[{"_1":2,"_122":-5,"_123":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,74,86,98,110],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":56,"_72":56,"_73":56},"mediaId",6371508,"mediaKeyId","2149595-3f9695f7c5e35ee81659f097182e6aab","parentId",2149595,"title","Trustees elect Hallwood as chair and Smith as vice chair in board leadership vote","audioSeconds",1143,"startMs",6111000,"endMs",7254000,"viewUrl","/Search/View?dp=1&key=2149595-3f9695f7c5e35ee81659f097182e6aab&start=6111&end=7254","thumbnailUrl","https://assets.pipeline.soar.com/2149595-3f9695f7c5e35ee81659f097182e6aab/thumbnail_6111000.jpg","articleUrl","/articles/6371508/Trustees-elect-Hallwood-as-chair-and-Smith-as-vice-chair-in-board-leadership-vote","mediaUrl","https://secure.pipeline.soar.com/6371508-6b3f2ced0698b0eb79f48d4c3d42b348/orig.mp4?Expires=1771193844&Signature=iPrTCx3f87IvkHcP6Rpe5ulLWqstiXxJ2AGzmLHnJPuzdLh80G5vslwMxYf12rTE0xh5zUoaoMYm2BGaXFFh8aZ9~N0v5lzwHfVhgm8DGM6uizCOrqSU1wwzkpmo~9EbJWzihUNEpv1WQYlNa6XxtPXwHSj-Dzp9TPsq5Qsz70YIB4dW~cGnKYxMDcIXaNHMKPjrqLTHOYFgDzpN4K6fFmABx4kcjTsS71AplEMSmDHLnaesqOrDvicqFkZD5d-8MDDRcHJE9PvxNZnhFFAM4ZP00p7FnZivIlqK2AqIsTGIiRuKFIciH6Xex3TTWXRAE8Y41Bm8eH-CFEOlIU~rAw__&Key-Pair-Id=KUT5TJCACFTXG","author","","date","2025-01-24T03:48:44Z","article","At the Jan. 23 meeting trustees held nominations and an electronic ballot by text to fill the officer posts. Nominees for chair were Trustee Hallwood and Trustee Russell. After members submitted texted votes, the chair announced the result: Trustee Hallwood received four votes and Trustee Russell received two; the chair declared Hallwood elected.

For vice chair the nominees were Trustee Smith and Trustee Dorsey (Trustee Liger and others declined nominations). The tally reported to the board showed Trustee Smith received three votes, Trustee Dorsey received two votes and one trustee abstained; by plurality Trustee Smith was declared vice chair.

Both officer results were announced to the board and congratulatory remarks followed. Trustees did not take additional formal action beyond the elections during the public session.

Why it matters: Board leadership affects agenda setting, committee assignments and the conduct of meetings; trustees discussed principles of alternating leadership among islands but also noted bylaws do not require alternation or term limits.","mediaType","Video","parentTitle","GERS' BOT Monthly Meeting 1/23/25","oneSentenceSummary","Trustees nominated and voted by electronic text to select board officers. Trustee Hallwood received four votes to become chair; Trustee Russell received two. For vice chair, Trustee Smith received a plurality.","taxTitle","Retirement System, Agencies, Organizations\t\t, Executive, Virgin Islands","taxId",30560,"location","headline","shortSummary",{"_33":75,"_35":36,"_37":38,"_39":76,"_41":77,"_43":78,"_45":79,"_47":80,"_49":81,"_51":82,"_53":83,"_55":56,"_57":58,"_59":84,"_61":62,"_63":64,"_65":85,"_67":68,"_69":70,"_71":56,"_72":56,"_73":56},6371512,"Investment officer reports rebalancing, $536M market value and ongoing federal cover-over advocacy",987,2957000,3944000,"/Search/View?dp=1&key=2149595-3f9695f7c5e35ee81659f097182e6aab&start=2957&end=3944","https://assets.pipeline.soar.com/2149595-3f9695f7c5e35ee81659f097182e6aab/thumbnail_2957000.jpg","/articles/6371512/Investment-officer-reports-rebalancing-536M-market-value-and-ongoing-federal-cover-over-advocacy","https://secure.pipeline.soar.com/6371512-c699b91b73262139ee69b43366badafa/orig.mp4?Expires=1771193844&Signature=cE6dHVp8rif95sBykurnIyeJMzPxdONWGmZ67Ig02aT6x4fxNC0ImwhknOv5nauw5Lw9kCzdibeSSJtUpzufsQqatO0lra5BqmoZcgISh6O1ROZR5XskcBaoyD3x-w1rLRUQ5DE4uflFAItzNu2xO0jnNka1va2zGUI18~R5Yweze8toDFgReBpmcARBv2U1kfGpalyyM79SGtTkIAWHhrB7os9aBHxDsm4McAP~KZA3j8ry8cFhAElrpmX6ne50KyhcE0uw0IxTFipR3vcETQ4XFbTOG6y0kRL4p1TD1fuJoEYIh9jg1cwCukto9I0zwXMqCOH5ZfHLbm8yw8a4MQ__&Key-Pair-Id=KUT5TJCACFTXG","The board’s investment officer reported portfolio performance for December 2024 and fiscal-year-to-date figures at the Jan. 23 meeting. The officer said total plan performance was down 1.7% for December, and the fund finished the month at an approximate market value of $535–$536 million. The report noted a net cash flow of about $20 million during the month to pay benefits and expenses and an unrealized depreciation of roughly $9.8 million for December.

