►
Description
City of San José, California
Federated City Employees' Retirement Plan Board of February 17, 2022
This public meeting will be conducted via Zoom Webinar. For information on public participation via Zoom, please refer to the linked meeting agenda below.
Agenda https://sanjose.legistar.com/View.ashx?M=A&ID=931080&GUID=C5AC49A3-2EDD-427A-BB9C-6CB94C8CAEB9
A
A
A
A
A
A
A
A
B
A
Okay,
thank
you.
Sorry,
trustee
horowitz,
I'm.
B
Here
great
to
have
you
so
I'm
going
to
call
the
meeting
to
order.
This
is
the
federated
retirement
and
health
care
trust
board,
meeting
of
february
17
2022
and
we
will
have
a
roll
call
of
the
members
trustee
chandra
present
trustee
orr
president
vice
chair
jennings
president
trustee
kelleher
is
not
present.
A
B
B
Thank
you
great,
so
I
just
wanted
to
go
over
the
ground
rules
we
are
meeting
today
virtually
pursuant
to
ab361.
As
such,
all
votes
will
be
well
called
votes.
If
you
are
not
speaking,
please
be
on
mute
to
cut
background
noise
for
discussion
items.
Each
trustee
will
have
a
turn
to
speak
in
roll
call
order
more
than
once.
If
desired,
the
public
will
also
have
an
opportunity
to
speak
on
each
item
after
trustees.
B
B
I'd
like
to
ask
board
members
to
please
stay
on
the
zoo
meeting
call
after
this
regular
meeting
ends
so
that
we
can
conduct
the
special
meetings
for
each
committee
to
address
the
ab361
issues,
and
then
I
also
have
here
they
added
under
1.1
c
and
1.2
c.
A
few
names
were
added.
I
don't
know
if
we
need
to
have
any
special
vote
on
that,
but
or
that
will
be
included
on
the
waving
sunshine
that
would
be
under
waiting,
sometimes
very
good.
A
A
A
A
A
A
B
B
B
The
next
item
is
the
orders
of
the
day.
I
believe
we
announced
the
the
breaks.
E
Mr
chair,
do
you
want
to
were
there
additions
to
the
agenda
that
need
to
be
recognized
and
then,
with
the
motion
to
wave
sunshine.
B
Okay,
there
are
a
few
items
that
were
added
to
the
agenda
and
some
attachments
that
were
received
late.
They
include
attachments
to
items
four,
a
four
c
one
and
two
and
four
d.
One
and
two
and
items
were
added
to
items
1.1
c
and
1.2
c.
B
B
I
see
and
would
that
be
item
1.1
c.
B
Additional
materials
by
since
the
posting
of
the
agenda-
yes,
thank
you!
So
do
we
have
a
motion
to
wave
sunshine
on
those
additions
to
the
agenda
as
well
as
attachments
that
were
received
late,
so
moved,
I'm
sorry
that
was
trustee
linder?
Yes,
I
see
trustee
chandra
seconds
trustee,
chandra.
Second,
any
discussion,
any
public
comments,
we'll
have
a
roll
call
vote,
trustee,
chandra,
aye
trustee,
orr
aye
vice
chair
jennings
aye,
trustee
linder,
aye
and
I
vote.
I
as
well
item
passes.
B
G
B
B
B
Under
item
agenda
item
number
two
death
and
survivorship
notification:
we'll
have
a
moment
of
silence
for
those
who
have
served
the
city
and
who
have
passed.
H
Thank
you,
mr
chairman,
good
morning,
trustees
please,
mr
chairman,
allow
me
to
express
my
condolences
first
trustee
jennings
and
her
family.
H
We
will
have
a
very
brief
update
this
morning
next
month,
we'll
have
a
more
packed
agenda
on
the
investment
side
and
I'm
actually
going
to
invite
senior
investment
officer,
jay
kwon,
to
give
the
update,
but
before
I
do
that,
I
do
want
to
share
some
performance
numbers
and,
as
always,
these
are
pro
foma,
and
these
are
estimates,
and
these
are
unaudited,
and
these
come
from
our
consultant
makita
investment
group.
As
of
february
15th,
the
pension
plan
quarter
to
date
was
down
3.04.
H
As
you
know,
there's
it's
been
a
rough
few
weeks
in
the
markets,
the
considerable
headwinds
that
the
market
faces,
but
the
good
news
is
fiscal
year.
Today
the
pension
plan
is
still
positive.
It's
up
two
point:
four:
seven
percent.
Owing
to
the
strong
performance,
the
first
six
months
of
last
year,
the
health
care
trust
quarter
to
date
is
down
two
point:
nine
three
percent
through
february
15
and
fiscal
year
to
date,
down
34
basis
points
with
that.
Mr
chairman,
I'm
going
to
turn
this
over
to
mr
jay
kwan.
H
Good
morning,
oh
we'll
be
brief
here,
so
those
of
you
who've,
been
on
the
board
for
a
while
will
remember,
recognize
that
we're
approaching
a
significant
and
fundamental
component
of
our
investment
process
and
that's
strategic
asset
allocation.
H
So
capital
market
assumptions
or
cmas
are
just
estimates
of
risk
and
return
over
the
next
five,
ten
or
even
twenty
years,
and
the
process
that
we
go
through
this
time
of
year
is
is
pretty
well
defined
and
laid
out
in
the
ips
which
you
all
just
approved
last
meeting.
So
I'm
sure
it's
fresh
in
your
minds
as
a
reminder
in
broad
strokes.
H
So
we're
at
the
point
in
the
process
where
we've
received
the
updated
cmas
and
we're
working
with
our
consultants
on
possible
mixes
strategic
asset
allocation
will
be
a
primary
topic
at
the
next
ic
meeting
on
february
22nd,
and
hopefully
there
will
be
a
recommendation
coming
out
of
that
meeting
for
the
full
boards
consideration
at
your
march
board
meeting
so
short
and
sweet
lots
of
work
going
on
for
the
investment
staff
for
the
consultants,
hopefully
lots
to
consider
for
a
class
to
consider
ahead
for
the
ic
and
then
the
full
board
as
well
I'll
stop
here
for
any
questions.
H
But
that's
what
we're
doing
right
now.
B
Okay
hearing
none
we'll
move
on
mr
palani
anything
else
from
the
the
investment
staff.
H
Nothing
at
this
time,
mr
chairman,
just
to
remind
the
board,
there
will
be
a
special
in-person
ic
meeting
tomorrow,
followed
by
our
regularly
scheduled
ic
meeting
next
tuesday,
and
I
look
forward
to
bringing
back
those
saa
recommendations
to
the
board
next
month.
Great.
B
This
is
discussion
and
action
on
the
seagull
presentation
that
we
received,
I
believe
last
month,
and
there
is
a
presentation
from
I
believe,
chiron.
I
Okay,
so
last
month,
siegel
presented
their
the
results
of
their
actuarial
audit
and
the
board
asked
us
to
respond
to
their
recommendations
and
some
of
the
findings,
and
so
we've
outlined
in
this
letter
the
the
response
to
each
of
their
recommendations.
I
The
we
believe
the
two
most
important
issues
they
identified
are
the
the
cessation
of
contributions
for
tier
one
members
with
30
or
more
years
of
service
and
the
tier
two
pre-retirement
death
benefits,
and
so
I'll
take
a
few
minutes
to
go
through
those
and
then
I'll
hit
the
other
recommendations
at
a
pretty
high
level
for
the
30
or
more
years
of
service.
The
city
council
approved
the
final
adoption
of
the
ordinance
on
august
3rd,
which
technically
is
after
our
evaluation
date,
but
the
contribution
rates
become
effective.
I
I
think
there
was
some
confusion
about
the
impact
because
siegel
reported
the
average
member
contribution
rate
compared
to
ours
of
7.18
versus
7.41,
but
that
difference
is
really
the
based
on
the
average
member
contribution
rate,
the
the
contribution
rates
for
members
with
less
than
30
years
of
service
they
matched
very
closely,
and
those
would
not
change
now.
The
the
one
issue
that
well
there
are
two
issues
to
sort
out.
First,
siegel
and
and
siegel
pointed
this
out
in
their
audit.
I
They
used
30
years
of
service,
including
service
with
the
reciprocal
employer,
and
we
believe
the
the
intent
of
the
ordinance
was
to
use
30
years
of
service
with
san
jose,
because
that's
the
point
at
which
the
benefit
multiplier
hits
its
maximum,
and
that
was
the
idea
behind
the
whole
ordinance
was
to
stop
contributions
once
a
member
hit
their
maximum
multiplier.
I
But
then
the
other
question
is
whether
the
contributions
that
would
have
been
made
by
members
with
30
or
more
years
of
service
are
to
be
reallocated
to
members
with
less
than
30
years
of
service
or
if
they
are
picked
up
by
the
city
and
and
in
the
discussions
leading
up
to
the
ordinance.
Our
understanding
was
that
the
city
charter
essentially
required
the
reallocation,
that's
not
something
that
we
would
necessarily
advocate
or
anything,
but
that
was
our
understanding,
and
so
I
think
this
is
a
question
that
we
need
to
defer
to
legal
counsel.
I
But
this
table
shows
the
net
impact
that
we
would
have
whether
it's
picked
up
by
the
city.
Then
the
average
member
contribution
rate
would
be
7.3,
but
members
with
less
than
30
years
of
service
would
actually
be
contributing
7.41
or
if
it
has
to
be
reallocated.
I
So
I
know
council
plan
councils
aware
of
this
question
and
I
believe
they're
in
the
process
of
researching
it
to
address
it.
J
Yeah
right,
so
we
are
looking
into
this
issue
from
a
legal
perspective
and
we
will
be
providing
our
opinion
to
the
board
at
the
next
meeting.
I
And
so
I
would
say
this
is
something
that
we
can.
I
Implement
immediately
so
we
will,
we
normally
come
back
in
may
with
an
actual
resolution
on
contribution
rates
for
the
board
to
adopt
and
we
can
reflect
whatever
plans
council's
plan.
Council's
recommendation
is
in
the
development
of
the
contribution
rates
there.
It
doesn't
change
any
of
the
fundamental
underlying
parts
of
the
evaluation.
I
It's
just
simply
where,
where
does
this
piece
of
the
contribution
rate
get
allocated,
and
so
we
can
reflect
that
in
that
contribution
memo
and
have
it
effective
july.
1
2022.
D
I
just
have
one
question
and
it's
in
regards
to
what
we
already
sent
the
city
that
won't
change
any
will
change
their
assumptions
or
they
are
they
still
incorporating
what
we
give
them
for
next
year.
I
mean
it
is
still
early
we're
just
you
know,
end
of
february.
I
So
the
the
five
year
projections
we
sent
to
the
city
for
their
budgeting
purpose
did
not
allocate
any
of
these
member
contributions
to
the
city,
but
that's
that's
so
that
would
be.
It
would
be
an
effect
of
11
basis
points.
D
I
D
D
Just
from
my
knowledge,
that's
it!
Thank
you.
B
Any
comment
from
the
public
and
please
assist
me
as
I
cannot
see
all
the
members
who
are
online
if
anyone's
raising
their
hands
is
there
any
hands
raised.
