►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of January 5, 2023
This public meeting will be conducted via Zoom Webinar. For information on public participation via Zoom, please refer to the linked meeting agenda below.
Agenda: https://sanjose.legistar.com/View.ashx?M=A&ID=1067825&GUID=3185A4EB-203E-4A5A-A415-652D33DE80B4
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D
Hackers
that
surround
the
globe
somehow
in
videos
of
course,
would
never
happen,
but
what
the
hell
all
right
we've
got
an
agenda
all
right,
let's
go
ahead
and
call
this
mean
to
order
I
will
not
do
the
roll
call.
D
Franco.
Are
you
here.
D
Oh
thanks:
Dave
Sunita
are
you
here
Andrew
here
here,
David
Quan
are
you
here
here
Howard.
D
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D
D
D
Orders
of
the
day
again,
we
have
excellent
Zoom
manners
on
this
board.
If
somebody's
speaking
and
the
question
you
have
is
temporal,
you
want
to
ask
about
a
particular
slide
or
just
jump
in
interrupt
the
speaker.
If
not
it's
sort
of
more
of
the
general
concept
wait
until
the
end
of
the
presidential
we'll
do
a
round
robin
or
if
it's
a
a
minimal
I'll
just
open
the
floor
and
people
can.
G
A
D
Under
orders
of
the
day,
we
have
a
couple
of
changes,
we
don't
do.
We
need
to
vote
on
these
chains.
D
D
Item
5.1
W
per
applicable
price
change,
retirement,
effective
date
from
121
223
to
122,
2023
police,
fire
member
David
Olmos.
It's
driving
motion
to
accept
those
orders
of.
F
D
I
have
a
second
second
bottom
I've
got
a
motion
by
Sanchez
taking
my
bottle:
let's
go
around
real
quick
Franco
hi
Anita
hi
Andrew
hi,
David,
Quan,
hi
Howard.
D
Hi
I'm
chair,
Lanza
I
vote
I
as
well.
At
the
beginning
of
the
meeting
the
floors
open
staff,
the
public
retirees
active.
Does
anybody
have
any
questions
comments
going
once
going
twice?
Does
we're
on
to
now
to
the
consent
calendar?
Does
anybody
want
to
pull
anything
from
the
consent
calendar
if,
if
not
I'll,
entertain
a
motion
to
approve
the
consent
calendar
so
we'll
move
Santa's
I've
got
a
motion
by
Santos,
so
I
have
a
second.
D
D
D
E
Right,
thank
you.
Mr
chairman
There,
Are,
No,
Agenda
items
under
the
investment
section,
but
just
as
always,
I
do
have
pro
forma
performance
information
from
Makita.
These
are
again
unaudited
numbers
and
estimates.
E
Last
year,
as
you
all
know,
was
a
really
tough
year.
We
hit
a
bear
market
for
the
S
P
500.
It
recovered
somewhat.
E
But
you
know
the
next
two
quarters
promised
to
be
tough
as
well
and
and
a
lot
of
the
I.
Would
you
know
the
FED
had
to
do.
Of
course,
its
thing,
but
it's
still
I
would
say,
in
my
opinion,
that
the
fed's
hikes
have
been
excessive.
We
went
from
a
Fed
funds
rate
of
close
to
zero
25
basis
points
to
almost
four
and
a
half
percent.
At
the
end
of
the
year,
the
FED
actually
hiked.
E
There
were
four
75
Business
Point
hikes
last
year
and
to
put
that
in
context
the
last
time
there
was
a
75
basis,
point
hike
was
in
1994
and
and
the
market
was
somewhat
relieved
that
the
hike,
the
last
hike
was
only
50
basis
points.
That's
how
extreme
the
feds
move
have
moves
have
been
but
more
on
that
at
a
later
date,
but
that's
essentially
killed
the
bull
market
and
has
thrown
the
economy
into
a
recession,
even
though
we
haven't
officially
called
a
recession.
E
So
it's
taken
a
toll
on
our
performance,
so
as
of
January
3rd
fiscal
year
to
date,
the
pension
plan
was
up
1.16
and
the
healthcare
trust
was
up.
One
point:
five,
four
percent,
so
we'll
wait
and
see
what
happens
in
the
next
two
quarters,
but
this
is
turning
out
to
be
a
tough
fiscal
year
with
that
I'm
happy
to
take
questions
again.
No
Agenda
items
today.
I
Probably
just
for
reference,
do
you
know
the
calendar
year
performance.
D
Oh
God
I
know
it's
all
you
purple.
How
do
you
when
do
you
ever
sleep
yeah?
So
it's
bad
news
on
the
economy,
but
it's
good
news
for
our
team
and
for
the
sport
or
strategy.
So
is
that
short
just
pointed
out,
because
our
strategy
takes
on
less
risk,
it
doesn't
quite
suffer
as
badly
in
a
downturn
and
because
our
team
adds
Alpha,
we
don't
suffer
as
badly
as
anyone
else.
It
takes
as
little
risk
as
us,
so
fair
to
say,
prabu.
D
J
I
was
expecting
to
have
a
representative
from
the
city
at
the
meeting
this
morning,
but
since
I
don't
see
anyone
they
reach
out
to,
as
you
know,
Sherry
Parkman,
who
is
our
contact
liason
for
the
city,
is
our
own
maternity
leave.
For
those
of
you
that
don't
know
she
had
a
a
beautiful
and
healthy
baby
girl
late
last
year
and
she
is
home
with
her
baby.
J
So
my
contact
person
in
most
issues
for
myself
and
the
boy
is
Jennifer
chambri,
but
we
also
have
some
verse
of
the
office
of
employee
relations.
They
reach
out
to
me
late
last
month
indicating
that
they
wanted
to
take
this
issue
again,
just
to
get
a
sense
of
which
topics
your
board
will
be
interested
on,
including
in
the
next
agenda.
With
your
joint
meeting
with
the
city
council,
please
note
number
one
that
no
date
or
time
has
been
even
discussed
or
scheduled.
