►
Description
City of San José, California
Federated City Employees' Retirement Plan Board of May 20, 2021
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=867263&GUID=7BE3D411-8649-4557-ADC6-E6125A4D5EAB
A
B
B
B
B
C
B
B
B
D
B
B
E
E
E
The
healthcare
trust
was
up
22.7,
and
this
comes
with
the
usual
caveats
that
these
are
unaudited
numbers,
and
these
are
estimates
and
so
subject
to
change
and
of
course,
as
as
trustees
would
have
noted,
volatility
has
picked
up
in
the
market,
so
anything
can
happen
between
now
and
june.
30Th
six
weeks
is
a
long
time,
but
so
far
we
seem
to
be
in
a
good
position
to
do
better
than
our
assumed
rate
of
return
with
that.
Mr
chairman,
unless
there
are
questions,
I'd
like
to
hand
this
over
to
brian
and
dinesh.
B
E
Good
morning,
so
this
is
the
pacing
plan
proposal
for
fiscal
year
2122.
As
a
reminder.
We
we
present
this
every
year
and
it
is
our
guidepost
for
how
much
money
we
will
commit
to
each
private
markets.
Asset
class
over
the
coming
fiscal
year,
with
the
objective
being
staying
reasonably
close
to
our
pacing
plan,
will
keep
us
reasonably
close
to
our
target
for
each
asset
class
for
the
asset
allocation
and
in
that
context,
particularly
because
we
have
discretion
over
making
investment
manager
selection
decisions
within
this
pacing
plan,
with
the
exception
for
venture
internal
investments.
E
E
So
when
we
look
back
on
on
the
previous
fiscal
year
or
the
one
that
is
ending
june
30th,
we
expect
to
have
completed
approximately
15
investments,
totaling
approximately
79
million
dollars.
That
includes
several
investments
that
are
in
negotiation.
So
these
numbers
could
fluctuate
a
bit
just
based
on
the
actual
consummation
date.
For
particular
investments
beneath
that
we
have
the
four
items
that
we
presented
in
last
year's
pacing
plan
that
guided
our
expectations
for
the
coming
year
and
what
was
remarkable,
of
course,
is
at
this
time
last
year.
E
Markets
were
in
quite
a
bit
of
turmoil.
It
was
very
uncertain
how
things
would
play
out,
but
we
felt
like
the
plans,
would
be
in
a
good
position
to
to
really
make
informed
decisions
about
particular
investments
and
have
perhaps
slightly
more
negotiating
leverage
than
in
past
years,
just
based
on
our
ability
to
deploy
capital
into
a
tougher
environment.
E
However,
as
as
the
monetary
and
fiscal
stimulus
kicked
in
and
markets
came
roaring
back,
we
were
able
to
identify
particular
assets
where
we
thought
there
were
attractive
risk
in
return.
But
on
some
of
the
other
elements
where
we
thought
we
would
have
significant
negotiating
leverage
that
didn't
necessarily
play
out.
E
However,
I
would
say
over
the
course
of
the
year
we're
fairly
positive
about
how
things
have
evolved
and,
in
particular,
in
recent
weeks,
there's
maybe
been
slightly
more
confidence
in
in
the
market's
ability
to
decipher
good
risk
from
bad
risk.
So
we'll
talk
about
a
little
bit
of
that
a
little
bit
more
before
we
get
into
the
actual
piece
and
data.
E
E
So
you
know
in
most
of
the
asset
classes,
we've
tracked
closely,
maybe
slightly
under
the
basic
plan
for
the
past
year,
though,
as
I
mentioned
before
in
recent
weeks
and
months,
we've
seen
more
attractive
deal
opportunities
come
through,
and
that
gives
us
some
optimism
about.
The
remainder
of
this
calendar
year,
maybe
I'll
go
hand
it
over
to
international
and
go
through
the
numbers
for
the
next
year's
pacing.
F
Thanks
brian
good
morning,
everyone
wanted
to
talk
about
the
piecing
plan
itself
and
ultimately
end
with
the
recommendation
so
starting
off
on
slide
six.
This
is
a
forecast
of
the
net
asset
values
for
the
next
10
years,
and
this
serves
as
the
foundation
for
creating
the
pacing
plan
and
what
you'll
see
at
the
top
is
that
the
federated
market
value
nav
forecast
is
about
20
higher
than
what
we
had
forecast
last
year,
and
this
shouldn't
be
surprising
because
of
the
increase
in
market
values
for
the
plan
as
a
result
of
rising
public
equity
values.
F
The
next
slide
slide.
Seven
goes
into
the
reasons
behind
this
change
and
again,
federated
is
at
the
top
of
the
page
and
you'll
see
that
it's
purely
due
to
changes
in
that
forecast.
There
are
no
changes
to
the
private
market's
asset
allocation
in
the
latest
asset
allocation
that
was
approved
by
the
board
on
slide.
Eight,
we
compare
the
current
positioning
relative
to
where
we
thought
we
would
be
last
year
and
federated
actually
is
almost
exactly
where
we
thought
so.
F
Last
year
we
thought
private
markets
nav,
as
of
june
30th
of
this
year,
would
be
at
409
million
dollars,
and
currently
we
expect
that
it
to
reach
408
million.
So
almost
exactly,
however,
as
a
percentage
of
the
overall
plan,
it's
going
to
be
lower
than
expected
because
of
the
increase
in
value
of
the
overall
plan.
F
So
last
year
we
thought
that
private
markets
would
reach
18
percent
of
plan,
but
now
it's
only
going
to
be
15
of
plan
because
of
that
increase
in
the
overall
plan
value
so
about
6,
underweight
to
the
private
markets
target
here
on
slide.
9
is
a
chart
that
looks
intimidating
but
is
actually
quite
simple
and
what
it
does
is.
F
So
what
you'll
see
is
that
is
that
the
dark
bars
on
the
left
are
the
actual
expected
exposures
for
each
of
each
of
the
different
private
asset
classes,
with
the
dark
orange
being
the
private
markets
proxy,
which
is
invested
in
the
russell
3000.
So
as
of
june
30th,
that
six
percent
underweight
shows
up
as
the
russell
3000
proxy.
F
The
lighter
shading
is
what
we
would
need
to
be
at
what
we
would
need
to
be
invested
in
in
each
of
the
different
private
asset
classes
to
be
exactly
at
the
targets.
So
what
you'll
see
is
that
over
time,
the
dark
bars
and
the
lighter
bars
start
to
get
closer
and
closer
as
time
goes
by
and
we
reach
that
maturity
level.
F
F
C
C
So
when
we
talk
about
the
pacing
plan
and
using
russell
3000
as
a
proxy
until
we
get
fully
allocated,
does
this
also
include,
I
mean
once
you
join
a
private
equity
or
venture
capital
fund
you,
your
capital,
is
usually
drawn
over
like
a
four
year
period.
So
during
that
period
of
you
know,
for
only
25
percent
invested
in
a
fund,
the
remaining
75
will
sit
in
the
russell
3000
as
a
proxy.
Is
that
correct,
correct
that
is?
Okay?
Okay,
that's
all
I
needed.
Thank
you
sure.
B
Dinesh,
could
you
go
forward
one
please
yeah
so
on
this
one,
I'm
a
little
slower
to
digest
this,
so
my
apologies,
but
is
there
any
significance
to
the
fact,
the
yellow
line
on
the
federated
dips
below
that
that
benchmark
zero
number
versus
police
and
fires
line,
which
is
all
above?
What
am
I?
What
am
I
seeing
there.
F
Sure
so
it's
really
a
function
of
the
difference
in
where
each
of
the
plans
are
in
the
maturity
of
private
markets.
So
police
and
fire
is
cash
flow,
positive
in
private
markets.
So,
since
they've
been
more
active
in
private
markets,
they
are
actually
generating
positive
capital
distributions
from
their
existing
investments,
so
those
are
paying
for
the
existing
for
new
investments,
as
well
as
distributing
additional
capital
back
to
the
plans,
whereas
the
federated
plan
is
not
as
mature.
F
That's
why
there's
a
six
percent
underway
to
the
plant,
the
private
markets
target,
whereas
police
and
fire
is
only
one
percent
underway
to
its
private
markets
target,
and
it
just
means
that
federated
is
more
balanced
in
terms
of
the
money
that
goes
in
and
out
of
the
private
markets
plan
and
you'll
see
in
2025
to
2027
the
bars
are
actually
below
zero.
So
that
means
that
in
those
years,
there's
expected
to
be
additional
capital
that
comes
out
of
the
exist.
F
E
F
B
E
It's
simply
whether
capital
is
being
deployed
or
distributed
back
to
us,
so
the
plan
can
still
be
generating
a
very
positive
return,
while
it's
quote
unquote
cash
flow
negative.
So
that's
the
first
thing.
The
second
thing
I
want
to
highlight
is
the
difference
between
what
that
you
see
today,
and
particularly
over
the
next
four
or
five
years
between
police
and
fire.
E
Federated
is
actually
based
on
investment
decisions
that
were
made
five
to
eight
years
ago
or
further,
so
in
particular,
federated
did
not
really
make
any
private
markets
investments
or
very
few
between
roughly
2011
and
2014-15,
and
that
gap
is
what
contributed
to
police
and
fire.
Having
just
more
distributions
now
than
federated
has
based
on
those
previous
commitments,
and
that's
why,
over
time,
once
you
get
to
the
20
30
year,
20
sorry
2029
to
2031
time
frame.
E
B
Okay,
thank
you.
That
makes
sense
as
you
go
forward,
especially
on
the
charts,
I'm
not
sure,
who's
driving
these
on-screen
presentation,
especially
for
the
charts
that
are
more
number
intensive
if
you've
got
control
of
the
cursor
and
you
can
highlight
what
what
did
it,
where
you're
going
with
your
eyes
that'll
make
it
a
little
bit
easier
because
I'm
I'm
fine.
I
have
I've
been
okay
so
far,
but
I
am
a
little
bit
behind.
F
If
there's
no
other
questions
I'll
go
back
to
this
chart
on
the
commitment,
pacing
plan,
so
actually
here
at
the
top
of
the
page,
is
the
federated
recommendation
for
approval
for
the
next
fiscal
year
and
before
we
enter
into
more
discussions.
I
wanted
to
talk
about
how
we
expect
to
deploy
those
contributions.
F
So
usually,
in
the
last
two
years,
we've
been
providing
some
guidance
on
how
we
expect
to
invest
this
piecing
plan
and
going
back
in
time.
Two
years
ago
we
had
very
specific
expectations
of
how
we
expected
to
deploy
capital
within
each
of
the
five
private
asset
classes,
and
that
was
because
the
program
was
still
being
built
out.
There
were
gaps
in
the
portfolio
and
we
were
still
building
out
diversification.
G
F
Of
a
steady
state
where
we
have
a
roster
of
managers
that
provide
the
core
exposure
to
each
of
those
different
private
asset
classes
and
every
time
that
those
managers
come
back
to
market
with
their
new
funds,
we
have
the
ability
to
decide.
Do
we
want
to
continue
working
with
them?
Are
they
continuing
to
perform
well
and
do
what
they
what
we
expect
them
to
do
and
at
the
same
time,
those
existing
relationships
can
sometimes
be
expanded.
F
F
We
spend
our
time
building
relationships
with
the
rest
of
the
funds
within
the
universe,
understanding.
