►
Description
City of San José, California
Federated City Employees' Retirement Plan Board of May 19, 2022
This public meeting will be conducted via Zoom Webinar. For information on public participation via Zoom, please refer to the linked meeting agenda below.
Agenda: https://sjrs.legistar.com/View.ashx?M=A&ID=965147&GUID=56699AB3-7AD9-47FA-AFA1-27957D5034D0
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B
So
ground
rules
we
are
continuing
to
meet
virtually
at
this
meeting
and
are
doing
so
pursuant
to
ab361.
As
such,
all
votes
will
be
well
called
votes.
If
you're,
not
speaking,
please
be
on
mute
to
cut
background
noise
for
discussion
items,
each
trustee
will
have
a
turn
to
speak
in
well
call
order
more
than
once
if
desired,
and
the
public
will
also
have
an
opportunity
to
speak
on
each
item
after
trustees.
B
The
public
will
have
an
opportunity
to
address
the
board
momentarily
on
any
item
that
is
under
the
control
of
this
board.
That
is
not
otherwise
agendized
members
of
the
public
who
wish
to
provide
comment
at
that
time
may
do
so
by
raising
your
hand
in
zoom
or
if
joining
by
telephone,
by
pressing
the
star
9
on
your
telephone
keypad
and
when
addressing
the
board,
please
press
star,
6
to
mute
and
unmute.
B
D
G
H
B
F
C
J
Thank
you,
chair
horowitz.
As
always,
I
want
to
hurry
up
and
make
my
three
minutes.
You
know
efficient,
but
anyway
I
would
like
to
first
of
all
say
I
hope,
you're
having
a
good
week,
and
I
want
to
bring
you
to
your
attention.
I
did
put
in
a
request
to
retirement
staff,
specific
specifically
mr
palani,
with
a
copy
to
mr
pena
regarding
the
board's
last
quarter's
performance,
not
the
board
but
the
federated
fund.
I
have
not
gotten
a
response.
J
J
So
again,
I
want
to
put
that
in,
for
the
public
record
also
would
like
to
know
if
the
retirement
office
is
open
for
for
the
public.
If
not,
why
not?
What's
taking
so
long,
I
would
like
to
also
bring
your
attention
I
want
to.
I
recently
put
in
a
request
to
to
change
my
w-4
withholding
I
see
the
form
shows
a
2019
for
2019.
we're
in
2022.
J
Why
do
we
have
such
old
forms?
This
is
we're
supposed
to
be
the
capital
of
silicon
valley.
This
is
just
to
be
brought
to
the
board's
attention.
This
is
ridiculous
also,
I
would
like
to
to
know-
and
this
is
not
being
disrespectful-
this
is
to
to
chair
horowitz.
Do
you
know
what
the
definition
of
a
fiduciary
is
vice
chair
jennings?
Do
you
know
what
the
definition
of
a
fiduciary
is
trustee
chandra
also,
are
you
carrying
out
the
duties
of
a
fiduciary,
trustee
or
same
question?
J
You
know
what
the
definition
of
a
fiduciary
is
trustee
kelleher.
Are
you
a
fiduciary?
Yes,
I
am
and
mr
linder
seriously,
mr
linder,
could
you
enlighten
the
public
beneficiaries,
the
retiree
beneficiaries,
about
how
you
were
appointed
to
the
board?
What
what
was
the?
What
was
the
process
that
a
private
organization
called
the
san
jose
retirees
association
and
by
the
way
you
have
to
pay
to
be
a
member
and
they
don't
represent
the
majority
of
the
retirees?
How.
K
J
Do
you
know
the
definition
of
a
fiduciary?
This
is
to
the
the
two
active
members
who
are
represented.
The
active
employees
you're
going
to
be
retirees
one
of
these
days,
hopefully
and
you're,
going
to
see
what
the
problems
are.
When
retirees
have
no
voice
whatsoever
and
that's
at
the
courtesy
of
the
city
council,
they
took
away
our
voice.
They
took
away
our
vote,
so
we
can
vote
for
our
own
representative
on
the
board.
Okay,
mr
imamura,
excuse
me:
do
I
get
three
minutes,
mr
chair.
B
You
I'm
interrupting
those
three
minutes,
so
I
can
point
something
out.
This
will
not
come
at
the
expense
of
your
time,
but
it's
already
been
pointed
out
to
us
by
our
council
that
this
board
does
not
have
responsibility
for
appointing
the
members
of
the
board.
So
that
is
not
a
legitimate
subject
for
comment
here.
B
J
All
right,
thank
you,
mr
chair.
Thank
you
for
your
comments.
You
know
this
unilateral
form
of
communication
is
ridiculous.
Some
months
ago
I
requested
meetings
with
any
of
the
trustees.
I
had
not
gotten
any
response,
so
my
assumption
is
you
don't
want
to
talk
to
anybody
about
that
and
in
terms
of
your
your
advice
by
your
legal
counsel,
that's
ludicrous.
J
That
is
totally
ludicrous.
May
I
suggest
you
engage
a
conflict
counsel
for
the
board.
I
think
you
do
need
conflicts
counsel,
but
listening
to
to
one
person,
there
are
two
sides
to
each
story,
and
that
is
totally
ludicrous.
The
board
certainly
has
the
authority
to
to
determine
and
question
who
gets
appointed
to
the
board
and
who
doesn't
that
is
ridiculous,
especially
someone
who
is
suddenly
they're
suing
the
board
they're
suing
the.
B
B
H
C
H
All
right,
thank
you,
mr
chairman,
just
to
set
the
record
straight
since
a
member
of
the
public
erase
this
I
was
asked
for
last
quarter's
performance
on
may
10th
at
3,
22
p.m,
and
I
responded
to
the
email
at
5,
24
p.m,
saying
that
I
will
check
and
get
back
to
this
gentleman
and
at
7
15
pm.
I
did
actually
share
the
numbers
which
I
got
from
makita,
so
I
just
wanted
to
put
that
out
for
the
record
and
I
hope
people,
members
of
the
public
won't
lie
so
blatantly
going
forward.
H
That
said,
mr
chairman,
so
the
good
news
is
that
the
california
bear
is
not
as
extinct
as
we
thought
it
was,
and
it
has
made
it
sighting
this
morning
and
the
snp
flirted
with
3800
38.50,
which
is
which
is
the
bear
market
level.
And
of
course
it's
it's.
It's
clogged
back
some
ground
now,
but
I
think
there
are.
H
There
are
lots
of
issues
with
the
market
remaining
and,
and
inflation
of
course,
is
on
top
of
everyone's
minds
and
the
fed,
it
seems
finally
has
woken
up,
and
this
time
around
is
determined
to
quell
inflation.
The
cost
of
that
might
be,
you
know
something.
You
know
it
might
be
a
very
high
cost
that
we
pay
for
this,
and
there
are
still
you
know,
participants
in
the
market,
pundits
who
think
that
we
won't
have
a
recession.
H
H
We
do
care
about
quelling
inflation
and
and
that's
not
a
good
sign
for
the
market,
and
so
there
might
be
some
more
pain
ahead,
but
just
to
give
you
some
numbers
as
of
tuesday
and
so
bear
in
mind
that
this
does
not
have
incorporate
yesterday's
steep
fall,
very,
very
painful.
The
pension
plan
for
the
fiscal
for
fiscal
year
to
date
was
down
3.53
and
healthcare.
Trust
was
down
7.04
and
again,
as
I
always
say,
these
are
unaudited
numbers.
H
So
and
again
I
want
to
remind
I
want
to
remind
the
board
and-
and
everyone
else,
you
know,
if
you
look,
if
you
look
at
bear
markets
going
back
a
hundred
years,
the
average
drawdown
was
35
percent
and
if,
if
we
do
hit
a
bear
market,
we're
pretty
very
very
close
to
it
and
that's
down
20.
