►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of May 4, 2023
This public meeting will be held at San José City Hall and also accessible 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=1100853&GUID=0E95D926-7322-4AC8-8D46-FDC4A8A81AA6
A
A
A
B
B
B
B
The
all
right,
let's
call
me
to
order
I-
think
we
did
that
already,
oh
great,
they
have
me
they
have
a
statement
for
me
to
read.
My
current
term
of
office
expired
on
April
30th
go
team.
My
application
for
reappointment
is
under
consideration
by
the
city
council.
I've
been
advised
by
Council
the
board
we
one
of
which
we
have
here
that
I
may
hold
over
in
office
until
either
my
reappointment
is
official
or
another
person
has
been
appointed
to
succeed
me
so
I'm
pleased
to
choose
to
continue
in
office.
B
I
am
and
I
thank
the
board
for
allowing
me
to
continue
as
chair,
pending
reappointment
or
appointment
of
a
successor,
which
seems
like
an
appropriate
Point
time
to
point
out
something
I
realized
two
weeks
ago.
For
some
reason,
I
thought
you
had
to
live
within
75
miles
of
City
Hall
turns
out
50
miles,
so
I
sold
my
house
of
37
years
two
weeks
ago,
I'm
building
a
new
compound
with
my
kids
in
Carmel
Valley,
which
is
52.5
miles
from
City
Hall,
and
when
that
compound
is
completed,
probably
the
end
of
next
year.
B
I,
sadly,
will
no
longer
remain
on
this
board.
I
know
I
made
the
commitment
to
be
on
this
board
until
we
were
100
funded,
and
it
is
my
intent
to
live
up
to
that
commitment,
but
the
rules
are
the
rules
and
and
I
talked
to
Harvey
and
Maytag,
and
they
said
yeah
that
one's
a
pretty
hard
rule.
So
so
you
got
me
for
another
18
months,
we'll
go
out
and
have.
D
B
Andrew
here
David
kwanzot
here
he
said
that
Howard.
D
B
Eschvard
Texas
in
traffic
should
be
restored.
Dick
and
Dave
hello
I
must
be
going.
I
know
that
whole
song
by
Grouch
remarks,
I
came
to
say:
I
cannot
say:
I
must
be
going
anyway.
So
we
have
these.
These
items
1A
and
one
B
Just
Cause
And,
there's
no
one
exercising
yet
today,
right
Maytag.
B
Right,
so
we
skip
right
through
there
there's
some
things
remind
me
of
there
are
no
orders
of
the
day,
but
before
we
break
into
closed.
G
B
Before
we
break
into
closed
session,
we'd
like
to
wave
Sunshine
items
to
see
about
the
revised
investment
policy
statement
and
item
2D
about
the
revised
Police
Department
retirement
economy
must
have
just
missed
a
deadline
because
I
read
those
a
couple
days
ago.
Is
there
a
motion
to
wave
Sunshine
a
motion
by
Santos,
so
I
have
a
second
second
by
Gardner
second,
by
guard
near
all
in
favor
aye
aye
any
opposed
up
and
for
the
record
eschvar
is
here.
That's
pretty
good.
C
H
B
Barbara
bought
nodding
her
head
them
down
so
that
hand
it's.
C
B
A
while
yeah
that's
it
what's
going
close
that
you're
coming
with
us
right,
Maytag,
yeah,
yeah,
great.
B
B
I
A
A
A
A
A
A
A
A
A
A
I
A
A
A
A
A
A
A
A
I
I
I
I
I
I
A
A
A
A
A
A
A
A
I
I
I
I
A
A
A
A
B
B
B
There
is
okay,
so
you'll
have
other
chances.
If
you
want
to
speak
about
a
particular
item,
maybe
just
jump
in.
If
you
want
to
speak
about
a
particular
item
when
we
have
it
so
we've
got
the
consent.
Calendar
do
I,
have
a
motion
to
approve
the
consent.
Calendar
I
have
a
motion
by
Santa,
so
I
have
a
second
second.
B
Have
what
should
I
say?
I
thank
my
Wilson.
All
in
favor,
aye
aye
aye
account
one
two,
three,
four,
five,
that's
seven
eyes,
that's
pretty
dang
good!
All
right
that
takes
us,
then,
to
you,
Mr,
Palani,.
K
Thank
you
Mr
chairman
good
morning,
I
normally
get
performance
estimates
from
Makita
in
the
morning
before
the
board
meeting,
but
so
far
I
haven't,
but
the
Market's
not
looking
good.
L
Jared
typically
sends
those
over,
but
I
have
them.
If
you
give
me
one
second
here.
L
Let
me
see
so
our
estimate
for
the
pension
fund
is,
let
me
see
here
that
the
fiscal
year
to
date
of
4.7
percent
month-to-date
slightly
negative
down
0.5
and
for
the
health
care
fund
month
to
date,
slightly
negative
down
0.7
fiscal
year
up
5.4.
K
L
Includes
two
days
ago,
not
yesterday,
yeah.
K
Okay,
so
we
have
two
agenda
items:
a
private
Market
spacing
plan
and
then
a
slight
revision
to
the
investment
policy
statement,
both
of
which
were
discussed
at
the
IC
very
recently
last
week.
I
believe
and
were
both
approved
for
recommended
for
consideration
by
the
board.
So.
I
K
M
Today,
we're
going
to
be
talking
about
the
private
markets
pacing
plan.
This
is
something
that
we
review
on
annual
basis.
The
investment
policy
statement
requires
the
board
to
approve
it
on
an
annual
basis,
which
sets
the
target
commitment
amounts
for
the
different
private
asset
classes.
The
reason
that
we
do
so
for.
C
M
The
reason
that
we
do
a
pacing
plan
is
because
private
markets
are
drawdown
investment
vehicles
where
we
don't
control
the
timing
of
cash
flows.
The
investment
managers
have
discretion
over
when
they
make
investments
and
call
our
capital
and
when
they
ultimately
sell
and
realize
those
Investments
and
return
the
capital
back
to
us.
So
we
use
modeling,
that's
done
by
our
Consultants,
both
newberger
Berman
for
the
buyout
asset
class,
as
well
as
Makita
Investment
Group
for
the
other
four
private
asset
classes.
M
So
today,
I'll
walk
through
where
we
are
in
terms
of
private
markets,
positioning
what
we've
done
over
the
last
year
and
ultimately
showed
the
pacing
plan
output
for
approval
today.
So
here's
a
summary
of
the
last
year.
So
for
the
current
fiscal
year
we
expect
to
complete
20
commitments
for
a
total
of
320
million
dollars.
Out
of
the
pacing
plan.
That's
about
96.
In
the
next
page,
I'll
show
there
were
certain
asset
classes
that
we
committed
less
than
what
was
called
for
in
the
pacing
plan.
The
pacing
plan
is
just.
M
Okay,
go
ahead,
sure
and
half
of
the
commitments
that
we
made
so
10
out
of
those
20
were
with
existing
fund
manager
relationships.
So,
as
we've
said
in
recent
years,
we've
built
a
stable
roster
of
managers
that
we
work
with
and
all
consistently
trying
to
expand
those
relationships,
but
at
the
same
time,
look
at
new
Investments
as
well.
So
we
have
a
combination.
The
current
positioning
is
20.5
percent
of
plant
assets,
that's
about
four
and
a
half
percent
less
than
the
25
Target.
M
We
talk
about
some
changes
in
Market,
environment
I'll.
