Retirement Board — Burlington, VT
Date: 2025-11-17
Time: 09:30

Retirement Board

 Monday, November 17, 2025, 9:30 AM, Bushor Conference Room, 149 Church Street,
 1st Floor

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1. Agenda
  Subject 1.1. Motion to adopt agenda
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 1. Agenda

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adopt agenda

2. Public Forum

3. Consent Agenda
  Subject 3.1. Motion to adopt the consent agenda and take the actions indicated
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 3. Consent Agenda
  Department Retirement Administration


  Type Action (Consent)
 Procedural
  Subject 3.2. October 20, 2025 Retirement Board Meeting Minutes - DFA
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 3. Consent Agenda
  Department Department of Finance and Administration


  Type Action (Consent)
 Information
 Minutes


  Subject 3.3. 2026 Meeting Schedule - DFA
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 3. Consent Agenda
  Department Department of Finance and Administration


  Type Action (Consent)



4. Approve Return of Contributions
  Subject 4.1. Akimi Rovinsky, Class B $647.10; Effective Date of Benefit: 12/01/25
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Akimi Rovinsky

  Subject 4.2. Hope E. Williams, Class B $5,827.58; Effective Date of Benefit: 12/01/25
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions

  Department Retirement Administration


  Type Action


  Recommended Action approve return of contribution for Hope E. Williams

  Subject 4.3. Kaye E. Douglas, Class B $12,794.09; Effective Date of Benefit: 11/01/25
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 4. Approve Return of Contributions
Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Kaye E. Douglas

Subject 4.4. Corey Hurley, Class B $10,557.39; Effective Date of Benefit: 12/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Corey Hurley

Subject 4.5. Jean-Christian Adrien, Class B $1, 092.53; Effective Date of Benefit:
 12/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jean-Christian Adrien

Subject 4.6. Jackson W. Dandridge, Class B $17,615.10; Effective Date of Benefit:
 12/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jackson W. Dandridge

Subject 4.7. Pamela A. Williams, Class B $2,567.36; Effective Date of Benefit:
 11/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration
  Type Action


  Recommended Action approve return of contribution for Pamela A. Williams

5. Approve Retirement Applications
  Subject 5.1. Marcella Gange, Class B $973.41; Effective Date of Benefit: 09/01/25;
 Payment Date: 09/15/25
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Marcella Gange

  Subject 5.2. Melissa N. Cate, Class B $2,690.41; Effective Date of Benefit: 10/01/25;
 Payment Date: 10/15/25
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Melissa N. Cate

  Subject 5.3. Garreth M. Rogers, Class B $3,342.01; Effective Date of Benefit: 11/01/25;
 Payment Date: 11/15/25
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Garreth M. Rogers

  Subject 5.4. Michaelene Paquette, Class B $86.15; Effective Date of Benefit: 10/01/25;
 Payment Date: 10/15/25
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration
  Type Action


  Recommended Action approve retirement application for Michaelene Paquette

  Subject 5.5. Carolynne E. Morris, Class A $5,795.45; Effective Date of Benefit:
 10/01/25; Payment Date: 10/15/25
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 5. Approve Retirement Applications

  Department Retirement Administration


  Type Action


  Recommended Action approve retirement application for Carolynne E. Morris

6. Administrative Update
  Subject 6.1. BERS Prepaid Pension Update
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 6. Administrative Update
  Department Retirement Administration


  Type Discussion
 Information


  Subject 6.2. Proposal Summary - RFQ Actuarial Services
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 6. Administrative Update
  Department Retirement Administration


  Type Discussion
 Information


 Subject 6.2. a. Summary document
 Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
 Category 6. Administrative Update
 Department Retirement Administration


 Type Discussion
 Information


 Subject 6.2. b. Bid documents from respondents
 Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
 Category 6. Administrative Update
 Department Retirement Administration


 Type Discussion
 Information



7. Fiducient
  Subject 7.1. Monthly Performance Update - October 2025
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion
 Information



8. Adjournment
  Subject 8.1. Motion to adjourn
  Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


  Category 8. Adjournment

  Department Retirement Administration


  Type Action
 Procedural


  Recommended Action Motion to adjourn

BURLINGTON RETIREMENT BOARD
 BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR
 MINUTES OF MEETING
 November 17, 2025




1. Agenda
1. Agenda
Chair Hooper convened the meeting at 9:35 am.
Members present: CAO Schad, Bob Hooper, Munir Kasti, Paul Olsen, David Mount, Eric Dalla Mura
Others present: Assistant City Attorney McClenahan, DOF Kukenberger (both in person); Chris Rowlins and
Kate Pizzi (both online)

Subject 1.1. Motion to adopt agenda
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 1. Agenda

Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adopt agenda
1.1. Motion to adopt agenda
Motion made by Board Member Dalla Mura, seconded by Board Member Olsen, to adopt the agenda as
presented. Motion passed unanimously.


2. Public Forum
2. Public Forum
No one spoke.

3. Consent Agenda
3. Consent Agenda
Motion made by Board Member Mount, seconded by Board Member Olsen, to adopt the consent agenda as
amended and take the actions indicated. Motion passed unanimously.

Subject 3.1. Motion to adopt the consent agenda and take the actions indicated
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 3. Consent Agenda
Department Retirement Administration
Type Action (Consent)
 Procedural


3.1. Motion to adopt the consent agenda and take the actions indicated


Subject 3.2. October 20, 2025 Retirement Board Meeting Minutes - DFA
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 3. Consent Agenda
Department Department of Finance and Administration


Type Action (Consent)
 Information
 Minutes


3.2. October 20, 2025 Retirement Board Meeting Minutes - DFA


Subject 3.3. 2026 Meeting Schedule - DFA
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 3. Consent Agenda
Department Department of Finance and Administration


Type Action (Consent)


3.3. 2026 Meeting Schedule - DFA
Agenda item removed and will be part of the December agenda for consideration.


