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A
A
If
communication
is
unable
to
be
restored
within
15
minutes,
items
remaining
for
consideration
will
be
continued
to
november
9th
today,
at
1
pm
central
standards
time
via
video
conference,
and
with
that
I
like
to
call
the
meeting
to.
A
I
can
add
to
speak
on
a
certain
agenda
item
to
participate.
You
can
call.
A
A
With
that
we'll
go
to
item
two
which
is
approve
the
minutes
of
the
meeting
of
august
10th.
A
A
B
I'll
motion
a
motion
for
laura
johnson.
B
A
Oh
and
the
motion
passes
five
zero
item.
Four
is
a
presentation,
investment
performance
review
period,
ending
september
30th
2020
and
then
we
at
the
same
time,
we'll
also
receive
the
monthly
investment
reports
on
item
five
for
the
period
ending
july
31st
august
31st
september
30th
and
october
31st,
and
we
have
doug
anderson
here
with
us
today
from
anco
doug.
E
Am
I
muted
still
not
now
okay?
Thank
you
good
morning,
everyone.
How
am
I
I'm
gonna
see
if
I
can.
I
am
not
able
to
share
my
screen.
So
if.
E
E
E
C
E
E
E
E
So
for
the
this
is
the
quarter
performance,
so
this
is
the
july
1
to
september
30
period,
and
while
we
have
seen
a
lot
of
just
a
lot
of
volatility
in
the
marketplace,
if
you
look
here
for
the
third
quarter,
that's
the
end
of
the
summer
effectively
international
equities,
which
is
this
bunch
right
here.
The
the
maroon
were
positive
up.
Six
percent
for
all
countries
up
four
point:
eight
percent
for
so-called
developed
countries
and
nine
point
six
percent
for
emerging
markets,
and
that's
a
large
part
of
that
is
china.
E
If
you
look
at
the
us
equity
market,
it
looks
to
be
very
strong
results
during
the
quarter
and
that's
true.
If
you
look
at
the
the
all-encompassing
or
the
core
benchmarks,
s
p
500
up
almost
nine
percent
and
remember
this
is
after
a
very
strong
second
quarter
of
this
year,
when
we
were
coming
out
of
the
coronavirus
market
crash
where
the
markets
were
up
almost
twice
as
much
in
the
second
quarter.
E
But
you
can
see
that
the
returns
here
for
these
large
cap
indexes
the
s
p,
500,
russell
3
and
russell
1000
are
very
strong
up.
9.5
for
for
these-
and
these
are
broadly
illustrative
of
the
large
cap-
part
of
the
marketplace-
you
look
down
to
mid
caps
and
you
look
to
small
caps
and
the
returns
are
very.
F
E
Different
markets
are
being
led,
markets
are
being
dominated
in
a
positive
fashion
by
ultra
mega
cap
companies,
the
biggest
ones
out
there
and
those
are
largely
the
big
five
technology
companies,
amazon,
apple,
microsoft,
google,
slash
alphabet,
and
let
me
see
what
am
I
missing
here:
apple,
amazon,
apple,
amazon,
yes,
so
extraordinarily
large
companies
out
there
and
they
are
driving
a
great
deal
of
the
performance.
E
If
you
look
at
small
caps,
the
russell
2000
they're
not
keeping
up,
however,
today
they're
seeing
a
significant
rally,
which
I
don't
know
if
you've
seen
the
markets
markets
are
the
news
of
the
vaccine
and
and
other
things
are
making
markets
rally
significantly.
Today
I
mean
remember
we're
fully
invested
in
this
portfolio.
We
don't
make
decisions
to
decrease
risk
or
increase
risk,
and
we've
got
quite
a
bit
of
equity
exposure
in
the
portfolio.
So
today
will
be
a
very
good
day
for
the
trust.
If
you.
G
E
E
So
this
includes
the
covet
crash
in
that
15
rate
of
return,
and
you
can
see
that
returns
have
been
uneven,
also
u.s
equity
markets
again
mega
cap
companies
are
driving
and
you
can
see
that
through
these
measures
here
but
mid
cap
and
small
cap
companies
are
not,
as
they
have
not
benefited
from
the
rally.
Nearly.
E
G
E
A
E
A
mathematical
way
that
we
can
expect
returns
like
this
going
forward.
We
need
to
recalibrate
our
return
expectations
for
bonds.
You
know
I'm
seeing
lots
of
folks
writing
and
thinking
about
this.
How
do
I,
you
know,
hit
a
seven
percent
rate
of
return
target.
Just
you
know
pulling
one
out
of
the
air.
If
half
of
my
portfolio
has
an
expected
return
of
under
two
percent,
it's
very
difficult
yield
on
bonds
in
general
is
very,
very
low
and
we
do
not
expect
bond
yields
to
increase
any
time.
E
The
federal
reserve
is
sort
of
indicating
2023
before
they'll
start
raising
interest
rates
and
remember
if
interest
rates
go
higher,
it
actually
hurts
your
bond
portfolio
so
about
you
know.
Unless
yields
go
much
lower,
which
it's
hard
to
see
that
they
will
given
30-year
treasuries,
you
know
about
1.7
could
go
lower,
it
has
gone
lower,
but
that's
a
that
that
indicates
severe
economic
stress
if
it
does
here's
something
else
that
I
really
want
to
point
out
here.
You
know
I
mentioned
how
different
returns
between
large
cat
mid
cap
and
small
cap
bar.
E
It's
really
dwarfed
by
the
difference
between
growth
and
value.
So
during
the
quarter
remember,
the
russell
3000
was
up
9.2
percent
russell
3
000
growth
was
up
almost
13..
The
russell
3000
value
is
up
five
and
you
look
at
this
pattern
where
growth
is
outperforming
value,
not
only
this
quarter
but
over
the
last
year.
