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From YouTube: Joint Quarterly Pension Meeting (10/28/2020)
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B
Christine
hoffman
here,
brandon
maresma,
oh
georgette,
you're,
here;
okay,
I'm
sorry,
brandon
marisma,
here
eddie.
C
C
A
Great,
so
we
have
a
quorum
for
all
three
boards,
yes
great
and
just
a
reminder
to
please
mute
your
phone
when
you
are
not
speaking
or
mute,
your
computer
when
you're,
not
speaking,
I
can't
believe
we
still
have
to
give
that
reminder
at
this
point
in
zoom
life,
but
we
do
and
it's
time
for
courtesy
of
the
florida
visitors
do
we
have
anybody
on
the
zoom
or
on
the
phone
that
would
like
to
speak.
A
I'm
gonna
assume
that
means
no
and
old
business.
We
have
consideration
by
all
three
boards
of
our
minutes.
Can
I
get
a
motion
to
approve
the
minutes
of
the
joint
quarterly
meeting
held
august
12th
2020.
A
D
E
A
Next
up,
we
have
consideration
by
the
general
employees
board
of
trustees,
the
applications
for
retirement.
Can
I
get
a
motion
that
we
approve
the
retirement
of
david
bishop
utility
plant
supervisor?
Public
works,
slash
water
plant
backdrop,
work
requirement,
effective
3-1,
2018
separation
date,
2-5
20-21
meets
age,
service
requirements
for
backdrop,
service
retirement,
29
years
and
one
month
of
service.
B
Make
it
through
it
stopped
right
there,
and
I
don't
want
to
smash
it
through
there.
Just
kind
of
hold
on
or
push
down.
A
A
Thank
you.
Nick
roll
call
vote
for
the
general
employees
board.
B
A
Okay,
application
for
retirement
carries
the
next
one.
This
one
is
to
approve
the
retirement
of
william
bill
mann,
director
of
planning
and
development
retirement,
effective
2-1,
2021
separation
date,
1
8,
20
21
meets
age
and
service
requirements
for
normal
retirement
26
years
five
months
of
service.
Can
I
get
a
motion
from
the
general
employee
board.
You
want
motion.
B
B
A
All
right
motion
carries
and
now
consideration
for
police
and
firefighters
consultant
report
presentation
by
grs
consulting
take
it
away.
A
E
E
We
received
a
a
document
on
august
27th
from
the
city
manager,
with
with
respect
to
the
existence
of
a
mutual
consent
agreement
between
the
city
of
jacksonville
beach
and
the
fraternal
order
of
police
lodge
17,
which
I'll
refer
to
as
fop
with
respect
to
the
disposition
of
the
use
of
the
chapter.
170.
E
Specifically,
there
was
a
collective
bargaining
agreement
with
with
the
fop
section.
29.1
was
basically
from
the
the
point
of
the
agreement,
though
this
would
be
the
most
recent
concluding
contract,
so
2017,
18
and
19,
I'm
sorry,
it's
it
bridges
years.
It's
it
was
effective
through
september
30th,
2020
and
it
it
referred
to
in
section
29.1,
all
premium
tax
revenues
received
will
be
used
to
offset
the
city's
pension
contributions
and
all
accumulated
excess
premium.
E
These
have
been
set
aside
in
reserve,
so
essentially,
what
the
revisions
in
the
report
just
have
to
do
with
an
allocation
to
make
it
clear
that
these
are
available
to
the
city
for
the
purposes
of
offsetting
future
contribution
requirements
to
the
police
officers
retirement
system.
So
if
you
look
at
the
bullets
at
the
bottom.
E
Secondly,
previously
reserved
and
unallocated
excess
premium.
Tax
revenues
were
allocated
entirely
to
the
city
for
the
collective
bargaining
agreement
and
added
to
an
existing
prepaid
employer
reserve.
E
The
new
reserve
was
added
to
our
reports
on
page
8-2,
a
the
prepaid
employer
reserve
now
totals
178
thousand
601
dollars
in
in
the
report.
It's
actually
larger
because
of
the
chapter
185
money
received
in
august.
E
Oh,
let's
excuse
me,
we
received
in
late
september
of
2020
and
so
that
that
reserve
is
actually
over
two
hundred
thousand
dollars
as
of
the
september
30
2020
evaluation
date,
but
we're
talking
about
september,
30,
20
19
at
this
point,
so
the
revisions
led
to
a
reserve
of
178
601.