Just
talk
about
the
last
bullet
point,
which
is
that
capital
is
no
longer
a
commodity,
so,
given
the
banking
crisis,
and
just
the
overall
pullback
in
institutional
investors,
making
new
Investments
the
capital
that
is
available
and
being
invested
has
a
premium
now,
and
everyone
is
commanding
a
higher
return
for
that
capital,
and
we
are
similarly
positioned
and
plan
to
to
use
this
pacing
plan
and
upcoming
Capital.
M
Similarly,
looking
back
at
the
current
fiscal
year,
this
is
the
this
is
where
we
show
asset
class
by
asset
class,
the
commitments
that
were
made
for
the
most
part,
the
asset
classes,
are
near
100,
there's
one
that
shows
lower,
which
is
growth
real
estate,
so
we
intentionally
committed
just
over
80
percent
of
the
pacing
plan.
This
is
the
sector
that
has
perhaps
the
greatest
impact
of
rising
interest
rates
and
high
uncertainty,
particularly
in
certain
sectors
like
the
office
sector.
M
Okay-
and
there
was
one
asset
class
that
we
went
slightly
above,
which
is
private
real
assets,
just
five
million
dollars
above
the
pacing
plan.
M
And
here
we
have
the
actual
allocation,
so
four
and
a
half
percent
below
Target
for
private
markets.
Overall,
the
asset
class
that
has
the
biggest
underweight
is
Venture
Capital,
which
is
at
one
percent
versus
the
four
percent
Target.
But
this
is
the
newest
asset
class.
The
other
asset
class
that
has
a
an
underweight
is
private,
real
assets,
a
1.8
underweight,
comparing
the
positioning
that
we
have
today
versus
the
previous
pacing
plan,
we're
I
mentioned.
We
were
four
percent
ahead
of
plan.
M
And
now
getting
to
this
page,
where
we
show
the
expected
plan
net
asset
values
for
the
next
10
years.
This
is
the
foundation
of
the
pacing
plan,
which
uses
the
current
valuations
for
the
plan,
as
well
as
layering
on
Actuarial
assumptions
for
cash
inflows
and
outflows
from
the
plan,
as
well
as
the
expected
Return
of
the
plan.
M
M
What
you'll
see
is
that
over
time,
we
get
closer
and
closer
to
the
Target
for
each
of
those
asset
classes,
particularly
those
that
are
under
allocated
such
as
Venture
Capital,
that
green
shading,
which
is
expected,
and
this
year
this
fiscal
year
has
June
30th
at
1.2
percent,
but
over
time
get
closer
and
closer
to
that
four
percent
allocation.
The
orange
bar
is
the
private
markets
proxy,
which
is
a
combination
of
the
Russell
3000,
as
well
as
short-term
investment
grade
bonds
and
over
time
that
gets
smaller
and
smaller.
As
we
get
closer
to
the
private
markets.
F
Dinesh,
could
you
please,
when
you're
going
through
the
program
or
your
presentation,
please
identify
the
slide
number
for
the
record.
Sure.
M
F
M
So
we
are
on
slide
nine
and
I'm
moving
to
site
10,
which
has
the
commitment
recommendation
today.
So
the
highlighted
section
is
the
upcoming
fiscal
year.
Pacing
plan
amounts
for
a
total
of
329
million
dollars.
This
was
reviewed
and
approved
by
the
investment
committee
and
also
requires
the
board
to
approve
it.
M
H
F
There
into
the
record,
with
the
recommendation
for
approval,
is
for
fiscal
year
2023
to
2024.
B
A
B
It's
it's
really
up
test
for
how
he
wants
to
structure
that
committee,
but
historically
I
see
it's
sort
of
been
big
money,
people,
not
private
markets
and
it
kind
of
makes
sense.
Although
I
know
I'm
talking
to
ashfar,
he
he
is
trying
to
negotiate
the
evolution
related
to
these
motions
right
now,
Ashford
was
on
the
add-on
committee.
So
so
the
ad
hoc
committee
really
didn't
meet
too
many
times.
Sauteed.
C
B
Little
anecdote
from
my
past.
Some
of
you
know,
I'm
a
trained
engineer,
an
electrical
engineer
and
those
of
you
that
took
classes
that
involve
math.
There
was
something
our
professors
would
do
and
thank
you
profess,
so
nice.
So
they
give
you
a
complex
problem
and
you
take
numbers
and
you'd
integrate.
Boltzmann's
constant
divide
by
the
speed
of
light
and
exponentiate
by
Avogadro's
number
and
son
of
a
the
answer
would
be
five
and
you'd
say.
Oh
thank
you
Professor.
B
That
means
you
got
it
right,
because
if
you
have
4.83962
you're
like
so,
we
were
asked
to
integrate
sort
of
three
things
in
order
to
take
some
of
this
out
of
the
IC
committee
into
its
own
realm.
First,
something
we
already
had,
which
was
what
is
the
Venture
Capital
plan
and
and
Howard,
and
on
your
OG
from
Federate
and
I,
and
Peru
and
staff
put
that
together,
and
it
basically
says
what
we
all
know.
There
are
some
BC
firms
which
just
always
do
well
Sequoia
Benchmark,
who
are
the
newer
ones.
B
You
know
you
Accel
you,
you
know
them
I,
understand,
Norwich
and
I
can
tell
you
why
they
do,
but
it's
not
important,
Howard
and
I
know
why
they
do
it.
They
always
outperform
they'll,
always
generate
20,
25,
irr
and
they're
really
hard
to
get
into
this
little
plan
basically
was
well.
Let's
try
to
get
into
those,
and
the
plan
is
all
about.
Well,
how
do
we
get
into
them
and
of
those
tier
ones
we're
in
most
of
them
now,
directly
or
indirectly,.
K
Yeah
right,
except
for
Benchmark
and
Greylock
and.
B
Benchmarks
them
you
good
luck
with
benchmarks:
they
they
they,
they
they
they're
sort
of
friends
and
family
fun
and
I
yeah
and
their
friends.
You
know
actually
I
I'm
gonna
say
this
out,
like
you
don't
be
getting
Benchmark,
we
learned
who
the
friends
and
family
are
and
I
can
tell
you
wait
until
one
dies,
because
some
of
them
are
old
benchmarks
and
old,
firm.
C
B
So
I
said
this
is
sort
of
the
coming
up
with
the
answer
five.
So
then
we
thought
well.
How
are
we
going
to
delegate
authority
of
the
IC
and
then
we
thought?
Oh
well.
We
already
have
this
list
of
these
top
tier
tier
one
tier
two
firms
and
we'll
delegate
authority
to
staff
to
invest
in
those
because
we
know
they're,
good
firms
and
and
the
hard
part
isn't
picking
Margaret
and
them,
and
the
third
part
of
this
little
subset
was
well.
How
are
we
going
to
deal
with
conflicts
of
interest?
B
I
am
invested
in
VC
funds,
I'm
invested
in
portfolio
companies,
which
some
of
these
VC
funds
may
may
be
in
sour,
Howard
and
Rod,
and
it
turns
out.
Oh,
we
have
a
list,
and
I
can
look
at
that
list.
I
can
immediately
tell
you
I'm,
not
investing
in
any
of
them.
I
have
been
past
and
I
immediately
tell
you
whether
I'm
in
any
deals
with
them,
because
of
course
we
know
we're
in
deals
with.
B
B
We've
done
it,
that's
it
and
it
it's.
The
answer
is
five.
It
has
the
wonder
that
if
it's
a
VC
plan,
it
deals
with
the
delegation,
so
we
can
move
fast
and
opportunistically
and
it
also
sort
of
gives
us
a
head
start
on
whether
there's
any
conflicts
of
interest.
