►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of April 1, 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://sjrs.legistar.com/View.ashx?M=A&ID=851361&GUID=9BC7C44A-51AE-49D7-B943-022E5EFA1677
A
A
A
D
D
E
April
fool's
day,
meeting
the
san
jose
police
fire
general
board
is
hereby
called
to
order.
Let's
see
we're
gonna
go
into
closed
session
first
and
our
our
attentive
ever
attentive
staff
has
pointed
out-
and
I
knew
this
because
I've
seen
this
before
that.
The
way
in
which
we
go
into
this
sort
of
closed
session
has
slightly
changed.
As
you
know,
zoom
releases
update
once
a
month
because
the
hackers
are
trying
to
get
into
our
calls.
E
E
Oh
good,
thank
you
and
just
sort
of
forgot
about
that
andrew
hi,
right
here,
sunita,
I'm
here
howard
here
here,
I'm
with
all
due
respect
to
my
my
good
friends,
nick
and
dick
nick
has
suggested
that
when
the
song
goes
a
little
wonky,
it's
not
clear
if
I'm
saying
nick
or
dick.
So
if
you
don't
mind
dick
and
nick,
I'm
gonna
call
you
by
your
last
names,
muyo
here,
santos,
yes
here
and
we
still
have
a
vacancy
right
roberto.
E
E
A
A
A
A
A
E
So
before
we
go
to
the
consent
calendar,
let's
do
the
orders
of
the
day.
We
do
not
have
to
waive
sunshine
on
anything,
I'm
going
through
the
orders
here.
So
that's
great,
no
additions,
no
waiver
of
sunshine,
a
reminder
that
we
will
do
a
roll
call
for
the
vote.
We
will
go
round
the
circle
for
comments
after
long
presentations
but
by
all
means
and
staff.
You
too,
and
you
too,
harvey.
E
A
F
E
I
am
trustee
lanza,
I'm
the
chair,
lanza,
oh
special.
I
guess.
Oh
yes
as
well,
and
once
again
for
the
record
last,
one
puts
out
note
that
we
have
an
absence
on
the
board
right
now
vacancy.
So
that's
all
good
we
are
coming
along.
This
is
going
to
be
a
short
meeting.
They
always
are
right
after
we
approve
our
discount
rate
prabhu
over
to
you,
2a
oral
update.
G
Thank
you,
mr
chairman.
So
what
we
are
going
to
do
this
morning
is
to
discuss
strategic
asset
allocation
again
for
the
benefit
of
the
full
board.
I
just
want
to
let
them
know
that
this
was
discussed
extensively
at
the
ic
in
february,
and
we
also
had
a
special
ic
in
march.
Incorporating
feedback
from
ic
members
and
laura
will
lead
this
discussion.
G
G
Makita
does
come
up
with
a
capital
market
assumptions
on
an
annual
basis,
and
we
use
that
to
revisit
saa
and
take
a
look
at
it
and
we
have
made
some
small
changes
and
the
ic
actually
approved
a
particular
mix
and
we'll
get
into
that,
but
before
I
hand
it
over
to
laura
again,
these
are
I
just
wanted
to
share
march
numbers.
These
are
pro
forma
unaudited.
In
estimates,
the
pension
plan
returned
62
basis
points
in
march,
and
the
healthcare
trust
returned
88
basis
points,
fiscal
year-to-date
numbers
for
pension
is
17.59
and
for
healthcare.
G
H
H
I
have
here
the
strategic
asset
allocation,
which
the
investment
committee
has
now
been
through
a
couple
of
times,
so
I'm
going
to
to
go
over
it
at
a
high
level,
but
if
there
are
any
in-depth
questions
that
you
want
me
to
get
into,
please
feel
free
to
ask
so
on
the
introduction.
Here
we,
as
your
cio
noted,
we
develop
capital
market
assumptions
every
year.
H
The
good
news
is
that
your
capital
market,
assumption
expected
return
for
the
long
term
for
20
years
remains
above
your
actuarial,
assumed
rate
of
return
of
6.625,
based
on
our
updated
assumption.
That's
actually
somewhat
somewhat
rare.
Among
our
clients,
many
of
our
clients
are
looking
at
an
expected
return,
that's
below
what
they're
trying
to
achieve,
and
so
they're
trying
to
make
decisions
now
around
how
to
adjust
asset
allocation
just
because
we
are
in
an
environment
now
with
low
interest
rates
and
high
equity
evaluation.
H
H
If
you
take
a
look
now,
the
bond
expected
return
is
down
below
three.
The
equity
expected
return
has
gone
from
16.6
to
1980
to
6.4
in
2020.,
so
it
is
more
difficult
to
to
achieve
a
pension
fund
like
rate
of
return
we
get
into
on
the
next
couple
of
slides.
What
mean
variance
optimization
is
it's
got
major
flaws
in
that
it
assumes
a
normal
return
distribution
and
that
volatility
is
stable
over
time.
H
But
that
said
you
know,
makita
has
has
honed
this
process
over
40
some
years
and
and
believe
that
it's
a
good
way
of
looking
at
relative
differences
between
asset
allocation,
page
five
also
gets
into
sort
of
how
the
efficient
frontier
has
shifted
downward.
Now
you
need
to
take
on
more
risks
to
get
the
same
level
of
return
for
each
class
slide.
Six
is
the
eye
chart
that
is
sort
of
the
crux
of
this
presentation,
because
it
compares
your
current
asset
allocation
in
the
left
column
to
a
few
other
mixes.
H
We've
also
looked
at
a
60
40
allocation
for
your
information,
because
everyone
sort
of
uses
that
as
a
standard,
and
then
we
also
looked
at
what
an
unconstrained
optimization
would
look
like.
So
if
we
go
into
our
mean
variance,
optimization
software-
and
we
say
you
know
just
give
us
the
most
efficient
portfolio,
you
end
up
with
something
with
38
in
private,
real
assets,
13
private,
real
estate,
14
venture
capital,
because
those
asset
classes-
because
they
take
a
long
time
to
scale
into-
do,
look
more
attractive
to
the
optimizer.
H
So
this
is
sort
of
here
as
on
the
far
right
column.
As
an
illustration
of
why
you,
you
do
want
to
put
constraints
around
your
asset
allocation
and,
as
you
know,
your
investment
policy
statement
states
that
we'll
do
a
a
broad,
large,
detailed
asset
allocation
review
every
three
years.
You
all
have
changed
your
your
asset
allocation
just
about
a
year
ago,
had,
I
think,
better
timing
than
just
about
any
investor
in
the
market
with
when
you
scaled
up
your
equity
allocation.
H
H
H
H
H
E
H
H
It
also
would
have
lower
fees
because
it
only
has
a
six
percent
allocation
to
emerging
markets,
which
is
more
like
how
peers
of
yours
report
their
emerging
markets
mix
d
was
one
that
was
added
after
some
discussion
with
with
your
stakeholders,
I
mean
you
can
see
it
has
a
6.8
percent
expected
return.
The
same
standard
deviation
and
expected
return
as
the
current
mix,
but
it
would
have
23
in
illiquid
assets.
H
Therefore,
it
would
have
higher
fees
relative
to
the
current
policy
and
one
thing
I'll
point
out:
the
difference
here
between
say
mix,
a
and
mix
d
is
that
mixes
a
b
and
c
all
have
a
small
weight
in
commodities.
You
can
see
that
two
percent
weight
in
commodities
under
other
commodities
are
a
an
inexpensive
public
market.
It's
very
liquid
way
of
getting
exposure
to
inflation
hedging
assets.
H
H
Some
folks
will
look
at
equity,
they'll,
look
at
say,
rate,
sensitive
bonds
and
credit
and
then
illiquid
assets,
and
then
other
folks
will
do
this
sort
of
more
functional
asset
allocation,
and
the
goal
here
is
to
you
know,
as
the
name
implies
look
at
the
function
of
the
asset
classes,
and
so
the
growth
asset
classes
are
intended
to
have
some
risk
and
and
therefore
capture
some
returns.
The
plan
can
grow.
H
I
think
you
know
some
other
folks
might
name
things
like
low
beta
or
other
differently.
If
you
look
at
how
we
define
the
split
between
we
didn't,
say
the
equity
bond
split,
because
you
know
someone
could
say:
well
you
know
commodities
aren't
bonds
or
you
know
whatever
we
might
be
putting
in
there
or
really
high-yield
bonds.
Don't
act
like
bonds,
they
act
like
equity.
You
know,
there's
lots
of
different
ways
that
you
can
consider
this.
H
So
I
would
say
that
this
is
one
way
that
some
institutions-
it's
not
it's,
not
completely
unique,
look
at
asset
allocation,
but
there
are
many
different
ways
to
do
it
and
it's.
This
was
adopted
following
some
of
the
governance,
work
and
asset
allocation
work
a
few
years
ago.
This
sort
of
structure
thank.
F
H
Happening
frequently
on
zoom,
so
please
jump
in.
If
you
thank
you
very
much,
taking
a
look
at
page
eight,
you
can
see
peer
allocations,
as
we've
discussed
before
you
know,
take
these
peer
allocations
with
a
grain
of
salt
because
they
are
self-reported
and
everybody.
You
know
exactly
to
to
your
trustee's
question:
everybody
defines
asset
classes
differently,
so
some
folks
might
might
break
out
their
emerging
markets.
Equity,
like
you,
do.
H
Many
institutions
include
it
in
sort
of
just
their
global
equity
or
their
non-us
equity,
and
so
here
you
can
see
that
peers
have
reported
a
five
percent
weight
to
emerging
markets.
Equity.
You
can
see
here
that
there
are
58
total
portfolios
in
this
analysis
and
only
42
reported
an
allocation
to
emerging
markets
equity.
I
don't
believe
that
that
means
that
they
don't
have
any
exposure
to
emerging
markets
equity,
because
that
would
be
really
unusual
for
to
find
benefit
greater
than
a
billion.