To
reiterate
that
number
and
the
prepaid
employer
reserve
is
a
lot
like
a
savings
account
for
the
city
and
it's
also
effective
when
chapter
185
or
175
receipts
go
up,
go
down
in
a
particular
period.
E
We
we
experienced
that
in
a
big
way
with
the
firefighters
retirement
system.
Over
the
last
five
years
there
there
was
a
lot
of
chapter
175
contributions
that
were
less
than
the
prior
year.
Police
favorably
have
been
receiving
more
money
on
average
over
the
last
two
years,
at
least,
but
having
having
a
reserve
means
that
when
you
receive
the
chapter
185
money
late
in
the
fiscal
year
and
as
was
the
case
this
fiscal
year,
it
was
it's
it's
announced
in
august.
E
Are
there
any
questions?
I've
there's
actually
a
page
two,
which
is
just
a
signature,
so
I
mean
this
is
really
the
the
entirety
of
the
of
the
letter
for
the
police
officers,
but
with
with
respect
to
allocating
the
money
in
entirely
to
the
city.
E
It's
our
opinion
that
it
requires
the
board
to
adopt
the
report
with
the
revisions
so
that
it
effectively
confirms
that
the
retirement
board's
understanding
is
is
the
same
as
our
understanding,
in
conjunction
with
the
collective
bargaining
agreement.
C
E
Oh,
I
I
can't
share
my
screen,
but
one
of
your.
E
The
sort
of
the
source
is
the
state
money
just
just
a
moment.
I
need
to.
B
E
Yeah
thanks
so
the
153
481,
the
difference
between
that
and
the
178
601.
That's
a
great
question
I
I
I
should
have.
I
should
have
been
pointing
this
out
there.
There
was
a
pre-existing
prepaid
employer
reserve,
the
police
officers.
If,
if
you
look
at
the
original
report.
E
Unfortunately,
it's
like
you
know
it's
it's
the
prior
report
and
it's
on
page
15.,
but
a15
had
a
prepaid,
employer,
reserve
of
25
120
that
that
was
city
money,
so
that
was
not
the
source
of
that
money.
Was
the
city
making
contributions
above
the
amount
required
over?
You
know,
subsequent
fiscal
years,
so
they
had
contributed
twenty
five
thousand
one
hundred
twenty
dollars
above
what
they
needed
to.
E
You
know
based
on
prior
contribution
requirements,
so
that
was
accumulated
city
money
that
was
in
a
prepaid,
employer,
reserve
and
now,
with
the
application
of
the
collective
bargaining
agreement.
The
153
481
that
you
see
in
item
7
on
this
page
is
added
to
25,
120
and-
and
if
you
add
those
up,
that's
that's
how
you
get
the
178
601.,
so
25
000
was
city,
money
and
153.
A
Thank
you,
roll
call
vote.
Please.
F
The
next
thing
up
is
firefighters.
This
next
letter
is
to
the
firefighters
he
was
just
breaking
it
down.
His
letters
were
broken
into
police
and
then
fire,
okay,
but
he's
about
to
speak
on
fire,
carry.
A
E
So
there's
a
band
fun,
fun
believe
it
or
not.
They
they
one
of
their
hit
songs,
was
carry
on.
I
I
like
lyrics
a
lot,
but
so
the
the
firefighters
is
pretty
similar,
so
I'm
going
to
move
through
this
a
little
bit
quicker,
but
in
this
case
we
were
notified
by
the
deputy
city
manager,
also
known
as
karen
nelson,
and
there
was.
There
was
a
similar
reference
in
in
the
collective
bargaining
agreement
with
the
international
association
of
firefighters,
local
2622.
E
E
Conversely,
for
firefighters,
it's
been
downward,
so
9.12
of
their
collective
bargaining
agreement
really
hasn't
caused
any
additional
money
to
become
available
for
city
funding.
The
chapter
175
money
has
been
going
down
year
over
year,
but
there
was
an
excess
amount
in
2016
and
that
amount
of
27
6008,
and
we
need
to
be
very
specific,
so
bear
in
mind
that
the
firefighters
are
now
employed
by
the
city
of
jacksonville.