Please
let
me
know
okay
hearing
none,
so
we
are
waiting
both
for
comments
from
the
board's
attorneys,
as
well
as
from
the
city
attorney
on
how
they
interpret
this
particular
item.
I
I
I
was
going
to
defer
to
you
right,
but
I
think
we're
just
waiting
for
plan
cancel.
J
That's
correct,
I
I'm
not
sure
if
we've
tended
this
over
to
the
city's
council
to
weigh
in
on
for
the
moment
being
the
discrepancy
or
the
the
real
differences
in
the
legal
interpretation
between
siegel
and
chiron
only
came
to
light
once
we
saw
this
memo
so
now
we've
got
a
little
bit
more
to
take
a
look
at
if
it
is
at
the
board's
direction,
we
can
certainly
get
the
city
of
the
city
attorney's
office's
opinion
on
this
as
well,
but
we
are
looking
into
this
and
preparing
a
memo
from
the
plan's
perspective.
B
I
So
there's
one
more
issue
that
has
a
similar
resolution,
which
is
the
tier
two
pre-retirement
death
benefits
and
one
of
the
advantages
I'd
say
of
doing
an
audit.
Is
you
have
actuaries
approaching
the
plan
provisions
from
different
perspectives
and
we
we
developed
our
assumption
of
or
our
understanding
of,
the
plan
provisions
by
looking
at
the
municipal
code?
In
particular,
these
benefits
changed
with
measure
app,
and
so
we
were
working
with
the
ordinance
for
that
and
trying
to
develop.
Our
programming.
I
Siegel
was
able
to
come
in
and
look
at
the
summary
of
benefits
that
the
office
of
retirement
services
had
put
together
and
used
that
as
their
initial
analysis
of
the
plan
provisions
and
came
to
and
those
describe,
different
death
benefits
from
each
other,
and
so
after
those
differences
were
identified.
Siegel
followed
up
with
ors
to
verify
how
they
were
administering
the
plan
and
received
assurance
that
they
were
administering
it
in
accordance
with
the
fact
sheets
they
had
published.
I
I
I
The
fact
sheet,
though,
relies
on
tier
two's
eligibility
being
based
on
paragraph
b,
which
clearly
is
just
for
tier
two,
and
so
the
difference
is,
if
you
have
someone
who
dies
while
working
for
the
city
and
is
age
50
with
20
years
of
service,
our
our
understanding
was
that
that
person,
if
they
were
married,
their
spouse
would
receive
a
survivor.
I
This
interpretation
is
that
that
spouse
would
only
receive
the
members
contributions
with
interest
and
because
they
were
not
currently
eligible
to
retire
at
the
time
of
their
death.
I
I
We
interpret
that
section
to
mean
that
the
tier
two
member
also
gets
two
and
a
half
percent.
We
pointed
out,
I
think,
back
in
2017
that
this
was
a
little
bit
odd,
since
the
retirement
benefit
was
only
two
percent
of
pay
and
in
fact
that's.
What
is
on
the
fact
sheet
is
that
the
tier
two
member
would
only
get
two
percent
of
pay,
so
we
need
a
clarification
here.
I
I
think
ors
had
indicated
they
thought
the
municipal
code
needed
to
be
corrected,
but
we
need
plan
council
to
weigh
in
on
that.
I
should
say
both
of
these
issues
could
be
very
significant
for
individuals
involved,
but
the
events
are
rare
enough
that,
in
terms
of
the
valuation,
we
don't
consider
it
to
be
a
material
change,
but
one
that
we
would
reflect
in
the
next
valuation
once
we
have
plan
council's
interpretation
for
for
these
provisions,.
J
Yes,
that's
noted.
We
are
also
looking
into
this
as
well
and
we'll
provide
the
board
our
interpretation
at
the
next
meeting.
D
Because
you
know,
in
the
case
that
someone's
working
for
the
city
has
the
20
years
retirement
and
dies
are
there
people
that
would
be
impacted
by
that?
If
the
interpretation
is
that
they
only
get
what
they
the
person,
I
guess
a
spouse
paid
into
the
system.
D
Is
that
going
to
impact
existing
people
that
have
you
know
that
have
found
themselves
in
that
situation
and
would
that
be
a
retroactive?
Would
we
have
to
go
back
and
make
those
changes.
I
D
Sorry
going
back
to
the
one
you
said
before
the
one
where
the
cessation.
J
Of
the
contributions
for
tier
one
members
with
30
plus
years
of
service,
is
that
what
you're,
referring
to
trustee
christie.
D
I
thought
it
was
just
someone
who
was
vested
who
had
20
not
30
years.
I
thought
the
what
you
were
talking
about
before
you
went
into
tier
two
was
the
tier
one?
Was
it
oh
for
five
years
or
more
someone?
It's
it's
a
oh.
I
So
so,
there's
no
dispute
over
there's
no
question
about
how
the
benefits
work
for
tier
one.
That's
not
what
it's
ish
issue,
but
the
code
section
kind
of
mixes
tier
one
and
tier
two
descriptions
together
and
so.
D
D
B
J
Right
now
we're
looking
into
it.
I
can't
guarantee
that
we'll
be
100
provided
by
the
next
meeting,
but
certainly
before.
We
need
to
determine
any
contribution
rates
or
anything
like
that.
Our
goal
is
to
present
on
both
our
legal
interpretation
on
the
tier,
1
and
tier
2
issues
presented
in
the
chiron
response
by
the
next
meeting,
but
barring
any
un.
You
know
foreseen
circumstances.
I
Okay,
I
have
more
to
go
through,
but
those
were
the
two
I'm
going
to
hit
in
detail
the
remainder
I'm
going
to
go
through
at
a
very
high
level
and
then
take
questions,
so
we
can
move
through
these
fairly
quickly.
I
Siegel
made
a
few
recommendations
about
the
development
of
economic
assumptions,
one
including
being
clearer
about
the
price
inflation
assumption
that's
used.
When
we
develop
the
expected
rate
of
return,
we
can.
We
can
beef
up
the
disclosures
on
that.
We
did
include
that
information
in
the
in
the
price
inflation
section
of
our
development
of
economic
assumptions,
but
we
didn't
include
it
again
in
the
expected
return.
I
The
their
approach
would
essentially
reduce
the
expected
return
for
any
investment
expenses
and
largely
that
is
due
to
the
selection
for
the
decision
to
use
active
management
as
opposed
to
passive
management
and
we've.
We
take
the
view
that
we
set
the
assumption
based
on
a
passive
portfolio
using
makita's
capital
market
assumptions,
and
so
we
wouldn't
reduce
it
or
increase
it.
Based
on
a
decision
to
use
an
active
manager.
E
A
E
Question
on
that,
mr
chairman
sure.
Thank
you
thanks
bill
good
morning.
Maybe
this
is
more
for
prabhu.
E
Don't
we
benchmark
our
manager's
performance
to
passive
indexes
that
are
net
of
fees
and
don't
we
measure
their
performance
against
the
benchmark
net
fees
and
then
aggregate
that
to
demonstrate
what
our
performance
right
and
compare
that
to
our
expected
rate
of
return?
Isn't
that
all
done
out
of
fees.
H
Rv,
I
think
I
couldn't
hear
you
towards
the
end,
but
yes
from
from
what
I
heard
yes,
we
do.
We
do
benchmark
our
managers
to
passive
indexes
and
it
is
net
of
peace.
E
We
measure
our
managers
performance
net
of
fees
and
then
we
aggregate
that
for
the
performance
of
the
entire
portfolio
net
of
fees
and
then
we
measure
the
performance
of
the
portfolio
against
our
expected
rate
of
return.
Also,
net
of
fees.
I
thought
and
if
that's
the
case,
then
shouldn't
the
actuarial
assumptions
be
based
upon
metaphyse
performance
and
expected
rate
of
return.
E
I
The
the
so
the
difference
is
harvey
that,
let's,
let's
just
assume
you
had
one
asset
class
and
you
had
an
equity
portfolio
and
you
expected,
we
looked
at
makita's
assumptions
and
they
expected
equities
to
return
eight
percent
on
a
passive
basis.
I
We
would
adopt
an
assumption
of
eight
percent
if
the
board
elects
to
implement
that
equity
portfolio
with
an
active
manager
who
charges
50
basis
points,
you
would
still
measure
them
with
their.
You
know
in
hindsight
the
historical
based
on
their
actual
gross
return
net
of
that
50
basis
points.
All
we
are
saying
is
that
the
expectation
ahead
of
time
is
that
that
will
still
be
eight
percent,
whereas
siegel
would
say
no
you're
paying
them
50
basis
points.
So
now
your
expectation
is
only
seven
and
a
half
percent.
A
Yeah,
I
think,
from
makita's
perspective,
what
you
know:
we'd
agree
with
what
bill
is
saying
that
the
the
expectations
are
their
net
of
fees,
but
they
don't
include
manager
alpha
what
the
manager
would
add,
but
they
also
don't
include
the
fees.
E
Okay,
if
I
may,
mr
chairman,
follow
up
a
question
on
that,
if,
when,
when
our
board,
when,
when
you
bill,
when
you
present
economic
assumptions
and
one
of
the
and
the
economic
assumption,
the
board
agrees
on,
is
that
the
assume
the
assumed
rate
of
return,
the
earnings
rate
on
our
assets
and
also
by
the
way,
the
discount
rate
on
our
liabilities
is
six
and
three-quarter
percent?
E
I
We
are
assuming
the
performance
on
a
net
basis.
The
net
basis
is
based
on
the
passive
portfolio,
so
you,
you
may
make
a
decision
to
incur
more
fees
than
a
passive
portfolio,
but
you,
the
board,
does
that
with
the
expectation
of
earning
a
return
greater
than
the
passive
portfolio,
and
so
that
the
net
is
still
equivalent
to
the
passive
portfolio.
D
Sorry,
I
should
laugh.
Yes,
I
find
it
very
confusing
and
you
know
what
would
be
lovely
I
I
don't
know
if
that's
ever
something
that
could
be
done,
but
if
there
was
like
you
know,
you're
talking
about
a
fact
sheet,
you
know
on
things,
but
if
there
was
something
that
kind
of-
and
I
don't
know
if
that's
feasible
but
like
even
some
sort
of
flow
chart,
some
sort
of
fact
sheet
that
just
makes
it
visual
it
for
us
who
are
not
in
that
world,
it's
very
hard
to
follow.
D
I
I
do
agree,
I
kind
of,
but
that's
me.
I
B
And
mr
hallmark
the
siegel
approach
in,
in
contrast
to
that,
do
they
assume
a
flat?
I
don't
know
50
basis
points
for
the
active
management
or
or
how
do
they
add
on
the
active
management
fee.
I
That
from
the
expected
return,
I
would
note,
however,
when
we've
audited
the
siegel
chicago
office,
they
do
it
the
way
we
do.
D
Yeah
you
were
saying
that
I've
read
that
it's
it's
the
san
francisco
office.
Does
it
differently,
which
who
knows,
I
guess
you
would
single
paul,
would
need
to
talk
to
why
they
are
the
so.
