►
Description
City of San José, California
Federated City Employees' Retirement Plan Board, January 19, 2023
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=1062119&GUID=590629CA-6CB8-4271-9F85-66130CA0BC10
A
A
A
A
A
A
A
A
A
A
A
A
A
B
B
B
A
B
And
I
am
here
so
I
believe
that
does
form
a
quorum
right
and
let
us
move
forward
to
the
orders
of
the
day.
I
understand
we
will
not
be
hearing
a
agenda
item
and
I
forget
the
exact
agenda
item
under
new
business.
If
we
could
scroll
down
quickly,
6D
I
believe
6D.
Thank
you.
We
will
not
be
hearing
item
6D
to
this
month.
B
So
with
that
do
I
have
a
motion
to
accept
the
orders
of
the
day
slow
motion
by
trustee
Kelleher.
We
have
a
motion
with
trustee
Kelleher.
Do
we
have
a
a
second
a
second?
We
have
a
second
from
Vice
chair
Jennings,
any
discussion.
Any
public
comments
see
I,
see
a
hand
raised
from
Brad.
Do
you
have
a
comment
on
this
item?.
B
B
B
Do
we
have
a
motion
to
accept
the
consent,
calendar
slow
motion
by
trustee
Kelleher?
We
have
a
motion
from
trustee
Keller
any
seconds.
Second,
the
second
from
trustee
Linder
any
discussion,
any
public
comments.
We
will
vote
Vice,
chair,
Jennings,
aye,
trustee,
Kelleher,
aye,
trustee,
Linder,
aye,
trustee,
avasti,
aye
and
I
vote
I
as
well.
The
consent
calendar
is
passed.
B
We
have,
we
will
begin
the
calendar
with
a
a
closed
session
matter,
but
I
think
I'd
like
to
take
any
public
comment
at
this
time.
Any
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
of
the
public
who
wish
to
provide
comment
at
this
time
may
do
so.
By
raising
your
hand
in
Zoom
speakers
will
be
limited
to
three
minutes.
B
B
D
D
D
D
So
I
would
like
to
ask
again
that
maybe
your
board
Council
not
sit
there
and
and
shield
you
from
responding
to
my
questions
and
would
like
to
again
offer
my
invitation
to
any
one
of
you
any
one
of
the
trustees
to
sit
down
and
at
least
communicate.
So
I
can
get
a
better
understanding
with
how
this
fund
is
is
managed.
D
Question
I
have
is,
is
any
of
your.
Is
the
portfolio
engaged
or
any
of
your
money.
Managers
engaged
in
ESG
type
of
investment
strategy,
and
all
of
you
know
should
know
what
that
is,
and
again
also
would
like
to
again
set
up
a
time
to
where
you
could
be
in
a
public
forum
or
whatever
to
where
we
can
have
a
meaningful
back
and
forth
question
and
answer
with
the
trustees
and
I
would
sincerely
appreciate
that
and
again
thanking
thank
you
for
allowing
me
to
speak
at
this
time.
B
Thank
you,
Mr
Emma
Moore.
As
you're
probably
aware,
we
by
law
can
only
address
items
that
are
on
the
public
agenda
and
we
take
very
seriously
the
admonitions
of
our
legal
counsel.
None
of
us
wants
to
end
up
in
jail,
so
we
are
bound
by
law
to
accept
comments,
General
comments,
but
we
can
only
Act
on
items
that
are
on
the
agenda,
but
you
asked
some
legitimate
questions
and
we
can
look.
We
can
possibly
consider
agendizing
them
for
future
meetings.
B
B
B
B
B
B
B
B
A
A
A
A
A
A
A
A
F
F
F
A
A
G
G
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
B
B
B
H
H
H
D
H
B
B
I
Yes,
I
can
Mr
chair,
I,
know,
I,
believe
I
saw
this
morning,
Carolyn
Gibson
from
the
office
on
employment
relations.
She
is
here
I
believe
to
speak
on
that
item
that
he
might
remind
demanded
us
our
office
about
the
joint
meeting
of
the
board
of
city
council.
So
I
will
turn
it
over
to
coloring
in
a
second,
but
I
just
wanted
to
just
remind
you
all.
I
First,
we
did
discuss
this
issue
a
few
months
back
in
delay
in
in
the
fall
present
in
September
October,
and
we
also
included
in
addition
to
the
memo
from
the
city.
We
provided
you
with
copies
of
the
last
two
boar
agendas
for
the
last
two
joint
meetings
that
you
have
with
the
city
council
in
the
freshman
was
October
16
2020.
The
second
was
not
September
30th
2021
and
you
may
be
called
that.