E
So
this
report
covers
former
city
of
jacksonville
beach,
firefighters
and,
at
this
point
in
time,
not
as
of
as
of
september
30th
2019,
there
were
still
firefighters
for
the
city
of
jacksonville
beach,
but
the
local
employer.
It's
it's
essential
that
we'd
be
very
clear
and
distinct
about
where
that
twenty
seven
thousand
six
hundred
eight
dollars
is
allocated.
E
It's
allocated
to
the
city
of
jacksonville
beach,
prepaid
contribution,
reserve,
and
every
time
we
wrote
that
I
made
certain
that
it
refers
to
the
entirety
of
of
the
title:
it's
not
just
a
city
prepaid
contribution,
reserve,
it's
city
of
jacksonville,
beach,
prepaid
contribution,
reserve.
Their
contributions
are
primarily
fixed
at
this
point,
so
they
don't
have
to
worry
about
future
chapter
175
receipts
being
less
less
than
expected.
E
Their
their
commitment
is
is
pretty
much
set
in
an
amortization
schedule.
As
of
this,
the
october
1st
2019
actuarial
evaluation
report,
so
at
such
point
in
time,
whether
it
be
this
fiscal
year
or
partially
this
fiscal
year
and
parsley
and
in
a
future
fiscal
year,
that's
the
city's
choice,
but
it's
it's
available
should
should
the
city
want
to
take
advantage
as
of
september
30th
2019.
E
I'm
sorry,
as
of
this
fiscal
year,
21
that
we're
in
and
speaking
of
the
firefighters
I
actually
was
in
touch
with
the
internal.
E
E
She
sent
me
all
sorts
of
schedules
that
appear
for
the
first
time
with
respect
to
reconciliations
for
the
close
of
the
first
fiscal
year
for
which
we
had
two
local
employers,
both
the
city
of
jacksonville
beach
and
the
city
of
jacksonville,
and
based
on
my
review.
E
Every
everything
looks
to
be
in
good
shape
and
and
that
information
will
be
shared
because,
in
particular,
there's
a
reconciliation
with
respect
to
the
expectation
of
what
the
the
remaining
members
are
going
to
contribute
and
that
reconciliation
becomes
a
contribution
requirement
to
the
city
of
jacksonville
in
a
subsequent
fiscal
year.
So
so
I
was
happy
to
get
receive
the
information
and
and
glad
glad
that
everything
is
is
very,
very
well
detailed.
E
System,
so
it's
those
are
all
my
comments.
If
does
does
anyone
on
the
board
have
specific
questions
with
respect
to
the.
E
A
D
Well,
very
good,
thank
you
for
the
introduction,
I'm
good
to
see
everybody
virtually
hope,
everybody's
doing
well
I'll,
try
to
to
move
through
fairly
quickly,
but
there
is
a
a
fair
amount
of
good
news
here,
so
I
want
to
make
sure
we
we
touch
on
that.
If
we
flip
to
page
number,
two
well
actually
page
number
one
excuse
me
the
kind
of
the
market
review
generally
speaking,
obviously
that
the
markets
continued
to
cooperate
as
we
recovered
from
those
february
and
march
lows.
D
Really,
there
was
a
lack
of
news.
You
know,
certainly
in
the
first
quarter
back
in
in
march,
you
know
the
fed
was
very
active,
reducing
interest
rates,
employing
liquidity
programs
to
kind
of
get
the
markets
moving.
Certainly
the
federal
government
came
out
with
with
different
stimulus
packages,
so
there
was
a
lot
of
of
activity
that
was
kind
of
helping.
You
know
right
the
ship
so
to
speak
and
get
markets
moving
higher
in
the
quarter.
D
From
from
july
1st,
through
september
30th,
there
was
really
a
lack
of
news
or
a
lack
of
new
things
happening
other
than
the
fed.
You
know,
as
they
continue
to
provide
remarks
throughout
the
year,
had
had
stated
that
you
know.
Obviously,
they
had
taken
a
bunch
of
of
corrective
action
to
make
sure
that
the
markets
had
all
the
liquidity
that
they
need,
but
also
stating
that,
if
they
needed
to,
they
would
do
more
if
the
market
kind
of
showed
that
that
was
necessary
or
the
economy
showed
that
that
was
necessary.
