Firefighters' Retirement System Pension Board of Trustees Meeting

CITY OF BRADENTON FIREFIGHTERS' RETIREMENT SYSTEM PENSION BOARD OF TRUSTEES QUARTERLY MEETING MINUTES FIRE STATION #1 1010 grH AVENUE W., BRADENTON, FL 34205 Friday, June 6, 2025, at 9:30AM TRUSTEES PRESENT: Brian Canaday Steve Rissler Dave Foxall Corey Phipps TRUSTEES ABSENT: Larry Cavins OTHERS PRESENT: Blanca Greenwood, KKJL Lynn Skinner, Salem Trust Brad Hess, Mariner Institutional Ferrell Jenne, Foster & Foster Members of the Public 1. Call to Order - Brian Canaday called the meeting to order at 9:35AM. 2. Roll Call - As reflected above. 3. Public Comments - None. 4. Approval of Minutes a. March 4, 2025, quarterly meeting The Board approved the March 4, 2025, quarterly meeting minutes as presented, upon motion by Dave Foxall and second by Steve Rissler: motion carried 4-0. 5. New Business a. FRS Mortality tables memo 1. Ferrell Jenne explained the plan must utilize the same mortality tables as the Florida Retirement System (FRS). Ferrell stated the tables adopted by FRS produced longer life expectancies thus there would be a cost impact to the plan. Ferrell stated the new mortality tables would be used in the October 1, 2025, valuation report. By consensus, the Board elected to wait until the October 1, 2025, valuation to see what the cost impact would be. 6. Reports (Attorney/Consultants) a. Salem Trust Company, Lynn Skinner, Board Custodian i. Update on Salem Trust 1. Lynn Skinner stated Salem Trust had changed their procedures that required all financial requests to be sent encrypted or a callback was required prior to processing. Lynn 1

outlined a situation where they had a client who had their email hacked and funds were attempted to be moved into a fraudulent account. 2. Lynn Skinner stated they had a new form that listed who Salem Trust could contact in case there were any questions on requests. 3. Lynn Skinner asked the trustees to please sign documents to match the signature authorization form on file. b. Mariner Institutional, Brad Hess, Investment Consultant i. Quarterly report as of March 31, 2025 1. Brad Hess reviewed the market environment during the quarter and the volatility that occurred as a result of tariff news. 2. Brad Hess reviewed the current asset allocation and stated he would be recommending making a reduction to equities and adding to the global bond asset class. 3. Brad Hess reviewed the financial reconciliation quarter to date. 4. The market value of assets (MVA) as of March 31, 2025, was $77,240,335. Total fund quarterly net returns were -0.72%, underperforming the benchmark of -0.47%. The trailing total fund net returns for the 1, 3, and 5-year periods were 4.55%, 3.83%, and 10.61% compared to the benchmarks of 6.44%, 5.09%, and 10.88% for the same respective periods. 5. Brad Hess reviewed the performance of each manager and stated their research team would be meeting with Brandywine. The Board discussed the sector allocations and the active and passive management fees. 6. Brad Hess stated they had approximately 3% in PIMCO and Brad recommended adding another fund to gain some portfolio diversification. Brad reviewed the PIMCO income fund, Loomis Sayles Global Bond fund, JPMorgan Global Bond Opportunities fund, and Dodge & Cox Global Bond fund. 7. Brad Hess reviewed the characteristics, sector allocations, and the risk/reward of each of the identified funds. Brad stated he was leaning towards the Dodge & Cox and JPMorgan funds. The Board discussed the two funds with Brad. Lynn Skinner discussed the process to get the accounts added to their platform and the plan's account. The Board approved taking $2.4 million from the Vanguard S&P Mid-Cap 400 Index fund and allocate 50% to the Dodge & Cox Global Bond fund and 50% to the JPMorgan Global Bond Opportunities Fund I, upon motion by Dave Foxall and second by Corey Phipps; motion carried 4-0. c. KKJL, Blanca Greenwood, Board Attorney i. Updated Summary Plan Description (SPD) 2

