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C
So
I
wanted
to
introduce
myself
to
you
just
briefly,
while
people
in
oldsmar
may
not
be
familiar
with
my
name,
I
have
been
supporting
families
in
pinellas
county
for
about
16
years,
first
with
united
way
and
then
as
director
of
marketing
for
pinellas
county
government,
and
when
I
was
there,
I
created
the
know
your
zone
campaign
and
wrote
the
pinellas
county
hurricane
guide,
which
won
the
governor's
award
that
year.
So
I
am
very
much
versed
and
educated
in
emergency
management
and
also
in
informing
and
educating
our
citizens.
Excuse
me:
allergies
have
been
really
rough.
C
The
last
few
days,
but
most
recently
I
have
been
the
publisher
of
good
living
magazine,
and
so
for
the
last
10
years,
I've
been
producing
a
magazine
to
educate
families
in
pinellas
county
and
I've
done
that
through
the
schools
and
the
preschools,
and
my
partners
have
been
pinellas
county
sheriff
pinellas
county
schools,
juvenile
welfare
board.
So
I
am
very
well
aware
of
what's
happening
in
pinellas
county
when
it
comes
to
families,
I'm
also
a
small
business
owner.
C
C
My
husband
is
an
educator,
so
I
am
the
wife
of
a
public
servant
and
I
know
what
that
means
when
it
comes
to
salaries
and
benefits
and
health
benefits
and
what
that
means
to
the
families
at
home,
and
so
I
just
wanted
to
just
come
briefly
and
let
you
know
a
little
bit
about
who
I
am.
The
campaign
will
kind
of
get
into
full
year,
probably
after
the
november
election
you'll
be
seeing
more
of
me.
C
A
D
Meeting
I
moved
to
approve
the
minutes
from
the
june
23rd
2020
meeting.
A
Favor
second
item
is
the
presentation
of
the
quarterly
plan
investment
report.
E
Okay,
oh
perfect,
already
up
there
on
the
screen,
so
the
information
in
this
report
will
be
for
the
quarter
ending
june
30th.
Of
course,
we'll
talk
a
little
bit
about
when
we
get
to
the
investment
parts
july
august
and
kind
of
where
we
sit
today
and
then,
depending
on
how
long
the
meeting
goes,
how
much
the
market
will
or
won't
have
changed
as
it
seems
to
be
doing
a
lot
of
that
lately.
E
E
Your
ending
balance
7
one
hundred
fifty
two
thousand
nine
hundred
twenty
eight
dollars
and
sixty
one
cents
and
then
the
next
couple
pages
are
just
the
account
statement
for
the
quarter.
Any
questions
about
the
dollar
amounts
before
we
go
into
the
investments
everybody's.
E
Usually
those
pages
don't
bring
a
lot
of
questions
so
scrolling
down
to
page.
E
Perfect,
okay,
so
again
for
the
quarter,
you
can
see
kind
of
top
middle
there.
The
fund
was
up
13.3
percent,
so
we
saw
a
much
needed
very
surprising
as
far
as
the
speed,
the
bounce
back
from.
Obviously,
what
february
and
march
gave
us
with
covet
and
shutting
down
the
economy
and,
of
course,
all
the
the
market
turmoil
that
came
with
that
so
again,
market
bounced
back
incredibly
fast,
which
is
great
news
still.
E
I
think
even
even
we
sit
and
talk
and
we
talk
with
the
experts
and
everybody's
still
kind
of
amazed
at
the
whipsaw.
But
again
that's
that's
good
news.
As
far
as
your
fund
goes
so
that
for
the
fiscal
year
to
date
that
put
us
just
into
the
positives
at
0.8
which
again
I'd
while
that's
not
a
big
number.
Considering
we
were
down,
I
think
the
prior
quarter.
We
were
down
a
little
over
16
percent.
Just
in
that
quarter.
E
The
fact
that
we're
in
the
positives
at
all
was
was
kind
of
amazing
and
again
very
good
july,
was
extremely
strong
in
the
market.
Conservatively
you
probably
added
another
three
four
percent
just
in
july
to
the
total
fund,
and
then
august
was
one
of
the
best
august
the
market.
Seen
in
about
30
years
conservatively,
we
probably
added
another
two
to
three
percent
in
august.
So
at
the
end
of
august
we
were
sitting
in
the
vicinity
of
your
assumed
rate
of
return.
Obviously
we're
coming
up
what
eight
days
from
the
fiscal
year
end.
E
So
that's
kind
of
everybody's.
You
know
how
do
we
look
as
it
relates
to
the
assumed
rate
and
what
kind
of
impacts
we
might
have
from
there
so
the
end
of
august,
we
were
in
the
vicinity
of
that,
maybe
even
a
little
over
but
conservatively.
We
were
at
least
kind
of
right
around
there,
the
first
few
days
of
september
that
rally
continued
and
things
were
really
looking
great
in
the
market
and
then
all
of
a
sudden,
the
volatility
hit
in
the
last
couple
weeks.
E
We
have
seen
tremendous
volatility
not
only
just
from
day
to
day,
but
we've
actually
seen
a
lot
of
some
days.
We've
seen
a
lot
of
intraday
volatility
where
the
market's
been
up
several
hundred
down.
Several
hundred
closes
up
a
hundred,
or
vice
versa.
You
know
today,
I
know
we.
The
market,
I
think
opened
up
a
little
bit
was
down
over
a
hundred
last,
I
checked
before
we
started
the
meeting.
It
was
back
in
the
positives,
so
we're
seeing
a
lot
of
wild
swings.
Some
of
that
is
attributed
to
there's.
E
There
was
a
lot
of
so
in
this
run-up,
especially
the
last
the
last
few
weeks.
It
was
a
huge
run-up
in
the
tech
stocks.
I
don't
know
if
people
were
following
the
tesla's
of
the
world,
which
that's
one
of
those,
you
boy,
don't
you
wish?
You
had
a
crystal
ball
there
tesla,
just
which
funny
enough
you
don't
actually
have
much
exposure
to
it
in
here,
but
it
kind
of
just
gives
you
a
big
picture
of
the
market
and
why
the
total
market's
reacted.
E
The
way
it
has
tesla
less
than
a
year
ago
was
trading
for
225
230
dollars
a
share
roughly
as
of
a
few
weeks
ago.
It
re
it
got
around
2300
a
share,
so
less,
maybe
a
10
month
time
span
caused
it
to
split
five
for
one,
then
the
very
next
day.
I
think
it
was
up
roughly
another
40,
which
is
the
equivalent
of
almost
250
more
points.
The
next
day,
apple
had
not
quite
nothing
to
that
level,
but
had
a
huge
run-up
forced
cause
to
split
it.
E
Split
four
for
one
bounce
and
usually
after
a
split
you'll,
get
a
big
bounce,
maybe
in
the
next
day
or
so
after
that
which
it
did,
then
everybody
started
taking.
Okay,
these
are
overvalued.
We've
made
a
lot
of
money.