E
So
if
you
were
invested
in
large
cap
growth
stocks
you're
up
36
percent
over
the
past
year,
if
you're
investing
in
large
cap
value
stocks,
you're
down
six
percent,
so
really
the
biggest
delta
here,
the
best
place
to
be
large
growth,
the
worst
place
to
be
small
value.
So
it's
really
on
a
diagonal
here-
and
this
is
unusual.
36
percent
gain
for
large
cap
growth
stocks,
but
a
15
loss
for
value
stocks,
small
value.
E
That
is
one
of
the
most
unusual
observations
I
have
ever
seen
and
what
it
means
is
that
markets
are
favoring
the
biggest
safest
companies
out
there,
and
until
you
know,
we
have
a
vaccine
or
things
normalize
even
more
than
they
are
it's
going
to
be
tough
to
get
people
to
move
out
of
this
out
of
this
position.
Out
of
this
idea
that
we're
investing
in
the
biggest
most
stable
companies
and
go
down
to
more
risky
companies
down
here,
the
nice
thing
about
these
smaller
risky
companies
that
they're
very
cheap
compared
to
these.
G
E
Mid
cap
value
stocks
are
much
less
expensive.
Here
is
how
we
got
here.
Remember
technology
is
a
huge
name,
so
technology
itself,
if
you
take
it
one
slice
deeper
up
48
over
the
quarter.
That's
amazing
apple
went
from
it,
hit
the
one
trillion
dollar
market
capitalization
earlier
this
year.
It
took
them
in
their
entire
existence
to
get
there
and
they
became
a
2
trillion
dollar
company
within
60
days.
E
So
the
growth
is
just
incredible.
In
fact,
apple
is
bigger
than
the
entire
russell
2000
combined.
So
you
have.
One
company
is
bigger
than
2000
small
cap
companies
in
the
us,
and
we
have
seen
things
similar,
but
we've
never
seen
it
to
this
extreme
level.
You'll
notice
that
technology
47
discretionary-
this
was
recalibrated.
E
This
is
now
effectively
amazon,
because
that
is
the
biggest
consumer
discretionary
company
out
there
outpacing
all
of
its
rivals,
except
for
you
know,
maybe
the
the
great
amazon
versus
walmart
online
shopping
battle
is
upcoming.
We
will
see
how
that
comes
out,
but
it
is
that
that
is
where
the
future
of
retail
is,
as
we
look
at
it
right
now.
Looking
for
the
largest
or
best
performers.
Here
the
top
10
weighted.
F
E
I
couldn't
facebook
was
the
one
I
couldn't
remember:
apple
up
108
over
the
last
year,
microsoft,
53
amazon
at
81.,
facebook
at
47
and
alphabet,
the
class
a
at
20..
So
you
think
about
this.
You
have
a
company
whose
market
or
the
cap
weighting
is
six
percent
apple.
It's
a
108,
trailing
12-month
return.
That's
going
to
move
the
market
pretty
significantly.
We
go
down
to
russell.
E
We
go
down
to
russell
2000
again,
these
are
small
companies.
I
mean
these
should
be
much
less
familiar
names,
but
hopefully
some
of
them
do
make
sense
or
do
ring
a
bell
pen,
national
gaming
up
290.
Over
the
last
year,
sun
runs
caesar's
myocardia
novax
and
you
look
at
the
top
ten
performing
sucks
for
the
quarter.
Whiting,
petroleum.
E
This
company
was
went
back
or
declared
bankruptcy
earlier
this
year,
so
not
something
that
you're
going
to
have
a
lot
of
money
in
and
if
you
look
at
the
bottom,
10
performers
here
a
lot
of
energy
and
a
lot
of
health
care.
Here
again,
these
are
the
companies
that,
were
you
know,
working
on
the
vaccine
and
may
have
had
a
negative
result.
But
then
energy
is
just
despised
by
the.
E
Right
now
you
can
see
here
international,
not
gonna,
spend
much
time
on
this
latin
america,
bad
emerging
markets,
age
good
over
the
last
year
and
again,
this
shows
you
the
impact
of
currency
which
dollar's
a
little
bit
weaker
right
now
and
bonds.
Us
high
yield
bonds
are
the
best
performer
during
the
quarter
at
4.6.
E
You
look
over
the
trailing
year.
You
know
some
of
the
best
places
to
be
where
aggregate
was
up
7
but
again,
you're
looking
at
long-term
treasuries
are
the
best
place
to
be
very
long-term
treasuries.
This
is
all
treasuries
right
here,
but
long-term
treasuries
was
the
risk
trade
and
they
did
very
well
yield
curve
is
here
so
as
of
today,
you
know
one
month,
treasury
note
or
treasury
issue.
One
month
from
maturity
is
almost
zero.
E
D
G
D
E
B
G
E
Invested
domestic
equity:
well,
let's
go
to
the
total
fund.
So
during
the
quarter
we
started
at
67.7
million.
We
ended
at
71..
So
that's
a
nice
increase
in
market
value.
The
assets
are
allocated
60
to
domestic
equity.
Diversified
allocation,
core
fixed
income
is
17.7
active
duration
bonds
at
10.8.
Remember.
This
is
a
hedging
portfolio
that
does
pay
interest
over
time.
International
equity
at
eight
and
high
yield
fixed
income
at
2.8.
Remember
how
high
yield
performed
pretty
well
during
the
quarter.
Cash
is
held
at
a
minimal
level
within
this
portfolio.
G
E
Cash
in
here
you
can
see
the
allocation
by
managers
dominated
by
the
vanguard,
s
and
p
500.
You
can
see
we
have
an
active
small
cap.
This
is
our
active
duration
portfolio.
Our
two
bond
allocations:
international
equity,
another
index
fund
by
vanguard,
our
mid
cap
value
portfolio,
which
has
performed
how
other
mid
caps
have
lowered.
G
E
High
yield
and
then
cash
one
thing
I
want
to
sort
of
plant
a
seed
is
right.