So
if
even
if
we
hit
the
average
you're
talking
another
10
from
these
levels,
which
can
be
very
painful,
but
we
we're
also
we're
also
looking
at
you
know
how
we
can
take
advantage
of
this
internally.
H
We've
had
a
lot
of
discussion,
we're
talking
to
some
of
our
managers
and
I
don't
have
a
concrete
recommendation
or
suggestion
yet,
but
when
we
do
when
we
have
some
ideas,
we
will
of
course
bring
it
to
the
ic
for
a
full
discussion
and
then
bring
it
to
the
board
we
have
between
now
and
the
recess
in
july.
We
have
one
more
board
meeting
and
of
course,
council
has
told
us
that
at
any
point
we
can
have,
we
can
call
for
a
special
board
meeting
with
72
hours
notice.
B
I
F
I
I
H
Yeah
yeah,
I
mean,
I
think
I
think,
how
positioned
are
we
to
take
advantage
of
opportunities?
I
think
I
think
it's
fair
to
say
trustee
jennings,
that
we
have
less
dry
powder
now
than
we
had
in
march
2020
in
march
2020
we
did
have
our
low.
The
low
beta
part
of
our
portfolio
is
almost
30,
so
we
had
a
lot
of
short-term
bonds
and
cash
that
we
could
deploy,
which
we
since
deployed
right
and
so
and
we
and
we
sort
of
stuck
to
more
or
less
stuck
to
that
higher
risk
level.
H
So
we
do
have
some
sources
of
liquidity
which
we
can
take
it.
You
know
if,
if
there
is
a
drawdown,
some
more
drawdown
in
the
market,
in
other
words,
if
the
market
sells
off
some
more
and
if
we
believe
there
is
value,
we
do
have
some
sources
of
liquidity
which
we
can
deploy
to
to
to
take
advantage
of
that.
But
we
don't
have
as
much
as
we
did
in
the
last
drawdown.
So
that's
the
first
point
I'd
make.
H
The
second
point
I
make
is
this
is
something
that
we
are
actually
discussing
internally
and
also
talking
to
our
external
managers,
and
our
consultants
is
that
even
if
we
don't
have
additional
sources
of
liquidity,
there
are
ways
in
which
you
can
take
advantage
of
of
a
sell-off
right.
For
example,
one
thing
that
is,
you
could
have
an
overlay
strategy
that
is
often
employed
by
by
pension
plans.
H
It's
called
a
tactical
overlay
strategy,
so
we're
looking
into
that,
and
there
are
a
couple
of
different
ways
of
implementing
a
tactical
overlay
strategy,
and
so
that's
something
that
we're
looking
at
and
then
within
asset
class.
You
know
not
all
when,
of
course,
when
there's
a
sell-off,
everything
gets
sold
off
indiscriminately,
including
those
that
have
a
lot
of
value
behind
them,
and
so
there's
there
are
ways
of
rotating
out
of
growth
and
going
into
more
of
those
value
sectors.
H
And
the
third
point
I
would
make
is
if
we
do
have
a
recession,
and
it
looks
very
likely
that
we'd
have
a
recession.
There
are
certain.
There
are
certain
parts
of
the
market
that
will
do
better
than
others,
and
so
we
have
an
opportunity
to
tactically
go
into
those
parts
of
the
market
that
we'll
do
better
in
a
recession
going
into
a
recession
and
then
coming
out
of
a
recession.
So
all
those
are
all
things
that
we
could
closely
monitor.
Yeah.
L
H
B
Well,
I
am
encouraged
to
hear
that
we
well
any
bear
market
is
painful,
that
we
are
viewing
it
as
a
potential
opportunity
for
further
growth,
and
that
is
often
how
we
can
move
forward
in
our
funded
status,
and
it
is
certainly
what
was
achieved
the
last
time
we
faced
a
a
bear
market.
So
with
that,
I
think
I
will
call
the
break
it's
9
52.
B
D
A
A
B
C
C
C
The
work
restrictions
from
the
board
medical
advisor
are
one
sedentary
work.
Only
two,
no
walking
three,
no
bending
kneeling,
crouching
or
crawling
four
surfaces
need
to
be
wheelchair
accessible.
The
applicant's
department
could
not
have
accommodated
the
board
medical
advisor's
restrictions
within
the
applicant's
job
classification.
Thank
you.
B
B
A
F
B
F
Okay,
yeah,
first
of
all,
I
say
good
morning
to
the
board
of
administration
of
the
federated
city
employees,
retirement
system
yeah.
My
complete
name
is
ismail
billy,
zeralde,
groundworker,
employee
of
the
city
of
san
jose,
and
I
will
be
presenting
facts
and
documents
establishing
my
incapacity
to
perform
my
duties
and
responsibility
responsibly,
leading
leading
to
my
disability,
retirement.
F
F
F
F
F
F
F
D
F
Yeah,
I'm
glad
to
reply
that
here
I
compile
the
documents
regarding
this
first,
I
we
have
to
define
the
term
osteomyelitis
posthumilities
is
an
inflammation
of
all
swelling
of
bone
tissue.
That
is
usually
the
result
of
an
infection
bond
infection
may
occur
for
many
different
reasons
and
can
affect
children
or
adults.
F
I'll
continue,
post
humilities
may
occur
as
a
result
of
bacterial
bloodstream
infection,
sometimes
called
bacteremia
or
sepsis
that
spreads
to
the
bone
when
osteomyelitis
affects
adult
it.
Open
involves
vertical
vertebral
bones
along
the
spinal
column,
the
source
of
blood
infection
is,
what's
usually
is
type
phylococorius.
D
F
The
impact
of
the
correlation
probably
contributed
the
factor
of
the
breaking
or
waking
up
of
my
spinal
cord,
something
like
that
and
then
through
the
doctors
in
kaiser.
They
just
found
out
that
well
my
bone,
my
spinal
cord
back
at
the
same
time
is
infected
with
this
disease
was
two
myelitis,
which
they
said.
F
E
F
B
D
F
F
F
With
stuff
oreos
is
that
it
has
been
an
unclear
source
because
probably
they
don't
know
the
location
of
my
job
area
most
probably
it's
just
an
expectation
he
does
work.
He
stated
he
does
work
as
a
landscaper
and
gets
repeated
scrubs
an
abrasion
to
his
hands
during
the
course
of
the
day,
probably
he's
repairing
or
how
this
bacteria
entered
my
body
or
my
system.
F
F
F
He
did
not
feel
that
there
was
a
need
for
any
cardiac
cardiac
resistance,
stratification
and
has
no
medical
contra.
Indications,
though,
is
surgery
the
way
I
understand
it.
Several
he
approved
or
he's
the
architect
or
he's
the
consultant
that
give
the
my
operating
doctors
to
proceed,
opening
my
spinal
cord
and
to
assist
the
or
to
remove
that
osteomyelitis
disease.
On
my
spine
he's
the
consultant.
B
F
E
There
is
no
need
to
read
it
again
because
they
have
already
read
it.
I
have
seen
it,
but
if
you
do
have
some
new
information
that
we
have
not
received,
we
are
very
happy
to
hear
from
you
and
see
the
new
information.
So
I
think
you
just
your
son,
just
mentioned
that
to
you.
I
just
want
to
make
sure
so
that
you
don't
have
to
reread
what
the
board
already
has.
So
you
don't
have
to
go
through
that.
F
E
F
B
For
that
clarification,
so
I
believe
the
next
person
who
will
speak
is
rush
rakeda,
who
is
the
disability
counsel,
and
he
will
summarize
the
committee's
position
and
the
biz
and
the
basis
for
their
their
recommendation.
To
deny
and
again
his
information
is
in
the
attachment
packet
for
trustees.
But
mr
ikeda,
are
you
here?
Yes,
I'm
here,
okay,
would
you
like
to
address
the
board.
