►
Description
City of San José, California
Federated City Employees' Retirement Plan Board of June 16, 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://sjrs.legistar.com/View.ashx?M=A&ID=980861&GUID=5F5BE01D-7851-40DC-9973-95F01BB37454
A
A
A
A
A
A
A
A
C
C
B
That's
why
I'm
acting
as
chair.
So
we
have
one
two,
three,
four
people,
four
trustees,
that's
enough!
Yes,
okay,
all
right!
So
that's
good!
So,
okay,
we
have
quorum.
I
would
like
to
remind
attendees
pre
that
all
chatter
can
be
heard
by
the
public
and
remind
all
speakers
to
speak
clearly
state
their
names
for
the
record
and
the
audio
recording.
B
I
believe
the
first
order
of
business
is,
I
believe,
a
closed
session
item,
so
we
will
be
going
into
closed
session
and
then
resume
the
open
session
after
we
complete
that.
So
we'll
just
ask
for
your
patience
as
we
are
being
led
into
the
breakout
room
one
at
a
time
and
if
anyone
else
needs
to
share
their
screen
in
closed
session,
please
let
staff
know
before
going
into
the
breakout
room,
so
staff
can
make
you
a
co-host.
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
B
B
B
B
B
B
D
A
C
B
B
B
E
Thank
you,
madam
vice
chair.
Thank
you.
So
much
for
hanging
me
this
opportunity
I'll
make
it
very
quick,
because
I
only
I
know
I
only
have
three
minutes,
but
I
wanted
to
set
the
record
straight
from
a
comment
that
I
made
at
the
last
meeting.
I
want
to
offer
my
apologies.
This
is
regarding
a
request
from
mr
palani
regarding
the
federated
fund
and
the
performance.
E
I
happened
to
look
into
my
spam
email
box,
which
I
rarely
do
by
the
way,
and
I
did
find
a
response
from
milani
in
a
very
timely
manner.
Thank
you
so
much,
and
I
just
wanted
to
make
to
set
the
record
straight
that
I
did
misspeak
at
that
time.
So,
in
addition,
I
am
putting
out
my
invitation
to
all
trustees
for
to
meet
with
them
individually.
E
I
know
I
got
an
email
back
from
mr
pena
saying
that
he
was
concerned
about
a
brown
act.
Just
to
remind
you,
I
was
on
the
board
for
12
years.
I
was
also
chair
of
the
board.
I
am
well
aware
of
the
brown
act
there
isn't
there
is
not
going
to
be
any
violation
of
any
brown
act.
I
don't
think
you
know
what
the
subject
would
be.
B
E
B
E
E
So
again,
this
is
extremely
awkward
and
I
believe
your
counsel
is
out
of
order.
This
is
not.
This
is
not
something.
It's
very
simple.
Question
that
that
board
members
can
ask,
I
mean,
can
answer
so
again.
I
do
not
agree
with
your
counsel
all
right,
and
in
fact
I
I
encourage
that
you
get
conflicts
counsel
for
situations
such
as
these.
Okay.
Thank
you
so
much.
B
C
C
D
B
C
B
C
B
F
F
Now
you
will
have
makita
and
newberger
berman,
presenting
first
quarter
performance
and
discussion
around
that
later,
and
you
will
see
that,
as
of
march
31st,
the
the
the
plans
were
up
two
percent
around
two
percent
and
now
already
down
almost
six
percent
and
that's
how
swift
the
market
decline
has
been.
In
fact,
as
of
today
we're
having
another
meltdown
in
the
market,
the
s
p
is
off
24
from
its
recent
high,
which
was,
I
think,
I
believe,
early
january.
F
F
It's
it's
important,
because
history
can't
repeat
itself,
but
I
also
remind
trustees
that
in
the
year,
both
in
the
last
two
big
drawdowns,
of
course,
we
had
a
swift
drop
down
in
march
2020,
but
prior
to
that,
in
the
great
financial
crisis
of
2008
2009
and
in
the
dot-com
bubble
is
in
1999
2000.
The
market
actually
fell
close
to
50
percent
in
those
drawdowns.
E
F
Just
to
keep
those
numbers
in
mind
and
also
to
put
this
in
perspective,
the
markets
have
recovered
from
every
steep
drawdown
in
the
past
century,
and
the
market
has
survived
recessions.
