Retirement Board — Burlington, VT
Date: 2025-10-20
Time: 09:30

Retirement Board

Monday, October 20, 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 October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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. September 15, 2025 Retirement Board Meeting Minutes
 Subject 3.1. September 15, 2025 Retirement Board Meeting Minutes - DFA
 Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
 Category 3. September 15, 2025 Retirement Board Meeting Minutes
 Department Department of Finance and Administration


 Type Action
 Information
 Minutes
4. Approve Return of Contributions
  Subject 4.1. McKayla R. Conner-Wright, Class A $3.001.35; Effective Date of Benefit:
 11/01/25
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 McKayla R. Conner-Wright

  Subject 4.2. Kristin Dykstra, Class B $3,564.23; Effective Date of Benefit: 12/01/25
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Kristin Dykstra

5. Approve Retirement Applications
  Subject 5.1. Brian T. Pine, Class B $1,463.50; Effective Date of Benefit: 12/01/25;
 Payment Date: 12/15/25
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Brian T. Pine

  Subject 5.2. Lee R. Thayer, Class A $5,760.68; Effective Date of Benefit: 09/01/25;
 Effective Date of Benefit: 09/15/25
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Lee R. Thayer

Subject 5.3. Michael Ahearn, Class A $617.44; Effective Date of Benefit: 10/01/25;
 Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Michael Ahearn

Subject 5.4. Bonnie Johnson-Aten, Class B $157.36; Effective Date of Benefit:
 10/01/25; Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Bonnie Johnson-Aten

Subject 5.5. Ann M. Barton, Class B $6,183.70; Effective Date of Benefit: 10/01/25;
 Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Ann M. Barton

Subject 5.6. Todd W. Rawlings, Class B $2,611.74; Effective Date of Benefit: 10/01/25;
 Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Todd W. Rawlings
  Subject 5.7. Phan T. Chung, Class B $491.14; Effective Date of Benefit: 10/01/25;
 Payment Date: 10/15/25
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Phan T. Chung

  Subject 5.8. Darlene P. Kehoe, Class B $5,618.74; Effective Date of Benefit: 10/01/25;
 Payment Date: 10/15/25
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Darlene P. Kehoe

6. Administrative Update
  Subject 6.1. FY25 Unaudited overview memo - DFA
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 6. Administrative Update
  Department Department of Finance and Administration


  Type Communication
 Discussion
 Information


  Subject 6.2. Executive Summary - RFQ for Investment Advisory Services - DFA
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 6. Administrative Update
  Department Department of Finance and Administration


  Type Communication
 Discussion
 Information


  Subject 6.3. All bids responding to RFQ for Investment Advisory Services - DFA
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 6. Administrative Update
  Department Department of Finance and Administration


  Type Communication
 Discussion
 Information



7. Fiducient
  Subject 7.1. Quarterly Investment Review - Third Quarter 2025
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor
  Category 7. Fiducient
  Department Retirement Administration


  Type Discussion
 Information
 Presentation



8. Adjournment
  Subject 8.1. Motion to adjourn
  Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30 AM,
 Bushor Conference Room, 149 Church Street, 1st Floor


  Category 8. Adjournment

  Department Council and Board


  Type Action
 Procedural


  Recommended Action Motion to adjourn

BURLINGTON RETIREMENT BOARD
 BUSHOR CONFERENCE ROOM, 149 CHURCH STREET, 1ST FLOOR
 MINUTES OF MEETING
 October 20, 2025




1. Agenda
1. Agenda
Chair Hooper convened the meeting at 9:31 am.
Members present: Paul Olsen, Bob Hooper, Kyle Blake, David Mount and Katherine Schad (all in person);
Matt Dow, Eric Dalla Mura and Munir Kasti (all online)
Others present: Brad Kukenberger, Hayley McClenahan and Chris Rowlins (all in person); Kate Pizzi (online)


Subject 1.1. Motion to adopt agenda
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Olsen, seconded by Board Member Blake, to adopt the agenda as
presented. Motion passed unanimously.


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

3. September 15, 2025 Retirement Board Meeting Minutes
3. September 15, 2025 Retirement Board Meeting Minutes

Subject 3.1. September 15, 2025 Retirement Board Meeting Minutes - DFA
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 3. September 15, 2025 Retirement Board Meeting Minutes
Department Department of Finance and Administration
Type Action
 Information
 Minutes


3.1. September 15, 2025 Retirement Board Meeting Minutes - DFA


4. Approve Return of Contributions
4. Approve Return of Contributions
Motion made by Board Member Blake, seconded by Board Member Mount, to approve the return of
contributions as presented. Motion passed unanimously.