I
I
In
just
about
every
case,
so
right.
L
I
Are
different
approaches
and
there
are
different
pieces,
so
here
we're
just
focused
on
one
one
piece
of
it
and
that
and
we
disagree
with
the
way
siegel
approaches
it
on
that
piece,
but
you
know
in
aggregate
I
think
siegel
found
our
expected
rate
of
return
to
be
reasonable,
so
I
don't
think
we
should.
We
should
be
too
overly
concerned
about
this
technical
approach.
B
B
B
Okay,
well
we're
forcing
a
consensus
somehow
any
further
questions
from
trustees.
M
No,
I
just
comment
that
I
I
find
that
the
memo
is
is
enough
information,
if
need
be
any
other
sort
of
supplemental
something
more
visual.
If
that
would
satisfy
trustee
jennings,
but
this
seems
I
think
we
may
be
belaboring.
The
point
somewhat
and
I
appreciate
miss,
works,
additional
comments.
You
know
we're
looking
for
an
active
manager,
we're
seeking
out
performance,
so
you
know
just
the
the
plus
side
and
the
negative
it
all
kind
of
goes
off
in
the
wash.
D
Yeah
I
had
no
issue
with
the
memo
that
bill
wrote
that
all
I
followed
it
that
part
I
was
just
talking
about
so
there
well
harvey
was
bringing
up
yeah.
I
I
So
we
could
certainly
address
this
at
an
earlier
time
in
the
year.
If
that's
the
board's
preference,
the
the
only
sort
of
drawback
we've
experienced
with
that
approach
is
boards
taking,
because
there's
no
compelling
deadline
to
make
a
decision.
The
decision
can
get
drawn
out
over
several
board
meetings,
but
that
does
not
have
to
be
the
case,
and
so
we
would
just
defer
to
the
process.
The
board
wants
to
follow.
I
The
other
one
really
is
more
from
the
retirement
system.
Siegel
suggested
that
the
system
should
request
a
copy
of
our
final
membership
data
file,
and
we
did
want
to
know
we.
We
do
provide
a
copy
of
that
annually
to
the
auditors,
so
that
the
auditors
can
verify
the
data
used
in
the
valuation.
I
If
they,
if
they
request
it.
J
A
B
B
M
I
I
guess
my
two
cents
is
that
I'm
kind
of
indifferent
so
basically
we're
getting
the
the
economic
assumptions.
Q3
is
what
chiron
is
currently
doing
right
october,
correct,
and
so
the
other
option
is
really
getting
it
at
the
same
time
that
we
have
the
cmas
for
asset
allocation
or
just
picking
a
picking
a
month
in
the
summer,
that's
quieter
and
I
think
the
goal,
if
I
understand
it,
the
intention
might
be-
is
just
to
alleviate
some
of
the
compression
and
workload
burden
that
kind
of
falls
into
that
month
of
october.
Is
that
right?
M
I
Make
sense
you
know,
I
know
you're
about
to
go
into
the
asset
allocation
process.
We
would
not
want
to
do
it
before
that
process
is
complete,
because
we
want
to
reflect
whatever
decision
you
make
about
changes
in
asset
allocation.
M
D
Does
it
and
does
it
work
for
chiron
and
does
it
work
for
chiron
october
does
october?
Is
that
acceptable?
For
both
I
mean
we
don't
really
have
a
big
preference,
is
what
I'm
hearing
so
we're
trying
to
understand
the
individual
workload
between
chiron
and
the
investment
staff
and
making
sure
that
what
you
have
and
is
that
still
working.
I
I
I
Issue
in
terms
of
your
decision
on
whether
you're
making
a
change
or
not
you
just
won't-
have
precise
information
about
the
costing,
but
but
it
would
you
know,
I
think
it
would
help
us
spread
the
workload
out.
Your
workload
is
very
concentrated
in
the
fall
with
financial
statement
data
in
september
and
october,
and
then
the.
I
H
D
Okay,
I
just
you
know
my
preference,
since
I
also
you
know
I
am
an
employee
with
the
city
and
I
do
budget.
I
always
like
current
data.
You
know
when
I
budget
I
try
to
get
the
most
current
because
it
just
helps
from
that
standpoint.
So
I
like
the
idea
of
staying
with
something
a
little
more
current,
especially
with
how
things
are
so
volatile
and
change.
So
I
guess
my
preference
is
to
keep
it,
but
I
don't
have
a
strong
preference
either
way.
B
The
board
also
has
a
fairly
busy
schedule
in
august
and
september,
what
with
evaluations
and
then
with
our
usual
september
special
meeting.
So
I
believe
the
current
timing
is
working
for
us
any
further
questions
from
trustees
on
the
entirety
of
mr
hallmark's
presentation.
B
J
If
I
may,
we
we
still
have
not
approved
the
seagull
audit.
We
had
deferred
the
action
until
we
had
heard
from
chiron
as
his
response,
so
we
do
need
to
take
action
on
the
single
presentation
for
the
actuarial
audit
of
the
pension
evaluation
report
under
item
4a.
B
All
right,
okay,
so
do
we
have
any
discussion?
Well,
is
there
a
motion
to
accept
the
the
single
presentation
on
the
pension
valuation
report.
B
M
I
I
don't
think
I
heard
the
report
I
wasn't
attending.
I
believe
so
I'd
like
to
abstain.
B
Okay,
we
will
have
a
vote
to
accept
the
single
report:
trustee
chandra
aye
trustee,
orr
abstain.
Vice
chair
jennings
aye,
trustee
linder,
aye
and
I
vote.
I
as
well
report
is
accepted.
N
Good
morning,
thank
you,
trustee
horowitz
will
be
sure.
This
morning
my
comments
staff
is
working
on
the
guaranteed
purchasing
power.
Thus
the
benefit
provides
a
75
purchasing
power
from
the
day
of
retirement
to
members
and
that
actually
will
be
paid
out
this
month
with
the
paycheck
at
the
end
of
february.
N
We
expect
to
staff,
have
staff
come
into
the
office
at
least
two
days
a
week
and
see
how
that
work
for
us,
but
suffice
to
say
that
even
in
the
meantime,
we
have
have
some
staff
at
the
office
and
we,
you
know,
we
still
open
for
appointments
and
drop
off,
whether
they
are
in
person
or
they
are
virtual.
N
In
any
case,
I
wanted
to
let
you
know
that
we
are
going
to
be
providing
or
actually
having
second
interviews
for
our
network
technician
position
that
will
be
next
week
and
we're
hoping
to
actually
initiate
the
interview
process
for
a
I.t
department
manager
and,
ideally
later
this
month
is
not
early
in
the
march.
N
N
The
hope
or
the
goal
is
to
present
our
request
for
the
fiscal
year
2223
budget
next
month
I
initiated
my
discussions
with
our
contact
person
at
the
mayor's
office
and
you
know
of
our
request
for
the
coming
year
and
we
speak
resolution
shortly.
N
I'm
sorry
before
I
forget
linda
will
be
mad
at
me.
She
wanted
me
to
remind
everyone,
as
we
are
sort
of
coming
out
of
this
pandemic.
I
know
that
we
have
not
been
traveling
for
a
couple
of
years,
but
when
we
start
kicking
off
traveling
again,
do
please
reach
out
to
administrative
staff
for
any
kind
of
plans
on
attending
conferences.
N
Any
kind
of
if
you
need
a
travel
plan
to
purchase
tickets
or
hotel
states,
make
sure
that
you
run
that
early
through
the
military
staff
so
that
we
can
make
the
necessary
arrangements
for
you.
So
I
think
that's
that's
what
linda
wanted
to
say.
We
issued
the
newsletter
and
he
went
out
to
the
members
late
last
month.
I
should
have
received
them
by
now.
Linda.
Did
I
get
that
right?
Is
there
anything
else
that
I
should
mention
regarding
that
reminder,.
B
Okay,
perfect,
you
can't
get
better
than
that.
Any
questions
from
trustees
for
mr
pena.
A
N
I
think
you
know
we
have
staff,
I
mean.
First
of
all,
let
me
invite
barbara
to
comment
on
it
as
well.
I'm
a
deputy
director,
but
I
think
in
general
we
have
staff
that
are
sort
of
in
the
whole
spectrum.
N
I
think
some
staff
kind
of
looks
forward
to
getting
back
to
the
office
a
couple
of
days
a
week,
and
I
think
we
do
have
some
staff
that
you
know
wouldn't
mind
continuing
working
remotely.
I
mean,
certainly
over
the
last
two
years,
staff
have
actually
shown
that
we
can
get
our
core
duties
completed.
N
So
again,
I
think,
to
answer
your
question
really.
We
have
staff,
I
think,
in
the
whole
spectrum,
but
I
think
that,
generally
speaking,
they
they
understand
that
that
we
need.
N
We
need
to
start
initiating
a
process
where
we
start
opening
the
office
and
start
welcoming
members
and
staff,
and
I
think
that
I
have
made
it
very
clear
that
we
certainly
are
going
to
as
much
as
possible
to
implement
a
hybrid
approach
for
staff
going
forward
so
remains
to
be
seen
how
that
hybrid
will
end
up
being
implemented,
but
we
certainly
will
do
that
going
forward.
Hopefully
that
asks
you
a
question.
I
don't
know
if
you
want
to
add
any
comments.
Oh
that's!
That's
fine.
Thank.
A
D
Roberto,
it's
also
my
understanding
that,
as
the
director
of
retirement
services,
it
is
your
ability
to
allow
for
members
to
work
remotely
if
they
want
to.
You
know
the
city
manager
has
provided
that
leeway
and
there
are
forms
available
so
based
on
level
of
service
and
how
you
operate
your
office
that
is
available
for
employees.
N
N
Yes,
that's
certainly
an
option,
I
think
in
some
instances,
100
percent.
It
says
it's
a
tough
requirement,
but
but
you
you
know
we
do
have
different
different
sections
in
the
office.
There
are
some
divisions
that
are,
I
think,
having
a
person
work
from
home.
You
know
100
of
the
time
or
close
200
percent
may
be
more
viable
than
in
in
other
areas.
So,
but
certainly
we
will
consider
that
as
well.
D
And-
and
I
would
say
again,
this
is
your
administrative
option
to
do.
I
would
say
that
I
support
that,
so
if
that
is
feasible
and
works
with
your
staff
and
the
the
work
that
needs
to
get
done
as
a
trustee
and
vice
chair,
I
I
stand
behind
that.
N
That's
good
to
hear.
Thank
you
trustee
jennings.
I
mean.
I
know
you
haven't
asked
this
question,
but
again
we
are
fully
supportive
of
working
demoni,
maybe
because
of
my
learned
tenure
in
employment
since
the
1980s
and
maybe
my
age,
I'm
fully
supporting
the
support
working
only,
but
I
also
I'm
mindful
of
working
culture
and
so
we're
going
to
have
to
see
how
the
hybrid
approach
works,
because
I
think
it's
a
little
more
challenging
when
you
have
a
number
of
staff
working
remotely
and
the
number
of
staff
working
at
the
office.