The
market
has
survived
two
world
wars
and
all
kinds
of
issues,
so
that
is
also
something
that
we
should
bear
in
mind.
In
fact,
when
we
had
those
stellar
numbers
a
year
or
year
and
a
half
ago,
I
did
mention
to
the
board
that
in
a
way
we
were
bordering
from
the
future
and
the
future
is
here
now
now.
F
F
As
so
that's
that's
the
maximum
amount
of
risk
and
pain
that
are
that
our
stakeholders
can
take
our
sponsor
can
take.
So
this
is
within
that
within
those
parameters.
Now,
occasionally,
you
will
have
a
two
or
three
standard
deviation
event,
which
can
cause
a
lot
of
pain
to
stakeholders
to
a
sponsor,
and
so
in
fact,
staff
has
come
up
with
some
proposals
which
we
will
be
discussing
at
the
ic
next
week
for
hedging
the
portfolio
against
further
declines.
C
Yeah
vice
chair
jennings,
this
is
trustee
chandra.
I
had
a
quick
question.
Maybe
maybe
the
answer
won't
be
quick,
but
the
question
itself
is
quick.
Cio
palani.
I
usually
ask
these
questions
that
I
see,
but
I
I
won't
remember
a
week
from
now,
so
I
hope
you'll
indulge
me.
I
I
don't
know
if
this
is
true.
I'm
looking
to
you,
I
read
someone
sent
me
a
note
whom
I
respect
and
understands
capital
markets
fairly.
C
Well,
he
said
that
at
presently
about
one-third
of
publicly
listed
u.s
companies
don't
earn
enough
to
cover
current
interest
costs
in
a
rising
interest
rate
environment.
I
don't
know
exactly
how
he
defines
rising.
I
doubt
it's
25
basis
points.
Maybe
he's
thinking
a
little
bit
more
than
that,
but
I
was
concerned
about
that
because
your
overlay
comments
about
the
durability
of
the
markets.
It's
it's
because
they've
always
been
connected
to
the
actual
performance
of
corporate
america.
C
So
you
know
all
the
rest
ends
up
being
noise,
but
that
was
a
bit
disconcerting
and
I
imagine
the
same
is
true
of
private
assets
in
in
the
private
equity
world,
and
there
are
more
private
companies
than
there
are
public
companies.
It's
a
little
bit
more
opaque,
but
I
bet
there's
I
mean
they
borrow
a
lot
more
heavily
in
their
model.
So
do
you
have
any
visibility
into
this
statement
that
someone
shared
with
me
if
it's
accurate.
F
Yeah
no
thank
you.
I
have
not
seen
that
particular
statistic,
so
we
will
actually.
I
will
go
back
and
look
for
it.
Okay
now
and
I
think
it's
it's
very
possible
because
the
rising
interest
rate
environment,
of
course
it's
it's
just
going
to
be
much
harder
to
to
issue
debt
and
to
and
to
service,
especially
if
it's
adjustable
rate.
So
I
will
go
back
and
take
a
look
at
that
and
I
will
hopefully
have
an
answer
for
you
at
the
next.
F
If
we
have
a
recession,
it
will
be
shallow
and
so
on,
it's
very
hard
to
predict
the
future,
but
I
I'm
assuming
that
there
will
be
demand
destruction
and
you
know
for
multiple
reasons.
One
is
you
know
just
people
looking
at
their
401k
statements
and
and
getting
shocked.
You
know
when
they
come
in
in
early
july
and
secondly,
just
with
inflation
and
with
gas
prices.
So
I
think,
and
two
thirds
of
the
u.s
economy
is
consumer
spending.
F
Yes,
thank
you
trustee
kelleher,
that's
that's
exactly
right.
That's
the
way
we
feel
about
it.
The
advantage
we
have
over
as
an
institution
as
an
institutional
investor
over
retail
investors
is
that
our
I,
our
time
horizon
is
almost
infinite
and
we
have
the
capacity
to
take
on
volatility
and,
in
the
long
run,
risk
assets
being
long
risk
assets
should
pay
off
and
as
the
market
comes
down,
I
view
this
as
opportunities.
You
know.
Chaos
always
produces
opportunity
and
we
should
be
able
to
take
advantage
of
those
opportunities.