L
Yes,
I
would-
and
I
think
the
disability
committee,
as
well
as
myself
personally,
understand
sympathize
with
all
that
mr
lizareldi
has
gone
through
and
respects
his
engagement
and
effort
to
deal
with
all
that
he's
had
to
deal
with,
but
unfortunately
we
need
to
put
to
one
side.
I
think,
with
all
due
respect
our
sympathy
and
our
concern
for
mr
lizaralde,
and
instead
as
best,
we
can
focus
on
the
one
issue.
L
That's
now
before
the
board,
and
that
issue
is
whether
mr
liszeralde's
employment
as
a
grounds
worker
with
the
city,
contributed
in
a
real
and
measurable
way
to
the
development
of
his
osteomyelitis
and
and
the
subsequent
myelopathy.
That
resulted
in
the
two
surgeries
and
I
respectfully
submit
that
mr
lizareldi
has
not
met
his
burden
of
persuasion
on
these
issues
and
we'd.
Instead
refer
you
to
what
the
committee
thought
was.
L
L
L
Nor
is
there
any
real
medical
evidence
or
any
supporting
medical
report
other
than
the
reference
by
dr
wong
that
those
kind
of
activities
could
possibly
have
served
as
entry
points
for
the
staph
aureus
and
we
submit
that.
That
is,
is
mere
speculation
and
does
not
satisfy
the
burden
of
proof
that
mr
lozeralde
must
satisfy.
L
If
ms
estrada
from
the
department
is
present
today,
but
the
department
representative
at
the
disability
committee
hearing
indicated
that
mr
lizarelde
primarily
worked
around
the
administrative
buildings
etc
and
did
not
work
close
to
the
tanks
etc
and
as
an
important
additional
factual
point.
No
other
grounds.
Worker
has
developed
the
kind
of
staph
infection
and
osteomyelitis
that
mr
lizzeralde.
D
L
I'm
not
aware
of
it,
I
think
mr
lizard,
they
provided
some
general
internet
articles
that
I
think
are
included
in
the
materials
to
you.
Yes,
that
that
is
suggestive
that
there
might
be
such
bacteria
in
these
kind
of
work
settings,
but
nothing
particularly
there's
nothing,
nothing,
formal
and
nothing
tied
to
the
plant
at
which
mr
lazaralde
worked,
and
obviously
all
of
this
is
reasonable.
People
say
well
golly.
L
He
developed
it
how
the
heck
did
he
develop
it
and
and
why
russ
isn't
it
the
work
site
and-
and
I
think
the
reasonable
response
to
that
is
that
there
were
other
sources.
There's
indication
in
the
medical
records
peace.
I
apologize
that
mr
elizaralde,
as
early
as
2013
did
have
staph
aureus
in
his
body.
There's
other
indi,
mr
lizaralde,
at
the
disability
committee
hearing,
mentioned
his
eczema
and
again
really
sorry,
that's
a
very
unpleasant
disease
and
skin
condition,
but
another
source
for
entry
of
the
staph
aureus,
bacteria
and
then.
L
Lastly,
after
the
golf
course
golf
cart
incident.
But
before
the
october
third
trip
to
the
emergency
room,
mr
lizaraldi
had
so-called
punch
biopsies
on
his
face
and
and,
as
you
might
understand,
those
are
biopsies
where
they
not
only
take
a
bit
of
the
skin,
but
don't
in
to
the
tissue
for
a
short
distance
beneath
the
skin
and
again
this
was
done
for
medical
diagnostic
purposes,
but
then
that
result
is
an
open
wound
which
again
could
have
proved
the
entry
point
for
the
staph
aureus.
L
Now
the
burden
of
persuasion
is
not
on
us.
The
burden
of
persuasion
was
mr
elizarelde,
so
I
I'm
not
asserting
that
the
punch
biopsy
was
the
cause
or
it
was
the
entry
point
for
the
staff
arias.
I
think
it's
important
to
mention
that
only
because
there
are
other
conceivable
entry
points,
so
it's
not,
and
even
though
you
could
say
what
I'm
saying
is
speculative
and
I
think
it
is
I'm
afraid
in
the
same
sense,
mr
lisseralde's
allegations
of
how
he
obtained
the
staph
aureus.
C
C
B
F
F
The
separation
of
the
two
incidents
which
contributed
to
my
disability
is
one
is
the
collision
of
the
my
card
and
the
other
one,
the
other
one
with
this
major
that
really
affects
my
disability.
Is
my
the
infection
of
these
osteomyelitis
they're
trying
to
connect
these
two,
but
the
way
the
way
I
understand
it
is
separate.
F
L
No,
I
and
just
for
clarity-
I
I
was
not
combining
the
two.
I
was
trying
to
analyze
each
one
separately
and
whether
there
was
probative
medical
evidence
as
to
any
of
them
being
any
of
the
work-related
elements
or
situations
actually
contributing
to
his
staph
aureus
infection
that
gave
rise
to
the
osteomyelitis.
G
B
B
B
B
D
D
Solely
the
burden
is
on
the
applicant
to
reach
to
present
a
preponderance
of
the
evidence
more
than
50,
if
you
will,
and
the
standard
is
for
service
connection-
is
whether
the
in
whether
the
work
environment
or
event
on
the
job
contributed
in
a
real
and
measurable
way
to
the
disability
that
is
being
suffered.
The
incapacity
from
the
disability-
and
so
that's
those
are
the
parameters
that
the
board
has,
and
you
have
to
weigh
the
evidence
before
you.
D
E
It's
not
about
it's,
not
the
donor
figures,
and
that
is
public
or
non-public.
I
just
you
know,
I
think
the
duty
and
I
don't
want
to
speak
for
council.
The
duty
of
the
board
is
to
determine
whether
the
member
is
actually
disabled
on
the
service
connected
basis
or
not,
regardless
of
financial
impact.
So
we
can
provide
the
the
answer
to
the
question,
but
I
just
didn't
think
that
that
he
had
any.
C
B
C
A
E
To
make
the
point,
I
think,
to
your
question
these
those
employees
as
mr
lisarelli
that
work,
I
don't
want
to
say
on
the
outskirts,
but
around
it
right,
dealing
with
everything
that
they
work
on
and
then
there's
the
actual
employees
that
actually
work
inside
the
facility
with
the
tanks.
But
I
think
they
may
they
and
I
don't.
E
C
Yes,
so
I'll,
let
go
much
about
you
just
said,
mr
pena,
so
there
are
different
classifications
of
workers
at
our
regional
wastewater
facility.
Mr
la
sadagle
was
a
grounds
worker
part
of
our
external
maintenance
crews
to
make
sure
that
the
landscaping
around
the
buildings-
and
yes,
some
of
the
area
around
the
tanks,
is
maintained.
C
There
are
also
operators
who
are
responsible
for
making
sure
that
things
are
functioning
and
flowing
correctly
and
mechanics
and
attendance,
the
people
who
would
more
likely
be
inside
the
tanks,
cleaning
them,
and
that's
where
you
would
see
higher
levels
of
ppe,
including
more
like
masks
and
gloves
you
know,
being
in
closer
proximity.
So
I
could
not
tell
you
what
exact
level
of
personal
protective
equipment
is
associated
with
every
function
at
the
point,
but
now
that
there
is
a
gradation
of
you
know
the
the
closer
you
are
working
with
wastewater,
the
more
ppe
you
are
dying.
B
G
L
G
L
D
B
I
guess
I'll
share
my
own
observations.
I
I
certainly
think
it's
possible
that
the
exposure
at
the
plants
may
have
introduced
bacteria
through
abrasions
and
that's
a
possible
cause
of
the
infection,
but
it's
not
more
than
possible.
We.
We
have
no
evidence
that
I
have
heard
that
would
lead
us
to
conclude
that
that's
more
likely
than
not,
and
so
as
as
a
result
of
that,
I
I
will
be
voting.