What
are
the
differences,
both
quantitative
and
qualitative,
between
the
manager
that
we
had
chosen
to
invest
in
versus
the
others
that
were
perhaps
part
of
the
short
list
of
four
or
five
managers
that
we
were
most
interested
in,
and
this
is
really
useful
and
it
shows
up
in
some
of
our
recommendations,
because
when
there
there
might
be
a
point
in
the
future
where
we
want
to
make
a
switch
from
that
main
manager
that
we
had
invested
in
previously.
F
For
some
reason,
maybe
there's
improved
return,
expectation
or
a
different
nuance
to
the
strategy
that
makes
more
sense
in
a
new
environment
or
better
alignment
of
interest.
So
having
those
other
strategies
available
and
ready
to
invest
in
in
the
future
is
something
that
we
built
out
in
what
we
call
our
bench.
F
F
And,
lastly,
the
success
of
private
markets
is
really
driven
by
information.
It's
an
asset
class,
that's
quite
opaque
and
information
has
significant
power.
So
having
relationships
and
being
a
positive
contributor
to
the
marketplace
provides
all
kinds
of
a
halo,
effective,
different
positive
effects.
So
what
we
try
to
do
is
build
the
good
relationships,
be
a
good
partner
to
both
managers,
peers
other
service
providers
and
others
in
the
marketplace
like
brokers
and
helps
us
get
deal
flow
and
information
when
we
need
it
in
the
future.
F
So
that's
that's
a
summary.
So,
basically,
we
reached
a
steady
state
for
our
private
markets
portfolio
and
don't
have
any
specific
investments
that
we
expect
to
make
over
the
year.
It's
monitoring
where
the
best
relationships
and
investments
are
and
not
trying
to
invest
every
single
dollar,
necessarily
unless
there's
good
opportunities.
F
So
the
numbers
actually
there's
not
much
to
say
about
them.
It's,
for
example,
for
buyout
there's,
a
50
million
dollar
pacing
plan
commitment
amount,
venture,
30
million,
28
million
for
private
debt,
28
million
for
private
real
estate,
26
million
for
private
real
assets,
and
these
are
a
result
of
the
modeling
that
was
done
by
our
consultants.
F
So
for
the
buyout
program
that
was
done
by
newber
berman
for
the
other
four
private
asset
classes,
those
were
modeled
by
makita
investment
group
and
instead
of
using
their
documents
for
ease
of
simplification,
we
combined
it
all
together
into
this
into
this
summary.
So
this
section
in
yellow
that
sums
up,
262
million
is
the
result
of
the
the
work
that
the
consultants
have
done
and
we've
reviewed.
H
Hi
dinesh,
yes,
I
think
I
think
it
might
be
helpful,
there's
a
comment
or
some
some
more
context,
so
the
other
the
model
generated
figures
from
makita
they're,
not
significantly
different.
Maybe
it
just
jumps
out
on
the
buy
outside
the
new
burger
modeling.
Is
there
any
particular
highlights
you
can
share
with
the
group.
B
B
F
Sure
that's
helpful
yeah.
So
as
far
as
the
increase
in
value
there's
a
few
reasons
behind
this,
the
largest
is
the
increase
in
plan
values.
So,
as
we
saw
in
one
of
the
earlier
slides,
there's
a
20
percent
increase
in
expectation
of
the
nasa
value
for
the
overall
plan
and
as
a
result
that
needs
to
be
allocated
21
to
private
markets
and
over
time
that
continues
to
grow.
F
The
other
reason
that
these
change
over
time
is
because
each
fund
has
a
unique
drawdown
structure.
So
we
don't
control
when
investment
managers
exactly
make
their
investments
and
when
they
realize
their
investments.
There
is
some
flexibility,
as
trustee
chandra
had
pointed
out,
like
a
four-year
investment
period,
typically
for
private
funds.
So
what
the
model
does?
Is
it
recalibrates
itself
every
year
based
on
what
have
funds
actually
done?
And
what
do
we
need
to
do
in
the
future?
F
The
13
million
was
on
the
low
end,
so
we
had
made
those
investments
faster
than
expected,
however,
wanted
to
maintain
vintage
year
diversification.
So,
even
though
those
investments
already
been
deployed,
we
don't
want
to
be
out
of
the
market
necessarily
and
miss
out
on
potentially
good
vintage
years.
So
there
was
a
smaller
amount
and
since
there
have
been
realizations
the
increase
in
value
now
there
there
needs
to
be
50
million
committed
to
buy
out
for
the
fiscal
year,
and
there
is.
There
is
one
other
effect
also
for
for
bio,
particularly.
E
The
target
a
few
years
ago
was
actually
10,
and
so
when
the
we've
been
deploying
capital
charging
towards
a
10
allocation
of
buyout
and
then
the
board
reduced
the
target
to
to
eight
percent,
which
was
a
20
decrease.
So
we
had
to
quickly
readjust,
and
that
was
at
the
same
time
as
denex
mentioned,
that
you
know,
markets
were
changing
and
plant
level
that
was
changing.
B
B
B
A
B
E
Thank
you.
Thank
you,
mr
chairman.
Before
we
move
on,
I
just
want
to
inform
the
board
that
I
will
be
presenting
to
the
federated
retiree
association
on
thursday
june
10th
at
10
30
in
the
morning,
and
I
will
talk
about
our
the
way.
Our
portfolios
have
been
positioned,
our
asset
allocation
and
performance,
and
this
is
something
that
I
do
annually
and
I
look
forward
to
it.
B
J
Thank
you,
mr
good
morning.
Everyone
boy
this
meeting
is
going
fast
in
any
case,
just
if
you
bear
with
me
just
a
couple
of
minutes
of
updates
for
you
board.
First,
I
want
to
obviously
thank
the
the
board
and
investment
committee
for
the
investment
staff
for
the
excellent
job
that
they
have
done
so
far,
and
you
know,
as
prabhu
usually
promised
me
internally
at
25
for
this
year.
I
can
see
him
smiling.
J
Sure,
in
any
case,
so
let
me
update
you
on
the
on
your
vacant
position.
We
have
not
received.
No
one
has
actually
filed
an
application.
We
are
working
with
the
city
clerk
trying
to
make
sure
that
she
keep
us
informed,
and
I
know
sherry
parkman,
which
she
may
be
joining.
You
know
attending
the
meeting
as
usual
from
moyer
she's.
Our
city
liaison
also
has
been
very
helpful
in
reaching
out
to
the
city
clerk,
we're
hoping.
J
I
think
I
heard
recently
that
there
might
be
some
questions
from
my
union,
so
we
may
be
getting
an
applicant
soon.
I
don't
have
any
more
information
at
this
time,
but
that's
the
goal
I
would
say.
Ideally,
if
an
applicant
does
file
for
the
position,
then
the
goal
will
be
to
have
to
make
sure
that
the
city
council,
first
of
all,
if
it's
only
one
applicant,
there
wouldn't
be
any
election,
and
if
it's
just
one
applicant,
then
it
would
go
to
the
city
council
for
appointment.
J
J
They
actually
anticipated
a
shortfall
of
about
38
million
dollars
for
the
coming
fiscal
year,
21
22.
they
they
had
all
the
budget
meetings
last
week,
which
I
participated
for
our
portion.
There
were
no
questions
as
to
our
request,
so
now
we're
just
waiting
for
the
official
approval
of
the
budget.
Later
this
month,
you
may
recall
that
our
budget,
which
was
approved
by
both
boards,
included
an
increase
of
one
and
a
quarter
position
for
the
rs.
J
Now,
in
addition
to
that,
we
actually
requested
because
of
the
budget
situation,
the
the
the
city
still
has
a
freeze,
some
positions
that
are
vacant,
which
meant
that
we
have
to
request
some
freezing
to
vacant
positions
this
month
and
we
are
in
currently
in
the
search
for
a
brand
new
benefits
manager
and
we
are
working
on
also
having
a
benefit
specialist
search
to
commence
soon.
I
understand
brad
raise
his
ques
his
hand,
brad.
B
D
D
D
D
You
know
emails,
just
don't
cut
it.
I'm
just
gonna
be
blunt.
With
a
lot
of
these
things,
emails
don't
kind
of
return
phone
calls,
our
calls
aren't
being
returned.
This
is
just
to
me
it's
just
unacceptable
and
I
don't
need
to
to
sound.
You
know
negative.
There
are
a
lot
of
positive
things
about
the
department,
but
you
know
again
just
a
simple
acknowledgement.
I
I
requested
some
documentation
from
your
department.
I
copied
you,
mr
pena.
D
D
D
D
To
understand
our
frustrations
and
and
and
get
the
board
to,
you
know
have
some
fiduciary
responsibilities
and
getting
I
don't
want
to
remind
you,
you
brought
up
the
city
budget.
I
spoke
to
the
mayor
last
night
regarding
the
the
performance
of
the
federated
retirement
fund
and,
as
you
know,
trustees
it's
been
abysmal
and
this
this
affects
the
city
budget
because,
as
you
know,
the
retirement
funds,
the
fundraiser
fund,
is
a
mortgage
on
the
city
and
the
taxpayers.
D
So
unless
that
mortgage
is
paid,
no
city
services
can
get
paid.
So
again,
I
have
a
lot
more
to
say.
I
don't
want
to
take
any
more
of
your
time.
You
can
sense
my
frustration.
I
hope
I
can
get
a
call
from
you,
mr
pena,
so
I
can
just
discuss
it
with
you
personally
and
and
also
this
vacancy
again
with
another
trustee
as
another
troubling
thing.
I
know
you
went
around
this
the
last
time
it
took
forever
an
employee
representative
on
there
now,
there's,
obviously
something
wrong
and
things
are
going
on.
D
D
So
that's
a
good
thing
and
maybe
that's
a
bad
thing
so
again.
Thank
you,
mr
chair,
for
allowing
me
to
ramble,
but
I
think
it's
important
and
again
thank
you
for
for
making
these
meetings
available
to
the
public
and
if
another,
quick
thing,
if
I
could
make
it
by
may,
I
had
to
go
in
and
type
in
the
passcode
and
do
all
these
things.
Please
create
just
a
simple
link
for
the
public
and
beneficiaries
just
to
log
into
the
zoom
meeting.
D
J
J
We
are
much
quicker
communicating
by
email
done
by
phone
calls,
but
I
certainly
will
give
you
a
call
later.
We
did
receive
your
email
and
since
it
is
a
request
for
information,
we
really
have
10
business
days
to
get
back
to
you,
but
I
I
understand,
maybe
we
should
reach
out
to
you
right
away.
Let
you
know
we
did
get
your
email
we're
working
on
it,
and
so
that's
why
you
haven't
heard
back
from
us,
because
we
don't
have
a
final
answer
to
your
question.
J
J
Three
business
days
so
now
brad.
I
understand
that
that
that
may
be
too
long
of
a
time
for
remember
to
wait
depending
on
the
situation,
but
we
have
to
manage
the
requests
as
they
come
true
and
we
are
having
obviously
some
challenges
with
some
vacancies
in
the
office.
So
that's
not
to
say
that
we
can
always
do
better
and
we
strive
to
do
that.
So
we
appreciate
the
comments
and-
and
you
know
we'll
we'll-
definitely
disclose
those
issues.
D
I'm
sorry
to
interrupt
you,
but
36
hours,
48
hours,
that's
and
it's
all
totally
unacceptable
to
return
a
phone
call
and
again
not
to
mention
returning
emails.