Now
there
is,
I
don't
know
if
you're
following
this,
but
passive,
investing
is
much
cheaper
than
active.
Passive
has
been,
you
know,
sort
of
the
domain
of
vanguard
for
a
long
period
of
time.
They've
they've,
been,
you
know,
hung
up
their
hat
on
being
the
last
least
expensive
index
fund
manager
out
there,
but
there's
another
company
fidelity
which
you
see,
advertising
on
television,
a
lot
have
entered
the
space
and
they
are
competing
on
price.
E
E
There
are
some,
I
would
say,
some
logistical
issues
that
are
under
investigation
right
now,
but
if
we
can,
you
know
trade
out
of
this
vanguard,
500
index
and
not
be
exposed
to
the
market
and
instantaneously
be
holding
the
fidelity
fund.
The
cost
is
roughly
half
of
what
it
is
on.
The
index
fund,
which
is
this,
is
your
cheapest
fund
already.
So
that's
something
to
think
about,
as
we
think
as
we
move
into
the
end
of
the
year
and
working
with
the
bank
to
make
that
a.
E
Looking
at
here,
the
income
during
the
quarter
now
we're
looking
over
the
performance
of
the
total
fund.
Here,
the
quarter
we're
up
five
percent
one
year,
seven
point:
six
percent
for
the
three
years
up:
seven
point:
two:
two:
these
are
annualized
and
net
of
fees.
For
the
past
five
years,
eight
point:
nine
four
percent
again
actuarial
assumption
that
we're
showing
here
is
seven
and
a
half.
So
we
outperformed
over
the
last
five
years.
E
Seven
years
has
been
a
bit
difficult,
six
point:
six:
two
versus
seven:
five,
looking
at
the
total
fixed
income
allocation
again,
this
rolls
up
loomis
double
line:
lord
abbott
and
hoisington
for
the
quarter,
1.85
percent
versus
0.62
for
the
benchmark.
So
that's
a
nice
attractive
level
of
outperformance.
We
go
out
to
the
trailing
one
year
6.76,
given
that
we
had
two
managers
that
were
heavily
invested
in
credit
earlier
this
year.
E
We
don't
look
as
good
as
we
would
like
to
here,
but
as
we
go
down
this
list,
we
had
one
negative
return:
slightly
negative
limit
sales
invest
a
lot
in
corporate
bonds.
Double
line
was
positive
at
4.26,
but
underperformed
their
bent.
Lord
abbott
was
at
0.52,
but
then
the
mvp
over
the
last
year
to
date
for
the
quarters
definitely
hoisington.
They
own
treasury
bonds,
they
own
long
treasury,
bonds
and
so
to
see
them
outperform
during
a
very
high
risk.
Environment
is
not
surprising
again.
Don't
expect
this
return
going
forward,
yields
would
have
to
go.
E
The
treasury
market
would
have
to
go
below
zero.
To
do
this,
we
don't
expect
that
to
happen,
but
again,
if
we
need
to
source
funds
away
from
a
portfolio.
This
is
the
way
to
do
it.
Looking
forward,
you
know
the
highest
yields
of
amongst
these
is
lord
abbott,
followed
by
limit
sales,
then
double
line,
but
again
30
of
the
portfolio.
E
This
was
a
major
move
several
years
ago,
where
we
reduced
our
fixed
income
allocation
because
bonds
just
won't
get
us
the
return
that
we
need
and
given
the
length
and
the
horizon
of
this
portfolio
equities
are
the
way
to
go
the
two
passive
portfolios
again
most
of
the
equities
a
little
bit
more
than
half
of
it
is
invested
in
the
vanguard,
500
index
and
I'm
completely
comfortable
with
that.
It's
a
low
risk
market
exposure.
You
can
see
it
tracks
its
benchmark
very
very
closely.
E
The
only
question
I
have,
in
my
mind,
is
fidelity
at
one
and
a
half
basis.
Point
points
versus
four
a
better
place
to
go
and
we'll
we'll
talk
more
about
that
in
the
coming
months.
Vanguard
mid
cap
index
definitely
a
nice
performer
here
you
can
see
top
quartile
across
the
board
and
hotchkiss
and
wiley,
showing
how
tough
it
has
been
to
be
a
value
manager
and
where
they
go
even
worse
over
the
past
quarters.
E
I
think
that
this
fourth
quarter
of
this
year
will
be
make
or
break
for
hotchkiss,
and
I
think
that
if
we
don't
see
some
notable
improvement
during
the
first,
the
during
the
fourth
calendar
quarter
of
this
year
be
prepared
to
either
find
a
new
one
or
roll
it
into
this
mid
cap
index
fund.
Here,
where
the
whole
idea
of
this
portfolio
is
that
stocks
get
too
cheap
in
the
marketplace,
but
somebody
like
hotchkiss
who's,
I
will
say
willing
to
buck
that
trend
can
get
nice
returns
out
of
that
over
time.
E
However,
the
last
two
years
have
been
the
worst
period
for
value
investors
that
I've
seen
I'm
going
to
move
on
to
the
other
portfolios.
Here.
Stevens
is
our
small
cap,
their
growth
equity
and
their
return.
Over
the
last
year,
17-6
has
been
very
strong,
they've
also
outperformed
over
the
last
three
and
five
years
and
causeway,
which
is
a
value
equity
manager
they're
not
as
good
as
their
some
of
their
peers
over
recent
periods
of
time.
A
lot
of
that
is
due
to
them
holding
some
of
their
more
of
their
portfolio
in
europe
than
others.
E
Japan
and
china
have
come
back
nicely,
but
this
portfolio
long
term.
