Book 1 Page 437 06-11-2024 2:00 p.m. MINUTES OF THE CITY OF SARASOTA GENERAL EMPLOYEES' PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING OF JUNE 11, 2024 Present: Chair Ryan Chapdelain, Vice Chair Mark Nicholas, Treasurer Kelly Strickland, Secretary Shayla Griggs (telephonic), Trustee Robert Reardon, Trustee Barry Keeler, and Trustee Jan Thornburg. Others: Pension Plans Administrator Debra Martin and Pension Specialist Peter Gottlieb. Absent: None. 1. CALL MEETING TO ORDER: Chair Chapdelain called the City of Sarasota (City), General Employees' Pension Plan (Pian) Board of Trustees Regular meeting to order at 10:00 a.m. 2. PLEDGE OF ALLEGIANCE: Presenter(s): Secretary Griggs. Chair Chapdelain led the Board and meeting attendees in the Pledge of Allegiance. 3. PLEDGE OF CIMILITY: 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 avoid personal attacks. 4. ROLL CALL: Pension Plans Administrator Martin called roll. All Trustees were present; Secretary Griggs appeared elephonically. 5. PUBLIC INPUT: None. 6. APPROVAL OF MINUTES: 6.1. Approval Re: Minutes of the General Employees Pension Plan Board Regular Meeting of May 13, 2024. Presenter(s): Chair Chapdelain. Trustee Keeler made a motion to approve the minutes of the May 13, 2024, Regular Meeting; Vice Chair Nicholas seconded the motion. The motion passed unanimously (7-0). 7. NOMINATION OF BOARD OFFICERS: 7.1. Appointment Re: Selection of Chair. Presenter(s): Secretary Griggs. Secretary Griggs opened the floor for nominations for Chair. Trustee Thornburg nominated Chair Chapdelain to retain the position of Board Chair; Trustee Keeler seconded the motion. The Board approved by consensus. 7.2. Appointment Re: Selection of Vice Chair. Presenter(s): Secretary Griggs. Secretary Griggs opened the floor for nominations for Vice Chair. Trustee Thornburg nominated Vice Chair Nicholas to retain the position of Board Vice Chair; Trustee Keeler seconded the motion. The Board approved by consensus. 8. APPROVAL OF RETIREMENT REQUESTIS): 8.1. Presentation and Discussion Re: Early Retirement Request of Anastasia Monroe. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin advised that Ms. Monroe requests an early retirement after 22.42 years of service on May 14, 2024; she selected the Lifetime Only option. To Trustee Reardon's question, Pension Plans Administrator Martin advised that Ms. Monroe worked in Development Services; Chair Chapdelain noted that Development Services is within the Planning Department. Vice Chair Nicholas made a motion to approve Ms. Monroe's request for early retirement; Trustee Keeler seconded the motion. The motion passed unanimously (7-0). 8.2. Presentation and Discussion Re: The Death Benefit of Latham Hamlin and Survivor Benefit of Katherine Taylor. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin advised that the death benefit computation for Mr. Hamlin was presented at the March 13, 2024, meeting; the survivor's computation is now included. Under the controlling provisions, the survivor of a deceased employee has the option to receive a lifetime annuity or a lump sum; Ms. Taylor elected the lifetime annuity which is a function of the amount that would have been payable to the employee. Because Ms. Taylor is older than Mr. Hamlin was at the time of his death, the survivor annuity payment is higher than the amount that Mr. Hamlin would have received. Trustee Keeler made a motion to approve the Death Benefit of Latham Hamlin and Survivor Benefit of Katherine Taylor; Trustee Thornburg seconded the motion. The motion passed unanimously (7-0). 9. INVESTMENT PERFORMANCE REVIEW: 9.1. Presentation and Discussion Re: AEW, Investment Performance Review as of March 31, 2024. Presenter(s): Stephen Reissfelder, Director of Finance; AEW (Telephonic). Stephen Reissfelder of AEW appeared before the Board telephonically and introduced himself. Mr. Reissfelder discussed the Portfolio Overview page of the materials, noting this is a core portfolio which has lower risk. While absolute performance has been negative, which is in no small part due to rising interest rates which caused declines in property values over the last 6 quarters, the portfolio has outperformed its benchmark across all timeframes. Operationally, the portfolio is healthy with high fund occupancy, and it has outperformed the benchmark on a net basis for 14 consecutive years. He reviewed its sector positioning, noting the bias towards industrial properties and housing; both sectors are expected to outperform over the short term. He discussed the Book 1 Page 438 06-11-2024 2:00 p.m. Book 1 Page 439 06-11-2024 2:00 p.m. portfolio's weighting, Net Operating Income (NOI) growth, and risk related to debt maturity. Mr. Reissfelder reviewed the portfolio's Total Annualized Return Net-of-Fees on page 4, noting outperformance has been accelerating over every timeframe; the income return outperformance is also accelerating, and now averages 66 basis points since inception. He reviewed the One Year Returns by Property Type and explained that the portfolio's high-level valuation metrics were comparable to the benchmark's as of the end of Q1 2024; if the comparison were by sector, each sector would similarly outpace the benchmarks' corresponding sector