B
B
B
G
J
B
B
B
E
H
K
Thanks
good
morning,
everyone
so
we're
here
to
present
the
private
markets,
pacing
plan
and
I'll,
ask
my
colleague
sachin
to
share
the
attachment
there
we
go
so
this
was
discussed
and
approved
at
the
investment
committee
last
month.
This
is
an
annual
process
after
the
asset
allocations
are
reviewed
and
approved
by
the
board
which
occurred
the
previous
month.
The
objective
is
to
model
how
we
can
reach
and
maintain
the
private
markets.
K
Ask
allocation
targets,
the
reason
being
that
private
funds
are
drawdown
vehicles
where
we
make
commitments
to
funds,
but
don't
control
the
exact
timing
of
when
cash
flows
go
into
and
out
of
those
funds
from
the
various
investments
that
get
made.
A
lot
of
assumptions
do
go
into
producing
the
pacing
plan,
so
this
is
the
reason
that
we
revisit
on
an
annual
basis
to
recalibrate
the
models
and
look
back
at
what,
where
we
are
in
our
existing
investments
and
look
at
the
future,
investments
that
need
to
be
made
to
reach
and
maintain
those
targets.
K
So
the
agenda
for
today
is
that
I'll
talk
about
what
we've
done
over
the
past
year.
Some
changes
in
the
market,
environment
and
I'll
be
followed
by
my
colleague,
sachin
sedona
who's,
a
member
of
our
private
markets
team
that
I
want
to
introduce.
He
joined
us
in
october
of
last
year
from
pwc
and
he's
a
he's
been
with
us
since
then
so
he'll
go
through.
The
actual
pacing
plan
results
using
the
output
of
our
consultants,
makita
newberger
berman,
who
did
all
the
modeling
and
then
we'll
wrap
up
with
our
recommendation.
K
So
it's
been
a
busy
year
for
federated.
We
expect
to
have
made
15
investments,
totaling
167
million
dollars.
This
compares
to
the
previous
fiscal
year
where
we
only
made
nine
investments
for
57
million
dollars,
which
was
about
half
of
the
pacing
plan,
and
if
you
remember
that
was
the
fiscal
year
that
was
affected
by
the
pandemi.
So
we
took
comfort
in
having
dried
potter
from
our
existing
managers
and
found
it
wise
to
be
patient
and
not
not
make
excessive
investments
at
that
time.
K
The
investments
that
we
made
were
mostly
as
expected.
The
private
markets
program
has
reached
a
level
of
maturity.
Thanks
to
the
efforts
of
the
last
five
years,
beginning
in
2017,
which
was
the
point
where
a
private
markets,
execution
strategy
was
put
in
place
by
the
boards
and
a
long-term
commitment
was
made
at
that
time
to
private
markets.
So
now
we
have
a
stable
foundation
of
managers
that
we've
invested
with
in
the
past,
continue
to
monitor
and
invest
in
their
future
investment
vehicles,
as
long
as
it
makes
sense
to
do
so.
K
In
some
cases
we
scale
those
relationships
so
cases
where
a
manager
offers
a
new
strategy
that
we'd
also
like
to
participate
in
or
they
launch
new
ones
that
that
could
be
of
interest
in
the
current
fiscal
year.
We
didn't
have
any
of
those
situations,
but
it's
something
that
we're
always
monitoring
what's
equally
as
important
as
the
existing
relationships
is
having
a
strong
bench
to
potentially
replace
or
supplement
the
existing
managers.
K
The
fourth
point
is
that
now
that
we
do
have
these
diversified
portfolios,
there's
different
ways
that
we
can
add
value
so,
for
example,
in
real
estate,
there's
cases
where
we've
been
able
to
add
sector
specialists
who
have
a
particular
skill,
investing
in
a
sector
and
especially
in
those
sectors
that
we
have
conviction
in
want
to
gain
exposure
to
such
as
the
multi-family
or
industrial
sectors.
These
groups
have
expertise
to
execute
that.
The
last
item
is
the
informational
advantage.
K
Our
current
positioning
versus
target
is
one
percent
underweight
the
private
market's
policy
target,
so
that
means
20
of
plant
assets
are
invested
in
private
markets
compared
to
the
21
policy
target.
We
are
four
percent
higher
than
we
thought
we
would
be
based
on
the
previous
year's
pacing
plan
and
such
and
we'll
go
into
more
detail
on
why
that
happened,
but
the
majority
of
that
is
coming
from
the
strong
performance
of
the
buyout
portfolio
and
then
at
the
bottom.
The
market
environment
has
changed
quite
a
bit.
K
We
see
it
in
the
in
the
equity
markets
every
single
day.
What's
more
specific
to
private
markets
is
that
valuations
for
risk
assets
are
elevated,
fundraising
cycles
for
fund
managers
have
shortened,
and
funds
are
continuing
to
grow
larger.
So
I'm
going
to
share
some
charts
that
show
these
dynamics
on
a
visual
basis,
we're
going
to
use
buyout
as
the
proxy
for
private
markets,
since
it's
the
largest
asset
class
that
we
invest
with.
K
So
this
page
shows
valuations,
so
evaluations
are
rising
and
have
been
a
contributor
to
the
strong
performance
that
we
and
others
have
seen
over
recent
years.
At
the
top
of
the
page,
shows
the
median
transaction
multiples
for
buyout
purchases
for
leveraged
buyouts,
and
what
you'll
see
is
that
over
time,
the
total
transaction
multiple
has
increased
over
time.
K
The
leverage
level
has
remained
constant,
which
is
the
light
green
chart
like
green
bars
at
the
bottom,
and,
what's
important
to
note
is
that
relative
to
public
markets,
which
is
the
chart
at
the
bottom
of
the
page,
private
markets
are
actually
less
richly
valued.
So
this
chart
shows
public
market
valuations
divided
by
private
valuation,
so
anything
greater
than
one
shows
that
public
markets
are
more
richly
valued.
There's
a
lot
of
differences.
It's
not
an
apple
stopless
comparison,
but,
broadly
speaking,
private
markets
are
not
excessively
valued.
K
So
what
this
means
for
us
is
that
we
need
to
be
careful
about
valuations
and
we've
always
been
focused
on
valuations,
trying
not
to
take
on
excessive
risk
and
be
disciplined
about
not
chasing
returns
and
focusing
on
more
resilient
companies
that
can
take
advantage
of
and
can
weather
the
storms
such
as
the
pandemic,
and
then
the
current
market
volatility
that
we're
seeing
next
page.
This
shows
the
compression
of
fundraising
cycles,
driven
by
a
few
things,
the
first
being
strong
performance
so
in
the
upper
left
chart.
K
K
The
bottom
of
the
page
summarizes
this,
so
the
average
number
of
years
between
u.s
buyout
fund
series
has
declined
significantly.
So
what
used
to
be
five
years
roughly
back
in
2014,
is
closer
to
three
years.
So
fund
managers
are
coming
back
to
us
more
quickly
than
usual
to
request
new
investments,
and
I
would
add
that
this
means
that
we
need
to
be
flexible
about
our
investment.
K
Pacing
acknowledge
that
there
might
be
years
that
we
go
above
or
below
the
pacing
plan,
depending
on
when
the
good
investments
are
available,
and
this
ties
into
the
previous
fiscal
year,
where
we
ended
up
doing
only
half
of
the
pacing
plan.
The
current
fiscal
year.
We
committed
the
full
pacing
plan
and
it's
something
that
we
want
to
be
cautious
about,
and
not
just
be
so
rigid
about.
The
dollar
amounts
that
the
pacing
plan
intends
us
to
to
invest
over
time.
K
A
K
Along
with
the
dry
powder
on
the
upper
right
chart,
so
basically,
if
you
look
at
the
dark
red
bars,
these
are
the
largest
funds
greater
than
five
billion
dollars
in
value
and
the
lion's
share
of
capital
raising,
as
well
as
dry
powder,
which
is
uninvested
capital.
