►
Description
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Agenda PDF: https://englewoodgov.civicweb.net/filepro/documents/131126?handle=DC9B3E4C581047CB91845BFD56B346AD
1. Call to Order
2. Roll Call
3. New Business
Newly appointed members Bob Stephenson and Belinda Porter were sworn in.
Selection of the new Chair.
4. Consideration of Minutes of Previous Session
Minutes of the Non-emergency Retirement Board Meeting of November 9, 2021
5. Recognition of Public Comment (Presentation limited to 3 minutes)
There was no public comment.
6. Gabriel Roder Smith and Company
7. Retirement Approvals and Notifications
8. Innovest Portfolio Solutions
Update on the status of the changes in investment portfolio
Investment policy statement approval
9. Old Business
NERP Attorney discussion
10. Board Member's Choice
Meeting time
11. Next Meeting: May 10, 2022, at 4:00 p.m.
12. Adjournment
Agenda HTML: https://englewoodgov.civicweb.net/filepro/documents/131127?handle=186991D15F384F9D8A3C484305ADDC4D
Agenda PDF: https://englewoodgov.civicweb.net/filepro/documents/131126?handle=DC9B3E4C581047CB91845BFD56B346AD
A
Do
solemnly
swear
or
affirm
that
I
will
support
the
constitution
of
the
united
states,
the
constitution
of
the
state
of
colorado
and
the
charter
and
ordinances
of
the
city
of
inglewood,
and
that
I
will
to
the
best
of
my
ability
to
perform
faithfully
the
duties
of
office
as
a
member
of
the
non-emergency
pension
board.
During
my
coherence
therein,
I
will
perfect
thank
you
so
much,
and
then
we
will
do
bob
stevenson.
Are
you
able
to
turn
your
camera
on
bob.
B
C
C
A
Do
solemnly
swear
affirm
that
I
will
support
the
constitution
of
the
united
states,
the
constitution,
the
state
of
colorado
and
the
charter
and
ordinances
of
the
city
of
englewood,
and
that
I
will
to
the
best
of
my
ability
faithfully
perform
the
duties
of
office
as
a
member
of
the
non-emergency
pension
board.
During
my
my
continuance
here,
there
is.
A
C
A
C
A
A
F
A
A
C
F
F
I
am
the
actuary
and
so
we're
beginning
the
process
now
of
performing
our
actuarial
evaluation,
which
is
done
as
of
january
1,
2022.,
so
part
of
that
is
collecting
the
data,
and
so
we've
initiated
that
process
and
then
once
we
have
the
census
data
we'll
run
our
liabilities,
we'll
receive
asset
information
and
produce
two
different
reports.
The
first
is
a
gasby
67
and
68
report,
which
is
which
will
then
roll
up
into
the
city's
financials
and
then
there's
a
funding
report.
F
That's
going
to
give
us
an
idea
of
what
the
city
should
contribute
in
the
upcoming
year.
So
right
now,
there's
really
not
much
more
to
report
than
that
other
than
you
know,
christie
back
in
our
office
in
denver.
It's
got
that
process
going
and
then
also
I
want
to
offer
to
the
new
board
members
if
there
are
any
questions
or
even
existing
board
members.
F
If
you
have
any
actuarial
questions,
please
don't
hesitate
to
reach
out
and
we
can
talk
for
as
long
as
you'd,
like
I'm
one
of
those
people
who
enjoys
talking
about
this
nerdy
math
stuff,
so
I'm
available
anytime,
but
again,
congratulations
to
new
board
members
and
that's
all
I
have
for
today.
Thank
you.
G
Great
well,
thank
you
very
much.
My
name
is
wendy
dominguez
and
I'm
the
president
and
co-founder
of
innovas
portfolio
solutions.
We've
been
privileged
to
have
been
working
on
this
plan
for
over
20
years
and
we're
we're
thrilled
to
meet
the
new
members
and
welcome.
And
can
I
echo
what
paul
said
if
you
know
we
will
be
walking
through
the
quarterly
performance
review
and
talking
about
the
portfolio
structure,
we'll
be
talking
about
the
recent
changes
that
we've
we've
made
and
then
the
investment
policy
statement
is
a
document
that
pulls
it
all
together.
G
That
is
our
guiding
principles
on
how
we
will
manage
the
portfolio
and
how
we
will
monitor
success
and
how
we
make
decisions
to
replace
investments
when
they
need
to
be
replaced
and
add
asset
classes
or
replace
asset
classes,
as
the
markets
change.
So
we'll
you'll
get
a
kind
of
a
full
picture
today
of
what
we
do,
but
if
it's,
it's
probably
a
little
bit
like
drinking
through
a
fire
hose.
G
G
Thank
you,
steven
and
I'll
spend
a
little
bit
of
time,
just
kind
of
walking
through
the
the
structure
of
the
report,
because
I
think
it's
helpful
to
kind
of
understand.
