In the Government Employees’ Retirement System board of trustees meeting Monday, Administrator Angel Dawson Jr. highlighted what he called a “successful year” for the system.
He said the fiscal year ending Sept. 30 was the first time the system ended with a positive cash flow in 19 years.
Other accomplishments he listed included a comprehensive reorganization, a relaunch of the personal loan program, and reimagining Havensight (this includes renaming Havensight). Dawson has said that the mall is not really a fitting definition of the area where many visitors get their first taste of the Virgin Islands. It is expected to get a new name next year.
Also, next year, the Hampton by Hilton Hotel may be open in May. Dawson reported Monday that 74 percent of the construction is complete. Construction of a five-story, 126-room hotel with parking facilities and a visitor welcome center commenced at the end of September 2023. GERS is not investing in the hotel but leasing the property to the developers. Dawson said the system was eager to see the hotel open so GERS could start receiving rent and a portion of the profits.
The end of the calendar year also means the end of Trustee Nellon Bowry’s five-year term. Monday’s meeting might be his last, although he has volunteered to serve until a replacement has been confirmed. Chair Dwane Callwood, as well as the other trustees, thanked Bowry for his service to the retirees and his long career in public service. Bowry had served as chair of the GERS Board but stepped down over concerns about a significant raise to the previous system administrator. Bowry has also served as Territory Hospital Board Chair and as a director of the Office of Management and Budget. He was chief financial officer for the Water and Power Authority for over a decade. He has also served on the Public Finance Authority.
Dawson reported that as of Nov. 15 this calendar year, the system has received 265 applications for retirement, and 125 have been processed. The number of employees added to the payroll from Oct. 1 to Nov. 15 is 38; the number deleted during the same period is 42.
Ucilla Austrie, the accounts coordinator, gave the treasurer’s report.
In the summary of receipts and disbursements, the report noted the system, at the beginning of the new fiscal year, “Received $101,571,380 from the bond funding note, which was $53,492,917 less than the expected amount for fiscal 2025.”
The report also noted that contributions to the system were $13 million in October, while the disbursement to retirees was double that.
