►
Description
City of San José, California
Federated City Employees' Retirement Plan Board, December 15, 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=1063148&GUID=B9895EEF-1FDC-4B7D-92BD-9CA24DDB4941
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
B
B
B
B
C
B
Present,
thank
you.
Trustee
linder's
presence,
a
few
ground
rules.
We
are
continuing
to
meet
virtually
under
the
auspices
of
ab361.
All
votes
will
be,
will
call
votes.
If
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
it
desired,
and
the
public
will
have
an
opportunity
to
speak
on
each
item
after
trustees.
B
We
will
take
a
break
at
about
10
o'clock
and
another
break
at
the
end
of
this
meeting.
I'm
sorry
another
break
at
one
o'clock
to
accommodate
the
Civic
Center
broadcasting
system
plea
board.
Members
are
asked
to
please
stay
on
the
zoom
after
the
regular
meeting
ends
so
that
we
can
have
our
individual
committee
meetings,
especially
for
ab361
purposes,
I
believe
there
is
no
sunshine
to
wave.
B
Do
we
have
a
motion
to
accept
the
consent
calendar
some
moved
moved
by
trustee
Linder?
Is
there
a
second
I?
Second,
it
that's
a
second
by
Vice,
chair
Jennings,
any
comments,
any
public
discussion,
Vice,
chair
Jennings.
How
do
you
vote
hi
trustee
Chandra,
hi
trustee,
Linder,
aye,
trustee
avasti.
E
B
And
I
vote
I
as
well
the
chair.
Okay,
let
us
proceed
then,
to
the
agenda.
F
Chocolates,
I'm
not
sure
if
you
allowed
for
the
public
comments.
B
Yes,
well,
we
I.
We
will
allow
for
public
comments
right
after
orders
of
the
day
and
I
believe,
since
we
have
just
done
orders
today,
we
will
do
public
comments.
Thank
you.
B
At
this
time,
members
of
the
public
May
comment
on
items
not
included
on
the
agenda,
provided
that
the
matter
is
within
the
subject
matter:
jurisdiction
of
the
board
members,
the
public
who
wish
to
cut,
provide
comment
this
time
may
do
so
by
raising
your
hand
in
the
zoom
application
or
by
joining
by
telephone.
So
please
state
your
name
for
the
record
prior
to
providing
your
comments.
Speakers
will
be
limited
to
three
minutes.
In
addition,
public
comment
on
items
listed
on
the
agenda
will
be
taken
at
the
time.
The
agenda
item
is
heard.
B
Okay,
seeing
none,
we
will
proceed
to
the
consent.
Calendar.
B
And
I
think
we
we
had
a
vote
to
accept
the
orders
of
the
day.
Do
we
have
a
separate
vote
for
the
consent
calendar.
B
Calendar
okay:
we
did
thank
you
for
keeping
me
on
track.
Council,
Chen,
all
right
so
proceeding
past
the
consent.
Calendar.
B
Agenda
item
two
is
death
and
survivorship
notifications.
At
this
time,
I'd
like
to
take
a
moment
of
silence
for
those
who
have
served
the
city
and
who
have
now
passed.
G
B
G
Mrsion
good
morning,
thank
you
so
I
will
today
we
will
be
discussing
second
second
quarter:
private
markets,
performance
and
third
quarter,
Pension
Plan
performance
and
when
I
say
third
quarter.
Of
course
it's
the
first
quarter
of
the
fiscal
year,
but
before
we
get
there,
I
have
as
always,
returned
from
Makita.
These
are
unaudited.
Preliminary
returns,
as
of
1213.,
does
not
include
the
big
sell-off.
Today
the
FED
pension
plan
was
up
2.97
fiscal
year
to
date,
as
of
Tuesday
and
the
health
care.
Trust
was
up,
3.48
percent.
G
So
again,
these
are
unaudited
estimates.
As
of
Tuesday,
with
that
Mr
chairman
I'm,
going
to
actually
invite
Casey
Boyer
from
newburger
Berman
to
present
item
3B.
D
Perfect,
thank
you.
I
appreciate
all,
as
always
the
chance
to
present
to
you
or
board
I
will
take
just
one
minute
and
share
the
screen.
D
E
D
Feet
or
the
full
full
screen
is
that.
D
No
worries,
thank
you.
As
I
mentioned
Q2
performance
I
will.
I
will
probably
primarily
focus
on
this
page
today,
just
kind
of
from
a
higher
level
of
what
we've
what
we
experienced
in
Q2
and
Q3,
but
as
always
happy
to
answer
any
questions
on
more
of
the
underlying
Investments
or
movement.
D
If,
if
you
would
like
so
as
a
quick
reminder,
we
are
managing
this
private
Equity
portfolio
and
we
include
primary
fund,
Investments,
secondaries
and
co-investments
co-investments
being
the
direct
company
Investments
that
we
make
alongside
private
Equity
managers.
D
D
D
So
looking
specifically
at
Q2
overall
performance
for
the
program
was
down
slightly
when
you
compare
that
to
the
overall
Market
it
was
generally
in
line.
D
We
actually
each
quarter,
look
at
our
platform
overall
to
kind
of
see
where
Returns
come
out
and
across
our
entire
platform.
Buyout
returns
for
Q2
were
down
about
three
percent
and
Venture
was
down
about
seven
percent.
Your
program,
specifically
for
Q2,
was
down
about
not
quite
four
percent.
D
So
if
you
kind
of
take
those
two
into
consideration,
pretty
much
on
par
with
the
rest
of
our
platform
and
what
we
would
expect
the
rest
of
the
market
to
look
like
in
Q2,
we,
we
did
distribute
additional
Capital
back
to
the
program,
so
we
distributed
4
million,
currently
a
total
of
42.5
million,
distributed
back
of
course,
and
that
value
remaining
of
almost
350
million
dollars
a
net
multiple
for
Q2
of
1.8
times
it
was
a
little
over
1.8
times
and
a
29.1
percent
net
irr,
so
good
performance.
D
Obviously,
looking
at
Q2
things
did
come
down
slightly,
which
we
were
expecting
given
the
markets
just
briefly
on
Q3
we
actually
have
reported
on
that
already,
so
I
can
give
you
actual
specifics,
but
again
the
portfolio
was
down
a
little
bit
a
little
over
three
percent
overall
and
again,
very
similar
to
what
we
saw
across
the
rest
of
our
platform
across
buyouts
and
Venture.
D
We
did
in
Q3
also
make
another
distribution
back,
which
was
about
2.6
million
dollars,
so
we
are
still
seeing
Capital
come
back
to
the
program,
which
is
good.
We
started
this
program
five
and
a
half
years
now,
and
so
it's
nice
to
see
that
we
are
seeing
those
realizations
come
through,
even
as
we're
making
new
commitments,
we're
still
able
to
distribute
Capital
back.
D
Those
were
kind
of
my
main
takeaways
from
from
this
quarter.
I
will
open
it
up
for
questions
again,
I'm
happy
to
go
further
into
the
deck.
If
any.
If
anyone
has
any
questions
well,.
H
I
have
a
generic
question.
We
know
that
the
market
took
a
hit
interest
rates
going
up
Etc,
but
is
there
anything
in
particular
that's
driving
this
particular
Equity
Market
down.
D
D
You
know
20,
to
25
at
the
end
of
Q2,
which
is,
as
I
mentioned,
for
our
platform
as
a
whole.
Q2
was
down
about
three
percent
for
buyout
and
seven
percent
for
venture.
D
D
So
there's
just
an
inherent
connection
between
public
going
down
and
and
private
Equity
going
down
as
well,
I
would
say
in
Q2,
companies
were
still
performing,
their
financial
metrics
were
still
doing
pretty
well
and
a
lot
of
the
GPS
and
private
Equity
Funds.
We
were
speaking
to
still
had
you
know
a
lot
of
confidence
in
in
their
Investments.
That's
still
the
case
today
to
an
extent,
but
I
will
say
there
probably
are
more
cracks
in
the
system.
D
There's
not
there's
not
quite
as
many
deals
or
transactions
being
completed
and
it's
really
kind
of
just
the
best
of
the
best
assets
that
we're
seeing
come
through.
So
it
is.
It
is
tied
to
some
extent
to
public
markets.
B
If
I
can
follow
up
on
that
question,
so
the
the
Delta
between
the
public
markets
and
the
private
markets,
one
down
three
or
four
percent
and
the
public
markets
down
22
percent-
is
that
unusually
large
Delta
between
the
two
I
understand.
Private
markets
are
going
to
be
more
muted,
more
attenuated
than
public
markets.
But
do
we
track
the
difference
between
the
two
on
a
regular
basis,
and
is
this
a
an
unusually
wide
margin
between
the
two
implying
that
perhaps
private
Equity
has
more
to
go
in
terms
of
being
marked
down.
D
I
would
say
it
is
high,
it's
not
unusually
high
during
Market
volatility
like
this.
D
The
way
markets,
public
markets
performed
at
the
beginning
of
2022,
as
we
all
know,
was
just
very
volatile
and
did
drop
substantially,
so
it
is
high
higher
than
normal.
But
I
would
also
say
that
you
have
to
take
that
in
the
context
of
how
unusual
that
market
was
for
public
markets.
D
I
do
expect
that
private
Equity
marks
will
come
down
next
quarter
in
Q4,
not
sure
what
q1
will
look
like,
but
I.
Think
one
item
that
we've
known
and
that
we've
tracked
historically
is
that
private
markets,
there's
kind
of
two
things
private
equity
tends
to
drop
or
raise
lower
than
the
public
market.
So
if
the
public
markets
go
down,
private
Equity
will
typically
be
less
and
then
the
other
item
is
private.
D
Equity
markets
and
valuations
tend
to
lag
public
markets
a
little
bit
because
it's
a
little
bit
of
a
wait
and
see
in
private
Equity.
You
really
can
truly
Mark
to
Market
and
look
at
the
specific
company
and-
and
you
have
some
leeway
to
if
the
company
is
performing
well,
you
don't
just
have
to
mark
it.
Down
based
on
public
marks,
so
I
would
expect
for
it
to
come
down
in
the
next
quarter.
I,
don't
I
I,
don't
know
going
forward,
but
yeah.
Hopefully
that
answered
your
question.
B
It
did
as
an
item
going
forward.
I
would
love
to
see
if
it
is
possible,
a
a
chart,
a
Time
series
showing
public
versus
private
valuation.
So
we
have
some
sense
visually
for
those
of
us
who
are
visual
Learners,
how
the
public
markets
are
correlated
with
the
private
markets
so
that
we
could
see
both
the
lag
and
and
the
the
attenuation.
B
The
Delta
between
the
two,
so
we'd
have
a
sense
if
this
was
a
particularly
wide
margin
between
the
two
right
now
or
if
it's
historically
normal
at
this
point
in
the
business
cycle.
So
is
that
something
you
think
you
could
be
able
to
provide.
I
Just
ask
Tracy
Horowitz:
this
is
Dinesh
from
the
investment
team
at
the
investment
committee
meeting
next
Tuesday.
We
actually
have
a
slide
that
shows
this
over
the
last
10
or
15
years,
showing
public
Equity
evaluations
versus
private
equity,
and
it
shows
that,
especially
in
2021,
there
was
a
very
wide
Gap
where
public
markets
were
overvalued
and
then
that
Gap
is
narrowing.
So
a
preview
to
next
Tuesday.
When
you
will
get
that
visual
right.
B
And
I
swear.
I
did
not
look
at
the
attachments
for
the
IC,
so
it
seems
our
minds
are
in
sync
great,
which
is
a
little
frightening
in
its
own
way.
But
that's
another
story.
Okay,.
H
Can
I
ask
one
more
question?
Absolutely
thank
you.
So
this
is
just
big
picture.
Generic
question
I'm
asking
when
you
know
the
market
goes
up,
I
mean
what
what
do
you
anticipate
happening
that
will
get
this
back
on
an
upward
swing,
I
mean.
Does
it
just
follow
the
market?
Is
it
just
the
whims
of
that
or
is
it
you
know
the
interest
rates
getting
back
in
control?
Is
it
you
know
that?
Is
that
impacting
these
industries
or
is
it
you
know,
staff,
you
know,
I
mean
what
what
inherent
variable
is
driving
us
and.
D
And
how
cost
of
goods
are
are
moved,
so
you
know
these
companies
are
we
invest
in
every
industry?
Industrials
Business
Services.
D
You
know
consumer
technology,
health
care,
so
we
have
a
really
good
exposure
and
that
helps
diversify
away.
Some
of
those
inherent
risks
within
each
industry
on
you
know
whether
it's
higher
cost
of
goods
sold
for
a
specific
type
of
company
or
the
supply
chain
is
hard
at
the
moment.
All
of
those
things
contribute
to
this,
so
I
wouldn't
I,
wouldn't
solely
blame
it
on
the
public
markets.
I
think
all
of
those
things
are
affecting
the
public
market.
So
it's
it's
all
kind
of
melded
together.
If
you
will.
J
I
make
a
point
that
I
don't
know
if
it'll
be
helpful.
I
hope
it'll
be
helpful.
It
may
end
up
being
on
you
not
useful
I
I.
The
difference
between
public
market
equities
and
private
equity
and
I'm,
not
including
venture
capital,
is
the
fact
that
one
class
of
company
is
public
and
the
other
class
is
private
and
the
advantage
of
being
private
is
you
can
make
longer
term
decisions.