metrics. The portfolio is geographically diverse as shown on page 6 of the materials; AEW continues to remain focused on properties on the east and west coasts. He added that the portfolio is underweight in Multifamily properties as AEW has been selling off underperforming assets, but it intends to increase that allocation in the short term; conversely, the portfolio is overweight in Office properties, and it has been bringing that allocation down. The Retail sector is outperforming, and AEW is comfortable with the overweight. He stressed the portfolio's diversification as shown on page 7 of the materials, noting it is overweighted in the geographic areas which are currently outperforming or expected to, and underweight in softer markets. The Dispositions page shows AEW remains disciplined in selling non-strategic properties, or those which have not added to performance, as well as those properties it believes have reached their maximum investment potential; it returned approximately $685 million to the fund for a gross investment rate of return of 9.6% gross. On the Fund Operations page, Mr. Reissfelder asserted the portfolio is performing well. Despite the lackluster absolute performance of the Office Space, the Weighted-Average Lease Term provides assurance the portfolio will weather today's challenges in that sector. There has been significant demand for property in the industrial spaces which has driven up rents. The portfolio's industrial sector has more leases which will expire over the next 5 years than the remaining sectors in the portfolio; if current trends continue, the rents on renewed leases and leases with new tenants will continue to grow significantly. He reviewed the Major Leasing Activity in 2023 and Debt Profile pages of the materials. He explained that the 30% Loan to Value is higher than typical because of the appreciation of property values and not due to increased amounts of debt. He reviewed the Maturities section of the page. To Trustee Reardon's questions, Mr. Reissfelder explained that the industrial sector's performance has been very strong for the last few years, and there have been no weak subsectors. AEW believes that over the next 12 to 18 months, asset selection will play a greater role in performance. AEW has been cautious to focus its industrial holdings SO that approximately 80% of the properties in that sector are located in the top 3 markets: Inland Empire, CA, Miami, FL, and northern New Jersey. Most of thei industrial tenants are large warehouse distribution, however it also has many smaller, infill, last mile" types of tenants. It has also diversified its industrial portfolio byi investing in cold storage facilities which will serve food, pharmaceutical, and botanical storage customers. AEW has evaluated data storage facilities for investments, however those assume some operational risks which are not appropriate for this strategy at this time; AEW will continue to evaluate the sector. To Chair Chapdelain's question, Mr. Reissfelder explained that AEW will likely maintain its over-allocation in industrials, although it will also continue to refine and upgrade the portfolio. As it sells off properties and frees up capital, especially from the office sector, AEW will likely invest in traditional and senior housing in the residential sector where it sees significant opportunity for growth. To Trustee Thornburg's question, Mr. Reissfelder discussed AEW's outlook on the office sector as employers bring workers back from remote work to being in the office. This has been an ongoing issue which will challenge the sector. The type of office in question will also continue to influence how well tenants navigate that challenge. Referencing page 19 of the materials, Mr. Reissfelder explained that AEW has suspected for many years that commodity office products would be very challenged because it is capital-intensive; the sale of 360 Lexington in 2019 illustrates challenges. That property has been a prime location in New York City, however because the configuration favored smaller tenants which signed shorter leases, the capital involved in releasing those spaces as tenants changed was burdensome and hindered revenues. The capital generated byi its sale was unimpressive, however the property is currently worth approximately half of what it was at the time of the sale. Most of AEW's current office properties are in desirable markets where companies and talented workers want to be, which may be the correct recipe for performance, however AEW will sell some of the properties in the portfolio. Demand is definitely down, which makes predicting the next few years difficult, and corrections similar to those in the retail sector are expected. Scott Owens of Graystone Consulting appeared before the Board and introduced himself. Mr. Owens and Mr. Reissfelder observed how poorly the industrial sector performed and how well the office sector performed approximately 10 years ago, and now those have reversed. Mr. Owens asked, considering rents are up, occupancy rates are near historical averages, and NOI should be up, why property values are declining. Mr. Reissfelder explained that, with the exception of the office sector which is undergoing a correction, there