4. Approve Return of Contributions
4. Approve Return of Contributions
Motion made by CAO Schad, seconded by Board Member Olsen, to approve the contributions as presented.
Motion passed unanimously.

Subject 4.1. Akimi Rovinsky, Class B $647.10; Effective Date of Benefit: 12/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Akimi Rovinsky
4.1. Akimi Rovinsky, Class B $647.10; Effective Date of Benefit: 12/01/25
Subject 4.2. Hope E. Williams, Class B $5,827.58; Effective Date of Benefit:
 12/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Hope E. Williams
4.2. Hope E. Williams, Class B $5,827.58; Effective Date of Benefit: 12/01/25


Subject 4.3. Kaye E. Douglas, Class B $12,794.09; Effective Date of Benefit:
 11/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Kaye E. Douglas
4.3. Kaye E. Douglas, Class B $12,794.09; Effective Date of Benefit: 11/01/25


Subject 4.4. Corey Hurley, Class B $10,557.39; Effective Date of Benefit:
 12/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Corey Hurley
4.4. Corey Hurley, Class B $10,557.39; Effective Date of Benefit: 12/01/25


Subject 4.5. Jean-Christian Adrien, Class B $1, 092.53; Effective Date of Benefit:
 12/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jean-Christian Adrien
4.5. Jean-Christian Adrien, Class B $1, 092.53; Effective Date of Benefit: 12/01/25


Subject 4.6. Jackson W. Dandridge, Class B $17,615.10; Effective Date of Benefit:
 12/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Jackson W. Dandridge
4.6. Jackson W. Dandridge, Class B $17,615.10; Effective Date of Benefit: 12/01/25


Subject 4.7. Pamela A. Williams, Class B $2,567.36; Effective Date of Benefit:
 11/01/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 4. Approve Return of Contributions

Department Retirement Administration


Type Action


Recommended Action approve return of contribution for Pamela A. Williams
4.7. Pamela A. Williams, Class B $2,567.36; Effective Date of Benefit: 11/01/25


5. Approve Retirement Applications
5. Approve Retirement Applications
Motion made by Board Member Mount, seconded by Board Member Olsen, to approve the retirement
applications as presented. Motion passed unanimously.

Subject 5.1. Marcella Gange, Class B $973.41; Effective Date of Benefit: 09/01/25;
 Payment Date: 09/15/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Marcella Gange
5.1. Marcella Gange, Class B $973.41; Effective Date of Benefit: 09/01/25; Payment Date: 09/15/25


Subject 5.2. Melissa N. Cate, Class B $2,690.41; Effective Date of Benefit:
 10/01/25; Payment Date: 10/15/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Melissa N. Cate
5.2. Melissa N. Cate, Class B $2,690.41; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25


Subject 5.3. Garreth M. Rogers, Class B $3,342.01; Effective Date of Benefit:
 11/01/25; Payment Date: 11/15/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Garreth M. Rogers
5.3. Garreth M. Rogers, Class B $3,342.01; Effective Date of Benefit: 11/01/25; Payment Date: 11/15/25


Subject 5.4. Michaelene Paquette, Class B $86.15; Effective Date of Benefit:
 10/01/25; Payment Date: 10/15/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration
Type Action


Recommended Action approve retirement application for Michaelene Paquette
5.4. Michaelene Paquette, Class B $86.15; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25


Subject 5.5. Carolynne E. Morris, Class A $5,795.45; Effective Date of Benefit:
 10/01/25; Payment Date: 10/15/25
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 5. Approve Retirement Applications

Department Retirement Administration


Type Action


Recommended Action approve retirement application for Carolynne E. Morris
5.5. Carolynne E. Morris, Class A $5,795.45; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25


6. Administrative Update
6. Administrative Update

Subject 6.1. BERS Prepaid Pension Update
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 6. Administrative Update
Department Retirement Administration


Type Discussion
 Information


6.1. BERS Prepaid Pension Update


Subject 6.2. Proposal Summary - RFQ Actuarial Services
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 6. Administrative Update
Department Retirement Administration


Type Discussion
 Information


6.2. Proposal Summary - RFQ Actuarial Services


Subject 6.2. a. Summary document
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 6. Administrative Update
Department Retirement Administration


Type Discussion
 Information


6.2. a. Summary document


Subject 6.2. b. Bid documents from respondents
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 6. Administrative Update
Department Retirement Administration


Type Discussion
 Information


6.2. b. Bid documents from respondents


7. Fiducient
7. Fiducient

Subject 7.1. Monthly Performance Update - October 2025
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Fiducient
Department Retirement Administration


Type Discussion
 Information


7.1. Monthly Performance Update - October 2025
Motion made by Board Member Mount, seconded by Board Member Dalla Mura, to not change policy with
regard to UBS Trubull at this time.
Motion passed unanimously.


8. Adjournment
8. Adjournment

Subject 8.1. Motion to adjourn
Meeting November 17, 2025 - Retirement Board Meeting - Monday, November 17, 2025,
 9:30 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 8. Adjournment
Department Retirement Administration


Type Action
 Procedural


Recommended Action Motion to adjourn
8.1. Motion to adjourn
Motion made by Board Member Mount, seconded by Board Member Olsen, to adjourn the meeting at 10:32
am. Motion passed unanimously.