I
think,
and
I'm
gonna
go
ahead
on
a
limb
again,
I'm
being
glenn.
You
know
I
think
staff
are
taking
advantage
of
this
situation.
I
really
do
and
there's
no
there's
no
excuse
for
not
having
staff
in
the
office.
D
B
J
So
if
you
may,
if
you
allow
me,
I'm
going
to
continue
with
your
update,
I
wanted
to
let
you
know
of
a
couple
of
hirings
that
we
have
made
at
the
office
one
of
the
positions
that
has
been
vacant
for
a
long
time.
Besides,
the
benefits
manager,
as
you
know,
is
it
was
one
of
the
senior
benefit
analyst
positions
and
we
hire
connie
malloy.
So
welcome
to
the
office
connie.
Actually,
we
are
quite
lucky.
Connie
comes
to
us
from
calpers
an
extensive
experience
with
calpers.
J
She
was,
in
fact,
the
manager
for
the
calpers
customer
office
in
san
jose
and
she
recently
retired
last
year
from
calpers
and
came
back
to
the
retirement
industry.
So
we
are
quite
lucky
to
have
someone
with
the
background
and
experience
that
connie
has
so
connie
welcome
to
the
office,
and
another
position
that
has
been
taken
was
a
benefit
analyst
that
we
recently
just
hired
and
promoted
someone
from
within,
and
so
congratulations
to
tommy,
where
she
was
elected
to
to
join
us
as
a
benefit
analyst
going
forward.
J
J
J
Despite
my
expectations,
as
we
had
the
last
couple
of
times
that
we
did
not
receive
any
bids,
we
did
receive
three
bids,
so
we
are.
Staff
is
working
through
that
and
we'll
be
coming
before
you
next
month.
With
the
recommendation
for
for
the
proposal
recommendation
for
action
in
terms
of
hiring
a
board
medical
advisor,
I
also
you
may
recall
I
sent
an
email
some
time
back,
encourage
you
to
if
you
had
the
time
to
join
the
city
council
study
session
on
pension
obligation
bond
that
happened
last
month.
J
I
believe
it
was
earlier
yeah
that
was
in
april
and
then
the
city
just
recently
provided
the
council
provided
to
the
city
direction
and
the
pob
so
they're,
moving
forward
with
that
process.
What
that
means
to
us
is
that
now
that
it
appears
the
city
is
going
to
continue
working
in
the
pob.
I
think
it's
important
also
that
you
as
a
board,
have
you
owned
this
session
in
reference
to
pension
obligation
bonds.
J
J
J
Obviously,
because
we're
not
fully
staffed,
and
we
want
to
make
sure
that
we
have
the
right
person
addressing
those
issues.
But
but
it
is
there
and,
as
as
members,
join
those
accounts
and
they
leave
questions
for
us
or
comments.
We
are
working
with
our
third
party
vendor
to
make
sure
that
we
can
get
back
to
any
time
with
any
requests
or
comments
or
ideas
they
may
have.
J
I
also
wanted
to
let
you
know
that
tomi
anushi
recently
announced
that
he
will
be
actually
shutting
down
cortex
at
the
end
of
the
calendar
year.
He
actually
you
know,
since
he
came
out
of
school
and
did
his
nba
cortex
as
it
has
been.
His
life
he's
actually
is
joining
a
public
pension
plan
in
canada
and
so
he's
winding
down
the
cortex
operations.
J
J
It
will
be
to
work
with
the
joint
president
committee
on
on
the
ceo
and
cio
performance,
annual
performance
review
process
and
the
and
the
mod
review
process
for
2021,
and
but
he
managed
to
say
you
know
he
will
be
winding
down
operations
as
a
december
31st
of
2021,
and
in
closing
I
want
to
let
you
know.
Obviously
you
all
probably
have
heard
the
june
15
date
from
the
from
the
state.
There's
going
to
be
has
been
an
increase
in
vaccinations
in
the
state
and
a
decrease
of
carbon
19
issues
and
obviously
many
of
the
counties.
J
Although
they're
not
fully
open,
they
are
improving
and
so
senior
staff
remains
working
with
the
city.
The
city
is
having
discussions,
and
so
I
will
keep
you
posted
as
there
are
more
developments,
but
suffice
to
say
that
you
know
I
think,
the
the
the
process
to
to
kick
off
a
way
to
to
start
getting
back
to
the
to
the
office.
J
Even
if
it's
on
a
hybrid
approach,
then
that
has
initiated.
So
I
will
keep
you
posted
on
any
particular
dates,
and
I
just
also
want
to
let
you
know
staff
just
corrected
me.
We
are
in
fact
hosting
to
social
media
as
we
speak
on
the
soft
launch,
so
that
in
itself
concludes
my
my
comments.
Mr
share,
I'm
happy
to
answer
any
questions
that
you
may
have.
K
Chairman
custody,
I
know
I
I
did
have
a
quick
question.
Yes,
please
for
ceo
pena,
the
public
caller
raised
an
issue.
It
was
a
bit
garbled
by
transmission,
but
I
inferred
that
he
was
trying
to
say
possibly
that
there
are
applicants
for
the
employee
trustee
position
that
are
somehow
not
being
considered.
K
J
J
J
There
was
a
lot
of
work,
a
lot
of
information
and
and
that
they
know
really
a
lot
of
knowledge
that
was
required,
that
they
didn't
have
at
least
an
investment
side
or
the
actual
side,
and
that
he
made
occupy
or
take
a
a
a
sizeable
size
or
time
of
their
working
day
to
actually
do
the
business
of
the
board.
So
I
think
because
of
that
situation,
whether
that's
a
misconception
or
not,
I
don't
know
that,
but
I
think
that
really
worked
against
us,
and
so
the
member
that
just
spoke
brad
is
correct.
J
A
Speak
to
this
so
yeah,
I
am
an
employee.
I
work
for
parks,
direct
and
neighborhood
services.
I
have
been
18
years
with
the
city
and
my
background
is
budget.
It's
always
been
budget
for
almost
my
entire
career,
fiscal
et
cetera.
I
have
a
bachelor's
of
master's
in
economics,
so
I
try
to
you
know
fit
in
this
world
a
bit,
but
you
know
I'm
kind
of
like
trustee,
castillo
and.
B
A
A
So
I
have
reached
out
to
a
number
of
people
and
no
one
has
taken
shown
interest
except
one
person
referred
to,
and
I
did
just
send
that
to
you
so
that
person
in
d.o.t
and
is
interested
might
end
up
being
our
trustee,
because
I
think
that
might
be
the
only
person.
But
it's
you
know
you
don't
get
paid
it's
just
more
and
I
find
it
interesting.
Personally,
I
find
this
interesting.
I've
been
doing
budget
for
18
years.
A
This
is
something
very
different
and
I
find
it
and
also
I
like
that
fact
that
I
know
what
is
going
on.
So
when
I
do
retire,
I
I
can
be
feeling
comfortable
with
the
process,
but
it
takes
a
unique
person
and
there
were
a
number
of
people
who
tried
to
recruit
me
over
a
couple
years
and
then
the
physician
flip
open
that
la.
K
Yeah,
I
think
so
I
just
wanted
to
make
sure,
and
I
wasn't
sure
quite
what
the
caller
was.
If
he
was
trying
to.
You
know,
say
something
that
he
wasn't
quite
saying:
we're
not
doing
anything
to
discourage
people
or
to
filter
people
out
or
to
say
that
you
need
certain
requirements
or
putting
any
roadblocks
in
the
way
of
people
who
might
be
interested
in
serving
and.
A
B
A
J
B
Mr
pena,
just
I
want
this
one
topic.
I
heard
rich
said
earlier
that
if
there's
one
applicant,
they
don't
have
to
go
through
a
process,
and
that
makes
sense
the
only
thing
that
since
they
don't
have
an
app,
I
was
looking
at
the
posting
last
night.
They
don't
seem
to
have
a
deadline,
and
so,
if
they
have
one
applicant,
will
they
cut
it
off
as
soon
as
they
get
the
one
and
disappoint
that
person
or
they're
gonna
set
a
deadline.
J
B
J
Yeah
so
police
on
fire,
we
have
one
federation,
we
have
one
and
then
sometime
later,
I'm
assuming
september,
but
I
don't
know
the
dates
yet.
I
don't
know
if
it's
august
september
october
there
is
a
plan
as
as
the
city
works
in
in
the
pov
process,
to
have
a
joint
meeting
within
the
boards
and
the
city
council.
B
You
and
yeah
I'll.
Just
reiterate
your
welcome
to
connie
who
I
see
is
online
welcome
connie.
I
saw
your
camera
come
on
just
for
a
moment,
but
I
wanted
to
also
yeah
welcome
and
then
congratulations
to
tammy,
who
I
don't
believe,
tammy's
online,
but
yeah.
Thank
you.
Roberto
for
mentioning
those
and
yeah.
It's
good
to
good
to
have
the
staff
promotions
are
good.
I
know
you've
got
the
trickle
down
the
cascading
effect
of
his
promotions
but
yeah.
J
B
B
I
don't
see
you,
yes,
that's
correct!
Okay!
Thank
you.
All
right,
5c
discussion
in
action
on
authorizing
the
ceo
to
negotiate
and
execute
the
second
amendment
to
the
agreement
with
marty.
Boyer
communications
advantage
to
extend
the
term
of
the
agreement
through
june
30th
2022
and
increase
the
maximum
compensation
payable
and
agreement
by
25
000
to
75
000.
J
So
I
I
will
turn
it
over
to
barbara,
but
before
she
actually
presents
the
item
I
just
wanted
to
let
you
know
just
two
things:
the
the
25
to
75.
Is
it's
really
25
000
every
year
so
because
the
21
22
year
we
had
third
year,
that's
a
a
total
of
75
000..
It's
not
that
we're
asking
for
75
000
for
this
year.
The
second
one
is.
This
is
the
first
time
that
this
contract
is
coming
before
you
board
for
approval.
J
The
reason
for
that
is,
I
have
a
ceo
authority
to
approve
up
to
fifty
thousand
dollars
in
the
in
contracts,
either
on
a
one
year
or
over
a
two
year
span,
which
is
what
I
did
with
the
communications
consultant.
Those
two
years
are
over
now,
so
anything
beyond
that.
I
have
to
come
before
you
board
for
approval,
so
with
that
I'll
turn
it
over
to
barbara.
G
The
ceo
negotiated
and
contra
executed
a
one-year
agreement
with
marty
boyer
of
communications
advantage
for
an
amount
not
to
exceed
25
000..
In
july
2020,
the
ceo
extended
the
term
of
the
agreement
by
one
year
to
june
30th
2021
and
increased
the
maximum
compensation
payable
under
the
agreement
by
25
000
to
and
not
to
exceed.
50.
G
Now,
as
roberto
mentioned
per
the
board's
policy,
the
ceo
is
authorized
to
enter
into
contracts
up
to
fifty
thousand
in
value
over
the
term
of
a
contract.
Any
contract
above
this
amount
requires
board
approval
and
board.
Approval
is
also
required
for
any
contracts
that
would
result
in
a
cumulative
contract
value
with
a
single
vendor
above
50
000
over
two
consecutive
fiscal
years,
which
is
the
case
with
this
contract.