H
H
I
Thanks
laura
good
morning,
everybody
yeah,
so
page
10
here
just
looks
at
some
negative
historical
events
and
they're,
based
on
the
underlying
exposures
of
each
mix
to
how
asset
classes
inside
of
them
perform
for
these
various
historical
period.
So
the
pnf
current
column,
for
example,
does
not
represent
the
plan's
actual
performance
in
these
periods.
I
That's
just
based
on
what
and
what
assets
are
underneath
that
so
on
the
the
second
line,
for
example,
we
have
the
global
financial
crisis
and,
not
surprisingly,
considering
the
asset
mixes
mix
a
does
the
worst
while
makes
this
c
and
d
do
the
relative
best,
and
that
makes
sense
going
back
to
that
growth
versus
low
beta
exposure
between
the
the
different
mixes
on
the
bottom.
We
have
the
kovid
shock
that
happened
about
a
year
ago
and
same
example.
I
There
not
a
ton
of
difference,
option
to
option,
but
the
directionality
and
magnitude
makes
sense,
considering
the
magnitude-
and
I
did
want
to
touch
real
quick.
I
know
I'm
at
the
last
ic
meeting
trustee
menon
had
a
question
about
the
start
date
on
the
covet
shock
since
it
started
before
february
in
emerging
markets.
I
I
just
wanted
to
hit
on
that
real
quick
that
our
research
team
just
noted
that
they
like
to
start
everything
based
on
the
date
that
affects
the
most
assets,
and
so
they
agree
that
the
january
is
a
better
start
date
for
emerging
markets.
They
had
to
apply
the
date
that
affected
most
assets.
That's
why
february
was
the
start
date,
so
I
just
wanted
to
touch
on
that
really
quick.
I
Scenarios-
and
this
also
makes
sense-
you
know-
makes
the
c
and
d
kind
of
lag.
The
other
mixes,
considering
their
asset
mix-
and
I
would
note
mix
c-
is
trailing
here
and
I
guess
has
dampened
volatility
because
of
it
has
the
least
amount
in
growth.
Mixed
d
doesn't
necessarily
have
less
in
growth,
but
the
illiquid
nature
and
that
portfolio
compared
to
the
others.
You
know,
there's
less
marked
market
on
those
assets
and
so
a
little
bit,
maybe
of
a
false
sense
of
dampened
volatility
versus
reality.
I
But
that's
why
mixed
d
shows
similar
to
mix
c
despite
it
having
just
as
much
growth
as
as
the
current
portfolio
moving
on
to
page
12..
So
this
is
stress,
testing,
called
scenario,
analysis,
what-if
analysis,
we're
basically
looking
at
shocks
to
the
portfolio,
and
most
of
these
would
have
a
negative
impact
on
the
on
the
the
different
mixes,
so
rising
rates
falling
equities.
I
You
can
see
that
there's
not
a
lot
of
difference
between
them
and
the
most
significant
event
that
would
hurt
these
mixes
are
either
credit
spreads,
blowing
out
they're
kind
of
in
the
middle,
with
with
spreads,
widening
or
also
equity
prices.
Falling.
Quite
a
bit
they're
at
the
very
bottom
and,
as
you
know,
a
lot
of
times,
those
two
things
happen
at
the
same
time,
so
that
makes
sense
page
13.
I
F
On
slide
13,
so
a
drop
in
rates
obviously
will
help
the
the
total
return
of
the
fixed
income
portfolio.
But
you
know,
there's
been
a
lot
of
recent
articles
and
research
from
I
think,
goldman
and
wells
fargo
that
I
saw
which
talks
about
our
pensions
are
reallocating,
fixed
income
with
the
backup
and
rates.
So
how
does
one
sort
of
balance
the
fact
that
you
know
a
higher
rate
environment,
a
lower
rate
environment
would
actually
hurt
us
in
the
future
versus
a
temporary
increase
in
positive,
surprise
and
returns.
H
Yeah,
that's
a
good
question
because
you
know
lower
rates
generally,
you
know,
have
the
stock
market
run
a
bit,
but
to
your
point
you
know
if
you're
an
investor
in
fixed
income
at
all
you're
going
to
get
a
lower
yield
in
the
future.
That
said,
I
think
if
we
do
have
a
lower
rate
environment.
You
know
I
do
not
consider
myself,
someone
who
can
predict
interest
rates
and
even
the
best
investors
in
the
world
have
had
trouble
with
that.
H
But
if
we
do
have
a
lower
rate
environment,
I
think
it's
unlikely
to
be
a
permanent
one
or
one.
That's
very
long
term.
I
think
a
lot
of
folks
think
that
rates
will
rise
at
some
point,
but
really
given
that
we
don't
know
directionality
in
the
short
term
or
level.
Our
goal
is
really
just
to
stay
diversified
among
different
different
risk
factors
and
different
asset
classes,
and
that's
why
you
know
some
of
our
clients
historically
would
say
you
know
what.
Why
are
we
even
investing
in
investment
grade
fixed
income?
H
It
has
such
low
yields
right
now.
You
know
why
don't
we
go
somewhere
else
and-
and
you
know,
we've
really
found
that
in
market
shock
environments,
investment
grade
fixed
income
does
quite
well
and
then
again
just
back
to
that
point
of
you
know,
I
think
they're.
You
know
obviously
investment
managers
who
it's
their
job,
to
try
to
predict
direction
and
level
of
interest
rates,
but
we
don't
think
anyone
is
really
great
at
that
long
term,
and
so
therefore
we
just
try
to
maintain
diversification
in
the
portfolio.
F
H
H
So
when
cortex
worked
with
the
boards
and
the
staff
to
do
to
do
their
governance
projects,
one
of
the
things
that
they
did
was
put
in
place
a
few
different
benchmarks
to
to
look
at
for
the
plan's
performance
on
a
relative
basis.
So
we
have
the
strategic
asset
allocation
portfolio
and
the
low-cost
passive
portfolio
benchmark,
and
the
idea
is
that
the
low-cost
passive
portfolio
is
is
fully
investible.
H
So
that's
why
you
don't
see
any
sort
of
peer
universes
as
part
of
the
benchmark
there,
and
so
we
did
a
review
along
with
staff
to
review.
You
know
these
benchmarks
were
put
in
place
a
few
years
ago.
Now.
The
underlying
assets
and
some
of
these
asset
classes
and
underlying
strategies
have
changed,
are
the
benchmarks
still
the
most
appropriate
ones,
and
we
found
that
in
you
know,
90
percent
of
cases
they
are,
but
we
do
have
a
few
recommendations
for
changes
which
are
on
page
17..
H
The
core
real
estate
is
currently
benchmarked
to
the
naked
reef
odyssey,
which
is
open-ended
diversified,
core
real
estate
on
a
net
basis.
We
have
found
that
most
other
institutions
use
a
market
cap
weighted
benchmark,
which
is
the
most
common
among
equity
and
fixed
income
benchmarks.
The
the
equal
weighted
really
has
some
dominance
of
some
really
small,
but
very
high
risk
funds
in
that
benchmark.
H
So
we'd
recommend
changing
it
to
the
cap
weighted
version,
which
is
more
common.
We
also
recommend
lagging
it
a
quarter
because
some
of
your
real
estate
managers
produce
lag
statements
and
so
lagging
the
benchmark.
Reporter
will
align
that
timing
with
your
actual
managers
for
the
market,
neutral
strategies
benchmark.
H
We
recommend
updating
the
strategic
allocation
benchmark
from
t-bills
to
t-bills,
plus
one
and
a
half,
the
I'm
sorry,
the
s,
s
aap
two
t
bills,
plus
one
and
a
half
percent
and
the
lccp
to
just
t
bills,
because
it's
supposed
to
be
investable
and
you
can't
invest
in
t
bills,
plus
one
and
a
half.
So
if
we
look
at
the
old
benchmark
for
the
strategic
benchmark,
it's
key
bills
plus
one.
H
We
recommend
t
bills
plus
one
and
a
half
to
better
represent,
what's
actually
in
that
portfolio,
so
it'll
be
slightly
harder
to
beat.
But
we
think
it's
more
representative
for
the
immunized
cash
flows,
portfolio
for
the
low-cost
passive
portfolio.
We
recommend
updating
it
from
t
bills
to
the
bloomberg.
Barclays
credit
index
government
credit
one
to
three
year
and
that
would
also
make
it
harder
to
beat
but
again,
better
sort
of
represents
within
the
actual
portfolio
for
long-term
government
bonds,
there's
essentially
two
benchmarks.
That
are
exactly
the
same.
H
If
you
look
at
this
historical
returns
right
now,
you're
using
the
bloomberg
barclays
treasury
10
plus,
we
recommend
using
the
bloomberg
barclays
us
long
treasury,
mainly
just
from
ability
of
data
data
gathering
your
your
custodian
and
most
market
data
providers,
have
the
bloomberg,
barclays
u.s
long
treasury
and
not
the
treasury,
10
plus.
So
all
of
these
suggested
changes
are
reflected
on
page
16.
G
H
J
So,
as
you
are
aware,
there
are
risk
limits
within
the
board's
investment
policy
statement
and
those
were
established
through
a
process
where
the
board
and
varus
analyze
the
relationship
between
three
important
considerations,
the
risk
tolerance
of
the
plan,
the
ability
for
the
plans
to
withstand
volatility
and
drawdowns,
and
then
the
potential
impact
on
the
financial
condition
and
plan
objectives
from
both
volatility
and
drawdown.
So
we'll
we'll
touch
on
those
in
a
little
more
detail
in
a
moment,
but
in
terms
of
the
asset
allocation
mixes
being
presented
today
in
by
makita.
J
J
The
growth
from
other
assets,
then
equities
does
increase
volatility
somewhat,
but
then,
on
the
positive
side,
we
see
a
reduction
equity
beta,
we'll
talk
about
that
more
in
a
moment.