was enormous demand in the residential andi industrial sectors coming out oft the COVID-19 pandemic, and valuations were marked to a place where year-1 capitalization' (cap) rates were incredibly low, some even below 3%, at a time when interest rates were near 0%. Now that interest rates have gone up considerably, valuations of cap rates must also increase accordingly, which negatively impacts valuations. He noted that the Discount Rate, Going In Rate, and Exit Cap Rate shown on page 5 of the materials were adjusted up in response to higher interest rates. It also reflects an expected lower cash flow in certain areas in the residential sector due to the volume of new properties being built and released into that market which will hold rents down for the short term; over the long term, residential rents are expected to continue to rise. Tol Mr. Owens' continued questions, Mr. Reissfelder agreed that ifi interest rates level off, property valuations should similarly level off, and ifi interest rates decline, cap rates should decline which would be a positive factor for valuations, although other forces could come into play. While the office sector is undergoing a correction, there are no anticipated significant corrections or headwinds anticipated for the industrial, retail, or residential sectors. The Board thanked Mr. Reissfelder for his presentation. 9.2. Presentation and Discussion Re: UBS, Investment Performance Review as of March 31, 2024. Presenter(s): Julie L. Pierro, Executive Director, Real Estate Investment Specialist, Portfolio & Client Services RE-US, Real Estate & Private Markets, US Real Estate, UBS. Julie Pierro of UBS appeared before the Board and introduced herself. Ms. Pierro noted that the US Real Estate strategy is part of UBS's Asset Management Real Estate and Private Markets Organization which has approximately $120 billion in assets under management, the US Real Estate Strategy has approximately $27 billion under management. She noted that, excluding the office sector, real estate fundamentals have been reasonable, however elevated interest rates have left transaction rates well below average. Because fundamentals remain healthy, sellers are able to delay selling unwanted properties for more favorable conditions. Economists arestill projecting a soft landing, but 2024 will have less growth than in 2023. NOI growth is outpacing inflation in the industrial and retail sectors; UBS is pessimistic, however, about the office sector where vacancy rates near 20%. The residential sector is performing well considering an abundant supply of new properties coming onto the market. Construction deliveries in the industrial sector have peaked and supply is moderating. While the supply in the office sector is less than in the industrial and residential sectors, the office supply is more than that sector demands. Retail supply is low and supporting retail fundamentals. Returns in Q1 2024 were flat to positive in many sectors, giving some hopes that they will improve through the year. She noted that flat returns indicate a positive income return has offset a decline in value. While analysts are predicting stabilization by the end of the year, further depreciation is still anticipated; an increase in transaction volumes, more debt availability, and lower interest rates would allow depreciation to ease sooner. The office sector is expected to continue to underperform the remaining sectors; the second half of 2024 should be better than the first, however a slight negative return for the year is expected, especially for those portfolios which contain office investments. UBS expects 2025 and beyond to be more positive. Turning to the TPF Portfolio team page of the materials, Ms. Pierro reviewed the TPF team and its history. She reviewed the TPF Summary page, noting it is an open fund, offers quarterly entrance and exits, and a quarterly dividend which can be reinvested. On the Portfolio Positioning page, she noted the portfolio is overweighted to multifamily properties in growth markets which suits the income focus of the portfolio. It has outperformed its NFI-ODCE Benchmark over the last quarter and rolling 1-year. Ms. Pierro reviewed the Capital flows page of the materials. She explained that approximately half of the Plan's allocation is in UBS's loyalty program and half is in the redemption queue. As of May 1, 2024, UBS's redemption queue totaled approximately $6.2 billion. Ms. Pierro reviewed the Sector highlights pages of the materials. Both the portfolio and benchmark saw negative value adjustments, which continues the trend from the prior 7 quarters. UBS's largest allocations, Apartments, 1 Investopedia describes cap rates as being". computed based on the net income that the property is expected to generate and is calculated by dividing NOI by property asset value and is expressed as a percentage." ntps/www.nvestopedacontemsccaptalizationrate.asp Book 1 Page 440 06-11-2024 2:00 p.m. Book 1 Page 441 06-11-2024 2:00 p.m. were down 2%, and Industrials were flat as improving cash flows offset pricing adjustments; both sectors saw occupancy rates decline but they remain well above 90%. The Traditional Office Allocation continues to see the greatest depreciation