General Employees Pension Board

CITY OF TAMARAC GENERAL EMPLOYEES’ PENSION TRUST FUND BOARD OF TRUSTEES MEETING AGENDA August 20, 2025 – 1:00 p.m.

I. CALL TO ORDER

II. ROLL CALL Michael Morrison, Chairperson Gregory Ledsworth, Vice-Chairperson Mildred Velasquez, Secretary Michelle Gomez, Mayor Monica Barros, Trustee Levertis Byrd, Trustee

III. PUBLIC COMMENTS

IV. MINUTES May 21, 2025

V. PLAN PRESENTATIONS a) Investment Performance Report QE June 30, 2025 - Burgess Chambers and Associates

VI. ADMINISTRATIVE MANAGER’S REPORT a) Consent Agenda – Authorization to Pay Invoices b) Consent Agenda – Authorization to Pay Benefits c) Wire Transfers/Banking Report d) Miscellaneous Updates

VII. OLD BUSINESS None

VIII. NEW BUSINESS a) FPPTA Fall Conference, Sawgrass Resort & Spa, Ponte Vedra Beach, Florida, October 5-8, 2025

IX. LEGAL COUNSEL’S REPORT

X. NEXT MEETING November 19, 2025, at 1:00 p.m.

XI. ADJOURNMENT

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City of Tamarac General Employees’ Pension Trust Fund Regular Board Meeting, May 21, 2025 CITY OF TAMARAC GENERAL EMPLOYEES’ PENSION TRUST FUND BOARD OF TRUSTEES REGULAR MEETING MAY 21, 2025

The regular meeting of the Board of Trustees of the City of Tamarac General Employees’ Pension Trust Fund was held on May 21, 2025, at 1:00 P.M. in Conference Room 105 at City Hall.

Item I. Call to Order Vice-Chairperson Ledsworth called the meeting to order at 1:00 P.M. and the business of the Trust was transacted in the following order.

Item II. Roll Call The roll call was completed. Those in attendance were as follows: Trustees: Michael Morrison, Elected Trustee Gregory Ledsworth, Elected Trustee Mildred Velasquez, Elected Trustee Michelle Gomez, Mayor, Appointed Trustee Levertis Byrd, Alternate Trustee Monica Barros, Alternate Trustee (not present)

Others Present: Pedro Herrera, from Sugarman, Susskind, Braswell, & Herrera Anil Harris, RSM US LLP Burgess Chambers, Burgess Chambers & Associates Danielle Durgan, City of Tamarac Pricilla Moxey, City of Tamarac Arlene Walsh, City of Tamarac Stephanie Smith, City of Tamarac

Item III. Public Comments No members of the public signed up to speak publicly at the meeting and the Board moved to the next item on the agenda.

Item IV. Minutes The Board of Trustees reviewed the minutes of February 19, 2025, a regular meeting. Trustee Gomez made the MOTION, SECONDED by Trustee Morrison to APPROVE February 19, 2025, meeting minutes as presented. MOTION PASSED UNANIMOUSLY.

Item V. Plan Presentations a). Annual Comprehensive Financial Report (ACFR)-City of Tamarac Financial Services The Board welcomed Pricilla Moxey, Assistant Director for Financial Services, to present the audited statement for the fiscal year ending September 30, 2024. Ms. Moxey highlighted the letter of transmittal, which provides an overview of the City of Tamarac’s performance for the Commission, community, and Pension Trustees. Anil Harris, an auditor with RSM US, presented the independent audit report, stating it is an unmodified opinion, indicating the financial statements comply with auditing requirements. Ms. Moxey continued the presentation by navigating through the financial statements, focusing on the pension trust statement and the fiduciary financial statement. Mr. Harris discussed the Plan’s total assets, total liabilities, and investment income that was included in the detailed financial statements. He also verified the performance of the plan and discussed the representation letter. Ms. Moxey and Mr. Harris completed their presentation of the annual comprehensive financial report, they asked the Board if they had any questions. The Board did not have any questions, so the presentation was concluded, and the Board thanked them for their time. At that time, attorney Pedro Herrera asked all Trustees if they were comfortable with the report, the Board would look for a motion to accept the audit report as it is presented and discussed. Chairperson Morrison made the MOTION, SECONDED by Trustee Gomez, to APPROVE the Annual Comprehensive Financial Report as of September 30, 2024, as presented. MOTION PASSED UNANIMOUSLY.