I
Originally,
this
meeting
take
place
in
the
September
October
month,
but
it
was
delayed
this
past
year
because
of
the
fact
that,
as
it
transpired,
the
city
went
through
a
major
change.
As
you
know,
we
have
a
new
mayor
for
the
city
of
San
Jose
and
about
half,
if
no
more
of
the
new
city
council,
you
will
deal
with
when
you
have
this
joint
meeting.
So
with
that
in
mind,
we
delayed
The
Joint
meeting
to
later
in
the
year,
and
so
just
wanted
to
remind
you
of
that.
J
Thank
you
and
good
morning
board.
My
name
is
Carolyn
Gibson
I'm,
a
senior
executive
analyst
in
the
office
of
employee
relations,
just
to
tack
on
to
some
of
the
things
that
Roberto
mentioned,
we're
still
trying
to
plan
this
meeting
it'll
take
place
during
a
study
session.
I
believe
we're
looking
at
dates
in
February
and
March
it'll
be
a
joint
meeting
with
the
two
boards
and
the
City
Council
in
the
police
and
fire
Retirement
Board.
Some
of
the
topics
that
they
suggested
were
the
risk
tolerance
of
the
plans
asset
allocations.
J
Our
previous
topic
excuse
me,
have
been
asset
allocation,
pension
obligations
at
the
police
and
fire
retirement
board
meeting.
They
talked
about
doing
kind
of
a
general
overview,
taking
into
account
that
there
are
several
new
members
on
the
council
talking
about
what
it
is
you
do.
How
do
you
do
it?
How
do
you
maintain
performance
Etc?
J
What
we'll
do
is
then
take
the
input
from
both
boards
come
up
with
a
draft
agenda,
and
then
that
will
be
discussed
at
a
rules
committee
meeting
and
then
we'll
present
you
with
the
final
agenda
so
Roberto.
If
I've
left
off
anything,
let
me
know
otherwise
I'll
turn
it
back
over
to
you
board
to
discuss
possible
topics.
No.
I
B
K
K
I
I
concur
with
Everything
Julie,
said
and
and
Roberto
I
know
you
have
a
plan
to
meet
with
the
new
council
members.
I,
don't
know
if
you'll
have
the
chance
to
meet
with
the
the
appointees
before
the
study
session,
but
whatever
your
curriculum
is
I
would
suggest
that
it
Bears
repeating
I
was
on
this.
K
I
was
on
this
commission
committee
for
a
year
before
I,
fully
understood
all
the
ins
and
outs
of
of
what
the
Federated
board
did
and
what
the
implications
were
for
the
city
as
the
sponsor
and
the
city's
budget
and
the
difference
between
police
and
fire,
which
comes
all
out
of
the
general,
the
general
fund
and
Federated,
which
doesn't
come
all
out
of
the
general
fund.
So
I
I
agree.
K
We
want
to
keep
it
simple
and
I
would
also
just
kind
of
put
it
plugged
in
for
Roberto,
even
if
you
think,
you've
told
them
I
wouldn't
keep
things
the
agenda
just
because
of
that,
because
there
there
are
four
new
council
members.
Now
there
will
be
six
by
the
time,
which
is
a
majority.
So
those
of
us
who
have
been
on
the
on
the
Council
for
a
long
time
can
can
bear
with
that
repetition
and
I
think
I'm.
K
The
only
one
who's
well
I
know:
I'm
the
only
one
who's
been
on
this
board
for
six
years.
Everyone
else
Ham's
only
been
on
police
and
fire
I.
Think
four
and
everyone
else
has
not
touched
this
more
than
once
or
twice
a
year.
So
it's
perfectly
acceptable,
I,
think
and
and
desirable
to
to
do
the
basics,
as
as
the
main
part
of
the
meeting.
I
I
absolutely
agree:
councilmember
Davis.
Thank
you
very
much
for
your
comments.
I
completely
agree
with
you.
I
know
the
city
I
have
in
the
past.
Work
with
the
city.
I
was
not
able
to
do
that
this
year,
because
I
was
not
in
town,
but
I
know.
Jennifer
chambri
met
with
the
new
council
members.
We
usually
get
together
and
have
an
hour
presentation
on
the
in
announce
and
the
basics
of
the
pension
plans,
but
I
I
do
plan
to
meet
with
the
new
council
members.
I
Trustee
Jennings,
since
this
is
a
joint
meeting,
I
think
it
will
be
perfectly
fine
to
provide
as
councilmember
Davis
indicated,
even
if,
if
I
speak
to
this,
to
the
individual
council,
members
and
I
mentioned
this
during
my
presentation
of
the
results
of
the
actual
evaluations
is
worth
repeating
and
since
it's
a
joint
meeting,
we
can
speak
to
the
implications
from
the
evaluation
standpoint
and
then
the
city
budget
office
can
speak,
I.