J
Yet,
as
you
most
you
all
know,
probably
or
many
of
you
know
the
and
they,
the
new
mayor,
just
came
in
to
the
office
this
week,
and
so
they
haven't
have
a
meeting
with
the
new
mayor
and
they
still
have
two
council
members
slots
that
are
open
and
vacant
at
this
time.
So
it
will
take
some
time
for
the
full
Council
to
be
in
place
I'm,
assuming
sometimes
this
month,
in
any
case,
the
point
being
that
we're
not
sure.
J
Yet
when
this
meeting
will
happen,
the
original
goal
is
to
have
the
meeting
just
about
the
same
time
or
a
little
before
the
mayor
has
to
make
his
budget
introduction
of
body
presentation
publicly,
which
is
sometime
in
the
month
of
March,
I'm
gonna,
say
around
mid-march,
but
I'm
not
completely
sure
this,
but
the
particular
day.
So
that
means
we're
looking
at
some
dates.
Probably
January
is
not
going
to
happen
so.
J
D
Great
so
I
want
to
proceeds
Hall
if
you
agree
with
Richard,
why
don't
we
leave
this
item
and
Linda
and
Roberto
and
I
will
keep
our
eyes
open
for
somebody
from
the
city
jumping
in
probably
Jennifer,
and
if
that
doesn't
happen,
we
probably
based
on
what
you
said
and
I
agree
with
her.
We
can
probably
postpone
it
until
next
month.
J
Okay,
no,
that
that
will
be
quite
right
and
then
we'll
we'll
make
sure
that
we
have
the
the
city
representative
available,
we'll
probably
have
hopefully
more
information
to
share
with
you,
and
we
will
attach
the
same
information
just
as
a
reference.
We
attached
this
information,
the
prior
time.
You
discuss
this
item,
just
to
remind
you.
What
were
the
issues
you
have
discussed
in
the
past
with
the
city
council?
So
thank
you.
Mr,
chair,
yeah,.
D
Great
all
right
any
questions
on
that.
H
Chair
Lanza
yeah,
if
I
just
take
a
moment,
I
wanted
to
relay
to
Linda
Alexander
her
husband,
Tony's,
father,
passed
and
Tony
is
a
good
friend
of
mine.
I
just
want
to
give
our
condolences
and
thank
you
very
much.
Thank
you.
D
Yeah,
on
behalf
of
the
whole
board,
Linda
our
sincere
condolences
item
for
a
Roberto.
Your
update.
J
Yes,
thank
you
Mr
chair,
so
this
will
be
a
quick
update.
Let
me
start
by
welcome
all
of
you
to
the
new
2023
year
and
I
hope
you
all
have
a
good
holidays
and
wishing
you
all
a
Happy,
New
Year
just
wanted
to.
Let
you
know
retirees
1099
art
will
be
mail
at
the
end
of
this
month,
as
required
by
law.
J
Our
offices
will
be
closed
on
Monday
January
16
for
Martin
Luther,
King,
Day
Junior.
They
guarantee
purchasing
power
for
2022
as
one
of
the
costs
of
living
for
police
and
fire
members
will
be
paid
in
the
month
of
February.
That
will
be
next
month.
That's
why
you
are
seeing
many
service
retirements
on
your
agenda
this
morning
and
the
January
edition
of
the
newsletter
will
be
mailed
out
later
this
month.
J
A
good
question
I
will
actually
defer
to
both
genetic
councils
if
they
have
any
latest
information
on
that
or
any
news.
L
I
can
speak
to
that
item
trustee
Lee,
so
the
governor
has
not
made
any
changes
to
his
plan
to
lift
the
governor's
Proclamation
for
the
State
of
Emergency
due
to
covid-19
at
the
end
of
February
and
so
the
next
time.
The
very
last
time
we
will
be
able
to
utilize
ab361
is
at
our
February
meeting
and
that
will
allow
us
to
meet
virtually
for
the
next
30
days
from
that
date,
so
Technic.
If,
if
the
board
does
adopt
ab361
at
its
February
meeting,
March
would
be
the
last
time
we
would
meet
virtually.
D
You
floor
is
still
open
any
more
questions.
M
My
name
is
Carolyn
Gibson
I'm
from
the
office
of
employee
relations.
Oh
great
sorry,
I
was
in
the
wrong
mode
watching
and
I
I
couldn't
comment
so
I
don't
know.
Procedurally,
if
we
can
go
back,
I
think
Roberto
did
a
very
good
job
of
hitting
the
highlighted
items.
I
am
stepping
in
for
Cheryl.
M
D
No
Caroline,
we
were
waiting
for
you,
so
it's
great
that
you're
here,
okay,
we
now
have
somebody
from
oer,
so
we're
jumping
back.
It's
a
3A
and
suggestions
for
the
meeting.
Well,
let
me
let
me
lead
off
we're
doing
a
lot
of
work
with
the
federal
board
and
the
joint
Personnel
committee
about
incentive
compensation
for
our
investment
team.
D
So
if
you
could
add
an
agenda
think
about
adding
agenda
item
where
we
would
just
sort
of
discuss
what
we're
up
to
probably
just
a
five
or
ten
minute
item,
the
title
will
be
something
like
incentive:
compensation
for
the
pension
plans,
investment
team.
Does
that
sound
right
to
remove
as
a
title.
D
D
You
go
jump
in
there.
What
are
your
thoughts.
E
Well,
I
mean
in
the
past
we
do
have
you
know
a
new
city
council
and
several
members
are
new
and
in
the
past
we've
used
these
joint
sessions
to
educate,
Civic
council
members
on
our
approach
to
Investments
and
asset
allocation.
E
Now,
since
we
have
I
think
about
half,
the
council
is
new,
so
it
may
be
worth
spending.
You
know
a
few
minutes
to
talk
about
our
approach
to
Investments
our
asset
allocation.
Why
the
portfolio
has
been
built,
the
way
it
is
and
to
talk
about
you
know,
diversification,
private,
Investments
and
so
on.