and it has an outsized impact on returns due to diminished demand, high vacancy rates, low sub-leased rates, and lack of debt within the sector. UBS has been working over the last several years to reduce this allocation with a goal of 7.5% by the end of the calendar year. Capital Market activity in Q1 2024 was muted, which is consistent with broader economic activity. As of March 31, 2024, the TPF's leased status was 91.9%, which is down slightly from the prior quarter; leased rates within the Industrial, Apartment, and Retail sectors remain strong while Traditional Office dropped from 73% to 71% in the quarter. On the Leverage page oft the materials, Ms. Pierro explained that the portfolio's debt strategy has been to adjust levels of debt based on expected changes in value over the mid-term. Currently the portfolio's leverage ratio is lower than the benchmark, however it will increase leverage as values begin to reset; the fund has a $450 million line of credit which is completely available; as of March 31, 2024, the fund had approximately $3 billion in debt with 3rd party lenders. The portfolio recently took on a $53 million, 5-year loan for an apartment asset in Boca Raton, FL with a 5.34% fixed interest rate. Approximately 20% of the portfolio's debt is at floating interest rates compared to the benchmark's 26.4%. Approximately 66% of the portfolio's floating interest rate debt is hedged through rate caps. Ms. Pierro concluded her remarks by highlighting the bulleted points on the Closing thoughts and outlook page of the materials. The Board had no questions to ask of Ms. Pierro and thanked her for her presentation. 9.3. Presentation and Discussion Re: Graystone Consulting, Quarterly Investment Performance Review as of March 31, 2024. Presenter(s): Scott Owens, CFA, CIMA, Managing Director - Wealth Management, Institutional Consulting Director, Corporate Retirement Director, Impact Investing Director, Alternative Investment Director; Theodore J. Loew, Vice President, Institutional Consultant; Graystone Consulting. Mr. Owens appeared again before the Board and noted how, 12 months ago, most analysts had predicted an economic recession and significantly lower interest rates, yet neither came to be. Never-the-less, the portfolio's 1-year return is over 14%. He explained that volatility occurs when investors make trades based on expectations which do not match actual events, and then investors must undo their actions. He explained that the recently released employment numbers showed fewer new. jobs had been created than had been forecasted, which, on its surface, is bad news; however, the market interpreted this to mean the Fed would cut interest rates, and accordingly rallied. The Fed then announced it would not reduce rates and may even contemplate raising them. This lack of clarity in the market is a reminder that institutional investors should proceed cautiously, and look for quantifiable and empirical data supporting decisions, and refrain from speculative investing. The portfolio is generally defensive, and managers have lower downside capture rates than upside capture rates. Mr. Owens reviewed the Capital Market Returns, noting the significant absolute performance of the S&P 500 and Rusell 1000 Growth index over the last 12 months when analysts had predicted a considerably down year. He added that Quarter to Date returns near or exceed the market's historical 10% average growth rate. In International Markets, the MSCI EAFE Local Currency Quarter to Date return was close to that of domestics, however when converted to US Dollars, the return is approximately half; this is beçause the US Dollar has been strengthening recently which benefits new investments when US Dollars are converted to local currencies and then penalizes investors when they sell because weaker local currencies must then be converted back to the stronger US Dollars. The US Dollar is strong now because of the high short term interest rates which will eventually fall and normalize, and then benefit investors as they sell foreign investments which must convert from the strong local currencies to the weaker US Dollar. In Fixed Income, Mr. Owens noted that, with the exception of the Barclays High Yield which tracks closer to equities, the 90-Day T-Bill, which is essentially cash, had the highest return over the last 12 months and Quarter to Date. He noted that, on a percentage basis, the fixed income market has had a considerable amount of volatility over the last 12 months. He added that the lack of clarity in the fixed income market adversely impacts the real estate market because financing is unpredictable. Turning to page 8 of the materials, Mr. Owens explained how influential the FANG+ stocks are on the broader market considering the FANG+ index is only 10 stocks, and many are in the S&P 500 index. Page 9 further illustrates how Information Technology stocks have led the rest of the market. Mr. Owens cautioned that, when the market is as concentrated as it now is, active managers will likely be unable to match the pace of their benchmarks because fund managers are typically unable to have comparable concentrations. To Trustee Reardon's questions, Mr. Owens explained that fund managers typically hold