D
And
so
I
think,
that's
a
very
kind
of
important
backdrop
that,
even
though
there
wasn't
a
whole
lot
of
news
with
the
with
the
backdrop
of
the
fed
being
supportive
and
saying
they
will
do
more,
if
necessary,
it
really
provided
a
kind
of
a
positive
backdrop
or
tailwind
for
for
equity
markets
to
continue
to
recover
in,
in
the
face
of
of
certainly
some
some
more
difficult
news,
obviously,
with
with
covid
cases
increasing
and
certain
problems
related
to
that
that
the
market
was
able
to
mostly
shrug
that
off.
D
D
The
the
international
markets,
as
measured
by
the
aqui
xus,
which
is
that
top
line
in
red,
was
up
6.3
small
cap
stocks
also
did
well,
but
not
nearly
as
well
as
large
cap.
They
were
up
4.9
as
measured
by
the
russell
2000
and
then
lastly,
down
in
the
bottom
section,
there
we've
got
fixed
income
that
was
up
60
basis
points
or
0.6.
D
Typically,
when,
when
equities
are
up,
this
strongly
you'll
often
see
negative,
fixed
income
numbers,
but,
but
certainly
that's
a
positive,
really
most
of
the
major
asset
classes
that
you're
invested
in
were
positive
for
the
quarter.
D
If
you
scroll
down
to
the
next
page
page
three,
this
is
something
we've
we've
talked
about
at
length
in
the
past,
but
it
and.
B
D
Really
has
continued
the
difference
between
growth
and
value
as
represented
by
the
red
bars,
which
are
growth,
stocks
versus
blue
bars
and
value.
Certainly,
you
can
see
the
difference
in
the
quarter,
but
it's
really
amazing.
Over
the
last
12
months,
the
bottom
right
hand
corner
I'll,
give
you
the
numbers
for
the
russell
1000
value
of
negative
5
versus
the
1
000
growth
of
positive
37
and
a
half,
obviously
a
huge
divergence
between
those
two
particular
parts
of
the
market.
D
D
If
you
move
on
to
the
next
page,
we
just
kind
of
touch
on
fixed
income.
I'm
really
going
to
skip
over
this
because,
like
I
said
about
the
economic
news,
really
nothing
happened
in
the
bond
market.
You
can
see
that
the
green
line
in
the
bottom
right
hand
corner
really
is
on
top
of
the
orange
line,
which
is
on
top
of
the
red
line
from
the
prior
few
quarters.
So,
since
all
of
the
activity
in
the
first
quarter,
the
bond
market
has
been
quite
stable
and
calm,
which
is
generally
speaking,
good
news.
D
If
you
move
ahead
to
the
next
page,
we
kind
of
start
to
get
into
the
asset
allocation.
Excuse
me
this
is
the
growth
chart.
What
chris
was
was
very
nice
to
tee
up
for
us,
so
you
can
see
there
on
the
far
right
hand,
side
we
really
spiked
back
up
so
obviously
had
that
big
decline
in
the
early
part
of
the
year,
but
stabilized
and
recovered
very
nicely,
so
as
of
the
end
of
the
fiscal
year,
a
little
over
a
hundred
and
one
million
dollars.
So
that's
obviously
a
very
nice
recovery.
D
In
addition,
we're
well
above
that
red
line
which
is
sort
of
the
hypothetical
assumed
rate
of
return,
so
you
can
see
you're
outperforming
that
and
then.
Lastly,
the
other
thing
to
note
is,
though,
the
blue
lines
down
at
the
bottom.
That
represents
your
net
investment.
So
a
number
of
years
ago
the
the
plans
collectively
became
cash
flow
negative
and
you
can
see
as
compared
to
1987
you've
actually
paid
out
27
more
27
million
dollars.
D
More
than
you
had
in
back
in
87
after
you
factor
in
or
net
out,
all
of
any
inflows
so
definitely
in
a
cash
flow,
negative
situation,
yet
at
the
same
time,
you've
been
able
to
continue
to
grow
the
assets
and
that's
exactly
the
relationship
you
want
to
see.
D
You're
able
to
keep
growing
your
assets
above
and
beyond
any
any
cash
flow
needs
that
the
portfolio
has
so
again
that
that's
a
very
positive
looking
chart.
If
you
move
to
the
next
page,
we
get
into
the
asset
allocation
of
the
plan.
Again,
you
can
see
those
same
numbers,
the
101.1
million
dollars
and.