Let's
you
know,
let's
start
selling
off,
so
we
saw
a
pretty
good
size
correction
in
the
tech
sector
over
the
last
couple
weeks.
E
So
that's
kind
of
driven
a
lot
of
the
the
ups
and
downs
of
the
market,
more
of
the
downs,
but
then
again,
we've
seen
some
of
those
stocks
actually
pop
back
up
as
well.
So
there's
a
lot
going
on
there
then
there's
just
a
lot
of
you
know
the
market
kind
of
stabilizing,
because
we
have
as
quickly
as
it
went
down
in
february
and
march
I
mean
essentially,
it
was,
I
think
it
was
a
16
day
event.
In
other
words,
the
market
crashed
in
16
days
it
bottomed
out,
which
is
just
it's
unheard
of.
E
I
saw
a
stat
the
other
day
and
I
apologize,
I
can't
recall,
but
it
was
the
only
other
market
event
ever
that
was
even
in
the
vicinity
that
was
in
1929
the
big,
the
big
crash
from
then,
and
I
don't
even
think
it
was.
It
was
maybe
30
days
that
it
took
to
bottom
out.
You
know
0809
as
bad
as
it
was,
I
think,
took
in.
I
think,
right
about
eight
months
to
go
to
to
reach
its
bottom,
so
it
took
a
longer.
So
16
days
was
very
unprecedented.
E
Well,
the
bounce
back
that
we
saw
over
the
last
quarter
was
darn
near
just
as
unprecedented
and
so
there's
now.
The
markets,
I
think,
is
looking
to
kind
of
stabilize
figure
out.
What's
going
on
after
all
that,
additionally,
really
only
the
last
couple
weeks
have
we
started
talking
about
a
presidential
election
with
everything
this
country's
experienced
this
year
and
globally.
Everything
that's
been
experienced.
E
That
was
kind
of
an
afterthought
until
really
just
the
last
couple
weeks
which,
by
itself
in
a
normal
year,
which
2020
clearly
is
anything
but
normal.
That
would
create
a
lot
of
market
volatility.
So
we
have
a
lot
of
things
going
on
right
now,
that's
got
the
market
doing
a
lot
of
wild
swings.
E
All
of
that
to
say,
even
though
things
are
so
september.
The
last
couple
weeks,
overall,
it's
been
volatile.
There's
been
a
few
good
days
more
bad
days,
so
we're
we've
pulled
back.
Some
all
that
to
say
we're
still
given
what
happened
in
february
and
march
were
way
better
than
we
would
have
ever
expected,
but
because
there's
eight
days
left
in
the
quarter
in
the
fiscal
year,
I'm
not
willing
to
sit
here
and
say:
oh
yeah,
we're
gonna,
you
know
finish
at
seven
percent
and
it's
going
to
be
a
great
year.
E
I
I
just
there's
no
telling
what
just
even
this
next
week's
gonna
bring
there's
just
too
many
too
many
wild
crazy
things
happening
right
now.
You
know
it
used
to
just
be
well.
What
were
the?
What
were
the
numbers
that
these
companies
put
out?
And
that's
that's
where
traders
made
most
of
their
decisions
now
it's
just
as
we've
talked
about
really,
I
mean
all.
E
I
don't
know
if
we
fundamentally
changed
forever,
but
it
certainly
in
the
foreseeable
future.
It
just
seems
like
information
is,
is
guiding
the
market
in
a
way
that
is,
we
haven't
seen
before,
and
I
doubt
that
genie's
probably
ever
going
to
go
back
in
the
bottle,
but
if
we
just
look
a
little
more,
so
that's
kind
of
the
big
picture,
real
briefly
your
fixed
income,
it's
been
a
good
year.
E
Overall,
you
can
see
your
your
broad
market
or
your
high
quality
fund
up
a
little
over
a
percent
for
the
quarter
up
almost
seven
percent
for
the
year.
E
That
was
the
only
positive
addition
in
the
prior
quarter
and
that's
again,
you
know
when
the
equities
take
the
big
hit,
the
market's
pulling
back
people
either
get
out
of
the
market
or
it's
a
flight
to
quality,
and
in
this
particular
case
it
was
a
flight
to
us
treasuries
and
and
that's
about
it,
I
mean
people
were
just
scared
of
anything
that
had
any
sort
of
risk
profile
attached
to
it.
So
the
core
plus
actually
had
a
really
rough
quarter.
E
The
reason
is
again:
that's
got
global
exposures,
corporate
debt,
it's
it's
more
than
just
government-backed
securities,
the
good
news
so
a
little
bit
of
the
headwind
of
why
your
fixed
income
is
kind
of
it's
lagged
a
little
bit
this
year,
although
really
the
high
quality
fund
is
actually
outperformed
ever
so
slightly,
but
you
have
less
exposure
to
u.s
treasuries
than
the
benchmarks.
E
It's
hurt
you
a
little
bit
this
year,
but
going
forward
that
should
actually
be
a
positive
and
the
reason
being
is
the
fed
came
out.
A
few
weeks
ago
said:
interest
rates
are
going
to
not
only
going
to
keep
them
at
zero,
but
they
said
that
they
said
something
they
haven't
never
really
done
before,
which
is
we
we
plan
to
do
this
for
the
next
several
years.
They
don't
typically
talk
three
years
out
or
multi-years
out
they're
talking.
E
So
if
rates
are
to
again
stay
where
they're
at
now,
and
of
course
this
is
a
big
if
we
don't
have
any
other
coveted
scenarios,
any
other
things
that
impact
the
equity
market.
Quite
to
that
level,
then
in
theory,
fixed
income
or
u.s
treasury
should
not
provide
any
sort
of
return
in
a
normal
market
scenario
in
the
near
term,
so
being
underway,
going
forward
will
actually
will
be
a
positive
all
else,
being
equal.
E
Looking
at
the
equity
markets
again,
as
we
already
kind
of
touched
on
a
huge
rebound,
your
large
cap
up
22
percent,
your
small
mid
cap
up
22
kind
of
an
interesting
note
on
your
small
mid
cap
fund
that
manager
atlanta
capital
has
historically
been
the
best
performer
in
the
portfolio
by
far
they've
done
it.
For
really
we
only
go
back
10
years,
but
you
look
back
last
20
years,
tremendous
outperformance
they've
actually
lagged
a
bit
this
year,
but
again
after
having
conversations
with
them
turns
out,
it
makes
perfect
sense.
E
E
Biotech
has
been
your
biggest
winner
this
year.
It
didn't
pull
back
as
hard
in
the
first
quarter
and
it
had
the
biggest
rally
in
this
past
quarter
and,
as
you
can
imagine,
covet,
has
driven
that
market
right,
the
race
to
the
cure,
the
race,
the
vaccine,
all
the
other
companies
related
to
anything
to
do
with
that.
So
the
biotech
has
seen
a
big
rally
there
and
you
just
don't
have
that
level
of
exposure
with
that
manager,
so
there's
kind
of
where
you're
seeing
the
under
performance.