If
the
board
feels
that
it's
appropriate
yeah.
D
E
Well,
I
think
we
can
certainly
talk
about
asset
allocation
and
we
can
talk
about
performance
over
the
last
three
to
five
years
and
that
will
also
demonstrate
whether
the
plants
and
whether
staff
and
Boards
have
added
any
excess
return.
Over,
The,
Benchmark
and
sort
of
lay
the
groundwork
for
further
discussion
on.
You
know
compensation
later.
F
E
I
mean
I
think
that
was
one
of
the
agenda
items
that
we
discussed.
I
think
I
think
there
were
initially
you
know
when
we
first
did
this.
There
was
a
there
were
a
lot
of
questions
around.
Why
do
we
invest
in
private
markets
or
some
council?
Members
said
why
not
just
invest
in
the
S,
P,
500
and
so
on.
So
I
think
I
think
that
was.
E
D
So
Caroline,
maybe
there's
sort
of
two
or
three
agenda
items
there
and
in
a
way
you
sort
of
talk
about
two,
probably
right
sort
of
like
the
general.
What
are
we
doing
and
then
somebody
talks
about
and
how
are
we
doing
against
what
we
said
we
do,
and
the
third,
then,
would
be
a
natural
segue.
In
your
set
of
conversation,
a
three-step
approach,
I'm
sort
of
a
general
overview,
a
comment
on
our
particular
performance
and
then
the
third
thing
would
be,
and
how
do
we
maintain
that
performance,
which
means.
E
N
Thank
you
in
addition
to
the
investment
approach,
I
think
the
city
council
may
be
interested
in
some
of
the
demographics.
N
Some
of
those
Actuarial
charts
that
bill
Hallmark
has
shown
us
where
the
ratios
of
active
to
inactive,
just
some
of
the
which
affects
the
you
know
the
the
hiring
and
other
decisions
that
the
city
council
makes,
in
addition
to
our
investment,
would
be
educational
for
a
lot
of
the
new
city
council
members.
J
E
I
was
just
going
to
say:
Harvey
race
is
a
good
point.
I
think
in
fact,
that's
important
because
part
of
our
it's
not
just
Investments
right
part
of
the
reason
why
we
take
less
risk
than
our
peers
is
exactly
that
right.
It's
the
composition
of
our
benefit.
You
know
our
benefit,
the
demographics
of
our
beneficiaries.
You
know
tier
one
to
two
and
and
how
much
of
the
city's
budget
goes
into
into
funding
the
plan
and
and
all
of
this
ties
into
that
approach.
So
foreign.
J
Provide
the
city
council,
Council
Letterman,
that
kind
of
data
and
information
during
my
presentation
of
the
valuation
reports,
so
I
do
bring
those
issues
to
the
city
council
myself,
not
that
they
that
couldn't
be
a
joint
meeting
discussion,
but
I
just
wanted
to
make
that
point
aware.
J
D
E
And
I'm
happy
to
do
it.
Do
it
drill
bit
in
consultation
with
Roberto,
of
course,.
L
Course
great,
so
we
do
need
to
take
a
discussion,
an
action
item,
so
there
should
be
a
motion
for
the
direction
for
Purdue
to
speak
with
Carolyn
I'll.
D
Move
that
prabu
finalize
our
agenda
item
having
to
do
with
our
financial
performance.
Is
there
a
second
for
that
motion.
H
M
It
will
be
10
years
in
February
yeah
go
ahead,
I
have
attended
meetings
in
the
past,
but
Cheryl
primarily
has
been
our
contact
for
retirement.
D
J
D
All
right
item
for
d,
so
Mr
figalda
I,
noticed
online,
but
we
said
time
certain
at
10,
so
Mr
figaldi
will
pick
you
up
in
about
20
minutes.
Naruto
item
4D,
cortex,
yeah,.
J
Yes,
so
what
you
have
before
you?
This
item
came
before
you
last
year
and
after
you,
approval
of
the
request.
I
was
working
with
your
general
Council
and
with
cortex
to
actually
provide
an
amendment
to
the
contract.
As
you
all
know,
quality
was
actually
change:
hands
ownership
from
Tomi
anucci
to
volte
Biola
and
which
limited
our
ability
to
actually
have
an
amended
contract
from
the
prior
contracts
with
cortex
which
necessitated
a
brand
new
agreement.
J
So
what
is
before
you
is
the
same
request,
which
you
are
proof
in
the
past
for
the
total
not
to
exceed
an
amount
of
thirty
thousand
dollars
for
the
year
calendar
year,
2023
and
but
instead
of
an
amendment
to
the
prior
contract
with
cortex.
This
is
a
brand
new
agreement
with
the
new
cortex
ownership,
and
so
with
that
I'm
happy
to
answer
any
questions
and
I
recommend
approval
of
the
request.
Thank
you,
Mr
chair.
K
J
It's
the
same
extension
we
were
extending
it
for
thirty
thousand
dollars
is
exactly
the
same
amount.
Yes
correct.
J
Do
we
think
we
think
they
do
great
work?
We,
you
know,
to
be
honest,
we
were
more
used
to
working
with
Tommy
anushi,
but
I
have
to
say
that
I
have
been
presidential
surprised
because
I
didn't
know.
J
I
know
Walter's
background
was
more
investment,
but
the
caliber
of
work
remains
high
and
we're
happy
to
continue
working
with
cortex,
which,
as
you
know,
is
an
integral
part
of
the
new
performance
annual
performance
review
that
the
boards
have
implemented
for
the
CEO
and
CIO,
which
is
probably
going
to
be
one
of
the
main
responsibilities
for
the
next
couple
of
years,
working
with
cortex.
Thank
you.
Okay,.
K
And
one
last
thing,
I
I
recalled
was
we're
not
in
a
cycle
of
reviewing
new
vendors,
for
this
is
that
right,
no.
J
We're
not.
This
is
a
very
Niche
area
and
they're,
not
that
many
options
even
Nationwide.
So
in
this
particular
case,
no,
we
do
not.
