Police Officer's & Firefighter's Retirement System

Minutes May 8, 2025 1. Call to Order Setser called the meeting to order at 8:31 a.m. The meeting was held at the Busch Municipal Building, 840 Boonville Avenue. Minutes taken by White. Attendance Members Representation Present Absent Justin Setser President X Charles Alexander Police X Jamie Frieze Fire X Ron Hoffman Retiree X Chad Munsey Citizen X Laura Robinson Citizen X Andy Stewart Citizen X Jonathan Winn Citizen X Ann Young Citizen X Andrew McPherson (NV) Retiree X Bryan Welch (NV) Police X David Holtmann (NV) Finance X Tony Kelley (NV) Administrative Director X Nikki White (NV) Secretary X NV = non-voting Lance Roskens was also present. 2. Approval of Meeting Minutes – April 10, 2025 Robinson made a motion to approve the April 10, 2025 minutes as presented; 2nd by McPherson. Vote all: Yes. 3. Approval of Financial Statement Ending March 31, 2025 • The cash and short-term investments balance at the end of March was $3,288,212. The cash – UMB investments balance was $27,643,022. Page 1 of 4 05/08/2025  • IRM decreased ($102,281). The fund returned -0.07% compared to the index return of 0.00%. • Acadian Emerging Markets decreased ($50,731). The fund returned -0.27% compared to the index return of 0.60%. • Brandes increased $421,944. The fund returned 0.35% compared to the index of 0.10%. • Entrust Capital Diversified increased $50,678. The fund returned 10.35% compared to the index of 2.20%. • Fidelity INTL Index had an increase of $2,779,268. The fund returned 3.82% compared to the index of -0.40%. • Prudential – redemption of $550,000 and distribution of $126,000. • IFM had an increase of $610,439. The fund returned 2.55% compared to the index of 2.10%. • Loomis Sayles had an increase of $47,042. The fund returned 0.07% compared to the index return of 0.00%. • LGT had an increase of $639,615. The fund returned 3.56% compared to the index return of -5.80%. • Black Rock Russell decreased ($11,031,181). The return was -6.19% compared to the index of -5.80%. • Baird Core Plus decreased by ($469,555). The return was -0.49% compared to the index of 0.00%. $28.6 million was moved from Blackstone and $1.5 million from cash. • Employee contributions for the month totaled $85,649 and employer contributions totaled $166,015. The Public Safety Sales Tax totaled $3,847,184. • Gain/Loss in market value, including managers’ fees, was ($6,659,102) for the month. Total additions were ($2,560,254). • Benefit payments totaled $3,274,208. Return of contributions totaled ($15,000). Administrative expenses totaled $31,314. Net increase to the Plan was ($5,850,776). • Total Net Assets at the end of March were $723,867,224. Stewart made a motion to approve the financials ending March 31, 2025; 2nd by Alexander. Vote all: Yes. 4. Review of Applications Retiree’s Name Application Type Application Date Retirement Date Department Chad Sullivan Age & Service 04/16/2025 05/22/2025 Fire Chelsea Taylor Age & Service 04/25/2025 05/30/2025 Police Herbert Edwards Surviving Spouse 04/30/2025 N/A Fire Page 2 of 4 05/08/2025  Joshua Henson Age & Service 04/19/2025 07/13/2025 Fire Nelson Kibby Age & Service 04/29/2025 07/28/2025 Police Frieze made a motion to accept the applications as presented; 2nd by Stewart. Vote all: Yes. 5. Review of Calculations Type Years of Monthly Pension Partial Pension Name Service Amount Amount Henry Gibson Final Pay 21.83 $4,374.50 $1,603.98 Herbert Edwards Surviving Spouse 20.02 $2,081.54 $208.15 Herbert Edwards Final Pay 20.02 $1,989.25 $1,790.33 Herschel Jordan Final Pay 31.03 $5,576.34 $4,646.95 Mark Phillips Age & Service 25.00 $6,971.81 $2,556.33 Frieze made a motion to accept the calculations as presented above; 2nd by Stewart. Vote all: Yes. 6. Approval of Return of Contributions Name Type Years of Service ROC Mark Phillips Age & Service 25.00 $135,049.07 Frieze made a motion to accept the return of contribution as presented above; 2nd by Stewart. Vote all: Yes. 7. Administrative Director’s Report Kelley reported on the following items: • MAPERS registration is now open. • Changing the June meeting date to June 11th. Stewart made a motion to change the June Board meeting date to June 11th; 2nd by Alexander. Vote all: Yes. 8. Legal Matters – Closed Session, pursuant to Section 610.021, RS MO. Friese made a motion to move to closed session at 8:45 a.m. pursuant to Section 610.021(1, 12 and 14) RSMo.; 2nd by McPherson. Vote Yes: Alexander, Frieze, McPherson, Robinson, Setser, Stewart and Winn. Vote no: none. Open session resumed at 9:02 a.m. 9. Milliman Contract Frieze made a motion to renew the Milliman contract for an additional year with $7,860 in projected buyback calculations and give Setser the authority to sign the contract on behalf of the Board. 2nd by McPherson. Vote all: Yes. 10. Disability Application – David Mills Frieze made a motion to accept David Mills’ duty disability application and to send him to up to three doctors in the area of expertise if available; 2nd by McPherson. Vote all: Yes. Page 3 of 4 05/08/2025 11. Quarterly Investment Report – Verus The beginning market value in July 2024 was $680,502,762. The ending market value in March 2025 was $716,718,996. Blackrock was even with the index of -4.7%. Fidelity returned 8.0 compared to the index of 6.9%. Brandes returned 10.3% compared to the index of 3.7%. Acadian returned 1.0% compared to the index of 2.9%. IR&M returned 2.7% compared to the index of 2.8%. Baird returned 2.6% compared to the index of 2.8%. Loomis Sayles returned 3.2% compared to the index of 2.8%. Prudential returned 1.1% compared to the index of 0.8%. IFM returned 3.0% compared to the index of 4.6%. The total plan returned 1.2% for the quarter compared to the policy index of 1.1%. Stewart made a motion to accept the quarterly investment report as presented; 2nd by McPherson. Vote all: Yes. 12. Adjournment McPherson made a motion to adjourn the meeting; 2nd by Frieze. Vote all: Yes. The meeting adjourned at 9:38 a.m. on May 8, 2025. Page 4 of 4 05/08/2025