B
B
F
G
G
Okay,
great
so
again,
thank
you
for
having
me,
I
always
appreciate,
being
able
to
come
quarterly
and
and
give
you
guys
the
update,
I'm
actually
presenting
q4.
So
I
know
a
lot
has
happened
since
q4
and
I
will
try
to
talk
through
some
of
that.
Also,
what's
happened
and
kind
of
what
we
anticipate
for
q1
and
moving
forward
still
talking
about
q4
q4
was
a
very
good
picture
for
us
in
the
private
equity
world.
So
I'll
start
there
and
then
and
then
move
forward.
G
G
Q1
was
pretty
much
par.
Buyout
funds
were
typically
up
around
five
percent,
all
the
way
to
down
five
percent,
so
a
very
kind
of
even
par
situation
for
buyout
funds.
Venture
funds
were
down
a
little
bit
more.
We
found
kind
of
the
average
performance
for
q1
for
venture
funds,
down
about
five
percent
versus
q4
and
obviously
not
terrible
compared
to
kind
of
the
volatility
in
the
public
markets.
G
We've
seen
at
an
underlying
basis,
portfolio
company
statistics
and
and
financials.
We,
we
obviously
do
a
lot
of
co-investment,
so
we're
able
to
to
look
at
the
deal
flow.
That's
currently
in
the
market,
we're
still
seeing
quality
companies
financials
are
still
good
for
companies,
but
there
is
a
much
bigger
focus
and
importance
on
profitability
of
companies
versus
just
the
growth
of
companies,
which
kind
of
over
the
last
few
years
has
been
more
of
the
focus.
G
G
G
On
page
seven,
we
highlight
a
little
bit
more
of
the
underlying
exposures
within
the
portfolio,
both
on
a
committed
basis,
as
well
as
an
invested
capital
basis
in
terms
of
investment,
type
meaning
primaries.
Co-Investments
and
secondaries
you'll
notice,
the
committed
capital
and
and
obviously
co-investments
are
deployed
in
into
companies
immediately.
So
the
invested
capital
amount
looks
slightly
larger
than
the
committed
amount,
as
the
primaries
continue
to
call
capital
invest
into
companies.
G
Those
are
something
that
we
focus
on
to
really
generate
early
strong
returns
in
the
portfolio
and
we've
been
happy
with
how
that
part
of
the
portfolio
has
continued
to
develop.
We've
seen
a
lot
of
in
2021
saw
a
lot
of
great
realizations
within
that
portfolio
and
then
at
the
bottom,
the
performance
benchmarking
similar
to
how
we
did
the
underlying
that
I
was
just
talking
through
on
the
earlier
pages.
G
And
moving
forward,
this
really
is
a
lot
of
detail.
So
I
won't
go
through
this
in
detail,
but
this
is
the
schedule
of
investments
of
each
underlying
investment,
both
neuberger
and
legacy
investments
you'll
see
at
the
bottom
how
how
the
gross
returns
turn
out
for
each
one
broken
out
and
then
in
total,
so
you
can
see
really
kind
of
what
investments
are
are
producing
producing
their
returns,
and
with
that
I
will,
I
will
pause
and
open
it
up
for
questions.
C
F
H
B
H
B
C
H
Great
okay,
so
I
know
that
ms
boyer
from
new
burger
just
went
through
some
details
on
the
private
equity
program.
Here
we
have
the
full
spectrum
of
private
markets,
asset
classes
on
page
two,
and
so
you
can
see
here
some
strong
numbers,
a
internal
rate
of
return
or
dollar
weighted
return
of
just
about
10
9.7
for
the
program
as
a
whole
and
and
about
1.5
times
the
the
money
that
you've
paid
in
over
time.
H
So
you
can
see
that
the
the
real
assets
program
has
now
captured
some
of
the
gains
from
energy
recently
and
is
now
outperforming
its
public
market
equivalent,
which
is,
in
the
far
right
hand,
column,
and
you
see
some
strong
absolute
returns
as
well
from
the
legacy,
private,
equity
and
and
private
debt
and
real
estate.
You
know
all
definitely
positive,
even
a
couple
of
asset
classes
that
are
slightly
trailing,
that
public
market
equivalent
number
in
the
the
private
debt
program,
which
we'll
start
with
there
was
one
new
commitment.
H
H
Taking
a
look
at
real
assets
in
the
next
section.
