Joint General / Police Officers' / Firefighters' Pension Boards of Trustees

City of Naples City Council Chamber 735 Eighth Street South Naples, Florida 34102 General / Police Officers’ / Firefighters’ Pension Boards of Trustees Meeting December 6, 2024 – 8:30 a.m. It is noted for the record that all documentation electronically appended hereto is also contained in the file for this meeting with the City Clerk’s Office and added attachments are referenced in read as “Added Attachment”. I. Joint Meeting General / Police Officers’ / Firefighters’ Pension Boards of Trustees General Chair Barton called the meeting to order. 1. Pledge of Allegiance General Chair Barton led the Pledge of Allegiance. 2. Administer Oath of Office to New Trustees Deputy City Clerk Jessica Rosenberg administered the Oath of Office to newly reappointed Police Officers’ Pension Board Trustee Jerome Fons. Dalton, Ray 090624 3. Roll Call General Retirement Trustees Present: John Chadwick Berne Barton, Chair Ray Dalton Dan Radford Russell Thomas General Retirement Trustees Absent: Charlotte Loewel, Vice Chair Voncile Whitaker Police Officer Trustees Present: Seth Finman Erik Noe, Chair Jerome Fons Sean Phillips, Secretary John Pluta Firefighter Trustees Present: Adam Nadelman, Chair John Heinze Mark Hoyt, Secretary Bill Kramer Firefighter Trustees Absent Howard Weiss Staff Present: Jessica Rosenberg, Deputy City Clerk Elizabeth Willis, Senior Accountant Ali Duran, Executive Assistant Also Present: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera Scott Owens, Graystone Consulting 4. Public Comment None. 5. Items to be Added None. 6. Approval of Minutes

General / Police Officers’ / Firefighters’ Pension Boards of Trustees Meeting – December 6, 2024 – 8:30 a.m. 2 MOTION by Nadelman to APPROVE the March 1, 2024 and the September 6, 2024 Meeting Minutes; seconded by Hoyt and carried 14-0 [(General: Chadwick-yes, Dalton-yes, Loewel-absent, Radford-yes, Thomas-yes, Whitaker-absent, Barton-yes)(Police: Finman-yes, Fons-yes, Pluta-yes, Phillips-yes, Noe-yes)(Fire: Heinze-yes, Kramer-yes, Weiss-absent, Hoyt-yes, Nadelman-yes)]. 2024-0906 pensionj minutes draft 2024-0301 pensionj minutes draft 7. Approval of Shared Expenditures MOTION by Nadelman to APPROVE the Shared Expenditures; seconded by Heinze and carried 14-0 [(General: Chadwick-yes, Dalton-yes, Loewel-absent, Radford-yes, Thomas-yes, Whitaker-absent, Barton-yes)(Police: Finman-yes, Fons-yes, Pluta-yes, Phillips-yes, Noe-yes)(Fire: Heinze-yes, Kramer-yes, Weiss-absent, Hoyt-yes, Nadelman-yes)]. Binder1 It is noted for the record that item 9. Graystone Consulting Presentation was heard before item 8. Sugarman, Susskind, Braswell, & Herrera Report. 8. Sugarman Susskind Braswell & Herrera Report Pedro Herrera, Attorney at Sugarman, Susskind, Braswell & Herrera, overviewed changes that the State Legislature made during its last session. He informed the Board that Chapter 287 of the Florida Statutes, which defines foreign countries of concern, was amended to require any company or business that enter into a contract with a governmental agency must attest or affirm that the company or business is not a “company of concern” or that is owned by a country of concern, operated or domiciled in a country of concern. Furthermore, Attorney Herrera stated that next year any companies of concern already under contract with a governmental agency will not be permitted to renegotiate or extend their contracts. He stated that all companies associated with the Pension Boards will be filling out and attesting that they are not companies of concern, including Sugarman, Susskind, Braswell & Herrera. Attorney Herrera then overviewed changes to Chapter 787 of the Florida Statutes regarding human trafficking. He explained that in the summer of 2025, companies contracting with government agencies will have to attest or affirm that they do not use coercion for labor and/or services. Attorney Herrera provided a brief overview of the State Ethics Laws regarding receiving gifts and provided information regarding accepting gifts. He further informed Trustees that although Florida Statutes allows trustees to accept some gifts, Naples City Code Section 2-974 does not allow the acceptance of such gifts. Attorney Herrera stated that in lieu of gifts, Sugarman, Susskind, Braswell & Herrera would donate to local food banks and hurricane relief efforts throughout the State of Florida. 9. Graystone Consulting Presentation Scott Owens, Managing Director at Graystone Consulting, congratulated the Boards on the asset allocation decisions made this past fiscal year noting that the portfolios were up 21-percent on average. He then overviewed the state of the economy and trends from the third quarter. He stated that although all managers did very well this past quarter, the defensive type stocks such as utilities, real estate, and industrial, did well while technology and energy stocks underperformed. Discussion ensued regarding the fixed income and real estate positions, individual manager performance, Real Estate Investment Trusts (REITs) versus direct real estate investments, the lack of transparency and high fees in closed end investments, and redemption policies for various managers. Responding to the discussion, Mr. Owens stated he will prepare an asset allocation to demonstrate the potential impact of funding various investments with the real estate investment redemptions.

