General Employees Pension Board

General Employees’ Pension Board Regular, Quarterly Meeting April 23, 2026 – 8:30am The regular, quarterly meeting of the City of Lake Wales General Employees’ Pension Board was held on April 23, 2026 via in-person and Telephonic Conference call, beginning at 8:30a.m. Board member, Chairman, Linda Kimbrough, Conducted the meeting. Agenda Item 1: CALL TO ORDER: The meeting was called to order at 8:30 A.M. Agenda Item 2: BOARD MEMBERS PRESENT: Commissioner, Robin Gibson Chairman, Linda Kimbrough Kevin Sunderland BOARD MEMBERS ABSENT: Sarah Kirkland CITY REP PRESENT: Sandra Davis, Human Resources Director Sashay Baker, Human Resources Coordinator OTHER ATTENDEES: Debbie Kocsis, Salem Trust Todd Wishinia, Highland Capital Management Adam Levinson, Klausner, Kaufman, Jensen & Levinson Frank Wan, Burgess Chambers & Associates, Inc. Agenda Item 3: COMMUNICATIONS AND PETETIONS: None. Agenda Item 4: APPROVAL OF MINUTES:  OCTOBER 23, 2025 Regular Meeting Minutes A motion to approve the minutes was made and seconded. VOTE: All “AYE”, None “NAY” Motion passed, 3/0 vote Agenda Item 5: Klausner, Kaufman, Jensen & Levinson: Rule on the Accessibility of Web Content and Mobile Apps Adam Levinson explained that on April 24, 2024, the Federal Register published the Department of Justice’s final rule updating its regulations for Title II of the American with Disabilities ACT (ADA). The final rule has specific requirements about how to ensure that web content and mobile applications (apps) are accessible to people with disabilities. Like the rest of Title II, the rule applies to all public entities (which includes any agencies or departments of public entities) as well as special purpose districts. This includes pension plans, as they are agencies of a public entity. The rule requires that state and local governments, including agencies of state and local governments, make web content and mobile apps accessible. The rule sets a concrete standard. The final rule establishes the Web Content Accessibility Guidelines (WCAG) Version 2.1, Level AA, as the technical standard for state and local governments’ web content and mobile apps. Required Documents for Posting by Plan Sponsor Adam Levinson explained that over the course of several years, municipal governmental pension plan have been tasked with requirements to ensure that certain documents are provided to the plan sponsor to be posted on the plan sponsor’s website as well as posted on the plan’s website (if they have one). Agenda Item 6: Salem Trust: Update on Pension Portal Debbie Kocsis explained that Salem Trust had launched a Pension Portal for retirees to view payment history and update personal information. A first mailing of 51 letters was sent out to pension plan members, with 7 people already signing up and using the system. A second round of letters will be sent to those who did not enroll during the initial rollout. Update on Callback Procedures Salem Trust will be updating its wire transfer callback procedures due to recent email hacking that leads to false information being submitted. To reduce fraud risk they have implemented a new client contact form that must be completed directly by the business, to help ensure accurate verification details. Agenda Item 7: BURGESS CHAMBERS & ASSOCIATES: Investment Policy Report, Statement, and Market, and Market Overview: Frank Wan provided a market overview for the quarter, the Trust experienced a market-based loss of $78K or (-0.5% net). The top performers were Highland SMID (+8.5%), Highland Large Cap Value (+2.2%), and Cohen & Steers TREF (+1.9%). For the fiscal year-to-date period, the Trust gained $216K or (+1.0% net). For the one-year period, the Trust gained $2.7 million or (+16.5% net). The Investment Performance Net report as of March 31th, 2026 for the quarter shows as follows: Beginning Market Value $19,017,396 Contributions -$54,289 Gain/Loss -$77,931 Ending Market Value $18,885,175 Total Fund -0.5 Policy Allocation N/A Agenda Item 8: HIGHLAND CAPITAL: Investment Review Todd Wishnia presented the Highland Capital Investment Review report as follows: Quarter to Date One Year to Date (1/1/26 – 3/31/26) (10/1/25 – 3/31/26) Beginning Market Value $17,813,116 $18,311,877 Ending Market Value $17,709,618 $17,709,618 Difference -$103,499 -$602,260 Contributions $0 $0 Withdrawals -$12 -$800,212 Gain/Loss -$103,486 $197,952 Cumulative Return -0.58% 1.01% Agenda Item 8: NEW BUSINESS: Approval of Invoices: April 23, 2026 Klausner, Kaufman, Jensen & Levinson Invoice #40440, 3/31/26, $3,286.50 Salem Trust Invoice #M72892, 1/13/26, $2,246.78 Invoice #M72892, 4/10/26, $2,228.27 Foster & Foster Invoice #41029, 4/2/26, $6,511.00 Burgess Chambers & Associates, Inc. Invoice #26-114, 1/26/26, $5,705.22 Highland Capital Fixed Invoice #44492, 3/31/26, $2,199.12 Growth #44491, 3/31/26, $5,735.55 ADR #44490, 3/31/26, $3,439.29 SMID #44489, 3/31/26, $5,041.26 Value #44493, 3/31/26, $2,288.45 A motion was made and seconded. VOTE: All “AYE”, None “NAY” Motion passed, 3/0 vote Next quarterly meeting was scheduled for Thursday, July 23rd, 2026 at 8:30 am. The meeting was adjourned. Chairman, Linda Kimbrough ATTEST: Prepared by: Sashay Baker for the Board of Trustees