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From YouTube: Quarterly Pension Board Meeting (8/9/2023)
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A
B
B
B
C
C
Well
well,
good
afternoon:
let's
go
ahead
and
jump
right
into
the
report.
There's
actually
quite
a
bit
of
good
news.
C
Thank
you,
so
I'll
start
on
page
number.
Four
of
the
report.
You
do
have
a
hard
copy
in
front
of
you
if
you'd
like
to
follow
along
that
way,
especially
for
the
police
board.
If
you
don't
want
to
have
to
turn
around,
but
in
the
upper
right
hand,
corner
of
page
number,
four,
just
an
overview
of
the
markets.
C
The
dark
blue
bar
represents
the
S
P
500
is
up
8.7
in
the
quarter,
really
a
continuation
of
what
we've
seen
the
previous
few
quarters,
even
though
the
FED
has
continued
to
raise
interest
rates
and
that
it
to
varying
degrees
of
impacting
the
bond
market,
the
stock
market
has
kind
of
continued
to
recover
in
part.
Optimism
that
that
interest
rate
increase
cycle
will
be
subsiding
here
soon.
There's
some
debate
about
you
know
if
there
are
any
more
raises
to
come
yet
in
September
or
Beyond.
C
The
expectation
that
that
certainly,
that
is
slowing
down
we've,
started
to
see
inflation
really
coming
back
down
to
those
elevated
levels
of
seven
and
eight
percent.
You
know
significantly
lower
than
so
again.
Just
general
optimism
are
a
little
bit
better
in
that
environment
within
the
the
equity
Market,
though,
you'll
notice,
the
difference
between
large
gap
and
S
P
500
for
the.
C
C
If
you
look
closely
the
graphs
look
very
similar
quarter
over
a
year
in
terms
of
their
scale,
of
course,
the
difference
being
that
the
last
12
months
for
the
s
p
up
almost
20,
so
the
numbers
obviously
much
better
but
just
interesting
how
the
scale
in
terms
of
the
app
performance
is
very
similar.
The
international
Benchmark
was
was
a
little
bit
lower.
C
As
we
look
at
the
next
page
again,
we
talked
about
this
quite
a
bit
over
the
last
two
or
three
years:
the
difference
between
growth
and
value,
so
I'm
on
the
top
of
page
number,
five.
Now
so
the
difference
between
the
value
stocks
in
blue
and
the
green
stocks,
which
represent
growth,
there's
almost
three
to
one
within
the
current,
as
you
recall,
last
year,
as
interest
rates
were
really
moving
up
quickly,
growth
was
was
underperforming,
value
or
value
did
better
in
that
Rising
interest
rate
environment,
even
though
interest
rates
have
still
been
moving
up.
C
I
think
the
optimism
and
part
of
that
that's
slowing
down
has
really
helped
growth.
Additionally,
there's
been
a
little
bit
of
a
Nuance
within
the
the
market,
not
only
the
S
P
500,
but
specifically
the
large
cap
and
growth
Benchmark,
which
actually
have
a
page
to
kind
of
highlight
for
you
a
little
bit
later
in
the
book
where
the
the
largest
names
within
the
index
really
the
top
seven
have
performed
incredibly
well,
in
particular
in
the
last
six
months,
and
that
has
been
driving
the
vast
majority
of
that
performance,
particularly.
C
Ironic
I'm
going
to
skip
the
next
six
seven
pages
and
take
you
to
page
number.
11..
We've
talked
about
interest
rates
discussion
here
for
the
last
really
18
months,
as
we,
you
know,
rebalanced
out
of
equity
and
we're
deciding
whether
we
wanted
to
put
a
fixed
income
with
Rising
interest
rates
so
again
just
to
kind
of
paint.
The
picture
of
where
we've
been
the
last
really
nine
months.
The
treasury
yield
curve
in
the
bottom
right
hand,
corner
the
yellow
line,
represents
the
most
recent
quarter
on
June
30th.
C
C
C
So
typically,
you
know:
why
would
you
be
willing
to
take
100
basis
points
Less
in
return
to
invest
for
eight
years
longer?
That
doesn't
really
make
sense,
but
that's
that's.
The
short
version
of
my
description
of
this
graph
is
this
is
the
way
the
bond
market
feels
about
the
future.
It's
pointed
down
because
it's
expecting
the
future
to
be
worse
than
today,
your
session,
demonstrating
that
they're
expecting
a
recession
to
happen.
They
talked
about
this
in
the
past.
C
C
B
C
C
The
yellow
two-year
versus
the
yellow
ten
year
now
we
were
we've
been
inverted
for
the
last
three
or
you
know
two
quarters.
So
it's
not
a
new
inversion,
but
it
is
a
little
steeper
yeah
this
quarter
as
compared
to
last
quarter.
The
tenure
is
the
grade.
No,
the
green,
it's
still
yellow
it's
just
over
here
kind
of
two-thirds.
G
C
C
C
All
right
now,
let's
take
you
to
page
14
and
start
to
actually
look
at
your
specific
plan
assets.
So
as
of
the
end
of
the
quarter,
we're
at
109.3
million
dollars
and
kind
of
a
continuation
of
the
rebound
that
we
saw
in
the
previous
quarter
again
bouncing
back
up
off
that
theoretical
line
which
represents
your
you
know,
the
assumed
rate
of
return
and
then
obviously,
we've
talked
about
this
in
the
past
as
well.
C
Those
blue
bars
or
gray
bars
down
at
the
bottom
represent
the
net
cash
flow,
and
so
you
can
see
back
in
2007
2008
period,
we
turned
negative,
meaning
you
you're
negative
in
cash
flow
and
you
pay
out
more
in
benefits
than
you're
bringing
in
contributions,
but
you've
been
able
to
continue
to
grow
the
assets
and
that's
really
become
The.