E
D
Broken
up
by
investment
manager
and
then
on
the
next
page,
it
shows
it
relative
to
our
target
weights.
So
this
is
where
we
would
look
to
compare
against
the
investment
policy.
So
dustin.
If
you
wouldn't
mind
moving
to
the
next
page
page
number
six,
we
can
see
that
as
we
closed
out
the
end
of
the
quarter
because
of
the
the
relative
performance,
we
were
slightly
overweight
in
equity,
slightly
underweight
and
fixed
income.
D
Unfortunately,
a
day
like
today,
you
know,
asset
prices
are
down
quite
a
bit,
so
sort
of
the
rebalancing
aspect
is
being
handled
for
us,
but
again
relative
to
the
overall
allocation
and
relative
to
our
targets.
The
allocation
looks
very
good
if
you
flip
through
the
next
page.
We
we
start
on
the
returns
and
and
here's
again
where,
where
the
news
is,
is
quite
good.
So
for
the
quarter,
we
were
up
5.7
percent
that
beat
the
policy
of
5.5
and
you
placed
in
the
42nd
percentile.
D
You
certainly
were
in
the
upper
half
of
the
public
funds
around
the
country
and
the
most
important
number
on
the
page,
the
one
brad's
going
to
be
looking
at
the
the
second
column.
The
fiscal
year
to
date,
10.33
gross
or
10.1
percent
net
of
fees.
Now
that
is
behind
the
policy
which
is
up
11,
just
short
of
12
percent,
but
you
still
placed
in
the
43rd
percentile
so
relative
to
our
assumed
rate
of
return,
wind
up
being
a
very
excellent
year.
D
You
know
when
we
were
when
we
were
talking
in
back
in
may,
and
we
were
looking
at
those
march
31
numbers
you
were.
You
were
looking
at
a
negative
8.5
on
your
fiscal
year
with
six
months
to
go.
So
you
know
what
I
kind
of
mentioned
to
everybody
is
in
that
conversation.
If
we
had
said
hey,
I
know
we're
negative,
eight
and
a
half
right
now,
but
if
we
can
get
back
to
double
digits
by
the
end
of
the
year,
would
you
take
it
I'm
guessing?
Most
of
you
would
have
said?
D
Yes,
so
hopefully
you
you,
you
know,
can
kind
of
appreciate
that
very
strong
recovery
of
the
portfolio
and
ultimately
quite
a
nice
fiscal
year
as
you
take
it
out
longer
term
you'll,
see
five
years,
nine
point:
four
percent
placing
in
the
19th
percentile
against
the
public
fund
universe.
So
again,
quite
a
quite
a
good
result.
D
As
you
move
down
the
page,
you'll
see
the
individual
components.
Vanguard
did
exactly
what's
supposed
to
wells.
Cap
was
a
little
bit
behind
11.8
versus
13.2
for
the
year
32
versus
37.
D
So
that's
one
of
the
contributors
to
our
our
total
fund
being
a
little
bit
behind
jp
morgan,
the
relatively
new
large
cap
value
fund
did
very
nicely.
It
was
up
6.8
versus
5.6
and
for
the
the
last
12
months
it
is
negative
down
1.8,
but
the
benchmark
was
down
over
five
percent
so
on
a
relative
basis,
they're
doing
very
very
nicely
over
that
period,
eaton
vance,
your
atlanta
smig
cap
portfolio,
underperformed
again
this
quarter,
3.2
versus
5.8
and
for
the
last
year
now
negative
4.8
versus
a
positive
two.
D
Although
you
will
notice,
when
you
take
this
fund
out
over
three
five
or
seven
years,
it
has
done
incredibly
well
for
you
over
time,
but
certainly
these
last
couple
of
quarters,
the
performance
has
been
a
little
bit
softer
and
then
moving
over
to
page
eight,
we
get
into
your
international
equity
portfolios,
which
both
did
very
very
well
euro-pacific
growth,
9.6
versus
6.3
and
for
the
year
15
versus
three
and
a
half
so
fantastic,
both
absolute
and
relative
performance
and
then
wcm,
actually
even
better
8.7
versus
6.3
and
for
the
year
24
and
a
half
versus
three
and
a
half
so
really
getting
some
fantastic
returns
out
of
your
your
international
portfolio.
D
As
we
leave
the
equity
markets,
we
get
into
fixed
income
with
sawgrass
107
versus
the
39
and
for
the
year
7.8
versus
7.08.