That's
been
raised
by
fund
managers
that
is
essentially
sitting
on
the
sidelines.
Waiting
to
be
invested
in
companies
is
most
greatly
concentrated
in
the
biggest
investments
biggest
fund
managers.
K
The
bottom
chart
also
shows
that
the
median
fund
is
also
getting
bigger
by
roughly
50
percent
on
average
per
year.
So
what
this
means
for
us
is
that
our
plan
actually
benefits
by
its
size
by
not
being
too
small
and
not
being
too
large,
and
the
majority
of
our
buyout
portfolio
is
actually
in
mid
cap
investments,
so
the
type
of
investments
that
don't
need
to
rely
on
the
public
markets
for
acquisitions
of
new
investments,
as
well
as
relying
on
the
public
markets
such
as
the
ipo
market,
for
being
able
to
exit
very
large
companies.
K
M
Hey
everyone,
so
thanks,
nesh
and
hello,
everyone,
so
first
we're
gonna
be
looking
at
our
actual
pacing
plan
that
we
executed
in
this
past
fiscal
year,
which
is
going
to
end
in
about
a
month
and
a
half,
so
we
we
have
made-
or
we
expect
to
make
essentially
approximately
100
of
our
pacing
plan
or
slightly
more
as
we
have
the
authority
with
the
ips
for
all
of
our
different
asset
classes.
We
see
our
five
asset
classes
here,
and
we've
done
this
in
about
anywhere
from
three
to
five
investments.
M
Now,
let's
focus
on
this
chart
this
table
right
here.
What
we're
looking
at
is
our
expected
year,
fiscal
year,
end
nav,
which
is
again
6
30
20
22,
based
on
our
our
last
year's
pacing
plan
versus
our
current
estimates,
and
so
what
we'll
see
here
is
just
the
difference
between
the
two,
which
is
just
our
forecast
error
and
everything
is
pretty
pretty
standard,
not
too
much
forecaster,
just
a
couple
of
percent,
except
for
buyout.
We
see
a
large
45
percent
difference
right.
M
We
currently
estimate
buyout
to
be
340
million
of
nav
versus
234
million
of
that,
and
that
reason,
as
dinesh
mentioned
earlier,
is
that
buyout
has
really
outperformed
in
this
past
fiscal
year,
and
so
that's
why
the
nav
is
so
much
higher
in
in.
We
expect
it
to
be
so
much
higher,
but
by
the
end
of
the
month
and
a
half
in
in
because
of
performance
in
the
last
fiscal
year.
M
So
we
can
also
see
this
here
in
this
table,
which
is
essentially
showing
our
expected
allocation
at
the
end
of
this
fiscal
year
from
our
previous
pacing
plan
relative
to
our
current
estimates.
The
same
message
here,
if
we
look
at
all
these
numbers,
there's
only
one
really
big
difference
here,
which
is
buy
out
again.
That's
because
of
the
buy
out
performance
and
then,
finally,
here
in
in
this
little
table,
we
have
the
current
estimates
of
of
where
our
nav
will
be
in
a
month
and
a
half
versus
our
target.
M
So
next
I
want
to
look
at
our
plan
level
nav
for
for
fed,
and
what
we
see
here
is
our
actual
expected
current
expected
plan
level
navs
in
each
in
each
year.
All
the
way
up
to
2032-
and
here
we
have
our
previous
nav
forecast
in
a
tile
size
line
right
below
and
then
we're
essentially
just
calculating
the
difference
here
between
the
two
rows
and
what
we
find
is
that
our
current
estimate
is
in
line
with
our
previous
nav
forecast,
which
is
from
our
last
pacing
plan
last
year.
M
M
Now
this
is
a
very
interesting
chart
and-
and
there's
a
lot
going
on
here,
but
but
I'll
try
to
explain
it.
So
what
we
have
in
the
in
the
bars
are
the
actual
expected
exposure,
so
so,
for
example,
for
for
buyout,
which
is
this
blue,
this
blue
bar
right
here
we
expect
our
actual
buyout
exposure
as
as
net
as
a
percent
of
the
plan
in
nav
to
be
8.1
in
2031
right.
So
then.
M
and
now
what
what
the
lightly
shaded
backgrounds
represent
is
our
target
exposure
and
our
target
exposure
is.
It
remains
constant
right.
We
have
these
these
targets
for
private
markets,
eight
percent
for
buyout,
four
percent
for
venture
et
cetera,
so
you
can
see
the
the
lightly
colored
backgrounds
are
pretty
much
the
same.
M
M
As
of
we
expect
to
be
zero
point,
three
percent
venture,
as
of
6320.2
relative
to
our
four
percent
target,
and
that's,
as
I
mentioned
earlier,
because
of
the
underweight
in
the
program,
because
the
program
is
still
so
new
and
we're
still
making
commitments,
and
we
have
a
slight
overweight
to
buy
out
which
we
expect
to
get
reduced
due
to
distributions
that
we
expect
from
our
strong
performance
in
this
past
fiscal
year,
and
there
are
some
other
minor
changes.
For
example,
in
private
real
assets,
we
expect
to
increase
our
net
as
well.
M
So
because
we've
had
a
lot
of
outperformance,
we'll
have
a
lot
of
distributions
in
the
coming
years,
and
essentially,
this
green
line
is
charting
the
cumulative
cash
flows,
which
is
always
greatly
positive,
a
slight
dip
when
we
have
the
contributions,
but
still
positive
and
largely
self-funding
yeah.
So
that's
it
for
me
and
passing
on
to
dinesh
for
the
actual
pace
and
plan
recommendation.
K
Great
thanks,
so
these
are
the
this
is
what
we're
recommending
for
approval
today,
which
is
highlighted
in
yellow
these
are
the
dollar
amounts
associated
with
the
data
that
was
shared
in
the
previous
slides
since
we're
modeling
out
well
into
the
future,
we're
going
to
revisit
this
on
an
annual
basis
and
ultimately,
for
the
upcoming
fiscal
year.
This
is
a
total
of
149
million
dollars
of
commitments,
in
addition
to
the
pacing
plan.
We
also
have
the
next
item,
which
is
a
small
ips,
cleanup
and
I'll
share
some
background
on
that.
K
So
the
ips
has
limits
on
private
markets
on
how
much
capital
can
be
deployed
for
a
single
asset,
class
or
strategy,
and
the
table
here
shows
that
venture
capital
investments
was
excluded
from
this
restriction,
but
we
wanted
to
make
it
consistent
with
the
other
private
asset
classes.
So
the
suggested
change
here
is
striking
out
three
words
excluding
venture
capital,
so
that
the
limit
for
venture
capital
will
be
consistent
with
the
other
private
markets.
K
Asset
classes,
such
as
buyout
private
debt,
where
the
total
commitments
in
a
single
fiscal
year
can
be
as
high
as
150
percent
of
the
board
approved
pacing
plan,
and
I
think
the
rationale
for
this
is
that
there
will
be
years
where
we
do
more
or
less
than
the
pacing
plan.
Just
as
in
the
previous
fiscal
year,
I
mentioned
that
we
only
did
half
of
the
pacing
plan.
So
it's
not
intended
to
be
a
strict
box
of
how
much
money
that
we
need
to
commit
to
underlying
funds.
K
We
want
to
be
disciplined
about
our
investment
process
and
focus
on
the
opportunities
and
various
changes
that
that
might
represent
that
we
should
make
changes
to
how
much
we're
investing
in
a
particular
year.
There's
also
a
clustering
effect,
like
the
charts
that
I
shared
about
how
fast
different
fund
managers
are
coming
back
to
the
market.