C
It's
been
fairly
consistent
where
we
are
overweight
to
domestic
Equity
by
just
under
four
percent
3.8,
as
in
the
most
recent
quarter,
just
slightly
over
in
international
and
then
underweight
to
fixed
income,
mostly
that's
due
to
Performance,
but
part
of
that
is
due
been
to
our
decisions
where,
even
though
we've
been
overweight,
we've
either
kind
of
held
some
of
that
overweight,
and
we
didn't
want
to
move
it
into
fixed
income
with
rise
of
interest
rates
and
also
kind
of
keeping
some
of
that
in
cash
as
well
again.
What
I
will
say
is
that
the.
C
C
Income
so
again
within
the
normal
ranges
of
the
policy,
but
but
getting
especially
on
the
equity
side,
getting
your
little
topic
and
collectively
we
can
be
five
percent
overweight
to
equity.
Before
we
reach
the
maximum,
that's
allowed
the
ordinance
and
the
policy
we're
currently
sitting
at
4.1
percent
over
that
As
We
Said
Today.
C
C
3.32
gross
3.27
right,
but
we
were
behind
the
policy
of
3.91,
mostly
due
to
the
relative
performance
and
we'll
get
into
that
in
just
a
minute,
but
the
most
important
number
on
the
page
second
column
in
fiscal
year
to
date,
13.5
percent
again
behind
the
policy
of
15.2,
but
relative
to
the
assumed
rate
of
return,
a
very
strong
rate
of
return,
especially
when
you
consider
where
we
were
last
year.
C
Negative
double
digits,
certainly
seeing
a
very,
very
nice
recovery,
just
to
kind
of
give
you
a
little
bit
of
an
update
for
plan
assets
as
of
this
morning,
we're
out
of
about
four
hundred
thousand
dollars
so
just
fractionally.
C
But
that
works
out
to
be
a
few
basis
points
so
that
13.5,
you
know,
roughly
speaking,
is
probably
up
to
about
13.7
13
points,
30
or
so
an
updated
basis,
longer
term,
again,
still
very
strong,
five
years
slightly
Behind
The
Benchmark
at
6.7,
we're
placing
in
the
42nd
percentile
or
outperforming
58
of
the
the
public
funds
around
the
country
and
on
a
10-year
seven
and
a
half
percent
of
43rd
cloud.
C
As
we
move
down
the
page,
you
can
see
the
individual
components.
Vanguard
we've
got
the
index
fund,
it
did
exactly
where
it's
supposed
to
right
in
line
8.4
for
the
quarter
and
we've
got
all
spring.
Our
large
cap
growth
manager,
the
best
return
within
the
quarter
10.7,
but
that
was
behind
The
Benchmark
of
12.8
and
for
the
fiscal
year
24
almost
25
percent
versus
almost
32
for
The
Benchmark.
So
a
fairly
sizable
deficit
within
that
large
cap
growth,
space
I
think
we've
talked
about
this
in
the
past
and
I'll
say
it
again.
C
Just
to
give
you
a
little
bit
more
perspective
on
what's
been
happening.
This
chart
specifically
looks
at
the
S
P
500
for
the
last
12
months
on
the
top
of
the
page
and
then
for
the
first
six
months
of
2023
in
the
bottom
left-hand
corner,
and
that's
really
what
I'll
focus
on
so
in
the
last
six
months
from
January
1st,
the
seven
largest
names
in
the
S
P
500,
which
also
happened
to
be
the
seven
largest
names
in
the
Russell
1000
growth
and
they're.
C
Even
a
larger
waiting
within
growth
are
collectively
up
about
52.3
versus
the
s
p
from
agree.
It
was
up
17
16.9
and
if
you
pulled
out,
you
know
the
those
seven
from
the
S
P
500.
So
you
just
did
the
493
stocks
minus
those
seven
biggest,
the
s
p
return
would
have
dropped
from
almost
17
percent
to
5.8
percent.
C
So
just
to
give
you
an
indication
as
to
how
important
that
performance
has
been
of
those
of
those
biggest
names
of
those
top
seven
names.
So
then,
when
you
take
it
back
to
the
offsprings
of
the
world,
if
you
didn't
own
Apple,
Amazon
Microsoft
at
a
market
weight,
you
underperform,
because
essentially
every
other
stock
didn't
do
as
well
as
the
handful
of
names.
So
certainly
that
is
is
disappointing.
C
I
mean,
obviously
you
never
want
to
underperform
that
way,
but
I
would
also
make
the
argument
that
there's
a
pretty
significant
risk
being
that
heavily
weighted
into
such
a
small
number
of
names.
You
saw
that
if
you
look
at
the
upper
part
of
this
graph,
you
can
see
what
that
looked
like
in
the
last
six
months
of
last
year
were
those
same.
Seven
names
were
down
almost
20
percent,
so
certainly
it
was
possible
for
that
to
go
back
the
other
way.
C
H
C
H
C
Way
well
so
that
red
line
shows
a
theoretical.
You
know
the
seven
and
a
half
percent
rate
of
return.
Now
that
is
weighted,
it
wasn't
always
seven
and
a
half.
It
was
higher
before
okay,
okay,
but
that
if,
if
the
plan
was
invested
with
the
same
cash
flows,
back
going
all
the
way
back
to
1987
at
that
11.8
million
dollars,
it
would
be
101
million
dollars
just
earning
the
assumed
rate
of
return.
C
H
C
Would
be
factored
in
with
the
actuarials,
so
you
know
if
there
was
a
significant
change
in
their
profile
of
the
number
of
retirees
the
payments
and
the
assets
were
built.