It
works
with
the
investment
committee,
because
it's
the
investment
committee's
saying
you
know
what
guys
go
after
these
20.
and
then,
if
you
want
to
bring
one
to
us,
it's
not
in
there.
B
Well
that's
what
the
investment
committee
is
for
and
they'll
come
back
to
Ash
foreign
crew
and
see
yeah.
We
that's
a
harder
look
right
in
terms
of
of
their
getting
input
from
Howard
and
your
AG
and
I
I
think
the
the
correct
you
know.
The
final
answer
was:
let's
go
out
and
have
a
beer,
I
guess
would
sort
of
be
the
summation
of
it's
very
casual.
B
It's
very
informal
I
mean
we're
gonna
in
fact
talk
about
it
in
beer,
we're
going
to
go
out
and
have
a
beer
with
Rebecca
Lynn
of
canvas
Ventures
Brewing
only
next
week
and
she's,
a
superstar
VC
and
just
happened
to
come
through
the
firm
I
was
at
and
that
is
sort
of
so
the
the
bottom
line
is
with
VC.
It's
not
guys
in
and
gals
in
and.
C
B
B
B
If
we're
gonna
do
this,
you
got
to
go
out
there
and
shake
hands
and
meet
people
and
and
impress
them,
and
it
was
hard
during
covid,
but
science
hope
Prabhu
has
gone
to
these
LP
committee
meet
these
LP
meetings
and
I've
heard
from
some
VCS
that
say:
wow
wow,
wow
Peru's
a
great
guy.
Why?
Because
he's
sitting
there
he's
making
him
laugh,
he's
buying
them
a
drink
right
and
that's
the
whole
thing
and
then,
when
Prabhu
will
go
to
Rebecca
Lynn
well,.
H
B
Of
course
say:
no,
because
nobody
cannot
be
into
Benchmark,
but
she
might
help
me
get
into
one
or
two
of
the
others.
She
is
a
superstar
and
if
she
knocks
on
the
door
and
says
oh
you'll
love
Pergo
he's
a
great
guy
and
I
know
Drew
I've
known
for
20
years.
That's
how
we
get
into
no
fun,
not
because
they're
San
Jose,
not
because
we're
big,
because
everybody's
big,
but
because
they
know
purbue
and
Drew
and
Howard.
B
And
we
were,
we
were
sitting
in
this
meeting
and
all
of
a
sudden
we're
like.
Oh
that's
the
answer.
I
would
say
it's
fair
I
think
so
I've
learned
probably
already
knows
the
answer
to
everything
he
just
sort
of
humors
us
by
taking
us
along
until
we
figure
it
out
so
I
I
think
probably
already
knew.
That
was
right,
probably
Ashford
too,
but
it
sort
of
hit
me
like
a
ton.
Bricks
like
the
answer
is
five.
So.
K
Out
so
so
in
2018
staff
got
delegation
of
Authority
for
all
asset
classes
except
Venture,
because
that
was
a
newer
asset
class
and
the
idea
was
that
the
board
will
observe
staff
and
what
they
do
over
the
next
five
years
and
it's
five
years.
Hence,
and
so
we
are
requesting
the
board
to
give
us
Authority
and
so
we're
simply
striking
out
the
exception
to
venture
in
the
IPS.
K
We
will
continue
to
come
to
the
board
for
co-investments,
which
we
very
rarely
do
and
unlikely
to
do,
but
if
we
do
and
that
will
be
a
closed
session
discussion,
so
so
what
we're
asking
for
which
the
ad
hoc
committee
approved
and
the
IC
approved-
and
it's
now
come
to
the
board-
is
for
the
revised
language
in
the
IPS
and
the
IC
Charter
to
be
approved.
I,
don't
know
Maytag.
If
we
should
take
each
separately
or
together,
2C
and
2D.
We.
B
So,
let's
I'll
I'll
entertain
a
motion
to
approve
the
revised
IPS
I've
mushed
by
Santa.
Second,
by
ask
for
our
all
in
favor,
say:
aye
aye
any
opposed.
Non-Imposed
I'll
enter
in
a
motion
to
approve
the
revised
investment
committee.
Charter.
Is
there
a.
O
B
H
It
Mr
chair
this
is
Ron
one
clarification
on
the
IPS
approval.
Could
you
also
for
the
record
state
that
the
resolution
is
also
approved.
B
Oh
good
good,
good,
good
point:
I
assume
that
motion
covered
both
of
these
statement
and
the
resolution
is.
B
Object
to
that
friendly
yeah,
oh
good
point,
does
the
second
or
take
that
so
the
motion
was
amended
to
include
that
damn
somebody
out
in
sleep
land
is
paying
attention.
That
was
a
good
catch.
Thank
you.
B
Have
no
old
business
because
we're
just
so
efficient
at
what
we
do
overview
Roberto
for
your
oral
update.
P
Thank
you
Mr
chair,
and
thank
you
to
the
board
for
allowing
me
to
attend
the
meeting
today
remotely
I'm
looking
forward
to
be
back
with
you
next
month
at
the
next
meeting.
So
let
me
start
by
letting
you
know
you
may
be
call.
Last
month,
I
introduced
our
new
executive
assistant.
Chaparro,
who
joined
us
late
in
March,
unfortunately,
for
us
is
Stella
actually
left
to
be
the
secretive
assistant
for
the
CEO
at
the
water
district
of
all
places.
Mr
Santos.
Just
so
you
know
so
Isela
is
working
there.
P
Now
her
last
day
at
the
office
was
last
Friday
or
April
21st,
and
so
we
actually
had
provisionally
promoted
Michelle
San
Miguel,
who
is
actually
there
at
the
meeting
with
you,
hello,
Michelle,
hello,
Michelle,
and
she
is
actually
working
in
the
executive
assistant
role
and
she
started
on
Monday,
April
24th.
P
In
addition
to
that,
I
wanted
to
let
you
know
the
staff
conducted
interviews
for
the
two-step
specialist
position
on
the
administration
that
will
work
directly
with
Michelle
San
Miguel,
and
we
just
recently
made
two
offers
and
we're
waiting
to
hear
back
and
so
we'll
probably
have
more
specific
information
that
you're
meeting
next
time
and
lastly,
intensive
Personnel
I
wanted
to.
Let
you
know
that
we
are
recruitment
is
on
their
way
to.
C
P
An
accounting
position
within
the
Accounting
Group
I
also
wanted
to
update
you
regarding
Medicare
B
reimbursement,
and
today
we
have
received
877
Medicare
Investments.
We
have
processed
722
of
those
through
the
month
of
April.
The
remaining
155
are
expected
to
be
processed
with
the
benefit
payment
for
the
month
of
May
and
then.
H
P
Last
two
comments:
I
wanted
to
make
Mr
chair.
One
of
them
is
obviously
I
just
mentioned,
that
is
seller,
left
and
Michelle.
San
Miguel
is
actually
working
now
as
our
executive
assistant,
and
so
we
hopefully
two
new
staff
members
of
the
administrative
staff
area.
P
We
have
to
update
and
make
some
changes
to
the
travel
process
and
reimbursements.
It's
going
to
be
sort
of
split
between
the
accounting
function
and
administration.
But
what
I
wanted
to,
let
you
know
is
I
know
it's
been
a
challenge
in
the
past
and
wanted
to
ask
that.
Have
we
welcome
and
train
new
staff
and
Implement
our
new
travel
process?
