distribution compared to his prior, independent firm, as well as its regulatory influence, and corporate culture. He noted that the Small Cap Growth team added an analyst since the slide was printed. Mr. Coyne explained that, although the team is comprised of sector generalists, they have industry specialists who provide a competitive advantage; he stated that Mr. Johnson well-versed in specialty pharmaceuticals, Mr. Coyne in healthcare services, Mr. Brivic in medical devices, and Mr. Haugan in facility-based health care firms. While he did not characterize their knowledge as specialization, Mr. Coyne asserted it provides the team with sufficient questions to challenge ideas presented to the team to be addressed collaboratively, and ultimately, presented to Mr. Coyne for a final decision. Mr. Coyne discussed the Small Cap Investment Philosophy and noted there is some flexibility; he added that Voya also owns Kinsale Capital Group, which Voya considers to be high quality, even though that industry does not generate 30% growth as expected by Voya's philosophy. It seeks sustainable valuations, typically, over 3 to 5 years, although recently it has expanded to 10 years to include previous periods of interest rate increases. He reviewed details from the slides titled Idea Generation, Research and Analysis, Portfolio Construction, and Portfolio Monitoring. Regarding Portfolio Construction, he explained how Five Below, which Voya previously owned and sold, had become been an attractive investment again and Voya has added it back to its portfolio. Book 1 Page 342 09-26-2022 8:30 a.m. Book 1 Page 343 09-26-2022 8:30 a.m. Trustee Reardon asked, aside from geopolitical issues and inflation, what concerns does Voya foresee in the near future. Mr. Coyne discussed supply chain issues and asset deflation and explained why Voya believes interest rate hikes may slow in the future but labor and rent costs may prolong the current trend. Mr. Sullivan reviewed the Performance Profile, noting it is in the top quartile of risk-adjusted returns; Mr. Coyne discussed the Performance slide, admitting that 2020 was a year it underperformed as lower quality and lower duration stocks outperformed, and the environment was not conducive to Voya's style. That notwithstanding, it does not view the underperforance as abnormal to Voya's philosophy. He thanked the Board for the opportunity to present and potentially continue the Plan's previous relationship with Allianz. The Board thanked Mr. Moran, Mr. Sullivan, and Mr. Coyne for their presentation. Mr. Owens asked what Voya's fees are; Mr. Sullivan stated 65 basis points. Mr. Owens and Mr. Loewe re-appeared before the Board and commented on the presentations. They noted that DF Dent and Geneva are similar, and that all 3 managers provide higher returns with lower risk. He noted that, if the Board were to continue with Voya, Morgan Stanley would conduct its focus list research and issue findings to the Board to confirm if they met criteria, although Mr. Owens expressed confidence they would pass. The Board and Attorney Christiansen's discussed the presentations with Mr. Owens and Mr. Loewe. The performance information provided by Voya was a combination of Voya's data performance since the former Tygh Capital team hired onto Voya, as well as that team's performance under Tygh Capital prior to its acquisition by Voya. Mr. Owens stated that Morgan Stanley's due diligence would take approximately a year, even on an expedited basis, because it is comprehensive and in-depth. Mr. Owens confirmed that Mr. Moran is transitioning from Allianz to Voya, however none of Allianz' small cap growth team are currently involved in Voya's small cap growth portfolio's management, and that while Voya's small cap growth team is entirely new to the firm, it has an established history in the industry. Mr. Owens also advised that he is not very familiar with the former Tygh Capital team now on Voya's small cap growth team. Chair Chapdelain noted Voya has a greater downside capture than DF Dent and Geneva, as well as that Mr. Owens had characterized DF Dent and Geneva as more conservative, and Voya was more traditional; he asked Mr. Owens to opine further. Mr. Owens noted the similarity between all three, but that traditional growth may reach slightly more for returns while conservative growth will focus on high quality, earnings growth, with 15% to 20% upside capture. Those notwithstanding, their performance results are still similar. To Trustee Reardon's question, Mr. Owens stated that it is not uncommon that Voya only has 4 portfolio managers, and this is not specifically concerning. Chair Chapdelain asked Mr. Owens for his experience in working with DF Dent and Geneva. Mr. Owens stated he's worked extensively with both managers, and they've performed well without notable issues or complaints. He noted that DF Dent is slightly more concentrated with 50 holdings in the small cap space, and some managers have closer to 100 holdings. Mr. Loewe reiterated the similarities between Geneva and DF Dent, noting DF Dent's 50 holdings and shorter track record, versus Geneva's 60 holdings and