Think
to
some
of
the
comments
by
councilmember
Davis
made
in
terms
of
as
you
were
indicated.
I
You
know
where
the
money
is
coming
from.
In
terms
of
you
know
the
general
fund
and
everything
else,
what
the
implications,
what
they
are
so
I
think
that
along
is
going
to
take
us
a
few
hours,
so
I
I
think
it
will
Design
discussion
on
that
portion
of
it
and
the
implications
to
divorce
decision
for
asset
allocation
is
a
worthwhile
theme
for
the
joint
meeting.
Thank
you.
B
I'll
simply
observe
that
in
years
past
we
tended
to
have
some
pressing
issue
like
pension
obligation,
bonds
that
needed
to
be
discussed
this
year.
I
don't
feel
we
do
have
such
a
pressing
issue,
and-
and
since
we
do
in
fact
have
so
many
new
new
members
rookies,
it's
entirely
appropriate
that
we
sort
of
go
back
to
pension
101
and
and
discuss
that
the
only
thing
I
would
add
and
I
think
this
is
what
council
member
Davis
was
also
alluding
to
I.
G
C
C
It
I
am
too
I'm
very
conciliated.
Remember
Davis
is
the
smart
woman,
so
it
takes
time
to
to
Really.
You
know,
and
you
know,
and
not
everybody.
The
new
council
members
are
data
people
you
know
so
totally
agree.
Really.
The
budget
piece
as
as
far
as
I
understand
and
I
do
budget
is
really
just
where
people
are
paid
out
of.
So
you.
B
C
B
C
B
So
so
understanding
a
little
bit
about
how
the
different
city
budgets
work
and
how
that
flows
to
different
departments
and
I
think
that
would
be
a
helpful
understanding
for
for
us
trustees.
I
know.
I
would
appreciate
that
person
all
right,
I,
don't
think,
there's
any.
It
says,
discussion
in
action,
but
I,
don't
think
there's
any
actionable
items
on
this
agenda
item
if
I'm,
not
mistaken
and
I
believe
we
do
have
enough
time
to
move
forward
quickly
to
item
5B
and
still
meet
our
10
o'clock
time
certain
deadline.
L
All
right,
just
gotta
figure
out
where
everything
moved
on
my
screen,
so
I'm
here
with
Mike
setting
to
present
the
final
OPEC
valuation
results.
We
have
both
a
report
and
a
presentation
we're
just
going
to
go
through
the
presentation,
so
you
can
see
from
our
schedule.
This
is
the
last
presentation
in
our
series
of
Actuarial
presentations
on
the
valuations
that
started
last
September,
so
we're
at
the
end
of
the
Actuarial
season.
I
guess
thanks.
L
L
The
member
contributions
are
fixed
and
statute
at
seven
and
a
half
percent
of
pay.
So
we
are
not.
We
do
not
affect
the
member
contributions,
just
the
city
contributions
and
then
the
portion
we
call
the
implicit
subsidy
is
paid
on
a
pay,
as
you
go
basis
by
the
city
through
their
active
member
Health
premiums.
So
we
are
for
funding
purposes.
We
set
that
aside
and
we're
just
focused
on
pre-funding.
The
explicit
subsidy
in
December
we
presented
preliminary
results.
The
key
items
have
not
changed
much
here.
L
On
the
left
hand,
side
we're
showing
the
funded
status.
The
bars
represent
the
measure
of
the
liability
split
between
those
receiving
benefits
in
blue
those
no
longer
working
and
entitled
into
future
benefits
in
gold
and
current
employees
in
red.
The
green
line
is
the
assets
and
we
show
the
funded
status
dropping
from
65
to
60
percent
on
the
year.
Primarily,
you
can
see
it's
driven
by
the
decline
in
assets
due
to
the
investment
returns
that
was
offset
somewhat
by
a
decline
in
the
overall
liabilities.
L
So
we'll
talk
through
a
little
bit
of
what's
going
on
there
in
the
end,
on
the
right
hand,
side
we're
showing
the
the
contributions
the
member
in
purple
in
the
bars
and
the
city
in
gold.
You
can
see
that
the
total
contribution
is
pretty
level
between
2023
and
2024.
There's
a
slight
increase
in
the
city's
contribution
in
a
slight
decrease
in
the
member
contributions.
That's
because
it's
that
fixed
seven
and
a
half
percent
of
pay
and
we
have
fewer
members
who
are
eligible
for
full
retiree
medical
benefits.