G
This
memo
is
requesting
approval
issued
and
execute
a
second
amendment
to
the
agreement
with
marty
boyer
of
communications
advantage
to
extend
the
term
of
the
agreement
through
to
june
30
2022
and
increase
the
maximum
compensation
payable
under
the
agreement
by
25
000
to
75
000
and
now,
as
roberto
also
mentioned,
the
board
did
adopt
a
communication
plan
at
their
may
2020
board
meeting.
The
communication
plan
includes
such
things.
As
you
know:
the
newsletter
social
media
posts
and
blogs
educational
videos,
email
outreach,
etc,
which
we
anticipate
market
marty
working.
J
B
Okay,
so
mr
payne
just
one
question,
so
I
I
think
I'm
somewhat
familiar
with
the
work
she
marty
boyer
is
doing
to
help
retirement
service.
Is
this?
Is
this
something
we're
going
to
continue
to
do
on
an
ongoing
basis,
or
was
there
development
or
we're
still
doing
some
development,
or
this
is
now
an
ongoing.
J
I
think
it's
gonna
be
I
I
can
see
this
the
next
couple
of
years.
I
think,
where
she's
gonna
be
she's
actually
very
helpful
on
our
newsletter,
but
also
as
we
develop
our
social
media
platform.
I
think
that
we're
going
to
you
know
also
use
the
expertise
by
our
communication
consultant,
so
until
we
can
have
a
fully
developed
social
platform
and
fully
staffed
to
be
able
to
manage
that
function,
I
think
that
we're
going
to
rely
on
having
these
contracts
on
the
annual
basis.
I
can
foresee
this
next
year.
B
Okay,
thank
you
very
much.
In
the
greater
scheme
of
things,
it's
not
a
large
amount
and
I
certainly
value
the
work
in
in
terms
of
the
communication
efforts
with
the
beneficiary.
So
I
I
fully
support
this
agreement.
Are
there
any
questions
of
mr
payne
or
mrs
heyman
before
we
entertain
a
motion,
or
should
we
just
entertain
a
motion?
A
second.
H
I
would
just
add
to
chairman
castiano,
I
just
like
to
add,
I
remember
seeing
the
original
presentation
sort
of
the
rollout
of
the
modeling
of
the
program,
so
I
would
think
to
what
you
were
just
adding
asking.
I
think,
sometime
in
2022,
I
guess
before
june
30
2022,
so
maybe
in
q1
or
something
that
we'd
be
able
to
kind
of
review.
What
the
program
and
plan
might
look
like
as
we
go
forward,
because
I
think
it'll
probably
change
quite
substantially
from
what
we
saw
at
that
very
outside.
B
J
I
agree
yes
and
that's
a
very
good
question,
trustee
or
and
in
fact
our
plan
is
to
to-
I
think
we
actually
made
a
presentation,
an
update
on
the
strategic
plan.
Some
time
back
and
I
think
our
goal,
barbara
correct
me
if
I'm
mistaken
here,
but
I
think,
is
to
provide
an
update
every
six
months.
Is
that
our
goal,
barbara.
B
B
B
B
H
B
G
Deputy
director
again,
and
so
this
memo
is
requesting
board
authorization
for
the
ceo
to
extend
the
term
of
the
med
link
agreement
to
december
31st
2025,
the
board
uses
two
ime
or
independent
medical
examiners
for
disability
applicants,
med
link
and
exam
works.
In
january,
the
board
approved
extending
the
services
of
exam
works
to
december
31
2025.
G
The
current
med
link
contract
is
due
to
expire
this
month,
there's
approximately
about
50,
pending
disability
applicants,
which
may
need
an
ime
report
to
be
completed,
and
at
this
time
no
additional
budget
is
being
requested.
This
memo
is
just
requesting
board
authorization
for
the
ceo
to
extend
the
term
of
the
midland
agreement
to
december
31st
2025.
B
All
right
can
I
get
a
motion
in
a
second
to
authorize
the
ceo
to
negotiate
and
execute
a
second
amendment
to
the
agreement
with
medlink
extending
the
term
to
2025.
so
moved.
Thank
you
very
much.
Vice
chair
horowitz
I'll.
Second,
that
trust
second
by
trustee
kelleher.
Thank
you
very
much
any
other
discussion.
H
B
J
A
Roberto,
I
had
a
quick
question
on
that,
just
because
I
was
reading
through
that
whole
thing,
and
so,
when
we
look
through
it
there's
a
piece
that
goes
through
tier
one
tier
two.
What
the
member
is
the
reclassified
tier
one
blah
blah
classic
and
then
to
the
city
piece
of
it
and
the
cola
am
I
confused-
is
the
cola
for
tier
one
different
than
the
cola
for
tier
two
yeah?
J
No
any
tier
one
member
like
yourself
when
you
retire
the
cola,
it
will
be
a
tier
three
so,
but
the
members
that
are
on
the
tier
two,
their
cola
is
not
a
three
percent
fixed
is
based
on
the
cpi
for
the
san
francisco
oakland
san
jose
area
going
forward
so
there
and
this
I
believe
it's
the
top
of
barbara
correct
me.
Is
it
two
percent
or
25.
J
J
A
A
J
A
B
J
Yeah
I
just
wanted
to
mention:
cheryl
just
joined
us
and
cheryl
trustee
jennings.
I
don't
know
if
you
have
the
answer
to
this
question.
The
the
the
boar
is
considering
action
on
the
resolutions
that
include
officially
the
contribution
rates
for
the
fiscal
year,
21
22,
which
are
the
rates
for
the
members
and
the
city
and
as
usual
I
explained
that
over
the
past
few
years
the
city
has
selected
two
pre-fund
tier
one
contributions,
but
not
tier
two,
and
so
she
was
asking
me
the
reason
for
that.
J
E
So
thanks
thanks
roberto
and
I
I
was
listening,
but
I
wasn't
on
the
zoom
so
then
I
just
I
tried
to
get
in
here
as
quickly
as
possible.
So
thank
you
trustee
jennings
for
the
question
you
know
several
years
ago,
when
we
did
implement
tier
two,
there
was
a
decision
that
we
were
not
going
to
prepay
it
based
on
the
much.
E
I
guess
you
can
say
that
it's
a
definitely
a
a
less
significant
contribution
for
tier
two
and
so
the
discount
that
we
would
receive
from
that
prepayment
is
not
something
that
would
be
significant
enough
that
we
wouldn't
just
pay
on
a
bi-weekly
basis.
However,
as
you
can
see
from
some
of
the
calculations
for
the
pre-funding
discount
for
our
tier
one
pension-
and
we
do
this
both
in
federated
and
in
police
and
fire,
it
is
a
significant
amount.
That
is
a
reduction
in
that
in
that
rate.
E
So
that's
why
we
do
choose
to
pre-fund
tier
one.
On
occasion,
as
roberto
mentioned
during
this
meeting,
there
are
years
where
we
don't
choose
to
pre-fund,
based
on
our
on
our
calculations
of
if
it's
going
to
make
sense
for
us
as
a
city.
So
it
is
an
annual
analysis
that
our
finance
department
does
do
just
to
make
sure
that
it
makes
sense
for
for
all
parties
involved
and
happy
to
answer
any
more
questions.
E
E
Yeah-
and
I
can
I
can
100
answer
that
question
when
we're
negotiating
wage
increases
with
our
bargaining
units
here
at
the
city.
We
we
refer
to
that
as
a
general
wage
increase
and
general
wage
increases
are
applied
to
any
of
the
employees
in
the
classifications
that
are
represented
by
the
unions
that
we
are
agreeing
to
so
a
general
weight,
and
that's
why
we
use
a
different
terminology.
E
The
general
wage
increases
are
different
than
the
retirement
coal,
as
the
retirements
are
always
going
to
be
based
on
the
tiers,
and
so
they
are
different
and
barbara
was
absolutely
right.
It
is
a
a
cascading
federated
tier
two
cola
that
goes
up
to
two
percent
based
on
your
years
of
service.
However,
if
we
negotiate
a
general
wage
increase
with
a
union,
that's
going
to
affect
all
members
of
that
particular
union.
E
So
my
understanding
of
the
resolutions
as
they're
on
the
board
today
and
barbara
and
roberto
feel
free
to
correct
me
is
that
that
is
the
contribution
rate
that's
assigned
to
the
cola
for
the
city,
so
we
paid
that
amount
to
fund
the
colas
for
our
present
and
future
retirees.
So
chiron
comes
up
with
a
contribution
rate
to
help
us
fund
that
cola.
So
you
know
when
you're
talking
about
these
different
rates,
tier
one
employees
get
a
three
percent,
but
to
fund
that
that
amount.
E
J
A
E
That
is
absolutely
right
and
the
general
right
yeah.
If,
when
that,
when
that's
worked
out
between
the
city
and
the
bargaining
units
that
will
be
taken
to
city
council
in
a
different
thing,
so
you
that
would
not
come
to
the
retirement
boards
for
approval.
That
would
only
go
to
city
council
for
approval,
so
the
retirement
boards
are
never
going
to
be
approving
a
general
wage
increase
for
for
the
city.
Just
so
you're
aware
of
what
you're
going
to
see
down
the
road.
A
J
J
So
what
you
see
there
is
the
the
cost
of
the
present
value
of
the
of
of
providing
that
cola
that
three
percent
fixed
code
for
tier
1
members
now
and
in
the
future,
and
you
know
given
the
assets
that
we
have
on
hand
today
there
is
a
difference.
You
know
a
sign
of
the
normal
cost,
plus
they
fund
the
liability
value,
and
so
when
they
do
the
actuary
calculation,
it
comes
out
to
5.87.
J
A
J
E
Right
because
your
three
percent
is,
is
not
always
going
to
cost
the
same
amount
because
it
is
a
compounding
amount.
So
your
cost
of
everyone's
three
percent
continues
to
rise,
and
so
the
city
needs
to
put
as
much
money
as
they
need
to
into
the
fund
to
keep
paying
for
these
costs.
That
rise.
So
that's
why
each
year
you're
going
to
see
a
different
amount
in
the
resolutions
that
you
approve,
so
that
we
can
pay
out
those
those
same
three
percent
colas.
A
B
B
B
I
A
B
J
B
A
A
A
A
J
J
They
have
worked
with
the
third
party
vendor
on
the
on
the
new
website,
and
so
I
do
want
to
thank
them
for
their
efforts
and
their
work
so
far,
and
so
the
idea
this
morning
is
to
just
kind
of
give
you
a
flavor
for
what
how
that
website
is
going
to
to
look
going
forward
the
goal
here.
First
of
all,
let
me
just
say
this
is
a
never
ending
project,
meaning
that
we
will
continue
to
make
sure.
J
J
J
I
do
encourage
you
and
you
should
know
I
told
staff.
I
would
think
that
you
boy
will
ask
more
questions
of
the
police
on
fire.
So
don't
don't
make
me
look
bad,
so
I
encourage
you
to
ask
questions,
engage
and
and
make
sure
you
know.
The
idea
here
is
to
give
you
a
flavor
and
hopefully
to
get
ideas
from
you.
Is
there
any
thoughts
and
issues
that
we
should
consider
going
forward
so
with
that
I'll
turn
it
over
to
barbara
and
iran.
L
L
So
before
I
share
my
screen,
I
wanted
to
just
give
you
a
little
background
to
design
and
get
ideas
from
the
website.