P
All
together,
we
ask
you
to
bear
with
us,
we'll
obviously
try
to
be
as
efficient
as
possible,
but
I
just
wanted
to
let
you
know
we're
going
to
have
a
bit
of
a
new
process
and
also
new
staff
working
through
it,
so
just
bear
with
us
and
as
always,
if
you
have
any
questions
just
reach
out
to
my
of
Michelle
and
lastly,
I
wanted,
to
politely,
remind
you
that
if
you
haven't
yet
to
please
forward
you
waiver
of
recourse
fees
for
the
fiduciary
Insurance
on
a
check
to
the
office,
you
certainly
welcome
to
when
you
come
to
your
nextborn
meeting,
to
bring
a
check
with
you
and
drop
it
off
with
staff.
P
And
if
you
have
any
questions,
please
feel
free
to
reach
out
and
I'll
have
Benji
our
accounting
manager
reach
out
to
you.
But
again
this
have
to
do
with
the
fiduciary
insurance
that
was
approved
by
you
board,
and
it
has
to
do
specifically
with
the
waiver
record
fees.
It's
a
25
per
insurance.
I,
don't
know
if,
if
Benji
is
at
the
meeting,
no
Barbara
can
tell
me
but
I
think
it's
25
dollars
for
each
one
of
the
insurances.
P
B
Who
was
at
the
yeah
I
only
have
one
question:
what's
the
parrot's
name,
oh.
B
B
Well,
they
can
live
a
really
long
time.
Hello,
Picasso,
wherever
you
may
be
yeah
see
they
can
leave
up
to
50-55.
P
B
If
no
other
questions
on
to
the
ever
a
bullient,
Pam
Foley,
oh
wait.
A
minute,
hang
on
hang
on
is
that
Cheryl
there
how's
the
baby.
How
are
you
excellent
Cheryl?
You?
You
gave
birth
in
December
right
end
of
November.
Well,
we
have
missed
you
and
it's
good
to
have
you
back
sorry,
Pam
I,
cutting
into
your
thunder
there.
Q
We
are
in
budget
session
and
we're
also
in
contract
negotiations
with
most
of
our
bargaining
units,
so
both
will
work
together
to
see
how
we
can
fill
those
gaps
of
900
vacancies.
We
have
in
the
city
of
San
Jose
that
are,
and
one
more
with
Isela
going
over
is
that
the
water
district
or
Valley
Water,
okay,.
Q
Yeah
I'm
afraid
to
ask
why
and
whether
it's
compensation
related
or
what
the
reason
was
yeah
I
know:
I
I
got
it.
So
it's
as
we
go
through
negotiations
with
all
of
our
units
and
obviously
that's
a
lot
of
confidential
negotiations
as
it
is
with
with
this
board.
But
it's
important
for
us
to
make
sure
that
we're
compensating
individuals
properly
and
that
we
have
the
benefits
packages
that
are
necessary
to
retain
and
recruit
our
staff.
Q
I'm
a
little
concerned
I'll
just
share
personally
I'm
concerned
about
the
budget
as
it
relates
to
unfunded
liabilities
and
the
effects
of
the
market
on
our
returns
and
how
that's
going
to
affect
our
budget.
I
I
think
the
council.
We
have
a
new
Council.
As
you
all
know,
six
new
council
members
and
many
of
them
may
not
realize
the
impact
of
unfunded
liabilities
and
how
that
affects
our
ability
to
deliver
services
in
other
ways,
so
we'll
be
watching
that
closely.
The
the
budget
was
released
two
days
ago.
Q
Frankly,
I
haven't
had
a
chance
to
look
at
it
yet
or
yesterday.
I
guess
haven't
had
a
chance
to
look
at
it,
but
I
certainly
will
we
start
buddy
study
sessions
next
week.
So
with
that
I
have
nothing
else
to
say
then
I
hope
we
get
through
budget
cycle
unscathed
with
programs
intact
and
making
sure
you
know
too
big.
Q
Q
Definitely
think
that
that
the
discussion
I'm
not
creating
the
budget
so
I,
don't
know
what
that
will
do
to
the
overall
I
know
it
extends
how
long
how
much
further
we
have
before
we
pay
off
we're
totally
at
balance
with
the
ual,
but
right
now,
I,
don't
know
that's
necessary.
You
know
our
budget's
huge.
C
H
O
Q
Q
It
affects
current
employees,
not
so
much
retirees
raise
issue
and
and
I.
Don't
and
I
don't
disagree
with
him
and
was
advocating
for
it
how
it
affects
retirees
and
the
benefits
to
retirees.
But
there
aren't
a
lot
of
good
plans
out
there
and
the
one
we
had
was
real.
That
bid
on
it.
Cheryl
may
know
this
better
than
I
had
was
expensive.
We
had
to
pay
for
all
the
employees,
including
all
the
retirees,
and
that
makes
it
expensive,
but
it
it's
it's
still
something
we're
discussing.
We
just
haven't
settled
on
it.
Yet
I.
I
B
Word
of
the
day,
if
not
that's
what
I'm
Jews
right
as
far
this
is
JPC,
the
salary
ranges.
4C
I,
don't
know.
If
you
want
to
turn
that
over
to
Andrew,
that's
fine
yeah.
O
C
C
B
R
R
I
think
he
drew
and
this
wire
so
about
every
four
or
five
years.
We
do
a
compensation
study
for
our
CEO
CIO,
and
in
this
year
we
included
the
investment
staff
just
to
see
if
we're
competitive
amongst
our
peers.
Do
we
need
to
make
adjustments
to
the
salary
ranges
for
for
those
positions
we
consulted
with
coffin
Associates?
It's
someone
we've
used
in
the
past
and
also
it's
someone
that
the
city
uses
also
so
their
services
are
are
well
are
well
known.
R
Amongst
us,
they
came
back
with
a
couple
different
reports
which
you
have
attached
in
this
packet.
The
first
one
I'm
looking
at
is
the
CEO
one
and
they
come
up
with
a
couple
different
numbers
based
off
of
base
salary
and
total
compensation,
and
then
they
also
come
up
with
what
our
comparables
are.
R
And
so,
if
you
look
at
the
first
first
document
on
page
three
you'll
be
able
to
see
with
our
comparables
that
they
are
looking
at,
which
is
basically
San
Bernardino
County
San,
Francisco,
LA,
City,
Orange,
County,
Alameda,
County,
Contra,
Costa
and
San
Mateo
County.
Let.
B
Me
jump
in
with
a
comment
here,
something
those
of
you
don't
know.
We
don't
have
a
lot
of
comparables
because
there
aren't
a
lot
of
independent
pensions
independent
of
CalPERS
in
the
state
and
of
the
20
or
so
there
are.
They
arrange
in
size
from
50
I
think
all
the
Sarah
is
like
50
billion
all
the
way
down
to
like
200
million.
So
we
really
truly
those
it
was
hard.
R
To
get
those
right,
yeah
yeah
and
on
top
of
it,
we're
very
unique
in
the
sense
that
we
have
two
boards.
So
all
these
other
systems
that
we
are
Parables,
the
CEO
CIO
the
report
to
one
board,
and
so
you
know
our
staff
is
pretty
much
doing
double
the
work.
Okay,
so
based
off
of
those
comparables
coffin
Association
looked
at
what
are
those
salary
ranges
for
each
of
those
and
where
do
we
fit
into
the
system
and
on
back
onto
page
one
and
the
reason
I'm
taking
more
time
on
the
CEOs?
R
Because
when
we
look
at
the
other
reports,
it's
laid
out
exactly
the
same,
all
right
so
on
on
page
one
on
table,
one
is
the
adjusted
base
salary
market.