outperforming stocks within their style and class, but at lower weightings than the benchmarks; he added that relative underperformance does not automatically indicate under performance on an absolute. basis, especially if the benchmark is having a period of significantly high performance. Managers typically stay faithful to their respective mandates irrespective of how well a market-leading stock performs; managers are often bound by their mandates to avoid single stock concentrations beyond 10% in accordance - with Investment Policy Statements (IPSs). Considering the portfolio's allocation aims for 20% to be invested in large cap stocks, the 10% concentration limit typically does not affect the larger portfolio, however it is a concem for fund managers. Investors who are overly focused on matching the benchmark's return should consider passive management which has its own risks. In 2022 FANG+ stocks dragged the benchmark down and active managers outperformed relatively to protect assets. Of Mr. Owens' clients, many pension plans are comfortable with lower return with less risk, and others are comfortable with higher risk in exchange for the possibility of higher retums. The pages titled Recession Indicators, Recessions Have Normally Occurred When Oil is Expensive in Real Terms, and Bull Markets and Economic Expansions Have Continued for Close to 4 Years After the First Rate Hike, and US Job Openings per Unemployed Person show that the traditional indicators of a recession are conflicting. Mr. Owens noted that the current economic environment is a direct result of the unprecedented levels of federal stimulus injected into the economy during the COVID-19 pandemic and the economy's ensuing efforts to normalize. While none of the indicators guarantee a recession will or will not occur, investors should take note and proceed cautiously. He asserted the next 6 to 12 months should be positive for the market as investors take advantage of dislocations. He explained that the US Dollari is higher than other major international currencies, as well as compared to itself; returning to a more normal value will benefit the international portfolio. Mr. Owens explained that the portfolio as a whole is performing well and returned slightly more than the index in the current quarter and rolling 1-year but with less risk. He discussed how the IPS was designed to have a portfolio with less risk than the equity markets, and the portfolio is currently weighted to have even less risk than the IPS requires. The Asset Allocation Compliance shows the portfolio is very close to its long-term targets with the exception of fixed income because of the amount of cash currently being held. To Chair Chapdelain's questions, Pension Plans Administrator Martin confirmed the Plan requested redemptions from both AEW and UBS in August 2022; to date, AEW has paid $927,000 of $2.4 million requested and UBS has paid $309,000 of $2.5 million requested. Mr. Owens explained that redemptions are typically paid from proceeds generated by property sales, however the transaction market has been very slow. Redemption requests remain open until they are satisfied or cancelled and are not otherwise limited SO that the fund managers are not forced to sell properties at a loss just to generate capital. Mr. Owens asserted that the funds invested in the real estate asset class has benefited the portfolio more than it would have had it remained in fixed income, despite real estate's illiquidity. Mr. Owens briefly reviewed the fund managers. Hudson Edge provided a good return for the quarter but underperformed slightly on a relative basis. Clearbridge was added as a defensive manager with the understanding that it will underperform during periods of capitulation, and therefore its underperformance is expected; never-the-less, it has outperformed on relative and absolute basis. Polen has been underperforming because it focuses on earnings growth potential and strong valuations but not on share price, which has not been a favored strategy by the market; similarly to Clearbridge, it has consistently returned, on average, 16% per year since inception. NFJ underperformed relatively in the Quarter and Fiscal YTD, but it continues to have a higher return with less risk since inception. The Plan has a short history with Geneva although it is showing a slightly higher return but with lower risk. The Board had contemplated divesting from Templeton International Value due to underperformance when the market favored growth managers; value stocks are back in favor and the fund is outperforming on a relative and absolute basis. Similarly, Renaissance takes a 2% weighting in 50 stocks, and it accordingly underperforms when the market is concentrated; it is currently outperforming. Segall Bryant Hamil is providing a greater return with less risk compared to its benchmark and Invesco, the portfolio's other fixed income manager; the Board invested with Segall Bryant Hamill for shorter periods of time while the yield curve is inverted, and it intends to divest when the curve normalizes. Book 1 Page 442 06-11-2024 2:00 p.m. Book 1 Page 443 06-11-2024 2:00 p.m. To Trustee Reardon's question, Mr. Owens explained that the Board should consider discussing divestment from Segall Bryant Hamill when the Fed begins to reduce interest rates, noting that the Fed tends to act incrementally and therefore rate cuts may occur over a prolonged period of time. Additionally, the Board may consider moving funds within Segall Bryant Hamill to another fixed income fund. Lazard Global Infrastructure has outperformed both relatively and absolutely. There are no Compliance Checklist issues, and Mr. Owens has no recommendations at this time. To Chair Chapdelain's question, Mr. Owens advised that in the quarter ending June 30, 2024, the portfolio and all fund managers have generally been going up. The Board thanked Mr. Owens for his presentation. 