J
You
really
only
know
their
valuations
when
they
buy
a
company
or
they
sell
a
company,
but
you
can
use
the
valuations
in
the
public
markets
as
a
proxy
and
they're
pretty
good
proxies,
but
there's
a
reason
why
companies
are
taking
private
and
it's
normally
because
you
know
well
there's
a
lot
of
selfish
and
greedy
reasons
that
companies
are
taking
private
but
there's
also
real
fiduciary
reasons,
which
is
you
can
make
longer
term
decisions
outside
of
the
glass
fish
fall
of
being
a
public
company.
J
So
some
of
the
comparing
of
public
to
private
is
totally
relevant
and
some
of
it
is
kind
of
immaterial
I
mean
you're,
making
a
decision
to
invest
in
private
Equity,
because
you
want
to
extract
the
longer
term
value
that
you
believe
your
fund
managers
are
capable
of
extracting
that
they
know
how
to
pick
companies.
They
know
how
to
fix
companies
that
they
have
certain
talents.
So
I
think
that's
important
to
keep
in
mind
that
there's.
This
is
almost
like.
J
You
know,
there's
a
river
flowing
of
capital
and
there
and
a
lot
of
that
is
public.
And
then
often
these
Eddies
are
these
different
strategies
and
private.
E
H
J
H
D
You
and,
and
just
to
add
on
to
that
you
know
one
thing:
that's
positive
on
the
private
markets
is
the
fact
that
they
don't
have
to
sell
at
a
certain
time.
D
J
Yeah
actually,
which
which
public
fund
managers
often
can't,
because
if,
if
their
investors
are
redeeming
out
of
their
fund
because
they're
panicking,
they
have
to
sell
their
positions
in
public
companies
at
inopportune
times,
which
is
why?
Which
is
why
I
personally
never
invest
in
mutual
funds.
But
that's
another
story.
Oh.
H
B
G
Great,
thank
you
Mr
chairman,
thank
you
Casey.
It
was
a
great
discussion
and,
of
course,
there's
a
lot
of
Market
volatility.
These
days,
as
a
famous
investor
once
said,
you
know,
in
the
short
term,
the
market
is
a
voting
machine
and
in
the
long
term
it's
a
weighing
machine,
and
he
also
said
when
the
tide
goes
out.
We
know
who's
swimming
naked
and
we
will
see
that
over
the
next
few
quarters
and
with
that
I'm
actually
going
to
ask
Miss
Wyrick
to
talk
about
item
3C.
K
Thank
you
good
morning.
Everyone
can
you
hear
me?
Okay,
yes,
great
I
have
had
a
never-ending
call
that
is
on
its
way
out.
So,
hopefully,
there's
not
too
much
evidence
of
it
today
during
our
presentation,
Jared
is
going
to
share
the
screen
for
the
private
markets
report,
which
we'll
start
off
with.
As
you
know,
this
is
the
public
version
and
there
is
some
additional
detail
that
we
provide
to
the
staff
members
page
one.
K
You
can
see
the
summary
you
can
see
here
that
every
private
markets
program
has
an
irr
in
the
second
column,
from
the
right
that
is,
above
with
the
public
market
equivalent
irr
would
be
so,
as
you
know,
these
individual
funds
call
Capital
and
distribute
capital
on
a
schedule
that
they
decide
after
a
commitment
is
made
by
the
retirement
system.
So
if
we
take
a
public
markets
index
and
assume
that
that
funds
were
contributed
and
distributed
on
the
same
days
that
they
were
by
the
underlying
funds,
that's
what
that
pme
is.
K
You
can
see
here
that
the
individual
program,
especially
the
funds
that
have
been
committed
to
you
know
since
that
early
round
in
2010,
have
been
have
had
quite
strong
returns
again,
looking
at
that
irr
on
the
far
right-
and
these
are
relative
to
peer
irrs
rather
than
public
market
equivalents,
and
so
pure
benchmarks
made
up
of
similar
funds,
you
can
see
that
most
of
the
funds
in
the
2017-2018
range
have
been
doing
quite
well
early
2019.
You
see
one
number
for
Eagle
Point
income
that
is
much
lower
than
its
peer
irr.
K
This
is
still
a
relatively
young
fund,
but
it
has
a
lot
of
fixed
rate
loans
in
this
portfolio,
and
so
when
we
have
an
environment
where
interest
rates
go
up,
a
lot
of
those
loans
are
marked
down
because
they're,
not
you,
know,
they're
already
set
at
their
interest
rates.
K
K
If
you
look
at
the
irr
in
the
lower
right
of
this
page,
you
see
an
internal
rate
of
return
for
the
real
assets
program,
13.5
percent
since
Inception,
taking
a
look
at
page
10,
you
can
see
the
individual
investments
in
this
program
and
you
can
see
that
most
of
them
have
been
made
so
recently
that
the
returns
are
not
yet
meaningful.
We
do
see
some
outsize
returns,
in
particular
from
kimmerage
energy
5,
with
a
42.7
percent
irr
again
benefiting
from
the
higher
oil
prices,
as
it
was
investing
Gip
four
down
the
page.
K
This
is
global
infrastructure.
Partners
has
a
low
irr
of
one
percent
relative
to
18.3
for
peers.
This
is
a
relatively
new
fund,
and
really
you
can
see
that
every
other
Fund
in
2020
still
shows
a
not
meaningful
return
and
they
did
start
collecting
fees
when
the
initial
investment
was
made
in
2019.
K
So
this
lower
return
really
affects
sort
of
sort
of
the
J
curve
impact
that
you
all
have
been
paying
fees
when
they've
just
started
to
make
money,
but
you
will
see
in
the
next
quarterly
report
if
all
Remains,
the
Same
that
we're
now
going
to
have
about
a
14
gross
r
are
so
since
this
report
was
put
together,
that
number
has
changed
if
we
take
a
look
at
page
12.
The
next
program
is
the
real
estate
program.
K
K
You
can
see
there
were
two
new
Investments
during
this
quarter
that
we're
looking
at
the
second
quarter,
2022
pradium
and
a
I
g
g
r
e
to
10
million
dollar
commitments,
and
then
we
can
skip
ahead
to
15
where
we
see
the
individual
funds
so
again,
quite
strong
returns
from
almost
all
recent
funds.
If
you
look
at
the
2017's
2019s
here,
dra
Rock
Point,
actually
both
dra
funds
with
with
quite
strong
double
digit
returns.
K
A
Piezo
5
is
a
European
fund.
It
does
have
a
lower
irr
relative
to
peers
because
the
US
dollar
has
been
so
strong,
which
is
negatively
impacted
some
U.S
dollar
returns.
Appiso's
return
in
Euros
is
actually
much
higher
than
this
3.5
percent.
So
over
the
long
life
of
the
fund,
we'll
probably
see
various
Market
environments
for
the
US
dollar.
But
that's
why
you
see
a
lower
return
right
now.
K
The
next
program
is
venture
capital
on
page
18..
I
won't
go
into
too
much
detail,
because
this
is
a
very
young
program
with
not
yet
meaningful
returns
right
now,
as
zero
to
0.2
percent.
Wait
for
the
program
relative
to
a
four
percent
policy
Target.
So,
as
you
know,
this
program
is
still
being
built,
there's
a
lot
of
other
Market
information
in
the
rest
of
this
presentation,
but
I'm
happy
to
take
any
questions
on
private
markets.
Before
we
get
into
the
total
fund
performance.
H
K
K
You
know,
obviously
office
and
Retail
have
been
under
stress,
but
you
have
things
like
industrial,
and
you
know
anything
that
goes
along
with
the
the
just-in-time
shipping
sort
of
economy
and
that
sort
of
thing
that
has
still
been
strong.
So
you
know
there
will
be
an
impact
like
there
is
with
everything
else,
but
we
don't
expect
it
to
be
outsized
relative
to
other
Investments.
K
So
you
know
this
sort
of
you
know
you
need
a
lot
of
infrastructure
around,
so
that
people
can
get
their
packages
delivered
in
two
hours.
I
know
that
when
I
look
at
Amazon
for
something
a
lot
of
times,
it
says
it
can
be
there
in
three
hours,
and
so
you
need
a
lot
of
close
by
industrial
sort
of
Warehouse
enters
yeah.
B
Okay,
gotcha
and
any
other
questions
from
trustees.
I
did
have
a
quick
question
on
the
pme
irrs
way
back
at
the
beginning
sure,
and
just
wanted
to
confirm
that
the
the
MB
fund
have
won
the
pme.
Irr
is
just
2.2
percent.
That
seems
that's
right.
Yes,.
K
We
actually
that's
a
great
question.
We
actually
looked
into
it
in
depth
because
of
the
same
question
when
we
presented
to
to
your
your
sister
fund,
believe
it
or
not.
That
is
correct.
It
has
to
do
with
the
market
environment
recently
and
the
time
period
over
which
neuberger
has
been
investing,
so
the
the
public
markets
you
know
and
and
the
fact
that
they've
fallen
so
much
recently
have
been
weaker.
So,
yes,
newberger's,
return,
looks
even
even
stronger
on
a
relative
basis
as.
B
Of
June
30th,
but
that
also
reflects
the
the
lag
in
in
evaluations
for
the
private
Equity,
so
there's
so
the
Delta
may
not
be
quite
as
large.
Okay.
Great
thank
you.
K
Great
Jared
is
going
to
briefly
discuss
total
Fund
performance.
L
Thanks
Laura
good
morning,
everybody
do
a
couple
of
high-level
overview,
slides
here
on
the
economic
environment
and
returns
just
from
a
high
level.
L
So
on
page
five
here
you
can
see
that
you
know,
after
a
great
2021
that
everybody
knows
about.
2022
has
been
quite
the
opposite
in
2022,
unfortunately
marked
the
worst
start
ever
for
the
bond
market,
so
you
can
see
the
year
to
date
through
October
here
down
almost
16
for
the
Barclays
aggregate
index.
That's
like
I
said
the
worst
start.
However,
we
have
a
slide
into
minutes.
That's
actually
the
worst
one
year
period
as
well.
L
If
you
remember
at
the
beginning
of
the
year
the
consensus
view-
or
at
least
a
popular
view,
was
that
there
would
be
a
couple
of
Fed
rate
hikes
this
year
that
clearly
didn't
end
up
happening.
There's
been
seven
rate
hikes
this
year,
a.
L
L
L
L
Page
12
here
just
shows
the
yield
curve
over
different
points.
In
time
you
can
see.
The
green
line
is
what
the
yield
curve
was
like
at
the
end
of
last
year,
so
December
31st
of
2021,
you
can
see
it
was
upward,
sloping
but
very
low
on
the
chart
fast
forward,
10
months
to
the
pink
line
on
the
top
yields,
as
you
can
see,
are
a
lot
higher
across
the
board
and
also
the
yield
curve
is
inverted
between
the
two
and
ten
years
you
see.
L
L
Now
that
part
of
the
reason
the
10-year
is
so
low
is
it
is
it's
attracting
so
much
foreign
investment,
because
U.S
yields
are
so
much
higher
than
everywhere
else,
so
there
may
maybe
a
separate
reason
why
the
tenure
in
particular
is
lower
and
it
may
or
may
not
be
directly
related
to
to
the
economy.
So
time
will
tell
on
that
page.
13
just
shows
kind
of
the
topic
of
the
year,
which
is
inflation.
You
can
see
here
that
the
green
bar
and
CPI
has
been.
L
You
know
much
higher
than
it's
been
in
the
in
the
past
20
years,
and
you
have
to
go
back
to
the
80s
to
see
similar
levels
of
inflation,
but
hopefully
it
has
peaked.
You
can
see
that
it's
trending
down
more
recently.
L
You
know.
One
issue,
though,
just
to
keep
in
mind,
is
that
Fed
rate
hikes
are
targeting
not
this
exact
measure
of
inflation,
but
something
very
similar
but
Fed
rate
hikes.
You
know
they
don't
really
impact
supply
issues
or
the
warn
Ukraine
or
China
lockdown.
So
there
is,
you
know
some
uncertainty
on
the
future
path
of
the
economy
from
here.
L
So
those
are
the
slides
I
was
going
to
touch
on
in
the
economic
overview,
but
I'll
stop
here
to
see
if
anybody
wants
to
touch
on
any
other
topics
from
a
broad
macro
standpoint.
Thank
you.
L
I'm
going
to
jump
ahead
to
page
32.,
so
you
see
here
2.7
billion
in
assets
at
the
end
of
the
quarter,
that's
basically
the
same
asset
number
as
there
was
at
the
end
of
June
30th,
so
the
prior
quarter
essentially
inflows
offset
investment
losses
for
the
quarter
to
end
up
at
basically
the
same
place.
Markets
have
done
quite
a
bit
better
since
September
30th,
so
we
would
estimate
the
value
of
the
of
the
fund
today,
something
more
like
2.9
billion.
L
You
see
that
all
allocations
are
near
a
Target,
as
is
always
the
case
here.
On
page
33,
we
have
some
performance.
So
if
we
just
focus
on
the
top
section
here,
you
will
see
that
returns.
You
know
one
year
and
shorter
are
negative.
Three
and
five
year
returns
are
still
okay.
L
So,
while
certainly
nobody
wants
to
see
negative
returns,
there
are
several
bright
spots
on
a
relative
basis
to
highlight
here.
The
plan
has
handily
outpace,
the
60
40
portfolio.
So
if
you
look
at
one
of
the
my
talent,
size
Marks
here
in
the
middle,
you
see
that
the
plan
across
multiple
time
periods
has
beaten
the
64
60
40
portfolio
by
quite
a
bit,
you'll
also
see
on
pure
relative
ranks.