I
think
they
have
a
better
track
record
than
we
show
right
here,
and
I
think
I
can
show
that
in
just
a
few
pages,
unless
there
are
any
more
questions
about
any
of
the
individual
portfolios,
wait
and
see
potential
changes
late
this
year
on
the
index
funds
potential
changes
early
next
year
on
hotchkiss
and
wiley
to
see
how
they
perform
during
the
quarter
want
to
make
sure
that
we're
comfortable,
holding
just
one
third
of
the
portfolio
on
bonds,
which
I'm
very
comfortable
there.
E
But
again,
the
way
we
allocate
that
bond
portfolio
is
important,
and
I
think
that
this
is
a
critical
part
of
it.
The
hoisington
portfolio,
100
treasury
bonds.
Everything
as
of
now
is
is
almost
a
you
know
this.
The
nominal
maturity
of
the
bonds
in
the
portfolio
is
25,
but
if
they
see
interest
rates
rising,
they
will
go
from
25
years
to
90,
day
duration,
which
is
extraordinarily
helpful
in
an
inflationary
environment.
E
I
think
that's
all
I'm
going
to
talk
about
on
the
9
30
report.
It's
a
good
report.
We
continue
to
do
well,
not
everything
in
the
portfolio
is
performing
how
we
would
want
it
to,
but,
like
I've
always
said,
if
you
don't
have
one
part
of
their
portfolio
of
your
portfolio,
that's
underperforming,
you're,
not
diversified
and
really
diversification
has.
E
The
best
place
to
be
over
the
last
two
years,
given
the
concentration
in
the
u.s
equity
market,
but
looking
forward,
and
I
want
to
invest
everything
that
we
have
in
apple-
I
just
or
amazon,
I
think
or
google.
I
think
that
there
are
some
changes
going
on
to
that.
It
reminds
me
very
history,
doesn't
repeat
itself,
but
it
does
rhyme.
It
reminds
me
a
lot
of
ge
back
in
the
late
1990s.
E
E
And
I
think
that
you
know
we've
been
good
to
be
in
the
index
fund,
because
that
gets
us
good
exposure
to
the
overall
market,
but
I
don't
think
that
it's
going
to
continue
to
be
the
best
performer
forever
you
can
see.
We
have
hotchkiss
on
alert
and
causeway
on
alert
because
of
performance.
I
concur.
E
I
suggest
we
leave
them
there,
no
other
changes,
and
I
like
the
the
fees
here
you
know
if
we
look
at
our
expense
ratio
of
the
funds
on
a
weighted
average
basis
versus
our
averages
for
all
of
these,
the
what
we
pay
is
50
basis
points.
Category
average
is
at
1.26,
so
we're
saving
76
basis
points
and
on
a
fund
the
size
of
this.
E
That's
you
know:
280
000
of
savings
savings
I
say
per
year
and
here's
our
benchmark
index
very
simple:
sixty
percent
s
p,
ten
percent
ifo,
which
is
international
equities
and
thirty
percent
bonds.
E
We
do
not
need
to
make
any
changes
here
but,
like
I
said,
if
we
are
taking
cash
to
pay
benefits,
we
should
take
that
from
hoisington.
I
don't
think
that
we
should
allocate
any
more
to
washington
if
there's
cash
coming
in
again.
What
this
does
for
us
is
it
forces
us
to
sell
high
and
buy
low
and
as
investors,
sometimes
that's
a
tough
decision,
especially
when
we
have
periods
of
time
where
markets
are
are
dominated
by
one
specific
sector
like
like
it
is
growth
and
technology.
E
Right
now-
and
here
is
very
long-term
returns
here
for
all
of
the
investments
that
we
have.
We
go
about
10
years,
which
is
longer
than
we've
had
most
of
our
investments
here,
45
from
loomis
versus
364,
for
its
benchmark,
similar
return
for
double
line
a
little
bit
better.
You
can
see
the
lord
ab
at
653
versus
628.
E
hoisington,
again,
peerless
returns
here,
794
versus
364
doubled
their
benchmark,
which
is
incredible
in
bonds.
You
can
see
our
indexes
here:
1358
tracking
1182
tracking
there
as
well
again.
Hotchkiss,
has
been
really
hurt
by
this
recent
period
of
time.
That's
gone
out
to
10
years
to
handicap
their
returns,
stevens
1286,
better
than
its
benchmark
and
causeway
again.
Recent
periods
half-hand.
This
is
the
ifa.
This
is
not
the
value
side
which
shown
similar
performance
to
us,
but
337
annualized
there
and
I'm
happy
to
take
any
questions
here
on
that
report.
A
With
that
item,
four
was
just
a
presentation:
item
five
was
to
receive
those
those
flash
reports
for
the
four
periods
ending
july
31st
august
31st
september
30th
and
october
31st.
I
would
like
to
entertain
a
motion
on
that.
A
And
it
passed
unanimously.
Thank
you.
Thank
you,
doug,
for
all
that
you
do
for
us
and
taking
care
of
all
all
the
funds
that
are
there
so.
A
Next
item
is
a
discussion
and
consider
approval
additional
asset
allocation.
I
believe
we
do
not
have
any
at
this
point
in
time.
That's
correct!
So
we'll
go
on
to
item
seven,
which
is
approved
request
for
proposals
for
custody
services
mapbox.
Would
you
kind
of
just
tell
us
briefly
what
that
all
pertains
to.
G
Okay,
this
is
for
the
custody
bank,
for
our
just
so
just
that
holds
on
to
our
investments
where
our
cash
is
and
that's
the
allocation
of
where
we
go
to
purchase
investments
and
so
bank
of
oklahoma
has
had
this
contract
since
may
of
2016.
G
G
At
that
point,
a
committee
will
be
formed
in
accordance
to
the
city's
purchasing
and
policing
procedures.
To
look
at
the
those
bids
that
come
into
those
proposals
and
a
when
a
someone
is
selected.
We
then
move
into
the
contract
negotiation
phase.
We
are
anticipating
in
the
may
2021
meeting
to
bring
you
the
new
contract
for
the
custody
bank
services
and
I'd
be
happy
to
answer
any
questions
you
might
have
about
that.