M
F
M
M
The
kind
of
variation
that
been
paying
extra
to
try
to
bring
down
the
unfunded
liability,
but
we've
had
assumption
changes
and
those
are
primarily
due
to
the
the
big
changes
or
to
the
reductions
in
the
discount
rate,
and
then
you
can
see
just
the
investment
experience
you
can
varies
from
year
to
year,
it's
last
year
that
we
had
a
great
year
of
very
positive
returns,
but
then
gave
them
all
back
or
gave
a
lot
of
them
back
last
year.
So
you
kind
of
really
see
the
volatility
of
it.
M
M
And
it
really
Compares,
if
you
kind
of
look
at
the
the
top,
you
can
see.
The
actors
that
are
eligible
for
the
full
benefit
continues
to
decrease,
as
the
members
leave
the
plan.
But
overall
the
population
for
the
activism
remained
about
stable
and
the
interesting
thing
is
the
actual
members
in
Pay
status
was
actually
unchanged
between
the
two
years,
and
that's
really
due
to
why
we
had
retirements.
We
had,
unfortunately,
a
large
number
of
beneficiary
deaths
that
really
offset
that,
but.
M
At
is
in
the
bars
on
the
left.
I
mean
on
the
right,
as
you
really
see.
What's
driving
things
going
forward
is
you've
got
that
declining
active
population.
That's
going
to
be
eligible
for
benefits
in
the
future,
so
you
can
see
from
2017
it's
gone
down
for
almost
2
000
to
just
over
1200.,
and
then
the
big
piece
of
the
liability
is
that
light
green
bar
in
the
middle.
M
That's
going
from
1800
to
about
20
to
50,
and
those
are
the
members
that
are
Medicare
eligible
and
that's
going
to
be
the
really
growing
piece
over
time,
and
that's
really
what
will
drive
the
long-term
liability?
Is
the
members
retire
at
age
65
and
are
drawing
Medicare
benefits?
That's
really
where
the
cost
is
going
to
come
from.
M
H
M
This
kind
of
shows
the
distribution
a
little
bit
differently
of
really
splitting
the
active
membership
by
those
that
are
just
eligible
for
that
catastrophic
disability
benefits,
they're
participating
in
the
Aviva
versus
those
in
the
dark
blue
that
are
actually
eligible
for
full
benefits
and
kind
of
little
Diamond
shows
where
those
full
eligibility
numbers
were
last
year.
So
you
can
really
see
the
fact
that
anybody,
that's
essentially
under
30,
been
hired
recently.
M
They
only
have
the
catastrophic
disability
benefit
and,
as
you
kind
of
move
forward,
you
see
more
and
more
people
retiring
and
then
it's
shifting
more
and
more
to
the
older
ages
as
people
finally
retire
and
start
to
use.
The
benefit,
as
opposed
to
the
other
chart,
shows
how
the
retiree
is
split
by
age,
and
you
can
see
that's
fairly
consistent.
M
And
then
the
last
shows
really
the
kind
of
long-term
projection
of
what's
going
to
happen
over
time
and
this
projects,
the
actual
benefit
payments,
and
you
can
really
see
that
the
pre-medicare
piece
is
really
small
in
about
30
years.
It
basically
goes
away,
everybody
is
retired,
everybody
that's
left
is
over
65..
M
The
other
thing
is
that,
basically,
after
about
20
years,
it
actually
starts
to
decline.
Finally,
as
it
comes
down
and
the
other
piece
that's
just
kind
of
interesting
is
to
show
they,
you
can't
see
anything
for
the
catastrophic
disability,
because
it's
such
a
minor
benefit.
You
know
the
expectation
of
it
being
used,
really
doesn't
even
show
up
as
a
blip
on
the
radar
screen
and
because
payments
stop
at
age
65,
it's
a
very
small
group
that
could
be
eligible
and
so
far
nobody
is
actually
accessed
that
benefit.
L
I
think
it's
also
interesting
to
note
that
we're
projected
to
reach
our
Peak
liability
in
about
10
years.
So
we
say
this
is
an
open
plan
because
of
the
catastrophic
disability
benefits,
but
those
are
so
much
smaller
than
the
other
benefits.
It's
effectively
a
closed
plan
and
we
will
reach
a
peak
in
the
liability,
we're
protecting
it
at
about
10
years
and
then
it
will
start
to
decline.
L
Now
that
payment
schedule
that
builds
up
the
assets
is
really
being
driven
in
large
part
by
the
amortization
schedules
we
set
up
and
so
in
2017
we
started
Actuarial
funding
for
for
this
plan
and
we
set
up
an
amortization
schedule
for
the
ual
in
2017,
which
is
these
dark
red
bars
and
then,
since
then,
we've
added
another
layer
to
oops
another
layer
to
the
amortization
each
year,
and
this
slightly
darker
red
here
is
the
the
loss
from
this
year.