So
the
rank
of
the
plan
is
on
this
bottom
section
here.
L
So
if
you
look
at
one
year
period,
it's
almost
top
quartile
performance,
but
the
three
years
it's
almost
tough
decile
performance,
so
really
strong,
pure
relative
ranks
inside
of
five
years
and
then.
Finally,
if
you
look
at
the
policy
Benchmark
or
The,
investable
Benchmark,
you
will
see
how
performance
there,
as
well
across
most
periods,
so
considering
a
very
difficult
backdrop.
I
think
staff
has
done
a
very
impressive
job
against
a
very
challenging
environment
to
generate
outperformance
against.
L
Basically
everything
that
we're
looking
at
here
and
in
the
interest
of
time,
I
wasn't
going
to
stop
on
any
particular
strategies,
but
I
will
just
point
out
something
else
that
is
impressive
here.
This
is
a
three-year
snapshot
on
return
in
the
First
Column
risk
in
the
second
and
then
basically,
two
different
measures
of
risk
adjusted
returns
here
on
the
on
the
right.
So
if
you
look
at
the
plans
rank
here,
you'll
see
a
near
top.
Decile
return
for
the
three-year
period,
still
better
than
pure
median
risk,
and
so
you
put
those
two
together.
L
You
get
a
sharp
ratio
which
is
risk
adjusted
return,
looking
at
all
risk
on
the
top
quartile
sortino
ratio
just
focuses
on
downside
risk,
which
is
the
risk
most
people
care
about
more
and
if
you
look
at
that,
the
plan
has
been
top
decile
against
peers
in
that
metric
for
the
three-year
period,
so
very
strong
relative
performance
and,
like
I,
said
a
nice
job
by
staff
to
to
to
get
to
that
point.
So
those
are
the
only
formal
comments.
L
I
was
going
to
make
on
the
pension
plan
but
happy
to
take
any
questions.
K
L
K
K
So,
as
you
recall,
you
have
a
a
riskier
healthcare
trust
than
the
peer
group
and
so
that
over
most
of
the
last
you
know,
12
years
or
so,
since
the
global
financial
crisis
that
has
been
very
strong
peer,
relative
returns
for
your
health
care
trust
in
a
down
Market
environment,
though
having
a
riskier
portfolio
hasn't
been
as
advantageous,
and
so
you
look
at
peer
relative
returns,
dropping
to
the
lower
percentiles.
You
see
a
3Q
2022
return
of
negative
5
and
a
one
year
of
negative
13.7.
K
If
you
look
at
the
three
year,
the
three
year
return.
Given
you
know
that
most
of
that
last
three
years
was
a
strong
Market
environment.
You
still
see
a
pure
relative
return
of
just
about
top
quartile
over
that
longer
Market
cycle.
K
Individual
asset
allocation,
as
you
know,
is,
is
in
some
of
the
same
managers
as
the
pension
and
also
in
some
index
funds.
So
we
don't
have
any
comments
on
those
individual
allocations,
but
I'm
happy
to
take
any
questions
on
the
healthcare
Trust.
G
K
Happy
holidays
to
everyone,
if
we
don't
present
to
you
again,
I
guess
we'll
see
some
of
you
folks
at
the
IC,
though.
G
B
B
It
is
for
a
old
business
discussion
and
action
on
the
final
pension
valuation
results
as
of
June,
30th
and
I
believe
Mr
Hallmark
will
present,
since
this
is
a
simply
review
of
final
results
when
we
have
already
seen
the
preliminary
results,
if
we
can
just
focus
on
any
areas
of
difference
between
the
final
and
the
preliminary
that
we
need
to
focus
on,
that
would
be
most
helpful.
N
All
right
so
yeah
last
month
we
presented
the
preliminary
results
very
brief
overview
of
the
preliminary
results.
Today
we
have
the
final
report
attached
and
then
a
PowerPoint
going
over
those
results
and
in
particular,
looking
at
projections.
N
N
N
So
with
that,
as
we
discuss
frequently,
this
valuation
sets
the
contribution
rates
for
the
fiscal
year-end
2024,
so
they
go
into
effect,
July,
1st
2023
and
that's
the
the
main
takeaway
from
the
valuation,
we're
also
looking
at
the
funded
status
and
other
factors,
foreign.
N
So
here's
our
chart
of
the
funded
status,
which
really
has
not
changed
much
since
the
preliminary
results.
I,
don't
think
it's
changed
it
all.
I
would
just
note
that
the
liability
here
for
in-pay
status
is
about
70
of
the
total
liability
of
the
plan,
so
it's
very
heavily
weighted
to
people
already
receiving
benefits
and
we'll
talk
a
little
bit
more
about
tier
one
versus
tier
two.
N
But
the
details
are
shown
on
the
right
chart
here
and
you
can
see
that
we're
still
predominantly
tier
one
liabilities
and
assets
tier
one's
funded
at
around
55,
whereas
tier
two
is
funded
at
about
95.
N
We
wanted
to
provide
you
some
comparisons
both
to
National
Data
and
California
data,
so
this
is
looking
at
the
funded
ratio
based
on
the
market
value
of
assets.
The
gold
diamond
is
the
Federated
plan
and
the
bars
on
the
left
chart
are
the
range
of
funded
ratios
in
the
public
plan
database,
which
takes
about
220
public
plans
across
the
country.
The
largest
public
plans,
San
Jose,
is
not
in
that
database,
but
a
number
of
the
California
systems
are,
you
can
see
back
before
the
Great
Recession.
N
We
were
around
the
50th
percentile
the
median
and
since
then,
though,
we've
dropped
below
and
have
been
below
the
25th
percentile
for
most
of
that
period
in
California
I
think
Harvey
raised
this.
In
a
prior
meeting,
we
have
been
the
lowest
funded
plan
in
the
state
of
California
for
a
number
of
years.
N
There
is
another
Transit
District,
that's
right
around
the
same
funded
level
we
are,
and
last
year
with
the
excellent
returns
we
popped
up
and
we're
not
the
the
lowest
funded,
we'll
have
to
see
with
the
2022
valuation
results,
but
we've
been
among
the
lowest
funded
plans
during
that
period.
N
But
looking
back
over
the
last
10
years,
we
can
look
at
what
has
caused
the
unfunded
liability
to
increase,
and
so
this
chart
shows
year
by
year,
the
the
different
components
and
there's
a
couple
things
to
note
here.
First
is
eight
of
the
ten
years.
The
net
amount
has
an
increase
in
the
unfunded
liability
and
that
and
that
amount
is
represented
by
the
blue
line
now
about
half
of
it.
N
Over
500
million
is
from
assumption
changes
which
are
these
purple
bars,
which
were
dominated
in
the
the
first
four
years
of
the
decade,
with
significant
reductions
in
the
discount
rate,
big
improvements
in
mortality
and
some
other
assumption
changes.
So
there
were
some
significant
assumption.
Changes
that's
become
less
of
a
factor.
More
recently,
the
second
largest
contributor
has
been
investment
returns.
N
These
are
measured
on
the
smooth
Actuarial
value,
so
there
was
a
little
bit
of
the
loss
carrying
over
from
2008
nine
being
smoothed
in,
but
our
investment
returns
had
been
below
the
assumption
until
2021
and
now
we're
we're
getting
the
benefits
of
those
2021
returns
offset
by
smoothing
in
the
2022
returns.
For
these
last
few
years,
there's
not
been
much
in
the
way
of
benefit
changes.
N
The
other
big
piece
increasing
the
UL
has
been
our
liability
measures
which
have
largely
been
due
to
salary
increases
in
the
last
three
years.
There's
also
some
retirement
experience
in
here
that
has
increased
the
liability.
N
When
we
do
the
experience
study
coming
up,
you
can
look
for
some
assumption
changes
that
may
adjust
for
that
experience.
That
recent
experience,
the
positive
story
here
that
we
want
to
focus
on
a
little
bit
is
where
we
have
taken
contributions.
N
So
over
the
last
four
years,
contributions
have
worked
to
reduce
the
ual
prior
to
that
our
contributions
were
not
high
enough
to
pay
both
the
the
accruing
benefits
and
the
interest
on
the
UIL,
and
so
the
unfunded
was
was
increasing
just
with
the
interest
on
the
unfunded,
and
so
we've
worked
hard
to
get
those
contribution
rates
up.
We've
gotten
them
up
now,
so
that
we
are
starting
to
pay
down
the
ual
with
the
contributions.
N
Here
we're
looking
at
the
contribution
rates
from
the
last
valuation
and
this
valuation
on
the
left
and
the
dollar
amounts
on
the
right,
starting
with
the
rates
they're
starting
at
the
bottom.
The
light
purple
is
the
member
rates
or
member
contributions.
You
can
see.
There's
not
much
change
in
those.
The
dark
purple
is
the
city's
normal
cost.
That's
the
contribution
for
benefits
attributable
to
the
next
year
of
service.
So
if
we
were
100
funded,
that
would
be
it.
That
would
be
the
city's
contribution
right
there
at
about
47
million
dollars.
N
The
dark
gold
is
the
interest
on
the
unfunded
liability
and
then
the
light
goal
is
what
we
are
paying
in
principle
now.
I
have
to
say
these
are
expected
amounts
because,
for
example,
the
fiscal
year-end
2024
we're
calculating
this
as
of
June
30th
2022.
So
it's
the
expected
amount
a
year
after
that,
but
we
are
expecting
to
continue
to
to
pay
down
the
ual.
With
about
42
million
of
the
city's
216
million,
going
to
actually
reduce
the
ual.
Can.
F
I
ask
a
quick
question
here
sure,
so
it
looked
like
I,
and
this
is
just
for
my
own
edification.
So
for
because
we're
at
the
low
funding
status
I
see
between
fiscal
year
2023
to
2024
the
city's
normal
cost
went
down.
Is
there
a
reason
for
that.
N
Yeah
the
cities,
that's
because
of
the
transition
to
tier
two,
so
the
tier
two
members
have
a
lower
normal
cost
and
so
the
the
rate
goes
down
as
we
transition
from
tier
one
members
to
tier
two
members:
okay,.
F
N
I,
don't
recall
exactly
the
the
differences
here,
but
the
dynamic
is
a
little
bit
different
in
that
in
tier
two,
the
members
in
the
city
pay
50
of
them
costs
each,
whereas
in
tier
one
the
city
pays
eight
elevenths
of
the
normal
cost
right.
So
there's
a
bigger
impact
on
the
city
going
from
tier
one
to
tier
two
than
on
the
members.
N
F
H
N
Kind
of
a
long-term
Trend,
where
we're
transitioning
from
tier
one
members
to
tier
two
members,
and
it
has
an
impact
on
the
normal
cost
right
away.
It
does
not
have
much
impact
on
the
UIL.
N
The
other
thing
to
note
here
is
the
the
reason
the
principal
payment
is
going
down.
I'm
sorry
is
that
this
was
based.
The
2023
calculation
was
based
on
2021
assets,
so
we
had
the
really
good
investment
Returns
the
assets
went
up
that
reduces
the
ual
and
the
prince.
The
interest
on
the
ual,
so
more
of
the
contribution
goes
towards
the
principle
with
the
investment
losses,
we're
smoothing
those
in
in
terms
of
the
contributions
that
this
calculation
of
the
interest
on
the
ual
reflect
fully
reflects
those
losses.
N
Okay,
with
that
oh
I've
got
one
more
slide
here
is
I
wanted
to
focus
on
that
ual
principle
rate
and
show
you
how
you
compare
it
to
other
plans.
This
is
a
slightly
different
measure
of
it,
because
this
is
backward.
N
Looking
we're
looking
at
contributions
that
actually
came
in
compared
to
the
interest
on
the
ual
at
the
beginning
of
the
year
and
the
the
bars
represent
the
plans
in
the
public
plan
database,
the
220
National
plans
and
the
Diamonds
reflect
the
San
Jose,
and
so
you
can
see
we
were
below
paying
that
paying
any
principal.
We
were
paying
negative
principal
on
the
UL
until
2019,
where
we
we
started
breaking
even
and
then
really
starting
to
increase.
So
we
are
expecting
this
to
be
above
zero
going
forward.
N
We
can
have
drops
if
temporarily,
because
we
smooth
the
the
Returns
on
assets
but
compared
to
other
plans.
We've
really
made
progress.
Picking
up
to
the
median
and
I
can
tell
you
for
2022
will
be
well
above
the
the
median,
but.
O
H
I've
been
making
that
go
through
and
I'm
being
cute.
Okay,.
P
Morning,
everyone
we're
going
to
switch
to
looking
at
some
of
the
projections
now
going
forward.
So
Let's
first
light
here
this
one
on
the
left.
You've
got
a
projection
of
your
funding.
Ratio
on
the
right.
You've
got
a
projection
of
the
dollar
amount
of
your
unfunded
liability.
P
So
if
you
look
on
the
left
there,
the
bars
or
your
liabilities,
the
the
lines
or
your
asset
values-
and
you
can
see
that
these
well.
First
of
all,
these
projections,
based
on
the
Assumption
that
all
the
assumed
assumptions
will
be
met
going
forward
include
up
in
2041
when
that
comes
off.
P
If
you
look
at
this,
I
mean
you
can
see.
A
lot
of
this
is
driven
by
that
particular
base,
as
well
as
the
purple
bars,
which
are
the
different
assumption
changes
over
the
years.
You
can
see
everything
above
zero
is
considered
a
loss.
Everything
below
zero
is
a
gains.