The investment officer said the board had approved a strategic rebalancing in November 2024 that reduced the target allocation to equities from about 45% to about 35% and shifted the roughly 10 percentage points into fixed income. The officer also gave asset-class performance figures for domestic and international equities and fixed income and reported alternatives/private equity valued at about $67.5 million and cash of about 0.4% at month end.

Trustees discussed long-standing efforts in Washington to secure a higher \"cover-over\" amount for the territory. The administrator and counsel summarized outreach: Delegate Plaskett’s office and the governor have engaged lobbying firms (Winston & Strawn was named) and participated in federal studies (GAO and CBO) to press for a permanent change; the board discussed whether a trustee delegation should travel to Washington for advocacy. An investment officer said prior consultant and trustee retreat advice supported continued engagement; trustees expressed openness to coordinating with the delegate’s office before committing to a travel/lobbying delegation.

The board moved to accept the investment officer's report. The motion passed on recorded affirmative votes.

Why it matters: Asset allocation changes and portfolio liquidity affect the system’s ability to meet benefit payments and the fund’s long-term return profile. Federal cover-over revenue policy could materially affect GERS’ long-term funding if changed.","GERS' investment officer reported a month-end market value near $536 million, a strategic rebalancing that reduced equity targets from about 45% to 35% and moved 10 percentage points to fixed income. Trustees discussed continuing efforts to secure higher federal cover-over revenues in Washington.",{"_33":87,"_35":36,"_37":38,"_39":88,"_41":89,"_43":90,"_45":91,"_47":92,"_49":93,"_51":94,"_53":95,"_55":56,"_57":58,"_59":96,"_61":62,"_63":64,"_65":97,"_67":68,"_69":70,"_71":56,"_72":56,"_73":56},6371517,"GERS reports December collections, a December net cash deficit and year-to-date withdrawals from investments",410,2477000,2887000,"/Search/View?dp=1&key=2149595-3f9695f7c5e35ee81659f097182e6aab&start=2477&end=2887","https://assets.pipeline.soar.com/2149595-3f9695f7c5e35ee81659f097182e6aab/thumbnail_2477000.jpg","/articles/6371517/GERS-reports-December-collections-a-December-net-cash-deficit-and-year-to-date-withdrawals-from-investments","https://secure.pipeline.soar.com/6371517-8e462372f631ce438772be8e060971e3/orig.mp4?Expires=1771193844&Signature=V3F7wBdgSCnIf~rsVP~BTYm3I8vH7Wm8wGLxBbm1b3al9-RuQTSyihfTtl7njeGwHTKPEUBjyvFQ0hrGX8YqH1e6D~tEBUI4Iq2~P5wlklzvRH40kVfSJjA7aJ2tfn8kzYY1caa~VXuYielBcV1BIV4p0M0AV7sxxTiuFxmhD55mM3IKhN1G8~WfUivhTjgN1Yhx7d2maSEnq32GY2HLDlKZ6AROJmsdKi9-Mcq3UKSKH13Iu3-zAr97jnXVYey3zVFNIpGHhTLECGEwHUN1DtwXBOKrSA5LXjJeRxwVJ2akHE1cKO2A~~7ULU0om6l5~NYAypNkHCjyShesUburbQ__&Key-Pair-Id=KUT5TJCACFTXG","The board received the Government Employees Retirement System schedule of receipts and disbursements for the month ending Dec. 31, 2024. The treasurer reported employer and employee retirement contributions and loan repayments and detailed disbursements including annuity payments and administrative expenses.