E
E
Looking
at
the
next
page,
your
international
fund,
international
markets,
similar
to
the
u.s
markets,
saw
global
shutdown
and
then
the
economy
started
to
reopen
a
lot
of
places.
So
you
saw
the
big
rally.
Additionally,
the
managers,
in
addition
to
taking
part
in
that
rally,
they
had
just
a
great
outperforming
quarter
as
well.
You
can
see
up
over
23
and
a
half
percent
versus
what
the
index
at
16
so
really
good,
quarter
there
and
then
kind
of
the
other.
Interesting
talking
point
is
the
core
real
estate.
E
This
is
the
first
negative
quarter
we've
had
since
we
introduced
this
into
the
portfolio.
All
of
almost
all
of
that
can
be
attributed
to
retail.
So
you
have
about
a
12
exposure
within
the
real
estate
to
retail
your
brick
and
mortar
centers,
and
things
like
that.
There
was
about
a
nine
percent
markdown
in
the
value
of
of
those
assets.
Last
quarter,
obviously,
due
to
kovid
shutting
down
the
economy,
people
are
not
going
and
shopping
in
these
stores.
E
The
the
flip
side
of
it.
Your
industrial,
which
includes
warehousing,
saw
a
nice
spike
and
help
offset
some
of
those
losses,
because
while
people
did
not
go
into
the
brick
and
mortar
stores
for
whether
they
were
closed
or
people
just
weren't
leaving
or
all
the
above,
what
were
they
doing?
They
were
sitting
home,
buy
now,
click
so
amazons
of
the
world
walmarts
of
the
world,
their
growth
they've
had
a
really
strong
year
and
then
warehouse
e-commerce
needs
that
warehousing
space
for
all
of
the
deliveries
and
and
everything
that
goes
with
that.
E
So
that's
seen
a
really
nice
bump.
I
don't
know
if
y'all
saw
walmart
a
few
weeks
ago,
announced
that
they're
starting
a
program
just
like
amazon,
you
join
their
membership
program
and
they're
going
to
do
free,
free
deliveries.
So
they're
the
world
is
it's.
It's
a
changing
place,
I
mean,
I
think
we
all
kind
of
saw
that
e-commerce
was
was
where
things
were
headed
anyway.
This
is
probably
this
year's,
probably
just
kind
of
accelerated
that
pace.
You
know
not.
E
The
brick
and
mortar
will
go
away
completely,
but
clearly
we're
seeing
a
shift
in
how
people
do
their
shopping
and
then
by
have
forced
to
stay
home
for
months
on
end.
That's
just
kind
of
sped
that
a
lot
of
that
process
up.
Another
interesting
thing
note
which
is
nothing's
happening
now,
but
it's
something
that
we've
we've
talked
with
the
manager
and
they're
following
extremely
closely
is
office
office
space
you
have
about
a
probably
a
25
percent
or
so
exposure
to
office.
Space
with
this
that's
been
a
hot
topic
is
what
all
these
large
companies.
E
What
are
they
going
to
do?
When
you
get
the
all
cleared,
everybody
can
go
back
to
work
as
normal,
assuming
that
day's
coming,
you
know,
are
these
large
companies
that
have
thousands
or
tens
of
thousands
of
square
footage.
Are
they
going
to
say?
Well,
you
know
we
kind
of
like
having
our
employees
at
home
and
we
can
lessen
our
footprint
and
and
kind
of
make
a
shift,
and
so
there's
a
lot
of
conversation
around
that,
and
will
that
happen
or
won't
it?
I
know
our
managers
clearly
are
going
to
be
watching
that
closely.
E
Now
the
good
news
there
is,
if
there
is
a
shift
you
know
most
of
these
are
long-term
leases.
Five
10-year
plus,
so
it's
not
like
everything
is
just
going
to
all
shut
down
overnight.
So
they'll
kind
of
have
some
idea.
If
that
trend
takes
place,
I
I
think
I
think
the
thought
is
that
that's
probably
ultimately
not
going
to
happen.
E
There
might
be
some
individual
companies
might
make
some
shifts.
But
overall
I
think
that
the
concept
of
having
people
together
collaborating
working
together.
I
it
what
I'm
hearing
is.
People
are
thinking,
that's
probably
still
going
to
win
out.
Maybe
let
people
work
from
home
one
or
two
days
a
week,
or
maybe
you
don't
have
quite
as
dense
as
an
office.
Maybe
you
realize
oh
okay,
20
of
those
people
are
100
of
those
people.
They
can
work
from
home,
but
we
still
need
the
majority
of
our
people.
E
A
pretty
good
place
for
the
fiscal
year
we're
we're
in
the
vicinity
you're.
So
great.
But
again,
that's
that's
today.
So
any
any
questions
or
things
you
want
to
talk
about
anymore.
I
know
where
I
think
they're
next
we're
going
to
talk
about
some
asset
allocation
potential
changes,
because
it
relates
to
this
strategy
going
forward
the
managers,
any
questions
or.
A
A
Thank
you,
okay,
but
yes,
the
next
item
is
discussing
investment
allocation
options.
Okay,
we
talked
a
little
bit
about
last
meeting,
but
we
decided
to
wait
until
we
had
more
members
here.
E
Okay,
so
you
assume
you
would
like
to
continue
that
conversation.
So
I
I've
dropped
a
couple
handouts.
Hopefully
everybody's
got
them
in
front
of
you
up
there.
These
are
just
showing
you
what
the
70
allocation
is
so
right
now
you
have
60
in
equities,
30,
fixed
income
10
real
estate.
The
discussion,
I
think,
was
to
up
equity,
so
you'd
be
70,
equities,
20
and
then
you
take
20
or
10.
E
Sorry,
you
take
10
out
of
fixed
income,
so
70
equities,
20,
fixed
income
and
you'd
still
have
10
real
estate,
so
the
real
estate
part
wouldn't
change.
So
it'd
just
be
a
shift
of
10
out
of
fixed
income
into
the
equity
side
and
then
what
what
you
have
there
is
kind
of
the
70
percent
and
and
we've
actually
you've
got
about
a
good,
a
case
study
as
you
could
have.
You
had
one
of
the
worst
quarters
you
could
ever
have
in
march.
E
So
if
we
look
at
you
know
so
your
60
fund
we're
13.3
percent,
but
then
looking
out
over
the
longer
time
periods,
which
is,
I
think,
when
you're
talking
about
this,
you
want
to
you
know
you
don't
want
to
any
one
quarter,
really
shouldn't
matter
a
whole
lot.
You're
looking
at
you've
got
your
five
or
your
three-year
5.4
or
5.6
percent
five-year
5.85
10-year
to
8.11,
but
for
the
70
percent
again
as
of
june.
E
If
you
look
the
three
or
six
point,
one
three,
so
half
a
point
point
five:
three
percent,
better
five-year,
6.39
so
again,
almost
right
on
half
percent,
better
10-year
9.08,
so
a
little
bit
better
performance
at
the
10-year
mark
of
what
well
almost
a
full
percent,
not
quite
better
over
the
10-year.