K
So
there
are
certain
time
periods
where
there
is
going
to
be
more
good
investments
that
we'd
like
to
make
and
with
less
capital,
that's
available
with
our
pacing
plan,
so
we'd
like
to
have
that
flexibility
to
do
a
little
bit
more
in
one
year
and
a
little
bit
less
in
a
following
year
as
a
result
of
that,
and
if
we
go
to
the
next
page,
we
show
that
the
venture
capital
approval
process
still
remains
the
same.
The
investment
committee
and
board
still
retained
the
approval
rates
for
all
venture
investments.
K
So
we
can
go
back
to
the
summary
approval
page
for
the
pacing
plan
and
we're
looking
to
get
approvals
on
two
different
motions.
So
first
for
the
pacing
plan
itself,
which
is
the
highlighted
section
here
and
then
secondly,
for
the
following
agenda
item,
which
is
the
ips
change:
removing
those
three
words
excluding
venture
capital.
So.
D
K
B
Thank
you
trustee
chandra,
so,
just
to
re
reiterate
that
point.
The
change
you're
seeking
with
150
will
allow
you
to
shift
commitments
over
time,
but
will
not
ultimately
allow
you
to
to
permanently
increase
the
commitment
to
an
asset
class
without
it
being
approved
in
our
strategic
asset
allocation.
Correct,
okay!
B
B
G
G
I
think
the
pace
at
which
private
equity
is
coming
back
to
market
and
venture
capital
to
raise
subsequent
funds
is
an
issue,
and
it's
bothering
me-
and
I
don't
know
how
it
will
play
out
in
the
long
run,
and
I
certainly
don't
think
we
should
make
any
tactical
moves
as
a
consequence.
Right
now.
This
asset
class
moves
slowly,
but
I
just
felt
compelled
publicly
to
state
that
I
I'm
a
little
concerned
about
it.
D
G
Well,
I
mean
fund
managers
are
putting
a
lot
of
money
out
in
in
less
time
and
then
they're
coming
back
out
to
market
collecting
more
management
fees,
while
they
do
so
limited
partners
are
losing
the
smoothing
of
averaging
across
investment
cycles.
If
I'm
in
a
four
or
five
year
fund
cycle,
then
my
investments
have
an
opportunity
to
be
at
lower
and
higher
cost
basis
and
then
somehow
average
out.
G
So
these
funds
are
becoming
more
momentum,
funds
and
that
kind
of
goal,
that
kind
of
handcuffs
you,
because
you
have
to
do
all
the
funds,
because
in
shorter
cycles,
if
you
have
a
bad
fund,
the
only
way
you
can
make
up
for
it
is
to
try
to
make
sure
you're
in
that
next
momentum
cycle.
So
I
think
it
just
ends
up
taking
more
the
the
the
planning
and
decision
making
for
lps
is
worsened
in
this
environment.
C
I
C
L
C
G
Yeah,
I
just
I
think
lps
are
a
lousy
bunch
and
don't
do
a
good
enough
job
of
advocating
for
themselves
and
I
get
taken
advantage
of
too
much
by
general
partners.
I
still
think
that
all
the
smartest
investors,
I
know,
recognize
the
importance
of
being
in
private
markets,
and
I
mean
there's
fewer
public
shares
available
today
than
there
were
10
years
ago
or
20
years
ago.
Most
of
the
interesting
dynamism
is
in
the
private
markets,
so
I'm
not
suggesting
we're
not
in
it.
G
B
Well,
I
appreciate
your
comments
and
I
think
they
they
are
apropos
again
when
we
visit
the
strategic
asset
allocation
and
and
take
a
view
on
what
our
overall
commitments
should
be,
and
I'll
also
note
that
there
are
some
very
interesting
slides
in
the
beginning
of
this
presentation
that
we
should
consider
once
again
when
we
come
back
to
the
strategic
asset
allocation.
Looking
at
the
dry
powder
looking
at
private
versus
public
evaluations
and
how
they're
moving
relative
to
each
other.
But
none
of
that
is
relative,
is
necessary.
Relevant
to
the
current
discussion.
B
No
apologies
necessary,
but
we
do
have
a
motion
on
the
table,
acknowledging
all
the
caveats
in
the
market
that
we
approve
the
proposed
pacing
plan.
Any
further
comments.
Before
we
vote
so
hearing
none
trustee
chandra,
I
vote.
I,
okay
trustee
orr
aye
trustee
keller,
aye
vice
chair,
jennings
aye,
trustee
linder.
L
C
B
B
G
B
B
G
B
B
E
Yes,
thank
you,
mr
chair.
Just
a
few
comments.
You
may
be
called
that
at
your
last
meeting,
your
board
approved
the
fiduciary
insurance
for
through
the
board,
and
there
were
three
of
them
and
each
one
of
them
required
25
to
be
paid
by
trustees
directly
to
the
plan,
and
so,
if
you
have
made
the
payment
of
75
dollars,
we
want
to
thank
you
if
you
haven't.
This
is
just
a
reminder
for
a
personal
check
to
the
city
of
san
jose
federated
system.
E
I
also
wanted
to
let
you
know
I
recently
received
from
the
clerk
office
a
reminder
of
a
conflict
of
interest
that
is
due
every
two
years.
This
is
in
addition
to
the
phone
700
right,
and
so,
if
you've
been
contacted
by
the
city
clear
make
sure
that
you
follow
through
with
that
particular
training
that
is
required
every
two
years.
E
E
Pursuing
a
recruitment
in
accounting
that
was
left
vacant
last
month
by
an
accounting
technician
that
we
have
at
the
office,
so
we
are
currently
working
through
that
also,
as
you
may
know,
the
office
continue
with
the
hybrid
schedule
and
we
also
have.
I
think
there
was
a
comment
made
by
a
public
member
earlier
in
the
meeting
I
thought
I
have
mentioned
in
my
other
reports
that
we
had
a
sub
opening
last
month,
so
we
are
now
open
from
nine
to
four.
E
It
saw
from
the
standpoint
that
we're
just
sort
of
trying
to
get
a
sense
of
how
get
experience
on
under
our
belt
to
see
how
this
work.
We
continue
recommending
to
the
extent
possible
that
members
do
virtual
appointments
whenever
they
have
the
ability
to
do
that,
and,
of
course,
now,
with
the
increase
of
copy
19
cases,
we
just
kind
of
take
it
one
day
at
a
time
we
had
our
quarterly
staff
meeting
last
month
on
the
28th
and
the
one
of
the
key
issues.
E
There
was
a
big
old
day
from
the
investment
standpoint
from
cio
prabhupalani
to
the
staff
on
on
the
basically,
you
know
the
discussions
at
the
boards,
the
last
couple
of
months,
including
the
the
the
impact
on
the
on
the
plans
for
the
recent
market
downturn,
and
we
also
had
a
educational
presentation
by
our
senior
auditor
on
the
internal
audit
process.
I
thought
that
was
very
helpful
for
staff.
E
E
E
We
did
not
get
any
questions
from
council,
so
once
council
approved
the
budget,
we'll
have
our
approved
budget
for
the
upcoming
fiscal
year.
The
office
will
be
closed
on
the
memorial
day.
That's
monday
may
30th
and,
lastly,
I
wanted
to
welcome
our
new
it
manager.
I
left
it
for
last
on
my
comments
because
I'm
afraid
I'm
not
going
to
pronounce
the
last
name
correctly,
but
I
wanted
to
welcome
chilpie
the
with
the
vivetti.
E
I'm
sure.
Thank
you
thank
you.
She
studied
with
us
earlier
in
the
month.
She
has
27
years
of
experience
in
the
iit
industry
and
has
been
working
in
the
city
of
san
jose
since
2015.,
so
again
welcome
to
our
office
and
working
with
the
boards.
That
mr
chair
concludes
my
comments.
I'm
happy
to
answer
any
questions.
I
I
I
C
C
B
E
B
C
B
B
C
B
And
trustee
avasti
hi
and
I
vote
I
as
well,
it
passes
moving
on
to
agenda
item
4d
discussion
and
action
on
the
possible
creation
of
a
federated
disability
committee
and
mr
pena.