Okay.
D
Yeah
I
can
speak
for
JPC.
You
know
as
the
as
your
chairman,
I
have
to
do
Roberto's
performance
here
and,
as
far
does
probably
boost
and
cortex
drives
95
of
the
paperwork
in
that
process
and
if
they
didn't
drive
it
I'm
not
sure
we'd
have
to
probably
hire
somebody
to
do
it
anyway,
because
we
can't
quite
have
Roberto
trying
to
vape
work
for
his
own
review
right.
So
motion
by.
D
D
Right
I.
L
Do
see
that
our
court
reporter
here
for
item
4C
for
the
fegaldi
and
I
do
see
Mr
figaldi
in
the
gallery
Mr
frugaldi
are
you?
Is
your
Council
going
to
be
participating
today
as
well.
L
Oh,
maybe
you
stepped
away
so,
let's,
let's
continue
Madam
court
reporter
we're
going
to
continue
to
item
5e
and
we
will
we
will
resume
at
10.
Am
thank
you
so
going
to
item
5e
I'm
going
to
be
sharing
my
screen.
Let
me
know
if
oh
can
I,
please.
L
Can
I
please
get
screen
sharing
capabilities?
Please.
L
L
It's
all
good,
okay,
thank
you,
and
so
we've
discussed
this.
In
the
past
we
went
over
a
b
2449,
which
is
the
legislation
that
the
governor
enacted,
effective,
January
1st
of
this
year
for
the
new
rules
for
virtual
meetings.
L
We
discussed
that
during
our
Brown
act,
educational
presentation
a
couple
months
ago,
in
addition
to
those
virtual
rules,
the
government
ab2449
also
requires
legislative
bodies
such
as
this
board
to
adopt
and
Implement
a
procedure
for
receiving
and
swiftly
resolving
any
requests
for
reasonable
accommodations
for
those
with
disabilities,
consistent
with
federal
law
meeting
the
Ada,
and
so
what
what
I'm?
Bringing
here
to
the
board
today
is
a
proposed
policy
for
compliance
with
ab2449's
mandate
for
us
to
adopt
a
procedure
for
receiving
and
resolving
Ada
requests.
L
Now
there
are
two
main
components
of
the
law
that
requires
us
to
comply,
effective,
January
2023.
Is
that
one
we
we
have
to
adopt
procedures
and
outline
them,
which
this
policy
does
here
you'll
see
here
that
the,
whereas
Clauses
that
set
forth
the
preliminary
background
of
what
the
law
is
and
what
the
law
requires.
L
Then
we
have
a
section
here
in
the
policy
that
outlines
a
designated
contact
person
at
ORS
for
anyone
who
wants
to
request
any
reasonable
accommodations.
This
is
consistent
with
Federal
practice,
and
then
we
also
have
a
procedure
recommended
procedure
for
resolving
any
requests
for
reasonable
accommodations
now.
The
second
component
of
the
law
is
also
that
for
for
any
public
notice
of
a
public
meeting
meeting
our
agendas,
we
must
State
on
the
agenda
how
the
the
public
member
can
reach
out
to
ORS
or
the
board
to
request
reasonable
accommodations.
L
The
law
does
not
require
that
we
put
forth
a
lengthy
statement
as,
but
we
have
provided
here
a
proposed
statement
that
Accords
with
the
spirit
of
the
law,
which
is
to
increase
accessibility
for
our
meetings,
and
this
basically
outlines
the
policy
for
us
to
to
adopt
for
receiving
and
resolving
Ada
requests.
Now
I
know
on
our
agendas.
I
have
it
here.
Let
me
just
scroll
up.
L
We
do
currently
have
a
short
statement
here
that
does
state
that
we
could
on
how
to
to
request
accommodations,
and
it
has
a
phone
number
and
requested
at
least
three
business
days
before
the
meeting.
L
So
what
we,
what
we
could
do,
instead
of
providing
this
lengthier
statement
here,
is
to
include
the
designated
contact
personation
at
Personnel
information
as
designated
in
the
policy
or
and
then
include
a
link
to
the
policy
statement
for
for
how
we
will
go
about
resolving
these
issues
so
I'm
giving
two
alternatives
for
the
board
here
today.
We
could
either
adopt
this
recommended
policy
as
written,
which
includes
provision
here
for
the
written
notice
to
the
public
that
would
be
included
with
our
agenda.
L
As
stated
in
this
policy,
or
we.
Alternatively,
we
could
do
a
more
truncated
version
to
add
the
designated
contact
information
and
then
a
link
to
this
policy
on
all
our
agendas
moving
forward.
So
this
this
statement
here
as
under
ab2449,
is
meant
to
replace
the
cover
notice
information
because
it's
a
the
proclamation
for
the
state
of
emergency
is
going
to
be
lifted,
and
so
they
there
there's
a
new
requirement
that
we
include
Ada
accessibility
and
it's
low
with
that
I
turn
it
over
to
the
board.
L
D
D
Yeah
I
think
I
I
would
try
to
prefer
brevity
Maytag,
but
I
catch
your
point.
I.
Do
we
have
a
second
for
Dick's
motion
to
put
the
whole
thing
in
there?
D
G
D
I've
got
a
motion:
don't
even
talk
at
once:
you're
by
Santa's
say
goodbye,
the
legendary
Dave
Gardner
or
Andrew
Wilson,
whichever
you
prefer
Franco.
D
Agree:
Sunita
hi,
Andrew,
hi,
David,
Quan,
hi.
D
F
D
L
Yes,
we
have
about
10
minutes
before
item
for
C.
If
we,
if
you
want
to
take
a
quick
break,
we
could
do
that
yeah,
so
good
fire,
paw,
4f,
Maytag,
okay,
so
the
this
one
you
were
very
familiar
with
the
government's
Proclamation
for
the
state
of
emergency
remains
in
place
and
the
city
council
continues
to
recommend
social
distancing.
So
if
this
board
adopts
those
two
factual
findings
by
a
majority
votes,
you
may
continue
to
meet
virtually
for
the
next
30
days.