Key figures read to the board: employer retirement contributions of $6,401,680 for the month (year to date $20,559,785); employee retirement contributions of $3,255,494 for the month (year to date $10,000,637); and total collections for the month reported at about $10,361,818 (year to date $136,000,337). The treasurer reported annuity payments of roughly $23,000,000 for the month and total disbursements for December of approximately $26,137,395.

The treasurer said the system recorded a net cash deficit for December (monthly figures showed collections equal to roughly 40% of disbursements for the month) and that year-to-date the system had withdrawn about $60,000,000 from the investment portfolio to meet benefit payments. For the Haven Site operations, December collections were $478,376 with a net cash surplus for the site of $122,083 for the month and year-to-date surplus of $326,465.

Trustees moved to accept the treasurer's report. The motion to accept the treasurer report was moved by Trustee Dorsey and seconded by Trustee Smith; the board recorded an affirmative vote and the motion passed.","The treasurer reported December 2024 receipts and disbursements for GERS and for the Haven Site. The system reported a monthly net cash deficit in December and year-to-date withdrawals from the investment portfolio to cover benefit payments.",{"_33":99,"_35":36,"_37":38,"_39":100,"_41":101,"_43":102,"_45":103,"_47":104,"_49":105,"_51":106,"_53":107,"_55":56,"_57":58,"_59":108,"_61":62,"_63":64,"_65":109,"_67":68,"_69":70,"_71":56,"_72":56,"_73":56},6371522,"Trustees press for clarity on Port Authority public-private partnership and GERS membership",257,216000,473000,"/Search/View?dp=1&key=2149595-3f9695f7c5e35ee81659f097182e6aab&start=216&end=473","https://assets.pipeline.soar.com/2149595-3f9695f7c5e35ee81659f097182e6aab/thumbnail_216000.jpg","/articles/6371522/Trustees-press-for-clarity-on-Port-Authority-public-private-partnership-and-GERS-membership","https://secure.pipeline.soar.com/6371522-70db2b75f2d9b8f88f29d3227579bfc5/orig.mp4?Expires=1771193844&Signature=K5hwwGTcj3uWaQ6FZML-LRb7f4fOfSqnGsm9FC3YsFhgTJaFVXFLAZXlwUmqNCokxkfpYCyg9deN8hXdCQFitQAT105~3yEM3UycI~cMiRY-XNBZH5xTXdIvPC-~m~X37ad4RUU~JDcl5f2~IjazG4M5HAfctprcVdH0Ovv~SAa4h~-whmIykxCHrc1l4ZQj8LDIx8s3f0XIZnRIdrduI7ICc-Vn9emfaSKU6mPfLbW~C8rCz3LPhhrQ4~kN0E8SOWOjhwGrDD3P8eYAuG0NBoP6aYGm0rsIG1plmqBslQrwGtBDpSjKpC3AXTXJ~lKqI2ssuLo1vEljzwnLhWOvog__&Key-Pair-Id=KUT5TJCACFTXG","During the Jan. 23 meeting, Trustee Dorsey asked whether employees who move to a public-private partnership at the Port Authority would remain members of the Government Employees Retirement System (GERS). \"I just wanted to know for the record if the employees, with this public private partnership at the Port Authority are gonna be part still of the GRS system,\" Dorsey said.

Administrator Dawson and board counsel told trustees that the question raised legal and jurisdictional issues outside GERS' direct control. Dawson said the issue \"is not a GRS issue\" in the sense that GERS cannot determine the legality of a private entity taking over safety or security functions at an airport and thereby changing employment status.

Trustee Smith—who serves as a trustee and is also a port board member, Dawson said—was asked by Dorsey to provide an update. Dawson reported, \"there is no update.\" Trustees pressed for assurance that employees would not be forced out of the system; Dorsey said he had previously told employees publicly GERS members would not be involuntarily removed from coverage unless those employees chose to retire or otherwise leave.

Why it matters: A change in employer status can affect whether workers remain in a public retirement system; trustees sought clarity because potential transfers could affect membership counts and long-term liabilities.