The
other
key
source
of
risk,
then
equity,
risk
to
the
portfolio
is
interest
rate
risk
and
we
measure
interest
rate
risk
via
the
duration
metric.
And
when
we
look
at
the
duration
of
the
various
policy
mix
alternatives,
we
see
that
interest
rate
risk
is
really
not
a
major
risk
contributor
in
any
of
those
mixes
and
again
we'll
talk
about
that
more
in
a
moment
and
then.
J
K
Thanks
eileen
yeah
so
prior
to
diving
into
the
results
of
the
risk
allocation
study.
We
wanted
to
give
the
board
a
quick
refresher
on
this
risk
limit
framework.
So
again,
in
the
investment
policy
statement,
we
have
several
different
risk
limits
defined,
one
of
which
that
is
particularly
relevant
to
today's
discussion.
Is
this
volatility
limit
of
12?
K
So
we
wanted
to
give
a
refresher
on
how
the
board
came
to
have
a
12
limit
in
the
framework
that
was
used
to
arrive
at
that,
so
the
the
risk
limits
were
basically
determined
over
a
a
nine
month
period.
There
were,
there
was
a
board
off
site.
We
had
several
different
board
meetings.
We
had
individual
interviews
with
with
each
of
the
board
members
to
try
and
understand
risk
tolerance
and
then,
based
on
all
those
discussions,
we
distilled
the
framework
down
to
these
main
component
parts
here.
K
So
one
is
understanding
the
risk
tolerance
of
the
board
that
risk
tolerance
is
going
to
be
enforced
or
reinforced
by
the
relationship,
understanding,
the
relationship
between
volatility
and
drawdowns
and
then
further
understanding.
What
a
drawdown
would
do
to
the
financial
condition
of
the
plan
and
then
kind
of
iterating
through
those
three
components.
K
K
What
we're
doing
is
basically
just
saying
if
you
take
eight
percent
volatility,
all
the
way
down
to
15
volatility.
What
are
the
different
ways
that
we
could
reasonably
identify
different
types
of
drawdown
events
and
those
are
the
columns
to
the
right
right.
So
there's
no
industry
standard
for
defining
a
drawdown
event,
but
these
are
are
the
most
common
ways
that
investors
define
drawdown
events,
and
so
that
really
depends
on
the
the
way
in
which
you
define
a
drawdown.
K
Event
depends
on
your
risk,
tolerance
right,
and
so
we
took
this
information
and
then
we
fed
it
to
the
actuary
and
said
okay.
Well,
we
want
to
look
at
several
different
scenarios
of
potential
drawdown
events
from
twenty
percent.
All
the
way
up
to
forty
percent,
going
in
five
percent
increments.
To
understand
the
impact
on
several
different
actuarial
metrics,
so
if
we
go
to
the
next
slide,
that's
what
we
did
here,
and
so
we
have
two
different
tables
here.
K
K
What
this
is
saying
is
how
low
is
our
funding
funding
ratio
going
to
be
in
a
single
year
over
this
entire
period
right?
So
your
baseline
assumes
that
today
is
your
worst,
because
your
funding
status
improves
through
time
and
then
what's
the
most,
you
would
pay
in
city
contributions
and
then
what
we
show
in
the
columns
to
the
right
there
is
under
these
drawdown
events,
how
bad
would
it
get
in
an
individual
year?
K
The
table
below
the
single
year
is
a
10-year
cumulative,
and
this
looks
more
at
the
entire
impact
of
a
drawdown
event,
because,
as
we
know,
losses
are
amortized,
they
get
smoothed
over
longer
periods
of
time.
So
the
entire
impact
of
a
drawdown
happens
over
several
years,
not
just
in
one
year,
and
so
we
look
at
a
similar
thing
here
is,
but
what
we're
showing
is
at
the
end
of
a
10-year
period?
What
would
your
funding
ratio
be?
How
much
would
the
city
have
paid
in
contributions
and
then
over
that
10-year
period?
K
At
the
very
end,
what
would
your
funding
ratio
be
and
how
much
more
would
you
have
paid
in
city
contributions
under
these
different
drawdown
events,
so
we
went
through
this
exercise
with
the
board.
This
was
several
years
ago
now.
This
was,
I
believe,
four
or
five
years
ago,
we've
discussed
that
this
is
probably
worthwhile
to
go
through
this
exercise
again,
but
what
we
determined
was
with
the
board
was
the
25
drawdown
number.
J
But
it
is
actually
modestly
when
you
look
at
roughly
a
60
basis,
points
difference
between
that
and
the
current
policy
and
then
likewise,
the
60
40
is
not
surprising
that
you
would
expect
to
see
lower
volatility,
given
the
higher
exposure
to
fixed
income.
But
the
variation
across
the
remaining
mixes
is
is
really
relatively
subtle.
J
Another
way
that
we
evaluate
the
asset
allocation
mixes
is
through
looking
at
the
contribution
to
risk
from
the
main
factor,
exposures
of
the
underlying
assets,
and
so
you
know
what
we
saw
on
the
on
the
makita
slides
was
the
capital
allocation
to
asset
classes
in
on
this
slide
slide.
Seven,
we're
looking
at
the
risk
allocation
to
the
main
risk
factors
and
those
risk
factors
being,
as
you
can
see,
in
the
legend
rates,
credit,
equity,
etc.
J
Interestingly,
if
you
look
at
the
60
40,
which
is
the
second
bar
from
the
left,
even
though
it's
40
bonds,
the
contribution
to
risk
is
highest
from
equities
in
this
particular
policy
relative
to
the
others,
and
that's
because
there
is
a
lack
of
other
assets
to
offset
that
equity
risk
exposure.
As
we
see
in
fact,
that's
most
notable
in
the
unconstrained
policy,
which
has
the
lowest
contribution
to
risk
from
equities,
because
there
are
a
greater
exposures
to
more
diversifying
assets
such
as
currency
exposures.
J
J
J
Conversely,
the
6040
has
the
lowest
equity
beta
again
because
of
the
higher
fixed
income
exposure,
which
does
offset
some
of
that
equity
beta.
So,
even
though
the
contribution
to
risk
in
in
the
60
40
mixes
from
equities
is
high,
you
do
benefit
in
these
periods,
particularly
in
a
drawdown
period.
From
that
lower
equity
beta.
J
The
other
key
risk
exposure
in
any
balanced
portfolio
is
interest
rate
risk
exposure,
which
is
measure
by
duration,
and
here
we're
looking
at
the
durations,
both
in
terms
of
interest
rate
risk
and
credit
spread
risk.
So
effective
duration
and
credit
spread
duration,
and
you
can
see
in
all
cases,
it's
relatively
low,
the
unconstrained
being
probably
the
highest
duration
risk
exposure,
because
there
we
have
that
very
large
exposure
to
long
government
bonds,
but
duration
or
interest
rate
risk
and
credit
risk
exposure
is
not
a
meaningful
or
not
as
meaningful
as
it
is
in
other
portfolios.
J
We
looked
at
scenario
analysis
compared
the
mixes
across
the
scenario,
analysis
and,
and
really
don't
see,
a
lot
of
distinction.
The
the
two
scenarios
that
would
be
the
most
worrisome
are
the
2000
to
2003
tech
crash
and
recession,
environment
and
then,
of
course,
the
2007-2009
subpriming
and
credit
crisis.
Those
are
the
two
environments
that,
in
the
future,
we
we
would
like
to
you
know,
see
some
amount
of
protection
against
and
and
the
only
portfolio
that
provides
a
really
meaningfully
different
experience,
at
least
in
the
2000
to
2003
environment.
J
Is
that
unconstrained
portfolio
and-
and
it
really
is
of,
I
think,
more-
a
function
of
the
fact
that
the
illiquid
assets
wouldn't
write
down
to
the
at
the
same
time
and
maybe
not
to
the
same
degree
as
the
public
market
assets,
particularly
if
there's
a
high
real
asset
component.
So
you
know
that
that
scenario
shows
that
you
know
greater
illiquidity,
particularly
in
the
real
asset.
Space
is
a
potential
benefit
in
these
down
environments.
J
And
then
here
we're
looking
on
slide
11
at
various
what
ifs
or
stress
tests.
So
the
point
we
made
earlier
about
duration
risk
being
not
very
meaningful.
If
we
look
at
the
global
credit,
spreads
plus
100
basis
points
you
can
see,
the
potential
drawdown
risk
there
is
very
muted
same
is
true
if
we
saw
a
commodity
sell-off,
the
one
exception
being
that
unconstrained
portfolio,
which,
not
surprisingly,
has
the
highest
inflation
hedging
exposure
and
potentially
the
greatest
exposure
to
commodities
relative
to
these
other
mixes.
J
And
then,
lastly,
we
looked
at
the
kovitch
shock
environment.
Now
here
we
did
go
back
to
february.
I
thought
jared
did
a
nice
job
explaining
that,
while
some
entities
might
look
back
at
january
because
of
what
was
going
on
in
emerging
markets,
we
too
have
tended
to
focus
on
when
the
u.s
markets
predominantly
began
to
draw
down
and
again
across
these
various
mixed
alternatives.
You
don't
see
a
really
big
distinction
in
terms
of
performance
differentials,
maybe
mix
a
being
the
the
outlier.
So
you
know
when
we
aggregate
all
of
these
analyses
together.
E
F
J
So
a
drawdown
is
simply
an
environment
where
we
have
a
very
large
sell-off.
You
know,
generally,
that
would
be
in
excess
of
a
10
negative
return.
So
so
you
know
within
negative
10
returns
and
higher
that's
considered
sort
of
a
normal
experience
for
a
portfolio.
That's
diversified
like
like
your
portfolio
and
other
balanced
portfolios,
but
once
you
get
beyond
that
10
percent
negative
return,
then
that's
considered
a
meaningful
again
drawdown
or
deviation
away
from
what
we
would
expect
to
see.