We
first
researched
websites
of
our
peers
and
other
organizations
that
are
similar
to
our
own.
We
got
inspiration
from
what
they
have
and
then
decided
if
it
if
it
would
be
a
good
fit
for
us
as
well.
L
So
I'm
going
to
which
I'll
share
my
screen
in
about
a
minute,
keep
in
mind
that
what
you're
most
of
what
you're
about
to
see
is
just
a
work
in
progress.
As
roberto
mentioned,
it's
it's,
the
site
is
not
working
yet
a
lot
of
the
functionality
doesn't
exist
and
some
icons
are
just
simply
temporary
placeholders,
for
what
will
eventually
exist
the
functionality
that
that
will
exist,
but
most
of
what
I'll
show
you
will
work
when
the
site
eventually
does
go,
live,
which
we
predict
will
be
next
month.
L
L
If
you
see
I'm
going
to
scroll
left
and
right-
and
you
can
see
some
alerts
that
we
can
have-
we
can
have
also
no
alerts
if
we
want
so
these
are
we
control
we're
going
to
control
these,
and
if
I
click
on
on
this
alert,
it's
going
to
take
me
to
some
information.
You
know
that
the
fact
that
the
office
is
closed
and
we're
dealing
with
you
know
we.
L
We
were
basically
dealing
with
emails
and
voicemails
and
that's
what
we're
doing
business
ever
since
march,
17
2020,
but
other
you
know
other
than
that.
So
we
you
know
when
when
we
go,
do
it
back
to
the
office
and
life
does
resume
to
semi
normal.
We
can
always
take
this
off
and
it
won't
be
there
anymore.
This
is
the
icon
for
the
home
page.
Where,
from
anywhere
in
in
the
website,
you
can
you
can
click
on
this
it'll.
L
Take
you
to
the
homepage,
and
I
wanted
to
mention
before
I
continue
this
entire
section,
what
I'm
highlighting
here
from
this
menu
where
it
says
members
to
about
us
and
up
upwards
this
entire
section.
This
is
called
the
header,
and
this
will
always
be
present,
no
matter
where
you
are
on
the
website.
So
no
matter
what
page
you're!
L
Looking
at
what
information
you
know,
you
can
see
all
these,
but
if
you
go
up,
you'll
always
be
able
to
navigate
and
see
the
most
commonly
requested
information
which
you
know
which,
which
is,
how
do
you
contact
us?
The
office
hours
of
an
email
address
the
phone
number
we
have
here:
special
sections
for
policing,
fire
and
federated.
Of
course,
this
needs
to
this
is
going
to
be
formatted
nicer
this
and
look
nicer
than
it
is
right
now.
L
The
upcoming
board
meeting
section
is
right
here
where
we
have
again
is
also
going
to
look
much
nicer
than
it
is
than
it
does
right
now
the
upcoming
board
meeting
and
clicking
on
the
on
the
upcoming
board
meeting.
Will
you
know,
take
you
to
a
page
where
it's
gonna
give
you
all
the
event:
information,
the
agenda,
the
the
zoom
link
and
everything
else
or
the
meeting.
L
If
you
actually
go
into
the
website,
while
a
meeting
is
occurring,
it's
going
to
have
some
kind
of
it's
gonna,
either
flash
or
show
you
know
happening
now
and-
and
you
can
just
go
in
immediately
to
the
meeting.
So
I
think
someone
mentioned
before
that
it's
kind
of
hard
to
know
where
the
voting
are
with
this
website.
It's
gonna
be
very
easy,
very
easy.
A
L
Basically,
what
we'll
show
is.
Let
me
just
show
you
what
I'll
show
you
a
calendar
with
all
of
the
events
that
we
have,
for
instance,
this
is
may
and
we
have
the
two
board
meetings
and
we
have
the
dates
of
the
pension
check,
mailed
and
the
direct
deposit
happening,
and
this
is,
I
think,
what
most
people
want
to
know
when
they're
going
to
get
their
money,
but
in
the
in
the
future,
of
course,
we're
going
to
have
seminars.
L
You
know
we
have
some
they're
all
going
to
show
up
in
this
calendar
and
one
click
it'll
be
able
to.
You
know:
you'll
be
able
to
go
up
into
the
meeting
details
and,
of
course
here
there's
nothing
right
now,
but
it's
going
to
be
like
a
picture
and
there's
going
to
be
a
zoom
link
here
and
and
the
agenda
and
everything
here.
So
this
is
just
wanted
to
show
you
an
example.
G
L
Home
page,
I
wanted
to
show
you
this
top
bar
right
here
again.
This
is
showing
the
most
commonly
asked
for
when
do
we
get
paid
right?
When
do
the
pension
check
get
mailed
and
when
do
the?
When
is
the
deposit
made,
and
so
this
is
very
easy,
very
simple.
It's
always
showing
on
every
page
this
a
plus
a
minus,
is
to
be
able
to
increase
and
decrease
the
font,
so
some
people
with
visual
imperatives
my
need
to
increase
and
decrease
the
font.
They
can
do
that
with
this.
L
This
is
a
translation.
They'll
be
able
to
translate
any
language
they
choose
again.
This
doesn't
work
right
now,
but
this
is
where
it
will
be
search.
We're
going
to
have
an
upgraded
search
by
keyword.
You
can
search
for
any
kind
of
topic
topic
that
you're
looking
for
and
it'll
show
up.
All
it'll
show
all
of
the
relevant
information,
and
even
if
the,
even
if
the
keyword
that
you're
looking
for
exists
inside
a
pdf,
it's
going
to
show
that
pdf.
L
So,
even
if
it's,
if
it's
inside
a
document
that
we
posted,
is
going
to
show
that
here
is-
and
I
want
to-
I-
actually-
I
want
to
make
this-
I
want
to
button
larger,
so
it
sticks
out
more.
But
at
the
moment
it's
here
and
these
are
going
to
be
the
top-
I
guess
15
or
14.
I
don't
I
don't
know
how
many
we
have
here
things
that
people
want
usually
ask
us
to
do
right.
So
if
it's
and
we
can
change
these
right,
we
can
move
this
one
right.
This
one
left.
L
We
take
this
one
down,
for
instance,
to
calculate.
If
all
of
a
sudden
we
determine
that
it's
not
very
popular,
we
can
we,
we
have
full
control
of
of
these
items
of
most
of
what
you're
seeing,
but
these
are
at
the
moment,
the
ones
that
we
think
are
the
most
popular
requests
that
we
get
when
you
click
on
these,
it's
going
to
go
to
the
appropriate
information.
Obviously
the
appropriate
page.
L
L
This
portal
that
we
have
exists
right
now,
part
of
our
pension
administration
system,
other
than
that,
like
I
mentioned,
this
is
special
areas
for
both
fed
and
police
and
fire
they're
not
complete
at
the
moment,
but
they're
going
to
have
all
the
menus,
all
the
necessary
information,
depending
on
the
fund
that
the
person
is
in
and
and
this
is
our
main
menu
here.
So
this
is
our
menu.
L
If
your
member
and
your
police
on
fire
or
your
federated,
you
go
into
members
federated
active
and
then
you
can
just
get
more
information
if
you
want
to
know
about
your
benefits,
choose
one
of
these.
It's
very
easy,
nice
and
easy
way
of
drilling
down
to
the
information
that
you're
looking
for
categorize
by
subject
by
topic,
we
have
frequently
asked
questions
that
we're
going
to
also
come
up
with
and
forms
are
here
same
for
retirees
beneficiaries.
L
L
If
you
wanna
see
just
a
nice
page
that
we
created
for
you,
I'm
sure
you
recognize
some
of
these
faces
and,
of
course,
we
can
also
click
on,
for
instance,
chadra
and
learn
more
about
him.
If
anurag
chandra
provides
more
information
that
he
wants
that
we'd
like
to
post
here,
we
can
always
provide
more
information,
such
as,
if
he
has
a
linkedin
profile
that
he
wants
to
share
here
or
email
address
or
anything
else
we
can,
we
can
we
can.
L
We
can
definitely
put
it
in
put
it
on
here,
and
we
have
here
the
list
of
consultants,
as
you
can
see,
makita
grant
thornton
all
the
information
is
very
available,
very
easy
to
get
to,
and
you
know
we're
having
we're,
not
information
here
about
board
elections
and
the
meeting
schedules,
and
everything
here
are
the
investments
and
reports
the
policies,
performance,
cafers,
passwords,
everything
that
we
think
again
per
fund.
It's
very
easy
to
know
to
navigate
per
fund
forms
publications,
any
news
and
events.
L
Of
course,
the
newsletters
that
we
publish
are
going
to
be
here
and
about
our
office.
If
anybody
wants
to
kind
of
find
out
more
information
about
our
office
about
who
our
employees
are
how
to
contact
us
and
so
forth,
that's
all
here
and
if
we
go
back
to
the
main
menu
or
the
home
page.
Let's
do
that
again,
the
next
section
that
we
have
are
banners.
L
So
these
are
just
banners
that
I
put
in
here
just
for
as
an
example
city
hall.
Obviously,
as
you
recognize-
and
we
could
have
different
banners
here-
that
we
think
are
important,
for
instance,
if
we
want
to
communicate
something
you
can,
we
can
put
it
here.
You
know,
for
instance,
open
enrollment
is
coming
up
two
months
from
now
get
ready
or
something
like
that,
and
we
can
also
you
know.
L
This
is
an
example,
create
your
member
direct
account
and
click
here.
It'll
take
take
you
to
the
section
where
you
create
your
member
direct
account.
We
can
have
as
many
of
these
as
we
want,
and
the
user
can
always
just
scroll
with
the
arrows
left
and
right
and
you
know,
decide
what
they
what
they're
interested.
In
the
other
thing
I
wanted
to
mention,
we
have
these
two
buttons.
I
don't
know
if
you
notice
them,
or
these
two
by
feedback
and
chat.
L
L
So
if
you
feel
like
filling
out
a
survey,
a
customer
service
survey,
how
are
we
doing
or
can
we
do
better
or
any
suggestions
you
can
at?
Will
click
on
this
button?
It'll
show
up
again
it
doesn't
work
right
now,
so
I
can't
demonstrate
it
for
you,
but
this
is
where
it's
gonna
be,
and
it's
gonna
show
up
it's
going
to
pop
up
a
survey
which
you
can
fill
out
and
complete
and
and
then
we'll
get
to
we'll
get
the
results
of
those
surveys.
L
A
chat
will
open
up
a
chat
box
that
during
business
hours
and
during
business
hours,
will
be
routed
to
our
office
personnel
and
then
anytime
during
business
hours.
Somebody
can
just
chat
and
some
people
are
more.
They
feel
more
comfortable
with
chatting
instead
of
calling
leaving
a
voicemail
or
sending
an
email.
A
So
many
of
us
are
used
to
that.
You
know
when
you're
on
amazon
or
when
you're
on
any
of
these,
with
the
chat
and-
and
sometimes
you
know
that
is
instantaneous
or
sometimes
it
is
they
just
send
you,
you
know
kind
of.
Can
the
answers
and
stuff
like
that
so
on
the
chat?
Is
it
going
to?
Is
there
like
you're
going
to
get
someone
right
away
or
you've
got
to
wait
to
it?
A
Is
it
going
to
be
like
feedback
like
it
says,
an
email
and
you
have
to
wait,
or
are
you
going
to
get
an
answer
in
the
next
five
minutes
or
three
minutes?