Subject 4.1. McKayla R. Conner-Wright, Class A $3.001.35; Effective Date of
 Benefit: 11/01/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 McKayla R. Conner-Wright
4.1. McKayla R. Conner-Wright, Class A $3.001.35; Effective Date of Benefit: 11/01/25


Subject 4.2. Kristin Dykstra, Class B $3,564.23; Effective Date of Benefit:
 12/01/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Kristin Dykstra
4.2. Kristin Dykstra, Class B $3,564.23; Effective Date of Benefit: 12/01/25


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

Subject 5.1. Brian T. Pine, Class B $1,463.50; Effective Date of Benefit: 12/01/25;
 Payment Date: 12/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Brian T. Pine
5.1. Brian T. Pine, Class B $1,463.50; Effective Date of Benefit: 12/01/25; Payment Date: 12/15/25


Subject 5.2. Lee R. Thayer, Class A $5,760.68; Effective Date of Benefit: 09/01/25;
 Effective Date of Benefit: 09/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Lee R. Thayer
5.2. Lee R. Thayer, Class A $5,760.68; Effective Date of Benefit: 09/01/25; Effective Date of Benefit:
09/15/25


Subject 5.3. Michael Ahearn, Class A $617.44; Effective Date of Benefit: 10/01/25;
 Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Michael Ahearn
5.3. Michael Ahearn, Class A $617.44; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25


Subject 5.4. Bonnie Johnson-Aten, Class B $157.36; Effective Date of Benefit:
 10/01/25; Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Bonnie Johnson-Aten
5.4. Bonnie Johnson-Aten, Class B $157.36; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25


Subject 5.5. Ann M. Barton, Class B $6,183.70; Effective Date of Benefit:
 10/01/25; Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Ann M. Barton
5.5. Ann M. Barton, Class B $6,183.70; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25


Subject 5.6. Todd W. Rawlings, Class B $2,611.74; Effective Date of Benefit:
 10/01/25; Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Todd W. Rawlings
5.6. Todd W. Rawlings, Class B $2,611.74; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25


Subject 5.7. Phan T. Chung, Class B $491.14; Effective Date of Benefit: 10/01/25;
 Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Phan T. Chung
5.7. Phan T. Chung, Class B $491.14; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25
Subject 5.8. Darlene P. Kehoe, Class B $5,618.74; Effective Date of Benefit:
 10/01/25; Payment Date: 10/15/25
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 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 Darlene P. Kehoe
5.8. Darlene P. Kehoe, Class B $5,618.74; Effective Date of Benefit: 10/01/25; Payment Date: 10/15/25


6. Administrative Update
6. Administrative Update

Subject 6.1. FY25 Unaudited overview memo - DFA
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 6. Administrative Update
Department Department of Finance and Administration


Type Communication
 Discussion
 Information


6.1. FY25 Unaudited overview memo - DFA


Subject 6.2. Executive Summary - RFQ for Investment Advisory Services - DFA
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 6. Administrative Update
Department Department of Finance and Administration


Type Communication
 Discussion
 Information


6.2. Executive Summary - RFQ for Investment Advisory Services - DFA


Subject 6.3. All bids responding to RFQ for Investment Advisory Services - DFA
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 6. Administrative Update
Department Department of Finance and Administration


Type Communication
 Discussion
 Information


6.3. All bids responding to RFQ for Investment Advisory Services - DFA


7. Fiducient
7. Fiducient

Subject 7.1. Quarterly Investment Review - Third Quarter 2025
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor
Category 7. Fiducient
Department Retirement Administration


Type Discussion
 Information
 Presentation


7.1. Quarterly Investment Review - Third Quarter 2025


8. Adjournment
8. Adjournment

Subject 8.1. Motion to adjourn
Meeting October 20, 2025 - Retirement Board Meeting - Monday, October 20, 2025, 9:30
 AM, Bushor Conference Room, 149 Church Street, 1st Floor


Category 8. Adjournment

Department Council and Board


Type Action
 Procedural


Recommended Action Motion to adjourn
8.1. Motion to adjourn
Chair Hooper adjourned the meeting at 11:08 am.