N
So
it's
a
little
more
challenging
to
combine
those
two.
So
I
think
what
I
have
left
with
my
staff
is
a
couple
of
things
number
one.
We
will
certainly
take
in
consideration
the
request
and
we
are
fully
supported
for
working
remotely,
but
at
the
end
of
the
day
it
has
to
be
an
agreement
that
works
for
both
right,
that
it
works
for
the
staff,
but
he
also
works
for
the
office.
N
But
having
said
that,
and
the
other
second
one
is
that
we
were
always
any
kind
of
decisions
that
we
made
like,
for
example,
this
march
14
deadline.
We
have
promised
that
we
will
always
give
them
at
the
very
least
two
weeks
heads
up
it's
been
one
month
and
we
already
let
them
know.
So
we
also
want
to
make
sure
that
we
work
with
staff
to
give
them
plenty
of
time
to
make
arrangements
before
we
initiate
the
process.
N
Actually,
a
good
point,
in
fact,
through
the
pandemic,
I
think
barbaric
family
is
taking
correctly
obvious.
At
least
90
or
more
of
the
staff
already
have
laptops.
So
I
mean
I
know,
technology
is
just
more
than
that,
but
that's
one
key
component
that
I
have
allowed
staff
to
work
also
remotely
now
when
we
start
going
back
to
the
office.
That
means
that
you
know.
H
N
D
Docking
stations
headphones,
all
that
you
know
yeah
anyhow.
Yes,
as
a
city
employee,
I
mean
I'm
just
working
that
with
my
own
staff
and
working
within
my
own
department,
and
I
have
to
say
that
parks
and
rec
has
been
great.
B
Moving
forward
to
item
b
oral
update
from
city
council
liaison,
I
believe
I
saw
councilwoman
davis
online.
K
Good
morning,
I'm
afraid
I
don't
have
much
of
an
update
today.
We
are
in
the
time
period
where
we
are
awaiting
the
projections,
the
five-year
projections
for
the
budget
and
the
mayor's
march
budget
message.
So
not
nothing
to
report
today.
B
Or
public
comment
very
good.
Thank
you.
Councilwoman
davis,
moving
forward
to
item
number
c
discussion
and
action
on
siegel's
presentation
on
the
audit
for
opec
evaluation
and
I
believe
someone
from
siegel
has
a
presentation
for
us.
G
Thank
you,
mr
chairman.
This
is
paul
angelo,
I'm
a
pension
guy,
so
I'm
going
to
just
make
a
brief
introduction
and
then
hand
this
over
to
andy
young
and
his
partner,
sam
sang.
So
andy,
it's
all
yours.
Thank
you.
E
L
Okay,
thank
you
so
much
as
paul
as
indicated,
my
name
is
andy
young.
I
am
joined
by
my
our
partner
example.
Stani,
who
is
our
health
actuary
with
this
particular
evaluation,
is
very
similar
in
concept
to
what
we
have
done
last
month
for
the
pension
valuation.
So
in
particular,
we
have
been
tasked
with
doing
a
totally
independent
audit
of
the
opec
pen.
So
by
that
I
mean
we
actually
collect
data
separately
from
the
retirement
office.
L
Then
we
turn
around
and
ask
a
bill
of
hallmark
cryron
to
provide
us
with
a
copy
of
the
clean
data
that
they
have
used
in
the
in
the
op-evaluation.
So
we
compare
and
note
a
couple
of
very
minor
differences,
unlike
what
we
have
offered
for
the
pension
plan,
then
what
we
do,
it's
exactly
the
same
process
that
we
gone
through.
L
We
try
to
make
sure
that
the
plan
provisions
that
are
incorporated
in
the
chiron
evaluation
for
the
opec
plan
is
exactly
the
same
as
what
is
appearing
on
the
retirement
systems
website
and
I'm
very
pleased
to
report
that
they
are
identical
so,
and
we
also
take
that
one
step
further
to
make
sure
that
the
provisions
that
chiron
have
included
in
the
evaluation
for
the
ocap
plan
are
exactly
the
same
as
what
is
included
in
the
retirement
website
and
again.
L
We're
very
pleased
to
report
that
all
the
assumptions
lined
up
on
the
plan
provisions
line
up
perfectly.
Even
though
we
have
not
been
tasked
to
review
any
of
the
other
actuarial
assumptions
such
as
the
non-economic
assumptions.
By
that
we
mean
when
some,
for
example,
some
of
the
active
employees
expected
to
retire
from
the
plan
and
collect
a
benefit
pension,
a
health
care
benefit.
But
we
nonetheless
look
at
some
of
the
very
high
level,
important
assumptions
that
iran
has
assumed
for
the
healthcare
plan
and
later
on.
During
the
later
part
of
the
presentation.
L
I'm
going
to
ask
our
health
actuary
to
report
that
observation
with
you,
but
very
pleased
to
report
that
the
healthcare
assumptions
are
very
much
in
line
with
what
we
would
have
done.
If,
if
we
are,
we
have
the
city
as
our
ongoing
client,
we
have
looked
at
the
actuarial
assumptions
that
are
used
by
chiron.
We
looked
at
in
this
particular
case,
unlike
the
pension
valuation,
because
the
portfolio
that
is
used
in
the
valuation
is
somewhat
different,
more
conservative.
L
Now
we
have
also
I've
already
talked
about
the
data,
so
we'll
go
through
that
again
now
the
one
thing
that
I
apologize
I
skip
over
again,
which
is
really
the
reason
why
you
want
to
do
an
audit
is
to
get
the
answer
right.
So
what
is
the
outcome?
Knowing
that
we
have
already
looked
at
the
data?
We
look
at
the
assumptions.
We
have
look
at
the
plan
provisions
again.
We're
very
pleased
to
report
that
our
audit
confirms
the
results
of
the
actuarial
valuations.
L
However,
that
is,
after
some,
adjustments
have
been
made
by
chiron,
following
the
discussion
with
with
siegel
and
again
I'm
going
to
later
on
turn
over
to
my
partner
sam
to
go
through
some
of
the
adjustments
that
we
have
made
now.
I
also
noticed
that
chiron
has
prepared
a
separate
presentation
talking
about
some
of
those
same
changes
that
that
they
have
made
as
a
result
of
the
discussion
with
with
siegel.
L
So
I
just
want
to
pop
that
forward
with
you,
but
nonetheless,
after
reflecting
those
adjustments
to
the
liabilities,
sql
results
are
getting
actually
very
close
to
those
results
that
are
provided
by
kyle.
So
with
that
I'll,
just
move
back
to
the
original
presentation.
L
Now,
in
so
far
as
the
methodologies
that
is
used
in
the
opal
evaluation,
we
note
that
in
this
particular
evaluation
for
the
retiree
health
plan,
chiron
has
used
the
market
value
of
assets,
and
they
have
also
used
a
slightly
different
amortization
methodology
in
so
far
as
if
the
actuarial
assumptions
were
not
to
come.
True.
If
unfunded
liabilities
were
to
service
our
dose
and
run,
the
liability
will
actually
pay
off
in
the
next
several
years.
L
Coincidentally,
bill
was
presenting
the
old
patrick
report
at
the
last
at
the
last
meeting,
so
we
think
that
it
would
be
a
good
idea,
at
least
for
the
trustees
to
re-familiar,
get
themselves
familiarized
as
to
why
a
different
asset
smoothing
methodology
or
why
a
different
smoothing
of
ual
amortization
policy
is
in
put
into
place
for
the
opec
plan,
which
is
different
from
the
retiree
from
the
retirement
plan,
so
again,
something
that
the
trustees
may
find
interesting
to
take
a
look
at
to
refresh
your
memory
as
to
why
you
choose
to
have
two
different
methodologies
to
begin
with
in
the
first
place
so
along
the
lines
of
the
very
close
match
that
we
have
on
the
evaluation
results
after
the
adjustments,
we
have
now
included
a
table
to
actually
show
you
how
close
those
results
really
are.
L
So
we
have
two
columns
of
results
from
the
chiron.
One
would
be
the
results
that
you
have
seen
when
they
presented
the
op
evaluation
report
to
you
last
month.
So
bottom
line
is
if
we
sum
up
the
value
of
all
the
liabilities
we
refer
to
that
as
the
present
day
value,
so
meaning
that
if
the
trust
were
to
have
about
696
million
dollars
on
end
today
as
of
june
20
2021,
that
would
be
enough
to
pay
down
all
the
liabilities
as
of
that
date,
after
the
adjustments
that
against
them
will
be
talking
about.
L
The
liabilities
have
gone
up
by
about
somewhere
close
to
20
million
dollars
to
713
million
dollars.
So
if
we
look
at
the
liabilities
after
they
have
been
adjusted,
and
then
you
can
see
that
the
results
are
actually
pretty
close
to
what
ceo
has
calculated
now,
there
are
some
reasons
why
our
liabilities
are
not
never
going
to
be
exactly
the
same
as
what
chiron
has
calculated
for
the
opec
plan,
because
we
make
the
same
observation
when
we
were
presenting
the
other
findings
for
the
pension
plan.
L
But
to
add
to
that
one
more
item
which
is
has
to
do
with
the
fact
that
when
we
do
the
valuation,
our
program
is
typically
set
up
to
do
a
beginning
of
year
evaluation.
So,
in
order
to
do
the
type
of
evaluation
that
chiron
has
prepared,
which
is
the
middle
of
year
timing,
we
have
to
do
some
approximation,
so
the
bottom
line
is
even
though
we're
not
at
exactly
the
713
million
dollars
that
chiron
has
calculated
after
they
have
made
the
adjustments.
L
We
we
don't
have
any
concern,
because
we
would
typically
think
that
the
numbers
would
not
be
exactly
the
same
anyway.
Because
of
the
way
we
apply
the
actuarial
assumptions.
But
in
this
case,
for
a
health
plan,
the
timing
of
when
our
members
active
members
in
particular
are
expected
to
retire
from
the
plan
and
start
collecting.
A
health
benefit
is
going
to
play
a
role,
and
so
that's
one
of
the
reasons
why
we
don't
expect
the
numbers
to
be
right
on
anyone.
J
Yeah,
I
have
asked
one
quick
question
and
you
may
have
touched
on
this,
mr
young,
which
is
that
when
you
say
before
adjustment
and
after
adjustment,
can
you
explain
that
difference
for
us?
Please.
L
Yeah
yeah,
so
maybe
consulting
with
that
I'll,
just
turn
it
over
to
sam
sam.
Will
you
please
kind
of
walk
us
through.
I
know
that
we
have
that
in
the
report
as
well,
but
will
you
just
kind
of
take
us
through
some
of
the
adjustments
that
we
have
made
as
a
result
of
our
conversation
with
chiron.
C
So
andy,
if
you
can
you
please
go
to
page
seven.
This
is
where
we
summarize
the
the
items
that
we
revised
I'll
see.
Other
observation
item
number
two.
We
did
summarize
the
revision
that
we
had
to
go
and
discuss
with
chiron
and
and
make
those
cheating
here.
So
there's
a
three
items.
