[{"_1":2,"_98":-5,"_99":-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],{"_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",6220269,"mediaKeyId","3617864-3244ea582f7f041c6acebde46f6c2a01","parentId",3617864,"title","Treasury and investment reports: April shows $7.39 million net cash deficit; portfolio market value about $508.2 million","audioSeconds",447,"startMs",1592810,"endMs",2040179,"viewUrl","/Search/View?dp=1&key=3617864-3244ea582f7f041c6acebde46f6c2a01&start=1592&end=2040","thumbnailUrl","https://assets.pipeline.soar.com/3617864-3244ea582f7f041c6acebde46f6c2a01/thumbnail_1592810.jpg","articleUrl","/articles/6220269/Treasury-and-investment-reports-April-shows-739-million-net-cash-deficit-portfolio-market-value-about-5082-million","mediaUrl","https://secure.pipeline.soar.com/6220269-369b331607e4788c2e1cf6b9997e1aef/orig.mp4?Expires=1775758896&Signature=NmMviWi16ol3nlqrOBQKgznLOom4NkhehwBYU7pySp1TuBszhQU6fwJlpWmJ3b4zSYFE1D-x6370MwHPT9Aa~jOb6qYqxDZeaAB9TGRtlxu7VlZ00s8pRt6d7nUVj-kLTfXkW1xxVGeX~h20WcNlzU8GkMA1E0aIoHfbdn5LVLjmG89IXbxq1jGEf-iwsFZw1eL0C6IL30Ujsw0bPSofQ7H8YDwn1dE0MvguWqSQIlu-5owgTVNK3ajNTCX7hFU2slpYGU7VtBXt2LewtkrOHK-02m4gCDFToIudajjGsQdw~-3XcKpCoxu26iz2VAoEVrXe-NJfgudly6q9XYGChg__&Key-Pair-Id=KUT5TJCACFTXG","author","","date","2025-05-30T02:23:21Z","article","The Government Employee Retirement System’s April financial reports, presented May 29, showed a net cash deficit for the month of $7,388,464 and monthly annuity disbursements of $23,081,876. The investment portfolio’s market value at month-end was reported at about $508,200,000 with a month-to-date return of 0.5 percent.

Those figures are central to the system’s liquidity and investment oversight. Treasury collections and annuity outflows determine near-term cash needs, while the investment portfolio’s market value and returns affect long-term funding projections.

Treasurer Ashley presented the schedule of receipts and disbursements for the period ending April 30, 2025. She reported employer retirement contributions year to date of $57,981,725 and employee retirement contribution year to date of $29,517,926. For the month, the treasurer said disbursements included annuity payments of $23,081,876 and year-to-date annuity disbursements of $162,850,916. She reported a gross retiree payroll of $11,400,000 per semimonthly pay period and a retiree count of 8,785 as of May 15, 2025.

Treasurer Ashley said total collections for the reporting period were $18,336,769 and total disbursements for the month were $25,725,233, which produced the reported monthly net cash deficit of $7,388,464. She also reported an overall surplus figure of $15,961,822 in the period’s full accounting reconciliation presented to trustees.

The investment officer summarized April market conditions and portfolio performance. He said the plan “returned 0.5% month to date” and that fiscal year-to-date the plan was up roughly 1.8%. He reported the portfolio’s ending market value near $508.2 million, with $157,000 in income for the month and roughly $2.5 million in unrealized appreciation contributing to the month-end value. The officer noted domestic equity weakness was a driver of fiscal-year underperformance and that alternatives (notably site property and aviation positions) supported returns.

The board moved and approved the treasurer’s and investment officer’s reports during the meeting; motions to accept each report were made, seconded and recorded as carrying votes. Trustees did not take additional formal actions tied specifically to new appropriations, borrowing or asset sales in the meeting minutes.