F
F
J
So
it's
a
negative
20
return
and
at
that
negative
20
return,
you
could
see
the
distinction
between
that
and
the
baseline
impact
on,
say
the
funded
ratio
and
how
that
would
flow
through
potentially
to
contributions
right.
So
so
that's
the
the
impact
on
the
funded
status
and
so
forth
that
you
see
is
associated
with
a
20,
negative
return
or
drawdown.
F
J
F
E
Yeah
hold
that
hold
that
until
we
we
open
up.
If
this
makes
sense,
let
me
let
me
go
back
to
you
prabhu
to
kind
of
wrap
it
up
and
then
ashford
I'd
like
to
go
to
you
first
since
you're,
chair
of
the
investment
committee,
so
prabhu,
do
you
want
to
kind
of
wrap
it
up?
Is
there
something
more
to
present.
G
Yeah,
thank
you,
mr
chairman.
So
this
is
really.
You
know,
varus's
analysis
on
the
various
options
that
we
did,
so
I'm
just
with
your
permission.
I
just
want
to
hand
this
back
to
laura
for
a
quick
minute
in
case
she
has
any
concluding
remarks
and
there
are
some
specific
approvals
that
we
will
need
from
the
board
after
your
discussion
and
analysis.
Thank
you
back
to
you.
Go
ahead,
laura.
H
Thank
you
yeah.
I
would
just
take
us
back
to
page
six
for
just
to
have
on
the
screen
as
we
as
we
discuss
and
just
point
out
again
that
that
mixes
a
b
and
d
all
have
an
expected
return.
Above
your
current
assumed
rate
of
return
that
all
three
of
those
mixes
actually
a
b
c
and
d
all
have
a
standard
deviation
under
the
twelve
percent
mix.
E
L
L
And
we
considered
the
comments
that
other
trustees
have
expressed
before
you
know,
including
the
members
of
the
ic
committee,
in
terms
of
some
of
the
risks
that
we
were
taking,
particularly
in
the
public
equity
side,
where
it
looked
like
relative
to
the
benchmark,
the
public
equity
benchmark.
You
know
acquie
and
relative
to
a
peer
group
that
maybe
we
had
more
emerging
market
exposure
and
we
said
well,
you
know,
is
there
a
way
in
which
you
know
the
long-term
returns?
L
Don't
suffer,
risk
metrics
are
still
fine
and
we
can
keep
the
you
know
and
we
can
bring
down
that
exposure.
Now.
If
you
look
at
the
mix,
the
different
mixes
mix,
a
you
know.
As
eileen
pointed
out,
the
the
risk
parameters
are
higher
than
what
a
threshold
is,
but
one
of
the
comments
that
did
come
up
was
maybe,
if
there
is
a
future
drawdown
that
we
look
to
maybe
increase
our.
L
E
K
Yeah
yeah,
first
of
all,
thank
you
laura
and
eileen
for
makita
and
varus
respectively.
I
thought
these
analysis
were
very
good.
I,
like
the
the
scenario,
analysis
and
I
actually
like
the
idea
of
looking
at
b
and
d
and
c
compared
to
the
current,
and
when
I
looked
at
all
those
scenarios,
I
I
really
it
was
hard
to
choose
for
me
between
b
and
d
and
it
and
it
all
came
down
to.
I
guess
what
our
view
is
of
the
next
18
months.
K
K
H
The
returns
are
net
of
fees
for
asset
classes,
where
there's
no
passive
option
like
like
private
markets
or
commodities.
But
that's
a
great
point.
You
know
one
could
make
the
case.
I
think
very
valid
that
you
know
we
shouldn't
be
thinking
about
fees,
because
we
should
just
be
thinking
about
net
returns.
If
you're
going
to
get
paid
for
taking
the
fees,
then
why
should
that
matter?
However,
as
we've,
I
think
all
seen
you
know,
press
and
bor.
You
know
city,
council
and
other
attention.
It
does
seem
like
the
absolute
number.
H
K
Yeah
that
that
makes
sense-
and
I
guess
I
guess
going
forward
in
terms
of
our
allocation-
we're
on
a
three-year
plan,
and
you
know
last
year
the
staff
and
the
committee
in
prabhu
took
the
action
to
to
move
forward
very
swiftly,
which
was
a
great
move
about
a
year
ago,
maybe
a
little
less
with
the
shock.
How
do
we
view
a
standard
deviation
in
terms
of
how
may
is
that?
G
K
H
J
Thank
you
laura
and
trustee
lee.
We
are
varus's
role,
as
risk
consultant
is
providing
a
regular
on
a
quarterly
basis
to
the
board
investment
committee
risk
reporting,
where
we
are
in
fact
looking
at
today
how
the
portfolio's
volatility
compares
to
that
limit,
as
well
as
to
the
expected
historically
return-based
standard
volatility.
J
So
we
are,
in
fact,
if
you
had
compared
last
year's
presentation,
when
the
asset
allocation
was
changed,
you
would
have
observed
at
that
time
that
the
standard
deviations
were
pretty
different
about
a
percent
and
a
half
different
from
what
we're
presenting
today
and
and
a
percent
and
a
half
lower
at
that
time.
Actually
because
of
the
fact
that
we're
here
a
year
later
and
volatility
has
remained
heightened
or
elevated
in
across
capital
markets,.
L
G
Yeah,
the
if
I
can
just
jump
in
real
quick
both
to
trustee
the
question
of
trustee
lee
and
the
comment
made
by
trustee
mainen.
Yes,
so
if
it
comes
close
to
twelve
percent
trustee,
we
will
you
know
if
nothing
else,
report
back
to
the
ic
and
have
a
discussion
and,
as
trustee
menon
pointed
out
the
12.
You
know
this
was
based
on
a
study
done
about
four
years
ago
and
it's
very
san
jose
specific.
G
Obviously,
we
have
some
very
specific
considerations
at
san
jose
based
on
our
our
funding
ratio.
The
impact
on
the
city's
budget-
and
you
know
also
in
terms
of
just
you
know,
tier
one
versus
tier
two
assets
and
liabilities,
so
that
so
barris
did
a
study
about
four
years
ago
and
came
up
with
that
number
and,
as
eileen
pointed
out
at
the
ic,
you
know
it's
probably
time
for
us
to
revisit
that
12
number
and
we
probably
will
do
that
in
conjunction
with
the
ic.
At
some
point.
E
Vince
vince
anything
you're,
mute
vince.
I
oh,
I
can't
hear
you
you
you
that
okay,
now
I
see
your
mute
icon
and
I
don't
see
your
mute
icon
say
something:
no!
Okay,
if
you
get
fixed,
let's
go
ahead
and
jump
in
so
I'll,
go
ahead
and
jump
in
there's
some
historical
perspective
here
and
I
could
not
possibly
put
in
words
how
enormously
proud.
I
am
of
the
work
of
this
board
and
the
work
of
the
staff
and
the
work
of
our
consultants.
E
E
E
Our
actuary
says
we
probably
are
more
impacted
by
risk,
because
the
leverage
ratios
we've
all
looked
at
before
and
therefore
grading
on
a
curve.
We
should
probably
be
less
risky
than
other
pension
systems,
and
so
we
sort
of
took
a
classic
car
a
horse
and
cart
approach
to
that
we
started
to
lower
our
discount
rate.
Well,
okay,
let's
put
a
lower
discount
rate
down
there
pension
funds
and
then
build
an
asset
allocation
mix
to
match,
so
that
was
actually
pretty
good.
E
I
think
you
really
said
you
know:
let's
do
the
heavy
lifting
and
grade
absolute,
let's
actually
figure
out
what
risk
level
the
city
could
actually
tolerate,
and
we've
asked
the
city
many
times
to
answer
that
question
and
I
think
the
fact
that
they
don't
answer.
That
is
partly
because
it's
almost
a
deeply
almost
religious
level.
Philosophical
question
also
because
I
don't
think
cities
are
generally
asked
this
and,
of
course
also
because,
ultimately,
it's
really
our
responsibility,
but
what
you
just
saw
folks
is
deeply
deeply
profound.
E
E
E
What
can
the
city
withstand
because,
of
course
we
could
stick
it
under
a
mattress,
but
then
that
would
bankrupt
the
city
and
we
could
invest
it
all
in
very
high
risk
stuff.
But
of
course,
if
that
went
south
as
eileen
showed
us
that
might
bankrupt
the
city,
and
so
just
like
goldilocks
and
the
three
bears
the
answer
is
somewhere
in
between
not
too
hot
and
not
too
cold.
So
ashfar
do
you
want
to
go
and
make
the
motion.
E
F
G
Yeah,
thank
you
for
that
great
question.
You
know,
and
the
answer
will
be
you
know
about
an
hour
long,
so
I'll
keep
it
short.
We
we
have
invested
in
the
asset
class
before
and
there's
actually
a
lot
of
history
there
and
I
can
discuss
offline
with
you.
But
at
this
point
you
know
we
are
looking
to
get.
M
L
L
Pricing
power
right
I
mean
you
know
you
could
be
in
real
estate.
You
could
be
in
real
assets.
You
know
even
equity
right,
but
I
think
the
feedback
from
preparatory
you
know-
and
I
think
some
other
ic
members
a
little
bit
tactical-
maybe
benefit
from
the
current
environment
and
we
revisit
it
in
a
year
and
and
see
if
it
still
makes
sense
whether
that
two
percent,
you
know
tactical
application,
makes
sense.
F
G
Yeah,
if
I
can
just
quickly
add
to
what
trustee
menon
said
yeah,
we
did
discuss
this
in
depth
and
it's
it's
not
just
from
a
return
perspective.
It's
also
a
diverse
reasons
why
you
know
the
current
asset
allocation
was
also
an
option
and
on
the
table,
so
I
I
think
I
think
I
I
view
personally,
I
view
commodities
more.