D
O
D
E
D
F
J
A
question
of
you
may
have
mentioned
this
before
I
apologize
as
I
was
on
a
call
before,
but
if,
if
the
governor
does
let
the
current
situation
expire,
February
28th
and
the
boys
approve
ab361
at
the
February
meetings,
what
does
that
mean
for
the
March
meetings
that.
J
So
both
March
meetings
could
be
virtually
assuming
everything
stayed
the
same
and
ab261
is
approved
in
the
month
of
February,
which
means
studying
in
April
we
need
to
then
assuming
everything
has
stayed
the
same.
We
will
need
to
have
in-person
meetings.
Okay,
great,
thank
you
great.
D
C
A
A
A
A
A
A
A
D
D
D
L
So
this
item
is
brought
to
the
board
based
on
the
members
appeal
of
a
decision
from
the
office
of
Retirement
services
to
deny
his
post
retirement
optional
settlement
election
based
on
San
Jose,
Municipal,
Code
3.361468,
but
before
I
start
I
did
want
to
make
a
couple
preliminary
comments.
We
do
have
a
court
reporter
here.
L
Transcribing
everything
and
the
materials
for
this
item
were
not
posted
publicly
with
the
agenda,
but
they
are
available
for
requests
from
the
public
under
any
California.
Public
records,
act,
request
and
I.
Also,
the
both
parties
will
have
about
15
minutes
per
side
to
present
their
statements
to
the
board
before
the
board
can
take
action
on
this
item.
L
So
with
that
I
will
go
ahead
and
begin
so
Mr,
fragaldi
retired
in
2006,
and
got
married
last
year
in
April
of
2022..
The
San
Jose
Municipal
Code
requires
that
any
post-retirement
optional
settlement
election
be
made
within
30
days
of
the
date
of
marriage.
Mr
fragaldi
did
not
inform
or
us
within
that
tight
time
deadline
window
and
informed
over
us
of
his
marriage
in
July
of
2022..
L
So
the
the
code
does
not
provide
the
board
any
discretion.
So
I've
highlighted
the
main
Provisions
here
for
of
the
code
for
the
board
to
follow
along
as
you'll
see.
This
is
the
code
provision
that
provides
for
the
optional
settlement
elections
for
a
retired
member
and
it
states
that
the
optional
settlement
must
be
filed
within
the
time
specified
in
subdivision
B,
which
is
highlighted
here,
and
it
requires
that
it
be
filed
within
30
days
after
the
date
of
marriage
or
establishment
of
a
domestic
partnership.
L
In
case
of
a
member
not
described
in
paragraphs
one
or
two
paragraphs,
one
or
two
are
time
limited
by
date,
so
Mr
figaldi
does
not
fall
within
paragraphs
B,
one
or
two.
So
the
deadline
for
the
30
days
submission
is
very
clear
that
it
must
be
submitted
within
30
days
of
marriage.
L
Mr
figaldi
admits
that
he
did
not
submit
his
optional
settlement
election
within
that
time
frame,
but
unfortunately
the
board
must
follow
the
code
because
it
does
not
provide
any
discretion
to
the
board.
The
board
is
an
administrative
body
that
must
administer
the
law
as
written,
and
the
board
must
also
follow
these
code
Provisions.
L
For
another
reason,
which
is
to
maintain
our
tax-exempt
status
and
that
status
depends
on
us
administering
and
enforcing
the
planned
document,
which
is
the
San
Jose
Municipal
Code
as
written
the
hard
and
fast
deadline
written
into
the
code
is
something
for
the
city
council
to
re-examine
and
change
if
it
finds
the
code
provision
harsh
that
is
not
within
the
jurisdiction
of
this
board,
and
so
our
recommendation.
Given
the
timing
of
events
and
the
provisions
of
the
municipal
code,
section
3.36.1468,.
L
That
it
affirmed
the
office
of
Retirement
Services
denial
of
Mr
figaldi's,
post
retirement
optional
settlement
election
with
that
I
reserve
a
five
minutes
for
a
rebuttal
following
Mr
figaldi's
statement.
O
I'd
just
like
to
say
that
I'm
fully
aware
now
of
the
municipal
code,
section
I'm,
not
a
legal
scholar,
I
did
not
have
legal
counsel
until
I
did
obtain
Council.
Briefly,
who
basically
educated
me
with
the
law
set
in
this
matter
and
I
agree
that
I
made
a
gross
error
by
not
notifying
the
board
within
the
actual
14-day
window
of
time.
Because
when
you
get
married
and
submit
your
marriage,
your
marriage
certificate
comes
from
the
county.
O
Mine
came
approximately
two
weeks
after
my
marriage,
and
so
that's
even
a
shorter
window
of
opportunity
to
make
the
notification
and,
in
my
particular
circumstance
my
only
excuses
that
I
was
being
overwhelmed
with
medical
issues.
For
my
now
wife
and
other
life
events
occurring
all
at
that
same
time,
and
although
that
doesn't
give
justification
for
me,
forgetting
it
does
bring
to
light
that
the
30-day
window
there
needs
to
be
something
where
the
board
has
some
kind
of
discretion
to
make
an
exception
in
these
rules,
because.
O
Now,
given
these
circumstances,
my
wife
will
not
have
any
financial
support,
should
I
pass
away
before
her
and,
like
I,
said
a
stupid
move
on
my
part
not
being
aware
of
the
system
and
updates
that
I
had
to
make
in
such
a
short
window
time
that
led
to
this,
and
that's
basically,
all
I,
have
to
say
it
on
the
matter.
L
Sure
so
the
law
is
very
clear
that
it's
a
mandatory
law
that
you
a
deadline
of
30
days
that
uses
the
word
must
be
filed
and
must
be
filed
twice
in
the
in
the
municipal
code
and
with
regard
to
Mr
frugaldi's
awareness
of
of
the
provision
as
you'll
see
with
the
backup
materials
that
we've
provided
with
our
memo
exhibit
a
shows
that
Mr
frugaldi
did
initial
here,
where
it
says
notifications
at
the
time
of
retirement.