A
A
And
it
passed
unanimously.
Thank
you.
The
next
item
is
a
items
for
individual.
Let's
see
items
for
individual
considerations
item
eight,
a
joint
resolution
authorizing
agreement
with
blue
cross
and
blue
shield
for
a
division
of
health
care
service,
corp,
the
mutual
legal
reserve
company
and
concurrence
with
oklahoma
city
post
employment
benefits
trust
on
behalf
of
the
city
of
oklahoma
city.
A
I
believe
we
have
christian
york
on
in
on
the
call
with
us,
along
with
amy,
I'm
sure
y'all
can,
but
we
want
to
go
feel
free
to
explain
what
we're
doing
here.
Please.
H
Christian,
oh,
thank
you
ma'am.
Can
everyone
hear
me?
Okay?
Yes,
yes,
perfect!
So
if
the
board
is
agreeable,
what
I'd
like
to
do
is
cover
down
on
all
three
contracts
with
a
very
short
presentation?
H
Also
in
prior
year
we
committed
to
bringing
back
some
other
general
information
about
our
plan
offerings
for
the
retirees.
So
I
have
just
a
very
short
snapshot
on
that.
With
recent
plan.
Design
changes
enrollment
counts
things
of
that
nature.
I'm
going
to
attempt
to
share
my
screen
real,
quick
and
hopefully
it
works
out
for
me,
oh
francis,
may
I
have
access
to
share
my
screen.
Please
ma'am.
H
Here
all
right,
okay,
hopefully
everyone
is
looking
at
the
presentation
there.
Yes,.
H
Perfect,
okay,
perfect!
Well,
I
appreciate
the
opportunity
to
talk
to
you
about
it.
Let
me
just
jump
right
into
it
here.
So
three
separate
items
for
your
consideration
this
morning,
blue
cross
blue
shield,
is
the
first
one.
It
is,
as
brett
indicated,
for
our
dental
contract
for
both
our
actives
and
retirees.
H
This
is
a
new
contract
with
the
existing
vendors,
so
this
will
be
a
five-year
contract
beginning
on
one
one
of
21
and
that
vendor
has
been
in
place
for
oh
a
decade
plus
at
this
point
we
conducted
an
rfp
earlier
this
year
and
had
several
proposals
in
there,
but
as
we
were
evaluating
that
with
the
committee,
none
of
the
proposals
could
really
duplicate
the
network
offering
of
the
current
vendor
blue
cross
blue
shield.
H
In
fact,
I
believe
the
closest
competitor
had
about
a
10
disruption
in
terms
of
providers
or
in
other
words
10
of
our
employees.
Slash
retirees
would
actually
have
to
switch
their
their
dentist
or
be
out
of
network,
and
so
blue
cross
blue
shield
really
shined
with
the
strength
of
their
provider
network.
H
As
far
as
impact
to
the
trust
on
the
expense
books
were
looking
at.
Approximately
934
thousand
dollars
to
hit
the
expenses
but
as
you'll
recall,
the
dental
benefit
is
not
subsidized,
so
that
will
be
100
offset
by
premium
revenue
from
the
retirees,
so
the
net
effect
to
the
trust
will
be
zero
dollars.
H
I'm
pleased
to
say
that,
as
part
of
the
new
contract,
we
did
not
receive
a
renewal
increase,
so
the
premium
rates
will
be
the
same
from
prior
year
to
this
year
and
we
were
also
able
to
negotiate
a
rate
guarantee
for
the
life
of
the
contract.
It's
a
stepped
increase,
but
it's
in
relation
to
year,
one
so
over
the
life
of
the
contract.
We
cannot
see
significant
bumps,
I
believe,
six
percent
being
on
the
high
side,
and
that
is
relative
to
year.
H
One
so
very
pleased
with
the
outcome
of
that
contract
negotiation.
H
The
second
item
for
your
consideration
this
morning
will
be
the
united
healthcare
contract
and,
of
course,
they
provide
an
hmo
plan
to
our
actives
and
our
early
retirees,
as
well
as
the
medicare
advantage
plan
that
we
added
to
our
medical
care
eligible
members
in
2021
calendar
year.
That'll
be
the
fourth
year
of
that
contract,
so
we'll
be
bringing
back
an
rfp
sometime
in
2022
estimated
cost
for
the
year
is
approximately
6.6
million
to
the
expense
accounts
with
50
percent
of
that
covered
by
the
retiree.
H
We
are
still
in
that
50
50
percent
split
on
our
subsidy,
so
net
impact
to
the
trust
we're
looking
at
right
at
3.3
million
for
the
year.
The
renewal
rate
that
we
negotiated
for
this
year
was
pretty
favorable
at
3.8.
H
On
the
hmo
side,
we
had
a
1.6
percent
on
the
mapd
plan
and
so
moving
pretty
well,
especially
relative
to
the
national
trend.
We're
exceeding
that
benchmark
significantly.
H
A
couple
of
plan
design
changes,
I'd
highlight
from
that
contract,
we've
added
virtual
visits
to
both
the
hmo
and
the
mapd
plan,
and
really
that's
part
of
a
larger
strategy.
We've
added
virtual
visits
to
all
of
our
plans,
including
our
clinic,
which
we'll
talk
about
in
just
a
moment
here
and
then
one
other
significant
change
to
the
mapd
plan.
H
Is
we
were
able
to
negotiate
removal
of
the
five
percent
catastrophic
logic
that
was
impacting
a
number
of
our
mapd
plan
members
that
gets
very
much
into
the
weeds,
but
the
gist
of
it
is
after
the
member
pays
somewhat
sixty
five
hundred
dollars
out
of
pocket.
They
would
switch
rather
to
it
that
to
than
a
copay,
they
would
switch
to
a
percentage
of
their
prescriptions
and
what
that
would
do
was
on
very
expensive
drugs.
