Retirement Board

BURLINGTON RETIREMENT BOARD BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR MINUTES OF MEETING October 20, 2025 1. Agenda 1. Agenda Chair Hooper convened the meeting at 9:31 am. Members present: Paul Olsen, Bob Hooper, Kyle Blake, David Mount and Katherine Schad (all in person); Matt Dow, Eric Dalla Mura and Munir Kasti (all online) Others present: Brad Kukenberger, Hayley McClenahan and Chris Rowlins (all in person); Kate Pizzi (online) Subject 1.1. Motion to adopt agenda Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 1. Agenda Department Retirement Administration Type Action Procedural Recommended Action Motion to adopt agenda 1.1. Motion to adopt agenda Motion made by Board Member Olsen, seconded by Board Member Blake, to adopt the agenda as presented. Motion passed unanimously. 2. Public Forum 2. Public Forum No one spoke. 3. September 15, 2025 Retirement Board Meeting Minutes 3. September 15, 2025 Retirement Board Meeting Minutes Subject 3.1. September 15, 2025 Retirement Board Meeting Minutes - DFA Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 3. September 15, 2025 Retirement Board Meeting Minutes Department Department of Finance and Administration Type Action Information Minutes 3.1. September 15, 2025 Retirement Board Meeting Minutes - DFA 4. Approve Return of Contributions 4. Approve Return of Contributions Motion made by Board Member Blake, seconded by Board Member Mount, to approve the return of contributions as presented. Motion passed unanimously. Subject 4.1. McKayla R. Conner-Wright, Class A $3.001.35; Effective Date of Benefit: 11/01/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 4. Approve Return of Contributions Department Retirement Administration Type Action Recommended Action approve return of contribution for McKayla R. Conner-Wright 4.1. McKayla R. Conner-Wright, Class A $3.001.35; Effective Date of Benefit: 11/01/25 Subject 4.2. Kristin Dykstra, Class B $3,564.23; Effective Date of Benefit: 12/01/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 4. Approve Return of Contributions Department Retirement Administration Type Action Recommended Action approve return of contribution for Kristin Dykstra 4.2. Kristin Dykstra, Class B $3,564.23; Effective Date of Benefit: 12/01/25 5. Approve Retirement Applications 5. Approve Retirement Applications Motion made by Board Member Blake, seconded by Board Member Mount, to approve the retirement applications as presented. Motion passed unanimously. Subject 5.1. Brian T. Pine, Class B $1,463.50; Effective Date of Benefit: 12/01/25; Payment Date: 12/15/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 5. Approve Retirement Applications Department Retirement Administration Type Action Recommended Action approve retirement application for Brian T. Pine 5.1. Brian T. Pine, Class B $1,463.50; Effective Date of Benefit: 12/01/25; Payment Date: 12/15/25 Subject 5.2. Lee R. Thayer, Class A $5,760.68; Effective Date of Benefit: 09/01/25; Effective Date of Benefit: 09/15/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 5. Approve Retirement Applications Department Retirement Administration Type Action Recommended Action approve retirement application for Lee R. Thayer 5.2. Lee R. Thayer, Class A $5,760.68; Effective Date of Benefit: 09/01/25; Effective Date of Benefit: 09/15/25 Subject 5.3. Michael Ahearn, Class A $617.44; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 5. Approve Retirement Applications Department Retirement Administration Type Action Recommended Action approve retirement application for Michael Ahearn 5.3. Michael Ahearn, Class A $617.44; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Subject 5.4. Bonnie Johnson-Aten, Class B $157.36; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 5. Approve Retirement Applications Department Retirement Administration Type Action Recommended Action approve retirement application for Bonnie Johnson-Aten 5.4. Bonnie Johnson-Aten, Class B $157.36; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Subject 5.5. Ann M. Barton, Class B $6,183.70; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 5. Approve Retirement Applications Department Retirement Administration Type Action Recommended Action approve retirement application for Ann M. Barton 5.5. Ann M. Barton, Class B $6,183.70; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Subject 5.6. Todd W. Rawlings, Class B $2,611.74; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 5. Approve Retirement Applications Department Retirement Administration Type Action Recommended Action approve retirement application for Todd W. Rawlings 5.6. Todd W. Rawlings, Class B $2,611.74; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Subject 5.7. Phan T. Chung, Class B $491.14; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 5. Approve Retirement Applications Department Retirement Administration Type Action Recommended Action approve retirement application for Phan T. Chung 5.7. Phan T. Chung, Class B $491.14; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Subject 5.8. Darlene P. Kehoe, Class B $5,618.74; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 5. Approve Retirement Applications Department Retirement Administration Type Action Recommended Action approve retirement application for Darlene P. Kehoe 5.8. Darlene P. Kehoe, Class B $5,618.74; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25 6. Administrative Update 6. Administrative Update Subject 6.1. FY25 Unaudited overview memo - DFA Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 6. Administrative Update Department Department of Finance and Administration Type Communication Discussion Information 6.1. FY25 Unaudited overview memo - DFA Subject 6.2. Executive Summary - RFQ for Investment Advisory Services - DFA Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 6. Administrative Update Department Department of Finance and Administration Type Communication Discussion Information 6.2. Executive Summary - RFQ for Investment Advisory Services - DFA Subject 6.3. All bids responding to RFQ for Investment Advisory Services - DFA Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 6. Administrative Update Department Department of Finance and Administration Type Communication Discussion Information 6.3. All bids responding to RFQ for Investment Advisory Services - DFA 7. Fiducient 7. Fiducient Subject 7.1. Quarterly Investment Review - Third Quarter 2025 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 7. Fiducient Department Retirement Administration Type Discussion Information Presentation 7.1. Quarterly Investment Review - Third Quarter 2025 8. Adjournment 8. Adjournment Subject 8.1. Motion to adjourn Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor Category 8. Adjournment Department Council and Board Type Action Procedural Recommended Action Motion to adjourn 8.1. Motion to adjourn Chair Hooper adjourned the meeting at 11:08 am.