L
D
Is
it
time
for
the
board
to
comment
many
attack
great
so
we've
seen
this
before
and
if
I
heard
Mr
figaldi
Right,
he
wasn't
challenging
any
of
this.
He
was
saying
that
the
rules
are
kind
of
stupid
and
we've
seen
this
before.
So,
if
I
understand
what
you're
saying
May
attack,
we
we
can't
Grant
this.
We
don't
have
the
power
to
Grant.
D
This
is
this
one
of
those
cases
Harvey
Maytag,
where
we
should
send
a
letter
to
the
city
council
with
I
think
concretely
missed
rigaldi's
suggestion
that
this
is
an
awfully
tight
window
and
and
either
either
expand
the
window
or
or
Grant
the
sport
I
mean
they
probably
won't.
Listen,
but
we've
done
that
in
the
past.
Is
that
appropriate.
L
Even
if
we
did
alert
the
city
council
of
any
requested
changes
to
the
municipal
code,
that
would
not
affect
Mr
frugaldi's
particular
circumstances,
because
the
code
Provisions
in
effect
at
the
time
the
events
occurred,
would
be
the
governing
code
Provisions
now
so
for
the
purposes
of
this
agenda
item
any
letter
would
not
change
the
outcome
of
the
board's
action
because,
as
you
say,
chair
Lanza,
our
hands
are
tied
by
the
the
letter
of
the
law
as
it
currently
stands.
L
Now,
if
the
board
also
wants
to
address
the
the
harshness
of
the
the
municipal
code,
that's
a
separate
matter
for
the
board
to
consider
at
a
later
date,
right.
D
That
makes
sense:
hey
a
Maytag.
Do
you
know
for
galdo's
word
in
the
case
of
his
demise
of
his
wife's
insurance?
Is
she
still
eligible
for
Medicare
when
she
turns
65.
D
Do
you
know
Barbara
or
Roberto
does
Indus
preclude
her
from
getting
Social
Security
when
she
turns
a
Medicare
rather
than
return,
65.
P
O
I'm
hopeful
for
that,
because
that's
the
only
way
around
this
apparently
my
wife
is
older
than
I.
Am
she
currently
is
receiving
Medicare
and
Social
Security
benefits,
as
am
I,
and
so
like
I
said.
Apparently,
the
only
way
out
of
this
for
our
situation
is
for
me
to
live.
O
My
grandfather
lived
to
be
98
years.
Old
I
could
only
hope
to
get
close
to
that.
D
D
H
As
your
stated
Drew
with
your
experience
here
and
I've
had
this
things
happen
before
and
we've
had
some
cases
of
death
and
it's
really
sad
because
these
officers
dedicate
their
lives
and
then,
like
Mr
figaldi,
said
all
of
a
sudden
you're
overwhelmed
by
different
things.
30
days
is
not
appropriate
and
I
would
hope.
H
Like
you,
you
suggested
Mr
chair,
let's
set
a
letter
of
some
type
that
gives
this
officer
the
support,
but
we
need
to
get
this
recommendation
to
be
changed
because
of
again
circumstances
that
happen
sometimes
is
just
overwhelming
and
things
could
be
forgotten
or
whatever
have
you,
so
we
need
to
make
a
change
at
least
a
proposal.
Thank
you.
Yeah
floors
still
open.
D
I
D
I
Yeah
I
think
we
should
write
a
letter
and
does
the
city
council
have
a
authority
to
you
know
I
guess
I
mean
they
can
change
the
law
but
I
guess
to
look
at
Mr
figaldi's
Case
in
any
way.
L
L
Certain
I
will
note
that
if
any
changes
to
the
San
Jose
Municipal
Code
often
require
meet
and
confer
with
the
various
unions,
and
so
that
is
something
to
also
kind
of
alert
everybody
to
it's,
not
just
the
city
council,
but
it
may.
A
I
L
J
J
Not
all
of
the
issue
that
I
raised
by
members
ultimately
make
it
to
your
board.
But
whenever
a
member
likes
to
appeal
the
staff
decision
on
the
matter,
they
have
the
right
to
come
before
you
bore
so
I
just
wanted
to
make
that
point.
J
You
don't
see
all
the
decisions
that
they
we
still
have
to
make
because
of
Dana,
probably
a
little
more
straightforward
than
others,
but
as
Council
maintenance
indicated
in
this
case,
we
need
Emotion
by
you
board
to
affirm
the
staff
recommendation
and
decision
in
this
case.
Thank
you.
I
And
I
guess
maybe
fellow
trustees
who
represent
the
employees,
you
know
could
look
at
it
too.
I
suppose
you
know
yeah.
D
Yeah
I
just
sent
an
email
to
your
domain
Tech.
What's
the
three
of
us
work
together
to
draft
that
letter?
Is
there
anything
we
can
do
administratively
Barbara
send
a
tickle
email
at
at
21
days?
Does
that
make
any
sense.
A
D
D
J
The
Pyrenees
I
mean
you're
absolutely
right,
but
we
have
no
idea
when
members
get
married,
get
sick
pass
away.
So,
in
fact,
we
would
even
know
that
he's
married
unless
he
told
us
he
could
be
married.
D
J
J
D
Right
any
more
comments.
K
Right
yeah,
so
I
I
am
very
sympathetic
to
Mr
figaldi
I.
You
know,
I've
missed
deadlines
for
a
lot
of
different
reasons,
and
it's
frustrating
and
and
I
would
agree
that
you
know
if
you
can
change
the
process.
Like
Roberto
said
you
know,
you
can't
always
keep
you
know
pinging
people
every
month
to
see
if
anything's
changed
on
their
end.
C
K
You
know
I
would
fully
support
a
letter
that
I
think
the
date
is
the
only
thing
you
could
probably
change
in
terms
of
the
duration,
and
I
would
support
a
letter
to
at
least
get
that
change
for
anything
in
the
future.