H
It
would
hit
them
in
the
last
month
or
two
of
the
plan
year
and
all
of
a
sudden,
a
drug
that
they
may
have
been
paying
thirty
dollars
as
a
copay
for
would
increase
to
several
hundred
dollars,
and
we
were
able
to
get
that
in
without
an
increase
to
our
to
our
renewal
rate,
and
so
I
think,
that's
going
to
help
a
lot
of
our
members
and
it's
also
gonna
assist
folks
who
are
otherwise
on
the
blue
cross
blue
shield
plan.
C
H
No,
it's
not
ma'am.
The
total
increase
would
only
be
that
3.8
percent
or
1.6
on
the
renewable
rates.
So
3.3
is
the
total
contract
amount
to
hit
the
expense
accounts
there.
C
Got
it
got
it?
That's
what
I
thought
and
then
that
was
contemplated
in
the
budget
amount
that
would
be
transferred
from
the
city
right.
C
H
H
All
right-
and
so
the
final
contract
for
consideration
today
is
the
blue
cross
blue
shield
medical
renewal.
It's
the
third
of
four
optional
extensions,
so
we'll
be
bringing
back
an
rfp
in
early
of
2022.
H
cost
to
the
trust
is
estimated
at
16.3
million,
with
half
of
that
once
again
offset
by
retiree
premium.
So
we're
looking
at
a
net
of
8.1
million
costs
of
trust
renewals
for
the
year
had
a
decrease
of
12.5
percent
for
actives,
an
increase
of
12.7
percent
for
early
retirees
and
an
increase
of
7.6
percent
for
our
medical
eligible,
which
you
know.
Unfortunately,
our
early
65s
have
really
been
are
under
65.
H
Unfortunately,
it's
just
a
very
small
group,
so
as
people
age
into
that
group,
if
they
have
high
cost
claims,
it
dramatically
impacts
the
rates
and
then,
as
they
age
into
one
of
our
medicare
plans,
then
they
they
go
the
opposite
way,
and
so
unfortunately,
it's
just
not
something
we
can
do
to
to
level
it
off
for
them
and
then,
at
this
time,
I'll
just
they're
not
up
for
renewal,
not
up
for
consideration
today,
but
I'll
just
mention
that
the
two
other
benefits
that
we
offer
our
retirees
would
be
our
vision
and
our
basic
life
and
both
of
those
have
zero
percent
renewals
for
the
year.
H
So
premiums
will
be
the
same
from
year
to
year,
and
with
that
this
is
my
longest
slide.
So
I'll
take
a
breath
and
solicit
any
questions
you
might
have
about
the
contract
piece
of
it.
H
Okay,
moving
on
what
we're
looking
at
here
is
enrollment
for
our
medicare
medical
plans
for
early
retirees,
and
we
have
year-over-year
enrollment
for
the
month
of
june,
we're
still
processing
our
open
enrollment
for
21,
so
we're
actually
stopping
here
at
june
of
20,
but
we
expect
that
post,
open
enrollment
the
trend
will
be
likely
the
same
so
referencing
that
hmo
in
the
furthest
left
column
they
comprise
about
25
of
our
early
retirees,
blue
cross
blue
shield
alternate
plan.
That's
our
lower
deductible
plan
comprises
about
12.
H
No,
that
doesn't
look
right
to
me.
Actually,
I'm
sorry,
let
me
jump
back
here.
The
blue
class
blue
shield
plan
comprises
about
63,
excuse
me
and
then
the
standard
plan
at
12
of
our
membership
and
you'll
note
that
there
is
a
downward
trend
on
each
of
the
charts.
H
I
don't
believe
that
this
is
relative
to
migration
or
anything
like
that.
The
under
65
group
is
very
subject
to
good
retirement
years,
as
well
as
birthdays
aging
into
that
post-65
group
right.
So
I
don't
think
we're
seeing
anything
regarding
trend
or
plan
design
issues
here,
we're
just
seeing
an
overall
decrease
in
this
population.
H
Moving
on
we'll
look
at
the
same
slide
for
our
medicare
retirees
and
this
one
I
assess
a
little
bit
differently,
so
the
medicare
advantage
plan
makes
up
about
41
of
our
plan.
Blue
cost,
blue
shield
alternate
is
at
8
and
then
blue
cross
blue
shield
standard
is
at
51
and
declining,
and
here
I
assess
a
little
bit
differently.
As
I
indicated,
I
think
we
are
seeing
migration
and
so
what's
happening.
H
Is
people
are
moving
off
of
the
blue
cross
blue
shield
standard
plan
in
favor
of
either
the
mapd
or
the
alternate
plan,
and
I
think
that's
indicating
to
us
that
there
is
a
shift
in
priorities
from
I'm
using
air
quotes
here,
but
the
good
plan,
the
plan
that
people
are
used
to
with
blue
cross
blue
shield
to
two
very
other,
very
good
plans,
but
something
they're
less
familiar
with
for
a
lower
cost
option.
H
I
think
right
now
we
have
a
good
place
for
them
to
fall
to
with
that
mapd,
but
it's
not
universal,
because
the
mapd
does
have
some
restrictions.
Of
course
you
have
to
be
medicare
eligible,
but
your
whole
family
has
to
be
medicare
eligible.
So
it's
a
good
option
for
those
who
qualify,
but
it
is
something
we're
going
to
have
to
keep
tabs
on
to
make
sure
that
we've
got
a
good
mix
of
plans
for
them.
H
And
I'm
going
to
jump
forward
now
we
have
a
snapshot
here
of
rates
from
2021.
Now
these
are
the
2021
rates,
even
though
we
were
looking
at
enrollment
for
2020
and
as
a
reminder,
the
retiree
premium
is
50
50.,
so
we're
looking
at
this
from
the
retirees
perspective.
This
is
what
their
monthly
cost
would
be,
but
the
city's
perspective
is
exactly
the
same.
