►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of September 1, 2022
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=993751&GUID=772E87AB-A7ED-4654-831F-D1D4E2CD7B67
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C
Earlier
this
week,
we're
not
going
to
report
out
because
reviews
are
confidential
later
on
the
agenda,
though
the
public
part
where
we
talk
about
compensation,
will
address
the
results
of
the
review
and
our
recommendations
for
compensation
right
out
in
the
open.
Okay.
So
we've
already
done
roll
call
orders
of
the
day.
Give
me
a
second
here,
so
in
general
zoom,
you
know,
if
you
have
a
temporal
question,
go
ahead
and
interrupt
it.
C
We've
got
good
zoom
etiquette
I'll,
always
go
around
the
room
for
a
vote
and
on
big
items,
also
around
the
room
for
comments
and
then
don't
forget.
We
have
to
do
what
401
ab361
after
the
board
being
so
everybody
don't.
When
we
adjourn
this
meeting
stay
tuned,
we
don't
have
to
wave
sunshine
on
anything
it.
It
says
here.
If
anybody
any
of
our
retirees,
the
public
wants
to
make
a
comment.
Excuse.
B
A
I'm
so
sorry,
but
there
is
a
change
to
the
agenda
that
was
in
the
orders
of
the
day.
That
needs
to
be
read.
It's
on
item
one
point:
six,
a.
C
I
did
here:
okay,
a
deferred
festive
member
lamont,
j,
cousseau
police
sergeant,
requesting
a
new
retirement
date
of
october,
2nd
2022
per
request
received
8
9,
20
20
8,
9,
22,
8,
9
22
after
gender
posting,
and
that's
I
thank
you
so
much
for
sean.
That's
part
of
the
consent
calendar
right.
C
There
was
a
personal
issue
that
came
up
with
council
and
we
were
more
than
happy
to
accommodate
council
with
that
request.
So
anybody
from
the
public
want
to
make
a
comment.
E
Mr
chairman,
on
on
that
point
about
agenda
1.6
a
if
there
was
material
received
after
the
posting
of
the
agenda.
You'll
need
a
motion
to
wave
sunshine.
C
Good
point
so
that
one's
on
you
michelle
says
we
don't
need
to
wait.
Sunshine,
that's
fine!.
A
I'm
sorry,
no
there's
no
material.
It
was
a
request
that
came
after
the
fact
to
change
the
retirement
date.
A
E
E
C
Right
so
we're
there
now
so
michelle's
asked
us
to
pull
item
1.68
from
the
consent
calendar.
Is
there
anything
else
on
the
consent
calendar
anyone
wants
to
discuss
or
pull.
C
A
C
G
C
C
C
C
G
All
right,
thank
you,
mr
chairman.
We
have
a
few
things
on
the
agenda
for
investments
this
morning.
Makita
will
do
a
new
burger,
we'll
do
a
deep
dive
on
last
fiscal
year's
performance,
but
before
we
get
there,
I
do,
as
I
always
do,
shared
pro
forma
performance
numbers
fiscal
year
to
date,
police
and
fire
plan
up
2.1
healthcare
trust
up
2.06.
G
The
the
numbers
that
I
reported
last
month
were
higher.
It's
because
august
was
a
tough
month.
The
s
p
was
down
a
little
over
four
percent
and
so
obviously
with
our
beta
at
70.
G
That
did
cost
us
so,
but
before
I
hand
this
over
to
to
you,
mr
chairman,
for
2b,
if
the
board
will
just
indulge
me
for
a
couple
of
minutes,
I
want
I
want
to
share
a
chart
in
a
few
minutes,
so
so
makita
makita's
a
report
later
will
show
that
we
finished
in
the
top
quartile
right
and
a
three-year
number.
So
our
three-year
number
is
in
the
21st
percentile.
I
believe
now.
G
What's
what's
the
value
of
that
right,
steve
mccourt,
ceo
of
makita,
recently
said
there
are
no
victory
laps
in
investing
because
the
race
never
ends,
and
you
have
to
post
good
returns
year
in
and
year
out
right.
You
can
never
rest
on
your
lawrence,
but
sometimes
I
think
it's
okay
to
pause
and
see
what
we've
done
and
pat
ourselves
on
the
back
for
for
a
job.
Well
done
right
and-
and
I
and
this
this
is.
I
know
this
is
shameless
self-promotion,
but
I
think
I
ought
to
do
it
once
in
a
while.
G
So
you
know
our
historically
we've
we've
known
that
our
returns,
were
you
know
if
you
look
at
the
10-year
number,
it's
still
in
the
97
percent,
so
in
the
bottom
three
percent,
and
for
for
many
years
we
were
in
the
bottom.
One
percent
of
our
peers,
right
and-
and
the
reason
for
that
was
we
didn't
know
what
the
beta
of
our
portfolio
should
be.
G
In
other
words,
we
didn't
know
what
our
risk
tolerance
was
right
and
therefore
we
didn't
know
how
much
we
should
have
in
growth
assets
and
your
predecessor,
board
and
four
of
those
members
are
in
serving
in
the
current
board,
made
a
very,
very
clever
decision
a
few
years
ago
and
said:
let's
do
a
study
and
let's
find
out
what
the
right
risk
tolerance
for
this
plan
should
be
right
and,
and
you
and
and
drew
you
you've
mentioned
this
before
you
had
an
off
site
and
you
you
hired
varys.
G
This
was
just
before
I
got
here
and
and
very
said.
Look.
I
think
your
target
should
be
12
right.