1. Blanca Greenwood reviewed the updates that were made to the SPD. The Board approved the Summary Plan Description as presented, upon motion by Dave Foxall and second by Steve Rissler: motion carried 4-0. 11. Update on Carlyle and Deerpath documents 1. Blanca Greenwood stated their firm had prepared the subscription documents and side letters for the Carlyle and Deerpath investments that were approved at the last meeting. Blanca stated Ferrell Jenne had everything prepared for signature. iii. Financial disclosure forms 1. Blanca Greenwood reminded the trustees to electronically file their financial disclosure form by July 1, 2025, to avoid fines. Ferrell Jenne stated Dave Foxall and Corey Phipps still needed to file. iv. Mariner Institutional addendum 1. Blanca Greenwood stated they had prepared another addendum to the Mariner agreement due to Neuberger Berman buying into Mariner as a minority partner. Brad Hess stated the addendum protected the plan by disclosing any potential conflict. The Board approved the execution of the Mariner addendum as presented, upon motion by Dave Foxall and second by Corey Phipps: motion carried 4-0. v. Legislative update 1. Blanca Greenwood stated no bills passed that impacted pension plans. 7. Old Business - None. 8. Consent Agenda a. Invoices for ratification i. Warrant #51 b. New invoices for payment approval i. None c. Fund activity report for February 26, 2025 - May 30, 2025 The consent agenda was approved as presented, upon motion by Steve Rissler and second by Corey Phipps: motion carried 4-0. 9. Staff Reports, Discussion, and Action a. Foster & Foster, Ferrell Jenne, Plan Administrator i. Update on State Annual Report 3

1. Ferrell Jenne commented the state annual report had been approved and she would report the distribution amount at the next meeting. ii . Educational opportunities 1. Ferrell Jenne reviewed the upcoming educational opportunities available to the Board . iii. The Board discussed the remaining meeting dates for 2025. By consensus, the fourth quarter meeting was moved to December 8, 2025, at 9:30am. 10. Trustees' Reports, Discussion, and Action - None. 11 . Adjournment- The meeting adjourned at 10:55AM . 12. Next Meeting - September 9, 2025, Quarterly Meeting at 9:30AM. This pension Board meeting has been recorded. If you wish to obtain details on specific discussions that took place during this meeting, a copy of the recording will be provided upon receipt of a public records request. submitted by: Appro.& Brian Canaday, Chairman Date approved by the Pension Board: __q_\.._·-°'----1\1--~- 0-~--"'~"'----------- 4

CITY OF BRADENTON FIREFIGHTERS’ RETIREMENT SYSTEM PENSION BOARD OF TRUSTEES QUARTERLY MEETING FIRE STATION#1 1010 9TH AVENUE W, BRADENTON, FL 34205 AGENDA Friday, June 6, 2025 – 9:30AM Pursuant to Chapter 286, F.S., if an individual decides to appeal any decision made with respect to any matter considered at a meeting or hearing, that individual will need a record of the proceedings and will need to ensure that a verbatim record of the proceedings is made. In accordance with the Americans with Disabilities Act, persons needing assistance to participate in any of these proceedings should contact City of Bradenton ADA/Title VI Coordinator at (941) 932-9400 or adacoordinator@cityofbradenton.com prior to the meeting. I. CALL TO ORDER/ROLL CALL/DETERMINATION OF A QUORUM II. PUBLIC COMMENTS III. APPROVAL OF MINUTES 1. March 4, 2025 quarterly meeting IV. NEW BUSINESS 1. FRS mortality tables memo V. REPORTS (ATTORNEY/CONSULTANTS) 1. Salem Trust Company, Lynn Skinner, Board Custodian a. Update on Salem Trust 2. Mariner Institutional, Brad Hess, Investment Consultant a. Quarterly report as of March 31, 2025 3. KKJL, Adam Levinson, Board Attorney a. Updated Summary Plan Description (SPD) b. Update on Carlyle and Deerpath documents c. Financial disclosure forms d. Mariner Institutional addendum e. Legislative update VI. OLD BUSINESS VII. CONSENT AGENDA 1. Invoices for ratification a. Warrant #51 2. New invoices for payment approval a. None 3. Fund activity report for February 26, 2025 – May 30, 2025 VIII. STAFF REPORTS, DISCUSSION, AND ACTION 1. Ferrell Jenne, Plan Administrator a. Update on state annual report b. Educational opportunities i. FPPTA 41st Annual Conference, June 22-25, 2025, Omni Champions Gate, Orlando ii. FPPTA Trustee School, October 5-8, 2025, Sawgrass Marriott Golf and Spa Resort, Ponte Vedra Beach

IX. TRUSTEES’ REPORTS, DISCUSSION, AND ACTION X. ADJOURNMENT NEXT MEETING DATE: September 9, 2025 quarterly meeting, 9:30AM