What's
in
there,
not
only
what
the
numbers
are
but
kind
of
what
the
contents
are
so
on.
The
next
few
pages
is
a
history
of
the
changes
that
have
been
made
just
one
more
page,
history
of
the
changes
that
have
been
made
in
the
plan
over
time.
G
G
This
is
the
executive
summary
and
it
talks
about
the
performance
of
the
plan
over
time.
The
top
green
line
here
in
the
upper
left
hand
corner
shows
the
performance
of
this
fund.
So
for
the
last
quarter,
which
was
9
30
to
december
31st
2021,
the
portfolio
is
up
3.44
year-to-date.
It
was
up
almost
14
percent,
which
is
the
same
as
the
one-year
period
so
year-to-date
at
is,
will
change
depending
on
when
we
are
in
the
reporting
cycle,
but
the
one
year
is
the
last
12
months
of
13.78
percent.
G
Three
years,
we've
averaged
14
percent
five
years
average
9.6
percent
seven
years,
we've
averaged
7.87
percent
and
since
inception
we've
averaged
almost
eight
percent
per
year.
The
the
value
of
the
portfolio
is
in
the
upper
right-hand
corner
a
little
over
43.5
million
43.6
million,
and
then
the
specific
investments
in
the
asset
classes
are
listed
in
the
gray
and
white
column
there
on
the
right
and
the
bottom
chart
shows
how
we've
been
tracking
relative
to
our
benchmarks.
G
G
G
We'll
look
at
some
of
the
global
economic
trends
that
are
happening.
The
the
the
2021
was
a
really
strong
economic
across
the
globe.
The
u.s,
which
represents
kind
of
that
red
portion
of
that
bar
chart,
was
a
big
component
of
global
growth
over
the
last
last
year
going
forward.
The
projection
is
at
u.s
that
not
only
that
growth
slows,
but
also
the
us
becomes
a
smaller
portion
of
that,
which
is,
you
know,
interesting
to
keep
in
the
back
of
our
minds
as
we
think
about
diversification.
G
We
think
about
other
areas
of
investing
that
we
can.
We
can
look
towards
also
the
chart
on
the
right
shows
leading
economic
indicators
showing
that
you
know
that
the
we
we
rebounded
dramatically
from
the
throws
of
early
2020,
but
maybe
that
that
those
those
that
growth
or
that
those
expectations
of
of
continued
growth
are
starting
to
slow
a
little
bit
on
the
next
page.
G
Some
of
the
things
that
are
impacting,
as
I
talked
about
earlier,
is
really
around
the
fed.
The
fed
has
come
specifically
raising
rates
as
a
march
and
that's
pretty
much
a
foregone
conclusion
in
the
markets
and,
again,
that's
why?
I
think
we've
seen
the
markets
as
jittery
as
they
have
been
and
the
expectation
that
they
will
begin
reducing
their
balance
sheet,
not
by
selling
bonds,
but
just
not
reinvesting
the
proceeds
when
those
bonds
mature,
so
both
of
those
things
will
lead
to
potentially
to
higher
interest
rates
and
and
and
and
fighting
inflation.
G
If
we
look
at
the
next
page,
the
headline
here
is
inflation,
roars
back
and
that's
really
why
the
fed,
as
I
mentioned
before,
is
trying
is
talking
about
raising
rates,
is
to
try
to
get
inflation
under
control
early
in
the
in
the
the
recovery
there's
been
a
lot
talked
about.
Is
this:
is
this
inflation
transitory
or
is
it?
Is
it
long?
Is
it
long
set
in?
And
I
think,
as
you
look,
there's
definitely
some
transitory
nature?
You
know
you
look
at
at
the
supplier.
G
Deliveries
indexes,
you
know,
is
very
high,
very
a
lot
of
lead
times
that
are
longer,
which
is
creating
a
lot
of
that
pricing
pressure,
but
on
the
the
next
slide,
some
of
the
other
things
that
are
more
substantial
or
could
be
potentially
more
long-lived
are
labor
markets
and
the
impact
on
raising
wages.
On
long-term
inflation
numbers-
and
if
you
look
at
the
the
chart
on
the
right,
there's,
definitely
a
worker
shortage.
Where
are
those
workers
going?
Why
aren't
they
coming
back
a
lot
of
it
there's
a
lot
of
reasons.
G
But
what
about
now
and
the
what
about
now
is
listed
on
the
left-hand
side
because
valuations
matter,
the
more
expensive
stocks
are
when
you
buy
them,
the
the
higher
the
probability
is
you're
going
to
lose
money
over
the
next
five
years.
So
that's
what
the
chart
on
the
left
shows.
If
you
buy
stocks,
when
they're
priced
at
eight
times,
earnings
or
towards
the
left-hand
side
of
this
chart,
you're
going
to
have
the
odds
of
you
having
solid
performance
and
equities
over
the
next
five
years
are
very
strong.