We're
not
growing
enough
to
sustain
that
cash
flow,
then
that's
where
the
actor
will
pick
up
additional
contributions,
but
that's
being
done
on
an
annual
basis
and
being
factored
in
so
the
short
answer.
C
Is
it
really
shouldn't,
because
again,
each
year
that
annual
contribution
is
being
adjusted
based
on
the
progress
of
how
that's
going
and
if
the
assets
were
not
growing
fast
enough
to
meet
that
that
negative
cash
flow,
then
it
would
require
additional
contribution.
C
So
getting
back
to
page
21
again
looking
at
the
managers,
JP
Morgan
Equity
income
is
our
large
step
value
manager
of
2.2
percent,
but
behind
The
Benchmark
of
4.07,
also
behind
for
the
fiscal
year
13
versus
18.
As
you
recall,
when
we
hired
that
strategy,
it
was
they're
kind
of
known
for
their
defense.
C
For
the
the
last
nine
months,
they've
been
a
very
good
manager
for
you
over
time.
There
just
is
some
kind
of
volatility
quarter
to
quarter.
They
have
a
really
good
quarter
a
little
bit
behind
this,
but
again
over
time
they
have
been
very,
very
strong
performer
for
you.
As
we
move
to
page
22.
We
get
into
our
international
funds
a
little
bit
of
a
mixed
bag.
Euro
Pacific
growth
was
a
little
bit
behind
the
2.1
versus
2.6
and
wcm
was
3.6
versus
that
same
2.6
for
The
Benchmark.
C
But
if
you
look
on
the
fiscal
year
or
trailing
one-year
basis,
you'll
see
both
of
these
managers
outperforming
they've
done
very
well.
Just
as
a
reminder,
we've
got
the
follow-up
discussion
related
to
potentially
allocating
taking
a
piece
of
from
each
of
these
managers
and
potentially
adding
to
a
value
out
of
allocation.
C
Then,
as
we
move
down,
we've
got
the
short-term
bond
fund
with
Bayard
very
nice
bid.
It's
positive,
seven
basis
points
versus
The
Benchmark
of
negative
37
and
to
contrast
that
with
Sawgrass
we've
down
to
1.02,
more
or
less
in
line
with
the
Benchmark
down
to
98
basis
points
again,
their
performance
has
been
good
ahead
for
the
fiscal
year,
but
again
slightly
behind
for
the
quarter.
But
again
going
back
to
that
fair
discussion.
C
You
know
instead
of
one
of
the
discussion
points
was:
should
we
put
this
into
the
Sawgrass
portfolio
to
rebalance
and
the
you
know
the
thought
process
of
the
decision
was
well
in
a
rising
interest
rate
environment.
We
don't
want
to
take
as
much
of
that
duration
risk,
so
we
decided
to
put
it
in
the
fair,
short-term
fund
and
you
can
certainly
see
that
that
benefit
within
the
quarter.
C
You
know
that
certainly
has
held
up
nicely
for
the
period
since
March.
It's
up
1.09.
C
And
then,
as
you
move
down,
we
have
Pimco
our
Global
or
Diversified
Bond
portfolio
90
basis
points
to
the
positive
versus
negative
1.4
and
for
the
fiscal
year,
8.45
versus
6.38,
so
very
nice
relative
performance
and
then
also
an
absolute
performance,
a
very
nice
diversifier.
Getting
you
know
a
little
bit
of
extra
return
there
as
compared
to
our
domestic,
fixed
income
and.
C
C
And
again,
this
is
a
little
bit
of
kind
of
the
delay.
We've
sort
of
been
talking
about
this
for
a
while
what
we
saw
in
public
markets
last
year,
both
equity
and
fixed
income
sold
off,
but
the
real
estate
was
holding
up.
It
did
really
well
about
what
we
saw
in
public
market
real
estate
is
that
was
already
starting
to
sell
down,
and
we
expected
this
to
kind
of
thin,
the
real
estate
sector,
the.
J
C
K
How
much
what
are
we
earning
on
that
cash?
The
Goldman
Sachs
money
market.
I
C
C
C
C
Within
the
report
other
than
to
remind
you
in
the
back
of
the
book,
we
always
talk
about
it,
but
we
have
the
reschedule.
So
I
would
like
to
remind
you
of
the
fees,
the
general
portfolio,
so
again,
110
million
dollar
kind
of
total
asset
portfolio
you
can
see
is
averaging
at
about
45
basis
points.
So.
C
Of
passive
management
with
the
Vanguard
fund,
roughly
17
million
dollars
on
the
rest
of
the
portfolio
is
actively
managed
and
do
all
of
that
for
for
less
than
a
half
a
percentage.
I
just
again
wanted
to
make
sure
we
remind
you
of
kind
of
the
fees
that
you're
you're,
paying
your
different
managers
and
again
just.
I
M
C
So
again,
this
is
going
to
look
very
similar
to
what
we've
seen
at
the
fire
view
quarters.
We
have
been
discussing
three
different
funds
on
page
60,
just
to
remind
you
of
what
those
funds
were,
the
DFA
International
value,
dodging
Cox,
International
and
pear
tree
Polaris
foreign
value
and
the
different
fee
rates.
Dfa
is
the
cheapest
at
30
basis,
points
Dodge
and
Cox
at
62
and
43
Polaris
at
95
basis.
Points
is
certainly
quite
a
range
in
terms
of
expense
for
for
those
particular
funds.
C
On
page
61,
really
the
thing
that
I
would
highlight
for
you
is
that
very
top
line,
the
number
of
Holdings
so
DFA
at
550
positions,
very
Diversified
fund
with
the
large
portfolio
in
terms
of
the
number
versus
dodging
Cox
and
clear
tree
at
82
and
63
respectively.