I
mean
people,
don't
have
a
lot
of
time
when
you
know
you're
doing
a
chat
you're
like
hey.
I
don't
want
to
pick
up
the
phone,
but
I'll
do
this
online
as
long
as
it
works
and
it's
community.
A
L
Right
so
my
answer
to
my
answer
to
that
is
this:
we
definitely
need
to
explore
exactly
what
kind
of
personnel
we're
gonna
need
for
this.
If
we
can
use
the
existing
personnel
and
it
works
well,
then
we're
gonna
definitely
use
it,
but
it's
good
to
know
that
we
can
have
it.
We
can
always
also
disable
it.
My
feeling
is
that
this
should
be
pretty
immediate.
It
should
be
not
long.
You
know,
I
think,
from
my
experience
with
chat
on
different
websites.
It
tells
you
sometimes
please
wait.
L
L
If
we
feel
that
it
doesn't
work
and
we're
not
giving
the
service
that
we
want
to
give
to
our
members,
then
we
will
need
to
rethink
in
terms
of
in
terms
of
in
terms
of
how
we're
going
to
do
this
in
terms
of
personnel.
But
my
feeling
is,
it's
gonna
be
pretty
much
immediate.
It's
it's
gonna,
be
more
for
kind
of
short
answers
or
not
like
very
complicated
issues.
If
it's
complicated,
then
you
know
our
our
service.
A
B
G
A
To
send
an
email
or
a
complaint
or
whatever
concern
you
know,
so
I
think
the
feedback
needs
to
incorporate
that
as
well,
because
a
chat
you're
expecting
to
have
communication
back.
You
know
someone's
going
to
come
on,
like
you
said
in
the
next
couple
minutes
to
say:
hey,
you
know,
and
you
have
a
communication
if
it
gets
too
much,
then
they'll
say
oh
yeah,
we'll
call
you
back
or
we'll
see
whatever.
A
L
So
so
we
will
also
have-
and
you
know
your
your
your
comment
is
noted-
I
mean
we
can
we're
also
going
to
have
a
place
where
I
didn't
show
it,
but
we're
also
going
to
have
a
place
where
somebody
can
fill
out
a
service
request,
or
you
know
they
have
a
question.
They
want
an
answer.
It's
you
know
it's.
It's
we're.
Gonna
have
many
ways
of
communicating.
L
This
is
opening
up
a
lot
of
forms
of
communication
with
with
our
office
and
the
feedback
we
kind
of
envisioned
is
that
it's
going
to
be
surveys
that
people
can
fill
whether
it's
anonymously
or
not
anonymously.
They
can
choose
their
name
or
not.
You
know,
and
with
pre-filled
in
questions
that
we
you
know
that
we
prepared
and
answers
that
they
can
either
we
give
them
choices
or
they
can
fill
in
free
text,
but
this
is
more
of
a
way
to
kind
of
give
us
an
indication
how
we're
doing
right.
L
L
That's
something
that
we
have
for
the
chat,
but
we
also
have
another
way,
a
different
way,
which
I
didn't
show
that
somebody
can
fill
out
a
a
request
to
you
know
a
request,
form
and
pre-fill
in
whatever
you
know
if
they
want
to,
for
instance,
change
your
beneficiaries,
we're
just
going
to
show
them
the
fields
that
we
need
to
know
for
that,
and
then
we're
going
to
call
them
back
and
have
them
sign
it
or
something
like
that.
So
we.
A
I
I
don't
see
feedback
as
a
service,
I
see
feedback
as
a
communication
and-
and
probably
you
know
like
the
brad
who
called
in
if
he
had
some
communication,
he
might
go
there
and
say
I
don't
want
this
survey.
I
want
to
let
you
know
and
because
these
two
buttons
are
there
every
screen
right,
which
are
kind
of
cool.
I,
like
that
so
where's
the
request
so.
L
Yeah,
so
what
we
can
do
I
mean
again
and
also
these
the
word
feedback
can
be
changed.
You
know
we
can
change
it
to
surveys
or
something
that's
more
clear,
yeah.
You
know
if
it
makes
more
sense
to
you,
then
we
can
definitely
do
that
or
think
about
that.
But
at
the
moment
that
that's
this
button,
you
know
whatever
the
wording
we
eventually
decide
on
is
for
the
surveys,
because
I
think
we
wanted
to
be
able
to
have
people
fill
out
surveys
about
different
topics
right.
It's
not
only
about.
A
L
So
again,
this
is
only
a
work
in
progress,
and
this
is
one
of
the
reasons
why
we're
doing
this
with
you
right
now
and
I'm
demonstrating
this
is
to
get
your
feedback
and
your
comments
and,
of
course,
we're
taking
those
very
seriously,
and
we
will
take
this
one
as
well.
So
I'll
continue
just
as
you,
so
you
know,
so
we
can
continue
this.
These
buttons
are
going
to
be
in
our
control
right
now.
L
We
just
they're
benefit
summary,
my
account
and
meetings,
but
of
course,
they're
going
to
change
just
us
areas
of
the
website
that
we
want
to
highlight
to
the
members.
Maybe
we
think
that
they're
very
important-
and
we
want
to
create,
like
big
buttons,
to
kind
of
put
everybody's
attention
on
this
or
focus
their
attention
on
this
here,
we're
going
to
have
news
items,
any
kind
of
news
that
we
think
is
relevant.
L
Maybe
rates
are
changing
or
different
things
like
that,
then
we
can
have
it
here
and,
of
course,
clicking
and
of
course
these
are
just
examples
clicking
on
one
will
take
us.
You
know
to
the
full
article
or
the
full
news
item
and
we
can
choose
the
order,
choose
the
name,
the
content.
Of
course.
Here
we
have
featured
events
that
we
want
to
kind
of
again
highlight
out
of
all
the
events,
maybe
there's
an
upcoming
retirement
session
or
seminar.
That's
really
important
that
we
feel
that
we
want
to
highlight.
L
We
can
put
it
here
and,
of
course,
again
going
into
one
of
them.
We
can
get
more
information
about
it
and
get
a
zoom
link,
or
maybe,
if
you
have,
if
this
event
requires
registration,
advanced
registration,
we
can
have
a
registration.
We
will
have
registration
link
here.
If
you
know,
if
we
need
to
know
how
many
people
are
attending
to
be
able
to
prepare,
so
we're
going
to
have
that
here
as
well
and
last
our
kind
of
almost
at
the
end.
L
This
is
just
a
simple
list
of
of
all
the
pages
again,
this
isn't
complete
and
we
have
many
more
pages
in
this.
This
is
a
simple
list
of
this
is
called
the
footer.
It's
it's
a
simple
list
of
all
the
pages
in
the
website,
because
some
people
they
have
trouble
navigating
through
these
kind
of
you
know
menus
where
one
leads,
the
other.
It's
like
a
drill
down
menu.
Some
people
don't
like
that.
L
L
We
have
the
policies
for
the
city
and
this
section
right
here
and
it's
going
to
be
a
lot
larger
than
it
is
right
now.
But
this
is
our
facebook,
as
roberto
mentioned,
I
believe
earlier.
We
just
recently
went
online
with
facebook,
page
twitter
page
and,
of
course
we
have
our
youtube
channel.
So
we're
going
to
have
all
those
icons
here,
very
simple,
very
plain:
it's
going
to
be
much
bigger
than
it
is
now
it's
going
to
be
much
it's
going
to
stand
out
much
much
much
better
than
it
does
right
now,
but.
L
The
youtube
is
going
to
right
now.
It
only
has
a
few
videos.
I
can
take
you
there.
Oh,
it
doesn't
work,
but
the
youtube
it
has.
It's
it's
only
right
now.
I
can
find
it
if
you
really
want
to
see
it,
but
it
has
a
few
videos
where
we
did
it
for
open
enrollment
where
we
had
how
to
you
know,
fill
out
the
forms
and
how
to
process
the
open
enrollment,
and
we
had
some
videos
from
our
health
vendors,
I
think,
from
vsp
and
from
delta
dental.
L
A
A
L
Right
so
we're
going
to
add
to
this
menu,
also
the
training.
Again
we
are
in
the
process
of
creating
those
videos,
so
you
know
there's
nothing
right,
no
content
at
the
moment
we're
creating
it's
part
of
the
communication
plan,
of
course,
and
here,
and
what
I
just
wanted
to
show
is
here,
is
going
to
be
the
youtube,
the
link
to
the
youtube
channel
that
we
have
that
we
currently
have.
But
again,
it
only
has
right
now
open
enrollment
information,
but
it
will
have
all
the
videos
that
we
are
creating.
A
Thank
you,
yeah,
and
I
just
I
mean
you
got
so
many
great
things
here.
I
think
you
know
to
possibly
minimize
the
chat
or
minimize
these
other
things.
If
we
have
this,
I
mean
that's
a
small
little
button
on
the
bottom.
People
might
not
know
but
yeah
cause.
This
is
cool,
I
mean,
and
this
is
how
you
can
do
things
get
it
out.
There
have
people
go
there,
but
it
needs
to
be
in
their
space.
A
H
I,
like
julie,
are
you
kind
of
saying
that
there
should
be
something
in
the
I
want
to
which
is
prepare
for
retirement,
so
somebody
just
on
the
verge
of
sort
of
the
basics
101
some
kind
of
a
catch-all
bucket-
I'm
not
really
concerned
about
where
it
sits
on
the
website.
But
I
think
that's
the
theme
that
I'm
hearing
from
you
is
that
accurate.
A
A
A
H
H
G
L
L
So
if
somebody
first
thinks
of
themselves
as
federated
as
opposed
to
police
of
fire,
employee
or
or
a
retiree,
then
they're
going
to
have
access
to
the
menus
from
here,
but
if
they
think
that
first
they
think
of
salesforce
as
an
active
or
retiree
and
then
only
as
a
federated,
then
they
can
get
to
the
information
from
this
menu.
So
we
kind
of
wanted
to
have
both
routes
to
the
same
information.
L
In
addition,
of
course,
the
search
button
and
everything
else,
but
navigation
wise.
We
wanted
them
to
be
able
to
go
through
here
if
they
think
if
they
first
think
themselves
as
a
federated
or
policing,
fire,
employee
or
retiree,
or
you
know,
by
class
if
they
think
that
themselves
person
was
retiree
and
only
then
as
a
federated
and
so
forth.
So
that's
kind
of
that's
kind
of
the
mission.
Again,
we
wanted
everything
to
be
very
accessible
and
these
menus
will
be.
L
You
know
it's
a
work
in
progress
and
we
we
will
always
update
them
according
to
what
we,
the
feedback
that
we
get
from
from
our
members
and
and,
of
course
the
I
want
to
is
in
our
control.
A
lot
of
these
things
are
in
our
control,
as
opposed
to
the
current
website,
where
we
don't
really
have
much
control
over
over
the
content.
We
really
usually
just
work
with
pdfs,
which
is
going
to
be
better
than
that,
and
the.
L
I
wanted
to
say:
is
you
know
having
a
front
end,
you
know
the
website
looks
nice.
The
font
here
is
nice
and
bold.
It's
very
clear
is
one
thing
it's
very
important,
but
the
other
thing
is
also
having
the
back
end,
meaning
the
behind
the
scenes.
The
whole
system
that
we're
going
to
have
is
much
more
updated.