G
In
fact,
there
are
20
average
annual
returns
over
that
time
period.
However,
if
you
look
at
where
we
are
today,
which
is
that
red
dot,
you
know
the
negative
performance
or
slightly
positive
performance-
have
happened
in
the
past.
So
the
expectation
is
is
that
we,
we
could
have
a
rougher
time
investing
in
u.s
markets.
Now
this
chart
has
looked
a
lot
like
this
even
last
year
and
if
you
remember
last
year
in
equities,
I
showed
you
that
large
cap
stocks
did
tremendously
well
so
so,
when
stocks
are
expensive,
they
can
get
more
expensive.
G
G
That
they've
been
in
a
very
long
time,
and
so
you
know
that's
another
reason
why
you
can't
tell
when,
when
international
is
going
to
outperform
domestic
or
vice
versa,
so
that's
why
we
believe
you
need
to
to
own
both,
and
you
do
own,
both
in
this
portfolio
on
the
next
page,
on
the
fixed
income
side,
the
expectation
for
bonds
going
forward
is
really
muted
as
well,
and
part
of
that
is
just
where
we
are
in
the
interest
rate
cycle.
Interest
rates
are
really
low.
The
fed's
talking
about
trying
to
raise
those.
G
So
that's
going
to
put
pressure
and
remember
if
you,
if
interest
rates,
go
up
the
price
of
bonds
go
down.
That's
going
to
put
pressure
on
fixed
income
investors
over
the
next,
the
next
few
years.
Until
we
get
higher
yields
and
then
once
we
have
higher
yields,
then
it
makes
sense
to
invest
in
in
bonds.
But
you
know,
bonds
are
one
of
the
true
ballasts
in
your
portfolio.
They
they
do.
You
know
when
equity
markets
sell
off
like
they
did
at
the
first
part
of
2020.
G
G
Add
more
alternatives,
add
things
like
hedge
funds
and
other
real
assets
like
timberland
and
and
farmland,
and
midstream
oil
trans
pipelines.
So
some
of
those
things
help
diversify.
They
also
help
an
inflationary
environment
and
they
help
mitigate
volatility,
especially
when
bonds
yields
are
as
low
as
they
are.
So
over
the
last
year,
we've
actually
increased
holdings
to
these
within
the
portfolio
as
well,
and
we
think
they're
going
to
be
a
big
factor
in
mitigating
volatility.
Going
forward
on
the
next
page.
G
This
is
a
heat
map,
so
this
is
now
diving
a
little
bit
deeper
into
the
equity
returns
that
we've
experienced
over
the
last
10
years
actually,
and
each
kind
of
section
of
boxes
represents
a
different
time
period
and
because
it's
a
heat
map,
the
brighter
the
green,
the
better
the
performance
and
the
brighter
the
red,
the
worse
the
performance.
So
I
guess
the
key
takeaway
here
is
lots
of
green,
no
matter
what
time
period
you're
looking
at,
we
have
really
solid
equity
results
and
that's
driven
a
lot
of
the
performance
of
this
plan.
G
You
know
we
have
a
significant
allocation
to
equities
and
that's
been
a
good
place
to
be
over
the
last
the
last
few
years
on
the
next
page.
If
you
were
to
look
at
what
sectors
in
the
large
cap
stocks
in
particular,
have
done,
the
best
or
driving
performance
of
the
market
on
the
top
chart
looks
at
just
the
quarter.
So
what
was
driving
the
market
in
the
quarter
was
real
estate
technology
materials.
G
So
as
stephen
walks,
through
some
of
the
investments
in
your
plan,
those
that
were
overweight
to
those
areas
did
exceptionally
well
over
the
last
one
year
period.
A
lot
of
the
same
themes
with
real
estate
and
technology,
doing
really
well,
but
really
the
best
place
to
be
over
the
last
one
year
was
energy.
Any
of
us
that
drive
a
car
or
fill
up
our
gas
tanks.
No,
that
energy
prices
are
up
pretty
dramatically,
and
that
is
reflected
in
one
of
the
best
places
to
be
over
the
last
one
year
period.
E
E
In
the
packet
not
having
a
color
printer,
I've
been
fortunate
enough
to
have.
When
you
send
me
one
that's
in
color,
so
I
can
see
the
different
colors
as
we
are
looking
at
charts.
But
it's.
This
is
a
really
important
part.
I
mean
it's
very
important
that
to
take
a
look
and
see
what's
going
on
and
understanding
it,
so
that's
kind
of
part,
one
of
innovas
what
they're
doing
are
part
one
of
a
number
of
parts.
C
G
G
A
C
G
Well,
thank
you
bob.
We
we
do
too
and
really
the
goal
of
this
portfolio
is
to
earn
six
percent
per
year,
and
you
know,
we've
we've
been
able
to
to
meet
that.
I
mean
there's
been
years
that
we
have
been.