So
again,
relative
outperformance
and
progress
is
doing
well.
Here
we
have
pimco
diversified.
This
is
your
your
global
bond.
As
you
remembered
last
quarter,
we
swapped
from
the
templeton
fund,
so
you
can
see
just
a
a
limited
amount
of
information
only
one
month
there
and
then
the
last
piece
down
at
the
bottom
is
the
real
estate
portfolio
with
jp
morgan.
D
D
Certainly,
we've
seen
some
softness
in
real
estate,
as
as
the
covid
19
has
certainly
slowed
up
real
estate
transactions
and
obviously
affected
the
retail
markets.
We've
talked
about
that
previously,
but
you're,
seeing
some
of
that
softness,
but
again
we're
starting
to
see
signs
of
the
kind
of
the
real
star
real
estate
market,
picking
back
up,
and
I
would
expect
to
see
a
bit
more
transactional
activity
and
some
some
additional
comps
kind
of
start
to
improve.
D
D
Okay,
so
I
think
the
next
page,
I
think
we
can
actually
get
into
the
fee
schedule
perfect
one
before
I
get
here.
I
just
wanted
to
mention
an
update,
so
obviously
the
markets
are
soft
today,
but
as
of
this
morning,
the
the
total
fund
was
up
to
102.5
million
dollars,
which
is
an
increase
of
about
1.3
percent.
So
so,
through
the
the
27th
of
october,
our
new
fiscal
year
was
off
to
a
fairly
reasonable
start
and
even
higher
from
from
that
101
million
balance
that
we
saw
here
as
of
september
30th.
D
So
that
really
concludes
everything
that
I
wanted
to
mention
in
the
actual
report
itself.
But
I
wanted
to
take
you
to
this
fee
page
one
to
remind
you
just
obviously
what
you're
paying
all
of
your
different
investment
managers,
but
two
also
to
make
you
aware
of
of
something
that
new
that's
happened
in
the
index
fund
part
of
the
market.
D
Recently,
fidelity
who's
had
index
funds
for
a
long
time,
but
have
not
been
as
competitive
in
terms
of
pricing
has
lowered
their
lower
the
prices
of
their
mutual
funds
to
half
that
of
the
the
vanguard
funds,
and
so
what
I
wanted
to
bring
to
your
attention
is.
There
is
now
a
fidelity
total
stock
market
fund,
that's
available
for
two
basis
points,
so
you
can
see
you
know
you're
paying
roughly
six
thousand
dollars
a
year
for
your
index
exposure
with
vanguard.
D
D
The
fee
is
the
the
differentiating
factor
and
now
that
that
fidelity
has
this
fund
available,
we
thought
it
made
sense
for
the
the
plan
to
to
save
those
dollars
so
again,
I'll
kind
of
open
it
up
to
questions
based
on
that
suggestion.
But
that's
something
that
I
wanted
to
make
sure
you
had
in
front
of.
C
Yeah,
just
one
this
is
george
candler
on
the
the
recommendation
brendan.
I'm
a
little
bit
unclear
why
the
the
account
with
the
smallest
fee
is
the
one
that
we're
you
know
we're
granted.
A
new
competitor
turned
up
was
a
little
bit
less
expensive,
but
presumably
for
the
more
expensive
ones
and
they're
the
ones
that
are
taking
one
percent
of
our
money
every
year.
D
Well,
the
those
are
all
active
manager
options
and
so
those
fees,
obviously
they
they
vary
in
range,
but
we
do
view
them,
as
is
very
competitive,
given
the
the
spaces
that
they're
in
I
mean.
Certainly
things
like
real
estate
are
more
expensive.
D
The
reason
we're
bringing
this
one
to
you
is:
we
really
view
the
the
index
exposure
kind
of
like
a
commodity
you're,
getting
the
index
either
way,
and
so
really
fee
is
the
only
differentiating
factor
where
in
these
other
portfolios
there
are
a
lot
more
factors
involved
in
that
decision
and
and
so
again,
if,
if
we
were
in
other
index
exposure
in
some
of
these
other
asset
classes,
this
would
absolutely
be
a
topic
there,
because,
given
the
fact
that
those
are
actively
managed
portfolios,
it's
a
little
bit
of
a
I.
C
C
D
D
D
So
from
that
standpoint
there
again
there
there
really
is
is
no
cost
other
than
you're
you're.