L
We
can
control
a
lot
of
these
things
or
most
of
these
things,
that's
one,
and
the
other
thing
is
that
we're
going
to
get
a
lot
of
analytics,
which
is
very
important,
because
we
want
to
know
how
many
people
click
on
news
and
events
and
go
to
newsletters,
how
many
people
in
a
certain
period
time
period,
go
to
federated
investment,
and
then
they
look
at
the
investment
policy.
Maybe
maybe
this
thing
is
too
hidden.
Maybe
we
want
to
raise
it
up.
L
So
at
the
moment
we
don't
have
that
information,
but
with
this
new
website
we
will
have,
we
will
know
how
many
people
click
on,
how
many
people
click
on
what
menu
option
and
who
are
you
know?
Who
are
they
in
terms
of
where
are
they
located?
Are
they
located
inside
the
united
states
outside
the
united
states
inside
san
jose
outside
san
jose?
So
we're
getting
a
lot
of?
We
get
a
lot
of
information
that
we
can
use
later
on
to
to
improve
our
service
or
our
services.
So.
L
L
L
We're
going
to
communicate
pretty
prominently,
you
know
we're
we're
going
to
email,
everybody,
we
have
an
email
address
for
about
it
and
when
we're
going
to
go,
live
and
as
well
we're
going
to
we're
thinking
about
other
things
as
well,
but
we're
also
going
to
going
to
remind
this
about
we're
going
to
mention
this
in
the
upcoming
newsletter
as
well.
So
the
newsletter
I
believe
is
coming
in
june
or
barber
july.
J
July
so
iran
thank
you
so
trustee
horowitz.
I
will
personally
make
sure
that
I
communicate
with
both
boards
and,
let
you
all
know,
but
as
iran
indicated,
an
email
is
going
to
go
out
to
all
members
and
stakeholders
for
which
we
have
email
addresses,
plus
it's
going
to
be
a
prominent
article
on
the
july
newsletter
about
the
website.
Yes,.
J
And-
and
I
don't
know
if
barbara
can
can
mention
on
this,
but
I
think
iran
started
with
you
know
when
he
showed
the
boar
section
that
we
have
all
of
you
there.
Obviously
information
that
we
have
is
very
limited.
Just
strictly.
You
know
when
your
appointment
ends,
so
we
will
be
reaching
out
barbara
to
all
of
all
of
the
trustees.
L
B
Yeah,
thank
you
very
much
for
the
presentation
I
same
as
vice
chair
hoes.
I
I
think
this
is
a
huge
improvement
from
the
current
website.
I
know
no
offense
to
the
whoever
developed
the
current
website.
It's
certainly
functional.
This
is
equally
functional
and
much
more
appealing
to
the
eye.
I
do
like
my
first
reaction
was
that
that
button
that
you
have
up
towards
the
top
there
on
allowing
the
font
to
go
up
or
down,
I
think
that's
just
really
a
good
thing.
B
For
you
know
retirees
I
mean
it's
given
the
population,
it
could
be
very
valuable.
I
guess
I
haven't
seen
that
feature
before
on
the
chat
button
that
we
were
talking
about
earlier.
You
know
what
I've
seen
other
sites
do
is
just
have
office
hours
underneath
there
a
little
text
line
or
something
because
I
you
know,
I
agree
with
the
point
of
trying
to
manage
users
expectations
about
when
that
chat
button
is
working.
L
Yeah,
so
my
comment
to
that
is
that
sorry,
so
my
comment
to
that
is
that
yeah,
the
the
first
window,
that
when
you
click
on
this
and
again
this
doesn't
work
right
now.
But
when
you
click
on
this,
it
will
show
our
office
hours
and
we'll
say
that
you
know
this
chat
is
available
during
office
hours
and
it
will
be
sensitive,
of
course,
the
specific
time
and
all
the
other
time
zones
and
and
that's
outside
of
those
hours.
L
H
L
B
J
B
B
Okay,
but
I'm
not
sure
how
much
you
want
to
expand
it,
but
then
the
retiree
association
might
make
sense
too,
but
yeah
the
idea
about
having
links
that
would
be
related
to
users
who
are
using
this
particular
site.
I
think
that
might
be
good
and
I
do
know
I
did
see
that
you
do
have
the
links
for
the
social
media,
but
I
think
that
should
be
up
a
little
bit
higher,
not
down
at
the
bottom.
L
K
J
L
E
L
I
I
saw
I
you
know:
I
saw
some
websites
to
do
this,
including
the
city
of
san
jose,
both
the
city
of
san
jose
official
website
to
the
public
and
also
the
city
of
san
jose
intranet
website
for
city
employees,
so
they
both
have
and
they
both
use.
Google
translate
and
they
actually
they
don't
have
any
disclaimer.
So
we'll
see
you
know
we'll
consult
with
the
council
about
that.
K
J
C
B
J
B
C
Yeah
just
20
seconds,
I
mean
most
of
what
we
talked
about
we
rediscussed
today,
but
we
also
did
get
a
really
nice
public
markets
report
from
christina
and
obviously
the
portfolio
has
done
fantastically
well.
So
I
wanted
to
congratulate
the
staff
and
the
cio
for
that,
and
then
we
also
got
a
nice
risk
overview
from
the
various
folks,
and
I
find
those
reports
to
be
super
important,
so
yeah.
Nothing
else
just
wanted
to
mention
those
two
items.
B
K
B
K
B
H
E
C
B
J
J
C
B
I
Given
that
the
jpc
is
authorized
to
approve
the
procedures,
the
jpc
nevertheless
wants
to
make
sure
the
board
is
aware
of
the
procedure.
So
it's
really
a
two-part
presentation
I'll
give
a
bit
of
an
overview
of
the
policy,
since
it's
been
some
time
and
and
then
dive
into
the
procedures.
Just
as
background
this
was
the
board.
I
I
think
had
this
in
mind
some
sort
of
a
revamped
evaluation
process
for
some
time,
but
it
was
also
prompted
by
reports
by
the
city,
auditor
and
the
grand
jury,
both
of
which
recommended
that
the
board
develop
metrics
for
the
ceo
and
cio
and
performance
criteria
for
the
organization
as
a
whole,
and
I
think
this
policy
and
the
procedures
together
accomplish
that
I'll
walk
through
at
a
high
level.
The
ceo
performance
evaluation
policy,
paragraph
two
just
reminds
us
of
why
we're
doing
this?
I
I
I
First
are
what
we
call
performance
outcomes
that
are
measurable
and
they
relate
to
tangible
accomplishments
for
the
organization
as
a
whole
for
which
the
ceo
is
responsible
and
the
second
category
are
what
we
call
the
management
methods
or
the
means
how
the
ceo
accomplishes
the
outcomes
and
table
one
summarizes
that
you'll
see
on
the
outcome
side.
The
board
approved
three
broad
outcomes
for
the
ceo
investment
performance,
cost
effectiveness
for
benefit
administration
and
member
service
quality
and
on
the
management
method
side.
I
I
I
just
want
to
point
out
paragraph
20.
This
is
where
the
board
has
authorized
the
jpc
to
approve
procedures
necessary
to
implement
this
policy,
and
those
procedures
may
include
things
like
more
detailed
timelines
survey,
instruments,
formulas
calculations
and
methods
to
ensure
appropriate
independent
data
collection
and
those
things
are
captured
in
the
procedures
which
we
are
about
to
review
shortly.
I
I
There's
something
with
mine:
okay,
so
all
that
information
gets
pulled
together
and
the
ceo,
using
all
that
information
compiles
and
drafts
a
preliminary
report
of
his
own
performance,
which
you'll
see
is
provided
to
the
designees.
Who
review
that
and
finalize
that
preliminary
report,
and
harvey
rightly
mentioned
at
the
p
f
meeting
that
from
an
optics
point
of
view,
this
looks
a
little
may
look
a
little
unusual
that
the
ceo
is
compiling
his
own
performance
evaluation
report.
I
It
seemed
reasonable
that
the
ceo
could
pull
it
all
together
into
a
format
which
could
then
be
provided
along
with
the
ceo's
self-evaluation
and
provided
for
to
the
designees
for
final
review.
If
the
board
over
time
feels
it's
uncomfortable
that
that
can
always
be
changed.
If
you
want
more
independence
in
the
process,
but
we
thought
for
at
least
the
first
round,
we
would
see
how
this
works.
I
Once
the
designees
have
reviewed
and
finalized
the
preliminary
report,
it
will
go
to
the
board
each
board,
along
with
a
worksheet,
to
help
them
prepare
for
the
closed
session
meeting,
which
will
happen
sometime
between
july
and
september
30th,
and
during
that
closed
session
meeting,
they
will
review
all
of
the
information
and
determine
preliminary
ratings
scoring
on
the
individual,
perform
individual
performance
compensation
adjustment.
We'll
come
to
that.
I
That
happens
in
closed
session
with
the
board
facilitated
by
the
designees.
The
designees
then
go
away,
update
the
report
and
reconcile
any
differences
that
the
two
boards
might
have
arrived
at
in
terms
of
the
evaluation.
There's
a
provision
in
the
policy
that
gives
the
designees
the
authority
to
reconcile
differences
among
the
two
boards.
I
I
I
Originally
the
policy
contemplated
that
only
the
performance
outcome
outcomes
would
be
assigned
a
weighting,
but
in
the
course
of
the
jpc's
work,
they've
decided
to
assign
weights
to
both
the
outcomes
and
the
methods.
So
that
requires
that
we
delete
in
order
to
align
the
policy
with
the
procedures.
It
requires
that
we
delete
paragraphs
six
and
seven.
I
So
that's
what
we
are
proposing
today
and
similarly
in
paragraph
12,
the
policy
initia
originally
sort
of
hardwired
the
scoring
scale
to
be
used
as
a
b
exceed
expectations,
meet
expectations
or
needs
improvement
in
the
course
of
the
jpc's
work,
they've
decided
to
mirror
the
city
approach
and
we
thought
it
made
more
sense
to
simply
be
more
general
in
the
board
policy,
which
would
give
the
jpc
more
latitude
going
forward.
So
if
they
decide
to
change
the
scoring
scale,
we
won't
have
to
go
back
to
the
board
for
approval
for
such
a
minor
change.
I
And
that's
really
the
only
meaningful.
Those
are
the
only
significant
edits
to
the
policy
before
you
approve
this.
You
may
want
to
what
we
did
with
p
f
was
we
looked
at.
We
reviewed
the
policy
and
the
procedures
so
that
the
board
got
a
good
sense
of
everything
before
they
approved
the
policy,
but
it's
really
at
the
pleasure
of
the
board.
B
Yeah
tom,
thank
you.
I
was
going
to
suggest
that
we
look
at
both
the
ceo
and
cio
policy
and
procedures.
I
think
it's
inevitable.
We
would
be
comparing
ceo
cio
and
policy
and
procedures.
So
why
don't
we
go
through
all
four
of
those
and
then
circle
back
to
take
action
after
we've
had
discussion
about
all
those
and
how
they
work
together?
Okay,
tom,
if
you
don't
mind,
could
you
go
back
to
the
flow
chart?
B
B
Maybe
I'm
not
digesting
it
quickly
enough,
but
as
as
the
chair
currently
I
I
would
be
the
designee
in
the
ceo
evaluation
and
I'm
I
don't
recall,
I
I
thought
that
there
would
be
some
communication
between
the
designee
in
this
case
me
and
the
jpc
before
it
goes
back
to
the
full
board.