Obviously
you
know,
2008
2009
markets
are
down
those
some
of
those
were
challenging
and
but
all
in
all,
all
being
all
over
all
time
periods
that
performance,
you're
right
has
been
really
strong.
Thank
you.
G
B
So
look
forward
to
answering
any
questions,
anything
that
pops
up
don't
hesitate
to
ask
us,
that's
what
we're
here
for,
and
I
will
just
start
by
kind
of
giving
everyone
a
quick
kind
of
overview
of
a
page
that
I
think
is
pretty
important
here,
I'm
going
to
zoom
in
a
little
bit
to
make
this
easier
to
see
so
wendy
mentioned
previously.
You
know
an
investment
policy
statement.
B
This
highlights
kind
of
some
of
the
key
aspects
that
we're
considering
when
recommending
and
making
investments
and
so
across
the
top.
Here
I
kind
of
say
the
two
gray
areas,
the
the
row
across
the
top
and
the
column
going
up
and
down
are
kind
of
the
two
more
important
factors
so
across
the
top
you
can
see.
Of
course,
this
is
a
defined
benefit
pension
plan.
Our
time
horizon
is
long
term.
B
Of
course
we
want
to
be
able
to
continue
to
meet
those
meet
the
needs
of
the
the
participants
over
time,
the
actuarial
goal
as
wendy
stated
six
percent.
So
that
is
our
return
goal
on
a
long
term
basis.
Now
to
reach
that
type
of
return
expectation.
We
have
to
take
risk,
of
course,
and
so
you
can
see
the
risk
tolerance.
B
You
know
with
this
type
of
portfolio
and
this
allocation,
you
know
we
may
need
to
to
be
okay
with
the
possibility
of
losing
you
know,
15
to
19
percent
in
any
kind
of
12-month
period.
Of
course,
those
would
not
be
realized
losses,
but
but
paper
losses,
but
something
that
we
would
have
to
be
able
to
stick
with
in
terms
of
having
that
type
of
volatility.
B
You
know
similar
to
an
event
like
you
know,
the
first
quarter
of
2020
when
the
pandemic
hit
and
the
global
economy
effectively
shut
down,
so
just
wanted
to
lead
with
that.
You
can
see
kind
of
how
we're
currently
invested
through
that
gray
column.
That's
our
long-term
target
allocation.
You
can
see
the
asset
class
to
the
left
of
it,
so
you
have
large
cap
stocks,
u.s
stocks,
21
percent
target.
You
see
mid
and
small
cap
stocks
in
the
us,
both
at
a
four
percent
target
international
equity.
So
those
are
developed
international
stocks
so
think
about.
B
A
lot
of
eastern
european
countries
in
southeast
asia,
fixed
inc,
come
of
course,
so
your
bond
managers
at
about
15
and
then
some
more
kind
of
diversifying
or
alternative
asset
classes,
floating
rate
corporate
loans,
which
should
provide
a
nice
kind
of
hedge
against
rising
interest
rates,
real
estate,
which
is
at
a
seven
percent
allocation
low
correlated
hedging
strategies
which
we
have
at
a
total
of
ten
percent.
So
three
percent
liquid
seven
percent
a
little
bit
less
liquid,
that's
a
new
asset
class
that
we
added
last
year.
B
We
talked
about
this
being
a
difficult
environment
with
with
equity
valuations
where
they
are
and
interest
rates
where
they
are.
So
how
can
you
combat
that?
You
know
and
look
to
pick
up
some.
Some
turn
without
taking
return
without
taking
on
meaningful
risk.
Well,
alternatives
is
a
great
place
to
do
that,
so
we've
added
that
other
real
assets,
which
is
a
combination
as
one
you
mentioned,
a
midstream,
energy,
timberland
farmland
and
infrastructure
and
then
private
equity,
which
again
is
investing
in
private
companies
with
the
goal
of
long-term.
B
B
B
You
can
see
the
market
value
column
here
you
can
see
the
actual
allocation
here
in
the
middle
and
then
you
can
see
those
targets
which
are
the
same
as
the
previous
page
there
on
the
far
right,
and
so
we
did
make
some
changes
last
last
year,
so
you'll
see
a
couple
of
areas
where
we're
maybe
a
little
bit
underweight
or
specifically,
you
know
this.
This
asset
class
reinsurance-
we
actually
eliminated.
So
you
can
still
see
a
little
bit
of
allocation.
B
We're
looking
at
style
consistency
which
just
means
hey.
If
we're
investing
in
a
manager.
For
a
particular
reason,
we
want
to
make
sure
that
they're
sticking
to
that
same
investment
style
that
we
hired
them
for.
We
don't
want
all
of
a
sudden
someone,
that's
buying
amazon
and
apple
to
be
buying.
You
know
general
electric
or
some
more
kind
of
cyclical
or
value
types
of
stocks
asset
based.