So
what
they
do
is
they
look
at
what
the
base
salary
is
for
each
of
those
comparables
and
they
take
in
consideration
of
where
they
they
live
and
they
make
adjustments
based
off
of
cost
of
living
in
that
area.
So
we
could
look
at
Apple's
Apple
comparison
here.
R
Coffin
Associates
broke
it
down
what
the
median
is:
60
percentile,
75th,
percentile,
90th,
percentile
and
market
leader
okay.
So,
as
we
look
at
this,
the
first
chart
on
on
page
one,
it's
showing
the
the
median
is
the
percentage-wise.
We
are
seven
point,
seven
percent
below
the
median
all
right
and
if
you
look
at,
if
you
want
to
jump
down
to
75th
percentile,
we
are
15
below
the
median
and
so
forth.
Okay,.
R
Calpers
is
not
is
not
included
in
these
numbers,
so
on
the
yeah
that
chart
on
page
three,
we
put
it
in
there.
We
agree
it's
not
a
comparable,
but
they're
they're
the
gorilla
out
there.
So
you
know
we're.
We
want
to
see
what
they're
at
okay,
okay,
and
so
then
there
was
a
discussion
amongst
the
board
is
okay.
How
do
we
want?
What's
our
philosophy
in
regards
to
what
percentile
should
we
be
targeting?
Should
we
look
for
the
median?
R
R
In
regards
to
this,
one
thing
that
Harvey
brought
up
to
us
in
regards
to
the
CEO
position
is
that
there's
a
lot
of
people
in
in
CEO
roles
in
California
that
are
very
close
to
retirement,
and-
and
he
was
mentioning
that
in
the
next
few
years,
that
field
can
be
extremely
competitive,
and
so,
if
we,
if
our,
if
Roberto,
decides
to
retire
in
the
next
few
years,
we
are
gonna,
there's
gonna
be
definitely
a
competition
issue
going
on,
and
so
he
wanted
to
take
that
in
consideration.
R
Currently,
the
CEO
spot
is
seven
percent
below
median
in
the
past,
we've
typically
Target
right
around
70
percent.
We
sometimes
flirt
you
know
with
a
little
bit
higher,
but
that's
where
we
typically
Target
after
multiple
discussions
that
we've
had
back
and
forth
and
and
based
off
the
caliber
of
of
Roberto
and
who
we
want
in
that
position
there
was
the
JPC
is
recommending
that
we
go
to
the
75th
percentile.
R
This
is
not
a
salary
where
this
is
an
adjustment
to
the
salary
range
is
not
to
his
pay.
So
if
we
approve
going
up
to
the
75th
percentile,
the
range
just
moves,
but
not
his
salary,
so
his
salary
will
still
be
where
it's
at
until
we
decide.
You
know
the
next
MPP
evaluation
process,
if
we,
you
know,
want
to
give
a
raise
or
not,
and
so
so
that's
basically
a
summary
of
the
CEO
and
and
how
the
process
we
went
through.
Is
there
any
discussions
and
we'll
we'll
jump
through
the
CIO
and
investment
stuff?
R
O
R
So
we
only
the
only
thing
I
haven't
talked
in
my
head
right
now
is
basically
the
comparables
of
what
they
provided
coffin
associate
thought
that
would
those
were
good
comparables
for
us.
So
so
that's
what
we
saw.
So
we
didn't
see
San
Diego,
we
didn't
see
Fresno,
so
I'm,
not
sure
what
those
numbers
look.
R
R
And
some
of
the
things
that
we
were
looking
at
is
okay.
You
know
how
much
does
the
Aeon?
What's
the
asset
under
management?
How
much?
How
many
ftes
are
they
managing
within
Retirement
Services?
R
O
The
other
question
that
comes
up
is
Drew,
maybe
is
for
the
discussion.
What
what
would
it
be
or
what
should
we
take?
A
look
at
being
separate?
You
know,
Federated
in
the
retirement
that
have
been
police
are
fired
by
itself
in
terms
of
cost
savings
and
and
training,
and
getting
people
in
it
may
be
a
better
opportunity.
B
There's
a
lot
of
things,
I'm
sure,
plus
and
minuses
about
that
yeah.
So
you
know
the
city
has
forever
suggested
that
we
combine
two
pensions
and
just
based
on
solely
based
on
what
Andrew
said.
You
know
economies
scale
and
keep
it
simple,
but
the
unions
have
historically
really
fought
back
against
that.
H
B
D
B
B
Q
C
D
R
So,
and
just
one
more
thing
to
add,
I
mean
so
look
at
the
difference
between
the
50
percentile
and
the
75th
percentile
Dollar
Wise
is
twenty
one
hundred
dollars
a
month,
so
so.
H
R
Wise
this
or
you
look
at
this
seven
percent
on
top
above
median,
so
percentage-wise
is
not
that
large,
you
know
depends
on
how
you
want
to
look
at
it,
and
so
that's
another
reason
why
we,
you
know
we
were
okay,
going
to
the
75th
percentile
and.
J
Yes,
okay,
it's
not
far
off
from
that.
Okay,.
E
Is
this
sample
for
the
for
this
table
the
same
as
the
the
exhibit?
So
it's
only
like
nine
plants.
R
B
Pensions
yeah,
which
is
a
lot
more
and
the
and
and
the
comparables,
have
to
do
with
really
two
Dimensions
managers
Benjamin
one
in
size
and
then
there's
sort
of
the
nature
of
them
like,
for
instance,
lucera
is,
is
sort
of
all
street
sweepers
and
that
doesn't
quite
match
what
we
do
here.
Yeah.
E
But
I
mean
this
table
the
medians
and
the
percentiles
yes,
are
of
the
nine
plans.
E
E
R
R
That's
a
good
question.
We
probably
want
to
take
separate
votes,
sure.
Okay,
what
we'll
do
is
we'll,
let's
go
through
we'll
go
through
each
one,
individually
and
and
because,
since
they're
very
similar
and
at
the
end
we'll
take
separate
votes.
E
R
and
and
coffin
Associates.
That's
what
they
do.
As
a
business
I
mean
they
do
all
these
salaries
ranges,
and
so
the
criteria
is
that
they
are
looking
for.
You
know
that
match
us,
that's
how
they
came
up
with
these
Okay,
so.
E
B
R
And
if
you
want
to
look
at
table
two,
which
is
on
page
two,
this
is
total
compensation,
so
this
is
also
taking
consideration,
their
their
benefit
package.
And
if
we
take
in
that
in
consideration,
we
actually
fall
behind
a
little
bit
more
compared
to
our
comparables.
R
But
the
retirement
package
is
from
my
understanding,
something
that
we
don't
have
control
over.
We
have
control
over
the
salary,
but
not
their
their
benefit
package,
and
so
that's
why
we're
not
discussing
two,
but
we
need
to
take
that
into
consideration.
You
know
when
you
know
people
when
we're
looking
for
a
new
CIO
CEO.
We
got
to
understand
that
the
whole
picture
there,
council,
member
Foley,
I.
Q
Just
had
a
a
quick
question:
why
is
the
salary
range
reported
in
monthly
and
not
annually?
It's
a
straight
when
you're,
when
you're
offering
to
someone
a
an
employee
contract,
it's.
C
B
The
math,
so
we
we
do
this
I
I
actually
do.
Let
me
answer
this
question.