Are
you
gonna
lead
us
through
this
one
or
I'm?
Sorry?
Mr
lederman?
Did
you
have
a
comment
here?
Sorry,
that's
item
60
rather
than
4d,
I'm
sorry
60.!
Thank
you!
Get
a
little
punch
drawing
here.
E
Yeah
this
is
this
item.
Is
a
chair
I'm
just
looking
right
now,
if
cheryl
parkman
from
the
from
the
city
is
on
attendance,
I'm
sure
she's
keeping
track
of
the
meeting
and
she's
not
she's,
trying
to
get
in
by
right
now
if
she
doesn't
join
the
meeting
in
the
next
minute
or
so
because
this
is
their
item,
I
would.
I
would
then
ask
the
board
to
go
into
the
next
item
on
the
agenda,
to
allow
her
a
chance
to
join
the
meeting.
B
B
This
will
be
through
something
like
a
survey
monkey,
but
I
believe
it's
a
different
program
and
we
request
that
you
fill
those
out
and
get
those
back
quickly
according
to
the
deadline
that
you
will
receive-
and
I
don't
know
if
perhaps
chair
of
the
jpc,
trustee
orr
if
she's
no
longer
with
us.
I
don't
know
if
she
wanted
to
address
this
issue,
but
this
is
really
just
a
heads
up
to
say:
you're
getting
a
survey
and
we
need
you
to
fill
it
out
in
a
timely
manner.
B
E
B
E
E
No,
I
think
I
apologize.
You
know
I
apologize
initially.
I
was
referring
to
6e
for
the
city.
I
apologize.
That
was
my
misunderstanding.
6D
is
our
item.
6
is
the
is
the
is
the
city
item
and
when,
when
the
issue
came
up,
I
thought
you
were
referring
to
adding
6e.
If
you
were
referring
to
1960.
That's
my
apology.
That's
my
mistake.
That's
our
item!
So,
mr
chair
again,
let
me
know
what
would
you
like
to
do
next?
I
apologize
for
that.
Let's.
E
Yes,
thank
you,
so
you
may
recall
that
some
of
you
that
were
already
a
divorce.
Some
of
you
trustees
are
fairly
new,
but
we
did
last.
I
believe
last
fiscal
year
made
a
presentation,
educational
presentation
on
the
disability
process
before
our
former
born
medical
advisor
contract
expire
towards
the
end
of
fiscal
year
2021.
E
E
That's
exactly
what
police
and
fire
actually
has
done
in
their
case
they
have
their
own
disability
committee,
comprised
of
two
trustees,
the
composition
and
the
form
of
that
committee
can
be
discussed
later.
But
again.
The
the
reason
for
this
item
is
to
kick
off
discussion
among
yourself
about
whether
or
not
you
want
to
consider
creating
a
federal
disability
committee
to
be
comprised
of
trustees
of
your
board.
E
We
actually
we
as
in
staff
over
the
course
of
about
a
year
year
and
a
half
had
about
I'm
going
to
say
a
handful
of
cases
that
were
discussed
at
the
disability
committee
level.
That
came
before
the
board
with
the
recommendation
by
the
committee.
That
was
not
supported
by
the
board
decision
and
it
was
a
consistent
decision-making
over
time
of
about
a
handful
of
them,
and
so
at
some
point
I
felt
you
know.
E
I
think
a
committee
of
the
board
will
do
two
things
for
the
board
right
number.
One
having
a
disability
of
trustees
would
allow
more
training
on
the
disability
process
to
trustees,
especially
those
that
will
become
member
of
the
disability
committee
and-
and
second
obviously,
I
felt
I
could
be
mistaken
on
this,
but
I
felt
that
the
board
will
be
more
inclined
to
follow
a
recommendation
from
their
peers
than
from
staff.
And
again
I
could
be
completely
off
on
on
that
on
that
thought.
E
But
again,
this
is
coming
from
the
standpoint
that
there
was
a
handful
of
cases,
I'm
going
to
say
of
about
18
months
timeline,
where
your
board
actually
did
not
support
the
committee
recommendation
and
made
a
different
decision
at
the
board
level.
So
that's
really
the
the
main
two
reasons
why
I
thought
your
board
could
benefit
from
creating
a
disability
committee
of
of
trustees.
B
Well
again,
I'll
take
my
privilege
to
just
comment.
I
was
on
the
board
when
we
heard
a
few
cases
and
where
we
did
not
follow
the
recommendation,
but
I
believe
that
was
before
we
had
proper
training
as
a
board
and
specifically
where
we
were
informed
that
the
burden
of
proof
was
on
the
applicants
and
not
on
the
city,
and
I
believe
that
simple
lack
of
understanding
on
behalf
of
the
trustees
in
the
past
is
what
resulted
in
many
of
the
decisions
that
were
made.
That
overturned
decisions
made
by
the
disability
com.
E
So
if
I
may
respond
to
them,
you
say
chair,
I
mean
once
you
finish
your
comments.
I
apologize.
No,
that's
the
that's
the
knob
of
it
so
point
well
taken
and
I
think
the
reason
for
the
training
was
because
we
realized
that
the
board
would
benefit
from
from
receiving
some
disability
training.
So
I'm
going
to
make
two
comments
to
that
number
one.
E
E
So
again,
your
point
is
well
taken
and
again
you
you're
making
a
point
here.
That
really
is
illustrates
the
reason
why
we
actually
provided
the
training.
So
that's
a
fair
point,
but
even
before
there
was
a
a
considerably
turnover
iu
board
and
before
you
joined
the
board
prior
board
members
sort
of
tended
on
a
on
a
50
basis,
50
of
the
time
or
even
higher,
not
to
support
the
committee
recommendation
and
it's
always
sort
of
was
out
there
on
the
side
of
by
my
head
thinking.
B
B
G
Yeah,
I
see
harvey
has
his
hand
up.
I
just
wanted
to
make
this
maybe
more
evidence
of
my
deteriorating
memory,
but
I
I
I
I
certainly
believe
my
experience
on
the
board
and
I
may
have
missed
some
board
meetings
recently
with
my
new
fellow
trustees,
where
they
may
have
chosen
not
to
follow
staff's
recommendation,
but
I
I
thought
I
recall
fairly
consistently,
as
while
I've
been
on
the
board
following
the
so
I
don't
know
what
the
time
period
is
that
you're
looking
at
roberto,
I
just
want
to
make
that
remark.
I
Yeah,
the
only
thing
that
I
was
going
to
say
is
that
it's
just
to
throw
this
out
there.
If
we
have
a
separate
committee
that
reviews
these
made
up
of
like
what
two
three
people
or
something
that
has
a
good
cross
version
of
the
board
they
can.
I
mean
these
take
a
long
time.
We
spend
a
whole
hour
on
that
one.
So
if
we
kind
of
go
through
it,
we
can
go
through
all
the
the
you
know,
the
back
and
forth.
I
That
seems
to
go
on
flush
that
out
go
back
to
staff,
have
them
do
whatever
we
need
them
to
do
or
the
medical
advisor
or
you
know,
legal
team
have
a
a
good
recommendation
and
my
my
goal
off
of
that
would
be
that
we
would
come
in
to
the
board.
Just
like
the
investment
committee
does
and
say
these
have
been
evaluated.
D
D
D
D
Committees
of
boards,
devoted
to
participating
in
the
process
of
evaluating
and
then
recommended
to
the
full
board
also
sometimes
allows,
and
some
boards
in
the
state
do
this
quite
successfully
that
if
there
is
a
sufficient
workup
by
a
couple
of
board
members
and
staff
at
the
first
consideration
and
recommendation
level
that
a
lot
of
these
disability
recommendations
can
then
be
put
on
a
consent
calendar
and
dealt
with
expeditiously.