So
again,
those
are.
L
D
C
Very
concentrated,
but
again
certainly
the
DFA
is
more
broadly
Diversified.
As
for
the
comparison,
I
also
included
the
American
Funds,
your
two
other
International
strategies,
the
Euro
Pacific
Grove
and
the
wcm
focused
just
so.
You
can
kind
of
see
in
particular
how
that
shakes
out
in
terms
of
the
style
of
chart,
because
I
thought
that
was
very
helpful
to
see
those
kind
of
two
stacked
up
against
the
value
strategies.
C
C
One
of
the
things
that
we
had
talked
about
and
in
the
shorter
run
you
know
it's,
it's
been
kind
of
beneficial.
The
growth
has
been
outperforming
value.
So
by
not
making
this
decision
say
three
months
or
six
months
ago.
It's
actually
helped
just
a
little
bit
to
be
more
in
those
those
real
strategies,
but
certainly
we
would
expect
value
to
complement
the
strategies
nicely
and
again
likely
to
have
a
period
where
value
is
going
to
be
better
than
growth
here
at
some
point.
C
C
Not
to
be,
you
know,
spent
too
much
time,
but
let
me
pause
there
see
if
any
other
question
comments,
I'm
happy
to
go
through
more
of
the
information
statistics,
but
we've
covered
a
lot
of
that
in
Prior
meetings.
So
I
don't
want
to
spend
too
much
time
if
you
guys
have
any
thoughts
or
questions
on
doing
something
with
the
international
allocation.
C
And
I'll
throw
out
there
in
total,
you
have
11
million
dollars
between
the
or
Europe
Pacific
Grove
and
the
WCN
strategies.
So,
if
you're
looking
at
half
or
something
close
to
half
you're
talking
about
five
or
five
and
a
half
million
dollars,
potentially
as
an
allocation
to
kind
of
balance
out
that
their
current
Queens
of.
K
K
C
Well,
and
one
of
the
things
that
you
know
we
have
talked
about
in
different
quarters
last
year,
when
value
was
doing
better
than
growth,
we
were
underperforming
a
bit
relative
because
of
that
kind
of
growth.
Lean
on
the
portfolio
certainly
benefited
us,
the
last
six
months
to
have
that
rebound
in
growth,
but
just
in
terms
of
kind
of
balancing
that,
out
from
an
ongoing
perspective,
I
think
having
a
little
bit
more
balance.
You
certainly
have
the
size
to
to
allocation
and
not
anything.
L
The
question
for
you
we're
about
two
to
one
Euro
Pacific,
to
WCN
correct,
assuming
we
will
have
got
the
50
50
growth
values
for
it.
Would
you
recommend
how
would
you
recommend
giving
up
the
Euro
Pacific
versus
so
the.
C
C
D
C
You
know
about
four
million
give
or
take
so
so
again,
taking
more
from
the
Euro
Pacific,
the
large,
the
larger
Cap
Fund
growth
strategy.
Kind
of
trying
to
maintain
that
still
that
you
know
larger
piece
in
your
Pacific,
but
not
taking
people.
C
K
N
C
Four
discussions
have
been
I
feel,
like
leaning
towards
the
DFA
fund.
Certainly
there
are
a
lot
of
benefits
of
that
again.
Lower
fee
I,
would
argue
kind
of
provides
the
most
diversification
because
it's
farthest
on
the
value
side
as
compared
to
the
other
strategies.
But
again,
all
three
of
these
are
good
strategies,
but
if
that's
the
one
that
we
might
have,
then
I
would
recommend
again
the
number
that
it's
five
million
dollars.
C
B
B
L
Motion
I'll
make
a
motion
to
lose
one
and
a
half
million
from
the
wcm
fund
and
three
and
a
half
million
from
the
Euro
Pacific
fund
to
invest
five
million
in
the
DFA
International.
D
J
C
So
the
only
other
potential
consideration
that
I've
taken
you
back
to
page
17
up
on
the
screen.
We
still
have
talked
about
this
each
quarter
having
this
overweight
to
equity,
we
are
within
the
the
ranges
of
our
policy,
but
each
time
we
talk
about
whether
we
may
want
to
draw
that
back
last
time.
Eddie-
and
let
us
know
if
you
needed
some
cash
for
upcoming
benefit
payments,
so
we
just
used
that
to
help
draw
back,
we
didn't
actually
make
any
sort
of
kind
of
collective
decision,
but
is
there?
Is
there
any
interest
in
in
rebalancing?
C
Some
of
that?
You
know
overweight
that
we
that
we
currently
have
again
it
works
out
in
dollars
is
about
four
and
a
half
million
dollars
over
Target
combined
between
the
international,
which
is
only
point
three
percent.
C
C
Again,
you
already
have
you
know,
1.8
or
so
sitting
in
cash.
You
get
a
healthy
position,
but
it
and
again
you're
within
the
ranges
of
the
policy
you're
not
out
of
bounds.
But
this
is
you
know
each
quarter.
We
kind
of
talk
about
this
because
we've
been
within
one
or
two
percent
each
time.
Sometimes
it's
been
over
and
we've
had
to
move
back,
but
but
while
we're
close
again,
I
just
want
to
make
sure
you're
comfortable
current
position
again.
C
If,
if
we
need
money
for
backdrop
or
other
things,
we
can
look
to
appeal
back
from
Echo
to
draw
that
draw
that
back
down
just
on
an
as
needed
basis
as
it
goes
to
it.
C
L
C
K
C
You
know,
equities
are
up
depending
on
the
Benchmark
25
30
over
the
last
12
months.
