Defined Contribution Committee

TOWN OF PALM BEACH DEFINEDCONTRIBUTION PLAN COMMITTEE MINUTES OF THE DEFINED CONTRIBUTION PLAN COMMITTEE MEETING HELD ON FRIDAY, NOVEMBER 15,2024, AT 12:00 P.M. I. CALL TO & ROLL CALL The Defined Contribution Plan Committee was called to order on Friday, November 15, 2024, at 12:01 p.m. in the Town Council Chambers. In attendance were Chairman Debrincat, Members Barth, Guelli, and Miracle. Member Marx was absent. U. APPROVAL OFAGENDA Motion was made by Member Miracle, seconded by Member Guelli, to approve the agenda as presented. The motion carried unanimouslyr 4-0. m. APPROVAL OF MINUTES l. Minutes from August 16,2024 Meeting Motion was made by Member Barth, and was seconded by Member Miracle, to approve the Minutes for the August 16,2024, meeting as presented. The motion passed unanimously, 4-0. COMMITTEE MEMBER COMMENTS There were no comments. PUBLIC COMMENTS There were no comments from the public VI. PRESENTA BY MARINER Dave West, CFA, Mariner Market and Investment Performance Review Fiduciary Education IV V Defi ned Contri bution Committee Meetinq Minutes 1 1 -1 3.2024 1of 3

Mr. West provided an overview of his presentations for today's meeting. He stated that he is requesting approval of the 2070 Yanguard Target Date Fund. Motion was made by Member Miracle, and was seconded by Member Barth, to approve the proposed 2070 Vanguard Target Date Fund. The motion passed unanimously, 4-0. Mr. West presented the snapshot of the balances for the 457 and 401a plans, which were $74,777,817 at the end of the fiscal year. He reported that that the total RHS plans were $7,598,149. He stated that there were no significant changes. He provided an overview of the lnvestment Option Performance Review. He spoke specifically regarding the performance of the S&P 500 Index Fund and the active core manager. He spoke regarding a report that was compiled on the evaluation of the U.S. Large Cap Core Managers and provided an overview of the options. He spoke regarding the rolling excess retum analysis and the statistics over the past 7 and 10 years. He presented the l0-year overall returns for all reviewed managers. He spoke regarding the strategy and experience of the Waycross Focused Core Equity Fund. He stated that the recommendation is to map in the Waycross Focused Core Equity Fund and to terminate Parnassus Core Equify. He provided further clarification of the recommendation in response to questions from Mr. Miracle and Ms. Barth. Chair Debrincat inquired about other choices, to which Mr. West responded. Motion was made by Member Barth, and was seconded by Member Miracle, to approve the recommended move from Parnassus Core Equity Fund to Waycross Focused Core Equity Fund. The motion passed unanimously,4-0. He reviewed the US High Yield Fixed Income Manager Review Report, specifically the underperforrnance of the Neuberger Berman High Yield Fixed [ncome Fund and the comparison to other high yield funds. He spoke regarding historical portfolio comparison and the rolling excess retum analysis. He highlighted Payden High Income fund and provided background information on the fund. He spoke regarding the recommendation of mapping to the Payden High Income Fund from the Neuberger Berman High Yield Fixed lncome Fund. Motion was made by Member Miracle, and was seconded by Member Barth, to approve the recommendation to terminate the Neuberger Berman Fund and transfer to the Payden High Income Fund. The motion passed unanimously,4-0. VII. MISSIONSOUARE TE PRESENTATION Howard B rezak, MissionSquare Mr. Brezak announced that MissionSquare has hired a new Chief Executive Officer and President, Andre Robinson. He provided an overview of the balance summary. He announced that the new 401a account is not on this report, but it will be in the next report. He spoke regarding the allocations summary and spoke regarding the participants who Defi ned Contribution Committee Meetinq Minutes 1 1 -1 5-2024 2ol 3

curently participate in the two funds that were terminated at today's meeting. He stated that the changes to those funds will take place in February 2025. He provided a graph of the plan investment allocation. He spoke regarding the data that he has access to and explained that he can assist with information if asked. He spoke regarding the accounts that don't have beneficiary designations and the efforts that have been made to have them add a beneficiary. He spoke regarding participant meetings that Steven Feigelis, Retirement Plan Specialist, has been holding with employees and the CFP Meetings. He provided an update on SECURE 2.0 Readiness Multiyear. He discussed optional provisions that are now available, including the federally declared disaster withdrawal, $1000 emergency withdrawal, self-certification for emergency withdrawals and domestic abuse victim withdrawal. He answered questions on the various options for withdrawals, especially the self-certif,rcation. Discussion ensued. Mr. Brezak explained the change to the forms. He spoke regarding options that are planned for 2025, including a higher catch-up for ages 60-63. He stated that he will be sending additional information to the committee members on these items. Ms. Barth inquired about who would decide these provisions, to which Mr. Brezak responded. Discussion ensued. The Committee provided consensus to approve the federally declared disaster withdrawal, the $1,000 emergency withdrawal, the domestic abuse victim withdrawal, and for the self-certification withdrawal (with review process) and the higher catch-up for ages 60-63 provision. Mr. Brezak provided further information on the catch-up provision in response to a question from Mr. Miracle. VIII. MEETING SCHEDULE FOR 2024 Friday, March 14,2025 Friday, May 16,2025 Friday, August 15,2025 Friday, November 14, 2025 Mr. Miracle inquired if the meeting dates align with the Retirement Board, to which Ms. deClaire responded. Mr. Miracle stated that the meeting in August could align with either the Retirement Board or the Investment Advisory Committee. IX. ANY OTHER MATTERS There were no other matters discussed. a a a a Defined Contribution Committee Meetinq Minutes 11-15-2024 3of3

X. ADJOURNMENT Motion was made by Member Miracle, and was seconded by Member Guelli, to adjourn the Defined Contribution Plan Committee meeting of November 15, 2024rat l:27 p.m. audio is located at: https://towno.fualmbeqch.granicus.com/plq)er/clip/3085?view_id:5&redirect:trae Defi ned Contribution Com mittee Meetinq Minutes 1 1 -1 5-2024 4o'f3