The
2022
loss
and
the
black
line
is
the
net
payment.
L
L
So
that
leads
to
the
overall
projection
of
contributions.
You
can
see.
Members
are
shown
in
purple
here
and
they're
projected
to
decline
as
they
retire
and
then
the
city
contributions
are
relatively
level.
We
have
an
increase
here
as
we
phase
in
the
recognition
of
the
loss
this
year
up
to
21
million,
but
then
over
the
The
Next
Period
the
length
of
the
period.
It
only
increases
again
to
23.
F
L
L
The
other
thing
to
note
here
is
the
benefit
payments
going
out
of
the
trust
have
been
right
around
where
the
total
contributions
are,
but
going
forward,
we're
going
to
have
more
benefit
payments
going
out
of
the
trust
and
contributions
coming
in,
and
so
that
creates
a
negative
cash
flow.
The
investment
team
has
been
watching
this
for
their
liquidity
management
to
make
sure
that
they
have
the
cash
on
hand
to
make
those
benefit
payments
that
are
in
excess
of
the
the
contributions.
L
L
C
But
again
I'm
trying
to
wrap
my
head
around
what
you're,
saying
and
so
and
I
guess,
what's
locking
my
brain
and
grasping
this
is
that
the
plan
itself
should
be
paying
less
because
people
are
on
Medicare
and
that
you
know
the
government's
picking
up
a
big
chunk
of
that.
So
the
plan
itself
would
be
paying
less,
but
am
I
am
I
correct
on
that
assumption.
Yes,.
C
Okay,
so
if
we
didn't
have
that
Medicare
benefit
in
essence,
if
you
think
of
it
on
a
you
know,
just
a
qualitative
thing,
that
number
would
be
much
higher
yes,
so
it's
just.
You
got
an
aging
population
that
are
pulling
more
on
benefits
and
the
population
now
are
pretty
much
in
that
bracket.
But
if
we
didn't
have
Medicare,
it
would
be
even
higher
on
the
plan.
Yeah.
L
So
if
the
the
current
retirees,
here's
the
age
65
break,
so
everyone
to
the
right
here
is
in
Medicare
and
right.
Everyone
over
here
is
not
there's
a
lot
more
people
in
this
in
the
Medicare
Group
than
in
the
pre-medical
group
yeah,
and
so
that's.
What's
then,
translating
to
much
more
payments
for
Medicare
eligible.
G
B
B
B
B
I
Thank
you,
Mr
chair.
This
is
a
short
update
so
being
the
month
of
January.
Please
know
that
the
W-2s
there
are
issue
but
employer
to
employees
for
pensions.
We
have
to
issue
a
1099
r,
and
so
we
plan
on
issuing
the
1099
hours
for
all
the
retirees.
Later
this
month
there
will
be
mailed
out
to
all
the
members
towards
the
end
of
this
month.
B
B
M
I
B
I
B
I
B
I
No,
it
does
not
in
fact
I
would
prefer.
I
would
prefer.
We
have
so
many
outside
members,
with
investment
background
that
I've
been
trying
very
hard
to
make
sure
that
we
can
attract
members
of
the
public
with
a
more
diverse
background
than
investment
if
they
have
investment,
knowledge
and
background
more
power
to
them.
But
we
also
want
people
with
different
experiences.
F
I
H
H
L
H
B
I
Is
the
city
trustee
chair,
Horowitz
and
Prabhu
is
absolutely
right.
We
have
spoken
about
it
repeatedly.
I
actually
started
working
on
the
basics
of
discussions
on
this
issue
with
our
counterpart
from
the
city.
Department
Cheryl,
as
you
all
know,
is
so
maternity
leave,
so
I
need
to
revisit
that
with
oer,
because
this
is
really
is
it's.
Twofold
is
really
responsibility
or
it's
on
the
city
side
of
the
equation,
but
I
won't
even
attempt
to
touch
the
requirements
whether
there
are
any
kind
of
bargaining
requirements
or
everything
else.
B
B
B
B
K
You
chair,
as
I,
alluded
to
in
our
earlier
discussion
about
our
joint
meeting.
We
have
four
new
council
members.
We
also
have
a
new
mayor,
although
he
was
the
district
10
representative,
so
the
new
mayor
has
set
up
five
transition
committees.
I
thought
this
board
might
be
interested
to
know
what
those
committee
focused
areas
are.
C
K
Homelessness,
Community
safety,
clean
neighborhoods,
downtown
vibrancy
and
planning
and
permitting,
and
the
planning
and
permitting
transition
committee
is
the
one
that
I
am
co-chairing.