So
you
know
you
kind
of
avoid
these
situations,
with
retirees
like
Minister
for
galde.
N
D
There
is
a
a
motion
by
Lanza
and
he's
taken
by
Santos.
Just
go
around
and
vote
Franco
hi
Sunita
I.
D
Mr
frugalde
I
think
he
hit
the
nail
on
the
head.
When
you
sort
of
said,
maybe
you
can't
help
me,
but
maybe
I
Mr
fragaldi
can
help
others
and
so
I
think
yeah
we'll
write
that
memo
and
we'll
bounce
a
draft
off
you
before
we
send
it
to
the
city
council,
I'm,
I'm.
Sorry,
we
can't
help
you
pretty.
Clearly
our
hands
are
tied
here.
D
O
I
would
hope
that
the
the
board
ultimately
would
have
a
a
ultimate
Clause
that
granted
them
discretion
in
very
few
ways
and
incidences,
because
I'm
sure
there
are
a
few
worthwhile
incidents
that
occur
in
people's
lives,
that
prohibit
them
from
meeting
a
deadline
or
some
other
issue
involving
application
for
a
change
of
benefits
and
I.
Think
that
there
should
be
a
bailout
type
Clause,
where
the
board
has
a
discretion
to
rule
otherwise
you're
you
don't
you
have
no
power.
D
Well,
you
know
it's
very
interesting:
I
I
would
amplify
it,
I
think
you're
right.
It
doesn't
matter
if
we
have
the
power,
the
city
council
of
the
power
but
as
as
councilor
Maytag
just
said,
even
the
sick.
If
I
hear
you
write
me
Tech,
even
the
city
council
couldn't
vote
for
versus
without
changing
the
statute.
Did
I
hear
you
right,
that's
correct,
so
so
great
they
have
the
appeal
doesn't
matter
who
has
these
people
I?
Think
the
problem
you're
right,
Mr,
there's
no
appeal
process.
Even
the
city
council
can't
be
appealed
to
so
yeah
I.
D
Think
I.
Think.
The
argument
on
this
is
not
so
much
the
the
board
shed
power.
It's
somebody
should
have
the
power
there
should
have
been
some
organization.
You
go
to
and
lay
out
your
case
and
there
isn't
even
the
city
council
themselves
has
tied
their
hands
great.
Any
other
comments:
yeah
Mr,
chair
of
Santos,
yeah,.
H
It
would
be
a
a
in
his
best
favor
to
have
his
Poe
president
in
that
group,
and
also
the
firefighters
send
letters
of
support
to
the
American
Council.
It
could
be
helpful.
D
Yeah
I
agree
we'll
we'll
coordinate.
This
will
will
loopy
and
Mr
fredaldi
to
get
your
help.
Writing
that
memo
and
yeah
we'll
bounce
it
we'll
do
a
good
job
on
this
one.
H
D
The
retiree
Association,
oh
everybody,
everybody
because
I'm
gonna
be
Mr
figaldi,
it's
not
so
much.
This
rule
exists,
it's
what
the
hell
do.
We
have
a
rule
with
a
tight
timeline
with
no
appeal
process.
That
just
seems
silly
to
me
all
right.
Let's
move
on
thanks
nice
to
meet
you
Mr
figaldi,
Happy,
New
Year.
Thank
you
all
right.
Of
course,
we've
got
35
service
requirements,
it's
pretty
normal.
It's
always
happens
the
end
of
year,
so
I'm
going
to
go
through
this
fast
and
hopefully,
I
won't,
go
hoarse,
Alfonso,
Alvarez.
H
D
It
on
the
screen-
oh
oh,
yeah,
get
the
names
on
the
screen,
fire
inspect
fire
prevention
and
thank.
H
D
Okay,
Todd
L
Ash
ball,
fire
engineer,
fire
department,
director,
Jan,
723
27.47
news
service
week.
The
first
three
are
over
25
years:
that's
something:
Stephen
E
Brown
fire
engineer:
fire
department,
Victor
Jan,
23,
2023,
27.69
years
of
service
with
reciprocity,
Luis
Carrasco
fire
engineer,
fire
department
from
Jan
7,
23,
24.69
years
of
service,
Juan
cebayos,
palooza,
10,
Police,
Department,
effective
gen,
8,
23.,
good
Lord
man
we're
losing
centuries
here,
31.47
years
of
service
with
reciprocity,
Richard
C,
delisser,
police,
Sergeant,
Police,
Department,
Jan,
3123,
26.82
years
of
service.
D
Hang
on
change.
Your
page
Boris
Fernandez
fire
engineer:
Fire
Department,
Jan,
29,
23
29.1
through
your
service
with
response,
City
Jeff,
Fiedler,
police
officer,
police
firing,
effective
Jan,
21
23
24.47
year
service,
Gilbert,
Fox,
police
officer,
police
department,
inspector
Jan,
723-27.37
years
service
with
reciprocity,
Brian
W,
Hodges
fire
captain
Fire
Department,
effective
Jan,
21,
23,
27.82
years
service
with
us
policy.
D
We're
gonna
have
almost
a
millennium
of
service
going
here:
John
Hogue
or
Hoge
police
officer,
police,
foreign
Factor,
Jan,
21,
23,
24.25
years
service,
John,
M,
Hutchings,
police,
Lieutenant,
Police,
Department,
effective
Jan,
723,
31.6
years
service
with
the
reciprocity,
Anthony
R
King
fire
wow.
D
Second,
fire
captain
fire
department,
effective
Jan,
29,
23,
26.0,
two-year
service,
David,
Kirby
police
officer,
police
department,
effective
Jan,
7,
2023,
20.07
years
service,
Timothy,
Lewis,
fire
prevention,
Fire
Department,
effective
Jan,
21-23,
with
22.11-year
service
with
reciprocity,
Mark,
sabanag,
police
officer,
police
department,
effective
Jan,
823,
29.01
news
service
with
reciprocity,
Chad
E,
Marshall,
police
officer
police
department,
defective
Jan,
7,
2023,
26.87
year
service
with
reciprocity,
Robert
mcelavi,
mcalevy,
police
officer,
police
department,
Jan,
21,
2023,
23.18
year
service,
Melvin,
P,
Meeks,
fire
captain.