10. UNFINISHED BUSINESS: None. 11. NEW BUSINESS: None. 12. ATTORNEY MATTERS: Attorney Christiansen reminded the Board that Trustees must file financial disclosures before July 1, 2024, through the Florida Commission on Ethics' electronic filing portal. 12.2. Presentation and Discussion Re: Revision to Operating Rules and Procedures. Presenter(s): Scott Christiansen, Christiansen & Dehner, PA Attorney Christiansen reviewed the changes made to the Operating Rules and Procedures. Trustee financial disclosures must be filed through the Florida Commission on Ethics' portal. Performance Goals and Objectives now includes a reference to FS 112.662 regarding making investment decisions based on Environmental, Social, and Government factors. The word "impact" was struck from section 8.4 because the items discussed in that section are not impact studies but actuarial studies. Section 10.6 includes performance monitors as having contracts with the Plan. Section 10.7 no longer requires mutual fund managers to make periodic presentations to the Board. Section 15.1 was updated to reflect newly passed state legislation exempting additional city employees from public records disclosure. Treasurer Strickland made a motion to approve the Revision to Operating Rules and Procedures. At 11:27 a.m. an audio issue interrupted the meeting; Secretary Griggs left the meeting at 11:28 a.m. Trustee Thornburg seconded the motion. The motion passed unanimously (6-0). 12.1. Presentation and Discussion Re: Ordinance Amending Pension Plan. Presenter(s): Scott Christiansen, Christiansen & Dehner, PA. Attorney Christiansen explained the proposed ordinance is to allow employees who are on extended unpaid leave to remain as Plan participants; the current controlling provisions require participants who are on unpaid leave for more than 30 days to be excluded from the Plan. The City's Human Resources department advised there are currently no employees on extended unpaid leave, and the proposed ordinance seeks to proactively address the issue. He noted that the definition of Employee requires the word, "and," affer, "DROP participants." To Chair Chapdelain's question, Attorney Christiansen advised he would review the provision and insert either, "and," " or, "or," after, "DROP participants, whichever is more appropriate. The Board, Attorney Christiansen, and Pension Plans Administrator Martin discussed the timing of the Board's decision regarding the proposed ordinance and if the City Commission would have sufficient time for 2 readings prior to Attorney Christiansen's retirement effective August 1, 2024. Pension Plans Administrator Martin advised she will discuss the matter further with Secretary Griggs as well as follow up with the Plan's Actuary for a "no actuary impact" letter which will be required by the City Commission. Attorney Christiansen agreed that after, "DROP participants, 1 the word, "or," should appear. To Vice Chair Nicholas's question, Attorney Christiansen explained that a participant is removed from the Plan after being on unpaid leave for more than 30 days, which is problematic because the Plan is closed; the City of Sarasota Police Officer's Pension Plan has a similar provision, however that is an open system, and participants who are on extended unpaid leave may rejoin that plan upon return to paid status. Because the Plan is closed, an employee on extended unpaid leave must join the Florida Retirement System upon returning to paid status. Attorney Christiansen did not know the history of the provision. Treasurer Strickland made a motion to approve the Ordinance Amending Pension Plan with the noted changes. Trustee Thornburg Seconded the motion. The motion passed unanimously (6-0). 13. OTHER MATTERS: 13.1. Presentation and Discussion Re: Administrative Budget Analysis for January 1, 2024, through March 31, 2024. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin presented the Administrative Budget Analysis for January 1, 2024, through March 31, 2024. The Board had no questions. 13.2. Approval Re: Check Register for January 1, 2024, through March 31, 2024. Presenter(s): Debra Martin, Pension Plans Administrator. Pension Plans Administrator Martin presented the Check Register for January 1, 2024, through March 31, 2024. Payments to Trustees are for education-related trustee travel. The Board had no questions. 14. ADJOURN. Chair Chapdelain adjourned the General Employees' Pension Plan Board of Trustees meeting at 11:36 a.m. Sh( Chair Ryan-Chapdelain Secretary Shayla Griggs Book 1 Page 444 06-11-2024 2:00 p.m.