You
have
had
far
more
losses
than
gains
over
the
years,
but
hopefully
going
forward
that
Trend
will
even
it
out
so
you'll
you'll
kind
of
see
more
above
the
more
below
the
zero
Mark
than
above.
P
But
what's
key
to
look
at
this
here
is:
if
you
look
at
the
pattern
of
your
amortization
payments,
this
is
going
to
drive
the
pattern
of
your
contribution
rates
going
forward.
So
you
can
see
in
2041
when
the
2009
ual
gets
paid
off.
You're
gonna
you're
expected
to
see
a
huge
drop
in
that
contribution
right
there
without.
P
So,
moving
on
from
that,
you
can
see
that
this
is
the
projection
of
the
contributions
on
the
left.
Is
the
contribution
rates
and
on
the
right?
Is
the
contribution
amounts
and
you
can
see
there.
It
follows
the
same
sort
of
pattern:
you're
going
to
see
that
huge
crop
in
2041.
When
that
basis
paid
off,
you
can
see
we
are
showing
what
was
projected
with
last
year's
valuation.
P
The
2021,
as
we've
mentioned
before
the
difference
wise
increase
now,
is
just
we're
reflecting
those
acid
losses
of
the
year,
but
in
general
it
follows
the
same
pattern:
each
year,
it's
just
the
different
gains
and
losses
just
drive
where
there
goes
up
and
down
a
bit,
but
the
same
pattern
is
continuous,
so
you
can
see
you
have
a
downward
Trend
in
your
contribution
rate
and
that's
because
you're
looking
at
your
contributions
as
a
percentage
of
payroll
okay,
but
on
the
right,
you
have
that
uptick
going
forward,
and
then
that
drop
and
that's
because
these
reflect
actual
contributions
so
as
you're
expecting
contribution.
P
Sorry
as
you're
expecting
payroll
to
increase
over
time.
So
you
expect
the
dollar
contribution
to
increase,
but
the
actual
percentage
is
decreasing
in
the
same
amount.
P
M
Good
morning,
everyone
so
I'll
be
taking
over
to
look
at
tier
one
versus
tier
two,
as
Bill
alluded
to
earlier,
so
on
slide
14
on
the
left
side,
we're
showing
in
in
blue
to
your
one
counts
and
in
green
tier
two
counts,
and
you
can
see
over
time
the
blue
has
reduced
and
the
green
has
grown.
Now
we
also
show
by
a
bucket,
so
you
know,
deferred,
terminated,
participants
in
pay
participants
and
the
darkest
components
are.
The
active
participants
can.
H
I
ask
a
clarifying
point:
I'm
sorry,
I
was
reading
through
this
and
I
just
I'm
sure
you
guys
have
explained
it
to
me
before.
But
when
you
say
terminated,
what's
that
mean?
Does
that
mean
I?
Just
don't
you
know
when
I
get
here
terminated,
I
hear
you
know,
someone
was
terminated,
no
longer
works
for
the
city
because
the
city
asked
them
to
leave,
but
I
don't
know.
If
that's
what
we
mean
when
we
say
terminated,
we.
M
B
H
M
So
those
those
are
sort
of
the
bright
blue
and
in
the
middle
there,
the
blue
section
so
they're,
the
other
smaller
portion,
the
in
Pay,
are
the
largest
portion
of
light
blue,
but
I
I
wanted
to
focus
on
the
the
actives
right.
So
the
dark,
green
and
the
dark
blue.
You
can
see
that
over
time
the
the
tier
two
ever
you
know
the
transition
that
bill
was
discussing
earlier.
M
Okay,
tier
two,
if
you
look
at
2022,
is,
is
now
what
two-thirds
right
it's
2500
versus
the
roughly
1300,
so
tier
two
is
now
about
two-thirds
of
the
actives
and
on
the
right
side,
we're
showing
the
active
member
payroll
and
you
can.
You
can
see
a
similar
pattern
where
it's
it's
nearly
two-thirds.
M
So
the
the
tier
one
group
is
an
older
Group
address,
but
it's
not
exactly
the
same
as
the
head
count
split,
but
roughly
two-thirds
is
two-thirds
of
the
payroll
is
now
for
two
two
versus
tier
one,
so
so
moving
to
slide
15,
we
see
a
very
different
story
when
we
look
at
the
liability
right.
So
so
here
you
can
see
the
blue
just
completely
dominates
on
the
left,
we're
showing
the
Actuarial
the
crude
liability
and
only
in
the
most
recent.
O
M
You
start
to
see
a
chunk
there
for
the
tier
two
actives
now
there's
a
very,
very
small.
It
doesn't
really
register
a
bit
for
tier
two
folks
that
are
in
pay
or
again
the
Deferred
vested
and
on
on
the
right
side,
though,
you
can
see
the
assets
which
are
similar,
but
the
the
assets,
the
seven
percent,
so
I
think
I
think
it's
four
percent
of
the
liability
is
tier
two,
but
the
asset
is
seven
percent
or
two
tier
two.
So
what
what
does
that
mean?
M
Well,
as
Bill
mentioned
earlier,
you
know
to
tier
one:
is
55,
funded
and,
and
tier
two
is
95
funded.
So
so
that's
the
difference
in
in
funding
status,
but
again
93
and
seven
percent
is
very
different
from
the
split
you
see
on
head
count
right.
So
so
you
have
longer
service
folks
and
a
final
pay
formula
that
that
really
sort
of
accelerates
late
in
the
career
in
terms
of
the
liability
that's
being
accrued.
M
M
M
Can
we
show
so
what
does
that
mean
in
term
contributions?
Well,
you
can
see
that
the
the
purple
at
the
bottom,
as
Bill,
discussed
earlier,
the
normal
cost,
is
similar
actually
between
tier
one
and
tier
two,
and
now
the
split
is
different.
M
You
know
City
versus
member,
but
you
can
see
those
those
purple
bars
are
roughly
you
know
not
not
too
far
off.
The
big
difference
is
the
ual
right.
So
so
all
all
that
liability
that
that
is
only
55
funded.
Well,
that
that
you
know
there's
there
are
amortizations
pay
that
off
over
time.
So
so
the
gold
is
the
big
difference.
Where
you
see
very,
very
tiny,
you
know
very,
you
can
barely
see
it
a
bit
of
gold
for
tier
two,
but
a
very
large
ual
contributions
for
tier
one.
H
So
let
me
I
should
know
this,
but
you
know
I,
don't
I
forget
if
you're
tier
two
you're
an
active
and
you're
paying.
Are
you
paying
off
so
once
you
know,
tier
one
is
pretty
much
out
of
the
mix
or
very
close
to
being
out
of
the
actives,
our
tier
two
paying
a
higher
percent
of
the
unfunded
liability
for
the
tier
one
people
or
is
that
fall
onto
the
city.
P
So
next
we're
going
to
look
at
the
maturity
of
the
plan.
So,
as
your
plan
progresses
through
time
and
it
becomes
more
mature,
it
does
become
more
sensitive
to
certain
risks
within
the
plan.
So
one
thing
we
look
at
is
your
membership
account
and
your
support
ratio.
P
I
know
you
have
seen
this
before
so
I'm
not
going
to
a
dwell
on
it
too
long,
but
just
a
reminder
that
your
support
ratio
is
you're
inactive,
so
you're
in
pain,
you're,
terminated
vested
members
divided
by
your
actors,
so
basically
how
for
every
actor,
that's
contributing,
how
many
inactives
is
it
supporting
and
how
many
inactives
are
they
supporting
in
the
plan?
P
P
Also
with
that
transition,
you
saw
a
huge
uptick
in
a
support
ratio,
but
it
really
has
stabilized
since
then.
So
it's
still
ticking
up
over
time.
That's
that's
normal
for
a
plan
as
it
matures,
but
it's
taking
not,
but
at
a
at
a
fairly
stable
level,
not
that
huge
increase
that
we
saw
another
thing
to
look
at
is
we
look
at
your
leverage
ratios?
P
The
first
one
is
your
assets
so
that
what
that
is?
Is
your
marked
value
of
assets
divided
by
your
payroll?
So
it's
really
what
it
looks
at
the
asset.
Leverage
is
your
sensitivity
to
your
investment
returns
right.
So
how
does
that
differ
from
your
assumption
and
how
much
does
that
impact
your
contributions
and
with
the
liability
leverage
ratio?
That's
really
looking
to
sensitivity
of
your
plan.
Experience
particularly
assumption
changes.
So
any
changes
like
that,
how
much
of
an
impact
is
it
going
to
have
when
we're
looking
at
it?
P
If
you
look
at
this
again
is
looking
back
at
that
public
plan
survey,
which
is
about
200,
plus
large
plans,
and
then
we
cut
We,
compare
San
Jose
to
them.
The
gold
bars
is
just
for
Federated
and
the
black
triangles
is
police
and
fire
Federated
combined.
So
you
can
see
that
Federated
has
a
lower
leverage
ratio
in
both
regards
in
both
graphs
it.
It's
got
a
much
lower
leverage
ratio
than
if
they
were
combined
with
police
on
fire.
P
P
This
here
is
just
kind
of
leading
on
from
that.
Just
the
sensitivity
on
the
left.
We
have
a
sensitivity
to
our
discount
rate
change,
so
this
is
changing
your
investment
return
assumption
we
on
the
left
is
your
current
assumption
and
on
the
right
would
be
what,
if
you
lowered
it
by
100
basis
points,
and
you
can
see
that
with
that
higher
liability,
labor
treasure
that
should
be
shared
in
the
past.
P
P
The
graph
on
the
right
is
your
interest
cost
at
risk,
and
what
this
really
is
is
the
effect
of
investment
returns.
So
actual
investment
returns
in
comparison
to
the
assumed
for
the
plan
so
on
the
left
is
what
we
here's.
P
The
current
assumption
on
the
in
the
middle
is
what's
expected.
If
you
have
the
investment,
if
you
earn
6.625
within
the
next
year
and
on
the
right
is,
if
you
were
to
have
a
terrible
year,
it's
not
like
a
minor.
We
use
the
different
formula
we're
going
to
put
about
minus
21
return.
This
that's
how
it
would
affect
it.
P
So
you
can
see
that
just
by
that,
by
having
a
massive
negative
return,
it
would
increase
your
contribution
rate
by
about
three
percent.
So,
and-
and
just
you
know,
just
reiterate
in
a
bill
touched
on
this
a
little
bit
before.
P
N
Yeah
I
would
note
here
that
this
56.7
includes
the
five-year
smoothing
and
so
you're
not
getting
the
full
effect
of
that
investment
loss
and
the
first
year
there'd
be
more
increases.
After
that,
you
can
see
that
the
interest
on
the
ual,
which
is
calculated
on
the
market
value
of
assets
that
increased
almost
13
percent
of
pay
with
just
that
one
year
loss.
So
that's
more
indicative
of
the
long-term
impact
on
the
contributions.
N
The
other
thing,
I
would
note,
is
for
the
typical
plan
in
the
public
land
database.
The
discount
rate
change
impact
would
be
about
half
of
what
it
is
for
your
plan,
so
for
a
typical
plan
if
they
dropped
their
discount
rate,
100
basis
points
or
if
your
plan
was
similar
to
the
typical
plan,
it
would
only
go
up
by
about
five
percent
of
pay,
so
you
are
more
mature
and
so
that
makes
these
rates
rate
changes
more
significant
for
the
same
type
of
risk
that
you
experience.
Q
M
So
I'm
going
to
now
talk
about
projections
on
a
stochastic
basis,
and
for
this
we
look
at
10
000
trials
based
on
the
variability
of
asset
returns.
You
know
based
on
the
Capital
Market
expectations,
and
then
we
sort
them
and
you
have
percentiles.
So
if,
if
we
look
at
this
graph,
you
can
think
of
sort
of
the
center,
there
would
be
the
the
50th
percentile
in
that
line
is,
is
you
can
think
of
as
the
Baseline
and
then
out
out
from
there?
M
We
have
the
the
other
percentiles,
with
with
the
red
being
the
sort
of
worse
outcomes,
50th
to
75th
and
75th
to
95th
in
light
red
and
then
on
down
below.
We
have
the
25th,
the
50th
and
the
dark,
green
and
fifth
to
25th
and
light
green.
So
those
would
be
the
sort
of
the
better
outcomes
right
that
you
you
can.
You
can.
M
If
we
look
at,
you
know
right,
the
dispersion
starts
to
get
pretty
wide,
so
here
we're
looking
at
the
projected
City
contribution
rates
and
you
can
see
in
in
2030
those
run
from
you
know
roughly
25,
on
up
to
just
over
70,
so
that
would
be
in
sort
of
the
95th
or
Worse
outcome,
and
then
they
there's
a
little
more
dispersion
from
there,
even
but
it,
but
it
gives
you
an
idea
of
the
variability
of
of
these
results
based
on
asset
returns
and
and
we're
not
we're.
M
Assuming
no
changes
to
you
know
any
assumptions
and
no
changes
to
the
funding
policy
when
we
come
up
with
these
trials
in
Thousand
trials,
so
on
slide
23,
we
look
at
the
same
results,
but
by
tier
and
it's
it's
important
to
know.
We
put
we've
put
the
same
scale
on
these
two
graphs,
so
you
can
really
see
the
difference
between
the
two
tiers.
M
But
again
you
can
see
there's
quite
a
bit
of
variability
on
the
left,
we're
showing
tier
one
and
that
these
are
now
dollar
amounts
by
the
way
and
you
can
see
in
in
2030.
It
goes
from
what
a
you
know.