As
you
know,
from
a
diversification
point
of
view,
it
helps
reduce
risk
and
we
can
get
low
cost.
You
know
access
to
the
to
the
asset
class.
H
C
I
just
wanted
to
make
sure
that
everyone
is
clear
and
there's
no
misunderstandings.
I
know
they
have
been
asked
before,
whether
it's
b
or
d,
and
so
again,
I
just
wanted
to
make
sure
that
it
was
understood
for
everyone
as
stakeholders
and
and
your
trustees
when
you
approve
the
motion
that
is
be
as
in
beautiful
mix,
be
the
one
that
is
being
recommended.
Thank
you,
mr
chair
yeah.
That's.
E
F
E
Giving
us
a
big
thumbs
up
folks
that
vote
can't
count,
but
just
for
the
record
give
us
a
big
smile
thumbs
up.
I
vote
I
as
well,
so
that
carries.
I
really
sincerely
guys.
This
is
a
big
damn
deal
and
thank
you
to
varys
and
thank
you
for
makita
for
coming
with
us
on
this
on
this
multi-year
trek
and
odyssey.
I
see
smiles
coming
from
eileen
and
laura
as
well.
So
laura
get
back
there
and
now
prank
your
kids.
H
H
I
think
you
all
definitely
win
the
award
for
best
timing
and
would
really
I'd
really
credit,
the
staff
and
your
cio
and
your
board,
for
you
know,
especially
some
members
of
the
board
who've
been
there
a
long
time,
you've
seen
all
the
you
know,
low-risk
environments
and,
and
some
of
the
you
know,
maybe
less
effective
tactical
decision
making.
You
know
you
all
had
said
you
you'd
re-risk
it
at
you
know
the
appropriate
time
and
you
did,
which
is
quite
quite
rare
among
institutional
boards.
So
congratulations.
E
G
H
E
F
E
H
H
So
if
we
take
a
look
at
slide
19,
you
can
see
the
current
health
care
allocation
and
you
can
see
in
almost
a
third
of
the
the
health
care
plan
in
short-term
investment-grade
bonds.
The
pension
used
to
have
a
lot
of
investment-grade
bond
or
short-term
investment
grade
bonds
a
couple
years
ago.
It's
not
anymore,
and
so
we'd
recommend
shifting
some
of
the
short-term
bond
exposure
to
investment
grade
bonds
and
some
long-term
government
bonds,
similar
to
the
strategy
that
you
use
in
the
pension.
H
H
I
know
we've
talked
about
this
in
the
past,
but
just
as
a
reminder.
Historically,
your
pension
trust
and
your
health
care
trustees
have
the
same
expected
return
and
therefore
the
health
care
trust
is
needed
to
be
perhaps
a
bit
more
risky
than
the
average
health
care
trust.
In
order
to
try
to
achieve
that
rate
of
return.
Now
those
the
board
has
voted
to
to
have
those
returns
diverge
which
allows
you
to
to
not
necessarily
need
to
take
on
as
much
risk
as
you
do
in
the
pension
in
the
health
care.
H
However,
the
fact
that
we're
not
using
e-liquid
assets
in
the
healthcare
trust,
mainly
because
there's
a
lot
of
volatility
in
some
of
the
the
contributions
and
distributions
from
the
healthcare
trust
we
avoid
illiquid
assets
using
fewer
asset
classes,
necessarily
sort
of
raises
the
standard
deviation,
because
you
lose
that
free
lunch
of
diversification
to
lower
your
risk.
So
if
you
take
a
look
at
the
the
healthcare
current
allocation
has
56
percent
in
growth,
assets,
29
and
low
beta
and
15
in
other,
it
does
have
core
real
estate
and
commodities.
H
It
would
be
a
bit
more
conservative.
It
would
actually
lower
growth
assets
by
one
percent
and
have
20
in
investment
grade
bonds.
Mcc
would
be
even
more
conservative
with
birth
assets
at
50
and
investment
grade
bonds
at
25.,
and
one
of
the
reasons
we're
showing
you
a
couple
of
more
conservative
allocations
here.
If
you
want
to
skip
ahead
and
jared
to
page
21,
is
that
if
you,
you
take
a
look
at
the
peer
health
and
welfare
universe?
H
H
So
so,
traditionally,
healthcare
trusts
have
had
a
very
conservative
asset
allocation,
so
we
wanted
to
show
you
back
on
slide.
19
a
couple
of
conservative
asset
allocations,
we're
showing
the
makita
standard
deviation
here.
There's
no
guideline
in
the
investment
policy
statement
as
to
what
the
risk
limit
should
be
for
the
healthcare
trust
specifically,
but
you
can
assume
that
the
virus
calculated
standard
deviation
would
be
below
these
makita
numbers
so
mix
a
here
would
be
assumed
to
earn
your
expected
rate
of
return
and
have
a
standard
deviation
below
12
percent.
H
If
your
score
to
calculate
I'll
turn
it
or
actually,
let
me
skip
to
page
22
really
quickly,
just
again
to
look
at
worst
case
scenario
returns
the
probability
of
experiencing
negative
returns
and
the
probability
of
achieving
a
6.25
percent
and
just
highlight
that
mix
a
is
the
only
allocation
here
that
would
achieve
a
about
a
have
a
50
probability.
Just
about
of
achieving
your
expected
rate
of
return
and
jared
will
just
go
over
the
scenario,
analysis
and
stress,
testing.
I
So
oh
yeah,
just
looking
at
these
real
quickly,
probably
not
surprising,
similar
to
the
pension
plan.
Where
mix
c
is
the
most
conservative
and
so
looks
you
know
the
best
in
these
drawdown
scenarios
and
then
when
we
go
the
other
way
mix
c
is
what's
lagging
the
others
and
makes
a
does
the
best
in
these
upside
scenarios
to
touch
on
some
stress
testing
really
quickly,
fairly
tame
numbers.
Really
again
it's
it's.
The
credit,
spreads
blowing
out
or
equities
selling
off.
I
That
are
the
the
two
events
that
would
have
a
dramatic
impact
on
the
actual
return,
but
similar
numbers
really
option
the
option
and
then
I'll
wrap
it
up
here
on
page
26.
really
similar
story
again,
but
mixed
c
is
the
laggard
in
these
these
environments,
where
that
would
have
positive
influence
from
a
return
standpoint,
so
laura
I'll
hand
it
back
to
you.
H
So
in
a
growth
environment
you
know
a
60-40
with
the
most
assets
in
equity
would
be
expected
to
perform
the
best
followed
by
mixed
a
similar
in
a
systemic
risk
environment.
Mixed
pay
would
have
the
most
downside
risk.
If
we
look
at
interest
rates,
the
6040
has
40
in
investment
grade
bonds,
so
more
impact
from
interest
rates
than
mixes
a
through
c.
G
Back
to
you,
bro
yeah.
Thank
you,
mr
chairman.
Thank
you
laura.
So
we
did
discuss
this
at
the
ic.
I
don't
believe
the
ic
recommended
a
particular
mix,
though,
based
on
the
discussions,
I
believe
the
ic
was
leaning
towards
mix
a
and
the
fact
that
we've
not
done
a
refresh
of
the
saa
for
healthcare
trust
in
a
while.
So
I'll
I'll.
Let
someone
make
the
motion,
or
you
know,
of
course,
certainly
happy
to
take
questions.
F
F
F
H
F
G
Thank
you,
mr
chairman.
I
think
that
concludes
it.
I
just
for
the
record
want
to
thank
laura
and
eileen
and
danny
and
jared
both
nikita
and
varys,
for
all
the
help
and
the
hard
work
we
started
this
process
at
the
end
of
january.
It's
taken
us
two
or
three
months
and
as
I
shared
with
the
ic,
the
probably
days
when
laura
thought
that
san
jose
was
her
only
client
so
a
lot.
G
So
so
thank
you
both
to
varys
and
makida,
and
I
just
got
a
note
from
my
good
friend
mr
pena,
who
is
wondering
whether
the
fiscal
year-to-date
return
that
I
shared
was
not
an
april
fool's
joke,
and
I
can
assure
the
board
that
it
was
not,
though
anything
can
happen
between
now
and
june.
30Th,
with
that,
mr
chairman,
we'll
conclude
the
investment
section.
Thank
you
thanks.
So
much.
E
C
C
C
So
staff,
as
you
may
know,
has
been
working
with
the
city
clerk
and
I
have
updated
you
the
last
couple
of
months.
The
city
clerk
did
open
the
the
process
for
the
applications
for
the
the
retirees
seat
that
is
currently
occupied
by
trustee
moya.
So
thank
you
nick
for
your
willingness
to
continue
serving
so
that's
one,
the
other
one
is
the
police
active
seat,
I'm
to
be
still
working
with
the
city
clerk.
C
Interviews
for
the
two
open
positions,
the
benefits
area
for
the
senior
benefit,
analysts
and
benefit
analyst
positions
have
been
scheduled,
in
fact,
for
the
senior
benefit
analysts
they
they
were
performed
and
we
are
actually
right
now
going
through
the
selection
process.
The
selection,
the
interview
process
for
the
benefit
analyst
position
is
scheduled
for
next
week
on
monday
april
5th.
C
C
Are
going
to
be
paid
out,
hopefully
most
of
them
this
month,
so
we
probably
take
the
checks
of
april
and
may
to
be
paid
out.
So
far
we
have
received
about
500
applications,
the
information
to
request
the
reimbursements.
It's
actually
due
today
april,
1st,
the
initial
letters
went
out
to
all
the
members,
and
these
are
members
from
the
police
of
fire
that
actually
are
using
the
medical
coverage
offered
by
the
city,
and
please
understand
not.
C
Everyone
is
entitled
to
it,
and
we
also
want
to
thank
you,
trustee
santos,
who
reached
out
to
us
with
a
couple
of
recommendations,
hopefully
to
to
make
it
easier,
either
more
clear
to
the
members
and
to
encourage
them
to
file
an
investment
form.