Trustees and staff raised no detailed changes to contribution rates, benefit formulas, or investment policy at the May 29 meeting; the statements were presented for oversight and acceptance.","mediaType","Video","parentTitle","GERS BOT's Monthly Meeting 5/29/2025","oneSentenceSummary","The treasurer and investment officer presented April 2025 financials showing a monthly net cash deficit of $7,388,464, annuity disbursements for the month of $23,081,876 and year-to-date annuity disbursements of $162,850,916; the investment portfolio ended April with an approximate market value of $508.2 million and a 0.5% month-to-date return.","taxTitle","Retirement System, Agencies, Organizations\t\t, Executive, Virgin Islands, International","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},6220274,"Havensight hotel nears completion; Retirement System explores development cooperation with governor and housing agencies",922,433395,1355965,"/Search/View?dp=1&key=3617864-3244ea582f7f041c6acebde46f6c2a01&start=433&end=1355","https://assets.pipeline.soar.com/3617864-3244ea582f7f041c6acebde46f6c2a01/thumbnail_433395.jpg","/articles/6220274/Havensight-hotel-nears-completion-Retirement-System-explores-development-cooperation-with-governor-and-housing-agencies","https://secure.pipeline.soar.com/6220274-c5d7b9222dd7b617280c4eee20d84e77/orig.mp4?Expires=1775758896&Signature=StKZyfQQ1UyAYQnE~Uce77Z4xrJL-l6osHZEdNpbpy3Z7QEIId2LYItdr3g-RuWSoLj4ZpFd95nogPevshXN1KjvdbuA2ElZMkMtW4Egtgjdp5-k2yM6uWGqyayDAVFyyfFnVlUQfSuXMLiWevwTGWziv0RZmoPvrG6zyemKJwObNf40WPmYLbQqjSxayEXwgGyAiMRUR7ViImEECMJlqEpuL4pLiRoKHOUMRbUkMNyk-f36tc8AqeRisds4nLcxL18pspVpLUAYh2iQDN-ug0qcsHk5mbPJ~8HZ-YAwikMVvkvd42csg3PJqDZd3KgNZPyobnLbECt42PvSz2dHjg__&Key-Pair-Id=KUT5TJCACFTXG","The Government Employee Retirement System reported May 29 that the Havensight hotel project is nearing completion and that system leaders have begun preliminary discussions with the governor and housing agencies about coordinated development of system-owned property on St. Thomas and St. Croix.

The updates matter because the hotel and related visitor infrastructure are expected to produce rental and operating revenue for the retirement system and to affect broader housing and development planning in the territory, officials said.

Chairman (identified in the meeting as the board chair) and Administrator Dawson, together with Trustee Smith, chair of the development subcommittee, met with the governor on May 14 and held preliminary talks with the Virgin Islands Housing Finance Authority and the Office of Disaster Recovery about potential cooperation on developing system properties, the chairman said. The chairman described the discussions as “very, very preliminary” and said follow-up meetings with ODR are planned.

Administrator Dawson provided project details for Havensight and the adjacent development. He said construction of a visitor center at the Havensight site has already begun, adding that “walls [are] coming up” and that the Havensight hotel project was about 91% complete. The administrator said the commission (CCM) approved a permit modification for the site and that the developer expects a soft opening on Aug. 5 and a grand opening in October.

Dawson said the hotel’s preliminary booking rates “far exceed expectation,” and he expects additional revenue for both the developer and the system once operations begin, though he cautioned the board not to “count the chickens before they hatch.” He also noted a conceptual green space and a visitor welcome center planned between the hotel and green space to serve cruise passengers and other visitors.

No formal board action was recorded at the meeting to sell, lease, or transfer system property, and the talks with the governor and housing agencies were described as preliminary exploratory cooperation rather than binding commitments. Trustees did not vote on development approvals or funding at the May 29 meeting.