We
do
this
service
all
the
time,
because
that
way
you
take
out
the
bias
for
when
the
pay
increase
comes,
and
some
companies
have
fiscals
like
ours
is
not
calendar,
and
so
by
doing
it
monthly
you're,
getting
a
real
snapshot
in
real
time.
Otherwise,
you've
got
this
bias
of
they
just
got
a
raise
and
we're
picking
up
three
months
of
that
six
months
of
that
nine
months.
B
B
R
So
let's
go
ahead
into
the
second
attachment
and
this
one
will
cover
the
CIO
and
investment
staff.
We
also
for
the
CIO.
Last
time
we
did.
A
comp
study
was
back
in
around
2017
2018
right
when
we
hired
probably
pilani
our
current
CIO,
and
so
you
know
it's
been
four
or
five
years
since
then.
Looking
at.
I
C
R
Yeah,
so
so,
looking
at
this
first
page,
this
is
the
exact
same
thing:
the
base
adjusted
salary
takes
in
consideration
of
the
of
the
area
you
live
in,
and
the
cost
of
living,
so
the
prices
were
were
adjusted
appropriately.
This
table
is
showing
that
the
currently
and
these
numbers
are
based
off
if
I
didn't
mentioned
earlier,
the
top
of
our
range
okay.
So
currently,
the
top
of
our
range
is
saying
that
we
are
seven
percent
above
median
okay
and
to
get
to
the
75th
percentile.
R
Then
we
would
be
considered
15
below
median.
So
the
ranges
for
the
CIO
is
a
lot
larger
than
what
the
CEO
was.
When
you
look
at
this
and
then
but
the
comparables
are
still
the
same,
we're
still
using
the
exact
same
comparables
that
we
had
for
the
CE
for
the
CEO,
and
you
can
see
the
90
if
you
want
to
go
to
the
90
tile.
It
looks
like
a
unit.
Thirty
percent,
you
know
below
the
the.
C
R
So
and
then
on
the
next
page,
let's
see
here,
if
you
go
to
the
next
page
on
table
three,
this
is
we.
This
is
where
Table
Three
is
where
we
look
at
the
investment
staff.
The
investment
staff
is
a
little
bit
different
in
the
sense
that
since
I've
been
on
the
board,
since
2015-16
we've
never
done
a
a
compensation
study
for
for
investment
staff.
Okay,
and
so
that's
why
you
see
these
numbers
a
little
more
away
from
median,
so
our
investment
staff
has
been
underpaid
for
years
now.
Base
pay
is
showing
right.
R
Now
is
15
15,
almost
16
percent
below
median
okay,
and
so
this
is,
you
know,
I
I
believe
this
is
the
one
position
that
we
definitely
need.
You
know
I
I
want
to
get
approved,
you
know,
so
we
could
address
them
appropriately
and
if
we
want
to
go
to
the
75th
percentile,
all
we're
talking
about
is
a
five
percent
difference.
More
looking
at
and
I
gave
you
guys
a
dollar
amount
before
just
to
let
you
know
the
difference
between
a
50
tile
and
the
75th
percentile
for
the
investment
staff
is
800
a
month.
R
Okay,
like
you
mentioned
with
the
CEO
we've,
had
multiple
conversations
you
know
back
and
forth
in
the
in
our
subcommittee.
We
all
came
and
walked
away
and
agreed
that
we
thought
75th
percentile
was
a
target
for
all
three
positions
for
the
range
for
the
range
correct.
This
is
just
a
range
in
regards
to
investment
staff,
the
CEO
and
the
investment
officers.
R
We
have
a
top-notch
team.
We
really
do
our
numbers
show
it.
If
you
look
at
our
returns
prior
to
2017,
we
were
always
ranked
in
the
95th
percentile
for
multiple
years.
Prior
okay,
once
probably
got
here
and-
and
we
got
you
know
the
full
staff
they
expanded.
Our
numbers
completely
turned
around
in
our
investment
returns
completely
turn
around
and
that
that
just
shows
how
talented
our
staff
is,
the
investment
staff
is
or
the
field
is
very
competitive.
R
We
need
to
be
above
median,
so
we
also
chose
to
go
75th
percentile,
so
jpc's
recommendation
is
75th
percentile
for
all
three
positions
and
I'm
open
up
for
any
discussions,
and
like
mentioned
this
is
for
the
ranges
doesn't
mean
that
we're
we
could
change
their
we're
going
to
change
their
salary
current
salary,
but
this
is
just
to
adjust
the
ranges.
So
we
have
the
flexibility
and
Power
in
the
future
to
make
do
what
we
need.
We
want
to
do
and
let
me
just.
H
B
S
So,
first
of
all,
thank
you
Andrew,
so
Andrew's
done
a
lot
of
work,
he's
very
knowledgeable
on
this
and
I
would
say
the
most
important
thing
you
know
for
us
for
the
fund
is
you
know
a
stability
of
the
staff
right
and
I
think
for
the
stability
that
you
know
the
team
stays
for
a
long
time.
It's
important
that
we
compensate
them.
Well,
you
know,
and
that's
that's
kind
of
our
thinking
and.
B
T
R
You
for
thank
you
for
bringing
that
up
and
we'll
make
sure
we
put
that
in
the
motion,
so
Kauffman
Associates
recommendation
is
to
have
a
the
difference
between
the
investment
and
Senior
investment.
Is
a
15
difference
pace
so
so,
whatever
we
approve
for
the
investment
staff,
there
will
be
a
15
raise
on
top
of
that
range
wise
for
the
senior.
B
J
N
R
Just
let
you
know
procedural
wise.
What
happens
if
we
approve
this?
What
happens
is
then
we
gotta
go
in
front
of
city
council
for
their
approval,
okay,
and
so
so,
whatever
comes
out
of
this
board,
if
we're
in
agreement
at
75
percentile
with
Federated,
then
we'll
we're
gonna
wait
till
we
get
the
incentive
discussion
done
next
month
and
then
we'll
take
it
to
city
council.
R
So
most
likely
we
won't
take
it
to
city
council,
I'm,
gonna,
I'm,
gonna,
say
August,
because
I
think
June
is
going
to
be
pretty
busy
with
the
the
budget
stuff
and
other
negotiations
that
it
might
be
better
for
us
to
just
wait
till
after
the
July
session.
You
know
July's
closed
and
we
come
back
to
session
in
August
when.
R
R
So
we
as
a
board
have
control
over
Roberto
and
Probus.
So
when
we
do
our
annual
review
in
August
through
November,
that's
where
we
have
the
discussion
on
making
adjustments
for
the
investment
staff,
I,
believe
that
is
at
the
purview
of
Prabhu,
and
he
makes
those
individual
decisions.
Okay,.
T
E
R
B
O
Just
asking
probably
about
how
many
investors
does
he
evaluate?
Is
it
between
both
planners,
like
70.,
so
I
looked
back
at
years
ago,
when
I
was
here,
active,
I,
think
at
police.
So
far
we
had
like
16..
So
that's.
Obviously
the
workload
is
like
10
times
the
amount.
I
really
appreciate
the
the
research
that
that
you
have
done
and
I
can
say
with
Prabhu
have
been
here
and
me
prior
serving
there's
a
lot
more
confidence
in
in
the
way
the
board
reacts
and
so
on
and
the
reports.
It's
just
a
big
change
for
the
best.
D
I
fully
support,
or
even
potentially
higher
rate,
raising
the
range
I
like
the
75,
at
least
because
you
know
in
the
world
of
work
and
investment.
It's
all
about
people
and
I
think
retaining
talent.
In
our
case,
our
investment
team
with
Provo
and
and
the
staff
and
the
CEO
with
Roberto
I
think
that's
critical,
so
I
fully
support
it.