So
the
the
when
the
consultants
are
building
these
options
when
they're
looking
at
everything
they
model
everything
out
the
way.
E
Just
to
give
you
a
quick
back
story
on
on
the
the
process
that
is
used
and
the
thought
the
thinking
that
goes
into
it
is
they
don't
say,
okay,
how
do
we
think
we
can
get
to
that
seven
percent?
What
they
do
is
they
model
out?
Okay,
if
we
have
this
allocation
over
the
long
run,
what
is
the
most
likely
scenario?
Not
can
we,
what
is
the
most
likely
average
return
over
an
extended
period
of
time,
so
in
the
allocation
you're?
E
In
now,
the
sixty
percent,
the
modeled
out
numbers,
so
the
expected
most
likely
result
is
a
seven
percent
rate
of
return.
If
you
move
to
the
seventy
percent,
that
model
would
be.
We
would
expect
seven
and
a
half
percent
to
be
the
most
likely
average
return
over
the
long
run,
so
about
a
half,
a
percent
difference,
and
in
the
three
and
five
year
numbers
those
have
played
out
pretty
well
they're
almost
spot
on
the
10-year
number.
You
do
get
a
little
bit
bigger
gap
there,
probably
some
of
that.
E
E
And
then
the
10-year
number
in
the
70
at
the
end
of
march
was
76.76,
so
it
was
kind
of
a
little
closer
to
what
we
would
expect
at
the
end
of
the
march
quarter.
I
guess
just
the
rally
being
so
great
in
equities.
This
last
quarter
kind
of
pushed
out
the
gap
a
little
bit,
but
in
general
the
half
a
percent
difference
is
what
you
would
expect
to
be
the
difference
in
the
portfolio.
E
If
you
go
to
70
equity
over
time,
you
expect
a
half
a
percent,
more
of
return
on
average,
but
you'll
get
more
volatility.
In
other
words,
so
let's
look
at
the
back,
because
the
good
quarter
we
don't
mind,
we
don't
mind
more
return
in
a
better
quarter.
So
let's
look
at
a
bad
quarter,
so
we
go
back
to
march.
E
Your
portfolio
in
march
was
down
15.3
percent.
The
70
percent
was
down
17.74,
so
you
do
get
a
bigger
gap
in
one
quarter.
Now
again,
that's
about
a
that's
kind
of
you're.
Looking
at
arguably
possibly
your
worst
case
scenario,
so
you
get
about
a
two
percent
gap
there
for
one
quarter.
But
if
you
look
at
a
one
year
number
so
in
march,
so
including
that
march
quarter,
your
one
year
number
for
your
fund,
so
60
is
6.74,
actually
negative.
E
6.74
the
70
was
negative,
8.41,
so
a
little
closer
gap,
but
still
a
little
bigger
gap,
but
again
you're,
seeing
in
a
wilder
swings
in
in
smaller
swinging
normal
quarters,
where
you're
up
or
down
two
percent
three
percent.
You
know
flat,
you
don't
see.
You'll
you'll
see
closer
to
a
half
percent
gap.
So
really,
then
what
it
kind
of
comes
down
to
is
okay.
E
E
So
if
you
get
bigger
swings
in
the
market,
then
the
contribution
rate
is
is
open
to
having
a
little
more
fluctuation
and
volatility
within
it.
E
Now
shouldn't
be
all
that
bad
when
you
play
it
out
because
again,
there's,
I
think-
and
I
apologize-
I
don't
know
off
top
my
head.
E
If
you,
if
a
smoothing
technique
is
used
with
y'all's
plan,
it's
not
okay,
because
if
you
use
a
smoothing
technique
that
actually
makes
it
even
easier,
their
actuaries
sometimes
will
use
a
three
or
five
year
where
they're,
taking
average
returns
over
the
last
three
or
five
years
and
using
that
which
smooths
that
contribution
rate
out
even
more
so
that's
always
something
you
all
could
look
at
as
well
is
introducing
that
option,
because
that's
up
to
the
board,
that's
not
a
right
or
wrong.
E
If,
if
you
wanted
from
a
volatility
standpoint,
but
that's
what
you're
looking
at
is,
do
you
want
to
in
theory,
do
you
want
a
half
a
percent,
more
return,
which
has
mostly
played
out
to
be
that
and
in
return
you
take
a
little
more
volatility
from
one
year
to
the
next
and
that's
kind
of
the
the
discussion
points
that
you
would
be
looking
at
to
whether
or
not
you
want
to
stay
where
you're
at
or
make
a
change.
D
Yeah,
so
one
of
the
questions
I
asked
in
the
last
meeting
was
were
any
of
the
other
municipalities
making
any
changes
going
from
a
60
40
to
a
70
30
that
you've
experienced
or
even
beginning
the
conversations.
E
Specifically
this
year,
I've
not
had
anybody
switched
this
year.
We've
had
a
couple.
People
switch
over
the
last
couple
years.
We've
had
a
handful
of
conversations
over
the
last
couple
years.
This
year
have
I
had
anybody.
Nobody
has
switched
this
year,
I'm
trying
I'm
just
trying
to
remember
if,
if
in
the
last
couple
quarters,
if
I've
had
any
boards
begin
a
new
like
just
start
a
conversation,
I
may
have
had
one
or
two
nothing
there.
E
It
hasn't
been
a
hot
topic,
necessarily
just
to
kind
of
expand
on
that
a
little
bit
the
the
allocation
you're
in
the
60
equity,
that
is
the
majority
of
our
boards,
but
we
do
have
a
a
decent
amount
in
that
70
percent.
E
I
don't,
I
don't
think
it's
a
a
right
or
wrong
the
only
time
you
you
I
mean
if
you,
if
it's
marrying
it
up
to
your
assumed
rate
of
return,
is,
is
kind
of
one
of
the
biggest
aspects
and
reason
being
when
we're
preparing
these
annual
reports
to
the
state.
The
state
looks
at
what
is
your
allocation?
E
D
D
The
only
reason
I
was
focusing
on
what
other
folks
were
doing
is,
I
just
wanted
to
better
understand,
with
the
way
the
fed
has
come
out
and
with
the
movement
and
locking
in
rates,
basically
at
nothing
how
that
was
going
to
cause
a
headwinds
to
the
overall
portfolio
over
the
next
three
years.
Right
and
that's
was
where
my
bearing
was
going
on
it.
E
To
yeah,
no,
it's
and
you're
exactly
right
and
you're
thinking.
I
think
I've
had
more
conversations
about
lowering
assumed
rates,
then
upping
equities,
not
to
say
I've
had
a
lot
of
them,
but
I
probably
have
had
a
couple
more
related
to
that
than
related
to
upping
the
the
equity
allocation.
But
we
have
I
mean
the
vast
majority
of
our
boards
are
sitting
right
at
seven
percent
and
s,
and
I
we
even
have
a
few
that
are
at
seven
and
in
the
70
equity
allocation.
