Police Officer's & Firefighter's Retirement System

Minutes September 11, 2025 1. Call to Order Setser called the meeting to order at 8:32 a.m. The meeting was held at the Busch Municipal Building, 840 Boonville Avenue. Minutes taken by White. Attendance Members Representation Present Absent Justin Setser President X Charles Alexander Police X Jamie Frieze Fire X Ron Hoffman Retiree X Chad Munsey Citizen X Laura Robinson Citizen X Andy Stewart Citizen X Jonathan Winn Citizen X Ann Young Citizen X Chad Davis (NV) Fire X Andrew McPherson (NV) Retiree X Bryan Welch (NV) Police X Callie Carroll (NV) City Council Liaison X David Holtmann (NV) Finance X Tony Kelley (NV) Administrative Director X Nikki White (NV) Secretary X NV = non-voting Lance Roskens was also present. 2. Approval of Meeting Minutes – August 14, 2025 Young made a motion to approve the August 14, 2025 minutes as presented; 2nd by Davis. Vote all: Yes. 3. Approval of Financial Statement Ending July 31, 2025 The cash and short-term investments balance at the end of July was ($751,806). The cash – UMB investments balance was $31,419,815. Page 1 of 4 09/11/2025  • IRM decreased ($227,794). The fund returned -0.16% compared to the index return of -0.30%. • Acadian Emerging Markets increased $142,052. The fund returned 0.68% compared to the index return of 1.90%. • Brandes increased $566,635. The fund returned 2.33% compared to the index of -0.80%. • Blue Ocean – cash distribution of $4.7 million to cash. • Marathon – July distribution of $682,000. • Fidelity INTL Index had a decrease of ($6,759,737). The fund returned -9.47% compared to the index of -1.40%. • IFM had a decrease of ($4,134). The fund returned -0.20% compared to the index of 0.30%. • Loomis Sayles had a decrease of ($139,188). The fund returned -0.20% compared to the index return of -0.30%. • LGT had a decrease of ($275,319). The fund returned -1.40% compared to the index return of 2.20%. • Black Rock Russell decreased ($9,546,498). The return was -5.14% compared to the index of 2.20%. • Ares Multi Global Asset returned $23,825,577. The fund returned 0.75% compared to the index of 0.80%. There were $30M in contributions. • Baird Core Plus decreased ($6,440,097). The return was -0.46% compared to the index of -0.30%. $6M was transferred out to Ares. • Employee contributions for the month totaled $83,703 and employer contributions totaled $162,721. The Public Safety Sales Tax totaled $414,003. • Gain/Loss in market value, including managers’ fees, was $1,988,963 for the month. Total additions were $2,971,452. • Benefit payments totaled $3,419,145. Administrative expenses totaled $33,494. Net increase to the Plan was ($481,187). • Total Net Assets at the end of July were $758,546,972. The final June 30, 2025 report was also presented. Munsey made a motion to approve the financials ending June 30, 2025 and July 31, 2025; 2nd by Davis. Vote all: Yes. 5. Review of Applications Retiree’s Name Application Type Application Date Retirement Date Department Gary Buckle Surviving Spouse 08/16/2025 N/A Fire Page 2 of 4 09/11/2025  Alexander made a motion to accept the application as presented; 2nd by Young. Vote all: Yes. 6. Review of Calculations Type Years of Monthly Pension Partial Pension Name Service Amount Amount Ben Rauch Age & Service 25.00 $6,481.90 $4,809.15 Chad Immekus Age & Service 25.00 $6,845.18 $662.44 Christopher Age & Service 25.00 $6,769.57 $6,332.82 Rasmussen Cody Williams Age & Service 25.00 $6,512.48 $630.24 David Mills Duty Disability 20.37 $4,661.17 $2,556.12 David Donaldson Age & Service 25.00 $6,029.78 $1,945.09 Eric Pinegar Age & Service 25.00 $6,712.31 $6,504.50 Eric Schroeder Age & Service 25.04 $6,821.74 $660.17 Gary Buckle Surviving Spouse 26.27 $2,293.82 $1,923.85 Jason Kitta Age & Service 25.04 $6,207.34 $600.71 Joseph Doza Age & Service 25.00 $5,963.22 $769.45 Nelson Kibby Age & Service 25.04 $7,677.66 $743.00 Alexander made a motion to accept the calculations as presented above; 2nd by Young. Vote all: Yes. 7. Approval of Return of Contributions Name Type Years of Service ROC Cody Williams Age & Service + buyback 21.08 + 3.02 $171,763.80 Eric Schroeder Age & Service 25.00 $247,806.50 Chris Rasmussen Age & Service + buyback 24.33 + .66 $225,487.06 Ben Rauch Age & Service + buyback 23.08 + 1.92 $213,551.05 Eric Pinegar Age & Service + buyback 24.08 + .92 $245,571.58 Joseph Doza Age & Service + buyback 24.50 + .50 $198,685.87 Chad Immekus Age & Service + buyback 22.08 + 3.92 $110,591.08 Nelson Kibby Age & Service 25.00 $275,395.45 David Mills Duty Disability 20.35 $154,683.47 Dustin Donaldson Age & Service + buyback 22.75 + 2.25 $175,453.21 Jason Kitta Age & Service 25.00 $242,268.34 Alexander made a motion to accept the return of contribution as presented above; 2nd by Young. Vote all: Yes. 8. Administrative Director’s Report Kelley presented an invoice from Stubbe Case Management in the amount of $523.80 for disability case. Munsey made a motion to approve the invoice as presented; 2nd by Stewart. Vote all: Yes. Kelley reported that the code changes regarding board terms and the change is requirements for those reviewing disabilities had the first Council reading. Page 3 of 4 09/11/2025  Kelley stated that the IPS revisions take out the tactical allocations so there’s just strategic allocations. Milliman assumed rate of return for the new allocation is higher that Verus. They are comfortable with 6%. He added that this is a step toward liquidity and safeguarding assets. Munsey made a motion to approve the revised IPS; 2nd by Stewart. Vote all: Yes. Stewart made a motion to approve the strategic targets and benchmarks; 2nd by McPherson. Vote all: Yes. 9. Legal Matters – Closed Session, pursuant to Section 610.021, RS MO. Stewart made a motion to move to closed session at 9:02 a.m. pursuant to Section 610.021(14) RSMo.; 2nd by Munsey. Vote Yes: Alexander, Davis, McPherson, Munsey, Robinson, Setser, Stewart, Winn and Young. Vote no: none. Open session resumed at 9:05 a.m. 10. Adjournment McPherson made a motion to adjourn the meeting; 2nd by Munsey. Vote all: Yes. The meeting adjourned at 9:06 a.m. on September 11, 2025. Page 4 of 4 09/11/2025