General / Police Officers’ / Firefighters’ Pension Boards of Trustees Meeting – December 6, 2024 – 8:30 a.m. 3 Discussion continued regarding the volatility of the portfolio, risk versus return, the City’s Investment Policy Statement, and the advantages and disadvantages of having a low-risk large cap manager in the portfolio. Each Board determined not to make any adjustments on that day. Naples 2Q 2024 Naples Summary 2Q 2024 naples 2nd qtr 2024 letter Naples 3Q 2024 (Staff Added Attachment) Naples 3rd qtr 2024 letter (Staff Added Attachment) Naples Summary 3Q 2024 (Staff Added Attachment) 10. Correspondence / Announcements / Communications Senior Accountant Elizabeth Willis stated that the 2025 Meeting Schedule was included in the agenda packet for the Trustees’ review and there were no objections to the schedule. She further noted that the Florida Pension Trustees Association (FPPTA) will be hosting a conference on January 26, 2025 through January 29, 2025. MCV Commentary - Q3 2024 03 DF Dent Small Cap Letter 3Q23 Lazard_MonthlyFactorReport-Global_202412 Memo Meeting Schedule 2025 Naples_monthly_report_ies_adr_1024 Adjourn 10:07 a.m. II. General Employees’ Pension Board of Trustees General Chair Barton called the meeting to order. 1. Roll call General Retirement Trustees Present: John Chadwick Berne Barton, Chair Ray Dalton Dan Radford Russell Thomas General Retirement Trustees Absent: Charlotte Loewel, Vice Chair Voncile Whitaker Staff Present: Elizabeth Willis, Senior Accountant Ali Duran, Executive Assistant Also Present: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera 2. Public Comment None. 3. Items to be Added None. 4. Approval of Retirement Applications MOTION by Chadwick to APPROVE the retirement applications for Louis Forster, William Hamilton, and Keith Polewaski; seconded by Thomas and carried 5-0 (Chadwick-yes, Dalton-yes, Loewel-absent, Radford-yes, Thomas-yes, Whitaker-absent, Barton-yes). General Retirement Binder1 5. Approval of Return of Contributions MOTION by Chadwick to APPROVE the return of contributions for Philip Dodd, Billie Dominguez, Abel Gonzalez, Malina Jean Louis, Michael Lee, Imane Mokh, Jason Myers, Leonardo Ochoa Sanchez, Garrett Rex, David Rosales, Omar Vargas, and David Zornes; seconded by Thomas and carried 5-0 (Chadwick-yes, Dalton-yes, Loewel-absent, Radford-yes, Thomas-yes, Whitaker-absent, Barton-yes). General Return of Contributions 6. Sugarman Susskind Braswell & Herrera Report None. 7. Correspondence / Announcements / Communications None. Memo Meeting Schedule 2025 City of Naples General Employees 10-24

General / Police Officers’ / Firefighters’ Pension Boards of Trustees Meeting – December 6, 2024 – 8:30 a.m. 4 LAM_CLPKG_Monthly_20241001_20241031_EN_10400_Final 2024 Q3 naplesg Quarterly Letter Reports 1456 Naples GE Retirement Trust 2024 Q3 Statement LAM_CLPKG_Monthly_20240901_20240930_EN_10400_Final ST_napg1l2f_10312024 ST_napg1l2f_09302024 100170_103124 100170_093024 Adjourn 10:21 a.m. III. Police Officers’ and Firefighters’ Pension Boards of Trustees Chair Nadelman called the meeting to order. 1. Roll call Police Officer Trustees Present: Seth Finman Erik Noe, Chair Jerome Fons John Pluta Police Officer Trustees Absent: Sean Phillips, Secretary Firefighter Trustees Present: Adam Nadelman, Chair John Heinze Mark Hoyt, Secretary Bill Kramer Firefighter Trustees Absent Howard Weiss Staff Present: Elizabeth Willis, Senior Accountant Ali Duran, Executive Assistant Also Present: Pedro Herrera, Sugarman, Susskind, Braswell & Herrera 2. Public comment None. 3. Items to be added None. 4. Approval of Retirement Applications None. 5. Approval of Return of Contributions POLICE: MOTION by Pluta to APPROVE the return of contributions to Sebastiano Buccheri and Kylie Goodbred; seconded by Fons and carried 4- 0 (Finman-yes, Fons-yes, Phillips-absent, Pluta-yes, Noe-yes). Police Return of ContributionsBinder1 6. Sugarman Susskind Braswell & Herrera Report None. 7. Correspondence / Announcements / Communications None. City of Naples Firefighters 10-24 LAM_CLPKG_Monthly_20241001_20241031_EN_10401_Final LAM_CLPKG_Monthly_20241001_20241031_EN_10399_Final 2024 Q3 naplesf Quarterly Letter Reports 2024 Q3 naplesp Quarterly Letter Reports 1457 Naples Police Retirement Trust 2024 Q3 Statement 1458 Naples Fire Retirement Trust 2024 Q3 Statement LAM_CLPKG_Monthly_20240901_20240930_EN_10399_Final LAM_CLPKG_Monthly_20240901_20240930_EN_10401_Final 100150_103124 ST_napf1l2f_09302024 ST_napp1l2f_09302024 ST_napf1l2f_10312024 ST_napp1l2f_10312024 100160_093024 100150_093024 100160_103124 100170_093024 100170_103124 2024 Q3 naplesg Quarterly Letter Reports City of Naples General Employees 10-24 ST_napg1l2f_09302024 ST_napg1l2f_10312024

General / Police Officers’ / Firefighters’ Pension Boards of Trustees Meeting – December 6, 2024 – 8:30 a.m. 5 Adjourn 10:23 a.m. __________________________________ Berne Barton General Retirement Trust Fund __________________________________ Erik Noe, Chair Police Officers’ Retirement Trust Fund __________________________________ Adam Nadelman, Chair Firefighters’ Retirement Trust Fun ______________________________________ Patricia L. Rambosk, City Clerk Meeting Clerked by: _____________________________________ Ali Duran, Executive Assistant Minutes Approved: 03/07/2025.