E
But
that's
why
I
said
most
are
in
the
60
and
most
are
around
seven
percent
because
those
kind
of
match
up
you
know
the
states.
There's
some
talk,
the
states,
the
frs
is
seven:
three
they've
been
they've,
been
slowly
they're
doing
they're
slowly,
lowering
they've
been
lowering
ten
basis
points
a
year,
so
they
were
seven
five.
Seven
four.
I
think
I
think
they're
at
seven
three
right
now,
don't
quote
me
but
they're
somewhere
right
around
there,
but
they're
they're
doing
essentially
a
year
right
now.
E
You
know
I've
heard
some
people
say:
oh
you
got
to
get
down
to
six
and
a
half,
or
so
I
mean
that
sounds
great.
The
problem
you
have
to
look
into
and-
and
I'm
not
opposed
to
any
plan
that
says
well,
let's
go
to
six
and
a
half
percent.
That's
going
to
have
a
huge
impact
on
the
contribution
rate,
a
huge
impact
and
so
a
lot
of
times
it
just
comes
down
to
it's.
The
cost
of
that
change
is
too
great
to
to
make
that
decision.
E
We
don't
have
any
plans
under
seven
at
seven
you're.
Still
on
the
any
plan.
That's
any
plan.
That's
at
seven
is
on
the
low
end
of
of
the
state
in
general,
so
I
don't
think
you
would
ever
be
having
any
eye
the
only
place
you're
going
to
raise
eyebrows
right
now
at
all,
and
it
wouldn't
be
a
it's
not
like.
Oh
my
gosh,
because,
there's
way
worse
out,
there
is,
if
you're,
at
seven
and
a
half
percent,
assumed
rate
of
return,
you're
only
60
in
equities.
E
It's
conceivable
that
the
state
might
come
along
the
next
couple
years
and
say
hey.
Maybe
we
need
to
look
at
this.
You
know
that
something
like
that,
but
it's
not
a.
That
would
be
the
only
scenario
where
I
think
you
might
be
pushed
to
have
a
conversation
and-
and
I
would-
and
we
would
recommend
that
too
to
plans
that
we
do
have
one
plan
that
actually
is
a
60
out
equity
allocation.
D
D
My
concern
is,
and
I'm
not
saying
we
should
change
it
at
all,
I'm
just
saying
that
it
needs
to
be
a
discussion
and
that
you're
looking
at
a
sailboat
now
that
has
lots
of
barnacles
on
it
and
with
them,
locking
in
rates
basically
for
at
least
two
years,
if
not
three,
and
if
you
haven't
refinanced,
do
it
now
that
you're
you're
literally
slowing
that
boat
down-
and
that
was
my
concern-
that
that
40
percent
would
become
a
big
drag
and
that's
the
reason
for
my
questioning.
E
Oh
no,
no!
Well!
Yes,
there.
There
is
definitely
sure
there
are
questions
about
how
real
estate
may
perform
the
short
term.
I
will
tell
you
this
particular
portfolio
the
way
it's
constructed
the
way,
the
reason
we
went
with
this
particular
manager
and
the
way
they
built
it
is
that
they
don't
have
the
interest
rate
sensitivity
that
other
real
estate
portfolios
might
so.
Yes,
there
could
be
real
estate
questions,
but
not
due
to
interest
rates
due
to
other.
A
So
yeah
we
haven't
had
a
recommendation
to
change
it,
I'm
my
personal
opinion
and
always
open
for
you
know
more
discussion,
but
our
plan
is
pretty
sound
right
now
and
I
don't
know
that
I
would
want
to
take
on
more
volatility
in
that
aspect
at
this
point,
but
I
think
yeah,
like
you,
said
it's
a
discussion
that
needs
to
be
had
and
we
should
look
at.
It
again
depend
on
how
how
things
are
performing.
D
E
Yeah
and
no,
we
definitely
you
100
we're
not
seeing
anything
like
that
happening,
not
not
just
say
it
might
not
in
a
couple
quarters,
but
currently
that's
not
that's
not
especially
again,
because
you're
at
the
seven
percent
assumed
rate.
So
you
know
we
look
at
it's
it's
quite
hard
to
do
often,
but
we
try
to
keep
our
eye
on
the
long
term,
the
long-term
numbers,
not
the
next
two
or
three
years,
but
the
long-term
numbers.
E
I
think
seven
percent
and
your
current
allocation
still
match
up,
and
if
they
don't
that's
one
thing
internally,
that
we
do.
We
just
had
a
meeting
with
our
board.
Actually
last
friday,
where
we,
our
investment
advisor,
sits
down
with
the
consultant
sit
down
with
managers.
We
do
this
on
a
quarterly
basis
ourselves,
and
we
look
at
do.
E
So
if
there
are
changes
where
we
think
okay
long
term,
this
is
not
going
to
happen,
then
that's
where
we'll
either
come
back
to
you
to
say,
hey.
We
think
you
should
look
at
this
option
or
we'll
make
actual
strategic
changes
to
portfolio
as
well
and
then
obviously
we'll
be
keeping
you
all.
Can
I
ask
one
more.
E
E
With
that
expectation
in
mind,
I
I
think
they're
positioned
with
that
thinking
that
that
won't
happen,
but
I
can
certainly
confirm
and
and
get
back
to
you,
but
I
I
just
based
upon
conversations
I
don't
think
they're
positioning
to
for
that
so
ugly
thought
I
hope,
just
just
in
general.
I
hope
that
doesn't
happen.
It's.
E
G
Before
we
leave
this,
I
I
do
have
a
question
on
the
report.
Amy
can
we
go
back?
I
think
it's
page,
seven
or
eight
that
doesn't
involve
you,
jeremy,
it's
just
something
on
the
report
that
I've
been
wanting
to
question
and
I
I
need
to
keep
going
back.
Fine,
it's
like
the
second
or
third
page.
G
There's
a
you're
gone.
G
Oop
right
there
on
the
plan
account
statement
they're
at
the
bottom
there's
a
name
crossed
out,
and
I
think
I
understand
the
reason.
G
But
my
question
is
being
that
this
report's
supposed
to
be
transparent
as
possible
that
I
all
I
see
is
money
going
out
and
not
where
it's
going.
Maybe
it
would
be
best
to
have
a
beneficiary
in
there,
but
just
to
have
something
blacked
out.
B
So
there
is
the
name
associated
with
it
and
city
staff,
blacks
it
out,
because
it's
exempt
from
disclosure
by
the
florida
statutes.
You
know
I
mean
in
private
cindy
nino
can
update
you
on
who
it
is.
That
might
be
the
best
way
to
handle
this,
but
there
is
a
reason
why
it's
blacked
out.
G
G
H
B
F
B
H
And
so,
and
so
what
you
would
want
to
see
is
the
actual
name
or
what
is
it
that
you?
I
guess
that's
what
I'm
not.