Why?
D
Third
Captain
holy
crap
choir,
Department,
effective
gen,
7
23
25.02
year;
Service
Jesus,
Mendoza,
police,
Lieutenant,
Police,
Department,
effective
Jan,
21,
23,
25.95
years
service
with
reciprocity,
abrid
J,
Myers,
police,
Sergeant,
police,
foreign,
defective
Jan,
21,
23,
26.38,
your
service,
David
Olmos,
fire
captain
Lord,
that's
the
fourth
one:
a
fire
department
in
fact:
Jan
21
23
28.01
year
service,
police
officer,
police
department,
effective
Jan,
21,
23,
25.35,
youth
service,
hadn't,
even
gotten
to
Z,
yet
Jose
L,
Rodriguez
police,
Sergeant,
Police,
Department,
Jan,
723,
26.8
years
of
service,
Victor
M,
Rodriguez,
police
officer,
police
department,
director
Jan
21,
23,
25.1,
two-year
service,
Richard,
rosenquist
fire
engineer,
fire
department,
Defector
Jan,
8,
23
25.03
year
service,
Ed,
Edward,
R,
Schroeder,
Deputy,
wow,
Deputy,
Chief
of
Police
Police
Department
victim
Jan,
21,
20,
23,
29.46
years
of
service,
obery
Smith
fire.
D
This
is
like
I
didn't
even
read
this.
It
was
like
seven
fire
captain
retiring
fire
department,
effective
Dan,
29,
23,
28.1
three
year
service,
Victor
Velazquez,
fire
captain.
It
might
not
be
Castilian
fire
captain
fire
department,
effective
January,
7
23
25
military
year
service
Martin
asked
Walker
fire
captain
fire
department,
effective
Jan,
723,
25.5
years
of
service,
Ellen
washford,
deputy
chief
of
police
fire
department,
effective
Jan,
7
23
28.85
year
service
and
Philip
K
white
police
officer
police
department,
effective
Jan,
3123
25.0
in
years
of
service.
Do
I
have
a
motion
to
approve
these.
F
F
H
Dick
Santos
here
I
know
many
many
of
them
had
fathers
and
uncles
and
relatives
there
we're
losing
a
lot
of
officers
but,
of
course,
I
wish
them
the
best
to
be
safe.
Thank
you
very
much.
G
Yeah,
hey
Drew,
this
is
Andrew.
Yeah
I've
worked
with
everybody
on
the
Fireside
before
they're
all
great
people.
Thank
you
for
your
service.
Enjoy
your
retirement
stay
healthy.
D
All
right,
we've
only
got
one
deferred
vested
Tamara
L
Remington
police
officer,
police
department,
Factor
Jan,
23,
2023,
10.01
years
of
service
to
have
a
motion
to
prove
so
it
moves
Santos.
You
got
emotion
on
Santos
for
a
second.
D
Motion
Santa
second
Garden
here,
let's
go
around
Franco
hi
Sunita
I
am
Andrew
hi
and
David
Kwan
hi
Howard.
D
Great
and
I'm
sure
Lanza
I
vote
I
as
well.
We
have
death
notices,
we
will
mention
these
for
people's
names
and
then
we'll
have
them
over
Asylum.
So
the
death
of
a
cloud
for
an
R.A
police
officer,
retired
Jan,
596
good
for
you,
nice
long
retirement.
D
H
Dick
Santos
that
worked
with
gretia
and
it's
an
unfortunate
he
passed
away.
You
come
to
the
car
shows
he
was
enthusiastic
about
old
cars
and
did
a
great
job
and,
of
course,
Bobby
Wells.
It's
called
Clarence
Wells
excellent
captain
and
a
good
firefighter
just
had
very
sad,
the
best
of
their
families.
D
Let
me
make
a
note:
we
skipped
item
5.3
on
on
Jay
Mason
Jay.
Sorry,
we
screwed
up
I
screwed
up.
So
it's
not
my
apology.
We
didn't
get
the
notes
out
to
our
people
in
time.
So
I
owe
you
beer,
Jay,
Wherever,
You,
Are,.
J
D
J
D
All
right
we'll
go
through
and
do
the
Committees.
Your
first
assure
investment
committee,
yeah.
I
Thank
you.
Thank
you
drew
so
if
you
did
have
a
meeting,
a
real
meeting,
I
guess
and
we
discussed
private
markets.
Dinesh
made
an
excellent
presentation,
discussed
the
review.
You
know
the
the
manager
due
diligence
process
in
public
markets,
Christina
made
an
excellent
presentation
and
then
kind
of
went
over
the
manage
decisions
for
the
second
half
of
2022.
I
and
then
I.
Guess
we
have
the
minutes
of
the
ab361
to
file
great.
D
Any
questions
for
eshwar
yeah,
let
me
know
from
the
record
that
we
accept
those
minutes
of
the
November
3rd
special
committee
meeting
same
to
anything
on
audit
risk.
D
Great
thanks
and
we
accept
those
minutes
sooner
from
your
ab360
November
third
meeting
governance,
Franco
anything
you're
born
on
governance.
D
March
great-
and
we
accept
your
minutes
from
the
special
meeting
of
November
3rd
dick
anything
to
report
from
disability.
No.
H
D
And
we
accept
also
the
ab361
disability
committee
minutes
from
November
3rd
JPC.
That's
US
foreign
report,
yeah.
I
So
we
continue
to
work
on
both
salary
review
of
the
CEO
and
the
you
know,
CIO
and
investment
staff,
and
also
trying
to
set
up
an
incentive,
Compensation
Plan,
so
still
work
in
progress
of
you
have
another
meeting
coming
up
next
week.
D
Great
and
let
me
know
we'll
accept
the
minutes
from
October
10
and
November
8th
and
November
10th.