Here
you
can
see
that
there
were
two
new
commitments:
tembo
and
mountain
capital,
six
million
each,
and
you
can
see
the
contributions
and
distributions
on
the
slide
as
well
and
then
in
terms
of
individual
funds.
You
can
see
that
there
are
three
funds
that
currently
have
meaningful
performance.
H
H
And
then
this
report
has
a
lot
of
other
data
as
well
and
for
the
venture
capital
program.
There
were
no
new
commitments.
You
can
see
that
there
are
three
funds
total,
none
of
which
have
meaningful
performance.
Yet,
given
that
they're
all
2021
funds
that
all
of
them
are
now
valued
at
over
what
has
been
committed
or
contributed
so
far,
and
then
there's
a
lot
of
information
on
the
market
environment
later
on
in
this
report.
H
H
Okay,
wonderful,
so,
as
your
cio
mentions,
a
lot
has
happened
since
the
end
of
march,
but
the
last
audited,
information
that
we
have
for
reporting
is
as
of
march
31.
You
know
a
lot
has
changed
economically
as
well
with
you
know.
The
largest
interest
rate
raise
that
we've
seen
in
a
long
time
continual
high
energy
prices
and
inflation,
but
I
think
we
can
illustrate
on
page
five.
You
know
some
trends
that
have
continued.
H
If
you
look
at
2021
on
the
left,
nearly
every
major
asset
class
was
positive
during
that
year,
led
by
riskier
asset
classes
like
equities
and
real
estate
investment
trusts.
And
then,
if
we
look
on
the
right
at
2022
through
april,
these
trends
have
really
continued.
Where
you
see
commodities
being
one
of
the
few
really
the
only
public
markets,
asset
class
that
has
had
a
positive
return.
H
Riskier
asset
classes
like
small
cap
stocks,
were
the
worst
performer
of
major
asset
classes
through
april
and
we're
not
showing
because
they're
not
there,
aren't
as
many
public
publicly
available
indexes,
but
private
markets
is
another
area
like
we
just
talked
about
that
still
has
positive
returns.
So
you'll
see
you
know
one
trend
that
we're
seeing
among
funds
that
we
work
with
is
those
folks
that
have
significant
private
markets.
Allocations
have
held
up
much
better,
you
know,
part
of
that
is
accounting
and
things
not
being
valued
as
often
but
part
of
that
is
also.
H
H
H
If
we
look
at
total
performance,
while
the
quarter
to
date,
number
here
is
negative,
the
first
quarter
of
2022
you
can
see
that
it's
outperforming
the
low-cost
passive
portfolio
and
ranks
above
the
median
of
the
peer
group.
The
fiscal
year-to-date
performance
as
of
the
end
of
march,
was
still
positive
up
2.4
percent
and
that
fiscal
year
day
performance
was
outperforming
every
benchmark
that
you
have.
H
So
you
know,
as
as
we've
discussed,
with
being
long-term
investors,
we
can.
We
can
still,
I
think,
take
some
solace
in
those
those
longer
term
numbers
at
this
point
and
if
you
look
at
individual
asset
classes,
most
asset
classes
held
up
quite
well.
You
see
growth
up
for
the
year
up,
almost
12
relative
to
7.5
for
the
growth
benchmark
and
then
other
asset
classes
that
were
negative.
H
Private
markets,
excluding
the
assets
that
are
held
in
the
russell
3000
for
future
commitments,
are
we're
up
almost
50
for
the
trailing
one-year
period
we
see
strong
returns
across
all
private
markets,
asset
classes
and
some
diversification
benefit
from
asset
classes
like
say,
emerging
market
debt
relative
to
traditional
bonds,
which
were
down
recently
in
terms
of
individual
managers.
Manager
selection
continues
to
be
quite
strong
in
the
sense
inception
periods.
I'd
highlight
you
know,
cove
street
is
one
that's
been
stressed
historically
in
the
in
the
top
decile
for
the
quarter
period.
H
So
you
know,
some
managers
that
you
know
have
looked
not
great
for
for
a
period
of
time
are
providing
some
diversification
benefit
now
in
this
market.
Another
one
that
I
highlight
would
be
dimensional
emerging
markets
equity,
the
second
from
the
bottom
here
positive,
even
though
emerging
markets
were
down
overwhelmingly
for
the
most
recent
quarter,
and
so
some
of
these
managers
have
been
out
of
favor
for
some
time,
but
your
investment
team
has
held
on
to
now
are
providing
some
nice
diversification
benefit.