Number
one
is:
this
is
in
relation
to
the
catastrophic
disability
for
viva
coopt
in
the
form
active
weapon
viva.
C
What
happened
is
we
believe.
Cairo
was
overstating
the
liability
here
because
it
was
using
a
blended
premium
based
on
coverage
here.
Instead
of
using
a
maximum
subsidy
amount
capped
at
a
single
coverage,
so
the
the
prior
numbers
were
overstating
the
liability
here.
C
The
the
second
change
is
on
the
terminate
investment
chiron
was
applying
a
an
additional
60
adjustment
to
the
liability
to
the
enrollment.
So
it
was
understating
this.
This
liability
here
for
the
terminated
investor.
C
C
So
what
happened
after
the
adjustment?
Here?
The
net
liability
increased
and,
as
andy
mentioned,
I
think
we
had
like
a
10
million
increase
in
liability
from
before
adjustment
to
after
adjustment.
So
these
are
the
adjustments
that
we
discussed
with
chiron
and
eddie
kind
of
mentioned.
The
impact
reliability.
L
Well,
that's
the
okay.
J
So
items
I
just
want
to
make
sure
I
understand
this
so
items
2a,
2b
and
2c
are
the
areas
that
were
taken
into
consideration
for
what
is
considered
the
adjustment
shown
in
the
table
that
mr
young
showed
us
earlier.
L
Yeah
and
I
think
in
addition
to
what
I've
shown
earlier
on
the
the
table
at
the
top,
which
talks
about
the
change
in
the
present
value
of
benefits.
Before
and
after
the
adjustments,
we
have
also
provided
on
page
four,
the
report
which
I'm
now
going
to
show
in
the
middle
of
page
four.
What
would
be
the
impact
on
the
actuarially
determined
contribution?
L
I
would
have
been
18.3
million
dollars
prior
to
the
adjustments
at
the
time
when
we
prepare
our
valuation
report
or
this
other
report,
we
did
not
have
the,
for
example,
the
powerpoint.
That
bill
is
going
to
be
talking
to
the
board
today.
L
But
we
estimate
that
that
there
would
be
an
increase
in
the
actuarially
determined
contribution
or
the
adc
by
about
half
a
million
dollars,
and
I
think
our
estimate
was
actually
looking
out
pretty
good,
because
I
was
looking
at
the
at
the
material
that
taiwan
is
going
to
be
preparing
nick
at
presenting
next
in
our
independent
audit,
because,
like
I
said
our
present
value
benefit
is
somewhat
different,
is
flowed
slightly
lower
than
what
chiron
is
repaired.
L
So
if
we
were
to
apply
our
methodology
and
our
results
that
we've
calculated
totally
independent
of
chiron,
we
would
have
come
up
with
a
adc
of
18.5
million
for
that
same
fiscal
year.
So
certainly
we
would
expect
the
numbers
to
not
be
exactly
the
same
as
what
chiron
and
the
proof
is
that
the
numbers
are
turning
out.
Pretty
close,
we
have
18.5
million
and
when
we
compare
that
to
the
numbers
that
they
that
they
have
adjusted
after
the
adjustment
was
18.8
million
dollars.
L
Okay,
okay,
so
so,
then,
I
think
in
in
the
rest
of
this
detail,
finding
section
I
I
can
talk
a
little
bit
more
about
the
reasons
why
we
think
that
it
would
be
a
good
idea
for
the
board
to
possibly
consider
at
least
get
the
rea
completed,
familiarize
again
as
to
why
you
have
two
different
methodologies
that
are
set
into
place
to
determine
the
asset
value
which
is
used
in
the
pension
value,
which
is
based
on
the
so-called
5g
asset
movement
method,
versus
the
method
that
is
used
in
the
open
evaluation
which
is
based
on
market
value.
L
And
then,
in
addition
to
that,
for
the
pension
evaluation.
The
methodology
is
such
that
anytime,
you
have
an
intended
change
in
the
unfunded
liability
depends
on
whether
or
not
it's
a
consumption
change
or
is
based
on
a
typical
change
in
natural
experience.
Then
you
have
different
types
of
amortization
periods
that
are
put
into
place
to
deal
with
those
increase
or
for
that
matter
decrease
in
the
unfunded
liability.
L
But
for
the
for
the
open
valuation,
it
is
done
using
market
value
of
assets
which
I've
talked
about
and
also
all
the
changes
in
the
environmental
liability
with
without
regard
to
whether
or
not
it's
an
assumption,
change
or
if
it
is
an
actuary
experience.
Item
is
amortized
over
a
period
of
20
years
and
then
with
a
three-year
phase
in
and
phasing
of
the
contribution
rate
increase.
Now
I
I
know
paul
you-
and
I
talked
about
that,
and
we
put
the
comment
in
the
report.
L
Are
there
any
thing
that
I
might
have
missed
paul
that
that
we
might
at
least
suggest
to
the
borders
one
of
the
reasons
why
they
may
want
to
consider
kind
of
at
least
getting
a
better
understanding
as
to
the
difference
between
the
method
that
we
would,
for
example,
have
recommended
for
a
client
which
would
be
very
similar
to
the
you
to
the
one
used
for
the
bandwidth
plan
versus
the
over
anything
that
I
might
have
missed
that
you
might
want
to
add.
G
Yeah
I'll
just
throw
in,
we
had
a
very
productive
chat
with
an
exchange
of
emails
with
bill
hallmark
on
this,
and
I
think
this
will
be
one
where
bill
is
going
to
recommend
that
chiron
continue
with
their
approach
and
but
but
there
is
a
fact
question:
you
have
two
sources
of
volatility
in
a
pension
plan,
you
have
investments
and
you
got
the
demographics
in
a
pension
plan.
G
The
investments
are
much
much
more
volatile
than
any
of
your
elder
elements
of
plan
experience,
and
so
that's
and
that's
why
most
funds
don't
just
run
their
costs
based
on
raw
market
value,
experience,
it'd
be
too
volatile
and
so
what
the
assets,
what
the
the
model
practice
for
pensions
is
and
which
is
what
you
use
for.
Your
pension
plan,
is
to
have
a
separate
volatility
management
tool
called
asset
smoothing,
and
that
gets
your
asset
volatility
down
still
volatile,
even
after
smoothing
your
returns.
G
What
what
chiron
has
identified
our
discussions
with
bill
is
that
they
believe
that
for
the
opeb
plan
your
liabilities
are
also
more
than
typically
volatile
and
we're
not
sure
we
have
necessarily
an
agreement
on
the
facts
on
that
that
is.
But
if
that's
true
well,
then
you'd
have
to
have
something
like
an
asset
smoothing
to
do
for
the
liabilities,
and
that
is
in
fact
what
chiron
does
with
your
amortization
method,
which
is
a
non-level
amortization.
G
I
believe
it's
a
three-year
ramp
up,
so
it's
sort
of
like
you're,
doing
three-year
volatility,
smoothing
on
the
liability
side.
Well,
if
you
do
asset
smoothing
separately
and
then
in
the
liability
calculating
the
unfunded
liability,
you
also
did
smoothing
there.
Well,
then,
you
would
be,
in
effect,
double
smoothing
the
acid
volatility,
and
I
think
that
is
I'm.
I
can't
really
speak
directly
for
bill,
but
in
our
discussion,
that's
why
they
prefer
to
use
the
to
basically
have
only
one
smoothie
mechanism
which
has
to
be
done
in
the
unfunded
liability
calculation.
G
So
that's
a
little
bit
in
the
weeds,
but
it
really
turns
on
whether
the
the
liability
side
volatility
is
is
so
great
that
it
needs
its
own
volatility
management
and
I
think
that's
a
question
of
fact,
certainly
not
to
true
on
the
pension
plan,
and
I
know
that
andy
for
our
open
plans.
I
don't
think
that
we
have
had
that
result,
so
we
actually
use
the
same
funding
policies
for
opec
plans
that
we
use
for
pensions.
L
Yeah,
that's
right,
yeah
and
I
think
the
while
comment
from
bill
is
well
taken
that
at
least
right
now
seems
like
the
liability.
Volatility
is
much
bigger
than
the
volatility
on
the
assets,
but
we
make
the
observation,
though,
that
right
now,
if
we
look
at
the
amount
of
assets
in
the
plan
relative
to
liability,
it
certainly
has
grown
over
time
right
because
since
the
last
audit
but
we're
looking
at
comparing
the
assets
liability,
it
was
only
30
percent.
L
So,
through
the
effort
of
the
city
and
the
board,
you
have
been
able
to
raise
the
amount
of
assets
to
59,
and
the
plan,
of
course,
is
to
raise
it
even
further,
as
the
uals
are
paid
off,
so
that
this
will
approach
100.
So
imagine
that
when
that
day
comes,
you
have
100
of
the
assets.
So
I
think,
as
we
all
know,
that
it's
not
unusual
to
have
a
huge
swing
in
the
market.
Value
of
assets
returned
from
one
valuation
to
the
next.
L
G
Yeah
and
the
only
the
only
last
comment
I
would
make
is
because
smoothing
of
acid
volatility
is
so
prevalent
in
the
industry,
and
it
also
it
raises
some
questions.
We
we
like
to
be
able
to
tell
what
would
the
cost
be
if
we
just
if
we
did
not
manage
that
asset
volatility
and
then-
and
you
can
do
that
when
you
have
asset
smoothing
as
a
separate
tool,
we
can
show
very
clearly
here's
the
history
of
the
market
assets.
Here's
the
smooth
assets,
you
can
see
how
they
behave.
G
G
We
think
it's
easier
to
see
the
effect
of
volatility
management
when
you
use
an
explicit
asset
smoothing,
but
I
want
to
make
clear
what
we're
really
recommending
to
the
board
is
that
this
might
be
a
learning
opportunity
for
for
you
to
talk
to
your
actuary
and
just
sort
of
review
why
these
are
different
and
that
also
allow
you
to
get
a
current
assessment
of
whether
the
differences
between
the
oped
plan
and
the
pension
plan
continue
to
to
justify
this
different
treatment.
J
May
I
jump
in
and
ask
a
question
please
so
one
of
the
things
I
want
to
I
I
understand
that
from
what
the
comments
are
made
here
that
you,
whether
or
not
they
decide
which
methodology
to
use,
is
somewhat
contingent
on
the
factual
circumstances,
the
liabilities
volatility,
the
assets
volatility
for
the
valuation.
One
question
I
do
have
is
you
know,
given
your
experience
in
the
the
field,
what
is
the
more
common
methodology
used
for
other
opi
plans
that
you
have
seen.
G
You
know
andy
I'll,
let
you
check
me
on
this.
It's
hard
to
say,
council
chin,
it's
hard
to
say
what's
common
with
pre-funded
oped
plans,
because
there
aren't
that
many,
you
know
the
you
know.
G
Retirement
plans
are
routinely
pre-funded,
but
not
all
oped
plans
are
so
I
so
I
don't
have
a
whole
lot
of
data
to
draw
on,
but
I
I
would
hazard
a
guess
that
most
opeb,
most
prefunded
open
plans
use
the
pension
model
rather
than
the
implicit
smoothing
built
into
the
amortization.