Our
cost
is
the
same
amount
that
you're
seeing
here
on
the
screen
so
relative
to
the
private
market.
H
I'd
assess
that
we're
somewhat
expensive
relative
to
what
we're
seeing
out
there
from
our
competitors
and
other
employers,
but
I
think
that's
to
be
expected,
because
we
have
very
generous
plans
and
it's
still
a
tremendous
benefit
to
the
retirees
simply
because
we're
one
of
the
few
remaining
employers
that
are
offering
these
types
of
benefits.
Now
what
I'd
like
to
do,
though,
for
you
is
put
this
in
context,
so
I'm
going
to
show
you
the
exact
same
slide,
but
I'm
going
to
add
the
2018
rates
to
it
that
the
city
and
retiree
paid.
H
H
So
just
as
an
exercise
looking
at
the
relative
rates,
you
can
see
that
in
that
first
that
early
retiree,
the
hmo,
it's
our
most
expensive
option.
It
continues
to
be
our
most
expensive
option.
Well,
I
say
most
expensive.
It
is
one
of
our
most
expensive
plans
and
it
continues
to
grow
at
that
four
up
to
seven
percent
rate
renewal
every
year.
H
But
it's
such
a
small
piece
of
our
population
that
elect
that
hmo,
that
it
kind
of
it
is
what
it
is,
but
looking
at
the
ppo
alternate
plan
and
the
ppo
standard
plan,
it's
pretty
interesting
here,
we're
actually
lower
than
we
were
back
in
2018
in
terms
of
premium
costs
to
the
retiree
and
once
again,
what
we're
seeing
here,
I'd
like
to
take
complete
credit
for
that.
H
But
I
can't
it's
really
the
the
roller
coaster
that
we're
seeing
on
renewal
rates
simply
because
it's
such
a
small
group,
so
retirees
can
expect
to
pay
a
little
bit
less
than
they
did
back
in
2018.
H
But
I'm
just
going
to
hedge
my
bet
and
tell
you
that
it
will,
probably
you
know,
swing
the
other
way
next
year
and
and
so
on
and
so
forth.
It's
just
one
of
those
things
that
we
have
limited
ability
to
control
now.
I
think
the
the
story
on
stability,
though,
is
in
our
medicare
eligible
retirees.
So
as
we
look
down
at
that
second
chart,
the
medicare
advantage
plan
is
slightly
cheaper
than
it
was
back
in
2018,
which
is
huge.
H
That
plan
has
been
very
stable
for
us
at
less
than
four
percent
renewals
every
year.
In
fact,
usually
they've
been
closer
to
two
percent
and
then
we've
just
seen
that
slight
increase
on
our
alternate
and
our
standard
plans.
I
mean,
as
you
can
see
it's
about
twenty
dollars
more
expensive
on
the
retiree
in
the
city,
for
the
monthly
premium,
on
the
standard
plan
and
about
thirty
dollars
more
expensive.
Excuse
me
on
the
ultimate
plan
and
then
about
thirty
dollars
more
expensive
on
our
standard
plan.
So
really
good.
H
H
So
I
any
presentation
from
hr
would
not
be
complete
without
a
quick
plug
for
the
clinic,
but
I
do
have
some
good
news
about
them
and
just
a
good
status
update.
So,
as
you're
aware,
we
switched
vendors
back
on
one
one
of
20.
and
truth
be
told.
The
transition
was
a
little
rough.
We
expected
it
to
be
short
of
standing
up
two
clinics.
H
At
the
same
time,
there's
just
no
way
we
could
deal
with
that
backlog
of
people
who
had
appointments
in
the
down
months,
while
we
were
transitioning
equipment,
training
and
so
on
and
so
forth.
But
I'm
pleased
to
report
that
we
have
caught
up
100
with
our
backlog
that
was
achieved
early
this
summer
and
now
we're
actually
to
the
point
where
we
have.
H
We
are
only
a
few
days
out
on
our
appointments,
so
you
can
get
a
a
few
business
days
out
appointment
at
any
time
and
they
even
have
some
same-day
availability
they're,
offering
all
the
same
services
as
prior.
But
what
really
has
changed
is
our
staffing.
So
through
the
negotiation
process
with
the
new
vendor,
our
old
staffing
looked
like
two
mas
medical
assistants
plus
the
physician.
Sometimes
they
would
plus
up
the
medical
assistant
to
three
and
that's
where
we're
at.
H
Under
the
new
contract,
we
are
at
two
medical
assistants,
the
physician,
an
rn
clinic
manager
on
site
plus
a
pa,
and
so
we
have
almost
doubled
our
capacity
with
the
new
contract
and
I'm
pleased
to
report
for
the
same
dollars
or
approximately
the
same
dollars
as
the
prior
contract.
We
were
right
at
that
1.4
million
dollar
mark
this
year.
H
H
We
did
add
virtual
visits
to
the
new
vendor
and
so
you're
actually
able
to
see
our
on-site
clinic
at
any
time
from
the
comfort
of
your
home
and
one
of
the
biggest
change,
especially
for
our
retirees
who
love
this
is
when
you
call
the
clinic,
you
actually
call
the
clinic,
not
a
call
center.
So
I'm
very
happy
with
that
change.
I've
heard
a
number
of
folks
report
back
on
that,
and
that's
it
so
with
that
I'll.
Just
thank
you
for
your
time
and
then
answer
any
questions
you
might
have.
A
All
right,
so
we
need
to
vote
on
these,
I
believe
individually,
as
it
says,
they're
in
the
agenda.
So
I
need
a
motion
and
a
second
for
item
8a.
A
A
A
G
G
F
Yes,
we
are
on
the
call.
This
is
cody
coker,
I'm
one
of
the
people
from
nyheart
that
matt
mentioned
surge
data
is
also
on
the
call.
We
were
the
main
team
that
worked
on
on
this
year's
actuarial
evaluation
report.