H
I
will
move
on
to
a
few
broader
measures
and
when
we
look
at
attribution
of
the
total
fund
for
the
one
year
period,
you
can
see
that
manager
selection
that
green
bar
has
been
really
positive.
Allocation
effect
was
positive
as
well,
and
when
we
look
at
the
three
year
period
on
the
next
slide
again,
you
see
manager
selection,
just
overwhelmingly
adding
a
lot
of
value
to
the
fund.
H
B
B
H
Okay,
great
so
the
healthcare
trust,
as
you
know,
is
invested
in
sort
of
a
liquid
subset
of
the
same
managers
that
the
pension
is.
I
will
look
at
asset
allocation.
First,
on
page
29,
you
can
see
that
the
total
market
value
as
of
the
end
of
march
was
386
million,
and
the
current
allocations
were
quite
close
to
policy.
H
Looking
at
total
fund
performance,
you
see
a
negative
return
for
the
quarter
down
3.2
percent
that
was
slightly
behind
the
policy
benchmark,
but
still
ranked
around
the
top
third
of
the
peer
group
for
the
fiscal
year.
To
date,
the
fund
was
down
0.7
as
of
the
end
of
march,
still
ranking
in
the
top
third
of
that
peer
group
and
then
for
the
one
year
period,
a
return
of
3.7,
still
quite
strong,
annualized
returns
over
the
three
year
period
of
8.1.
H
So
one
thing
that's
been
interesting
is
that
you
know
typically
in
down
markets.
This
fund
has
been
below
piers,
mainly
because
it's
a
little
bit
more
equity
heavy
than
a
lot
of
other
health
and
welfare
trusts,
giving
the
the
target
return
that
we're
trying
to
reach
on
an
actuarial
basis.
But
this
fund
actually
protected
quite
quite
well
relative
to
peers
and
a
big
reason
for
that
has
been
the
other
asset
class.
So
a
lot
of
health
and
welfare
funds,
don't
have
things
like
core
real
estate
and
commodities
in
their
portfolios.
C
H
H
H
C
Yeah,
I
just
have
one
question:
you
know:
every
decision
in
the
past
has
been
different
like
so
this
one
pro
I
mean
if
it
comes
more
of
an
inflation
induced
recession.
So
I'm
wondering,
if
there's
any
kind
of
scenario
that
we
have
run
and
to
simulate
the
string
that
can
happen
in
the
portfolio
for
an
inflation
induced
recession.
C
H
We
have
so
we
go
through
the
asset
allocation
process
and
review
process
annually,
and
that
usually
happens
around
april
or
a
bit
before
with
the
investment
committee,
and
so
there's
a
lot
of
different
types
of
analysis
that
we
look
at.
We
look
at
historical
scenario,
analysis
as
well
as
forward-looking
stress
testing.
H
So
you
know
that
some
of
the
scenarios
include
high
inflation
or
a
stagflationary
environment
with
low
growth,
growth
and
high
inflation.
So
it's
it's.
When
we
look
at
the
different
asset
allocation
options
with
the
investment
committee
and
the
investment
team,
and
then
the
board
we
model
as
best
we
can
a
lot
of
different
potential
scenarios
and
that's
really
how
we
did
end
up
with
commodities
specifically
in
this
fund
was
looking
at
you
know.
B
D
D
I
was
only
there
for
part
of
it
because
I
I
hurt
my
back
earlier
in
the
week,
but
I
wanted
to
publicly
thank
the
committee
that
put
together
the
picnic
it
was
very
well
done.
We
kept
social
distance
and
again
it
was
very
well
attended
and
it
was
nice
to
see
staff
in
person,
some
of
which
I
really
haven't
seen
in
about
two
or
three
years,
to
be
quite
honest
with
you,
and
so
we
shared
some
time
together.
D
We
provided
last
year's
and
this
year
director's
awards,
which
is
a
recognition
that
we
give
to
staff
for
exemplary
work
beyond
their
call
of
duty,
and
I,
as
I
do
sometimes
from
time
to
time
at
your
public
board
meetings,
and
I
will
do
that
again
this
morning.
I
thank
them
for
their
hard
work
and
their
commitment
and
engagement
to
their
job
and
to
the
plans
responsibilities
while
working
remotely
through
these
covey
19
pandemics.