G
Well,
I
just
what
I'm
saying
is
some
type
of
reference
other
than
a
black
straight,
because,
like
I
say
we,
you
know
it's
supposed
to
be
transparent,
but.
H
Would
you
would
you,
would
you
prefer
instead
of
a
black
streak?
Maybe
we
just
write
in
name
redacted,
something
like
that.
G
Well,
I
I
mean
couldn't
be
identified
as
a
beneficiary
payment
or
something
like
that
other
than
just
a
black
string.
G
I
mean
I,
I
just
think
that's
in
the
best
interest
for
all
of
us,
and
you
know
I
I've
been
wanting
to
question
that
previously
and
we've
been
pretty
tight
and
I
just
wanted
to
bring
it
up
this
time.
E
A
F
Okay,
we'll
change
that
to
plan
beneficiary
without
putting
a
name
in
here.
I
definitely
see
your
point
make
sure
it's
not
you
know
made
out
to
like
you
said
somebody
else.
A
Thank
you
any
other
questions
before
we
move
on
okay.
Number:
four:
is
the
presentation
of
the
administrative
budget
report
for
the
quarter
ending
june.
F
30Th,
okay:
this
is
it's
not
for
june
31st,
it's
for
june
30th.
Sorry,
so
I
apologize
for
that.
This
is
it's.
The
budget
itself
is
a
statutory
requirement.
We
present
this
as
a
courtesy,
so
the
pension
board
can
see
the
progress
where
we
are
through
the
fiscal
year
and
just
make
sure
that
we
have
the
budget
compliance
that
we're
following
along
as
we're
supposed
to
everything,
looks
great
through
june
30th.
You
will
notice
that
the
last
meeting
we
approved
or
the
board
approved
the
dues
for
the
fppta.
F
We
did
make
that
payment.
However,
it
is
reflected
in
july.
So
if
you
look
at
the
july
monthly
statement,
you
will
see
that
fppta
payment
for
620,
which
will
be
reflected
on
our
9
30
report
at
our
next
agenda,
but
otherwise
everything
is
right
on
target.
Looking
good,
no
concerns
anybody.
Any
questions.
A
Which
takes
us
to
the
next
one,
which
is
adoption
of
the
administrative
budget
for
next
year
fiscal
year,
2021.
F
Okay,
this
is
basically
essentially
the
same
budget,
however,
because
the
plan
has
been
growing.
We
added
a
little
bit
more
flexibility
in
there
for
the
administrator
fees,
we
added
an
extra
thousand
dollars.
I
think
that
will
it's
only
a
thousand
dollars
more,
but
I
think
it
will
still
fall
well
within
the
parameters
and
you
know
where
we
need
to
be
as
far
as
the
budget,
so
this
is
just,
as
I
stated
before,
this
is
a
statutory
requirement
for
the
board
to
adopt
this
budget.
G
B
F
F
Have
august
yet,
oh
really,
I
haven't
seen
that
yet
having
any
should
be
coming
out
any
day
yeah
as
soon
as
we
receive
it,.
D
E
D
Looking
at
the
at
the
budget
as
a
whole,
okay,
not
you
guys
gotcha.
E
D
F
F
H
F
Okay,
the
amount
of
the
premium
tax
distribution
number
one
that
we
received
is
67.70.92.
This
is
a
slight
slightly
increase
from
last
year's,
but
pretty
close
to
the
same
pretty
much
flat.
There
is
possibility.
We
may
receive
a
supplementary
distribution
in
october.
However,
we
have
not
received
one
in
the
past
several
years.
Part
of
that
is
due
to
the
premium
tax
distribution
money
itself.
The
pool
has
been
shrinking
slightly
and
then
also
our
demographic
system
has
changed
a
bit
as
we
have
moved
other
members
into
the
florida
retirement
system.
F
E
They
actually
are
over,
they
spent
more
than
they
have
this
year,
so
they're
they're.
Actually
I
haven't
heard
how
they've
officially
are
dealing
with
that.
I
mean
I
don't
think
they're
going
to
send
out
bills
or
anything
to
anybody,
but
yeah.
I
know
there.
There
won't
be
any
supplements
this
year,
pretty.
A
Okay,
next
is
the
free
proposal
for
actuarial
and
ordering.
F
Madam
chair,
we
have
a
proposal
for
the
evaluation
report.
It's
that
time
of
the
year
again,
where
we're
off
with
the
beginning
of
the
new
coming
up
on
the
beginning
in
the
new
year,
we'll
need
to
order
a
new
valuation
report.
F
The
the
cost
proposal
has
been
is
for
forty
two
hundred
dollars,
which
is
the
same
as
what
we
were
charged
the
previous
year.
I
think
it
is
a
good
value
and.
F
So
the
board
approves,
then
we
can
go
ahead
and
order
our
valuation
report.
Okay.
So
if
you
have
any
questions.
E
Correct
you
have
so
I
can
speak
for
the
actuary
you
work
with
is
is,
as
it
relates
to
costs
and
doing
different
years.
It
used
to
be,
and
most
plans
did
it
every
other
year
because
it
economically
it
worked
out
better.
The
gasby
requirements
over
the
last
handful
of
years
have
grown
so
gasby
there's
a
gas
report
that
has
to
be
done
annually.
E
That
report
has
gotten
so
big
and
costs
so
much
that
it
has
gotten
to
the
point
where
it's
almost
the
same
price:
to
have
a
valuation
done
each
year,
because
by
doing
the
gas
report
each
year
a
lot
of
the
valuation
work
is
already
done.
So
he
does
in
the
year
that
he
wouldn't
do.
One
he's
already
done
a
lot
of
the
work,
so
he
can
cheaply
add
on
and
then
when
the
year
he
would
be
doing
it
the
every
other
year.
E
E
F
Exactly
and
kind
of
adds
stability
to
the
plan,
so
we
know
where
we
stand.
We
don't
have
to
worry
about
any
wild
value.
You
know
variations
in
the
contra.
You
know
between
no
surprises
no
surprises
anyway,
and
then
we
have
to
do
a
lot
of
that
work
for
the
guys.
The
financial
reporting
anyhow,
as
jeremy
had
explained.
B
A
Any
questions
or
discussions
all
in
favor,
aye
aye
opposed
okay
approved
as
proposed
second,
would
be
selecting
an
ottoman
audit
engagement
option
for
3
or
9
30.
F
Okay
manage
here,
this
item
was
tabled
from
the
last
meeting
and
basically
the
auditor
wells,
hauser
and
schatzel
pa
has
presented
two
options
for
the
urine
financial
reports.
The
first
option
is
presented
as
a
stand-alone
report,
which
is
one
of
these.
We've
historically
done
these
every
two
years,
so
we
did
our
last
one
for
9
30
19,
which
we
was
presented
at
the
previous
last
meeting,
and
then
this
year
would
be
you
know.
A
A
We
were
just
discussing
doing
the
standalone
report
audit
or
doing
the
one
included
in
the
kafir.
