Board members for the Government Employees’ Retirement System board met on Thursday and voted on dissolving their Havensight Management Committee, discussed financial standings for the company, and retirement applications.
GERS Board chairman Dwane Callwood said that he wanted to streamline operations to dissolve the Havensight Management Oversight Committee and place it under the Investment Committee.
“All the members of the board of Trustees are members of the investment committee, so I’m proposing that we move the Havensight Mall, which has been a very good performing investment for GERS. I’m proposing that we reboot that under the Investment Committee and dissolve the Havensight Management Oversight Committee,” said Callwood.
Board member Andre Dorsey inquired about the frequency of meetings for the Investment Committee after sharing sentiments that updates will have to be given on the status of activities at Havensight. He alluded to construction of the hotel at the Havensight Mall.
“When I look at the reports from the CEO, seems to be a lot of activity still going on as it was before. The only difference, we’re not in on it, but now I’m told that we’re not going to hear anything, maybe once a year, at the retreat,” said Dorsey.
Callwood responded that the committee meets quarterly but can meet more frequently and stressed that the construction of the hotel was not just a Havensight Management Oversight Committee decision but a decision made by the entire investment board at the time. Dorsey responded by saying the entire board was not present, rather the former chief counsel was the lead on the decision.
The dissolution of the Havensight Management Oversight Committee was voted favorably by members Nellon Bowry, Andre Dorsey, Vincent Liger, Leona Smith, and Dwane Callwood.
Pertaining to retirement applications, according to GERS administrator Angel Dawson Jr., GERS has received 88 retirement applications for 2024 to which 11 have been completed.
“That’s a thirteen percent completion rate. We expect that that will be picking up,” said Dawson.
Last fiscal year, 291 retirement applications were received with 265 completed. Currently, there are 9,399 disbursements per pay day for retiree payments with 1,732 payments going outside of the territory.
Relating to refunds, contributions processing, and death benefits, millions of dollars have been processed thus far for the fiscal year. For refunds, 68 cases totaling $5.1 million have been processed. Relating to death benefits, 31 cases have been completed with 55 cases pending completion. Additionally, approximately $168 million in annuity payments have been dispersed.
“Annuity payments per pay period has arrived at the figure of $11.3 million dollars,” said Dawson.
Additionally, for the current fiscal year, investments are on the upswing for GERS.
“We are up by $97 million dollars in this fiscal year with regards to our portfolio holdings,” said Dawson. “We are not completely out of the waters, and we have to remind stakeholders and decision-makers of that as well.”
Dawson also mentioned that the only arrearage for GERS is from the public sector, the Justice Department, and the Division of Personnel. The latter two being for the month of April.
Pertaining to the construction of the Hilton hotel, Dawson shared that headway is being made accordingly.
“At the Havensight Mall, exciting work continues at the mall with the progress on the hotel which is now approaching the third out of five floors,” said Dawson.
He added that the developer is on target to complete the hotel in the first quarter of 2025.
Board members Dwane Callwood, Nellon Bowry, Andre Dorsey, Vincent Liger, Ronald Russell, and Leona Smith were present. Fluorine Hassell was present in place of ex-officio member Cindy Richardson.
