RETIREMENT COMMISSION MINUTES

The Retirement Commission met on Wednesday, March 23, 2022. The following members were
present: Ashley Marshall, Joe Hatter, David Hughes, Jason Vandever, Markell Henderson, Scott
Hendrix, Al Elias, Ben Cullop, Chris Cullinan, Brian Pinkston. Absent: Michael Rogers. Others
present: Lachen Parks, Sara Butler, Lisa Burch, Greg McNeillie.

Call to Order
Jason Vandever called the meeting to order at 8:32 AM.

Approval of Minutes
The minutes from the February 2022 meeting were approved unanimously.

Oversight of Defined Contribution Plans
Lisa Burch presented several options for Retirement Commission involvement in oversight of the
401a and 457b plans. After discussing the options, the Commission decided that the HR staff
should continue daily administration of the plans and the full Commission will oversee the
investments.

Defined Contribution Rate Change Proposal
Jason Vandever presented a proposal to increase the contribution rate to the General Employee
401a plan from 8% to 10% for participants who have 10 years or more of creditable service
effective July 1, 2022. The Commission discussed the proposal and asked for more information
for the next meeting.

Large Cap Growth Fund Manager
Jason Vandever updated the Commission on the process for conducting the search for a new
Large Cap Growth fund manager. Greg McNeillie from Dahab presented information about the
Retirement Fund’s allocations and the upcoming change. A motion was made by Ben Cullop to
temporarily transition assets currently managed by Allspring to the SSGA index fund until
completion of the search for a new manager to replace Allspring. The motion was approved
unanimously.

Adjournment
The meeting adjourned at 9:53 AM.