I
don't
have
a
lot
of
data
to
back
then.
J
G
For
open,
yes,
yes,
okay,
to
be
fair,
it
is
not
unheard
of
actually
calpers
uses
this
non-level
amortization
approach,
a
slightly
different
version
of
it.
They
use
that
and
again
for
the
reason
that
they
don't
they
just
don't
want
to
have
to
talk
about
two
different
asset
numbers,
whereas
we
actually
find
having
the
two
different
asset
numbers
can
be
a
productive
conversation
in
terms
of
understanding
where
you
are
in
your
volatility
management
but
and
part
of
calpers
problem.
Is
you
know,
someone
someone?
G
You
know
someone
reading
an
actual
report,
you
know
in
some
small
agency
town
in
southern
california
doesn't
have
an
actuary
in
the
room
and
they
see
two
asset
numbers
and
they
go
what
the
heck's
going
on.
So
there's
there's
a
there's,
there's,
maybe
a
justification
for
a
large
system
like
calpers
that
may
or
may
not
apply
in
a
system
here
where
you
really
have
a
much
closer
working
relationship
with
your
actual.
L
And
I
think
one
other
comment
that
we
want
to
make.
Even
though
council
chin
has
not
asked
the
question
yet
is
we
find
the
method
recommended
by
chiron
that
they
use
in
the
evaluation
to
be
reasonable?
So
I
don't
want.
We
don't
want
to
leave
the
impression
now,
because
it's
different,
it
is
there's
something
wrong.
No,
the
method
is
reasonable.
L
Okay,
so
I
think
with
that,
as
promised,
I
said
that
we
will
have
sam,
maybe
go
through
a
little
bit
of
the
review
that
we
have
done
on
the
retiree
healthcare
assumptions.
So
sam,
would
you
like
to
take
a
minute
to
kind
of
walk
us
through
what
what
our
findings
are.
C
Yeah
sure
I'm
just
gonna,
it's
gonna
be
high
level
here,
so
we
looked
at
the
the
methodology
to
for
to
develop
the
health
care
assumption
number
one.
The
claim
cost
assumption
here.
You
know
it's:
a
financial
plan,
blending
combined
federated
policing,
fire
load
for
child
cost
asia
adjusting.
So
all
the
stuff
seem
to
to
us
being
in
accordance
with
the
actual
standard
practice.
So
we
do
believe
that
the
healthcare
methodology
assumption
are
reasonable.
C
We
also
looked
at
the
healthcare
threat
assumption.
This
is
basically
indexing.
The
claim
cost
over
time-
and
so
this
assumption
that
we
have
with
chiron
has
is-
is
starting
with
a
higher
short
term
trend,
assumption
and
degrading
down
to
a
long
term
assumption,
which
typically
happened
to
be
lower
kind
of
capture,
the
long-term
healthcare
inflation
and
overall,
we
believe
it
is
also
reasonable.
C
The
initial
trend
rate
that
chiron
uses
eight
percent
for
pre-medicare
four
percent
for
medicare.
The
ultimate
trend
on
the
medical
is
a
three
point.
Seventy
eight
percent,
so
I
know
it's
it
is
it
is
unreasonable
overall,
but
we
do,
but
I'm
sure
that
kind
of
note
that
the
3.78
ultimate
appear
to
be
out
of
step
to
what
we
typically,
what
I
have
seen
on
for
many
clients
and
many
consulting
firm
doing
so
what
we,
typically
you
see
is
within
the
range
of
four
to
four
point:
five
percent.
C
This
seems
to
be
below
that
again,
no
concern
here,
overall,
it's
reasonable.
I
just
wanted
to
to
note
this
so
assumption
in
healthcare
or
reasonable.
Generally
speaking,.
L
Yeah
and
I
think
last
but
not
least,
we
have
also
included
a
page
with
some
of
the
opportunities
where
we
find
chiron
can
consider
when
they
complete
next
year's
valuation
report,
to
provide
some
other
additional
disclosure
again
that
we
won't
go
through
this
bullet
point
by
bullet
point.
But
we
have
talked
to
kyron
about
some
of
those
and
so
something
that
they
can
possibly
consider
for
the
mixed
valuation.
L
And
then
I
think
we
are
very
similar
to
the
pension
report
have
provided
a
couple
of
line
items.
I
know
that
it's
kind
of
small
for
the
trustees
to
see,
but
I
think
I'll
summarize
those
for
you
so
basically
there's
an
update
to
the
valuation
results
as
a
result
of
the
audit
that
we've
conducted,
the
chiron
has
already
provide
what
those
results
are
that
we
have
summarized
for
the
board
before
and
after
the
adjustments.
L
I
think
we've
talked
about
the
chiron,
possibly
talking
to
the
board,
about
the
pros
and
cons
of
applying
the
op-evaluation,
the
same
asset,
smoothing
and
the
amortization
policy,
as
currently
in
place
for
the
pension
plan
and
then
last
night,
but
not
least,
they're
just
some
disposal
items
that
they
can
possibly
consider
for
the
next
valuation.
A
B
I
think
before
we
proceed
with
the
presentation
for
attachment
5c
sub
2,
let
us
take
our
10
o'clock
hour,
break
it's
high
of
10
13,
so
we'll
reconvene
at
10
18
and
hear
the
rest
of
the
presentation.
L
A
A
B
B
The
presentation
under
5c
is
5c
attachment
number
two
and
who
will
be
presenting
on
that.
I
Okay,
so
we
will
respond
to
all
of
siegel's
recommendations,
I
presume
for
the
next
board
meeting,
but
their
first
recommendation.
I
I
I
Here's
a
quick
summary
of
the
the
impact
I
think
siegel's
already
shown
you
the
the
impact
on
the
liabilities
it
would
reduce.
The
funded
percentage
from
66
to
65
percent
obviously
has
no
impact
on
the
assets
and
the
contributions
seagulls
already
showed
you,
but
it
would
increase
the
city's
contribution
from
18.3
million
to
18.8
million
has
no
effect
on
any
of
the
other
contribution
amounts.
I
So
this
really
is
a
decision
for
the
board.
I
The
differences
here
are
within
kind
of
a
normal
range
for
an
actuarial
audit,
but
they
are
noticeable
differences,
so
the
board
could
implement
the
changes
starting
with
2022,
although
we
know
we
would
implement
them
for
the
gatsby
valuations
that
are
based
on
a
2021
valuation
roll
forward,
or
we
can
revise
the
2021
funding
valuation
and
implement
those
changes
immediately.
I
The
rationale
for
just
implementing
with
2022
is
that
the
changes
overall
are
not
that
material.
The
the
contributions
would
be
a
half
million
dollars
short
of
what
we
expect.
That's
substantially
less
than
our
average
annual
liability
gain
or
loss
over
the
last
five
years.
So
it
would
any
difference
would
be
picked
up
in
the
next
valuation.
I
The
rationale
for
making
the
change
now
is
that
we
know
what
those
changes
are,
and
there
is
time,
although
it's
in
the
city's
budget
process,
it's
still
early,
we
have
not
fixed
the
the
contributions
for
2023,
yet
they're,
not
locked
in,
and
so
there
there
is
the
time
to
to
make
them
make
those
changes
now
and
the
revised
valuation
would
reflect
accurately
the
assumptions
adopted
by
the
board
and
disposed
in
the
valuation
report.
I
A
I
B
All
right,
thank
you
very
much.
Questions
then,
from
the
trustees.
D
Well,
I
guess
we
need
to
decide
if
I
guess
you
know
what
is
expedient,
also
what
is
necessary,
I
mean
we
are
aware
of
it.
It
looks
like
it's
about
a
500,
000,
more
or
less
impact
to
the
city
right.
I
think
I
had
that
right.
B
Yes
and
you
want
to
go
back
yeah.
Thank
you.
D
D
I
don't
know
if
the
exposure
is
that
significant
as
you
state
and
there
is
some
benefit
to
incorporating
the
changes
for
the
future
and
kind
of
I
mean
as
a
city
employee
as
a
trustee
as
someone
responsible
on
a
fiduciary
level,
I
mean
I
kind
of
teeter.
I
would
be
interested
in
some
of
the
other
trustees
and
hearing
what
they
have
to
say,
because
I
think
we
have
to
make
a
decision
right.
B
A
I'm
wondering
if
I
could
do
kind
of
a
combination.
This
is
trustee
linder
to
do
to
keep
it
as
it
is,
but
let
them
know
that
a
change
is
coming.
B
D
Right
so
the
budget
director
should
be
informed.
I
They're
waiting
the
decision
to
see
if
it
affects
this
year's
budget
or
just
the
future.
K
K
I
just
weigh
in
real
quick,
so
at
the
city,
I
I
think
I
can
say
with
some
confidence
that
jim
shannon
would
rather
rip
the
band-aid
off
sooner
rather
than
later,
he's
doing
the
five-year
projections
now
and
while
a
500
000
difference
is
not
ginormous,
I
think,
and
I
think
it
could
be
absorbed
in
his
five-year
projections.
I
would,
I
would
suggest
action
earlier
rather
than
later
would
be
better
well.
N
Thank
you
councilmember
davies,
mr
chair,
can
I
can
I
comment
from
staff
standpoint,
please
just
in
essence,
just
echo
council
member
davis
comments.
I
think,
at
the
end
of
the
day
you
already
know
of
this
change
and
is
early
enough
in
the
budget
process.
I
just
from
a
staff
standpoint.
A
A
J
J
Here
today,
the
the
item
agenda
is
for
a
discussion
and
action
on
the
provost
segal's
presentation
of
its
actuarial
audit
findings.
So
the
motion
would
be
limited
to
accepting
siegel's
audit
findings
and
recommendations,
and
then
we
would
further
direct
mr
hallmark
to
come
back
at
the
next
meeting.
To
present.
B
A
B
J
There's
only
one
concept
that
we
need
to
do.
We
could
always
direct
chiron
to
mr
carmen.
I'm
sorry
bill.
J
A
B
Right,
let's
take
it
separately,
then.
Is
there
a
motion?
Do
I
hear
to
accept
the
actual
audit
from
sigel
who
moved
to
evaluation?
I
second
it
so
that
was
a
motion
by
trustee
linder
that
seconded
by
vice
chair
jennings,
any
discussion
of
that
motion.
A
B
Vice
chair
jennings
aye,
trustee
linder
aye
and
I
vote
I
so
that
passes
and
do
we
hear
a
motion
then
to
direct
mr
hallmark
and
chiron
to
prepare
the
the
numbers
for
immediate
implementation
of
this
change
at
the
next
scheduled
trustee
meeting.
J
May
I
interject
there's
no
motion
that
needs
to
be
made.
We
can
simply
direct.
A
B
B
I
Yes,
so
we
will
come
back
next
meeting
with
a
brief
response
to
the
other
recommendations
and
a
revised
valuation
report.
B
Okay,
very
good,
then
so
you
are
directed
and
it
looks
like
we're
moving
forward
with
ripping
the
band-aid
as
it
were,.
G
N
Mr
chair,
so
this
item
actually
is
to
be
presented
by
finance
director
julia
cooper.