Staff indicated they will provide more detailed updates as follow-up meetings with the Office of Disaster Recovery and other agencies proceed.","Trustees were told the Amplify Hilton/Havensight hotel project is about 91% complete with a soft opening expected Aug. 5 and a grand opening in October; the board and administration said they held preliminary talks with the governor and housing agencies about developing system-owned properties on St. Thomas and St. Croix.",{"_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},6220278,"Retirement System launches limited retiree loan program with $15 million authorization; 252 expressions of interest",129,693900,823055,"/Search/View?dp=1&key=3617864-3244ea582f7f041c6acebde46f6c2a01&start=693&end=823","https://assets.pipeline.soar.com/3617864-3244ea582f7f041c6acebde46f6c2a01/thumbnail_693900.jpg","/articles/6220278/Retirement-System-launches-limited-retiree-loan-program-with-15-million-authorization-252-expressions-of-interest","https://secure.pipeline.soar.com/6220278-2092adb264147be8050faec39358a50f/orig.mp4?Expires=1775758896&Signature=DZZXKRDbZZEXi8g5vJ9ftKjX8MahjQ0lqbvSAbHNOYSGb76sccsuvhyHdM16fQStA7rqPSG9vHrjnmDEUUAW2dNgbzWQH9PSAEuKXoLhPzX20lBNPEXHyoHarPx0kQRzKPUHlirhKvhTm54Kf7a45OpPnjhRHKzUR8bxw05wVZL-Eet4hEn1~1A~XZD4O04i9Gq7dcL2wadfVhNmv0a0r6z5rsreLairR3FRZtXLk3Zk~-HZPw5QS4gGFGp310Sd-6PiCIKN78V-dEntrMpSwYE9yIGf1l-ACdIHOmo9wpPpDkUM1LYlejv-89QRp~~wDHloglYKiUBGYPY1rfuPSQ__&Key-Pair-Id=KUT5TJCACFTXG","The Government Employee Retirement System on May 29 reported the launch of a limited retiree personal loan program authorized at $15,000,000 and capped at $7,500 per borrower, with initial appointments scheduled in June and the application window open through August.

The program matters to thousands of system beneficiaries because it gives current retirees access to small, secured personal loans under an internal authorization that the board approved prior to this meeting. Administrator Dawson described the program as a “modest start” and said staff expect loan activity to increase over the coming months.

Administrator Dawson said during the administrator’s report that “we have a $15,000,000 authorization on the board for that program, $7,500 maximum loan amount.” He reported 252 initial expressions of interest as of the prior day, with interest split “almost evenly” between the St. Croix district and the St. Thomas–St. John district. The administrator said first appointments are being scheduled for June and the program will remain open through August.

Dawson credited staff involved in implementing the program by name, saying, “I’d like to commend Miss Michelle Nico, our territorial director of loans and senior and deputy administrator on Saint Croix as well as for loans team, and also the customer service area headed up by Miss Tanika Thomas for their continued, great efforts.”

The administrator described the program as being in its “initial phases” and that staff are prepared to process applications. He did not announce changes to underwriting criteria, interest rates, or the application approval timeline at the meeting.

Funding for the program comes from the retirement system’s internal authorization; no outside grants or third-party lenders were referenced during the discussion. The board did not take a separate vote at the May 29 meeting to launch or modify the program — the administrator reported the board already had an authorization in place.

Questions about individual eligibility requirements, interest rates, repayment terms, or how the loans will affect the system’s broader portfolio were not resolved at the meeting. Administrator Dawson said staff will continue to process expressions of interest and schedule appointments.

Officials said retirees who want to apply still have time to do so through August and should contact the system’s loans or customer service teams for appointments and application materials.","The Government Employee Retirement System has started a limited retiree personal loan program authorized at $15 million, with a $7,500 maximum loan and 252 initial expressions of interest; appointments begin in June and the application window remains open through August.","actionData","errors"]

Article not found

Treasury and investment reports: April shows $7.39 million net cash deficit; portfolio market value about $508.2 million

Havensight hotel nears completion; Retirement System explores development cooperation with governor and housing agencies

Retirement System launches limited retiree loan program with $15 million authorization; 252 expressions of interest