H
Oh
right
right
so
I
mean
really
this
is
this.
Is
you
know,
I
think,
we've
we've
had
this
discussion
in
the
past
and
really
you
know
good,
and
I
think
if
I
I
don't
recall
correctly,
but
I
know
we
have
it
with
other
clients.
There's
this
auditor,
even
though
it's
included
as
part
of
the
city's
cap
or
do
they
issue
a
separate
opinion
to
our
plan
or
is
it
or
is
it
just?
They
review
the
pension
funds
statements
in
in
connection
with
the
city's
audit.
F
H
Painting,
I
know
right
right,
okay,
so
they
don't
have
a
separate
opinion
issued
for
the
retirement
fund.
So
so
the
difference
is
you
know
again?
It's
just
it's
it's
a
it's,
a
more
in-depth
examination.
The
materiality
obviously
would
change
significantly.
So
the
materiality
that's
as
defined
by
the
auditor-
and
you
know
we
don't
know
what
that
is,
and
I
don't
believe
the
city
would
know
either
from
the
city's
audit
is
going
to
be
substantive
substantively
higher
than
the
material
the
materiality
threshold
for
the
pension
plan,
because
obviously
we're
a
lot
smaller
right.
H
We
have
a
lot
less
in
assets
so
that
that
that
bar
changes,
so
in
that
implicit
in
that
means
that
there
may
be
some
things
that
are
noticed
or
observed
or
or
need
to
be
checked,
verified
et
cetera,
vetted
out
more
thoroughly
if
the
audit
was
being
done
specifically
and
independent
or
individually
for
the
pension
fund
that
wouldn't
otherwise
come
up.
Because
again,
firefighters
doesn't
meet
the
threshold
issue
for
the
cities.
Audit
now
you
know
again
context
matters.
So
the
fact
that
our
plan
is
a
closed
plan.
H
It
is,
you
know,
relatively
straightforward.
There
is
a
lot
of
oversight
already
in
terms
of
the
annual
reporting
that
we
provide
to
to
the
state
each
year.
We
do
have
a
valuation
report
each
year
we
do
have
we,
we
have
had
the
audit
every
other
year,
I'm
sorry
every
year
with
respect,
as
included.
You
know,
for
the
city
purposes,
for
the
capital
purposes,
so
you
know
I
I,
if
you're
asking
me
whether
it
it.
You
know
whether
it's
it's
important
or
critical,
that
we
have
our
own
audit
done.
H
No,
I
don't
believe
it
again
for
the
reasons
I
just
mentioned.
There
is
already
a
lot
of
oversight
in
terms
of
the
plan
money
coming
in
money
coming
out,
there's
a
lot
of
different
folks
who
are
looking
at
it
and
and
essentially
vetting
it
there's
a
lot
of
different
folks
that
have
to
authorize
money
coming
in
and
money
coming
out.
H
H
You
know,
I
I
don't
think
it's
necessary.
I
don't
know
what
the
difference
in
price
would
be,
and
I
apologize
if
you,
if
you
mentioned
that
earlier,
it
would
just
really
be.
You
know
a
cost
benefit
at
that
point.
So
if
it's
you
know,
if
it's
maybe
100
bucks,
then
I
would
say
yeah,
it's
worth
it
to
have
your
own
audit,
because
for
that
small
amount
of
money
it
makes
sense.
But
if
it's
a
couple
thousand
dollars,
then
that
may
be
something
where
the
board
decides.
H
You
know,
I
think,
we're
okay
right
now,
with
what
we're
doing
and-
and
you
know,
if
any
issues
come
up
or
if
anything
comes
up
where
hey
listen,
you
guys
there's
a
discrepancy
in
this
payment
or
there's
a
discrepancy
in
the
way
my
pension
is
calculated
or
something
like
that
which
which
may
lead
to
issues
that
we
didn't
know
about
that
the
board
wasn't
aware
of
then
we
could
explore
that
and
maybe
look
at
you
know
a
a
an
independent
audit
next
year,
but
again
that
you
know,
none
of
that
has
happened.
H
We
haven't
had
any
instances
like
that
we
haven't
had
any
issues
or
you
know,
potential
issues
that
at
least
to
my
knowledge
that
have
come
up.
So
it's
just
you
know
it's.
I
hate
to
take
it
back
to
you,
but
it's
not
a
legal
decision.
It's
really
just
a
business
decision
in
terms
of
you
know,
is
it
worth
the
extra
money
to
to
get
to
have
the
extra
assurance
right,
and
so
I
think
if
I
was
sure
for
me,
that
would
be
my
approach.
Is
how
much?
G
But
if
that's
you
know
what
you'd
like
to
lean
talk,
it's
just
probably
maybe
for
the
best
interest
that
we
stick
with
what
we
got.
D
F
D
A
F
Madam
chair
included
in
the
agenda
is
the
annual
report.
We
usually
include
this
this
when
we
get
the
approval
from
the
state
that
the
report
has
been
accepted.
So
as
you'll
see
in
the
agenda
packet,
we
have
the
first
of
all
the
approval
which
we
got,
which
on
october
10th,
so
that's
it's.
The
process
has
changed
a
little
bit
the
past
year,
a
few
years
now,
it's
all
electronic,
so
you
know
we
kind
of
have
to
pull.
You
know,
pull
some
strings
and
get
what
we
have.
F
So
we
have
we've
included
the
approval,
email
and
then
we've
also
included
a
copy
of
the
report.
So
if
you
want
to
see
the
final
report
that
was
transmitted
to
the
state
of
florida
for
the
plan,
this
information
is
an
agreement.
Financial
information
is
an
agreement
with
the
financials
that
were
issued.
F
H
Okay,
good
afternoon,
everyone
thank
you
for
for
for
allowing
me
to
appear
by
phone.
I
appreciate
it.
Hopefully,
everybody's
everybody's
staying
safe,
it's
just
a
bit
of
a
crazy
time
and
unfortunately
your
jobs
were
hard
enough
before.
So
I
can't
even
imagine
what
you're,
what
you're
all
going
through
now
that
you
know,
at
least
from
my
perspective.
I
certainly
do
appreciate
your
service,
and
we
want
to
thank
you
all
for
for
everything
that
you
do
also.
H
As
far
as
updating
you
guys
really
the
couple
things
I
wanted
to
go
over
with
you
first,
you
know
the
governor's
executive
order,
which
was
recently
extended,
originally
20-62,
most
recently
extended
20-19
through
the
end
of
this
month.
H
Again,
it's
still
in
play,
which
does
suspend
certain
quorum
requirements
for
public
agencies
to
specifically
for
a
quorum
of
the
board
of
trustees
to
be
physically
present
in
a
in
a
physical
location,
that's
openly
accessible
to
the
public,
so
that
is
still
suspended,
allowing
public
agencies
to
to
continue
to
operate
and
and
take
this
and
conduct
its
business
through
the
end
of
the
month.