Take
a
few
of
those.
You
know
those
profits
off
the
table.
That's
the
I
think
the
argument
for
doing
it.
While
the
market
is
up
not
that
we're
predicting
the
market
to
go
down
tomorrow,
but
you
know
you
added
a
very
nice
run
and
so
taking
a
few
of
those
those
profit
dollars
off
the
table
and
again,
even
if
you
put
it
in
Millennial
cash,
it's
earning
five
percent.
That's
that's
amazing!
Four
percent!
D
C
C
So
again
and
I
wrote
that
down
just
assuming
or
thinking
we
might
do.
This
I
would
say
two
and
a
half
from
Vanguard
1.5
from
JP,
Morgan
and
500
from
all
spring.
C
H
C
I
I
K
I
Year
and
a
half
ago,
yeah
with
his
long-term
plan
that
unfortunately
been
around
here,
we'll
be
here
for
a
lot
longer
so
well,
but
you
do
measure
exceeds
end
of
you
know:
fiscal
checkpoints
and
actuator
evaluation,
The
Experience
study
the
actual
evaluation
report,
so
it
is
nice
to
have
positive
gains
on
the
on
the
folks.
When
that's
right,
you
know
so
I
understand
your
point
from
point
information
processor
of
this
leader
in
good,
comfortable,
shooting
and
excessive.
C
The
other
thing
I
have
to
point
out
too,
is
we're
not
talking
about
selling
out
of
equity,
because
we
think
they're
going
down
it's
just
going
back
closer
to
Target
right
either.
Halfway
to
Target
or
two
target
you'd
still
be
at
60
Equity,
it's
not
we're
not!
You
know.
You
still
have
that
kind
of
Full
Exposure.
We
just
have
a
little
bit
extra
exposure
today.
N
C
F
C
C
C
K
C
C
C
Stabilize
or
maybe
even
go
back
lower
again,
not
not
fed
funds,
so
that's
not
going
to
happen
likely,
at
least
for
the
next
six
or
12
months,
but
any
of
the
longer
weeks
we
actually
stated
right,
allow
them
to
stretch
out
a
little
bit,
but
from
from
that
standpoint
you
know
again,
that's
why
we
I
initially
said
cash
for
this.
You
know
just
go
ahead
and
move
it
to
cash
you're
dealing
the
same,
if
not
slightly
higher
than
even
the
bear
fund.
C
C
So
4.1
percent,
which
equates
to
four
and
a
half
million
dollars
right,
if
you
have
that
amount
instead
of
1.5
out
of
JP
Morgan
you're
talking
about
750
250
from
all
spring
and
1.25
from
the
Vanguard
fund,.
H
C
C
H
B
K
H
D
C
C
C
So
everyone
see
that
on
page
two,
so
just
want
to
make
sure
that
that
is.
That
is
corrected.
As
for
the
rest
of
the
IPS,
the
reason
we're
bringing
this
to
your
attention
is
House.
Bill
free
did
pass.
C
This
is
something
that
has
been
discussed
for
quite
a
while
known
as
sort
of
the
anti-exg
bill,
even
though
ESG
specifically
is
not
referenced
in
the
bill,
but
really
the
short
version
is
the
law
is
requiring
us
to
do
what
we've
always
done
and
that's
the
focus
solely
on
risk
and
return
with
the
Investments,
but
because
this
is
now
law,
it's
going
to
be
in
the
statutes
we're
going
to
have
to
follow
we're
going
to
have
some
reporting
requirements
associated
with
this
new
law.
C
D
C
Document
this
was
sent
to
to
Pedro
in
advance
of
this
discussion,
but
I
think
it's
fairly
kind
of
boilerplate
language,
again
a
lot
of
just
taking
straight
from
the
statute.
So
with
that
I
I
will
mention
one
thing:
one
other
change,
that's
not
specifically
related
to
hospital.
Three
is
on
page
number
three,
the
policy
you
see
it's
highlighted
in
yellow
in
your
old
IPS.
C
You
specifically
mentioned
what
the
Actuarial
simulator
return
was
subsequent
meeting
changed
you're
assumed
grade
your
IPS
were
kind
of
being
in
Conflict,
so
I
just
changed
the
language
to
be
to
reference
the
most
recently
approved
for
student
grade.
So
that
way
it
wouldn't
be
out
of
compliance
or
out
of
date.
C
Should
you
change
that
that
number,
then,
if
you
move
to
page
number,
five
right
at
the
bottom
within
the
limitations,
section
is
the
first
real
Edition
related
to
the
hospital
free
language
and
again
this
is
a
reference
to
the
managers
and
what
they
can
do
and
essentially
they
have
to
focus
on
communary
factors
they're
not
allowed
to
to
factor
in
you
know.
You
know
the
social.
C
Environmental,
social
or
political
factors
it
also
it
relates
to
their
proxy
voting.
So
as
managers
are
voting
proxies,
they
can't
be
taking
other
factors
into
consideration
in
terms
of
how
there's
always.
C
Then,
if
you
skip
ahead
to
pages
eight
and
nine,
you
get
the
remainder
of
the
additions
So.
Within
the
communication
section
item
H
at
the
top
of
page
eight,
we
are
going
to
have
a
reporting
requirement.
That's
due
on
December
15th
of
each
odd
number
year.
So
this
will
be
the
first
year
and
then
25
and
so
on.
We'll
have
to
do
a
report.
We
don't
know
what
that.
C
I
So
so
we're
working
with
the
state
of
Florida
on
that
right
now
so
House
Bill
3
passed,
and
so
it's
a
60
page
document.
It
sits
on
the
department
of
Management,
Services
desk
and
they're,
trying
to
figure
out
what
to
do
with
it.