longer track record, compared to Voya being more of a traditional small cap growth manager. Mr. Owens noted the Board is not required to make a decision today if it had further questions or wished to wait for findings from Morgan Stanley's research. He noted that the decision to change small cap growth managers was not predicated by any event, other than the new management team. At Chair Chapdelain's request, Mr. Owens discussed the fees; he noted that DF Dent and Geneva may be required to offer the same price to all institutional clients, sO that if either were to reduce the fees offered to the Plan, they could be required to offer the same reduced fees to all of their institutional clients. He noted that 75 basis points is still a low fee. Chair Chapdelain noted there appeared to be little difference between DF Dent and Geneva, and he focused on the better downside capture and less volatility. Trustee Thornburg agreed, and stated she is looking at either DF Dent or Geneva. To Trustee Keeler's question, Mr. Owens explained that if the Board were to decide to continue with the transition to Voya, the Board would need to recognize the transition from Allianz to a new management team, and Morgan Stanley would begin their due diligence, multi-level review during which time Voya would continue to be an active manager for the Plan. Mr. Owens noted that as oftoday, Allianz has, and will continue to manage the funds previously allocated to them until the Board makes a decision regarding transitioning to Voya; he stated that Allianz could not advise what would happen if the Board did not make a decision at this meeting regarding the transition. To Trustee Reardon's and Trustee Keeler's questions, Mr. Owens explained that, if the Plan were to continue with the transition to Voya, Morgan Stanley prefers, if possible, to transfer the securities in kind sO that the Plan is not out of the market. However, because the two funds have different portfolios, Voya would sell, on a weighted basis, those securities not matching its portfolio and reallocate the proceeds into Voya's portfolio. There are some fees associated with this type of transition, however they are significantly less than selling the entire allocation at Allianz and re-investing the proceeds with Voya because there will be overlap between the two funds. Mr. Loewe noted that, operationally, the stocks are held in a trust company, and Voya would then be given access so that the only fees would be those needed to adjust the portfolio to Voya's weightings. To Vice Chair Nicholas's question, Mr. Owens noted that Geneva focuses the majority of its assets in small cap, whereas DF Dent has several strategies, although there is no great advantage or disadvantage to companies with a single mandate or multiple mandates. Vice Chair Nicholas and Chair Chapdelain expressed appreciation for DF Dent's detailed research processes. Chair Chapdelain pointed out that DF Dent and Geneva both avoid investments in more volatile sectors like energy and materials; Mr. Owens pointed out that can be a benefit or a hinderance in the short term, depending on what the market is rewarding at that moment, however over the long term, the reward is lower volatility which the Board generally seeks. By informal consensus, the Board expressed preference for moving forward with a discussion of the differences between DF Dent or Geneva. Trustee Thornburg advised that she appreciated DF Dent's commitment to detailed, in-depth research. Mr. Owens was unable to comment on Geneva's research process but noted that any manager which Morgan Stanley presented to a board would be reputable and would conduct thorough research into their investments. That notwithstanding, DF Dent appeared to be extraordinarily diligent in their research process. To their management teams' experience, Mr. Owens noted that DF Dent has less history than Geneva. Mr. Loewe noted that DF Dent conducts individual research into individual companies whereas Geneva appears to perform broad category analysis with benchmarks. In that context, DF Dent appears to invest in individual companies in which it will have a strong conviction, and greater concentration, while Geneva appears more dynamic in its portfolio construction with slightly less conviction and less concentration. Mr. Owens noted turnover rates of 20%, meaning a new portfolio every 5 years, is relatively low for the small cap space. To Trustee Thornburg's question, Mr. Owens stated that there was not much significance to Geneva stating one oft their clients is the Oklahoma Teacher's Pension Plan other than to acknowledge public sector institutions, including pension funds, will have different investment goals than the private sector. He noted that the Style Analysis in the materials which shows Geneva stays closer to the small cap growth style than DF Dent, although they each have limits which will prevent further deviations out of that style. To Chair Chapdelain's question, Mr. Owens believed the Board has covered every area of concern from the Plan's perspective. While both Geneva and DF Dent are very good managers, he expressed slight