B
We
want
to
just
make
sure
that
you
know
there's
a
steady,
steady
assets
within
the
strategy
which
could,
of
course,
you
know
if
there's
there's
flows
coming
out
of
a
strategy
that
could
impact
the
ability
of
the
firm
to
manage
that
strategy
going
forward.
Of
course,
performance
here,
expenses
or
fees.
We
want
to
be
very
conscious
of
fees,
and
then
we
have
an
overall
score
here
on
the
right.
B
We
also
show
the
the
expenses
being
paid
for
each
strategy
here
that
third
column
from
the
right
here
under
expense
ratio,
and
so
you
know
when
we
go
through
this,
you
know
you
notice
a
lot
of
green,
which
is
great.
We
want
to
see
a
lot
of
green,
we'll
kind
of
always
see
some
different
colored
boxes.
Yellow
indicates
some
some
existing
minor
concerns.
B
One
thing
that
you'll
certainly
understand
is,
from
our
standpoint,
you're,
going
to
kind
of
always
see
some
minor
concerns.
There's
always
something
happening.
There's
consolidation
within
the
asset
management
industry,
there's
personnel,
you
know
turnover
in
some
cases,
there's
short-term
periods
of
underperformance,
especially,
of
course
with
actively
managed
strategies,
and
so
those
are
the
types
of
typical
concerns
that
will
pop
up,
but
any
kind
of
standalone
minor
concerns.
B
Typically,
from
our
standpoint,
don't
warrant
a
change,
it
just
says:
hey.
We
need
to
continue
to
take
a
closer
look
at
this
particular
aspect
of
the
strategy,
and
so
there's
some
existing
minor
concerns
there.
I
will
just
take
your
attention
to
the
second
row
from
the
bottom
stoneridge
reinsurance.
B
Again,
that's
a
strategy
we're
getting
out
of
completely
in
an
asset
class
we're
getting
out
of
so
you
see
quite
a
bit
of
yellow
there
that
will
be
removed
entirely
from
the
scorecard
once
all
of
those
dollars
are
are
officially
out
of
the
strategy,
otherwise
very
clean
scorecard
a
couple
of
updates.
Those
are
the
white
squares.
B
You
can
see
organization
about
just
over
halfway
down
eaton
vance,
that's
been
upgraded
from
minor
concern
to
no
concern
eaton
vance
was
acquired
by
by
morgan
stanley.
We
feel
really
comfortable
with
how
that
transition
is
going,
and
so
we've
removed
that
existing
minor
concern
and
upgraded
that
to
no
concern.
B
And
then,
if
you
look
at
the
performance
column
here
about
halfway
down,
there
was
an
existing
minor
concern
for
dfa
emerging
markets.
That's
now
been
upgraded
to
no
concern
as
more
recently
performance
has
turned
around
as
we
would
expect
and
has
really
driven.
You
know
longer
term
performance
to
be
quite
strong,
so
that
has
now
been
upgraded
to
no
concern
so
overall,
very
good
shape.
B
So
any
questions
on
the
manager
scorecard
again,
it's
really
just
for
for
a
quick
kind
of
easy,
easy
or
hopefully
easy
to
digest.
One
or
two
pages
for
the
committee
to
see
hey
is
anything
happening
that
we
should
be
concerned
about.
Have
there
been
any
changes
just
to
again
keep
aware
of
everything?
That's
going
on.
B
Some
folks
with
you
know
the
best
way
to
read
this,
and
so
you
can
see
on
the
top
left
hand
side
here,
you
can
see
the
different
kind
of
asset
classes
or
or
styles
that
are
broken
out
so,
for
example,
large
cap
equity.
Here
you
can
see
there's
three
different
managers
within
the
plan
that
are
that
are
investing
in
large
cap
u.s
stocks.
You
have
dodge
and
cox,
vanguard,
500
index
of
just
passive
index
approach
there
and
then
harbor
capital
appreciation
which
is
a
large
cap.
And
then
you
can
see
a
large
cap
growth.
B
Sorry
then,
going
below
that
mid
cap,
equity,
small
cap,
international,
emerging
markets
and
then
so
on
on
the
next
page.
So
we'll
go
through
that
in
a
little
bit,
but
just
quickly,
everything
kind
of
in
green
that
the
green
row
there
or
that
olive
green
color
is
the
underlying
investment
in
the
pension
plan
below
that
in
that
kind
of
peach
or
yellow
color
is
the
underlying
benchmark
that
it's
being
compared
to
from
a
performance
standpoint
and
then
below
that
in
white?
Is
the
peer
group
universe.
B
B
If
we
go
to
the
year-to-date
column
here,
which
is
also
a
one-year
number,
you
can
see
very
strong
performance
up
over
almost
32
percent
for
the
year
for
the
calendar
year,
you
can
see
the
benchmark
below
it
up
about
25
percent
and
then
the
peer
group
up
just
over
26,
so
really
nice
performance
relative
and
compared
to
both
the
benchmark
and
peer
group
and
so
there's
a
lot
of
numbers.
