Police Officer's & Firefighter's Retirement System

Minutes December 11, 2025 1. Call to Order Setser called the meeting to order at 8:30 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 Chad Davis (NV) Fire X Andrew McPherson (NV) Retiree X Bryan Welch (NV) Police X Callie Carroll (NV) City Council Liaison 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 – November 13, 2025 Munsey made a motion to approve the November 13, 2025 minutes as presented; 2nd by Robinson. Vote all: Yes. Page 1 of 4 12/11/2025 3. Approval of Financial Statement Ending October 31, 2025 The cash and short-term investments balance at the end of October was $3,577,782. The cash – UMB investments balance was $19,313,856. • IRM increased $910,610. The fund returned 0.64% compared to the index return of 0.60%. • Acadian Emerging Markets increased $903,044. The fund returned 3.86 % compared to the index return of 4.20%. • Brandes increased $52,715. The fund returned 0.21% compared to the index of -0.80%. • Entrust Global Recovery decreased ($420,596). The fund returned -0.35% compared to the index of 2.90%. There was a distribution of $378,000. • Blue Ocean decreased ($1,236,264). The fund returned -0.35% compared to the index of 2.90%. There was a distribution of $1.2 million to UMB cash. • Marathon had an increase of $87,046. The fund returned 0.000.90% compared to the index of 2.90%. • Fidelity INTL Index had an increase of $777,855. The fund returned 1.01% compared to the index of 3.40%. • IFM had a decrease of ($116,965). The fund returned -0.46% compared to the index of -0.70%. • Loomis Sayles had an increase of $423,003. The fund returned 0.61% compared to the index return of 0.60%. • LGT had a decrease of ($945,500). The fund returned 0.00% compared to the index return of 2.10%. • Black Rock Russell increased $3,226,341. The return was 2.13% compared to the index of 2.10%. • Ares Multi Global Asset returned $18,069. The fund returned 0.06% compared to the index of 0.30%. • Baird Core Plus increased $264,058. The return was 0.29% compared to the index of 0.60%. • There was a distribution of $385,000 from Prime Storage. • Employee contributions for the month totaled $51,817 and employer contributions totaled $101,056. The Public Safety Sales Tax totaled $470,310. • Gain/Loss in market value, including managers’ fees, was $7,336,136 for the month. Total additions were $7,959,319. • Benefit payments totaled $3,450,454. Return of contributions totaled $228,569. Administrative expenses totaled $32,550. Net increase to the Plan was $4,247,746. • Total Net Assets at the end of October were $778,648,751. Page 2 of 4 12/11/2025  Stewart made a motion to approve the financials ending October 31, 2025; 2nd by Robinson. Vote all: Yes. 4. Review of Applications Retiree’s Name Application Type Application Date Retirement Date Department Eric Morgan Age & Service 11/13/2025 01/15/2026 Police Shawn Clemens Age & Service 11/17/2025 01/26/2026 Police Alexander made a motion to accept the applications as presented above; 2nd by Stewart. Vote all: Yes. 5. Review of Calculations Type Years of Service Monthly Pension Partial Pension Name Amount Amount Danny Wilson SS Final Pay N/A $3,185.70 $308.29 Alexander made a motion to accept the calculation as presented above; 2nd by Stewart. Vote all: Yes. 6. Administrative Director’s Report The 2026 meeting calendar was presented. The December meeting will need to be moved to the 17th due to the requirement in the ordinance to have the board member elections the first full week in December. Munsey made a motion to accept the 2026 meeting calendar with the noted change; 2nd by Robinson. Vote all: Yes. White reported that the following were reelected to the Board: Voting Fire Representative – James Frieze Non-Voting Fire Representative – Chad Davis Non-Voting Police Representative – Bryan Welch McPherson made a motion to accept the results of the election as presented; 2nd by Young. Vote all: Yes. 7. Legal Matters – Closed Session, pursuant to Section 610.021, RS MO. Young made a motion to move to closed session at 8:43 a.m. pursuant to Section 610.021(14) RSMo.; 2nd by Munsey. Vote Yes: Alexander, McPherson, Munsey, Robinson, Setser, Stewart and Young. Vote no: none. Open session resumed at 8:45 a.m. 8. Quarterly Investment Report - Verus The beginning market value in July 2025 was $754,480,368. The ending market value September 2025 was $785,580,368308 Blackrock returned 8.2% which was even with the index. Fidelity returned 4.6% compared to the index of 4.8%. Brandes returned 4.4% compared to the index of 6.2%. Acadian returned 7.8% compared to the index of 10.6%. IR&M returned 2.1% compared to the index of 2.0%. Baird returned 2.1% compared to the index of 2.0%. Loomis Sayles returned 2.3% compared to the index of 2.0%. Ares Global returned Page 3 of 4 12/11/2025  2.0% compared to the index of 1.1%. Prudential returned 1.1% compared to the index of 0.5%. IFM returned 2.0% compared to the index of 3.7%. The total plan returned 4.0% for the quarter compared to the policy index of 4.1%. Stewart made a motion to accept the quarterly investment report as presented; 2nd by McPherson. Vote all: Yes. 9. Adjournment McPherson made a motion to adjourn the meeting; 2nd by Young. Vote all: Yes. The meeting adjourned at 9:11 a.m. on December 11, 2025. Page 4 of 4 12/11/2025