A
bit
under
100
million
to
just
over
300
million
or
yeah
2030,
just
under
300
million.
So
so
pretty
you
know
pretty
wide
range.
M
That's
not
that
many
years
out,
whereas
tier
two
there's
less
variability
and
there's
there's
less
upside
right,
it's
just
sort
of
a
floor
there
of
the
normal
cost,
but
the
less
downside
as
well,
and
a
lot
of
that
is
because
it's
just
such
a
such
a
smaller
group,
smaller
amount
of
assets
right
so
so
negative
returns.
You
know
four
returns
that
has
less
of
an
impact
in
terms
of
dollar
dollar
value.
H
Okay,
so
I'm
trying
to
understand
this
chart
I
mean
you
go
back,
I'm,
sorry
yeah
the
Baseline
and
then
you
have
the
you
know
the
green
below
and
the
red
above
so
can
you
explain
what
the
Baseline
is.
M
Sure
that
that
would
be
like
a
best
estimate
right,
the
50th
percentile,
so
that
that
should
be
pretty
close
to
the
mean
return
being
achieved
right,
the
665.,
okay,
yeah,
and
so
that
that
would
go.
That
would
be
more.
It
should
be
along
the
lines
of
a
deterministic
projection
right,
where
you
just
assumed
6.625
every
year.
E
Yeah
so
my
I
have
a
question:
why
is
it
more
downside.
M
I'm
sorry,
there's.
M
Well,
as
costs
go
up,
contributions
increase
right
so
so
that
the
funding
policy
kicks
in.
But
as
but
if
you
have
fantastic
returns,
there
there's
nothing
to
sort
of
cap
those
right,
so
they
so
you
can.
You
can
have
the
Surplus
grow
and
grow
and
grow,
and
the
only
requirement
is
to
pay
the
normal
cost.
N
It's
a
little
clearer
on
the
next
slide.
If
you,
if
you
look
at
the
ual,
there's
really
quite
a
difference
in
that
dynamic.
M
Yeah
yeah,
so
on
on
slide
24.
You
can
see
we're
showing
the
projected
so
that
this
is
using
the
same
results
right,
but
we're
showing
the
unfinded
actual
reliability,
and
so
so
the
Baseline
has.
You
know
that
the
the
ual
starts
around
2
billion.
It
gets
down
to
one
billion
in
2030,
it's
about
1.5
billion.
M
M
H
M
I
mean
yeah;
these
are,
these
are
sort
of
put.
You
know,
sorting
all
the
returns
in
order
and
ordering
them
sort
of
you
know
by
the
percentile.
So
so
Bill
will
have
a
deterministic
example
that
that
gives
you
a
better
idea
of
what
the
return
is.
F
So
can
I
ask
a
question
here
too
so
I
I'm
trying
to
follow
this
as
well,
so
in
so
these
red
lines
here
for
the
projected
returns,
it
seems
to
me
that
one
thing
that
we
do
have
more
control
over
in
terms
of
guaranteeing
the
funding
status
would
be
handling
the
discount
rate
because
the
the
returns
here
these
are
just
projected-
returns
right.
F
B
N
Let's,
let's
move
on
so
the.
N
So,
for
over
a
one
year
period,
you're
seeing
fifth
percentile
return
of
minus
14.5
and
95th
percentile
of
31.7,
the
median
we're
not
showing
here,
because
it
it's
just
the
6.625.
R
N
N
The
stochastic
results
are
hard
for
a
lot
of
people
to
comprehend.
I
think
they
are
advantageous
for
giving
you
the
range,
but
we
wanted
to
give
you
some
deterministic
scenarios
so
that
you
could
get
a
better
handle
on
those
Dynamics
and
I
think
it
will
go
to
some
of
the
questions
that
that
you
were
asking.
These
are
not
meant
to
be
realistic
economic
scenarios,
but
just
to
give
you
a
sense
of
the
sensitivity.
N
So
the
Baseline
is,
if
we
get
6.625
every
year,
we're
expecting
that
contribution
rate
for
the
city
to
gradually
move
down.
Until
we
get
to
that
big
base
being
paid
off
from
2009,
then
we
we
dropped
significantly,
but
there's
a
range
of
those
that
goes
really
in
the
near
term,
between
about
40
percent
and
65
percent
of
pay
in
terms
of
contributions,
that's
that's
the
range
that
we're
looking
at.
N
It
does
drop
faster
with
good
returns.
We've
got
some
things
built
in
and
that
that
helps
us
move
the
the
contribution
rate
down,
at
least
in
the
short
term,
but
then
it's
kind
of
flatter.
After
that,.
B
And
just
just
to
clarify
you're
a
one-year
shock:
does
it
assume
two
things?
Does
it
assume
there's
no
recovery
from
the
shock
that
as
we
go
down
and
we
stay
down
yes,.
N
Correct
it
assumes
that
you
rebalance
based
on
your
your
portfolio.
R
N
Don't
over
balance
to
to
take
advantage
of
different
price
earnings
station.
B
So
it
assumes
both
both
tragedy
and
stupidity.
At
the
same
time,.
N
N
N
Yeah
so
again,
these
are
none
of
these
take
into
account
any
changes
in
board
actions.
It
just
assumes
that
you
rebalance
with
your
current
portfolio.
It
doesn't
take
into
account
any
changes
we
might
make
in
contribution
policy
either
or
assumptions
or
anybody.
N
So
there
are
many
limitations
to
these
projections.
They're,
really
just
to
give
you
an
idea
of
the
sensitivity,
particularly
in
the
the
short
term,
the
longer
term,
you
kind
of
see
how
it
plays
out
under
the
the
current
things,
but
remember
we're
only
varying
the
investment
return
for
either
one
year
or
five
years.
So
after
that,
it's
all
6.625
right,
the
right
hand,
side
we're
showing
the
same
thing
on
tier
two
member
contribution
rates.
N
This
looks
really
wide,
but
I
want
to
point
out.
The
scale
is
totally
different.
The
scale
is
only
going
from
seven
percent
to
nine
percent,
so
we're
really
looking
at
something
like
seven
and
a
third
at
the
low
end.
Up
to
you
know
just
side.
Nine
percent
at
the
high
end
8.9
percent
of
pay-
and
you
see
this
big
bounce
here-
that
I
looked
that
that
goes
from
7.9
to
8.
So
that's
really
just
a
10
basis.
N
Point
change
in
the
rate,
but
these
different
returns
will
have
an
impact
on
tier
two
member
contributions,
just
not
a
very
significant
impact,
at
least
until
tier
two
becomes
much
more
mature.
So
we'll
it's
something
to
monitor
in
the
near
term,
it
will
be
a
management
challenge
long
term,
but
that
is
probably
beyond
the
tenure
of
the
current
board.
Members.
N
We
just
wanted
to
leave
you
with
this
handy
chart
to
show
you
What.
The
fiscal
you're
in
2025
contribution
would
be
depending
on
the
investment
return
you
get
this
year
for
2023,
so
on.
The
bottom
sorry
were
we're,
showing
the
range
of
Contra
of
investment
returns
this
year
from
minus
15
up
to
30
percent
the
left-hand
side.
Here
the
left-hand
chart
is
showing
dollar
amounts
right
in
percent
of
pay.
N
It
assumes
all
other
assumptions
are
met,
and
so
we
expect
the
contribution
if
you
get
6.625,
to
go
up
from
216
million
to
about
220
million
to
keep
it
at
216
million
you'd
have
to
get
a
15
return.
N
The
range
here
goes
from
228
to
210
million
for
next
year,
based
on
that
wide
range
of
investment
returns.
As
a
percent
of
payroll,
assuming
payroll
grows,
three
percent
and
all
the
other
assumptions
are
met,
we're
expecting
it
to
go
the
city
contribution
rate
to
go
down
from
54.6
to
53.9.
N
Even
if
you
get
a
minus
point,
eight
percent
return,
then
we'd
expect
it
to
say
stay
the
same
as
a
percent
of
pay,
but
the
the
range
here
goes
from
about
51
and
a
half
up
to
56
in
a
one
year
time
period
now
keeping
in
mind.
These
are
smoothing
in
those
asset
returns
and
so
that
one-year
effect
is
going
to
compound
over
the
next
four
four
years.
But
this
is
what
you
can
expect.
N
Looking
forward.
I
know
Prabhu,
said
you're
currently
at
about
a
three
percent:
fiscal
year-to-date
return
which
would
put
you
somewhere.
You
know
just
above
54
of
pay
here
and
somewhere,
just
above
220
million
dollars
for
next
year.
So.
N
H
Something
what
I'm
confused
about
the
system
would
need
fiscal
year
FYE
this
one.
Let's
go
your
ending
okay,
that's
what
I
thought
2023
returns
to
exceed
15
percent,
so
the
24
City
contribution.
How
did
you
get
the
24
City
contribution
of
216.1
I
mean
that's.
N
P
I
think
also
what's
key
here-
is
that
I
think
maybe
the
fiscal
year
ends
are
a
little
confusing
in
that
the
fiscal
year
end
that
2024
Destiny
contribution.
That's
it
so,
based
on
the
returns
for
fiscal
year,
ending
2022,
so
the
valuation
that
we've
just
done
the
fiscal
year
in
2023
returns.
So
in
those
green
bars,
that's
going
to
affect
your
fiscal
year-end,
2025
contributions.
P
O
P
B
H
Okay,
so
to
maintain,
that
is,
the
returns
have
to
go
up
and
we
did
have
23
on
the
end
of
the
party,
so
that
was
pretty
yeah
yeah,
okay,
I
gotcha
great,
because
you
know
I
mean
there's
so
much
data
here
and
you
guys
know
it
inside
out.
Okay,
so
this
is
really
easy.
I'm
going
to
assume
it's
easy
for
you
guys
it's
not
but
I'm,
going
to
assume
that,
but
this
is
not
easy
for
the
standard.
Joe
Blow
who's.
H
Just
going
to
look
at
this
or
even
the
budget
office,
who's
going
to
look
at
this
I
mean
they're,
pretty
sharp
people,
but
still
you
know
like
this
is
your
bill
right.
This
is
what
you
have
to
pay
it.
Just
you
know
making
it
simple.
You
know
as
simple
as
possible.
I
mean
so
I
mean
this
sheet
is,
is
more,
you
know
you
can
follow.
B
All
right,
well,
I,
think
this
sensitivity,
analysis
is
always
extremely
interesting
and
informative
for
us.
I
believe
this
can
concludes
your
presentation
on
this
agenda
item.
It.
B
That
right,
okay,
so
do
we
hear
a
motion
to
accept
the
report
as
presented.
C
Just
a
quick
question
for
bill
Mr
chair:
this
is
the
final
presentation,
so
the
the
bull
also
needs
to
take
action
on
the
results.
Correct
they
haven't
done
so
in
the
past.
Is
that
right,
Council,
chin.
C
F
There
should
be
you
know,
a
lot
of
the
presentation
was
projections,
but
is
there
a
slide,
for
example,
that
has
the
final
evaluation
results.
I
think
that
was
in
the
beginning
of
the
presentation.
C
F
N
Was
I
mean
I
think
officially,
what
you
need
to
accept
is
is
the
the
results,
the
the
long
report
so.
F
N
But
we
will
be
back
with
the
you
know,
official
contribution
resolution
that
the
board
adopts.
C
But
yeah
correct
the
more
later
we
do
prepare
a
resolution,
so
the
board
can
also
approve
that
which
includes
the
members,
contributions
and
everything
else
and
the
city,
but
I
think
we
also
usually
take
action
on
this
on
your
final
results
of
the
evaluation
right.
F
H
F
O
F
Evaluation
result
and
then
a
number
of
sensitivity,
analysis
for
projections,
so
I
just
want
to
make
sure
that
the
the
board
is
clear
that
we're
voting
on
the
final
results.
C
H
B
Does
your
motion
still
stand
yes,
and
does
the
second
still
stand?
Yes,
okay?
Is
there
any
further
discussion
on
the
motion
to
accept
the
contribution
amounts
for
fiscal
year?
End
2024,
which
begins
in
July
of
2023.?
B
Any
public
comments
so
hearing
none.
We
will
have
a
roll
call
vote.
Vice,
chair,
Jennings,
I
vote
to
accept
aye,
yes,
hi
trustee,
Chandra,
hi,
trustee,
lender,
I,
trustee
avasti
and
I
vote
I,
so
it
passes
unanimously.
B
So
before
we
take
our
break
at
the
10
o'clock
hour,
I
would
like
just
to
ask
that
Mr
Holmberg
stay
available
and
we
will
take
your
next
agenda
item,
which
is
slightly
out
of
turn
item
item
5c
after
the
break.
Okay.
So
at
this
point
we're
going
to
be
on
a
what
do
we
normally
take
five
minute
break
I
have
10
10,
so
we
will
reconvene
at
10
15.
B
B
B
B
L
L
L
B
So
we
were
taking
slightly
out
of
order,
agenda,
item,
5c,
I,
believe
and
again
we
turn
to
Mr
Hallmark
for
the
preliminary
opeb.
N
Thank
you,
Mr
chair,
I
have
Mike
stunning
with
me
our
Healthcare
actuary,
to
help
me
present
this,
but
this
will
be
a
very
brief
presentation
of
just
the
preliminary
results
we'll
be
back
next
month
with
the
full
evaluation
results.
Okay
again,
the
funding
for
this
is
very
similar
to
the
pension
plan
in
terms
of
the
premium
subsidy
for
retiring
medical
benefits.