b). Quarterly Investment Performance Report QE March 31, 2025 – Burgess Chambers & Associates The Board then welcomed Burgess Chambers to the meeting. He opened his presentation with discussing the significant recommendations made over the past year. Mr. Chambers continued with recalling the Boards decision to stop redemptions with the private real estate was confirmed to have positive outcomes through the past year. He continued with reminding the Board of Polan’s lagging performance not hitting their benchmark but noted the Board’s consensus to hold off on pulling money from Polan at this time. Mr. Chambers continued his presentation by speaking on tariffs and how they have affected the nation historically. He also spoke about how the United States has a consumption-driven economy and how that impacts the various investments the Plan has within convertible bonds and real estate. Burgess Chambers covered the Plan’s bond portfolio and the performance of international investments with a focus on the impact of emerging markets, with a focus on the impact of emerging markets. Mr. Chambers asked the Board if they had any further questions. Trustee Velasquez asked going forward, how will the Board know if Polan Large Cap is performing better than previous quarters. He responded that the Board would see their performance in his reports over the next few quarters. Burgess also added that it is in the best interest at this time not to be too aggressive and the Plan can be cautious since it is well funded. Mr. Chambers assured Trustee Velasquez that the team is constantly monitoring the allocations. Mr. Chambers ended his presentation and thanked the Board for their time.

Item VI. Administrative Manager’s Report a). Consent Agenda – Authorization to Pay Invoices: Ms. Walsh presented the Board with the “Authorization to Pay Invoices” and supporting documentation to ratify recurring expense invoices for the month of February 2025 ($28,389.75), March 2025 ($12,959.81), and April 2025 ($33,630.78) totaling $74,980.34 summarized in table below:

[Tables omitted for brevity]

Trustee Gomez made the MOTION to ratify the above invoice payments. MOTION was SECONDED by Trustee Morrison. MOTION PASSED UNANIMOUSLY.

b). Consent Agenda – Authorization to Pay Benefits: Ms. Walsh presented the Board with the “Authorization to Pay Benefits,” and supporting documentation on the following items for approval for ratification for February 2025 ($3,173.21), March 2025 ($165,420.16) and April 2025 ($9,888.34) totaling $51,128.78 as summarized in the tables below:

[Tables omitted for brevity]

Trustee Gomez made the MOTION to approve benefits as presented. Chairperson Morrison SECONDED, ratifying the invoices as presented. MOTION PASSED UNANIMOUSLY.

c). Wire Transfers/Banking Report: The Trustees were provided with the Wire Transfers of the employees’ pension contributions for the months of February 2025 ($57,585.95), March 2025 ($56,750.96), and April 2025 ($55,264.08) totaling $169,600.99.

d). Miscellaneous Updates: Ms. Walsh advised there were no miscellaneous updates.

Item VII. Old Business a). None

Item VIII. New Business a). FPPTA 41st Annual Conference Ms. Walsh shared the upcoming dates of the FPPTA Conference, which is being held in Orlando from June 22-June 25, 2025. She asked the Board to contact Stephanie Smith to schedule arrangements to attend the conference.

b). Pension Seminars-June 5, 2025, Ms. Walsh shared the upcoming dates of the Pension Seminars for the General Employees’ Pension Plan, June 5, 2025, 11 a.m.-noon, and 1:00 p.m.-2:00 p.m. to contact Stephanie Smith if they want to register for the seminar.

IX. Legal Counsel’s Report-Pedro Herrera The Board welcomed Pedro Herrera, attorney for the Plan. Mr. Herrera reminded the Trustees that their financial disclosures are due to be filed to the State of Florida by July 1, 2025.

X. Next Meeting The next regular meeting of the Board of Trustees is scheduled for August 19, 2025, at 1:00 P.M.

XI. Adjournment There being no further business to come before the Board of Trustees, the meeting adjourned at 2:01 P.M.

Respectfully submitted,