preference for Geneva due to its focus on strong management, low leverage, and sustainable, consistent growth. Mr. Loewe noted Geneva's periods of predictable underperformance, while DF Dent, as a concentrated investor, would have less predictability. Book 1 Page 344 09-26-2022 8:30 a.m. Book 1 Page 345 09-26-2022 8:30 a.m. Vice Chair Nicholas stated he is now inclined towards Geneva because of its flexibility and having a bullpen of potential stocks to replace underperformers in the portfolio. Trustee Keeler and Trustee Reardon agreed. Mr. Owens noted that the 1-, 3-, and 5-year performance numbers for DF Dent and Geneva are nearly identical, and that at this point in the search, the differences between managers are subtle, although he also appreciated Geneva's longer track record than DF Dent's. Chair Chapdelain reiterated DF Dent's greater style drift than Geneva. To Trustee Keeler's question, Attorney Christiansen stated that, if the Board preferred Geneva, the motion would be to hire Geneva as a small cap growth manager, move the assets held by Allianz, which is now Voya, to Geneva, and authorize Attorey Christiansen to draft a contract with Geneva. Trustee Keeler made a motion as stated by Attorney Christiansen; Treasurer Strickland seconded the motion. Trustee Thornburg added that she agreed both are good managers, but she prefers Geneva; Chair Chapdelain concurred and thanked Graystone for their appearance and assistance in the decision-making process. The motion carried unanimously (7-0). Chair Chapdelain asked Mr. Owens to ask Geneva if they would consider matching Voya's fee at 65 basis points. Mr. Owens stated they would ask, however most often, managers are bound to the fees they offer. To Attorney Christiansen's request, Mr. Owens stated that the small cap growth allocation is $3 to $5 million. Chair Chapdelain noted it is approximately $15 million. Attorney Christiansen stated he would use the Plan's usual contract, and asked Mr. Owens to provide Geneva's contact information. 11. ATTORNEY MATTERS: Attorney Christiansen stated the only item he has to discuss is the 2023 meeting dates which is in Other Matters. 12. OTHER MATTERS: 12.1. Presentation and Discussion Re: UBS TPF Loyalty Program Fee Recapture. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin reminded the Board that the redemption expected in January 2023 from UBS willi include a recapture of some of thet fee discounts the Plan previously received over the past 10 quarters. The Board had previously agreed to the fee recapture. To Chair Chapdelain's request, Mr. Owens returned before the Board and explained the fee recapture program. Pension Plans Administrator Martin noted the recapture was approximately $7,000 per quarter. 12.2. Presentation and Discussion Re: Proposed 2023 Meeting Schedule. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin stated that the January 2023 meeting is scheduled on a Friday, the same day as the Police Officers' Pension Plan Board meeting, sO that the Plan's actuary, who serves both Plans, may attend both meetings and minimize travel; the Board has accommodated this request in previous years. Pension Plans Administrator Martin stated the remaining meetings are on Mondays or Tuesdays, depending on conflicts with City Commission meetings. Trustee Thornburg noted she has meetings every Tuesday moming, which would preclude her attendance on 4 meeting dates: March 21, 2023, June 13, 2023, September 19, 2023, and December 12, 2023. Chair Chapdelain stated several of the trustees may have conflicts on those Tuesdays. Pension Plans Administrator Martin stated she would work with Attorney Christiansen's office to find alternative dates and times for the 4 meetings in question. The Board discussed rescheduling those 4 meetings to start after 1:30pm on Tuesday afternoon meetings or the following Wednesdays. Secretary Griggs noted that meetings could be held in the Media Studios if City Chambers are unavailable. Chair Chapdelain noted that the City's Development Review Committee meets on the first and third Wednesdays of each month in Chambers. The Board agreed to table this item until its next meeting. 12.3. Presentation and Discussion Re: Administrative Expense Budget, April 1, 2022 through June 30, 2022. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin stated that as of June 30, 2022, the budget was 75% expended. 12.4. Presentation and Discussion Re: Check Register, April 1, 2022 through June 30, 2022. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin noted the Check Register is presented due to Pension Administration making payments by ACH instead of manual check. She noted that 2 of the 3 large payments are for DROP roll-overs, and the third is for a lump-sum distribution roll-over. The Board had no questions. 12.5. Presentation and Discussion Re: Asset Allocation as of September 15, 2022. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin advised this is presented for the Board's information only. 10. ADJOURN. Chair Chapdelain adjourned the meeting at 10:46 a.m. S6 Chair Ryan-Chapdelainy Secretar Shayla Griggs Gae Book 1 Page 346 09-26-2022 8:30 a.m.