General Employees' Retirement Fund Board of Trustees

110 SE Watula Ave Ocala FL 34471Ocala General Employees' Retirement Fund Board of Trustees Minutes - Final 9:00 AMMonday, February 13, 2023 Teams Meeting Link : bit.ly/3Ycud0p Or call in (audio only) +1 352-448-0342,,446061077# United States, Gainesville Phone Conference ID: 446 061 077# 1. Call To Order Meeting was called to order by Mr. Peebles at 9:02. Lyn Cole Doug Peebles Anthony Ortiz Arnold "Arnie" Hersh Present: Harry LovellAbsent: Others in attendance: Alicia Gaither & Rob Hungerbuhler Bonnie Jensen & Anthony Webber attended through Teams online. 2. Public Comments No public comment 3. Presentations Private Credit Presentations were made by: Searchlight, Bardin Hill and BC Partners. Each firm provided an overview, which included their team of professionals, investment process and strategy. Examples of what kind of investments they invest in were given as well as their performance history, next closing date and amount of the fund at closing. Motion was made to hire Searchlight and BC Partners as managers, giving each 5 million in assets to invest. RESULT: APPROVED MOVER: Arnold "Arnie" Hersh SECONDER: Anthony Ortiz Cole, Peebles, Ortiz and HershAYE: LovellABSENT: Page 1 of 4

General Employees' Retirement Fund Board of TrusteesMinutes - Final February 13, 2023 4. Attorney Report Mrs. Jensen provided the Board with a memo on Secure 2.0 Act and Internal Controls. The Consolidated Appropriation Act of 2023 goal is to improve retirement savings opportunities for workers. The 19 page memo highlighted important amendments relevant to public safety officers and governmental plans. The Internal Controls memo has recommendations for the pension Board of Trustees to adopt. Ms. Gaither explained the plans are currently reviewed by the City's Internal and External Auditors every year. The Board requested the Internal Auditor be extended an invited to the next meeting for discussion on their process of auditing the plan/funds processes. 4a. Memo - Secure 2.0 Act 2022 Attachments: Client Memo - Secure 2.0 Act (00227248xBC171) 4b. Memo - Internal Controls Attachments: Memo - Internal Controls.pdf (00226703xBC171) Pension Benefit Process 5. Consultant Report Mr. Hungerbuhler presented the investment performance for quarter ending December 31, 2022. He covered the current environment. Stating that U.S. developed international, and emerging markets equities all posted positive returns for the quarter. Value out performed Growth. The Fed raised interest rates by 50 basis points in December which was at a slower pace than previous increases. Overall the plan added 3.75 million in net cash flow and 8.9 million in Net Investment Change, totaling 12.66 million for the quarter. Ending Market Value was 179,474,592. The plan's performance slightly underperformed the index with a return of 5.12 vs. 5.47. Mr. Hungerbuhler went over the changes made to the Investment Policy and updated the Board on the Third Amended and Restated Limited Partnership Agreement with Boyd Watterson. 5a. Quarterly Performance Report - December 31, 2022 Attachments: City of Ocala Q4 2022 Page 2 of 4

General Employees' Retirement Fund Board of TrusteesMinutes - Final February 13, 2023 5b. Statement of Overall Investment Objectives & Policy Update Attachments: City of Ocala IPS November 2022 Revised Motion was made to accept the changes to the Plan's Investment Policy as presented by Mr. Hungerbuhler. RESULT: APPROVED MOVER: Anthony Ortiz SECONDER: Lyn Cole Cole, Peebles, Ortiz and HershAYE: LovellABSENT: 5c. Update of Boyd Watterson No action needed 6. Minutes Motion was made to accept the minutes for the November 14, 2022 meeting as presented. There being no further discussion the motion carried by roll call vote. RESULT: APPROVED MOVER: Lyn Cole SECONDER: Arnold "Arnie" Hersh Cole, Peebles, Ortiz and HershAYE: LovellABSENT: General Employees' Pension Board Minutes November 14, 2022 Attachments: General Minutes Nov 14, 2022 Final 7 Expenses Fiscal Year End 2021-2022 & Budget Fiscal Year End 2023-2024 Expenses FY 21-22 & Budget 23-24 Attachments: General Expenses FY 21-22 2023-2024 General Pension Budget 2023-2024 Ms. Gaither provided the Board with the FY 21-22 Revenue & Expense report and the FY 23-24 Budget. 8 Other Items for Discussion 8a. Mr. Peebles - FPPTA Report 8b. Mr. Peebles - Update on Minimum Multiplier Change from 1% to 1.3% Page 3 of 4

General Employees' Retirement Fund Board of TrusteesMinutes - Final February 13, 2023 A motion to approve the minutes as printed on this _________ day of __________; _______ was made by ___________________, seconded by _____________________, votes for _________, votes against ______________. ________________________________ ________________________________ Chairperson Secretary Page 4 of 4