I
believe
julia
you're
in
the
meeting.
Is
that
correct?
Yes,
she
is.
I
just
wanted
to
introduce
the
idea
with
this
request
by
the
finance
department
of
work
that
kyron
does
for
the
public
documents
for
bond
issuances
over
time,
and
so
the
contract
I
think
is
coming
to.
I
know
they
need
to.
They
would
like
to
renew
it
and
that's.
N
K
Thank
you,
and
we
do
want
to
appreciate
all
the
assistance
that
both
the
retirement
staff
is
provides
and
bill
as
well
in
preparing
our
bond
disclosure
documents.
So
we've
had
this
mou
in
place
for
several
years
and
it
reached
its
kind
of
expiration
date.
So
we've
included
a
brief
memo
and
then
a
red
line
to
the
mou
to
the
new
one
that
we're
proposing.
K
That
would
be
approved
by
both
the
federated
board
and
then
the
police
and
fire
retirement
board
in
a
couple
of
weeks-
and
this
just
allows
mr
hallmark
to
review
the
documents-
that's
prepared
by
our
disclosure
council
to
make
sure
that
we
have
correctly
interpreted
all
the
actuarial
reports
and
the
financial
reports,
and
so
that
we
can
have
you
know
accurate
disclosure
to
the
municipal
market.
We're
currently
working
on
the
project.
We're
currently
working
on
is
a
refunding
of
bonds
that
were
issued
for
our
convention
center
and
there's.
K
Obviously,
hotel
tax
revenues
are
down,
so
we
want
to
get
those
savings
in
place
as
quick
as
possible,
so
so
that
that's
what
the
mou
is-
and
it
will
just
allow
us
to
to
continue
to
work
with
chiron
and
mr
hallmark
going
forward,
as
we
have
other
bond
issues
that
come
up
over
the
next
couple
of
years.
A
K
No
presentation,
it's
the
staff
report
in
the
red
line
document
is
in
your
packet,
so
I'm
just
available
to
answer
any
questions.
D
B
D
One
question
julia:
I'm
just
trying
to
understand
this.
A
little
is
this
because
retirement
services
has
the
contract,
and
this
allows
finance
to
utilize
that
contract.
K
No,
we
actually
enter
into
a
separate
agreement
with
chiron
to
use
their
services
and
we
pay
for
that
separately.
So
there's
no
cost
whatsoever
to
either
one
of
the
plans
it's
all
paid
for
separately
by
the
city
and
under
a
separate
agreement
with
chiron.
So
why.
K
K
It's
it's
been
an
agreement
that
we've
worked
out
with
harvey
several
years
ago,
because
the
chiron
is
a
consultant
of
the
boards.
So
we
want
to
make
sure
that
that
the
boards
are
aware
that
we're
actually
contracting
with
them
and
that
there's
no
conflict.
So
I
don't.
A
E
Sure
that
is
the
key
issue
that
established
that
there's
no
conflict
in
chiron
performing
services
for
both
the
planned
sponsor
and
the
plan
themselves
and
then
further.
If
we're
going
to
accommodate
that
and
as
long
as
chiron
is
willing.
I
see
no
reason
why
the
board
shouldn't
be
willing
to
do
that,
but
as
well.
E
You
know
to
to
assist
the
city
and
being
able
to
do
this.
Much
of
the
disclosures
the
city
has
to
make
relates
to
their
liabilities,
to
the
retirement
plans,
and
so
it
would
it's
natural
to
have
the
actuary
for
the
retirement
plan.
It
was
in
the
best
position
to
make
those
to
verify
that
data
make
that
available
for
the
city
it's
efficient
and
as
long
as
we
protect
the
plans,
we
recommend.
D
B
So,
mr
lederman,
you
you
were
fading
out
just
a
little
bit
on
the
on
the
connection.
So
just
to
recap,
you
do
recommend
approving
this
and
you
see
no
conflict
of
interest
and
are
using
the
same
actuary
as
the
city
in
this.
In
this
case,
I'm.
I
I
no,
I
think
it's
been
covered
here.
Our
work
is
just
primarily
making
sure
that
the
work
we
present
to
the
board
is
represented
accurately
in
those
documents.
J
Thank
you.
It
is
item
5c.
Here
we
go
5d,
I'm
5d,
I'm
sorry,
discussion
and
action
on
the
amendment
to
the
mou.
N
I
I
do
want
to
say
on
behalf
of
staff,
we
use
the
word
and
member
amendment
sort
of
intelligence.
I
mean
we
use
it
when
we
also
use
extension,
I'm
not
really
sure
what
the
city
is
looking
for,
whether
it's
an
extension,
an
amendment.
Of
course,
if
you
extend
the
contract,
you
are
making
the
contra
right
to
extend
the
contract
date,
but
in
any
case,
all
we
looking
for
is
for
divorce
approval
for
the
city
to
do
have
that
contract
directly
with
with
cairo.
E
Yeah,
the
the
document
is
an
amended
and
restated
mou
is
attached
as
an
agenda
back
up,
and
so
the
motion
would
be
to
execution
of
the
amended
and
restated
mou.
J
It
would
be
the
approval
of
attachment,
5d2
yeah.
B
B
B
F
This
is
done
annually
if
amber
joined
the
system
prior
to
january
1st
1990,
they
are
considered
a
qualified
participant
under
irc
415b
runes.
Their
retirement
alliance
cannot
be
lower
than
that.
What
they
would
have
received
under
the
system
rules
as
of
october
14,
1987
and
back
in
1987.
F
The
kola
rules
were
different
than
they
are
today.
Cola
was
set
by
the
board
annually
and
was
based
on
the
cpi
december
over
december
for
the
prior
year,
so
in
this
instance
2021
to
2020,
subject
to
a
maximum
of
three
percent
and
since
the
2021
december
over
december
cpi
rate
was
4.2
percent.
B
Okay,
are
there
any
questions
from
trustees
on
the
caller
rate
to
be
approved.
B
All
right
do
we
have
a
motion
then,
to
accept
the
the
kohler
presented
by
city
staff
by
sorry,
retirement
staff.
J
For
the
for
the
record,
it's
attachment,
5e2
is
the
resolution
that
is
seeking
approval.
D
B
B
F
Is
yours
now
thank
you
again,
barbara
heyman
deputy
director
for
rs,
and
this
memo
has
given
you
an
updated
communication
activities
that
were
part
of
board
strategic
communication
plan.
The
attached
timeline
shows
the
planned
activities
through
june
30th
2023,
and
we
plan
on
providing
an
update
roughly
every
six
months.
F
The
last
update
provided
was
in
august
2021
and
the
activities
planned
up
to
december
2021
included
the
development
for
a
contract
for
videography
as
needed,
planned
informational
educational
videos,
provide
additional
webinars
further
build
on
our
health,
fair
and
add
a
chat
feature
to
our
website
and
implement
the
social
media
I
have
to
report.
Unfortunately,
the
piece
of
progress
does
continue
to
be
impacted
by
vacancies
in
our
it,
as
well
as
our
benefits,
division
and
the
training
of
new
staff.
F
So
as
regards
the
development
of
the
contract
for
videography,
we
have
not
developed
a
contract.
However,
staff
have
started
the
work
needed
to
develop
and
review
scripts
for
the
videos
and
webinars
for
our
plan
to
produce
educational
information.
F
Videos
ors
is
currently
working,
as
I
say,
on
on
scripts,
and
the
use
of
an
outside
contractor
is
being
considered
for
producing
those
videos
when
the
time
comes
when
the
scripts
are
finalized
for
additional
webinars,
we
have
held
a
series
of
webinars,
including
our
retirement
group,
counseling,
in
addition
to
our
retirement
planning
workshops
and
we're
planning
on
developing,
but
they
haven't
actually
been
developed
yet
additional
webinars
and
currently
the
ones
that
are
available
on
the
website,
cover
topics
related
mostly
to
insurance,
for
open
enrollment
vision
and
dental.
F
As
I
said
for
additional
webinars
we're
hoping
we
have
not
been
able
to
finalize
any
yet,
but
we
have
plans
to
include
ones
on
transitioning
to
medicare,
thinking
of
retirement
reporting,
a
death,
divorce
and
reciprocity,
which
are
very
popular
topics
for
the
adding
of
the
chat
feature.
We
have
not
implemented
that
yet
due
to
staffing
as
part
of
the
upcoming
budget
for
23
22
23
ors
is
requesting
additional
resources
for
the
benefits
group,
and
once
those
resources
would
be
treated.
F
They'll
help
provide
the
additional
support
to
handle
increasing
incoming
member
requests.
The
posting
of
the
state
of
the
retirement
system
address
video,
we're
planning
on
creating
that
video
later
this
year.
It
has
not
been
created
yet
other
activities
that
were
completed
during
the
period.
We
have
continued
to
do
our
retirement
connection
newsletter
and
we
publish
that
via
multiple
channels
in
including
our
website
and
mail
and
email.
F
The
next
newsletter
will
be
published
in
april
of
2022
email
blast.
We
we
have
continued
to
use
our
email
when
appropriate,
most
recently
with
our
open
enrollment
activities
and
we'll
continue
to
try
and
identify
opportunities
to
distribute
information
via
email
to
our
retirees
and
members
for
the
social
media.
F
We
did
launch
the
facebook
and
twitter
accounts.
Last
may
may
2021.
D
I
did
find
something
I
I
know
we're
gonna
wait
for
her
to
come
back.
I
had
a
similar
thing
happening
to
me
and
for
those
who
have
modems
that
use
or
whatever
for
internet
purposes.
D
If
you
look
a
lot
of
times,
we
do
rental
right
of
equipment
a
lot
of
times.
We
just
don't
buy
them
out
right,
but
if
you
upgrade
your
equipment,
sometimes
these
things
are
old
and
they've
been
in
your
house
for
a
while
and
they
start
wearing
out.
I
had
comcast
come
out
and
install
a
new
one
for
me
and
much
better
and
you
don't
think
about
it.
D
A
A
B
F
Yes,
okay,
okay,
yes,
so,
okay,
so
we
did
launch
our
social
media
last
may
and
may
21,
and
we
continue
to
post
regularly
to
the
facebook
and
twitter
accounts,
usually
about
three
to
five
posts
weekly
and
we're
slowly,
seeing
increasing
engagements
for
the
facebook
and
twitter
and,
as
part
of
the
planned
activities
for
the
next
period,
we're
going
to
try
and
you
know,
maximize
opportunities
to
promote
our
social
media
to
see
if
we
can
build
on
those
engagements
and-
and
that
concludes
the
updates
on
the
activities
for
the
last
six
months.
F
F
The
budget
approved
for
her
activities
for
the
current
fiscal
year
was
25
000,
but
today
we've
only
actually
spent
eight
thousand
four
hundred
through
to
january,
and
that
concludes
the
subject.
B
I
know
I
am
curious
for
the
the
chat
feature
you
plan
to
implement,
so
that
will
be
staffed
by
ors
staff,
responding
directly
to
people
chatting
in.
I
know
on
many
websites,
it
has
chat
function
and
it
seems
like
it's
an
outsource
to
some
other
third
party.