B
That's
great,
did
you
want
two
separate
motions,
or
one
I
mean
it's
one?
We
can
do
it
either
way
right
main
Tech
is
one
item.
B
B
And
if
not
all
entertaining
motion
to
approve
the
recommendation
for
the
CEO
so
moved
by
Santos,
who
have
a
second
second
by
Gardener
I,
have
no
Sean
San
Jose,
all
in
favor
aye
aye.
Any
opposed,
no
hunting
motion
to
prove
the
recommendation
for
the
CIO
and
the
investment.
S
O
E
C
O
B
You
this
is
my
favorite
part
of
the
meeting.
B
I
did
say:
I
own
investment
staff
yeah,
so
every
two
or
three
years
you
guys
get
to
kick
me
around
as
I
come
up
for
re-election
I.
My
re-election
is
slightly
different
than
all
yours,
I'm,
the
so-called
man
in
the
middle,
so
I
am
appointed
by
both
the
city
council
and.
Q
B
I'm,
the
only
candidate
for
this
position,
I
killed
all
the
rest
of
them
off
in
their
sleep.
You
can
either
say
sure
we'll
put
up
with
your
stinky
feet
for
another
couple
years
or
you
can
say
no
and
as
part
of
that
process,
you
were
allowed
to
ask
me
any
questions.
You're,
not
asking
my
shoe
size,
it's
a
secret,
so
Floors
open.
If
you
want
to
question
me
again,.
O
I'm
going
to
recommend
it
and
that
you
continue,
of
course,
but
I
can
tell
you
a
person,
who's
been
serving
this
city
of
San
Jose
for
55
years
and
and
being
involved
over
24
25.
Whatever
years
of
the
maternity
I
just
want
to
compliment
you
because
you
know
I
look
back
at
it
and
you
folks,
weren't
here
be
five
member
boards,
and
today
we
have.
O
We
have
civilians,
you're,
five
and
four:
it's
fantastic,
the
knowledge,
the
experiences
we
have
but
I
recall
our
last
CEO
I
think
Mr
Robinson,
and
you
know
it
was
just
hard
to
believe
because
I
was
retired.
When
I
was
asked
to
come
back
and
I
met
him.
O
I
was
saying:
how
did
you
get
here
and
it's
just
such
a
big
change
for
the
best,
and
we
have
less
political
issues
that
we
had
when
I
was
active,
because
we
had
at
that
time,
two
City
Council,
Members
I
know
it
was
very
difficult,
but
of
all
the
people
that
I've
met
Jews
had
the
biggest
impact,
especially
when
it
comes
to
our
disability,
our
committees,
to
make
them
with
more
confidence,
more
honesty,
more
transparency,
I
can
go
on
and
on
I
just
appreciate,
I
hope,
you'll
stay
and
that's
my
recommendation.
Well.
B
B
Yeah,
actually,
no,
it
was
funny.
Franco
asked
me
a
question,
so
we
actually
because
it's
carmelion,
you
need
water,
so
it's
actually
the
development
and
the
development
spans.
It's
huge.
It's
47
miles
to
56
RV.
That's
why
I
reached
that
RV
hurricane
I
just
say:
I
live
somewhere
in
the
development,
but
Harvey
said
no.
It's
your
street
address
yeah!
It's
it's
I!.
C
C
B
B
P
G
So
Franco,
if
you
were
to
leave
right
now,
then
that
would
make
me
the
chair.
So
I'd
like
you
to
stay
Sunita.
R
B
Years
right,
I
had
no
gray
hair
and
I
saw
it
on
my
teeth.
David
kronson
here
Howard.
S
Thank
you
escherar.
So
again,
thank
you
for
your
service
and
Drew's
been
a
great
leader
and
really
appreciate
all
his
insights
for
the
two
committees
that
I
cherish
and.
J
Q
B
Well,
you
know:
I
I
didn't
join
this
board
because
my
financial
Acumen
Jones
board,
because
I'm
kind
of
an
expert
in
high
function
teams
and
my
group
dick
this-
is
an
extra
yeah
sure.
You
say
this
is
an
extremely
high
function
team
and
as
long
as
this
is
a
high
function,
team
I'll
stay
here
because
working
with
high
function
teams
is
the
most
fun
you
can
have
with
your
clothes
on
so
I'm.
All
in
that
does
it
we're
under
retirements.
B
So
let's
take
the
two
groups
of
retirements:
we've
got
service
retirements,
the
search
term
of
Brett
El
moiseth,
police
officer,
police
department,
effective
May,
13
2023,
with
32.11
years
of
service
and
Martin
asked
wow
32
years
holy
crap
and
Martin
S
Walker
fire
captain
fire
department,
effective
May,
13
2023,
with
25.82
years
of
service,
entertained
motion.
I
J
Yeah
I
worked
at
Brett
in
the
narcotics
he's,
probably
one
of
the
best
dope
cops
we've
had
at
the
PD
in
the
history
of
our
organization,
amazing
man,
wealth
and
knowledge,
and
he's
going
to
be
missed
a
little
sad
to
see
him
go
but
I'm
happy
to
see
him
go
because
he
put
in
his
time
and
he's
it's
time
to
move
on.
Yeah
he's
got.
O
B
B
Ahead
and
pick
up
the
give
me
you
want
to
say:
hey
hang
on
one
second
give
me
one.
B
Gonna
pick
up
the
approval
of
the
early
retirement
of
Craig
black
fire
engineer:
fire
department,
effective
May,
13,
20,
22
23,
with
22.55
years
of
service.
So
you
almost
made
the
bowl
stretch
good
for
you,
Craig
I'm
done
motion
to
approve
this
got
most
of
my
Santos.
Do
I
have
a
second
second
Wilson
I
got
a
second
by
Wilson,
all
in
favor,
say
aye
aye
and
you
posed
I,
don't
know
if
anybody
anybody
know
Craig
wanna
wish
him
well
say
any
words.
B
That's
what
you
kept
for
leaving
early
give
me
one
second
here.
B
Announcing
the
death
of
we'll
have
a
moment
of
science.
After
this
death
of
Joseph
Carrillo,
Battalion
retired
gen,
22
2011
died,
February,
25,
2023,
survivorship
benefits,
Carrie
Carrillo
spouse
the
notification
of
the
death
of
Marvin
M
Coffey
fire.
H
B
Retired
January
28
2006
died,
March,
22nd,
23,
no
survivorship
benefits
notification
of
death
of
William
E
erferth,
I
I.
Just
love,
look,
love,
I'm,
sorry,
people
died,
don't
use
that
word
Drew,
so
air
forth
joined
I'm,
I'm,
a
senior
citizen
I'm
on
Medicare.
He
joined
this
service
right
around
the
time.
I
learned
to
walk
notification
of
death
of
William
E
Orford,
Lieutenant,
retired
March,
24
1996
died,
March
4th
2023,
leaving
no
survivorship
benefits.
We'll
have
a
moment
in
silence.
O
Lot,
yeah
and
I
knew
both
of
these
gentlemen,
real
well
and
chief
of
career
and
I
played
in
the
Olympic
teams
together
and
meddled,
and
the
new
modern,
McCaffrey
real
well
on
obiso
a
station
25.
He
was
a
one
hell
of
a
guy
in
terms
of
taking
the
the
community
with
all
the
kids.
He
was
just,
and
we
just
was
at
a
funeral
just
a
couple
months
ago
together
and
he
was
in
ill
health
and
both
of
them
was
way
too
young
and
again
respect
for
the
police
officer
and
also
and
their
families.