There's
a
one
or
two
council
members
with
a
member
of
the
public
co-chairing
each
of
the
Committees
they're
meeting
three
times
before.
K
We
have
our
priority
setting
sessions,
and
we
just
decided
in
rules
yesterday
to
accept
the
mayor's
suggestion
to
have
two
priority
setting
sessions
which
will
be
held
likely
in
February.
We
had
requested
staff
wanted
them
to
be
in
a
special
meeting.
We
requested
them
to
be
as
part
of
our
regular
meetings
in
February,
so
we
will
be
starting
to
discuss
priority
setting
and
budget
issues
in
February
in
advance
of
the
March
budget
message
that
we
expect
from
the
mayor.
F
K
Oh,
the
last
thing
I
wanted
to
make
sure
everybody
knew
the
two
vacancies
in
District
8
and
district
10.
We
have
meetings
scheduled
next
week
for
interviewing
the
a
point,
a
point:
the
possible
appointees
and
making
appointments
so
we'll
do
District
8
on
Tuesday
and
district
10
on
Thursday
and
I.
Apologize
for
my
dog
barking
in
the
background
garbage
day
is
a
tough
one
at
our
house.
G
K
We
had
a,
we
had
a
lot
of
applicants
for
both
both
positions
and
there
they
came
from
I
think
corners
of
the
district
that
people
who
wouldn't
normally
run
for
office
wouldn't
necessarily
think
about
running
for
office,
given
given
the
difficulties
of
doing
so
who
who
want
to
serve
so
that
was
an
interesting
development.
I
didn't
expect.
B
I
Chair,
yes,
I
think
it's
a
pretty
straightforward
item.
You
actually
did
in
fact
approve
these
last
year,
but
we
have
to
change
the
contract
because
we
couldn't
do
it
under
the
old
name
of
Cortex.
So
I
I
just
assume
I'm
happy
to
answer
any
questions,
but
I
just
assumed
it
would
just
take
a
couple
of
minutes.
I
B
I
Thank
you
Mr
chair,
so
you
did
approve
this
item
late
last
year.
After
further
it
was
an
amendment
to
the
original
contract
with
cortex
by
dealing
with
the
new
owner.
As
you
all
know,
now
is
Walter.
We
couldn't
use
the
old
cortex
name,
and
so,
instead
of
requesting
that
you
approve
an
amendment,
we
counsel
fiduciary
Council,
actually
drafted
a
a
negotiated,
a
new
agreement.
I
I
It
is
attached
to
the
item
yeah.
It
will
be
there,
but
I
don't
know
Harvey.
Do
you
have
any
other
comments?
It
is
the
same
concept.
It's
just
that,
instead
of
an
amendment
to
their
contract,
this
was
a
one
new,
a
new
agreement.
That's
all,
and
it's
one
for
Federated
this
30
000.
This
is
a
separate
one
for
police
and
fire
which
they
approve
at
the
last
meeting,
yeah.
N
B
Any
questions
from
the
public
would
someone
cared
to
formulate
emotion
to
approve
this
contract,
a
motion
to
approve
the
contract,
so
we
have
a
motion
from
Vice
chair
Jennings.
Do
we
have
a
second
all?
Second,
that's
the
second
term
trustee
Kelleher.
Thank
you
any
further
discussion
on
the
matter
from
trustees.
Any
public
comments
hearing
none.
We
will
vote
Vice,
chair,
Jennings,
aye,
Rusty,
Keller,
aye,
Rusty,
Linder,
aye,
question
aye
and
I
vote
I
as
well.
B
A
F
F
A
G
G
A
B
I
I
We
always
made
the
point
of
following
up
the
day
before
the
meeting
we
reached
out
to
her
yesterday
did
not
hear
from
her
we
reached
out
this
morning.
We
haven't
heard
back
from
her.
That
doesn't
mean
she
will
not
be
coming
through
the
next
minute
or
two,
but
I
just
wanted
to
let
you
know
why
she,
you
know
she's
not
available
yet
I'm
hoping
she
shows
up
in
the
next
couple
of
minutes,
but
I
just
wanted
to
kind
of
give
you
that
background.
Okay,.
B
B
N
They
also
included
in
that
bill
a
recognition
of
improved
public
agency
access
to
those
subject
to
the
Americans
with
the
Disability
Act
Ada,
and
this
is
pretty
much
a
ministerial
responsibility
now
it
requires,
as
you
see,
from
the
proposed
policy
and
resolution,
it
essentially
requires
us
to
post
on
our
agendas
access
information
for
those
with
disabilities
who
want
to
attend
our
meetings
as
I
say
it's
pretty
ministerial.