So
he
did
share
with
us
some
ideas
as
to
what
we
should
include
in
the
letter
and
what
should
come
first,
so,
hopefully
so
that
members,
instead
of
filing
away
the
letter
they
they
take
a
look
at
it
and
read
it.
So,
thank
you.
Trustee
santos.
C
C
I
wanted
to
share
that
with
you
today
the
discussion,
because
you
know
it
takes
into
consideration
the
medical
board
advisor
position.
So
I
want
to
share
that
with
you.
We
will
discuss
this
in
a
few
minutes
and
then,
in
closing
I
wanted
to
let
you
know
you
saw
that
we
included
a
copy,
as
the
presentation
of
the
actual
evaluation
results
that
we
made
to
the
city
council
last
month.
It
has
taken
me
about
seven
years
to
condense,
the
presentation
from
about
20
slides
to
five.
C
I
think
I
finally
got
it
down
to
the
number
of
files
slides
that
are
needed.
In
a
nutshell,
I
provide
the
city
council
with
here
are
the
results?
This
is
the
funding
ratio.
These
are
the
city
contributions
that
are
due
these
actually
there's
a
slide
that
also
include
expected
city
contributions
for
the
next
10
20
years.
C
It
is
really
the
the
one
slide
that
explained
the
the
actuarial
smoothing
process
whereby
you
smooth
out
the
returns
over
a
five-year
time
frame,
and
so
I
wanted
to
share
that
with
the
city
council
so
that
they
knew
that,
for
example,
for
police
and
fire
there
are
over
100
million
dollars
still
left
on
the
fair
losses
to
be
accounted
for
going
forward.
I
think
that's
a
critical
piece
of
information
to
be
shared
with
the
city
council
on
your
boards.
C
I
think
trustee
sincerely
asked
me,
you
know
what
were
the
comments
by
the
city
council
and
I
purposely
left
this
item
at
the
end,
so
that
when
trustee
foley
comes
forward
with
her
comments,
she
can
share
her
views
on
that.
I
certainly
don't
want
to
speak
for
the
city
council,
but
let
me
just
start
by
saying
a
couple
of
things.
C
It
was
a
very
long
meeting.
The
the
city
council
spent
about
five
six
hours
discussing
the
budget
message
by
the
mayor.
So
by
the
time
we
got
to
speak,
it
was
close
to
eight
o'clock
at
night.
So
I'm
going
to
suspect
that
that
has
something
to
do
with
the
limited
number
of
questions
that
we
received,
but
there
were
two
items
that
were
asked.
C
One
of
them-
and
you
may
recall,
was
the
fact
that
the
city
elected
to
pay
the
full
contribution
on
the
opec,
even
though
the
contribution
calculated
by
kyron
went
over
the
cap
that
was
agreed
to
buy
with
the
unions,
the
difference
was
close
to
a
million
dollars,
so
that
was
the
question
was
asked,
and
I
explained
what
the
cab
was
about.
27.3
million
and
the
city
is
expecting
to
pay
about
28.3.
That
was
one.
C
The
second
comment
that
was
asked
was
in
reference
to
the
actual,
which
you
don't
have
here
in
front
of
you,
the
memorandum.
They
wanted
to
make
sure
the
memorandum
was
a
little
more
user
friendly,
so
I
agreed
to
meet
offline
with
the
council
member.
That
made
the
comments,
so
we
can
get
some
input
how
we
can
make
the
memo
a
little
more
user
friendly
for
stakeholders.
C
Other
than
that,
I
don't
recall
any
specific
questions.
I
fully
expected
some
questions
in
reference
to
the
projections
for
the
contributions,
but
again
it
was
a
relatively
quick
discussion.
So
those
are
the
comments
that
I
have
for
you
this
morning.
I'm
happy
to
answer
any
questions
and,
of
course
I
encourage
council
member
foley
to
comment
obviously
from
her
side
how
the
council
failed
the
evaluation
presentation
that
went
at
the
meeting
last
month
with
that.
That
concludes
my
comments,
mr
chair.
Well,.
E
N
Kind
of
leads
me
into
my
my
first
topic,
which
isn't
roberto's
report,
but
it's
a
discussion
that
we
had
just
tuesday
on
making
our
meetings
more
efficient.
Our
meetings
run
really
long.
We
sometimes
get
in
the
weeds
on
topics
that
go.
You
know
we
get
into
this
rabbit
hole,
discussion,
sometimes
and
council
members
can
go
on
and
on
and
what
that
results
in
is
in
the
beginning
of
the
meeting.
N
They
could
be
housing
issues
where
we're
funding,
unhoused
programs
worth
millions
of
dollars
and
because
we're
so
exhausted
and
we're
hitting
12
o'clock
midnight.
We
speed
up
the
discussion
or
the
staff
presentation,
so
I
think
roberto's
absolutely
right.
By
the
time
we
got
to
his
report.
We
had.
We
did
have
the
budget
mayor's
budget
message,
which
is
really
important,
and
we
had
a
lengthy
discussion
over
that,
but
by
the
time
we
got
to
him,
his
report
was
really
well
done.
It
was
in
previous
years.
It's
it.
Frankly.
N
Roberto
has
been
a
little
confusing
and
the
five
slides
were
not
as
confusing.
So
I
appreciate
that.
I
think
the
explanation
over
smoothing
was
really
helpful
and
the
the
full
contribution
discussion
was
important
to
have
as
well
and
any
way
you
can
simplify.
The
report
with,
I
think,
was
council
mahan
who
made
that
suggestion.
N
N
Those
are
two
of
the
things
I
wanted
to
talk
about.
The
other
thing
is
I
wanted
to
let
you
know,
I'm
sure
you
already
know
that
we
did
select
a
new
police
chief,
anthony
mata
was
selected
and
he
has
taken
office
taken
his
position
I
think,
a
week
ago,
although
I
could
be
wrong
about
that.
I
think
the
22nd
of
march
is
when
he
was.
N
He
began
his
position.
We
are
in
contract
negotiations
with
all
of
our
bargaining
units,
which
includes
pd.
Mayor's
budget
message
was
really
interesting.
We
are
facing
a
48
million
dollar
shortfall.
We
that's
economically,
driven,
of
course,
based
on
covid
and
people
not
staying
in
our
hotels
and
convention,
centers
and
and
the
tot
tax
that
we're
not
getting
and
the
sales
tax
is
reduced,
but
there
are
efforts
in
in
place
or
through
the
budget
that
will
assist
small
businesses.
N
The
mayor's
budget
also
calls
for
us
looking
at
the
way
we
do
business
with
our
employees.
You
know
we
have
a
small
staff.
We
all
know
we
have
a
small
police
department.
We
have
a
small
fire
department
and
the
rest
of
our
staff
is
small
as
well,
and
we
asked
them
to
do
so
much
as
and
even
more
as
it
relates
to
the
last
year
under
covid.
So
working
virtually
has
given
us
an
opportunity
to
analyze
how
we
do
business
and
whether
there
are
ways
that
we
can
streamline
activities
that
we
do.
N
That
would
make
it
more
efficient
for
our
employees
and
our
residents
too
so
that
was
part
of
the
mayor's
plan
budget
is
to
take
a
look
at
those.
Maybe
that
will
require
a
consultants,
probably
an
investment
in
I.t,
to
make
sure
we
can
work
virtually
we're
not
going
back
to
city
hall
yet-
and
I
don't
know
when
we
will,
but
hopefully
in
the
next
couple
meetings.
I'll
have
a
report
for
you
on
that.
We're
all
wondering
when
that's
going
to
occur.
N
If
you
haven't
got
your
vaccine
yet,
and
you
can
please
go
out
and
get
it,
and
now,
if
you're,
50
and
older,
you
can
sign
up
as
of
today,
so
please
go
out
and
do
that
so
that
we'll
all
be
safe
because
we
have
a
thin
staff
and
our
staff
is
overworked.
We
in
previous
years
set
priority
setting
and
in
priority
setting
council
members
come
up
with
these
great
ideas.
N
What
we
think
are
great
ideas
and
things
that
we
should
be
doing
at
the
city
and
then,
as
a
council,
we
vote
on
them
and
those
items
that
get
the
most
votes
are
the
things
that
are
assigned
to
staff
to
then
come
up
with
a
plan
at
how
we're
going
to
implement
this
year.
We
were
asked
to
take
a
look
at
to
bring
in
two
priorities
and
then
we
created
instead
a
roadmap
and
a
rodent.
N
We
got
10
out
of
11
votes,
which
was
really
exciting
and
it
has
to
do
with
homeless,
our
homeless
population
and
resources
and
how
we're
going
to
deal
with
encampments
and
sanctioned
encampments
and
relocating
those
unhoused
who
are
living
in
really
environmentally
sensitive
areas
along
our
creek
beds,
how
we're
going
to
relocate
them
to
other
areas
and
also
provide
additional
resources
to
them
in,
for
example,
porta,
potties
trash,
pickup
showers,
mental
health
services,
addiction
services,
so
mental
health
counseling
also
job
skills
and
and
such
so.
We,
the
budget,
will
include
additional
funding
for
that.
N
But
that
was
the
number
one
item
that
was
approved
by
council
and
that
will
go
forward.
The
the
idea
is
really
to
get
the
unhoused
away
from
our
public
right-of-ways
and
from
creek
beds
and
putting
creating
areas
that
we
can
treat
our
unhoused
humanely
but
provide
them
services.
They
need
that.
We
can
do
that
because
we
can't
obviously
provide
porta-potties
for
one
unhoused
person
and
we
really
don't.
We
can't
have
them
on
our
creek
beds.
We've
been
fined
for
that.
We
have
lawsuits.
N
I
know
trustee
santos
knows
all
about
this,
because
we
partnered
with
valley
water,
on
cleanups
and
abatements,
and
and
thank
you
for
that-
that
you're
increasing
some
of
the
abatements
along
the
creek
beds,
of
which
I
have
a
couple
creeks
in
in
my
district.