So
we've
been
in
communication
with
them,
trying
to
figure
out
with
this
biennial
report's
going
to
look
like
because
they
don't
know
and
I've
heard
from
the
extreme
it's
going
to
be.
You
know,
requirements
of
listing
all
the
transactions
every
transaction
portfolio,
every
Proctor,
the
portfolio.
How
does
the
board?
I
You
know
stance
on
each
action
item
which
which
tenable
you
know
administerial
like
resource
drain,
so
we're
trying
to
get
to
a
yes,
no
question
and
an
affirmation,
so
it
does.
The
board
agree
that
all
decisions
were
made
consistent
with
pecuniary
factors
only
as
the
sole
decision
making
the
criteria
and
I
talked
to
Keith
craigman.
Last
week,.
I
It's
in
our
legal
review
right
now,
I
think
you
can
please,
but
I
haven't
heard
back.
So
the
language
of
the
policy
has
been
reviewed
and
approved
of
all
the
attorneys
in
the
state
and
Department
of
Management
Services
and
we're
Googling
them,
and
then
the
binary
reports
or
working
on
a
draft
of
that
we
have
to
file
by
December
15th.
So
there
has
to
be
a
decision-
they're
not
workshopping
this,
so
they
will
just
be
telling
us
with
them.
C
We're
getting
back
to
page
nine,
the
other
two
additions
within
the
compliance
section,
essentially
a
section
or
item
G,
just
says
that
we
will
not
be
recommending
strategies
that
are.
We
will
only
be
recommending
strategies
based
on
Computing
factors
and
then,
if
there
was
an
RFP
for
any
type
of
services
for
the
plan
again,
you
would
be
focusing
on
social,
political
or
ideological
items.
C
C
No
questions
and
it
you
agree
that
it
would
need
to
be
a.
C
K
G
F
M
M
They
are
combining
the
general
plans.
We
two
summary
plan
descriptions
for
the
general
plan,
one
for
people
hired
before
the
November
update
for
people
hired
after
November,
2013
and
they're,
combining
that,
after
just
expected,
continuing
education.
We've
got
the
fppta
conference
coming
up,
October
1st
to
the
fourth,
and
that
is
here
at
Sawgrass.
So
if
you
are
interested
in
going
through
that,
that's
probably
the
easiest
one
to
attend
that
there
will
be,
and
the
least
expensive
for
the
plane.
So.
I
M
Anybody's
interested
I'll
pass
on
the
information,
no
matter
what
I'll
just
forward
email
that
I
got
from
them
to
you
guys,
but
let
me
know
soon,
because
those
rooms
will
woke
up
fast,
I'm
sure
software
updates
last
I
talked
to
DRS.
They
kind
of
told
me
that
they,
you
know
we
were
going
to
be
in
beta
by
the
end
of
why
I
just
talked
on
the
phone
with
them
yesterday.
M
M
So
that's
what
they
said
by
the
end
of
this
month
now
could
have
the
beta
testers
and
at
the
end
of
the
last
meeting
we
didn't
have
a
form
of
a
fireborn.
Then
we
had
the
special
meeting.
I
was
asked
to
investigate
look
into
the
feasibility
of
financially
splitting
apart
the
plans
so
that
they
could
make
individual
possibly
make
individual
whereas
right
now
any
financial
decision
has
to
be
made
follows
reports
because
our
funds
are
all
cool,
so
I
was
asked
to
look
into.
M
M
Finance,
what
it
would
look
like
for
me
and
City
click,
so
the
pension
attorney
I'll
just
read
through
some
of
this
it
was
requested.
There
is
no
requirement
that
three
boards
have
the
same
Investments
or
investment
policies.
That
is,
if
that
is
currently
in
our
ordinance,
is
what
the
attorney
is
saying
there.
The
three
boards
could
continue
to
meet
together
at
the
same
time
and
place,
but
can
vote
on
investment
issues
individually.
M
M
Does
the
this
Finance
Department
kind
of
had
the
authority
to
pull
money
as
they
need
it
from
what
areas
and
things
so
they're,
just
kind
of
giving
some
guidance
on
that
as
well,
and
the
consultant
should
be
asked
about
any
added
costs
for
separating
any
Investments
of
the
three
system,
so
when
that's
putting
on
the
spot.
But
if
you
don't
mind,
if
you
weigh
in
on
what
are
they,
you
know
potential
costs
as
far
as
money
managers
with
people
you've,
the
ones
that
we
currently
have
that
you
spoke
to.
C
So
it's
kind
of
a
multi-capacited
answer,
so
if
you
were
to
to
kind
of
split
the
individual
split
into
three
plans
but
maintain
the
current
manager
lineup
and
maintain
your
relationship
with
your
custodian,
there
would
really
be
no
impact.
I
spoke
with
each
of
your
separate
account
managers,
and
they
would
continue
to
view
you.
You
know
as
a
single
group
or
collectively,
even
though
each
account
sub
account
would
be
smaller
for
fee
purposes
and
the
like
they
would.
They
would
do
that
same.
C
Correct
it
will
it
will
view
it
as
one
relationship
which
essentially
the
the
accounts
after
splitting,
would
be
the
same
as
they
were
before.
You
know
again,
just
obviously
sub
amounts,
but
but
they
would
review
that
the
same.
So
really
from
that
standpoint,
no,
no
impact
where
the
impact
starts
to
happen
is
if
one
board
begins
to
make
a
different
decision
and
you're
taking
call
it
a
third
of
the
assets
going
in
a
different
direction.