H
Now
the
expectation
is,
you
know,
although
things
seem
to
be
getting
a
little
bit
better,
the
expectation
is
that
we
will
again
issue
another
executive
order,
further
extending
again
20-62,
but
you
know
we'll
certainly
keep
you
posted
and
let
you
know
if
that
happens
or
when
that
happens.
For
the
time
being,
it
is
set
to
expire
on
the
30th.
So
you
know,
I
know
you
guys
are
already
meeting
in
person
so
really
nothing's
going
to
change
from
your
perspective,
but
it
does
allow
for
flexibility
going
forward,
assuming
assuming
he
extends
it.
H
It
does
allow
for
flexibility
going
forward.
You
know
to
the
point
where,
if
more
members
can't
attend,
whereas
before
they
wouldn't
be
able
to
vote
now,
they
can
actually
attend
and
vote
so
not
only
particularly
discussion,
so
it
does
allow
for
some
some
flexibility
in
case
in
case
the
board
needs
to
utilize.
It
also,
I
did
want
to
remind
you,
with
everything
being
up
in
the
air
suspended,
not
suspended,
extended,
not
extended,
that
your
financial
disclosure
forms
those
lovely
form
ones
that
we
love
filling
out
every
year.
H
They
were
due
july
1st,
so
you
certainly
don't
have
to
tell
me
if
you
didn't
file
it,
but
assuming
everybody
filed
it
on
time.
H
Okay,
I
did
also
want
to
provide,
I
believe
and-
and
I
apologize
if,
if
you
didn't
receive
it,
but
I
think
you
guys
got
a
copy
of
a
proposed
amendment
for
the
secure
act.
H
Did
you
guys
get
that
and
the
reason
I'm
saying
that
is
I
I
I
know
we
were
rolling
those
out
in
the
last
month
or
two,
but
I'm
just
not
certain
that
that
we
got
through
everybody.
So
if
you
don't
have
it
then
then
I'll
stop.
I
don't
we'll
be
sure
to
send
it
to
you
when
we
talk
about
it
next
meeting,
if
you
do
have
it,
I
would
just
want
to
kind
of
describe
what
it
is,
so
that
so
that
you
understand
a
little
bit
better.
H
Okay:
okay,
that's
no
problem,
it's
something!
It's
it's
an
amendment
that
that
we
would
propose,
and
actually,
since
this
is
a
league
of
cities
plan,
I'm
sure
the
league
of
fighters
actually
already
is
already
addressing
this.
It's
with
respect
to
the
secure
act,
and
this
is
setting
every
community
up
for
retirement
in
hampton
act,
which
was
signed
by
president
trump
back
in
back
in
the
december
of
2019
and
the
and
so
really
what
it
does
is
it
increases
the
required
minimum
distribution
age.
H
So,
if
you
guys
have
run
into
this
typically,
it's
a
defined
contribution
side.
So
if
you
have
a
401
or
457,
you
are
required
to
start
taking
your
distributions.
You
can
no
longer
defer
taking
your
payments
past
the
year
in
which
you
reach
age,
70
and
a
half.
H
So
now,
in
light
of
some
some
growing
demographic
and
socioeconomic
changes
that
have
been
observed.
Specifically,
you
know
folks
are
living
longer,
which
we've
seen
as
part
of
our
mortality
tables
for
our
actuarial
evaluation
reports.
H
Folks
are
living
longer,
better
health
care,
better,
better
food,
better,
you
know,
folks,
are
taking
better
care
of
themselves
and
on
the
flip
side,
folks
are
working
later
into
their
lives
and-
and
you
know
nine
times
out
of
ten
they're
not
working
later
into
their
lives
because
they
want
to,
but
rather
because
they
have
to
because
they
haven't
saved
enough
money
for
retirement.
H
So
the
thought
of
the
of
the
legislation
was
really
to
hopefully
provide
individuals
with
an
additional
two
years
or
year
and
a
half
maybe
to
put
some
money
away
for
retirement
so
as
a
qualified
plan,
even
though
practically
it's
not
going
to
have
an
impact
because
again,
especially
in
the
public
safety
field,
our
folks
are
retiring
much
sooner
than
the
before
eight
seventy
and
a
half
or
now
a
72,
and
similarly
on
the
defined
benefit
side,
retirees
don't
often
defer
receiving
their
pension
payments
because
essentially
they're
forfeiting
those
payments,
they're
not
getting
those
back
so
so,
while
practically
speaking,
it
won't
have
any
impact
as
a
qualified
plan.
H
We
do
have
to
have
specific
language
in
the
plan
in
order
to
maintain
our
tax
qualification
or
our
tax
exemption.
Rather
so
so
I'm
sure
that
the
league
of
cities
is
addressing
it,
and
so
in
hindsight,
thinking
about
it
now,
maybe
I'm
sure
the
reason
why
we
didn't
send
it
to
you
was
because
the
league
of
cities
usually
takes
care
of
any
of
those
technical
compliance.
Amendments
and,
and
the
amendment
actually
based
on
the
regulation,
doesn't
have
to
be
adopted
until
I
believe
it's
2024.
H
So
so
that
may
be
why
it
hasn't
come
across
your
desk.
Yet,
but
at
some
point
I'm
sure
they'll
be
taken
care
of,
but
either
way
that
we
can.
We
can
follow
up
and
just
make
sure
that
it's
that
taken
care
of,
but
I'm
I'm
fairly
certain
that
it
wouldn't.
H
Okay,
thank
you,
okay
and
then
really
the
only
other
item
I
wanted
to.
Maybe
just
talk
about,
and
it's
not
an
action
item.
Certainly
it's
just
educational
opportunities.
H
H
Those
have
been
cancelled
while
the
state
has
not
spoken
or
released
any
kind
of
plan
to
hold
anything.
Virtually
the
sppta
is
going
to
hold
its
conference
online
or
virtually
so
if
anybody
is
interested,
that
is
something
that's
available.
H
You
know
obviously
a
convenient
in
the
sense
you
can
just
kind
of
do
it
from
home
or
from
your
desk.
Maybe
if
you
have
some
time
so
I
would
encourage
anybody
who
is
interested
to
to
go
ahead
and
maybe
register
for
that.
Alternatively,
I
do
know
that
the
fppta
is
offering
independent
or
kind
of
standalone
education
courses.
H
I
think
they're,
maybe
about
200
a
session
and
and
they're
good
they're,
they're
they're
online
they're,
interactive
they're,
usually
right
an
hour
an
hour
and
a
half.
So
so,
if
anybody
has
an
interest
and
they
want
to
go
online
and
see
what's
offered
and
one
of
those
courses
grabs
your
grabbed
your
attention
and
maybe
you
could
you
would
sign
up,
and
I
would
certainly
encourage
you
to
do
that,
but
other
than
that
you
know
obviously
we'll
keep
you
posted
and
see
how
the
spring
turns
out.
H
H
Really,
that's
it.
That's
all
I
had
for
my
report
unless
there's
any
questions
or
anything
that
you
guys
might
need
for
me.