So
you
know
I
could
I
could
go
on
and
on
about
the
budget.
N
If
you
live
in
san
jose
or
actually
any
city
in
the
county
and
around
the
bay
area,
you're
impacted
by
sideshows.
These
are
activities
where
two
three
four
five
hundred
vehicles
are
go
to
one
major
intersection
within
the
city
of
san
jose
and
they
create
they
actually
block
intersections.
So
police
and
emergency
vehicles
can't
get
through
and
they're
highly
dangerous.
There
was
one
on
lee
and
hamilton
about
a
month
or
so
ago,
where
there
were
a
lot
of
guns
fired
and
a
lot
of
shell
casings
discovered
shortly
after
that.
N
But
what
happens
then?
The
police
are
called
very
dangerous
situation
for
police.
The
police
are
called
and
then
they're
taken
off
duty
in
other
areas.
In
order
to
respond
to
these
sideshows
and
street
racing
that
we
have
so
on
tuesday,
we
it
we
instructed
staff
to
come
back
with
a
promoter
ordinance
right
now,
if
you're
a
spectator
at
one
of
these,
you
can
get
a
ticket
for
observing.
N
Recently
we
just
heard
a
report
from
captain
trayer
who
talked
about
the
amount
of
citations
that
are
issued
issued
to
observers,
and
the
observers
we
we
have.
Numbers
of
47
percent
are
only
from
the
city
of
san
jose.
53
of
those
who
received
citations
from
as
observers
were
from
other
jurisdictions
like
as
far
away
as
los
angeles.
So
this
is
a
huge
problem.
It's
hugely
it's
very
dangerous,
very
disturbing
to
the
communities.
N
E
I
I
always
appreciate
the
depth
and
thoroughness
of
your
report,
since
we
just
set
our
goals
to
try
to
figure
out
how
much
pain
the
city
can
tolerate
and
and
how
much
game
we
can
give
to
it.
So
it's
kind
of
important
to
know
what
the
city
is
doing.
You
are,
you
are,
after
all,
why
we're
all
here
any
questions
for
councilwoman
foley.
D
C
C
C
Well,
michelle
get
the
the
one
page
document
I
I
wanted
to
bring
this
discussion
forward
you
to
your
meeting
and
I
don't
know
if
many
of
you
can
see
council
ricketta.
Our
new
disability
council
is
also
here
this
morning
with
us
in
case
there
are
any
specific
questions.
Thank
you.
Thank
you,
michelle.
So
the
reason
I
wanted
to
to
bring
the
disability
process
before
you.
C
You
know
the
intention
is
not
to
go
through
each
one
of
the
steps,
although
if
you
have
any
specific
questions
that
you
want
to
raise
feel
free
to
do
so,
the
the
the
the
reason
for
the
discussion
this
morning.
As
you
know,
in
my
report,
I
mentioned
that
we
just
issued
the
rfp
for
a
borah
medical
advisor.
C
I
don't
want
to
speak.
To
that
I
mean
the
trustee
lanza
and
trustee
santos
can
speak
to
you
about
the
kind
of
work
that
she
does
excellent
work,
providing
reports
to
the
boards
now,
while
we're
here
this
morning,
I
have
shared
with
you
them
a
little
concern
that
we
may
not
be
successful
this
year,
actually
finding
doctors
to
be
for
the
medical
advisor
position.
C
So
I
just
wanted
to
make
sure
we
have
again
your
disability
council
versus
cada
here
this
morning.
We
also
obviously
have
a
general
counsel
harvey
litterman.
I
think
they
can
both
tell
you
that
there
are
other
other
jurisdictions
in
california
that
they
do
not
function
with
a
board
medical
advisor
and
they
do
rely
on
independent
medical
evaluations,
imes
reports
for
the
decision
making.
So
again,
the
goal
here
this
morning
was
sort
of
to
to
compare
and
contrast
sort
of.
C
Let
you
know
what
the
process
disability
process
is
all
about
and
share
with
you
the
possible
implications
of
the
current
rfp
that
could
have
in
your
disability
application
process
going
forward
depending
on
whether
or
not
we
are
successful
actually
having
beats
for
the
for
the
project.
So
with
that,
I'm
gonna
stop
my
comments
and
and
sort
of
open
it
to
to
the
trustees
for
any
comments
or
questions
that
they
may
have.
C
D
M
M
M
M
The
first
wave
is
that
the
records
and
only
the
records,
all
the
relevant
records
that
have
been
accumulated
are
provided
to
the
outside
specialist,
who
prepares
a
record
review
and
for
that
client.
If
the
record
review
comes
out
in
favor
of
the
applicant,
then
the
application
is
put
on
the
consent
calendar
for
the
for
a
forthcoming
meeting
of
the
board,
and
the
board
members,
of
course,
are
always
able
to
take
that
item
off
consent.
M
M
Provide
the
sort
of
medical
education
on
the
specific
condition
or
disease
at
issue
that
you
may
have
grown
accustomed
to
in
dr
tiermann's,
lengthy
and
and
for
me
very
helpful
reports
that
that
element,
that
is
a
very
significant
element
of
her
reports,
will
not
be
present
typically
in
any
of
the
ime
reports.
Either.
Assuming
san
jose
follows
a
similar
practice
in
either
the
record
review
or
the
post-examination
report.
M
E
E
So
the
board's,
probably
thinking
well,
okay,
everybody
else
does
this:
why
don't
we
just
do
it
and
here's
the
problem,
there's
a
twofold
problem
in
the
disability
system
at
san
jose,
but
identified
this
years
ago.
One
is
you
know
two
like
this,
and
one
is
like
this.
The
first
is
both
the
police
department,
fire
department
stands,
they
have
an
all
hands
on
deck
policy,
and
that
means
there's
no
gray
zone
when
you're,
45
or
50.
You
can't
quite
do
the
work.
E
There
is,
but
it's
not
official,
and
so
we
really
demand
a
higher
level
of
physical
performance
from
both
our
police
and
our
fire,
and
most
other
systems
do
and
it's
further
exacerbated
by
the
fact
that
a
lot
of
other
systems
have
all
right.
You've
been
injured,
hey,
we
got
a
desk
job
over
here,
come
and
sit
on
this
desk,
and
you
know
take
your
years
of
experience
and
help
us
out.
E
While
we
see
if
you'll
medically
improve-
and
we
really
don't
have
much
of
that
at
san
jose,
so
we
have
this
enormous
problem
in
san
jose,
where
we
expect
a
lot
physically
of
our
policeman
environment
and
when
they
can't
do
it,
you
know
we're
inclined
to
say
hey.
What
are
you
gonna
do
and
so
into
that
gap?
Steps
a
large
number
of
disabled
people
right,
and
it
turns
out
that
a
large
number
of
disabilities
we
see
are
the
kind
of
disabilities
we're
all
familiar
with.
E
It's
a
bad
back,
a
busted
knee
a
bad
shoulder,
and
I
think
a
lot
of
other
systems
would
sort
of
accommodate
that
either
by
well.
He
can
keep
working
but
he's
going
to
haul
hoses
up
a
stairwell
or
here's
a
desk
job,
and
so
the
work
that
we
get
from
dr
chairman
is
absolutely
vital
because
putting
a
philip
on
what
russ
said
we
operate.
D
D
D
The
biggest
question
is
going
to
come
up
when
dr
chairman
leaves
it's
all
about
cost
to
this
retirement
system,
potential,
future
benefits
and
the
fundamentals
of
running
this
system.
So
I
questioned
that
drew
questions
that
russ
is
on
the
same
board
and
russ
brings
you
experience
from
other
cities
along
with
roberto,
I
would
say
we
should
review
that
other
examples
of
how
other
disabilities
we
don't
have
a
high
rate
of
disability
in
san
jose.
That's
a
presumption
by
reporters
and
people
who
want
to
be
critical.
That's
not
correct!
D
So
all
I
can
say
is
this:
I'm
a
fiduciary!
I
want
to
see
cut
costs.
There's
programs
in
the
city
must
look
into
in
terms
of
health
care
to
help
prevent
these
disabilities,
but
that's
another
issue
that
miss
foley
can
address
at
other
people.
All
I
know
is
this:
we're
here
to
serve
our
men
and
women
are
putting
their
lives
on
the
line
and
we
wish
them
nothing,
but
the
best
the
panel
we
have.
I
can
tell
you,
I've
been
around
for
54
years,
it's
a
wonderful
panel.
D
B
B
C
C
B
Okay
and
when
you
we
started
this
conversation,
there
were
some
hesitancy
that
the
rfp
might
not
be
successful.
Based
off
of
past
experience,
I
know
when
the
city's
put
out
the
rfp
for
the
medical
panel.
We've
always
been
struggling
with
that
from
multiple
years
due
to
the
description
and
qualifications
for
it
is
there
anything
in
this
rfp
that
gives
you
the
the
reluctancy
that
we
might
not
be
able
to
pool
as
many
applicants
as
we
would
hope.
C
So
let
me
let
me
address
that
so
two
things
first
is
because
three
years
ago
trustee
currently
we
had
a
very
difficult
time
trying
to
find
a
medical,
a
medical
board
advisor
and,
as
I
indicated,
we
did
find
someone
who
quickly
decided
to
quit
on
us.
I
believe
I'm
not
really
sure
if
he
still
does
this
kind
of
work
for
the
other
jurisdictions,
but
the
second
one.
I
think
it
goes
to
the
comments
by
by
council
ricketta.
C
I
think
he
actually
mentioned
that
the
jurisdictions
that
he
worked
with
they
don't
actually
have
a
border
medical
advisor.
They
rely
on
the
ime.