In
parentheses,
these
can
be
a
little
bit
intimidating,
but
the
number
in
parentheses,
is
the
percentile
rank
of
the
strategy
compared
to
its
peer
group.
B
So,
in
this
particular
case,
dodging
cock's
up
almost
32
the
peer
group
up
over
26.
Well,
it
fall.
It
fell
in
about
the
top
five
percent
of
all
managers
during
this
one
year
period,
so
the
lower
the
number
of
parentheses,
the
better,
so
that's
again
kind
of
an
important
metric
when
looking
at
comparison
of
across
the
different
strategies-
and
so
you
know
on
a
short
term
basis,
for
example
dodging
cox.
This
is
a
perfect
example,
not
a
great
quarter
right
relative
to
its
benchmark
and
peer
group.
It's
actually
in
the
90th
percentile.
B
You
can
see
it
underperformed,
but
look
at
the
long
term
numbers
again.
We
want
to
reiterate
long
term
is
what
we're
focusing
on
so
really
three,
five,
seven
and
even
ten
years
across
a
lot
of
these
strategies,
so
just
wanted
to
to
highlight
that
is
kind
of
hopefully
a
good
base
here
before
we
kick
into
some
of
the
performance.
B
So
hopefully,
if
you
found
that
helpful,
you
know
really
strong
kind
of
performance.
You
know
in
the
quarter
was
a
little
bit
mixed,
but
you
know
really
focusing
kind
of
on
the
year-to-date
numbers
and
beyond
strong
performance.
I
just
mentioned
dodge
and
cox
harbor
capital
appreciation.
That's
a
large
cap
growth
manager,
underperformed
quite
a
bit
in
the
year.
B
Some
of
the
areas
that
were
really
high
growers
for
them
in
the
previous
time
frames
hurt
them
a
little
bit
in
2021,
but
again
focusing
if
you
go
out
to
you
know
five
years
seven
years
you
can
see
really
strong
performance
outperforming
both
the
benchmark
and
peer
group
and
all
those
other
time
frames.
So
again,
you
know
knowing
that
these
are
actively
managed
strategies
they're
trying
to
beat
the
benchmark,
so
they
have
to
be
different
than
the
benchmark,
and
so
there's
going
to
be
periods
where
they
both
underperform
and
outperform.
B
Mid-Cap
manager,
john
hancock
discipline
value,
that's
a
mid-cap
value
manager,
again
shorter
term
performance
underperforming,
but
again
long-term
outperforming
quite
nicely.
Harbor.
That's
small
cap
growth,
again
long-term
performance,
very
strong
there
as
well
on
the
international
side,
so
outside
of
the
u.s,
have
both
a
value
manager,
thornburg
and
a
growth
manager.
American
funds,
both
with
very
strong
long-term
performance,
both
have
some
emerging
markets
exposure
which
actually
hurt
them
from
a
performance
standpoint.
B
More
recently,
wendy
did
mention
that,
for
the
quarter
and
for
the
calendar
year,
emerging
markets
was
the
worst
place
to
be
in
the
equity
market.
So
having
a
little
bit
of
exposure,
there
hurt
them,
but
we
allow
kind
of
you
know
we
let
those
managers
allocate
to
emerging
market
stocks
that
they
think
that
there's
better
growth
prospects
or
better
investment
prospects
within
the
emerging
markets
up
to
a
certain
extent
and
quickly
flipping
to
the
next
page
emerging
markets.
B
I
just
wanted
to
touch
on
dfa,
because
this
was
a
manager
that
actually
did
have
a
minor
performance
concern,
mainly
based
on
the
way
this
particular
manager
invests
the
types
of
companies
and
sectors
that
invest
in,
and
so
it
had
a
minor
performance
concern,
but
recent
performance
has
been
really
really
strong,
particularly
in
the
one
year
period.
Up
almost
six
percent
compared
to
its
benchmark
was
down
two
and
a
half
percent
and
the
peer
group,
which
is
down
one
and
a
half
percent,
a
really
strong
outperformance.
That's
helped
through
some
of
its
long-term
return
numbers.
B
So
that's
really
one
of
the
main
reasons
why
we
stick
with
with
the
managers
as
long
as
we
think
that
the
investment
process
and
philosophy
and
the
personnel
are
still
intact,
fixed
income.
You
know
three
different
managers
here:
dodging
cox
income,
that's
the
main,
the
main
portion
of
the
fixed
income
allocation.
B
You
know
down
a
little
bit
year
to
date,
just
under
one
percent,
but
longer
term,
again,
really
strong
out
performance
to
complement
dodging
cox,
which
is
more
of
a
core
manager.
We
have
both
the
pimco,
dynamic
bond
and
jp
morgan
strategic
income
strategies.
These
are
more
opportunistic,
meaning
that
they're
going
to
kind
of
go
anywhere
to
pick
up
returns.