G
C
B
When
I
was
learning
how
to
walk
and
I'm
I'm
old,
all
right,
let's
go
on
to
the
committee
meetings
I'm
going
to
get
us
all
out
of
here.
Our
link,
which.
B
That's
great,
let
me
make
let
me
know
for
the
record.
We
received
the
minutes
of
Feb
28
March
27th
meetings,
Sunita
audit.
G
O
S
C
H
C
C
C
B
Nobody
well
welcome
to
the
boring
police
and
fire
retirement
funding.
N
N
N
It
was
really
so
when
I
went
down,
they
I
was
awarded
the
service
connected
disability
over
at
The,
Old
City
Hall,
and
they
was
in
I
believe
in
September
October
2004
and
they
made
it
retroactive
back
to
January,
22nd,
2004.
N
and
I
went
over
the
city
to
Retirement
Services.
The
gentleman
was
filling
out
the
paperwork
and
he
called
over
to
the
the
mayor's
office,
which
was
Gonzalez
at
that
time
and
I
think
his
his
chief
executive
was
Gallegos
or
something
with
a
G
I
forget
his
name
and
the
city
manager.
They
were
all
on
I'm
sitting
there
right
there
and
I
listened
to
this,
and
he
says
well.
N
How
are
we
handling
his
disability
retirement
and
he
said
separate
from
his
wife
as
though
he's
got
20
years
and
six
months
and
that's
the
way
they
wrote
it
up
so
I've
been
on
disability
retirement
ever
since
me
and
my
wife
don't
speak
and
they
would
never.
Let
me
know
what
was
going
on.
They
said.
That's
her
she's
invested
on
her
own,
so
I'm
sitting
there
at
home
yesterday
and
texting
my
kids
about
the
death
of
my
aunt
Louis
and
I
get
a
phone
call
from
a
young
lady
at
13
39
hours,
139
pm.
N
N
They
say
your
wife
started,
drawing
her
retirement
in
2016.,
so
you've
been
overpaid
and
they
want
72
or
73
000
on
some
or
three
thousand
dollars
a
month,
twenty
four
thousand
dollars
a
year
or
so
over
the
next
three
years
and
I'm
just
reading
it.
N
You
know
last
night,
I
was
trying
to
read
the
email
but,
like
I
said
I'm
not
doing
well
and
they
said,
or
if
you
fail
to
do
any
of
those
we'll
just
take
it
right
out
of
your
your
retirement
and
they
said,
and
going
forward
from
now
on,
you'll
be
getting
two
thousand
twenty
seven
dollars
for
us,
so
I'll
be
getting.
If
anybody's
got
the
numbers
there,
you
anybody
got
them
or
here's.
C
N
B
B
N
N
And
I
can't
I
haven't
been
able
to
work,
so
it's
been
and
I
stay
in
contact
with
the
Retirement
Services,
all
the
time,
making
sure
I'm
up
to
date
and
did
my
medicare
and
everything
don't
leave
anything
to
chance
and
I
always
take
everybody's
word.
You
know
you
know
and
then
all
of
a
sudden,
it's
like
everybody,
says.
F
So
if
I
made
Mr
Campbell,
my
name
is
matechin
I'm
the
plan
counsel.
We
have
been
dealing
with
the
issue
with
the
service
connected
disabilities
in
soccer's,
in
terms
of
the
statutory
interpretation
issues
that
that
recently
came
up
separately
from
your
particular
case.
While
evaluating
that
issue,
we
did
discover
an
overpayment
and
one
question
before
I
go
on
for
further
comment
for
because
the
the
item
is
not
agendaized
for
the
board
to
take
action
on
today,
but
as
counsel
for
the
plan,
I
would
like
to
inquire.
N
F
With
that
information
that
your
representation,
that
you're
not
represented
with
legal
counsel,
I'm
I'm
authorized
under
the
professional
legal
code
of
ethics
to
engage
with
you
to
talk
about
your
particular
circumstance
and
I
will
go
ahead
and
collect
your
information
after
the
meeting.
And
we
can
talk
about
your
particular
circumstance
in
the
letter
that
was
sent
to
you.
F
F
F
So
the
thing
is
right:
now
we
can't
take
any
action
for
the
board.
We
can.
We
can
hear
your
comments
because
it's
not
publicly
agendized
as
a
separate
item,
but.
N
F
F
J
N
O
O
Understand
but
it's
about
the
notification
so
I'm,
not
blaming
anybody.
I,
try
to
put
myself
in
his
position
and
if
I
just
got
something
at
1,
30
I
would
be
devastated,
so
whether
it
be
a
I
would
rather
do
it.
This
way,
you've
already
talked
to
me
about
these
issues
so
see
if
we
can
meet
offline
with
our
staff.
So
how
do
we
can
get
that
smoother?
O
I'm,
a
retiree
and
I'm,
saying
to
you,
you'll,
be
in
good
hands,
we're
going
to
work
with
you
the
other
way
we
can.
We
have,
of
course,
Dave
Wilson
here
in
Franco
and
and
our
chair,
but
these
issues
as
it's
starting
to
multiply,
for
whatever
reason
we
don't
know,
but
we
want
to
work
with
our
state
that
we're
going
to
meet
and
try
to
iron
these
things
out
to
have
better
notifications
and
know
more
about
it
or.
B
B
Yeah,
dick
and
I
want
to
meet
with
you,
after
the
disability
committee,
to
talk
about
what
dick
just
talked
about
part.
So
part
of
the
issue
is
we're
trying
to
follow
the
law
and
do
the
right
thing.
But
part
of
the
issue
is:
how
are
we
interfacing
to
people
like
Mr,
Campbell
and
I?
Think
I
think
that
just
is
a
little
more
sensitivity
is
probably
in
order,
because
you
know
part
of
the
Prime
Minister
Campbell's,
we're
kind
of
I've
been
here
13
years.
B
O
F
B
B
B
B
O
Written
it
down
for
this
and
I've
also
added,
and
the
last
thing
Mr
chair
is
that
you
know
I
already
talked
to
a
council
member
fully
here
publicly,
but
I
can
say
that
I
hope
the
other
bargain
units
are
all
listening
or
whatever
it's
not
just
firefighters,
it's
employees,
and
so
there's
too
many
leaving
that
have
a
lot
of
issues,
and
so
you
knew
folks
try
to
include
the
retirees
I've
been
blessed
so
far.
O
You
know
the
system
says
we're
not
going
to
live
more
than
15
years
after
we
retire,
so
I'll,
probably
outwork
them
all
and
be
around,
but
that
ain't
the
issue
about
me.
It's
far
too
many
firefighters,
police
officers
are
really
hurting
out
there
and
we
need
some
counseling.
They
need
to
have
mental
stress.
Those
jobs
took
the
toll
on
them.
I've
watched
good
people
that
I
worked
with.
There
were
mountains
of
stone,
these
guys
and
and
ladies
and
they're,
just
falling
left
and
right.
O
I've
got
so
many
people
dying
younger
and
on
and
older
that
I've
never
seen
before.
In
my
whole
life,
this
fast
and
Drew's
right
when
I
was
in
the
system
years
ago.
We
didn't
have
all
these
multiple
problems
and
it's
right.
There's
negotiations
all
kinds
of
things
that
happen,
but
it's
out
of
hand
today
we
need
to
stop
and
go
back
to
some
common
sense.
I
hope
we
have
less
lawsuits
and
we
can
address
these
issues.
So
thank
you
for
listening.