The
assets
are
held
in
a
115
trust
instead
of
in
the
pension
trust
and
we're
setting
contributions
again
for
fiscal
year
in
2024..
N
The
one
notable
difference
is
that
member
contributions
are
fixed
in
statute
as
a
percent
of
pay.
So
we
are
not
adjusting
those.
We
are
only
setting
the
city
contributions.
N
The
funded
status
dropped
from
65
percent
down
to
60
percent,
based
on
the
investment
returns.
Dropping
you
can
see
the
the
green
line
is
the
assets
dropping
compared
to
the
bars
of
the
liability.
The
liability
also
dropped
just
not
as
much
and
so
we'll
we'll
talk
about.
What's
driving
that
contributions,
the
member
contributions
are
going
down
just
because
of
the
covered
population
is
going
down.
The
city's
contribution
is
remaining
relatively
level
increasing
about
0.3
million
I
I.
N
Do
want
to
note
here
that
we
are
talking
about
much
smaller
dollar
amounts
than
the
pension
plan,
so
the
charts
show
a
completely
different
scale.
The
city's
contribution
for
the
pension
plan
was
216
million
here,
we're
just
talking
about
19
million.
So
keep
that
in
mind.
N
The
active
members
who
are
eligible
for
full
benefits
is
a
closed
group
of
tier
one
members
who
did
not
elect
the
Viva,
and
so
that
group
is
declining
every
year.
This
year
it
went
down
by
8.6
percent.
The
member
payroll
that
drives
member
contributions
went
down
2.3
percent.
N
This
shows
the
the
details
of
the
funded
status.
The
unfunded
liability
was
206
million
for
the
explicit
subsidy.
It's
went
up
to
230
million,
even
as
the
liability
dropped
from
590
to
579..
There's
an
implicit
subsidy
that
we
have
to
track
for
Financial
disclosures.
N
It
is
not
pre-funded,
it's
not
under
the
the
board's
purview
to
pre-fund,
it's
paid
on
a
pay-as-you-go
basis
through
the
city's
Active
Health
premiums.
So
that's
what
this
middle
column
is
so
with
that
I'll
turn
it
to
Mike
to
walk
through
the
the
changes.
N
S
And
so
again
we
expect
that
to
happen,
because
we
want
to
pay
down
the
UA
out
and
then
we
actually
had
a
36
million
dollar
gain
due
to
the
liability
experience
being
better
than
expected,
and
that
was
really
driven
by
the
actual
premium
increases
that
happen
were
slightly
lower
than
what
were
expected
last
year.
So
we
see
a
gain
there,
but
then
we
saw
a
loss
on
the
other
end,
because
again,
investment
returns
weren't
that
good
this
year.
So
we
had
a
62
million
dollar
increase.
S
O
S
Slide,
and
so
with
the
next
slide,
then
shows
is
you
know
over
the
past
few
years,
what
has
been
the
overall
source
of
the
various
changes
in
the
ual
and
I'll?
Wait
for
the
to
catch
up
to
me.
There
we
go.
Is
it
basically,
it
actually
has
decreased
by
almost
70
million
dollars
over
the
last
five
years.
So
again
we're
making
progress
and
over
152
about
153
million
of
that
is
actually
due
to
the
liability
experience.
S
S
You
know
really
where
your
liability
is
coming
from
and
it
splits
it
into
between
those
that
are
in
pay,
so
the
current
retirees
that
are
receiving
benefits
versus
the
actives
who
aren't
yet
participating
in
those
vested
terms,
so
the
individuals
who've
left
the
city
are
eligible
to
actually
participate
at
some
point
in
the
future.
Just
haven't
started
yet,
and
you
can
see
that
again,
the
vast
majority
of
it
is
due
to
those
who
are
currently
retired
and
receiving
benefits,
almost
66
percent.
S
The
other
piece
is
to
keep
in
mind
with
all
of
this
is
almost
70
percent
of
the
liability
actually
happens
once
individuals
are
over
65
and
eligible
for
Medicare.
So
that's
really
the
Big
Driver
of
the
cost,
and
only
20
percent
of
it's
due
to
the
eligibility
pre-medicare
and
then
11
of
it's
actually
due
to
the
dental
benefits.
N
Yeah
so
a
lot
of
times,
people
think
the
pre-medicare
costs
are
higher
because
the
premiums
are
higher,
but
the
way
this
subsidy
program
works
is
really
heavily
weighted
towards
the
Medicare.
Why.
H
N
A
much
longer
time
period
because
there
are
lifetime
benefits,
whereas
the
pre-medicare
is
just
from
their
retirement
to
age.
65..
Oh.
S
S
S
The
city's
contribution
has
gone
up
a
little
bit
and
it's
mainly
due
to
the
fact
that
investment
returns
weren't
as
good
has
expected,
but
it's
going
to
go
up
from
18.8
to
19.1.
Essentially,
but
under
the
plan
the
city
has
the
ability
to
actually
cap
its
contribution
and
14
of
payroll,
and
that
cap
is,
as
you
can
see
significantly
higher
than
with
the
actual
contributions
are.
S
So
basically,
the
city
is
responsible
for
paying
the
contributions
and
it
would
have
to
get
up
to
I'm
going
to
get
over
a
50
million
dollar
contribution
before
the
city's
cap.
Whatever
kick
in
so
they're
well
below
the
cap,
and
the
last
piece
is
the
implicit
subsidy
and
that's
a
piece
that
represents
the
the
difference
between
what
the
actual
cost
is
for
delivering
benefits.
S
For
those
under
65
to
what
the
premiums
are
and
that's
because
again
since
the
actives
and
the
pre-medicare
retirees
pay
the
same
premium
rates,
essentially,
the
actives
are
subsidizing
those
early
retirees,
but
that
amount
is
being
paid
through.
Those
premium
amounts.
So
that's
not
actually
funded
through
the
the
trust.
S
The
trust
is
only
actually
funding
the
premium
pieces
of
it,
but
so
this
is
just
an
accounting
number
that
needs
to
to
be
shown
and
again
that
went
up
by
almost
14
and
we're
going
to
tend
to
see
larger
increases
in
that
as
time
goes
on,
because
as
because
this
is
a
closed
group,
you've
got
less
and
less
from
a
percentage
basis
of
retirees
under
65
that
are
participating
in
that
broader
pool,
and
so
therefore
that
tends
to
increase
the
the
differential
between
what
the
premiums
paid
are
and
what
the
expected
cost
is
for
the
retirees.
S
B
N
C
Okay,
thank
you
same
to
you
bill
and
the
rest
of
the
Chiron
staff.
Thank
you.
C
I
believe
it
is
less
volume
to
staff,
can
bring
the
agenda
back
up
on
the
screen
just
to
confirm
yes,
you're,
correct
Mr,
chair,
so
thank
you
good
afternoon.
Everyone
just
have
a
few.
A
few
comments.
I
wanted
to
start
with
the
Open
Enrollment.
We
just
finished
the
open
presentation
for
healthcare
for
retirees
that
end
their
last
November
30th.
C
C
C
We
had
about
10
workshops
of
webinars
offered
through
the
month
33
hours
of
personal
appointments
with
helipenders.
We
had
approximately
about
a
hundred
attendees
to
our
health,
fair,
which
was
the
first
one.
First,
health
fair
in
the
last
three
years
that
we
actually
did
in
person
and
most
of
those
changes
that
were
submitted
were
actually
done
through
either
via
Our
member
Direct
in
our
administrative
system,
followed
by
some
of
them
that
were
actually
either
mailed
in
or
walked
into
the
office.
C
So
again,
I
want
to
you
know,
thank
all
the
members
that
that
actually
the
time
to
go
to
the
open,
enrollment
and
also
to
the
office
staff.
C
It
is
a
extremely
busy
month
for
the
staff
to
work
through
it
so
kudos
to
staff
and
thank
you
for
staff
work
and
Air
Force
Through
the
month
of
November
I
also
wanted
to
let
you
know
from
time
to
time
we
received
emails
from
Members
or
calls
where
they
want
to
actually
reach
out
to
specific
Trustees
of
the
boards,
or
they
have
questions
for
board
trustees.
C
We
do
our
best
to
address
those
questions
and
try
to
keep
you
a
price
of
what
they
are,
whether
it's
through
my
other
report
at
these
meetings
or
specifically
to
let
you
know
through
emails.
So
what
we're
going
to
be
doing
is
we
are
going
to
be
establishing
two
emails
in
our
website,
one
for
police
and
fire
members
trustees
and
one
for
federal
members
and
when
we,
when
members
want
to
reach
out
specifically
to
a
trustee
of
a
board
or
have
questions
for
generally
for
the
board
trustees.
C
They
are
going
to
be
reaching
out
to
that
particular
email.
The
administrative
team
will
be
monitoring
the
email
box
and
then
we
will
forward
those
emails
to
the
appropriate
appropriate
trustee
whenever
they
come
on
so
I
just
wanted
to.
Let
you
know
it's
not
going
to
be
an
email
of
of
you
email
address,
but
it
will
be
a
general
email
of
the
board
for
questions
from
from
Members.
C
Lastly,
I
wanted
to
let
you
know
that
the
office
actually
will
be
closed
from
December
23rd
to
December,
26th
and
again
from
December
29th
30th
through
January
1st.
We
are
going
to
be
open
for
the
city.
What
is
called
the
city
holiday
closure
from
the
27th
to
the
29th
that
will
be
Tuesday,
Wednesday
and
Thursday
to
provide
customer
service
during
the
holiday,
and
they
will
be
normal
business
hours
by
the
benefit
staff
again
that
will
be
Tuesday,
December
27th,
Wednesday,
December
28th
and
Thursday
December
29th.
C
That
Mr
chair
concludes
my
comments
and
I
wanted
to
take
this
opportunity
to
thank
all
of
you
for
your
hard
work,
a
dedication
for
the
board
and
the
plans
throughout
kind
of
the
Year
2022
and
which
each
one
of
you
and
your
families
very
happy
holidays
and
also
take
this
opportunity
to
thank
or
our
staff
for
again
the
hard
work
and
education
throughout
the
year
working
for
the
plant
members
and
making
sure
that
we
meet
our
core
duties.
So
thank
you,
everyone
and
happy
holidays
to
all.
B
Thank
you
thank
you
for
the
presentation
and
and
for
your
warm
wishes
for
the
holiday
season.
Are
there
any
questions
from
Trustees
for
Mr
Pena.
B
C
I
know
I
have
done
that
and
we
will
try
to
continue
doing
that.
I
can
actually
speak
in
all
cases.
Mr
chair,
there's
a
possibility
that
we
have
receive
some
basic
questions
that
we
have
not
bothered
to.
Let
the
trustee
know
but
I
think.
Our
goal
here
is
to
keep
trustees
uprised
and
we
do.
We
have
received
so
specific
questions
or
requests
that
they
members
really
really
want
to
reach
out
to
trustees,
so
certainly
we'll
take
them
one.
C
You
know
as
they
come
and
and
I
suspect
that
we
may
reach
out
to
the
trustee
as
well
and
suggest
some
responses
based
on
the
questions,
but
certainly
this
is
more
of
a
transparency
purposes.
We
want
to
make
sure
that
members
know
that
they
can
actually
have
access
to
their
board
members
and
we're
going
to
just
have
a
general
email
in
the
prospective
websites.
S
T
Yes,
yes,
this
was
actually
as
a
result
of
a
member's
comment
on
our
website
survey.
So
a
member
had
said
they.
They
couldn't
see
an
email
address
to
like
to
contact
a
board
members
who
this
was
our
method
of
addressing
their
their
comment.
Okay,.
B
Well,
I
think,
as
a
rule,
it's
I
think
it's
great.
If
you're
you
are
dealing
with
the
inquiries
at
staff,
but
if
something
is
directed
at
an
individual
trustee
I
believe
we
should
at
least
be
made
aware
of
it.
So
we
know
that
there's
someone
out
there
who
is
asking
after
us
if
that
is
in
fact
what
has
happened
so.
C
I
agree,
and
this
is
why
we
have
created
those
two
emails,
so
we
will
do
that
going
forward.
Mr
chair,
thank
you.
Okay,.
B
All
right,
thank
you
and
on
to
item
5B
oral
update
from
our
city.
Council
liaison
is
council
member
Davis
here.
U
You're,
welcome
I,
don't
have
a
lot
of
updates.
I
usually
have
more
updates
when
we're
in
budget
time,
but
of
course
I
do
want
to
just
do
a
make
sure
everyone
knows
we
had
our
last
council
meeting
of
the
year
on
Tuesday
and
the
when
we
reconvene
in
January
I
believe
it's
January
10th.
We
will
have
new
council
members
in
four
districts
and
we
will
also
have
two
empty
seats.
So
of
course,
council
member
Mahan
will
be
the
mayor
and
so
district
10
seat
will
be
unfilled.
U
As
of
January,
10th
and
District.
Eight
council
member
Arenas
is
moving
up
to
the
Board
of
Supervisors.
She
got
elected
to
the
Board
of
Supervisors
and
that
seat
will
be
empty.
We
will
have
new
members
in
districts,
one
three
five
and
seven
as
of
January
1st,
but
our
first
meeting
is
the
10th,
and
so
we
will
have
a
brand
new
board
and
there
will
be
a
lot
of
need
for
them
to
get
immersed
in
new
subject
matter
to
them.
U
Obviously,
and
the
Federated
pension,
as
well
as
the
police
and
fire
pension,
is
one
of
those,
so
I
hope
that
Roberto
and
and
and
the
whole
team
are
have
a
plan
for
how
they're
going
to
orient
those
those
new
folks
to
the
pensions
and
kind
of
the
ins
and
outs
of
of
our
relationship.