We
know,
can
I
yeah,
I
think
I
can
share
my
screen,
so
I
can
pull
up
the
the
reports
you
can
all
see
and
I
think
it's
part
of
your
packet
as
well.
F
So,
first
off,
we
wanted
to
to
thank
you,
for
you
know,
continuing
to
work
with
us
and
let
us
help
with
this
report
and
for
for
having
us
today
to
kind
of
talk
through
it
with
you
and
kind
of
hit.
Some
of
the
highlights-
and
you
know
the
main
takeaways
from
the
report,
so
so
I
guess
going
into
the
report.
Kind
of
the
executive
summary.
Has
the
high
level
impact
on
what
changed
live
from
from
year
to
year?.
F
The
city's
liability
has
increased
slightly
just
a
little
bit
year
over
year.
The
main
driver
of
that
is
the
discount
rate,
which
I
think,
sort
of
ties
back
to
what
we
were
seeing
in
the
investment
report
as
well.
But
interest
rates
are
a
lot
lower
and
the
discount
rate
that
we
use
when
we
put
together.
F
F
There
are
also,
of
course,
other
things
that
impact
the
liability
during
the
year
in
terms
of
of
demographic
changes
and
health
plan
costs
coming
in
higher
or
lower
than
we
would
expect
so
that
that
sort
of
all
goes
into
that.
So
there's
this
executive
summary
at
the
front
that
sort
of
has
the
high
level
numbers
all
of
the
sections.
F
After
that
really
go
through
the
specifics
that
you
know
the
city
needs
when
it's
put
together
as
financial
statements
of
you
know,
just
closures
that
need
be
included
in
there,
that
sort
of
show
how
the
liability
and
the
assets
change
during
the
year.
What
the
you
know,
expenses
were
keep
track
of
things
that
you
know
need
to
be
reported.
F
So
that's
really
what
a
bulk
of
I
would
say.
The
first
half
of
the
report
is
all
of
those
required
disclosures.
The
city
needs
for
its
financial
statements.
You
know
information
on
what
the
asset
allocation
is,
what
those
balances
are
discussion
of,
the
sort
of
actuarial,
determined
contribution,
which
would
be
sort
of
our
estimate
of
what
contribution
amount
would
need
to
be
to
you
know,
fully
fund
the
liability.
F
You
know
that
hasn't
necessarily
happened
in
the
past
and
it
doesn't
really
need
to
necessarily
it's
just
sort
of
our
recommendation
of
how
things
would
look.
So
that's
really
something
that's
just
you
know
in
there
for
your
information
of
what
those
amounts
would
look
like
you
know,
the
actual
contributions
have
been
different,
but
that's
fine.
You
know
that
the
trust
is
still
working
on
investing
and
growing
the
trust
over
time.
Working
towards
that.
F
So
there
is
progress
being
made
towards
that
which
is
encouraging
to
see,
and
we
you
know
we
like
to
see
places
that
are
building
up
their
trust
and
working
towards
that
point
in
the
future
of
being.
You
know
more
closely
funded
to
that
full
max.
So
that's
you
know
a
good
thing
that
we
see
there
and
then
kind
of
what
I
call
the
second
half
of
the
report
was
where
we
really
go
into
a
lot
more
detail
about
sort
of
the
inputs
and
the
information
that
goes
into
the
report.
F
F
The
next
pages
have
a
summary
of
you
know
the
plan
participants.
How
many
active
employees
are
there?
What
plans
are
they
on?
How
many
retirees
are
there?
What
plans
are
they
on?
What
does
that
look
like.
F
F
F
No,
I
think
that
I
think
that
we've
covered
it.
This
plan
provisions
and
the
assumption
sections
are
kind
of
very
technical
that
you
know
we
probably
go
into
a
lot
of
detail
there.
F
I
would
just
point
to
there:
is
this
detailed
actuaries
notes,
page
in
the
appendix
that's
a
really
good
reference
on
what
assumptions
actually
got
changed
this
year
and
what
the
impact
was.
So
this
is
where
we
talk
about
the
discount
rate,
a
few
small
other
things,
and
there
was
an
update
to
complex
subsidies.
A
Okay,
I
need
to
just
ask
of
the
of
laura
and
ted
and
nell
and
matt
when
we
change
our
when
we
go
and
review
our
assumptions
on
the
ers
system.
Do
we
typically
come
back
and
review
our
assumptions
on
the
opeb?
At
the
same
time,.
A
Does
that
historically
happen?
That
way,
or
is
this
just
coincidence
I
don't
know
okay,
I
was
just
wondering
it's:
okay,
yeah.
C
I
am
concerned
about
the
discount
rate
declining-
I
I
don't
know
that
I
don't
know
I,
given
our
investment
returns.
I'm
just
not
sure
that
that
that
I
understand
that
very
well,
but-
and
so
I
would
say
that
at
some
point
there
needs
to
be
by
the
finance
department
and
an
evaluation
of
that
going
forward.
I'm
not
saying
that
that
I
won't
accept
this
report,
but.
F
F
That
go
ahead
yeah
I
was
just
gonna
say
that
if
there
were
no
other
questions
that
we
wanted
to,
thank
you
for
having
us
and
taking
the
time
to
you,
know,
hear
us
out
and
have
our
presentation
today
but
like
if
there
are
any
other
questions,
feel
free
to.
Let
us
know
we
can
answer
this.
A
A
Take
that
as
an
okay,
then,
with
that,
I
would
like
to
see
about
getting
a
motion
to
receive
the
actual.
A
A
A
And
it
passed
unanimously
item
number
10
is
to
receive
the
schedule
of
regular
meetings
for
the
school
for
the
2021
year.
A
A
Sir,
it's
like
there,
it
is
it's
passed
unanimously.
Item
number
11
is
a
ratify
the
claims
listing
that
have
occurred.
Basically
for
the
last
three
months,
I
would
entertain
a
method.