This
isn't
something
we
have
any
discretion
to
do,
but
it
does.
N
The
new
law
does
require
us
to
pass
a
to
take
action
to
adopt
a
resolution
of
this
kind.
It's
effective
as
of
January,
and
so
essentially,
what
this
will
do
will
be
to
designate
someone
at
the
office
of
Retirement
services
to
take
inquiries
from
those
with
disabilities
who
have
reasonable
requests
for
access
to
our
board
meetings
and
committee
meetings,
and
also
to
require
us
to
publish
that
information
at
the
top
of
each
of
our
agendas
and
we'll
work
with
staff
to
make
sure
that
we
get
that
language
correct.
N
B
B
B
B
O
N
We
have
the
opportunity
again
to
adopt
for
the
next
30
days
the
ability
to
meet
under
the
abbreviated
teleconference
provisions
of
ab361.
So
at
this
time
Mr
chairman,
it
would
be
appropriate
to
entertain
a
motion
to
make
the
findings
stated
in
the
materials
and
to
authorize
the
board
to
meet
for
the
next
30
days
in
closed
session.
N
E
B
Moved
so
we
have
a
motion
from
trustee
Linder.
Is
there
a
second
five?
Second,
it
we
have
a
second
from
Vice
chair,
Jennings,
any
discussion
by
trustees.
Any
public
comments,
Vice
chair
Jennings.
How
do
you
vote
I
trustee
Kelleher,
aye,
Rusty,
Linder,
aye,
Mr,
yavaski
hi,
my
vote
I
as
well.
The
motion
passes
we
will
continue
to
meet
under
ab361.
yeah.
N
If
I
may
miss
chairman,
yes,
this
30-day
extension
will
allow
us
will
carry
us
through
the
February
16th
board
meeting
and
if
we
adopt
the
same
motion
at
the
February
16th
board
meeting
that
will
carry
us
to
the
March
16th
board
meeting,
which
may
be
the
last
time
we
are
able
to
utilize
those
abbreviated
teleconference
rules.
So
we
should
be
able
to
at
least
get
the
next
before
the
governor's
declaration
expires,
we'll
be
able
to
have
the
next
two
meetings
of
the
board.
Subject
to
these
teleconference
Provisions
after
that,
I'm
not
sure.
B
B
B
Oh,
that
chair,
we
will
receive
and
file
them.
Thank
you
moving
forward
to
the
governance
committee.
This
is
chaired
by
Vice,
chair
Jennings.
It
looks
like
the
last
meeting
was
a
special
meeting.
The
next
meeting
is
a
special
meeting,
yeah
so
and
nothing
to
report
then
I
assume
and
we
can
receive
and
file
the
minutes.
Yes,
please,
and
then
the
audit
committee
also
the
last
meeting
was
a
special
next
meeting
is
a
special.
B
B
In
that
last
meeting,
okay,
all
right-
and
it
looks
like
we
do
not
need
to
receive
in
file
minutes
from
that
meeting-
apparently
not,
but
if
we
did,
we
would
receive
and
file
them
right.
Okay
and
then
finally,
The
Joint,
Personnel
committee,
again
Vice,
chair,
I,
believe
trustee
Chandra
is
the
vice
chair
of
this
committee.
I
B
B
No
final
positions
were
taken
on
the
nature
of
the
incentive
plan,
but
discussions
continue
a
pace
so
with
that.
If
there
are
any
questions,
we
can
hear
them
now
or
any
comments,
but
if
not,
we
will
receive
and
file
the
minutes,
and
this
joint
Personnel
committee
is
meeting
monthly
at
this
point.
So
the
next
meeting
is
February
9th.
B
Well,
we're
rapidly
moving
towards
the
close
of
the
meeting
item.
Eight
there
you'll
have
the
cortex
report
to
review.
If
there
are
any
trainings
and
seminars
you
wish
to
attend
and
the
calipers
a
general
assembly
is
coming
up
in
early
March,
you
know
if
you
want
to
make
any
comment
on
that
Mr
Pena.
I
Assembly
we,
we
still
are
waiting
for
the
agenda,
but
it
is
a
worthwhile
three
dates
meeting.
It
is
just
a
drive
away
here
in
Monterrey
about
an
hour
and
a
half
or
less
from
San
Jose
and
I
strongly
recommend
attendance
to
any
of
you
who
has
the
time
to
attend
this
meeting,
not
only
because
the
topics
or
discussions
are
always
worthwhile,
but
I
think
of
course,
I'm.