Just
now
in
the
fund,
that's
that's
paying
a
a
lesser
fee.
The
only
other
consideration
and
a
question
we're
getting
a
lot
is,
you
know,
is
vanguard
going
to
change
their
fee.
Now
that
you
know
they're
no
longer
the
low-cost
provider,
we've
tried
to
reach
out
to
vanguard,
have
have
not
really
gotten
anywhere.
D
So
my
my
sense
is
that
they
have
no
plans
to
do
it
at
least
as
of
today,
but
if
they
were
to
see
a
a
a
great
reduction
in
assets
down
the
line,
it
certainly
would
not
surprise
me
to
see
them
match
if
not
even
come
back
and
and
beat
the
fidelity
fee,
and
if
that
happens,
we
can
obviously
reevaluate
and
and
potentially
even
switch
back.
If
that's
the
case,
but
at
least
for
now,
since
we
don't
know
that
that's
going
to
happen,
why
not
take
the
lower
fee.
A
D
D
If
you
look
back
15
years
ago,
where
index
funds
were
you
know,
there
were
20,
25
basis
points
and
it's
a
steady
line
heading
towards
zero,
I'm
not
sure
it'll
ever
get
to
zero,
but
we're
down
to
two
basis
points
it's
getting
awfully
close,
but
it
wouldn't
surprise
me
if,
if
somebody
came
out
a
year
or
two
from
now
at
you
know
one
basis,
point
or
or
something
like
that,
but
those
fees
are
getting
lower
and
lower
as
more
and
more
dollars,
quite
frankly,
are
are
being
passively
managed
and
again
it's
a
very
competitive
market.
D
C
D
Sure
it
is
it's
very
much
in
line
now,
one
of
the
the
question
that
pops
up
is
is
kind
of
based
on
your
allocation.
You
know
there
are
some
funds
that
have
significantly
more
passive
exposure,
so
you
might
see
their
fee
closer
to
25
or
30
basis
points,
but
there
are
plenty
of
other
plans
that
are
closer
to
65
or
70
on
average,
so
I'd
say
you're
kind
of
right
in
the
middle
middle
ground,
but
but
fairly
low.
D
Considering
your
amount
of
passive
exposure,
you
you
have,
you
have
a
relatively
small
passive
allocation
so
by
paying
a
a
total
average
of
46
basis
points
with
a
relatively
small
amount
of
passive
exposure.
I
think
is
quite
good.
A
Approval
of
the
september
30th
2020
quarterly
investment
performance
report
first,
so
I
think
we
do
that
with
a
roll
call.
So
can
I
get
a
motion
from
the
police
board.
B
A
Okay,
all
three
boards
approved
the
quarterly
investment
performance.
B
A
Oh,
thank
you,
eddie,
and
the
next
item
is
to
approve
the
recommendation
to
transition
from
vanguard,
total
stock
index
fund
to
the
fidelity
total
market
index
fund.
Can
we
get
a
motion
from
the
firefighter
board.
B
A
Okay,
all
three
boards
passed
that
item,
so
thank
you
brendan
and
we
will
move
on
to
our
pension
administrator
report
from
dustin.
F
Thank
you,
brennan.
Did
you
have
any
comments
on
these
last
few
slides
here
that
you
you
wanted
to
make
sorry.
D
I'll
just
mention
there's
no
action,
but
this
is.
These
are
charts
that
you've
seen
before
and
I
just
provided
the
the
updated
chart
as
of
the
most
recent
month
end
for
for
your
review.
So
you
can
kind
of
see
the
the
scale
of
the
drop
back
in
february
and
march
and
then,
of
course,
the
subsequent
recovery.
I
just
wanted
to
provide
that
additional
information
for
your
for
your
review.
F
Okay,
all
right,
thank
you
all
right
moving
forward
here
before
I
forget
off
the
top
up
I'll
mention
it.
Our
meeting
that
will
be
coming
up
in
february
will
be
our
next
scheduled
meeting
and
we're
not
sure
what
the
governor
is
going
to
do
with
extending
these
virtual
meetings
things
we
may
that
may
not
be
allowed
at
that
point.
So
just
wanted
to
mention
that
put
it
on
you,
guys,
radar
that
that
may
be
an
in-person
meeting.