So
if
they
want
to
invest
in
more
high
yield
because
they
see
opportunity,
they
can
do
so,
and
you
can
see
that
really
helped
performance
in
the
in
the
calendar
year.
B
You
know
both
of
those
being
positive
for
the
year
where
the
benchmark
was
down
one
and
a
half
percent,
and
so
in
total
you
can
see
that
really
helped
fix
income
performance
as
the
total
fixed
income
portfolio
still
down
about
half
a
percent
but
but
outperforming
the
benchmark
by
about
a
full
percent
in
2021
and
then
moving
down
to
some
of
the
alternatives.
Real
estate,
principal
u.s
property
fund
really
strong
bounced
back
in
2021
up
23,
almost
24
percent
in
2021,
so
great
performance
there,
liquid
loco,
related
hedging
strategies
again.
B
The
way
we
look
at
these
for
some
of
the
newer
committee
members
is
with
the
low
interest
rate
environment.
We
expect
these
these
strategies
to
provide
strong
diversification
but
to
outperform
fixed
income.
You
know
over
a
longer
period
of
time,
with
with
a
little
bit
more
volatility
than
fixed
income,
of
course,
but
we
think
it's
a
really
nice
risk
return
trade-off
for
these
types
of
investments,
so
very
low
correlated
to
the
rest
of
the
portfolio,
meaning
if
equities
go
up
or
if
equities
go
down
these
strategies
kind
of
act
on
their
own.
If
you
will.
B
So
nice
performance
for
the
year
for
both
of
those
strategies
and
then
going
to
the
last
page
here
in
a
tortoise,
mlp
and
pipeline.
That's
a
midstream
energy
strategy
that
was
the
best
performer
in
the
year
up
almost
41
percent
in
2021.
you
saw
when
you
mentioned,
we've
all
noticed
the
increases
at
the
gas
pump.
Well,
they're,
you
know
really
a
direct
beneficiary
there,
so
we
saw
energy
prices
bounce
back.
We
saw
demand
surge
that
ultimately
led
to
to
pipeline
companies
performing
really
well.
B
And
then
just
for
everyone
else's
kind
of
awareness,
this
inception
date
on
the
far
right
can
show
you
know
some
of
the
strategies
that
we
we've
recently
gotten
into
so
versus
capital,
real
assets.
We
just
added
this
mid-year
last
year.
This
is
a
strategy
that
invests
in
physical
timberland
and
farmland
and
infrastructure.
So
again
thinking
about
protecting
against
rising
interest
rates
or
inflation.
You
know
those
assets
really
typically
do
well
in
an
inflationary
environment
and
then
private
equity
partners
group
private
equity.
You
can
see
down
here.
B
We
don't
even
have
any
performance
numbers,
yet
that
was
just
funded
in
december
of
last
year.
So
once
we
get
a
little
bit
more
time
under
our
belt,
we'll
have
some
performance
numbers
for
partners
groups,
so
all
in
all
for
the
quarter
up
about
three
and
a
half
percent,
as
one
you
mentioned
year
to
date
or
calendar
year,
2021
up
just
under
14,
and
then
you
can
see
some
of
those
longer
term
numbers
as
well.
E
A
B
B
Yeah,
no,
of
course-
and
I
think
that's
a
great
segue,
because
you
know
there
are
still
potentially
new
hires
choosing
to
you
know
to
to
enter
the
nert
plan,
and
so
again
that's
part
of
you
know
why.
We
think
we
have
to
think
long
term
about
this.
We
want
to
make
sure
that
this
is
sustainable
and,
ultimately,
you
know
can
pay
out
those
younger
members
as
well.
G
And
I
think
this
is
where
you
can
see
the
the
impact
on
the
dollars.
And
if
you
look
at
you
know
since
inception
or
10
years,
you
know
we,
we
started
with
28
million,
we
we've
paid
out
13.8
million
in
benefits
and
we've
had
market
value
increases
of
29
million.
So
this
is
what
the
investing
has
really
done
for
this
plan,
because
essentially
we're
we've
paid
out
all
the
benefits
that
we
needed,
plus
we
we
have
grown
another
29
million.
G
C
F
So
so
the
plan
right
now
is
about
we'll
call
it
after
this
forte.
I
just
opened
up
the
projection
from
last
year,
so
after
this
approximate
14
return,
I
expect
that
when
I
do
the
valuation
as
of
1
1,
20
22
will
be
about
84
funded
and
then
the
contribution
from
the
employer
will
be
somewhere
in
the
neighborhood
of
around
a
million
dollars.
F
A
F
And
then
the
other
thing
to
to
note,
for
you
know
the
newer
board
members
is
you
know
when
we
talk
about
this
rate
of
return?
The
six
percent
number
that's
actually
quite
a
bit
ahead
of
your
peers,
but
that
only
that's
only
part
of
the
story.
You
know.