That
way
so
as
not
to
consume
a
lot
of
board
time
during
a
board
meeting.
B
B
Even
if
we
had
a
disability
committee,
I
assume
only
when
the
committee
approves
an
application.
Could
we
put
it
on
consent,
calendar
and
if
the
committee
were
to
deny
an
application,
whether
it
was
a
committee
formulated
by
trustees
or
committee
formulated
by
staff,
the
incentive
would
always
be
there
to
put
it
before
the
entire
board.
B
D
E
E
We
were
working
through
the
rfp
process
and
we
just
sort
of
the
board
made
a
decision
on
on
the
on
the
pros
on
therapy
and
it
took
us
a
while
to
onboard.
So
quite
honestly,
we
just
now
almost
a
year
later
are
starting
to
see
some
fruits
out
of
that
process
and
seeing
we
may
be
ready
to
bring
some
items
to
the
committee
at
the
june
or
august
meeting
and
that's
what
you
haven't
seen
much.
But
yes
to
answer
your
question.
E
There
is
quite
a
few
items
or
applications
from
on
the
pipeline
because
exactly
that
the
whole
process
of
embodying
new
biomedical
advisors
to
cost
longer
than
anticipated,
and
so
I
do
expect
to
see
more
cases
coming
to
the
committee
and
possibly
to
the
board
in
in
this
at
the
beginning
of
the
new
fiscal
year
or
the
in
the
second
half
of
the
current
calendar
year.
Whichever
way
you
want
to
take
a
look
at
it,
yes,
I
do
expect
them
to
to
increase.
I
Is
it
possible
to
kind
of
merge
an
existing
board
with
this
job
duty
as
well,
so
that
one
might
you
know
I
mean,
and
so
what
I'm
thinking
of-
and
I'm
sure
roberto
can
read
my
mind
here,
but
like
governance
currently
doesn't
have
a
lot
on
its
plate
right
now.
Yes,
until
we
have
to
I
mean
jay,
did
a
great
job
of
getting
us
through
all
the
charter,
amendments
and
stuff,
so
we
have
a
a
couple
years
before
we
have
to
readdress
any
of
those.
Is
it
possible?
Is
that
legal?
D
Well,
the
board
has,
you
know,
can
create
and
decommission
committees
any
time
it
wishes,
even
in
standing
committees.
So
it's
really
not
the
label.
It's
the
responsibility
that
I
think
is
more
important.
If
something
that
you
want
to
take
on
at
a
committee
level,
it
kind
of
doesn't
matter
what
we
name
the
committee
and
whether
we've
merged
duties
of
different
committees.
D
D
I
E
E
No,
I
think
julie
mentioned
five.
I
said
I
don't
expect.
I
expect
the
items
to
be
coming
to
the
committee
more
towards
the
later
half
of
the
first
part
of
the
fiscal
year
so
towards
the
later
part
of
the
fall,
but
I
don't
expect
them
to
be
five
per
meeting,
maybe
two
or
three
per
meeting
at
the
most
but
consistently
every
month.
However,.
I
I
Yeah
and
I
would
be
willing
to
serve
on
it,
I
would
be
willing
to,
like,
I
said,
take
governance
since
we're
not
really
using
it
for
anything
right
now
put
that
on
the
back
burner
and
then
put
more
time
on
this
one,
but
I
think
we
should
have
someone
like
mark.
We
should
have
an
investment
person.
You
know,
because
there's
a
total
different
viewpoint
from
that.
I
J
K
B
I
B
E
D
M
C
Hi,
roberto
hi,
federated
board
members.
It's
good
to
see
you
again
for
those
of
you
that
don't
know
me.
My
name
is
cheryl
parkman,
I'm
an
assistant
to
the
city
manager
and
the
city
manager's
liaison
to
the
federated
and
police
and
fire
board,
and
I'm
here
on
behalf
of
the
city
today
to
come
to
you
to
ask
for
comments
on
a
municipal
code
amendment
that
we
would
like
to
bring
forward.
C
Now,
in
the
siegel
audit,
they
identified
that
it
was
unclear
in
the
municipal
code
of
who
would
pay
that
reapportioned
normal
cost.
It
was
the
city's
intention
that
the
city
would
pay
for
the
portion
that
the
employees
would
otherwise
pay,
and
so
the
ordinance
before
you
today
provides
you
with
that
clarification
based
on
the
audit.
So,
as
per
the
municipal
code
anytime,
we
change
chapter
3.28
of
the
municipal
code,
which
relates
to
the
federated
retirement
plan.
C
We're
required
to
come
to
your
board
for
comments
on
our
ordinance,
and
we
do
that
before
we
bring
the
ordinance
in
front
of
the
city
council
just
so
that
we
can
have
any
comments
or
any
changes
that
you
would
like
to
see
on
that
ordinance.
So
that
is
attached
to
your
board
agenda
today
and
I'm
happy
to
take
any
questions
that
you
may
have
and
there's
no
action
required.
It's
just.
If
there
are
comments,
I
would
like
them
to
be
provided
to
me
and
that
can
either
be
today
or
it
can
be
via
email
afterwards.
C
I'm
not
a
trustee,
but
I
did
want
to
make
a
comment
on
the
record
regarding
this.
So
this
is
something
that
the
city
had
previously
told
us
that
it
was
their
intent
that
the
city
would
take
up
the
normal
cost
for
members
who
ceased
to
provide
contributions
once
they've
achieved
30
years
of
service,
and
so
this
is
not
a
change
that
would
materially
affect
our
operations.
B
D
B
To
take
a
closer
look
at
it
and
provide
any
comments
that
we
may
have
as
counsel
directly
to
ms
parkman,
if
that's
satisfactory
to
you,
I
believe
it
is,
and-
and
you
can
do
that-
I
assume
by
email
in
between
meetings-
sure
happy
news
does
not
necessarily
need
to
be
agendized
for
the
next.
Yes,
of
course,
and
I
think
the
same
goes
for
any
trustees
who
want
to
make
any
late-breaking
comments
to
ms
barton.
B
C
If
you
could,
that
would
be
great
while
it's
not
on
a
city
council
agenda.
As
you
know,
city
council
does
take
a
break
in
july
and
so
we'd
like
to
be
able
to
take
this
to
either
the
first
or
second
council
meeting
in
june,
just
because
there
is
a
second
reading
that
is
required,
so
we'd
like
to
take
both
readings
in
june.
So
if
you,
if
a
couple
days,
is
perfect
and
I'll
be
looking
for
your
email,
no
problem
thanks.
Thank
you.
C
Sure
sorry,
I
had
to
leave
for
a
another
engagement,
but
I'm
back
so
as
of
today.
The
governor's
proclamation
continues
to
state
the
state
of
emergency
for
the
state
of
california
due
to
cover
19
and
the
city
council
continues
to
recommend
social
distancing
and
city
facilities.
So
if
this
board
adopts
those
two
factual
findings
that
it
can
continue
to
meet
virtually
for
the
next
30
days,.
B
Okay
under
ab361
this
board,
as
a
legislative
body,
must
make
certain
factual
findings
if
it
elects
to
continue
meeting
virtually
within
the
next
30
days,
based
on
the
information
presented
by
council
and
provided
with
our
board
backup
materials.
It
appears
that
the
following
factual
findings
justify
the
continuation
of
virtual
meetings
under
ab361-1.
B
C
B
B
D
B
G
E
We
do
know
mr
chair,
in
fact,
we
haven't
have
a
special
meeting
so
next
time
this
committee
decides
to
meet,
we
will
have
to
have
a
a
short
meeting
first
in
person
to
allow
for
future
virtual
meetings,
but
yeah.
You
are
correct.
The
last
time
that
we
met
was
a
virtual
meeting
and
it
was
not
a
special
meeting.
It
was
a
discussion
of
the
ceo
and
cio
review
process.