So
again,
thank
you
for
staff,
for
keeping
us
afloat
and
and
getting
the
job
done
in
terms
of
staff.
D
D
Yes,
we
learned
that
so
also
we're
kicking
off
some
recruitment
activities
in
the
next
within
the
next
few
weeks,
not
only
in
regards
to
some
benefit
analyst
positions
currently
available,
but
also
in
regards
to
the
three
newly
budgeted
positions
for
the
benefits
area.
So
we're
going
to
be
quite
busy,
the
next
60
days
or
so
kicking
off
these
processes
and
searching
and
doing
due
diligence
and
conducting
interviews,
because
we
certainly
want
to
fill
these
positions
as
soon
as
possible.
D
D
D
Right,
we
are
going
to
be
working
with
the
city
on
that
process.
I
also
wanted
to
let
you
know
that
the
city
updated
the
guidelines
to
incorporate
updated
county
guidelines
from
required
and
current
team
for
closed
contacts,
and
so,
regardless
of
vaccination
status,
they're
no
longer
required
to
quarantine
as
soon
as
they're
not
experiencing
any
symptoms,
and
I
think
I
mentioned
before
that
the
city
is
requiring
now
mask
when
you
are
in
a
city
facility
and
obviously
also
for
staff
when
they're
in
our
office.
D
We
continue
the
office
retirement
services
working
hybrid.
Two
days
a
week
we
have
staff
coming
to
the
office.
Our
offices
are
open
between
the
time
or
about
nine
to
four
o'clock.
So
it's
open
to
members,
although
we
do
strongly
encourage
members
to
make
appointments,
if
they're
visiting
our
offices
again
must
as
required
and
lastly,
I
wanted
to
let
you
know
that
we
will
be
closed
next
monday
in
a
server
of
the
june
19th
day
and
also
on
the
july
4th
in
observance
of
independence
day.
D
D
Oh
one
more
otherwise
linda
will
get
mad
at
me.
I
just
want
to
remind
everyone
now
that
we
are
seeing
some
of
you
traveling
for
conferences,
to
remind
you
politely,
to
reach
out
to
administration's
administrative
staff
when
you're
planning
to
attend
a
conference
on
behalf
of
the
plan
so
that
they
can
make
the
arrangements.
You
know
only
registration
for
the
conference,
a
hotel,
accommodations
and
per
diem
and
plane
tickets
if
they're
required
as
well.
D
B
B
So
now
we
move
on
to
item
c,
and
this
is
discussion
and
action
on
authorizing
the
ceo
to
negotiate
and
execute
a
fourth
amendment
to
the
agreement
with
medlink
and
independent
medical
examiner
for
application
examinations
to
amend
the
rate
schedule
to
amend
the
rates
from
500
per
hour
to
a
maximum
of
8.50
an
hour.
I
will
turn
that
over
to
miss
hate.
I
G
G
I
C
I
No
medlink,
they
were
the
only
vendor
that
charges
per
on
the
sizing
of
the
file
and
the
other
vendor
does
always
used
rate
sheets.
So
this
is
just
in
line
with
that
react
sheet
methodology
and,
as
I
said,
the
the
other
ime
vendor
is
also
increasing
their
rates
and-
and
that's
the
next
item
on
this
board
agenda-
understood
yeah.
So.
C
G
I
D
B
D
Let
me
just
interact
here,
barbara,
if
I'm
mistaken,
please
correct
me
so
so
there's
I
want
to
separate
the
discussion
between
the
board
medical
advisor,
which
is
the
advisor
to
the
committee
and
your
board
vis-a-vis
the
imes.
These
are
internal
medical
examiners,
which
we
have
been
using
all
along.
D
As
it
turned
out,
we
define
a
vendor
to
provide
the
board
medical
advisor
services
and
now
how
that
works
is
that
they
are
not
the
board.
Medical
advisor
will
not
be
performing
an
actual
examination
of
the
member.
They
will
draft
a
analysis
for
your
board
based
on
all
the
medical
records,
including
the
independent
medical
examiner.