Not
only
are
we
at
six
percent
discount
rate,
so
it's
on
the
relatively
conservative
side
again
with
your
peers,
but
your
funding
policy
is
really
the
strongest
in
the
in
the
area
here
we're
looking
at
you
know,
15-year
or
really
now
we're
down
to
13-year
level
dollar.
F
So
it's
really
as
strong
as
it
really
could
be,
and
that's
a
testament
to
the
decisions
that
the
board
the
passports
have
made
and
so
we're
on
a
really
great
path.
So
it's
it
makes
me
happy
to
to
see
you
know
this
14
return,
but
it
also
shows
us
too
that
we're
set
up
to
to
handle.
You
know
some
volatility
in
the
future.
We're
not
going
to
see
six
percent
returns
on
the
dots,
so
we've
got
policies
in
place
to
to
handle
that.
B
I
think
we
might
run
over
a
few
minutes
going
through
the
investment
policy
statement.
Okay,
if
anyone,
if
there's
no
other
questions
on
the
report,
I
think
the
next
thing
we
wanted
to
do
is
just
run
through
the
updated
policy
statement,
and
so
let
me
which
one
of
those
documents
would
you
like
me
to
pull
up.
G
How
about
just
the
summary
of
changes,
because
what
we
did
is
we
we
want
to
move
your
investment
policy
statement.
You've
had
a
version
that
was
written
well
before
we
got
on
board,
so
that
was
prior
to
2005,
that
we've
been
updating
on
an
ongoing
basis.
But
when
we
made
all
of
the
changes
last
year
in
some
of
the
new
asset
classes,
we
thought
well.
Maybe
we
could
move
it
to
our
template,
which
is
a
template.
G
So
what
this
page
shows
is
just
as
a
summary
of
really
the
differences
between
your
existing
policy
and
then
the
new
policy,
and
I
don't
I
mean
you,
you
can
maybe
read
it,
I'm
not
sure
if
you've
read
it
beforehand
or
if
you
want
to
read
it
after
this
meeting
and
come
back
at
the
next
meeting
or
if
you're
ready
to
vote
today
to
accept
the
changes.
But
it
there's
really
just
minor
changes
and-
and
we
can
answer
any
questions
I
don't.
I
don't
think
I
need
to
walk
through
each
one.
C
D
D
C
C
C
C
E
E
D
E
H
H
So
we
have
those
billing
records.
We
do
not
have
a
current
retainer
or
or
an
agreement
for
professional
services
with
that
firm.
Currently,
so
one
issue
that
we
wanted
to
request
authority
for
from
the
board
was
to
one
request:
the
law
firm's
file
so
that
we
have
records
of
you
know
the
work
that's
been
performed
to
date
and
then
two
I
mean
if
there
is
going
to
be
ongoing
legal
services
provided
from
this
firm.
H
H
That
is
a
good
question.
The
part
of
the
reason
why
this
has
come
to
the
city's
attorney's
office
in
any
way
form
or
fashion,
is
because
we've
been
getting
questions
about
how
the
retirement
plan
is
operated
and
how
it
runs
and
questions
regarding
benefits
from
the
employees.
So
that's
kind
of
why
we
wanted
to
get
access
to
what
legal
advice
the
board,
the
attorney
for
the
board
has
provided,
but
to
so
before
we
can
answer.
H
D
C
It
seems
to
me
that
we
should
entertain
a
motion
to
gain
access
to
that
file
by
the
next
meeting
and
I
think
that's
a
no-brainer,
but
I
want
to
see
if
I'm
understanding
all
of
the
ins
and
outs
of
this,
so
I
would
entertain
such
emotion
or
discussion
leading
up
to
it.
Do
it
what?
What?
What
do
I
hear.
H
Yes,
so
we
we
do
have
on
the
contact
information
for
who
we
understand.
The
current
attorney
is
who
took
over
on
miss
bowers
workload
and
access
to
files
after
her
retirement
and
and
that,
as
councilman
woodward
stated,
was
jennifer
culati,
so
yeah.
The
contact
information
is
within
our
control
and
we
can
certainly
provide
that
for
to
the
board.
D
E
E
C
That
does
make
sense.
What
we
really
want
is
to
understand
what
is
in
their
possession
and
what
the
meaning
of
that
is,
and
that
would
overshadow
any
expense.
I
would
expect
that
we
would
pay-
oh,
maybe
as
much
as
five
or
ten
hours
of
attorney
time
to
do
that,
but
it
would
certainly
give
us
the
history
and
the
background
that
we
need.
D
C
A
C
C
C
B
C
He
may
be
well
given
that
I
still
think
this
is
the
best
way
to
pursue
pursue.
This
is
to
get
a
written
summary
and
then
proceed
from
there
if
we
need
an
in-person
meeting
which
would
be
executive
victoria,
if
we
got
a
written
summary,
could
that
be
shared
individually
with
no
problem
or
would,
if
we
sent
it
out,
would
that
be
considered
a
meeting
under
the
sunshine
law.