F
So
we
we
would
be
planning
to
use
staff
just
because,
basically
you
they
would
need
to
have
plan
knowledge
and
structure.
B
N
Other
questions,
no
it's,
mr
chair,
but
I
do
want
to
take
this
opportunity
on
your
questions
and
rubber
of
response
that
again
we
we
expect
to
have
staff
involved
on
the
chat,
but
one
of
the
challenges
that
we
have
to
turn
that
on
is
we
have
to
have
the
staff
available
and
it
just
has
been
a
challenge
not
only
with
the
vacancies,
as
you
heard
me
on
the
benefits
side,
where
there's
still
some
positions
that
are
either
vacant
that
we're
trying
to
to
fill
in,
but
also
some
that
may
become
vacant
in
the
near
future,
and
as
part
of
that,
we
also
the
new
budget
is,
is
requesting
three
three
new
benefits
positions
not
directly
related
to
the
to
the
chat
function,
but
the
ability
to
us
to
spread
out
the
work
and
have
more
supervisory.
N
You
know
more
available
and
having
staff
having
more
having
staff
more
time
to
to
respond,
so
it's
something
that
we
really
want
to
get
to
it.
But
at
this
point
it's
been
quite
a
challenge
with
the
the
step
challenges
that
we
have
encountered
over
the
years
and
now
you
know
we
are
looking
to
add
more
positions
in
the
benefit
side.
Thank
you.
M
Are
you
all
totally
wedded
to
the
idea
of
the
chat
function
and
the
reason
I
ask
is
because
it
can
really
create
a
lot
of
unintended
consequences,
at
least
from
some
of
the
experiences
I've
seen
in
different
business
models.
So
one
suggestion
I
want
to
float
out
there
if
you
are
wedded
to
the
idea
of
a
chat,
is
the
that
automated
function,
where
it
goes
to
all
sorts
of
data
points
first,
and
that
kind
of
you
know
shields
you,
because
I
really
feel
like.
M
I
guess
my
two
senses,
I
don't.
I
don't
feel
good
about
the
team
becoming
sort
of
really
enmeshed
and
I'm
sure
you
feel
the
same
as
a
as
a
chat
business,
because
you
know
people
can
just
go
wild
and
then
they
just
go
pretty
extreme.
I
think
in
terms
of
their
reactions
and
opinions,
so
just
to
share
I'm
sure
you
thought
about
this,
but.
N
Fair
point:
yes,
no,
fair
point,
we
appreciate
it
and
you
know
at
this
point
we're
not
really
married
to
it.
I
mean
we
certainly
look
at
the
options,
but
I
think
that's
a
very,
very
good
point.
So
thank
you.
B
That
concept,
if
staff
itself
is
responding
to
chats-
and
I
think
that
would
be
required
for
it
to
be
effective
at
all,
it
sounds
like
it
could
be
rather
disruptive
to
the
staff's
day
as
they're
working
through.
I
don't
think
we'd
have
such
a
huge
volume
of
chats
that
you
would
assign
a
person
to
it,
so
they'd
be
working
on
something
and
then
all
of
a
sudden
they
have
to
go.
B
N
Yeah
again
good
point,
I
think
if
we
ever
gonna
go
that
route,
we
will
destinate
specific
times
for
different
staff
to
be
available
for
the
chat
so
that
they,
I
don't
have
to
go
back
and
forth
between
the
regular
duties
and
the
shutting.
But
you
know
at
this
point:
it's
all
you
know
again
is
a
plan.
So
certainly
we
welcome
any
just
like
you
just
did
any
input
and
we
will
keep
you
posted
on
the
updates
every
six
months.
So
thank
you.
D
Well,
one
thing
that
I
heard,
and
I
would
think
reberco
you
might
have
an
idea
on
this-
is
that
we're
kind
of
looking
at
a
60
percent
possible
60
of
city
staff
is
going
to
be
eligible
for
retirement.
Coming
up.
D
I
think
in
the
next
year
or
so
and
so
kind
of
like
a
silver
tsunami,
as
they
kind
of
want
to
say
is,
and
in
that
case
I
can
see
the
need
for
additional
staffing.
If
that's
going
to
be
hitting
your
workload.
Is
that
something
that
you're
aware
of.
N
I
have
to
be
honest,
I
was
not
aware
of
a
60
percent
of
the
city.
Staff
will
be
available
for
from
retirement.
N
A
N
D
Might
want
to
look
at
that,
and
maybe
I
don't
know
if
that's
something
kyrie
can
do.
I
wear
two
hats,
and
so
you
know
and
on
the
retirement
board,
but
I'm
also
president
of
the
camp
union,
and
that
has
been
numbers
that
our
union
has
thrown
out
and
again
I
haven't
seen
the
numbers
behind
it.
I
don't
know
you
know,
but
I'm
just
that's
kind
of
what
they
have
seen
through
their
analysis.
D
And
I'd
be
I
mean
I
can
ask
and
have
them
if
this
is
okay
with
roberto,
I
try
not
to
reach
down
to
staff,
but
if
it's
okay
with
roberto
and
if
I
can
come
up
with
that,
I'd
be
happy
to
forward
it
to
barbara.
Would
that
be
okay.
B
Any
public
comments,
all
right.
Thank
you,
miss
heyman
for
for
the
update
and
we'll
move
forward
to
5g,
and
I
believe
council
chin
has
something
to
say
here.
J
I
sure
do
so
as
as
this
board
knows,
there's
the
ab361
abbreviated
teleconferencing
procedures
for
under
the
brown
act
that
allows
you
to
meet
virtually
without
complying
with
the
full
brown
act
requirements
for
teleconferencing
attendance
at
meetings.
J
So
if
the,
if
the
governor
decides
as
that
deadline
approaches
for
the
state
agencies
to
lift
the
proclamation
for
the
state
of
emergency,
that
would
take
away
one
of
our
fundamental
factual
findings
required
for
us
to
utilize
the
ab361
abbreviated
teleconferencing
procedure.
So
I
know
there
may
be
buzz
around
it.
There's
no
firm
indication
one
way
or
the
other
whether
or
not
the
governor
will
lift
that
proclamation.
J
But
I
did
want
to
just
advise
the
board
that
that
may
be
a
possibility,
and
so
come
time
in
april,
we'll
certainly
meet
at
the
next
meeting,
virtually
and
we'll
we'll
again,
as
we
get
closer
to
that
date,
we'll
we'll
get
a
better
sense
of
where
things
may
stand.
So
with
that
background,
I
am
going
into
what
roberto
likes
to
call
the
maytag
show,
which
is
to
provide
you
the
background
information
for
the
factual
findings
necessary
to
allow
this
board
to
continue
to
meet
virtually
under
av
361
for
the
next
30
days.
J
Currently,
the
governor's
proclamation
for
the
state
of
emergency
due
2019,
continues
to
be
in
place,
and
the
city
council
continues
to
recommend
social
distancing
by
their
recent
resolution
so
with
those
two
factual
findings.
If
this
board
makes
those
findings
by
a
majority
vote,
this
board
may
continue
to
meet
under
ab361's
abbreviate
teleconferencing
procedures
up
until
its
next
meeting
within
the
next
30
days.
B
So
do
I
have
a
motion
to
adopt
these
two
factual
findings
to
use
ab361's
abbreviated,
teleconferencing
procedures
for
the
next
30
30
days
for
this
board.
B
B
Sorry
for
that
momentary
pause.
We
have
committee
reports,
it
says
investment
committee,
it's
at
last
meeting
february,
18th,
that's
actually
that's
tomorrow,
yeah.
A
That's
that's
an
interesting
last
meeting.
It
is
tomorrow
yeah
we're
meeting
tomorrow,
so
we
can
resume
the
av
360
if
necessary,
and
then
we'll
have
a
full
formal
meeting
on
the
22nd,
where
we
discuss
asset
allocation
and
some
other
topics
and
of
course
the
asset
allocation
discussion
will
come
to
the
full
board
and
there's
no
update
from
the
february
18th
meeting.
B
Okay
back
to
the
future,
as
it
were,
a
governance
committee,
I
believe
the
last
meeting
was
merely
a
special
meeting
to
adopt
361..
Is
there
anything
to
report
from
the
chair
of
the
governance
committee.
N
B
B
M
Yeah,
the
joint
personnel
committee
met.
We
reached
a
resolution
on
the
ceo
sort
of
policy
and
process.
We
will
be
revisiting
further.
The
cio
policy
and
process
documentation,
so
we're
moving
along.
B
B
Okay,
so
do
we
have?
There
are
four
attachments,
but
we
have
just
a
single
vote
to
adopt
the
policy
and
procedures.
B
And
just
to
summarize,
the
we've
looked
at
these
cover
memo
and
the
procedures
and
policy
before
I
think
the
the
procedures
were
further
refined
in
the
last
meeting
to
to
reduce
the
number
of
of
questions
in
the
survey
somewhat,
and
that's
that's
what
the
final
version
that
is
redlined
under
6.4
c2
includes
so
saying
that
is
there
a
motion
to
adopt
this
proposed
policy
and
procedures
for
the
ceo
performance
process.
C
B
B
Okay,
so
hearing
none,
we
will
have
a
roll
call
vote,
trustee,
chandra,
hi
trustee,
orr
aye
vice
chair
jennings
aye,
trustee
linder
hi,
and
I
vote
I
as
well.
It
passes
unanimously.
The
calipers
general
assembly
will
is
coming
up
here
in
early
march
and
also
the
calipers
advanced
principles
of
pension
governance
trustees.
B
B
Okay,
I
have
a
feeling
that
answers
that
question
for
some
trustees
moving
on
there
any
proposed
agenda
items.
E
E
But
I'm
wondering
whether
or
not
we
should
wait
for
the
additional
vacancy
first
to
be
filled
or
how.
You
would
like
to
time
that.
A
N
D
B
So
hearing
none,
I
would
like
to
say
that
we
are
adjourning
this
meeting
in
in
memory
of
of
dwight
jennings,
the
husband
of
vice
chair
jennings.
B
I
want
the
vice
chair
to
know
she
has
our
deepest
sympathy
and
although
it's
not
my
place
to
speak
on
behalf
of
the
board,
I'm
sure
I
do
when
I
say
we
we
have
enormous
condolences
and
for
your
sudden
loss.
D
Thank
you
very
much.
I
really
appreciate
it.
D
We
were
married
40
years
and
we
lived
together
42
years,
so
he
was
someone
I
was
with
for
quite
some
time
and
I
can
just
say
that
he
passed
the
way
he
wanted
to
it.
Was
it
really
his
heart
just
stopped
and
he
just
died
and
he
died
at
his
table
with
his
coffee
there
and
that's
how
he
would
want
to
go
it's
just
something
like
that
is
shocking
to
everyone,
including
the
family.
He
was
only
74.
D
So
so
it
will
take
time,
but
I
am
a
person
who
likes
to
be
busy
and
kind
of
keep
my
mind
going,
and
so
I
appreciate
I
have
had
so
many
heartfelt
condolences
and
I
really
do
appreciate
it.