Is
that
am
I
incorrect
in
my
recollection,
because,
while
we're
doing
the
well
while
the
jpc
is,
is
authoring,
the
procedures.
B
I
That's
that's
right.
You
know
the
way
the
process
is
sort
of
unfolded
is
that
after
that
session,
with
the
board,
which
which
the
designee
would
facilitate
and
you're
correct,
the
two
board
chairs
are
the
designees.
In
the
case
of
the
ceo
evaluation
and
the
two
investment
committee
chairs
are
the
designees
in
the
case
of
the
cio
evaluation.
B
B
B
Yeah
yeah
actually,
as
you're
saying
that
it
makes
more
sense
to
me
that
we
would
once
once
I
as
a
destiny,
have
direction
from
the
jpc.
I
could
proceed
to
do
the
evaluate
evaluation
work
and
then
just
circle
back
with
the
full
board,
because
the
jpc
members
are
on
that
full
board.
So
yeah
I
was
just.
I
was
just
a
little
concerned.
My
first
reaction
was:
am
I
leaving
the
jpc
members
behind,
but
I
think
I
mean
they'll
be
part
of
that.
H
Yeah
yeah,
I
think
again
we
need
to,
as
I
said,
you
know,
undergo
sort
of
the
test
phase
and
then
get
a
real
good
sense
of
what
what's
comfortable
and
what
needs
to
be
revised,
but
on
a
broad
brush
basis.
I
think
it
may
not
look
like
it
for
the
rest
of
the
board,
but
there's
been
a
substantial
amount
of
hours
and
thank
you
tom
for
helping
us
drive
towards
this
version
of
policy
and
procedures.
B
Yeah
and
thank
you
for
making
that
point,
trust
you
and
I
tom,
was
probably
going
to
make
that
later,
that
what
we
have
is.
It
is
a
work
in
progress.
We
are
looking
for
a
milestone
approval
on
the
policy
and
then
at
least
the
trial
run
on
the
procedures,
and
we
can
always
tweak
them
if
we
feel
like
they're,
not
working.
I
That's
right,
if
I
forgot
to
mention
it,
the
jpc
is
recommending
that
the
board
participate
in
a
mock
evaluation
in
the
fall
october
of
2021,
and
I
believe
that
this
does
look
like
a
complicated
process.
There
are
a
lot
of
moving
parts,
a
lot
of
documents,
but
I
think
once
you
go
through
it
in
a
mock
form,
I
think
it'll
become
much
clearer
and
that
will
position
the
board
to
roll
it
out
for
real
in
2022.
B
I
This
policy
and
the
ceo
evaluation
policy
are
purposely
we're
purposely
designed
to
be
identical
for
simplicity,
the
only
difference
and
I'll
jump
to
it
is
really
in
the
criteria
table,
one,
the
the
outcomes
and
the
methods
you'll
recall
that,
in
the
case
of
the
ceo,
there
were
three
outcomes.
It
was
investment,
performance,
administrative
cost,
effectiveness
and
service
quality.
I
That
is
the
only.
I
believe
that
is
the
only
difference
between
the
two
policies
and
we
are
recommending
the
same
amendments
to
both
policies
to
keep
them
aligned
and
you'll
recall
that
the
governance
committee
has
been
working
hard
over
the
last
number
of
years
to
to
get
as
many
of
the
governance
policies
of
the
two
boards
to
be
as
close
to
identical
as
possible
just
for
ease
of
administration
and
management.
I
Great,
so
with
that,
we
can
jump
to
now
the
procedures
again.
You'll
notice,
you'll,
remember
the
policies
in
the
policies.
The
board
is
authorized,
the
jpc
to
establish
and
approve
procedures,
but
those
procedures
need
to
be
provided
to
the
board
for
information
purposes
and
that's
what
we
would
like
to
do
today.
I
I
Overview
you'll
see
here
in
paragraph
three,
where
the
jpc
is
suggesting
in
the
procedures
themselves
that
to
further
prepare
for
this
process,
the
board
may
conduct
a
mock
evaluation
in
the
fall
of
2021.
So
we
are
gearing
up
to
do
that.
For
october,
we've
been
working
with
staff
to
prepare
and
the
jpc
has
reviewed
a
work
plan.
I
I
The
policy
says
there
shall
be
metrics,
but
it
doesn't
say
what
those
metrics
will
be
and
it
leaves
it
to
the
jpc
to
develop
those
metrics.
Those
metrics
are
set
out
in
these
procedures.
In
this
column,
entitled
metrics
you'll
see
that
for
investment
performance
there
are
three:
it's
the
net
fund
performance
versus
the
investable
benchmark
portfolio,
the
private
market,
portfolio
performance
versus
an
appropriate
private
market
benchmark
which
is
still
to
be
determined.
I
That's
one
loose
end
and
the
total
fun-sharp
ratio
versus
a
comparable
peer
group,
sharp
ratio,
the
benefit
administration,
cost
effectiveness,
is
going
to
be
cost
per
member
on
a
three-year
rolling
basis
and
member
service.
The
metrics
will
be
broken
out
into
two
categories
when
it
comes
to
benefit
delivery,
it's
going
to
be
timeliness
of
monthly
pension
payments.
So
do
the
checks
get
out
on
time
each
month
and
the
timeliness
of
the
pension
notifications
that
accompany
those
payments,
as
well
as
the
timeliness
of
pension
inception?
I
So
when
the
original
retiree
payments,
the
very
first
payments
are
made
to
a
plan.
Member
are
those
done
on
a
timely
basis
and
there
are
considerable
details
in
these
procedures
for
calculating
that
and
measuring
these
things.
When
it
comes
to
member
satisfaction,
there
are
going
to
be
three
metrics
member
satisfaction
with
group
counseling
sessions.
I
Member
satisfaction
with
regard
to
the
ors
website.
That's
more
broad
for
visitors
generally
and
ors
member
satisfaction
with
the
member
portal,
and
there
are
going
to
be
surveys
online
to
tackle
all
three
of
those.
The
jpc
also
developed
weights
for
the
outcomes
versus
the
methods,
and
they
there's
quite
a
bit
of
debate
on
this.
They
considered
70,
30
70
on
the
outcomes
and
30
on
the
methods
they
considered
50
50..
In
the
end,
they
ended
up
at
60
40.,
a
little
more
weight
placed
on
organizational
outcomes
and
you'll
see
up
here.
I
The
overall
weight
for
outcomes
is
60
40
on
the
methods
and
that's
60,
for
the
outcomes
is
broken
out
as
follows.
In
the
case
of
the
ceo
ten
percent
investment
performance,
five
percent
cost
effectiveness
and
forty
five
percent
split
evenly
on
member
services
between
benefit
delivery
and
member
satisfaction.
I
So
it's
going
to
be
simply
40
overall
for
all
of
the
management
methods
in
aggregate,
but
you
can
see
once
again
in
the
policy
the
board
specified
the
five
management
methods,
the
broad
categories,
but
left
it
to
the
jpc
to
come
up
with
all
the
sub-metrics
and
they
are
listed
in
this
table.
There
are
five
metrics
for
enterprise
risk
management,
three
metrics
for
hr
management,
one
metric
for
stakeholder
relations,
three
for
operations,
management
and
essentially
one
for
leadership
management.
I
In
aggregate,
that's
going
to
have
a
weight
of
40
percent
they're
not
going
to
be
applying
sub
weights
to
each
of
these
individual
metrics.
I
think
it
would
start
to
get
overly
complicated
and
difficult
for
board
members
to
really
distinguish
and
get
that
granular,
but
using
a
score
which
we
will
come
to
shortly.
The
board
in
closed
session
will
agree
on
an
overall
rating
on
all
of
these
management
methods.
I
Well,
sorry,
that
should
say
ceo,
that's
a
typo.
I
will
correct
that
this
is
the
ceo
document.
Okay,
we
will
fix
that
again.
That
is
a
city
concept
and
the
jpc
wanted
to
try
to
mirror
the
city
process
to
the
extent
possible.
How
do
we
actually
make
those
awards?
That's
reflected
in
this
table
so
again,
which
mirrors
the
city
framework
to
a
large
degree
for
the
outcomes.
We
have
a
five-point
scale
which
the
board
will
agree
on
a
final
rating,
whether
the
outcomes
deserve
an
outstanding,
commendable
satisfactory
or
needs
improvement
rating.
I
The
management
methods
similarly
will
get
a
score
determined
at
the
closed
session,
with
a
40
weight
and
then,
depending
on
the
combination
of
scores,
the
jpc,
the
designees
will
and
the
boards
will
use
this
scale
to
arrive
at
a
individual
performance
compensation
award.
This
is
the
same
scale
that
the
city
uses
with
one
small
change.
The
jpc
wanted
to
provide
more
flexibility
at
the
top
end,
the
outstanding
category,
whereas
the
city
framework
provides
a
three
to
five
percent
fixed
potential
award.
I
The
jpc
has
modified
that
to
go
to
greater
than
three
percent,
which
gives
the
board
more
flexibility
to
award
a
higher
compensation
adjustment
depending
on
the
circumstances
in
a
given
year
when
it
comes
to
additional
executive
leave,
the
jpc
has
used
the
same
framework
that
the
city
process
uses.
This
5420
is
identical
to
the
city
framework.
I
I
I
We
can
go
through
the
procedures
for
the
cio,
but
they
again
are
identical
the
only
difference
being
that,
instead
of
three
performance
outcomes,
there
is
only
one
performance
outcome
which
is
investment
performance.
So
we've
deleted
the
materials
that
are
specific
to
the
ceo,
otherwise,
the
procedures,
the
two
sets
of
procedures
again
are,
are
consciously
purposely
identical.
I
E
B
I
like
the
work.
I
like
the
outcome,
yeah
the
products
of
the
the
work
of
your
work
with
the
jpc,
I'm,
I
think
I
think
it's
really
value-added.
I
look
forward
to
jumping
into
it,
giving
it
a
given
it
a
whirl
and
tweaking
it
as
needed.
So
that's
it's
good
for
ceo
cios
and
the
board,
and
and
just
the
public
scrutiny
I
don't
have
any
questions
or
any
addition,
any
additional
feedback.
Are
there
other
questions
or
comments
from
the
board
members.
E
No
comments,
mr
chairman,
I
enjoyed
working
with
with
the
committee.
I
know
it
was
a
long
process
and
there
was
a
lot
of
back
and
forth
and
roberta
and
I
were
more
spectators
than
anything
else,
but
I
think
it's
a.
I
think
it's
a
good
outcome
overall
and
I
think
it'll
set
the
stage
for
future
incumbents
of
the
ceo
and
cio
chair
as
well.
J
J
B
B
Very
good
roll
call
vote
vice
chair
horowitz
hi.
Thank
you
vice
trustee
chandra
is
gone.
I
think
at
this
point.
Yes
trustee
jennings
hi.
Thank
you
trustee
kelleher
hi.
Thank
you,
trustee
orr.
I'm
sorry,
yeah
trust
your
please!
Thank
you.
I
also
wrote
I
so
that
motion
carries
unanimously
five
to
zero
and
moving
on
then
to
six
for
d.
Can
I
get
a
motion
in
a
second
to
approve
revisions
to
the
cio
policy,
so
motioned?