D
Review
and
examination
of
of
the
members
so
that
that's
how
that
works
and
and
for
trustee
avasti
many
years
ago
and
every
so
often
we
do
a
review
and
seek
out
services
for
the
disability
process
which,
including
the
dependent
medical
examiners
and
these
two
med
link
and
exam
works,
are
also
used
by
some
others
of
our
peers
throughout
the
state,
and
so
they
actually
have
been
on
board.
I
don't
recall
the
specifics,
but
it's
been
more
than
five
years.
D
C
I
B
C
B
I
Included
when
the
approval
was
given,
the
wording
was
for
the
ceo
to
negotiate
and
execute
an
agreement
with
work,
health
solutions
to
provide
disability,
medical
evaluation
services
to
the
board
for
an
amount
not
to
exceed
a
hundred
thousand
for
fiscal
year.
2021
22,
with
two
one-year
extensions
options
to
extend
beyond
the
june
30th,
and
so
due
to
the
worrying
of
the
original
approval.
I
D
Let
me
before
there
are
any
questions.
Let
me
just
add
some
comments
to
barbara's
explanation,
so
it's
actually
twofold
barbara
again,
if
I'm
mistaken,
please
correct
me,
the
current
contract
does
allow
for
month-to-month
basis
for
the
services.
Is
that
correct?
That's
correct,
yes,
okay
and
number
two!
D
D
We
are
not
requesting
approval
of
the
one-year
extension
we
are
instead
taking
advantage
of
the
month-to-month
until
we
get
enough
experience
on
our
hands
on
our
bill
to
decide
whether
this
is
something
that
we
want
to
continue
working
with
work,
health
solutions
or
not.
I
just
wanted
to
make
sure
that
was
clear
to
the
board
barbara.
Is
there
anything
else
that
you'd
like
to
add
to
that.
C
G
I
B
C
A
B
C
B
D
C
No
well
in
terms
of
your
first
question:
the
governor
there
are,
there
are
rumors
that
the
governor
may
intend
to
lift
the
proclamation
at
the
end
of
july,
but
that
remains
to
be
seen
as
you'll
know
throughout
the
state
of
california.
There's
been
a
surge
of
covered
cases,
so
that
may
change
that
that
rumor,
so
to
speak.
I
heard,
amongst
the
other,
caliper
attorneys
at
their
last
attorney
roundtable
conference
about
a
month
ago,
but
that
has
since
may
have
changed,
but
for
now
we
stay
the
course.
If
we
so
choose.
D
C
C
B
D
Madame
bashir,
I
just
wanted
to
comment
to
the
trustees.
I
don't
recall
if
staff
has
reached
out
but
because
july
is
is
a
dark
quiet
month
I'm
gonna
have
meetings,
we
are
gonna
have
to
be
reaching
out
to
you
for
special
meetings
of
your
board
and
committees
sometime
in
july,
but
at
a
day
that
is
within
30
days
of
your
august,
needing
so
that
we
could
have
the
ability
to
have
another
remote
meeting
in
august,
assuming
that
they
left
the
proclamation
late
in
july
and
allow
us
to
do
that.
D
I
just
wanted
to
let
you
know
so
be
in
the
local,
because
there's
going
to
be
some
information
we
we
may
have
to
have
two
meetings
because
between
today
and
august
it's
almost
july.
I
was
60
days,
so
I
don't
know
if
we
may
have
to
have
two
special
meetings
or
not.
We
will
have
to
take
a
look
at
the
options
we're
going
to
have
to
count
days
and
see
what
the
stay
is
doing
in
terms
of
the
proclamation.
I
will
keep
you
posted.
Thank
you.
B
B
C
Sure,
I
think
substantively
you,
the
entire
board,
got
some
key
public
market
and
private
market
updates.
Today,
as
well
as
some
timely
comments
from
cio,
we
will
be
meeting
next
week
in
a
special
meeting
just
to
discuss
the
state
of
the
market,
and
I
remind
all
trustees.
We
make
no
substantive
investment
decisions
there.
They
all
come
back
to
you,
so
we
will
keep
you
apprised.
C
B
B
C
B
D
C
D
B
F
C
B
C
B
A
C
B
C
Yeah,
our
last
meeting
was
quite
a
while
ago,
we're
looking
to
schedule
another
one
coming
up.
There's
a
compensation
study
and
the
performance
evaluation
exercise
to
go
through
with
a
consultant.
So
once
we
have
a
another
meeting,
more
more
material
updates
will
be
available
to
share
all
right.
That's
it.