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Retirement System reports $547.8 million market value; trustees accept treasurer and investment reports
Summary
Trustees received the treasurer’s and investment officer’s reports showing a $547.8 million ending market value for the plan, January returns, net cash movements and property appraisal increases for St. Thomas, St. Croix and the Haven Site Mall; motions to accept those reports were approved.
Trustees of the Government Employees Retirement System received treasurer and investment reports on Feb. 27 that showed the plan’s ending market value for January 2025 at approximately $547.8 million and a monthly total-plan return of 2.2 percent.
Mr. Henderson, the system’s investment officer, reported that “total plan returned 2.2% for the month” and noted domestic equity, international equity, fixed income and alternatives performance. Henderson said the plan raised $19,000,000 in January to meet benefit and expense needs, drawing from a mix of equity and bond holdings.
Ms. Jeremiah, the system’s CFO, provided the treasurer’s receipts and disbursements summary for the month ending Jan. 31, 2025: total collections for January were $13,153,190, with total disbursements reported at $25,131,026 and a monthly net cash deficit of $11,977,836. She also reported year-to-date and program-level details including employer and employee contributions and administrative expenses.
The administrator reported member-services and operations metrics: as of mid-February the office had 24 new applications pending, a carryforward of 118 prior cases, 46 refunds completed in January totalling about $407,000, and annuity payments from Oct. 1, 2024 through Feb. 2025 totaling $101,676,115.29. The administrator also updated trustees on building operations, HVAC and generator commissioning for the St. Thomas and St. Croix office complexes and on rent and electricity collections and arrearages.
On property valuations, the administrator told trustees that recent appraisals raised the St. Croix office complex value from $3,300,000 (2021) to $3,400,000 (2024) and the St. Thomas office complex from $8,000,000 (2021) to $10,400,000 (2024). The Haven Site Mall’s appraised value was reported at $46,500,000 for 2024 (previously $41,000,000 in 2017), and the administrator said the projected stabilized value when a connected hotel is open could be $58,700,000 (figure provided by the appraisal report).
Trustees moved and passed motions to accept the treasurer’s report and the investment officer’s report. The board also voted to accept the secretary’s minutes from the Jan. 23, 2025 meeting. Those routine acceptances were recorded by roll call during the meeting.
Votes at a glance
- Acceptance of minutes (Jan. 23, 2025): motion moved and seconded; outcome: approved (roll call recorded). - Acceptance of Treasurer’s Report (Jan. 31, 2025): motion moved by Trustee Andre Dorsey, seconded by Trustee Leona Smith; outcome: approved (roll call recorded). - Acceptance of Investment Officer’s Report (Jan. 31, 2025): motion moved by Trustee Bilosi, seconded by Trustee Grama Clark; outcome: approved (roll call recorded).
The meeting closed after the administrator’s and property updates; trustees did not detail public-facing implementation timelines for the appraisal-related projections during the public session.