C
So
not
only
is
there
a
third
potentially
impacted
because
they're
trying
to
invest
in
a
new
strategy
and
they
don't
have
the
collective
weight
of
the
other
two
boards
and
then
the
other
two
boards
have
you
know
again,
the
the
overall
asset
picture
has
been
diminished
so
that
you're,
potentially
looking
at
kind
of
cost
increases.
You
know
as
as
long
as
you
tear
down
in
some
levels.
So
that's
that's
where
it
could
change.
C
That's
where
it
certainly
can
have
an
impact,
it's
difficult
to
quantify,
because
it
depends
on
what
decisions
you're
making
you
know
if
you're,
replacing
one
manager
with
another
that
might
be
cheaper
and
more
expensive,
they're,
certainly
factors
that
go
into
it,
but
certainly
that
that's
where
it
potentially
gets
to
be
costly.
Well,.
J
C
Than
the
group
yes
you'd,
probably
be
subject
to
to
more
of
those
those
increases
correct
now,
Dustin
kind
of
already
mentioned
that
other
service
providers
there's
certainly
an
element
there,
just
strictly
from
from
our
perspective,
unable
to
do
that,
but
sort
of
the
average
fee.
You
know
we
we
charge
you
a
single
fee
for
for
the
collective
rewards
which
works
out
to
be
about
13.
Excuse
me,
14,
350,
on
an
annual
basis.
C
And
then
making
different
decisions,
obviously
there's
a
lot
more
involved
there
for
administration
more
time.
So
so
we
put
include
18
000
annually
for
each
board
in
that
sort
of
scenario.
But
again
that's
splitting
and
doing
everything
differently,
you're,
just
technically
split
but
still
beating
like
we
are
today.
D
H
M
Attendance
attempts
at
the
surfboard
so
like
at
the
last
meeting
we
weren't,
able
to
like
Brenda,
didn't
get
to
make
a
presentation
that
he
was
had
prepared
and
stuff
because
we
didn't
have
a
whole
Quorum
from
all
three
boards.
So
we
can't
make
any
financial
decisions
if
we
don't
have
all
three
Awards,
because
our
our
funds
are
certainly.
J
M
Recently,
it
has
been
the
the
firework,
but
talking
with
Ed
we
one
of
the
problems
was
that
Jacksonville
was
telling
him
last
minute
that
they
could
come
to
the
meeting
with
the
employees
and
after,
like
every
meeting,
I
sent
a
letter
to
the
city
of
Jacksonville
and
to
their
Union
reps
and
requesting
that
they
have
time
off
to
come
to
these
meetings
and
last
minute,
Jacksonville
would
say
no
we're
short
on
people.
M
You
can't
leave
well
now,
we've
gone
through
the
union
and
that
has
gotten
approval
through
the
union
through
the
city,
and
now
they
can't
do
that
anymore
once
we
have
to
allow
them
to
come
to
the
living.
So
the
kind
of
secured
some
additional
concrete
that
they'll
be
able
to
to
come
to
these
meetings
more
regularly
in
a
few
personal
Debbies
committed,
even
though
you
lived
you're
going
to
be
here
and
I,
think
we've
secured
up
some
of
that
issues.
M
I'll
continue
going
through
what
we
do
have,
so
this
is
still
what
we
mentioned
attorney
has
said
the
city
code
Provisions
concerning
the
Investments
of
each
retirement
to
empower
each
assistant,
Board
of
Trustees,
to
invest
in
assets
of
each
Pension
Plan
engagement.
So,
basically,
what
he's
saying
is
in
in
our
city
ordinance,
all
three
plans
are
separate
already.
There
would
be
no
there's
nothing
that
needs
to
go
to
council
for
this
to
happen,
because
there's
nowhere
in
the
ordinance
that
it
even
references,
our
money,
are
cooled.
M
So
the
question
then
becomes
well
it's
that
if
we
were
going
to
go
down
this
pathway,
what
would
that
look
like
attorneys
are
circling
the
wagons
on
that
right
now,
I,
don't
have
a
clear
answer
as
to
what
do
all
three
reports,
and
even
though
there's
one
board
need
to
vote,
is
it
administrative
test?
It
just
needs
to
get
done.
I.
Don't
we're
waiting
to
hear
we
kind
of
already
went
over
and
codes
response
there
so.
O
M
In
the
longer
term,
20
years
out
is
what
the
numbers
I
was
yeah,
that's
what
the
actuary
I
was
talking
about
from
yesterday.
He
said
you
know
somewhere,
he
would
expect
you
know,
somewhere
between
20
and
30
years,
down
the
road.
Maybe
the
fire
plan
wants
to
take
a
different
investment
path
than
the
other
plans
being
they're
closed
and
the
Aging
of
their
people.
So
that's
still
a
good
question.
Okay,
thank
you.
Yeah
from
finances
side.
M
This
is
probably
would
have
the
most
impact
on
finance
and
other
individual
groups
because
of
how
everything
is
reconciled.
I'll,
just
kind
of
read
through
a
statement
that
we
got
from
the
finance
department,
a
monthly
investment
reconciliations.
Currently
there
are
four
investment
accounts
that
have
separated.
There
would
then
be
12.,
I
think
those
are
you
know:
domestic
Equity,
International,
Equity
fixing
real
estate
accounts
that
they're
invested
for
and
then
so.
Those
are
triple
foreign.
M
M
I
should
have
mentioned
that
earlier,
and
there
would
be
they
said
between
25
to
30
hours
of
an
increase
in
how
much
time
they
would
need
to
dedicate
to
the
audit
if
we
were
to
split
out
financially
and
the
other
statement
that
they
had
is
that
if
we
did
this,
they
would
request
that
we
did
it
on
October
1st.