C
Yeah
Miss
Davies,
so
we
actually
work
closely
with
City
staff
and
there
is
an
onboarding
process
that
actually
includes
a
presentation,
a
combined
presentation
by
City
staff
and
by
our
office
on
the
pension
plans.
C
Unfortunately,
this
year,
Jennifer
in
the
past
has
been
done
combined
by
Sheriff
department
and
myself.
I
think
Miss
shambry
is
going
to
be
scheduling.
Those
presentations,
I
believe,
is
during
the
week
that
I'm,
actually
not
in
town,
but
we
will
follow
up
with
Jennifer,
certainly
make
ourselves
available
and
I
I
agree
with
you.
As
you
know,
you've
been
with
us
for
a
few
years.
C
Now
is
an
ever-ending
learning
process,
so
we
will
do
our
best
to
make
sure
that
we
give
them
some
of
the
basic
knowledge
that
they
need
to
try
to
deal
with.
You
know
these
very
challenging
pension
issues.
Well,.
C
I'll
check
with
Prabhu
I'll
have
to
check
with
Jennifer
the
specific
dates
but
I'll
check
with
Prabhu.
Yes,
we
can
certainly
do
that,
and
and
and
if
we're
not
able
to
meet
them
with
Jennifer
schembry,
we
can
actually
do
a
separate
101
with
the
new
council
members
between
myself
and
Prabhu.
So
certainly
I
know
it's
a
critical
issue.
It's
a
big
part
of
the
board
Journal.
So
we
want
to
make
sure
that
that
we,
we
are
part
of
the
onboarding
which
we
have
been
in
the
past.
C
C
The
discussion
on
the
joint
meeting
with
the
city
council
for
topics
of
discussion
for
that
meeting,
which
at
this
point
has
not
been
scheduled,
but
we
are
considering
again,
ideally
late,
February
sometime
in
March,
ideally
a
game
before
the
new
mayor
have
their
the
big
budget
discussion
publicly.
But
you
know
again:
we
have
to
work
with
the
city
staff
on
and
the
city
council
and
both
boards
on
scheduling
that
meeting,
but
again,
I
think.
C
B
Great,
thank
you.
Are
there
any
questions
from
trustees
for
our
Council
liaison.
H
I
have
a
question:
do
you
happen?
Is
there
a
general
idea
when
the
two
appointments
would
be
for
cd-10
and
cd8.
U
Our
direction
to
the
city
clerk
was
to
ensure
that
we
have
those
interviews
and
make
the
decision
before.
Obviously,
that's
that's
a
council
decision,
but
that
we
directed
that
the
decision
to
be
made
before
the
end
of
January.
So
we
don't
the
idea
for
going
for
the
the
appointments
for
anyone
who
is
following
the
conversation
was
really
about
the
the
speed
at
which
we
could
do
the
appointments
versus
the
the
need
to
wait
for
specific
dates
for
a
special
election.
U
U
B
With
the
turnover
in
the
mayor's
office
and
with
the
in
the
city
council,
is
there
going
to
be
a
turnover
in
the
Council,
the
pension
board,
Liaisons.
U
U
The
appointments
get
made
right
away,
yeah
because
we
we
actually
because
so
many
council
members
are
leaving.
We
we,
for
example,
we
won't
have
a
quorum
with
the
number
of
members
who
are
left
in
rules.
So
we
had
to
cancel
the
first
Rules
meeting
of
the
year
because
we
wouldn't
have
a
quorum
council,
member,
Cohen
and
and
I
being
left
on
the
board
on
that.
C
J
B
You
and
I
agree
are
there
any
other
questions
for
our
Council
liaison
from
from
trustees
or
from
the
public
all
right?
Well,
thank
you
so
much
and
have
a
great
New
Year.
You.
B
Right,
thank
you.
Now.
We
move
forward
to
agenda
item
5D
discussion,
possible
action
on
the
board,
self-assessment,
I
trust.
All
trustees
have
reviewed
the
report
from
Walter
on
our
trustee,
self-assessment
and
I,
opened
the
floor
to
any
comments
or
observations
from
trustees
on
how
we
ourselves
think
we
are
doing.
B
Well,
I
will
note
that
we
generally
gave
ourselves
reasonably
High
marks
on
on
most
categories.
I
think
the
ones
stand
out
for
me
was
question
number
17,
which
is
please
reflect
on
the
typical
length
of
a
board
meeting,
excluding
committee
meetings
and
three
of
us
felt
they
were
optimal
and
four
of
us
felt
they
were
too
long,
and
that
was
the
preponderance
of
of
assumptions.
B
And
feel
free
to
yeah
share
whatever
ideas
you
may
have.
C
Mr
chair
I,
just
wanted
to
mention
volte
Viola
from
cortex
he's
actually
had
joined
the
meeting,
I'm,
not
sure
to
what
extent
you're
going
to
ask
Walter
to
join
in
the
discussion
or
to
make
any
presentation
or
have
any
comments
or
questions
for
him.
But
I
just
want
to
let
you
know.
R
Thank
you,
chairman
yeah.
This
is
a
self-assessment,
so
it's
it's
difficult
to
look
at
a
time
series
of
self-assessments
over
time,
because
the
board
has
some
transition,
but
the
the
general
number
there
that
was
quoted
was
a
9.3
on
a
scale
of
10
and
that's
better
than
two
years
ago.
The
the
surveys
are
done
every
two
years.
So
that's
good,
no
I'll
open
it
up,
I'm
happy
to
make
observations,
and
that's
that's
the
chair's
wish.
R
But
again
it's
a
self-assessment,
it's
improved
since
it
was
done
two
years
ago
and
like
he
said,
the
the
common
issue
that
was
was
raised
was
the
length
of
the
meeting,
and
you
know
our.
My
only
observation
is
that
that's
typical
of
many
boards.
R
You
want
to
be
effective
and
you
want
to
be
efficient
in
doing
so,
and
that's
a
challenge
for
all
boards
is
being
as
efficient
in
the
process
of
being
as
effective
as
you
can
in
your
role
as
as
trustees
I'm
happy
to
make
more
comments,
but
I'll
leave
it
to
the
other
directors
to
make
comments.
J
Yeah
sure
Horowitz
I'm
happy
to
dive
in
on
question
17.,
because
I
was
one
of
the
people
who
I'll
out
myself,
who
was
in
the
four
and
there's
there's
a
tension
between
being
thorough
and
and
complete
and
giving
every
topic
and
every
speaker
time
to
share
their
thoughts
fully
and
completely
so
I'm
I'm,
quite
sensitive
to
that
and
I
think
that
you
strive
to
to
give
everyone
their
do
hearing
which
is
fantastic.
J
I
I
can
only
compare
to
my
experience
when
I
first
joined
when
Matt
Lesh
was
chairman,
and
there
were
meetings
back
in
that
time
that
that
went
for
hours
and
so
for
me
it's
not
necessarily
that
things
have
to
be
done
in
60
minutes
or
90
minutes.
I,
don't
think
that's
feasible,
I,
don't
think
any
of
us
should
be
serving.
If
that's
our
expectation,
because
there
are
a
lot
of
important
issues,
I
I
think
it's
more
within
each
topic,
redirecting
people
I
think
in
our
meetings.
J
The
same
thing
gets
said
over
and
over
I
think
some
people
ask
unprepared
questions
and
it
leads
to
Meandering
and
I
think
the
the
most.
So
that's
a
general
observation
and
I
think
this
board
is
more
Afflicted
with
it
than
prior
boards
I've
served
on.
So
that
would
be
one
recommendation.
J
The
other
thing
is
I
think
the
disability
hearings
are
just
challenging
in
general,
and
Matt
was
particularly
Adept
at
those
at
both
the
communicating
empathy,
but
also
wanting
to
make
sure
that
the
process
was
moving
swiftly
and
that
you
know
we
we
were
seeking
conclusion
in
an
efficient
manner.
I
think
that's
art,
I
I
would
not
profess
to
say
that
I
could
do
as
good
a
job
as
you've
been
doing.
J
I
do
know
that
that's
now
also
going
to
get
moved
out
of
the
general
trustee
meetings,
the
board
meetings
and
moved
into
the
special
committee
that
has
been
created
so
I
think
that's
going
to
help
a
lot.
So
those
are
my
observations.
B
All
right
well,
thank
you
and
thank
you
for
your
your
candor.
Certainly,
the
disability
hearings
are
by
far
the
most
challenging
and
it
will
help
to
have
the
disability
committee.
It
would
be
great
if
we
could
insist
that
applicants
Under
Disability
be
represented
by
by
Council
instead
of
representing
themselves,
because
I
think
that's
goes
to
a
lot
of
the
length
of
those
those
hearings,
but
I
do
believe.
B
There
is
a
requirement
to
hear
people
out
at
at
their
length
in
order
to
give
the
sense
that
we
are
having
a
fair
and
an
equitable
process.
Yeah.
J
Past
chairs
have
felt
more
comfortable
to
to
curtail
the
length
when
it
becomes
repetitive
and
not
adding
new
information
for
the
trustees
to
consider.
B
Well,
thank
you
for
that
observation.
I
only
shared
a
few
meetings
with
Matt
lesch,
but
it
sounds
like
he
had
a
unique
style
in
that
regard,
so
any
other
questions
or
observations
from
trustees.
B
I
will
out
myself
in
saying
that
I
too
was
amongst
the
the
four
who
said
they
were
too
long.
So
if
it's
feels
too
long
on
the
listening
side,
I
can
assure
you
on
the
speaking
side.
I
I
need
to
rest
my
voice
every
every
second
Thursday
of
the
of
the
month
when
these
meetings
are
completed.
B
And
it
there
is
a
tension
between
hearing
out
all
our
presenters
at
their
length
and
effort
to
move
things
along
to
our
benefit.
B
I
think
the
these
public
forums
are
built
for
transparency,
not
for
efficiency,
and
when
you
have
a
meetings
in
the
private
sector.
There's
someone
at
the
head
of
the
table,
who
can
bang
their
fists
down
and
sing
enough?
B
We've
heard
everything
we
need
to
hear
from
you
and
move
on
I,
don't
believe
we
have
quite
that
luxury
in
in
the
public
sector,
but
if
the
consensus
is
that
we
do
need
to
move
things
along
more
quickly,
we
don't
know
yet
who
will
be
the
chair
next
year,
but
whoever
that
person
is
may
elect
to
to
cut
speakers
off
with
a
little
bit
more
Vigor
than
we've
seen
in
the
past.
If
that
is
the
consensus
amongst
trustees,.
J
Well,
I
think
the
responsibilities
on
trustees
too
I,
don't
think
these
that
at
least
certainly
my
answer
to
question
the
17
wasn't
directed
at
one
person.
You
may
have
the
Baton,
but
we're
all
making
music
together.
B
Okay,
well,
it's
thank
you
for
that
musical
analogy.
That
is,
that
is
true
and
in
fact,
I
think.
If
we,
if
we
did
a
Time
study,
the
bulk
of
the
time
is
consumed
by
presentations
from
our
Consultants,
our
advisors,
Etc
and
and
our
questioning
consumes
a
relatively
small
portion
of
our
time
budget.
So
it
is
important
to
hear
from
all
members
of
all
trustees
and
for
members
of
the
public,
so
well
I,
don't
believe
any
action
is
required
on
this
item.
F
Trustee
Horowitz
or
chair
Horowitz,
it
does
say
a
possible
action.
I
I
do
think
that
the
board
should
vote
to
adopt
the.
Q
Our
second
trustee
lender.
B
We
have
a
second
from
trustee
lender
any
discussion
on
the
motion.
Any
public
comment
on
the
motion.
If
not,
we
will
vote
Vice,
chair,
Jennings,
hi,
trustee,
Chandra,
hi
trustee
Linder.
Q
F
As
I
think
staff's
pulling
it
up,
but
just
for
expedience
purposes.
The
next
agenda
item
is
election
of
the
board
chair
and
vice
chair
for
calendar
year.
2023.
B
B
So
we
don't
have
an
an
out
an
off
ramp
here,
correct.
O
B
Very
well,
then
I
will
I
guess
that
would
simply
proceed
with
election
for
the
chair
and
vice
chair
will
take
the
chair.
First,
there
was
one
nominated
candidate
myself.
B
This
is
not
a
question
of
emotion
in
a
second,
but
a
simple
roll
call
vote.
Is
that
correct?
That's
correct,
okay,
so
Vice,
chair
Jennings?
How
do
you
vote
on.
B
I
trustee
Chandra
an.
B
Can
but
this
is
not
Chicago
trusty
Keller.
Q
Nice
try
for
the
off
ramp,
but
I've
actually
vote
I
as
well.
Okay,.
B
And
trustee
avasti,
hi
and
I
will
abstain
if
I
may
and
on
a
so
it
is
passed
that
the
nomination
moves
forward
and
the
nomination
of
a
vice
chair
is
a
vice
chair,
Jennings
and
we'll
have
a
roll
call
vote
for
that
nomination.
Vice,
chair
Jennings,
oh.
B
F
So,
as
we
all
know,
the
governor's
Proclamation
for
the
state
of
emergency
continues
to
be
in
place,
and
the
city
council
continues
to
recommend
social,
distancing
and
City
facilities.
If
this
commit
or
board
adopts
these
two
factual
findings
by
majority
vote,
you
may
continue
to
meet
virtually
for
the
next
three
days.