I
Not
a
trustee,
but
I
think
that
one
of
the
the
the
big
big
help
on
these
meetings
is
that
you
actually
get
to
know
and
to
meet
your
peers
across
the
state
and
can
compare
notes
about
plans
and
about
the
board
business.
So
I
think
you
can
learn
as
much
not
only
from
the
audience
of
discussion,
but
also
from
actually
reaching
now
and
meeting
new
peers
across
this
day.
I
We
need
to
check
on
that
I'm
planning
on
reaching
out
to
the
calipers
after
the
meeting
today
and
check
not
only
about
that,
but
also
about
the
agenda,
so
we
can
make
it
available,
but
it's
usually,
you
know
very
soon,
sometime
next
month,
so
we
should
really
be.
If
you
really
would
like
to
attend,
you
should
let
us
know
as
soon
as
possible.
Thank
you
right.
B
N
Well,
I
I
think
we
should
put
on
the
record
the
conversations
and
and
notices
that
were
given
by
staff
to
the
member.
The
members
acknowledgment
that
the
matter
would
be
heard
today
and
then
it's
really
up
to
whether
the
committee
wants
its
recommendation
to
go
forward
at
this
time
and
have
the
board
consider
it
or
whether
the
board
wants
to
put
the
matter
over,
but
I
think
we
should
put
on
the
record
the
the
the
the
notice
that
was
given
to
the
member
and
the
member's
acknowledgment
of
this
meeting.
N
I
I
don't
have
any
problem
from
a
fiduciary
standpoint
with
proceeding
in
the
absence
of
the
member
who
apparently
got
full
and
fair
notice
of
this
hearing
and
has
not
contacted
anyone
today
to
ask
that
it
be
put
over,
but
that
would
be
at
the
at
the
board's
desire
as
to
whether
you
want
to
proceed
today
or
not
or
afford
a
month's
delay
and
take
it
up
next
month.
Staff
may
also
have
some
views
on
that
as
well.
Mr
chairman.
B
C
To
hear
from
staff
just
to
understand,
if
this
is
an
extraordinary
I,
you
know
response
I
mean.
Is
this
something
unusual
from
the
person?
Is
this
the
typical
response
from
the
person
you
know
just
trying
to
understand
if
it's
beneficial
to
push
this
out
a
month,
and
if
we
might
have
a
similar
response
in
the
next
month.
I
I
was
told
this
morning
that
when
we
deal
with
this
case
at
the
disability
comedian
committee
session,
the
member
did
agree
the
week
before
to
attend
the
meeting
and
the
no
response
to
attends
by
the
by
the
staff
at
that
time,
the
day
before
the
meeting
and
the
morning
of
the
meeting,
but
she
did
show
up
she
did
calling
at
a
due
time
for
the
meeting,
so
she
was
available.
So
we
were
hoping
today
was
going
to
be
the
same
situation,
but
she
has
none.
I
So
you
know
I
just
assume
something
must
have
happened
to
the
member.
Obviously,
that's
just
I'm
speculating
I,
don't
know.
What's
going
on,
I
think
we
can
you
know.
We
certainly
is
on
the
record
that
we
did
reach
out
to
the
member
and
she
did
agree
to
a
Time
certain
for
today,
at
10
am
and
again
I.
Will
you
know,
recommend
to
you
board
to
defer
the
item
to
the
next
possible
time.
I
P
Yeah,
this
is
Sandra
Castellano,
the
benefits
manager,
I,
don't
have
anything
to
add
I,
think
Roberto
reflected
appropriately.
We
did
have
some
initial
challenges
at
the
committee
meeting
and
we're
hoping
that,
like
Roberto
said
that
this
would
be,
she
would
show
up
today,
but
it
doesn't
look
like
that's
the
case.
E
I'm
I'm
here
I
called
her
this
morning.
I
left
a
message:
I
called
her
again
a
few
moments
ago
and
I
left
a
message.
I
sent
her
three
emails
with
the
zoom
information,
so
you
know
this
is
what
we
always
do
before.
Meetings
I
I
do
take
responsibility
for
their
attendance
and
try
to
take
every
step
possible
to
assure
that
they're
going
to
attend.
I'm.
Sorry.
B
O
B
Okay,
we
have
a
motion
and
a
second
emotion
from
trustee
Kelleher,
a
second
from
trustee
Linder,
to
defer
this
to
a
future
time.
Is
there
any
further
discussion
from
trustees
or
any
further
public
comments
so
hearing
none?
We
will
vote
again
a
motion
to
defer
this
item
agenda
item
1.1,
disability,
hearing,
Vice,
chair
Jennings:
how
do
you
vote
aye
trustee
Kelleher,
aye
trustee,
Linder,
aye,
trustee,
avasti
aye
and
I
vote
I
as
well?