You
know,
beginning
of
the
fiscal
year,
so
we're
not
trying
to
make
that
transition
in
the
middle
of
additional
reconciliation
of
the
annual
auditing
investment
statements.
M
As
part
of
the
year-end
audit
process,
we
received
final
origin.
Investment
statements
must
be
used
in
our
financial
services.
This
is
essentially
a
13th
reconciliation,
again,
four
to
12..
So
it's
just
you
know.
Finally,
it's
listing
out
the
number
of
themes
that
it
would
increase
for
them
kind
of
we're
meetings.
If
the
meeting
take
time
to
re-separated
finance
steps,
we'll
have
to
attend
more
meetings
and
monitor
additional
agendas
for
related
decisions
and
summary
of
the
costs
and
complexity
of
accounting
for
separate
portfolios
for
increase.
M
One
of
the
city's
long
held
financial
goals
is
to
provide
the
most
cost-effective
and
efficient
solutions
to
pension
Administration.
To
ensure
Financial
civility
of
over
the
long
term
decision
needs
to
be
made
if
the
benefits
of
making
this
change
out
ways
to
the
costs.
So
it's
mutually
beneficial
to
keep
costs
as
low
as
possible
for
specific
and.
M
E
M
E
M
M
M
F
J
J
G
I
think
that
Collective
thoughts
and
discussion
from
courts-
it's
really
helpful
to
the
other
boards
and
if
the
issue
with
the
tenants
had
found
that
they've
been
taking
some
steps,
I
think
it's
good
to
do
this
homework
to
know,
but
for
me,
I
do
not
see
how
just
the
added
cost
and
Hassle
and
everything
like
that
would
be
beneficial.
If,
because
we
haven't
really
differed.
J
L
Just
think
the
conversation
needs
to
be
started.
We
have
three
different
boards.
Three
different
life
cycles
with
the
fire
boards
closed.
Obviously
their
investment
Outlook
is
going
to
change
significantly.
As
that
plan
ages.
Their
attendance
has
been
an
issue
I'm
appreciative
that
a
job
I'll
come
to
step
in
to
you
know
kind
of
Ensure.
L
Their
attendance
I
posed
a
question
because
I
could
not
in
good
conscience,
performance,
fiduciary
duty
to
my
members
when
two
at
four
times
we
meet,
we
weren't
able
to
do
anything
and
that
was
again
mayor,
Hoffman
I
think
it
is
something
the
exercise
the
homework
to
be
able
to
look
into
it,
because
I
think
it
is
a
question
that
needs
to
be
raised.
J
M
M
It
is
good
information.
You
know
it's
been
kind
of
enlightening
to
look
into
employee
elections.
We
did
a
police
and
fire
board
employee
elections
coming
up
over
the
next
year,
the
city
clerk's
office
going
to
be
running
after
they
are
going
to
be
doing
an
all
electronically
this
time,
so
those
will
get
sent
out
to
the
employee's
emails
that
would
be
and
have
a
survey
format.
What
I
understand.
They've
we've
talked
with
the
attorneys
and
there's
no
problem
and
doing
it.
This
way
it's
just
the
city
has
always
done.
M
You
know
the
future
balance
the
stuff
that
we
kind
of
test
rolled
it
last
time
with
fire
it
out
through
emails
to
their
city
of
Jacksonville.
So
it's
easier
to
do
with
a
smaller
plan
like
that
and
so
I
think.
That's
what
they're
going
to
be
doing
this
over
the
next
couple
months
is
starting
that
whole
process
electronically.
M
It
was
requested
that
possibly
move
future
meetings
from
the
second
Tuesday
of
the
month,
to
maybe
the
fourth
Tuesday,
or
not
specifically
that
but
to
be
later
in
the
month,
so
that
we
would
have
a
flash
report
for
the
month
have
our
quarterly
numbers
and
a
classroom
report
for
the
month
preceding
that
as
well.
So
is
there
anyone
that
would
have
an
issue
with
that,
because
at
the
next
meeting
I'm
going
to
be
scheduling
the
next
calendar
Year's
worth
of
meetings.
E
D
E
E
G
Can
we
go
back
to
the
feasibility
of
the
splits
sitting
here,
ruminating
on
things,
and
we
can
all
agree
fire
if
it
may
be
a
different
pact
at
some
point
in
the
distant
future?
But
it
surprised
me
that
there
wasn't
anything
that
said
we
did
need
to
meet
or
did
need
to
have
combined
pension
boards.
So
should
we
be
codifying
something
I'm
just
thinking
out
loud
and
I
would
prefer
to
create
your
own.
G
Is
it
something
that
either
should
be
done
by
all
three
boards
have
to
approve
it
or
the
city
council
has
prove
it
again,
I'm
just
thinking
out
loud,
it
seems
like
that
would
be
a
pretty
big
move
compared
to
the
practice
of
how
we've
learned
it
for
all
this
time.
So
maybe
there
should
be
some
more
intention
involved
in
that
versus
that's.
G
O
C
M
And
I
don't
know
what
happens
with
your
money.
Did
you
ever
find
out
I've
been
told
again
that.
M
But
this
year
it's
up
it's
like
450
something
thousand
dollars.
So
there's
a
huge
increase.
J
E
M
Yes,
because
it's
reallocated
it's
the
whole
amount
is
re,
shows
that
reallocated
to
City
of
Jackson.
When
you
see
the
report,
if
you
look
at
the
city
of
Jacksonville,
it
shows
reallocation
of
a
positive
amount.
If
you
take
Neptune
reach,
Atlantic,
Beach
and
Jacksonville
Beach
and
you
add
our
numbers
up
of
what
we
show
as
a
negative
reallocation.
You'll
come
to
the
number
that
Jacksonville
is
getting
for
the.