B
B
E
B
And
I
vote
I
as
well
have
passage
unanimously
now
move
to
agenda
item
six
one:
an
investment
committee
reports
trustee
Chandra
would
you
like
to
present
looks
like
we
only
have
a
special
meeting
yeah.
J
That's
correct:
we
have
we,
our
committee,
as
you
know,
is
meeting
next
week
and
so
I
guess
that
will
that
would
be
in
January.
There
may
be
some
update
coming
out
of
that.
So
nothing
at
this
time.
B
Okay
and
then
continuing
to
six
two,
but
you
can
ask.
J
The
question
were
we
supposed
to
do
something
with
5f
discussion
and
action
on
committee
assignments,.
J
Q
B
Not
too
late
to
to
rescind
that
nomination
and
vote
by
the
way
5f
discussion
on
committee
assignments
and
I
don't
know.
B
Do
we
have
an
attachment
that
we
can
put
to
the
screen
and
the
the
item
here
is
based
on
the
fact
that,
as
we
discussed,
the
disability
committee
is
formed
and
they
will
be
going
through
some
extensive
training
to
prepare
them
to
begin
hearing,
disability
Appeals
and
currently
there
are,
as
with
the
other
committees,
only
three
members
assigned,
and
the
thought
was
that
we
might
assign
a
fourth
member,
an
auxiliary
member,
to
go
through
the
trainings,
so
that
if
there
is
a
a
Committee,
Member
absent,
we
would
still
have
the
opportunity
to
move
forward
and
have
the
committee
hearings
and
given
the
current
arrangement
of
committee
assignments,
Mr.
O
B
B
C
B
B
Alternate
member.
Thank
you.
Who
is
the
name
something
with
an
a
an
alternate
member
and
given
the
existing
committee
assignments?
I,
don't
know
if
anybody
would
like
to
volunteer
to
be
on
the
disability
committee,
particularly
to
go
through
the
trainings,
so
we
didn't
have
to
go
through
them
again.
If
there's
a
need
to
add
another
member
in
the
future
or
to
if
the
disability
committee
isn't
able
to
form
a
quorum
any
at
any
particular
time
in
the
future.
B
So
we
we
would
like
to
have
someone
else
go
through
the
trainings
with
the
disability
committee.
That's
coming
up
how
many
trainings
I
think
you
had
you
mentioned
Roberto.
C
We
are
right
now
Barbara,
correct
me
if
I'm
mistaken,
we're
thinking
about
three
once
a
month,
starting
with
this
afternoon,
December,
January
and
February
before
we
actually
bring
the
first
disability
cases
to
the
new
Committee
of
disability,
of
a
form
of
Trustees
of
your
board.
T
Yes
and
the
training
sessions
will
be
recorded,
so
they
can
be
viewed
after.
C
So
because
this
bore
is
comprised
of
seven
members,
obviously
we
want
to
make
very
clear
that
this
is
just
an
alternate
and
then
any
given
time.
We
certainly
do
no
one
all
four
trustees
at
the
meeting,
because
that
will
constitute
a
meeting
of
the
board
as
well.
Correct,
that's,
correct
I.
Just
want
to
make
sure
that
that
point
is
is
is
clear
so
that
we
don't
have
an
issue
on
that
side.
Q
So
the
alternator
is
for
training
right
now
and
if
we
don't
have
a
quorum,
the
alternate
gets
added
in.
So
we
can
do
the
hearings.
C
H
Okay,
so
I
think
we
have
two
choices:
right:
there's
the
trusty,
Chandra
or
trustee
avasti
I
think
we
had
trustee
Kelleher
here
said
we
would
have
a
non-city
perspective.
That's
right
so
trustee
Chandra
offers
that,
but
trustee
Chandra
is
also
very
busy
and
I.
Don't
think
the
disability
is
something
they
might
find.
C
Know
it's
hard
to
say
trustee,
avasti,
I
I
believe
well,
if
you
use
the
alternate
I
believe
you're,
mostly
going
to
be
involved
in
the
next
three
meeting,
just
to
get
the
training,
if
you're
not
able
to
attend
the
trainings
there,
as
as
Barbara
indicated
they're
going
to
be
recorded,
so
you
can
always
do
you
yourself
on
our
website
now
in
the
event
that
we
lose
extra
speed
again,
you
know
it
may
require
more
of
your
time
for
disability
committee,
but
but
as
an
alternate
at
this
time,
I
wouldn't
expect
it
to
be
that
time
consuming.
B
F
I
can
speak
to
that.
So
one
of
the
appeals
that
we
had
come
through
was
time
restricted,
because
we
had
some
indication
that
that
that
one
would
be
challenged
in
court,
and
so
what
we
did
was
we
met
and
conferred
with
the
applicant
in
advance
of
the
board
meeting
to
set
forth
the
procedures
and
when
there
was
a
mutual
exchange
of
information
and
presented
that
to
the
board
as
well
as
simultaneously
The
Exchange
materials
and
both
sides
agreed
to
a
Time
certain.
F
Can't
we
no,
we
can
certainly
strive
for
it.
It
really
depends
between
the
parties
which
are
dealing
with
that
particular
item.
So
the
item
I
dealt
with
was
not
a
disability
issue,
so
it
came
directly
to
me
as
general
counsel
for
the
plan,
so
I
I
approached
it
a
little
differently
I
see,
but
we.
H
O
H
F
F
Not
in
every
case
we
can
in
every
case,
I
do
think
there
is
an
issue
that
you
know
a
chair
which
you
mentioned.
It's
that
part
of
these
Administrative
Hearings
is
for
the
member
to
feel
like
they've,
been
heard
for
their
due
process
rights,
and
so
it
is
incumbent
on
us
to
allow
them
to
present.
F
But
if
we
let
them
know
in
advance
that
they
only
have
15
minutes
so
and
another
15-minute
questioning
period,
they're
they're
on
notice
that
this
is
going
to
occur.
Well,.
A
B
B
Could
that
continue
to
be
the
case?
And
then
the
disability
committee
only
hears
cases
that
go
beyond
the
staff-based
disability
committee.
F
I
would
have
to
look
back
at
our
I.
Don't
know
the
answer
immediately.
Off
top
I
would
have
to
look
back
at
our
disability
committee
Charter
to
see
how
those
are
routed
to
the
disability
committee
I.
C
Can
speak
to
that
they
they
could.
The
committee
of
the
trustees
was
partially
purposely
created
to
take
over
the
committee
of
staff,
and
so
what
this
new
Committee
of
Trustees
is
going
to
be
taking
over
is
what
staff
have
done
in
the
past.
Otherwise,
what
you
will
be
doing
is
actually
adding
an
extended
time
to
the
process,
because
they
all
these
applications
have
to
eventually
end
at
the
board
for
more
approval,
in
any
case,
so
we'll
be.
C
If
we
do
what
you
are
suggesting,
we'll
be
adding
another
step,
there
was
also
the
situation
where,
which
was
one
of
the
main
reasons.
I
raised
the
issue.
To
begin
with
was
there
was
a
point
where
staff
was
really
not
I,
guess
supporting
stats
recommendation
and
I
just
always
felt
that
the
boy
will
be
much
more
inclined
to
take
a
recommendation
from
their
own
peers.
C
So
that's
why
the
charter
was
created
to
function
as
the
disability
committee
instead
of
having
the
staff
I
also
like
to
take
this
opportunity
to
mention
something
that
Barbara
just
reminded
me,
which
this
board
can
consider,
which
is
each
one
of
you.
Committees
have
three
members,
but
there's
nothing
to
say
that
your
disability
committee
can
be
comprised
of
two
members
and
one
alternate
so
that
will
make
it
easier.
You
can
make
the
current
trustee.
C
I
can
say
his
name
if
he
can
move
it
up
a
little
bit,
Council
her
the
alternate
member
and
then
leave
trustee
genius
and
Linda
to
be
the
actual
members,
and
so
that
way
you
wouldn't
have
to
be
adding
another
member
to
the
committee
just
a
suggestion.
C
She
just
reminded
me
in
fact:
that's
what
police
and
fire
does
they
only
have
a
two
Committee
Member
for
disability,
although
they
do
have
a
number
of
alternates
from
each
side
of
the
equation,
but
for
the
most
part,
those
are
the
only
two
members
that
are
involved
in
the
disability
process.
So
you
could
take
that
same
route
and
do
a
little
bit
different
rather
than
adding
another
alternate
to
the
tree
that
you
already
have
on
board.
But
it's
it's
well.
F
If
I
may
respond
to
that,
the
the
I
believe
the
disability
committee
Charter
provides
for
three
members,
and
so
if
we
were
to
go
with
Barbara's
suggestion,
we
would
have
to
amend
the
charter
and
come
and
bring
it
back
before
the
board
for
approval
just
putting
that
out
there.
If
that's
for
the
boards
to
consideration.
J
C
Correct,
yes,
we
do
so.
Yes,
I
think
that
you
know
one
of
the
issues
Thrifty
Chandra
is
out.
C
So
because,
if
that's
the
case,
then
that
will
actually
leave
only
two
members
and
anytime
that
one
of
those
two
members
is
not
available.
Then
you
won't
be
able
to
meet
correct.
F
C
F
J
B
Yeah,
okay,
and
in
this
way,
with
with
four
members,
either
true
or
alternate
our
chances
of
having
at
least
two
members
available
to
hear
an
appeal
will
be
increased
and
we
do
have
a
again
a
pretty
good
docket
of
applications
that
are
coming.
Is
that
correct
yeah?
B
So
knowing
that
I
I
don't
want
to
force
this
on
anybody
at
by
any
means.
Is
that
sound
like
something
you
could
commit
to
trustee
avasti.
E
Yeah
I
mean,
for
the
alternate
part
in
the
beginning,
I
hear
that
the
the
trainings
I
recorded,
so
that
gives
me
flexibility,
so
I'm
willing
to
take
up
the
alternate
responsibilities.
One
request
that
I
would
like
to
make
is
that
if
there
is
more
called
Quorum,
if
you
let
me
know
in
advance,
instead
of
you
know
like
the
last
minute
that
you
know.
E
Yeah
yeah
I'm
I'm
required
to
attend
that
will
be
challenging,
given
the
fact
that
the
department
that
I
work
for
is
really
to
be
new.
So
there
are
like
a
lot
of
responsibilities.
There
yeah.
L
E
Would
be
easier
for
me
to
to
work
on
that
on
the
time
commitments
that
I.
F
Have
yeah
and
and
to
follow
up
on
that
point,
these
disability
applications
are
very,
very
technical
and
so,
to
the
extent
we
can
come
up
I
believe
we
already
approved
the
disability
committee
meetings
earlier
today
in
our
meetings
that
we
could
try
to
give
you
at
least
a
month's
advance
notice,
foreign.
F
J
So
can
I
I'll
make
a
motion
and
does
that
motion
now
include
the
addition
of
trusteevasti
as
an
alternate
to
the
disability,
because
it's
we
didn't
have
that
there
so
I'm
gonna,
I'm,
gonna
I
I'm,
going
to
nominate
the
Slate
as
presented
with
the
inclusion
of
trustee
evasity
as
an
alternate
for
the
disability
committee.
B
Okay,
understood
that
was
from
a
motion
by
trustee
Chandra
to
add
trustee
avasti
as
an
alternate
to
the
disability.
Existing
disability
committee.
Is
there
a
second.
I
F
O
B
It's
certainly
an
important
question
we
probably
should
have
asked
at
the
beginning
all
right.
So
we
have
a
motion
in
a
second
to
add
an
alternate
to
the
disability
committee.
Any
further
public
discussion
or
public
comments.
We
will
have
the
roll
call
vote.
Vice,
chair,
Jennings.
B
Aye
trustee
Chandra
aye
trustee
Linder.
Q
B
J
J
B
Okay,
so
I
move
that
we
receive
and
file
if
I
can
move.
B
Oh,
is
that
right,
okay,
okay,
great
governance
committee:
it
looks
like
the
last
meeting
was
a
special
meeting,
so
I
suspect
who
who's
the
chair
here.
Is
that.
B
And
then,
moving
on
to
item
six
three
audit
committee
looks
like
chair:
Kelleher
is
not
present.
C
Another
regular
just
a
special
meeting,
Mr
chair,
okay.
B
So
if
no
of
the
other
committee
members
wishes
to
speak,
we
will
receive
and
file
the
minutes
of
the
audit
committee.
B
And
then
the
disability
committee
again,
this
is
just
as
special
yeah.
B
Meeting
and
there's
nothing
to
file
that's
right
and
finally,
joint
Personnel
committee.
We
did
have
a
meeting
there.
B
Chaired
I
I
forget
trustee
Chandra
is
either
the
chair
of
Vice.
Chair
of
that
committee
of.
J
Jpc
I
am
that
now
that
I
was
chair
for
all
of
two
months
and
now
I'm
the
vice
chair
going
forward.
Oh
I,
guess
technically
I'm
chair
this
month.
Still
so
just
a
very
quick
report
out
here.
J
The
committee
continues
to
work
fairly
hard
at
trying
to
determine
whether
or
not
an
incentive
compensation
structure
makes
sense
for
the
CEO
and
the
cio's
office
and
staff
and
we're
I
would
say
part
way
through
our
work
and
we
are
meeting
monthly
and
we'll
continue
to
report
out
to
this
board.
As
we
get
more
clarity.
J
B
Thank
you
and
then
agenda
item
number
seven.
You
can
only
do
the
cortex
report.
Are
there
any
proposed
agenda
items.