No formal action or vote was taken on the item. Dawson and trustees agreed the topic would remain under observation and that staff would report any developments to the board when new information becomes available.","A trustee asked whether employees affected by a proposed Port Authority public-private partnership would remain in the retirement system; GERS staff said legal authority and jurisdiction limit what GERS can answer, and there was no update available at the meeting.",{"_33":111,"_35":36,"_37":38,"_39":112,"_41":113,"_43":114,"_45":115,"_47":116,"_49":117,"_51":118,"_53":119,"_55":56,"_57":58,"_59":120,"_61":62,"_63":64,"_65":121,"_67":68,"_69":70,"_71":56,"_72":56,"_73":56},6371527,"GERS administrator warns bill 35-0428 would create unfunded liabilities; letter to governor urged action",565,933000,1498000,"/Search/View?dp=1&key=2149595-3f9695f7c5e35ee81659f097182e6aab&start=933&end=1498","https://assets.pipeline.soar.com/2149595-3f9695f7c5e35ee81659f097182e6aab/thumbnail_933000.jpg","/articles/6371527/GERS-administrator-warns-bill-35-0428-would-create-unfunded-liabilities-letter-to-governor-urged-action","https://secure.pipeline.soar.com/6371527-dc12c20fb8e4842b65f018355bba7903/orig.mp4?Expires=1771193844&Signature=WuR7F5wD-OyagDig2CK6Ij30oFKfnnyOgSx-Py2tHf1lOYHsIeyLFdpBdqOS1ywhc9LetMd29PVIcmH7BIKVFXhMqbTKnMwFjzpQ2PB6O76FbhUqH-5ZuzLj3-EtUFhqrv7p8vDKijxAzaibEm3CZw1GOzkBDSB-blHjjbno5sjsc2DGxIsKvXHATEvJeGWxe1o1KxYum10L5rpf2EKVVqRPfxWPupwLLxJy9XVs1RRTaiduKD4wdlCGx1-L0gU9UGbCuhEDeJCM2HCtsTQCrXt9HSNh7wjJSnftiHAN4C8Q3CqXd~wdqgYfMPtLiBNOsEAwF3uLsUYrRtszMVcF1A__&Key-Pair-Id=KUT5TJCACFTXG","Administrator/CEO Dawson told the Government Employees Retirement System board on Jan. 23 that staff prepared a written response to the governor about bill 35-0428, raising concern that one section would grant early retirement benefits without the required actuarial analysis or funding. \"There has certainly been no funding set aside for the current and future costs,\" Dawson read from the letter he said staff sent to the governor.

The administrator said GERS had roughly one day to respond because of timing constraints in the territory's organic act and the governor's deadline. \"We therefore most strongly recommend that it be detailed by you,\" Dawson read, quoting the correspondence to the governor. He said the governor took action consistent with GERS' recommendation on that section.

The letter argued that the section would \"dangerously decrease cumulative contributions to the GERS while increasing benefits paid out\" and described the proposal as an \"unfunded mandate\" that could worsen the system's solvency. Dawson told trustees the agency had no actuarial study on the proposed changes and therefore could not support the funding assumptions in the legislation.

Trustees discussed process issues after the report. Trustee Dorsey asked whether the board could obtain a longer review window for future bills so the system could complete actuarial work. Dawson and other trustees said the timing constraint arises from the organic act's deadlines for the governor; they suggested pursuing earlier legislative committee review or requesting language changes so GERS has adequate time to provide analysis. Dawson said staff would seek follow-up meetings and, when possible, be invited to committee hearings to provide analysis earlier in the process.

Why it matters: The administrator framed the concern as financial and actuarial: granting benefit changes without a funding plan can increase liabilities for the retirement fund and could affect its long-term solvency.

No formal vote was taken on policy changes; Dawson said GERS would continue outreach with legislative leadership and the governor's office to try to ensure adequate time for analysis on future measures.","The Government Employees Retirement System (GERS) administrator told trustees that GERS staff quickly reviewed bill 35-0428 and told the governor a key section should be removed because there was no actuarial study or funding for the proposed benefit changes.","actionData","errors"]

Article not found

Trustees elect Hallwood as chair and Smith as vice chair in board leadership vote

Investment officer reports rebalancing, $536M market value and ongoing federal cover-over advocacy

GERS reports December collections, a December net cash deficit and year-to-date withdrawals from investments

Trustees press for clarity on Port Authority public-private partnership and GERS membership

GERS administrator warns bill 35-0428 would create unfunded liabilities; letter to governor urged action