F
I
will
definitely
be
in
communication
with
you
about
that,
and
that's
that's
kind
of
why
we
moved
this
meeting
up
because
we
didn't
know
if
it
was
going
to
get
extended
for
november
or
not
and
considering
the
number
of
board
members
we
have
for
the
pension
boards,
it's
easier
to
do
these
virtual
meetings.
F
So
that's
why
we
moved
it
up
to
the
end
of
october
here
instead
of
our
normal
november
meeting
dates,
but
moving
into
the
report
here,
you
know
the
normal
reporting
of
these
numbers,
I'll
kind
of
jump
down
and
point
out
some
things.
We
do
have
that
difference
that
I
pointed
out
last
time
for
the
general
employees,
the
vested
and
non-vested
you
can
see
year
over
year
here
now
that
the
difference
is
11.
F
F
So
change
of
11
year-over-year
there
and
that's
because
10
years
ago
we
still
had
just
began
hiring
again
from
the
slowdown
where
they
we
had
stopped
hiring
after
the
2008-2009
financial
crisis.
So
now
those
people
that
weren't
getting
hired
there
during
that
time
period
between
10
years
ago
of
2019-2020.
So
that's
why
you
see
that
big
drop
off
there,
but
should
expect
to
see
that
start
ticking
back
up
toward
the
90s
here
in
the
next
year,
or
so
no
big
major
changes
on
this
part
of
the
form.
I
will
say
I
do
this.
F
This
is
usually
one
page.
I
had
to
break
it
up
into
two
pages
because
we
had
so
many
rollovers
refunds
this
year.
I
don't
think
there's
you
know
too
much
to
dive
into
that
other
than
it
just
happened
to
be,
but
this
year
during
this
this
counter
year,
I
think
over
a
million
dollars
pulled
out
just
just
in
the
general
fund
between
backdrop,
distribution
payouts
and
people
just
pulling
their
their
money
out.
F
You
know
some
of
that
that
we
talked
about
before
was
some
of
the
general
beaches,
energy
people
kind
of
getting
picked
up
by
clay
county
and
stuff,
like
that,
those
some
of
the
larger
numbers
you
see
in
there
are
those
those
people
that
got
kind
of
pulled
away
from
the
city.
I
guess
that's
more
of
a
note
for
the
city
than
the
pension
plan,
but.
F
F
They
are
doing
some
virtual
conferences,
but
we'll
try
and
get
some
more
information
on
that
and
see
how
I
want
to
dive
into
that
more
to
see
how
good
that's
going
to
be
before
we
spend.
You
know
the
board's
money
on
that
and
congratulations
to
eddie.
I
kind
of
mentioned
before
the
meeting
for
those
that
were
in
here
that
eddie
won
re-election
for
another
four-year
term.
He
was
sworn
in
before
the
meeting
here
and
but
we
get
to
have
another
four
years
of
any.
F
Before
it
was
mentioned
that
the
board
would
like
to
know
more
information
on
some
of
the
retirees,
including
that's
you
know,
I
started
including
these
service
years
on
the
people
that
were
becoming
coming
up
for
retirement,
just
some
more
general
information,
and
I
thought
you
know
at
the
end
of
a
fiscal
year
as
we're
wrapping
everything
up.
It
might
be,
I
know
worthy
to
pass.
B
F
Just
because
you
know
some
of
these
people
may
have
been
retired
a
long
time.
Maybe
you
knew
them.
Maybe
you
didn't,
but
just
wanted
to
pass
the
information
along
in
case.
Maybe
someone
passed
away
that
you
didn't
know
had
passed
away.
F
Right
now
we
have
the
next
quarterly
meeting
scheduled
for
february
9th
again
it's
subject
to
change,
we'll
we'll
see
what
all
is
going
on
with
kobit.
At
that
point,
definitely
back
in
march
I
was.
I
did
not
think
we
would
still
be
dealing
with
this
at
this
point.
But
here
we
are
meeting
calendar
is
attached
for
2021
here
and
I
know
in
the
original
agenda.
I
had
failed
to
update
some
of
these
dates,
so
I've
updated
this
and
I
sent
a
revised
meeting
calendar
this
morning.
F
I
think
that's
about
it
from
me.
I
attached
our
information
here
on
the
trustees
and
anyone
sees
any
information
they
would
like
updated
as
it
changed
you
please.
Let
me
know
on
that.