So
I
think
is
that
the
fact
that
trustee
gardener
that
this
position
or
monica
board
medical
advisor
is
not
usual
in
the
jurisdictions
it
has
been
in
san
jose
because,
historically,
as
you
know,
there
was
that
position
by
dr
desk
and
that's
why
we
had
that
position.
But
that
is
not
the
norm
across
other
systems
in
the
state.
B
B
How
is
this
going
to
affect
our
members
who
are
going
through
the
process
and
what
can
we
as
a
board
and
staff,
do
to
still
make
sure
the
process
doesn't
stop?
I
know
you
know
three
years
ago,
when
we
did
hire
that
one
medical
advisor
that
stuck
around
for
a
month
and
then
left.
I
think
the
process
stopped
for
almost
six
eight
months.
B
Where
not
much
was
done,
and
I
believe
at
that
time
then
staff
came
with
a
recommendation
that
you
know
there's
some
files
that
we
should
we
could
be
able
to
push
forward,
but
there's
some
that
will
not
be
able
to,
and
so
I
want
to.
I
want
to
make
sure
that
the
dick
and
drew
and
the
committee,
along
with
staff,
starts
thinking
about
contingency
plans
in
case
we
don't
have
someone
in
place
and
how
we
could
keep
the
process
still
moving.
It
might
be
slower,
but
still
moving.
C
Very
very
good
question
trustee
gardeniere,
and
so
our
goal,
as
explained
by
barbara,
is
to
come
back
to
your
board
in
june,
one
or
two
things:
either
we'll
have
a
successful
rfp
and
have
some
recommendation
to
do
the
work
for
a
board
medical
advisor,
which
again
I
would
expect
it
to
be.
We
do
find
someone
that
there
will
be
some
growing
pains
or,
if,
as
we
suspect,
we
may
not
find
a
board
medical
advisor.
C
I
actually
would
think
that
the
the
more
growing
pain
in
that
situation
would
be
for
the
committee
members
and
the
board
members
to
start
getting
accustomed
to
to
making
decisions
without
having
the
board
medical
advice
of
report,
which
in
fact
may
even
do
two
things
accelerate
the
process
because
there's
one
less
report
to
go
through
and
in
fact,
from
the
administrative
standpoint,
it
will
decrease
the
the
administrative
budget.
They
have
a
budget
because
it
will
not
include
boring
medical
advice
or
fees.
C
So
that
is
not
what
we
are
saying
this
for:
it's
not
because
we
want
to
save
money.
The
main
reason
for
for
this
discussion
this
morning-
and
I
want
to
thank
you
trustee
curtineer
for
for
raising
this
issue
before
is
so
that
your
board
has
clear
understanding
and
expectations
of
what
may
be
the
impact
to
the
committee
and
to
the
board
in
the
event
that
we
are
not
successful
on
their
feet.
C
That
is
the
main
reason,
but
I
don't
either
way.
I
don't
expect
it
to
have
any
critical
impact
on
the
process
and
the
members.
If
anything,
if
we
do
have,
if
we
do
find
a
broad
medical
advisor,
you
know
it
would
be.
Maybe
you
know
it
may
limit,
or
it
may
extend
the
time
frame
of
the
disabilities
at
first,
while
we're
trying
to
onboard
the
new
or
new
members
that
are
providing
this
service
to
the
comedian,
the
board
that
will
be
on
one
side.
C
On
the
other
hand,
if
we
are
not
successful
and
we
basically
do
not
have
the
staff
of
the
mo
for
a
medical
advisor,
it
will
be
a
situation
where,
if
you
look
at
this
summary
of
process,
we
will
be
deleting
that
particular
step.
We
may
have
to
be
a
little
more
specific
on
the
information
that
we
require.
L
Yeah
drew
five,
I
have
a
question
and
you
know
I
think
this
is
probably
not
the
scope
of
you
know
of
this
board,
but
I
was
just
curious
about
the
all
hands
on
deck
policy.
What
is
the
thinking
you
know
what
you
know
is
there
benefits
versus
costs?
I
guess
you
know,
I
guess
in
theory
you
know
somebody
who
cannot
do
the
normal
job
being
on
a
desk
probably
saves
the
city
some
money
right
I
mean.
E
D
D
I
wish
they
would
to
me
there's
a
simple
solution
here.
There's
other
plans
to
do
this
thing
and
it's
not
as
costly
and
the
panel
would
review
this
stuff,
and
if
we
had
a
question
we
could
farm
it
out
and
save
money.
But
it's
up
to
this
city.
We
have
already
talked
about
this.
I've
met
with
city
managers
in
the
past.
I've
done
everything
I
can
to
try
to
make
that
plane
feel
as
level
and
as
prevalent
as
possible.
So
that's
the
end
of
that
for
us.
E
Yeah,
it's
it's!
It's
a
frustrating,
br
you've
sort
of
hit
the
nail
history,
it's
a
frustrating
process
because
it's
kind
of
broken
and
we're
the
bottom
of
the
heap.
So
we've
got
to
deal
with
the
broken
process
and
broken
people,
and
it's
not
fun,
which
is
why
we
could
you
the
board,
used
to
hear
these
cases
and
that
was
just
functional.
So
we
split
it
off
into
a
committee
which
I
agree
with
dick.
The
community
is
very
high
function,
floor's
open
any
other
questions
or
comments
drew.
M
Oh
god,
russ
russ
here
I
just
wanted
to
comment
on
that.
Not
on
the
policy
elements
of
it
and
and
harvey
may
have
a
broader
view
on
this
than
I
do.
But
with
respect
to
my
clients
that
have
police
and
fire,
they
all
have
this
requirement
of
ability
to
do
the
full
duties
of
the
job
and
and
if
that's
the
standard,
then
even
a
comparatively
minor
disability
that
results
in
permanent
work
restrictions
compels
a
conclusion
of
incapacity
so
satisfying
that
element
of
the
disability
retirement.
E
C
No
don't
well
quickly,
just
I
want
to
thank
you
again,
trustee
gardenia
for
racing
the
issue
again
and-
and
I
just
again
I
want
to
keep
the
board
a
prize
of
what
are
the
implications
of
this
rfp
and
we
will
come
back
in
june
one
way
of
another.
We
will
certainly
give
you
an
update
in
may.
If
we
receive
any
applicants
and
in
june
we'll
come
back
to
sort
of
finalize
this
concept
in
whichever
way
he
may,
it
may
falls
out.
So
that's
it.
C
E
E
I'm
sorry,
troy
k,
sermons,
sorry,
troy
police
officer,
police
department,
effective
april
3rd
2021
with
25.03
years
of
service
and
james
e
euman
police,
sergeant-police
foreign,
effective
april
3rd
2021
with
25.03
years
service.
That's
one
of
the
few
times
everybody
made
it
over
a
quarter
of
a
century.
Do
I
have
a
motion
to
approve
these.
E
E
B
E
That's
great
thanks.
Gents
now
we're
on
to
death
and
survivorship
notifications.
I'll
read
these
off
and
then
we'll
have
a
moment
of
silence:
a
notification
of
the
death
of
truman,
bowman
police
officer,
retired
june
26
2010
died
december
20,
20,
2020
survivorship
benefits
to
barbara
bowman's
spouse,
notification
of
the
death
of
meryl
mulvini
fire.
Captain
retired
february
5th
1986
died
forever,
20th
2021
with
no
survivorship
benefits.
I
always
read
through
the
details
of
these
I'll
I'll,
make
the
odd
point
that
captain
malvini
entered
the
service
the
month
I
was
conceived.
E
I
hadn't
even
been
born,
yet
so
good
good
for
him
for
living
a
nice
long,
life,
notification
of
the
death
of
gregory
toscano
fire
engineer,
retired
november
15
2008
died
february,
9th
2021
with
no
survivorship
benefits
the
notification
of
the
death
of
jeff
shackleford
fire.
Captain
retired
april
3rd
1984
died
november.
6
2020
with
no
survivorship
benefit.
We'll
now
have
a
moment
of
silence.
D
A
A
E
K
E
C
Or
or
if
you
like
me,
I
can-
I
can
speak
to
this,
so
this
item
was
discussed
at
the
joint
meeting
last
time
and
if
you
recall
most
of
these
governance
policies
and
charters
were
initially
established
in
a
three-year
time
frame
for
review
this.
This
new
frequency
actually
extends
that
time
frame
to
five
years,
and
but
that
does
not
preclude
you
more
for
in
any
particular
point
in
time,
bringing
a
particular
policy
or
trainer
for
review.
C
If
there's
need
to
be
the
memo
speak
for
itself,
and
so
I'm
happy
to
address
any
specific
questions,
but
but
the
the
decision
of
the
committee
was
to
support
the
recommendation
and
as
such,
to
recommend
to
your
board
to
actually
approve
the
reduction.
You
know
reducing
the
required
frequency
of
the
review.
A
E
A
We
were
up
against
a
hard
stop
of
3
pm
when
we
last
met,
and
there
was
a
a
lot
of
wordsmithing
on
what
tom
had
done
up
to
that
point.
So
it's
basically
been
tabled,
he's
going
to
continue
working
on
it.
Hopefully
we'll
be
able
to
finalize
things
at
our
june
meeting
and
have
it
for
the
board
for
approval.
In
august.
E
D
A
Just
to
let
you
know
that
the
personnel
committee
has
an
ad
hoc
committee
that
has
been
created
for
some
time
working
on
trying
to
finalize
the
evaluation
procedures
for
the
ceo
and
cio.
And
I
think
we
are
close
to
having
a
document
that
we
can
take
back
to
the
committee
for
approval.
And
then
the
full
boards.
E
E
D
Santa's
here,
like
the
comments
you
know
during
this
c19,
there's
many
tough
times
out
there
and
we
have
a
lot
of
challenges,
but
I
just
want
to
say
that
you
know
the
police
of
fire
has
always
been
there
continuously
responding.
Our
government
continues
to
work.
It
goes
to
show
you
when
we
work
together,
things
can
be
done.
So.
Thank
you
all.