You
you're
in
the
range
of
10
to
12,
but
your
target
is
12
right
and-
and
you
all
gave
that
information
to
the
investment
team
and
said
here
you
you
guys,
take
this
and
do
what
you
want
with
this
and
we
we
looked
at
the
market,
so
I
and
the
current
team
investment
team
has
been
managing
this
portfolio
for
four
and
a
half
years.
G
G
We
were
an
outlier
compared
to
all
our
all
our
you
know,
peers
we
had
20
25
in
tables,
right
and,
and
people
looked
at
it
and
said
this
is
weird.
I
mean
who
who
has
so
much
money
in
tables,
but
we
did
that
it
was
a
bold
move.
It
was
a
board
approved
move,
but
we
always
had
in
mind
that
12
number
and
said
we
will
increase
our
risk
at
the
right
time
and
we'll
hold
to
that
risk
target,
and
we
got
an
opportunity
in
march
2020
right
and
we
increased
our
risk.
G
So
we
took
that
table
allocation
and
we
put
it
in
growth
assets
and
we
increased
our
growth
bucket
to
75.
Now,
why?
Why
is
this
important?
Because
growth
assets
are
the
only
ones
that
are
going
to
beat
our
bogey?
The
rest
of
the
allocation
is
simply
for
diversification
and
for
liquidity.
What
we
really
need
to
know
is
how
much
growth
assets
should
we
have
right.
So
I
thought
I'll
do
a
simple
exercise
and
laura
was
very
kind
to
run
this
and,
I
said:
look
had
we
been
in
the
99th
percentile.
G
Had
we
continued
to
be
in
the
99
percentile?
What
would
our
returns
have
been
and
our
actual
returns
we
we
are
now
in
the
in
the
last
three
years
we
were
in
the
21st
percentile
right.
So
what's
the
differential?
That
differential
is
the
value
added
by
this
sport
and
your
predecessor
board
and
the
investment
team
with
data
from
our
consultants.
So
this
this
is
not
fuzzy
map.
This
is
very
simple
right.
There's
no
benchmark
here!
This
is
we're
just
talking
absolute
returns
right.
G
G
I'm
sure
staff
will
give
you
permission
so
yeah
there.
You
go
okay,
perfect.
H
Good
mornips,
this
is
the
the
backup
in
case
I
needed
the
data
here
but
good
morning,
everyone
nice
to
see
you
virtually
and
hope
to
see
you
in
person
again
soon.
Here
is
the
analysis
that
prabhu
mentioned.
So
it
is
back
of
the
envelope,
but
it
is,
I
think,
a
really
good
estimate
of
the
difference
here.
So
we
looked
at
the
dollar
differential
between
of
the
actual
plan
performance
and
the
99th
percentile
of
the
peer
group
and
honestly
I
was.
H
I
was
somewhat
staggered
by
the
the
magnitude
of
the
the
dollar
value
difference.
It
was
almost
a
billion
dollars
in
value
between
over
the
last
three
years,
combined
so
looking
at
fiscal
years,
2020,
2021
and
2022,
and
the
total
difference
in
year
plan
performance
relative
to
the
99th
percentile
of
the
peer
group,
which
is
public
defined,
benefit
plans
over
a
billion
dollars
and
that
typically
has
about
60
or
70.
H
Constituents
was
975
million
over
that
three
year
and
just
as
a
little
aside,
we
at
makita
were
doing
a
training
workshop
on
the
use
of
storytelling
in
in
client
presentations,
and
we
were
asked
to
sort
of
come
up
with
a
story
where
you
know
there
had
been
some
sort
of
challenge
and
it
was
overcome
and
and
workshop
that
story
just
sort
of
for
our
internal
purposes
and
practice.
H
And
the
story
I
used
was
how
you
know
there
was
a
more
conservative
bent
to
the
san
jose
city
plans
for
a
long
time
and
the
even
when
the
the
absolute
returns
were
quite
strong.
The
pure
relative
returns
looked
weak
and,
and
that
was
sort
of
disheartening,
even
though
it
was
something
that
was
intentional
and
strategic
and
and
and
your
boards
and
your
staff
actually
put
in
place
the
sort
of
governance
and
risk
measures.
H
Such
that,
when
things
fell
in
the
early
pandemic
days,
I
looked
back
at
the
the
dates
of
the
meetings
I
think
between
the
two
investment
committees
and
boards.
There
were
six
meetings
in
the
last
two
weeks
of
march
and
first
week
of
april
of
2020,
and
I
think
I
blocked
out
some
of
that.
Some
of
that
work
when
things
were
shutting
down,
but
I
really
think
it's
a
credit
to
to
your
boards
and
your
staff
that
you
were
able
to
add
this.
H
This
much
value
relative
to
the
peer
group
by
your
strategic
planning
and
governance
model
and
and
take
advantage
of
the
market
environment.
H
I'm
up
there
quite
a
bit
actually
I'll
be
up
there.
In
a
few
weeks
I
have
another
client
in
san
jose
and
a
client
having
a
retreat
in
monterey.
Hey,
let's.
C
If
you're,
okay,
let's
you
and
me
and
prabhu,
grab
vince
and
take
them
out
for
a
celebratory
beer,
because
this
is
all
events
right
laura.
I
think.
H
That's
a
great
idea:
vince
was
a
major,
you
know
a
major
impetus
I
think
for
or
someone
who
inspired
the
group
to
to
hire.
You
know
virus
and
cortex
and
work
with
makita
and
and
obviously
bring
in
new
staff
members
and
and
the
new
governance
models.
So
yes,
I
agree.
He
had
a
big
part
in
this.
C
G
All
right
back
to
you
yeah!
Well,
thanks
laura,
so
I
I
just
want
stakeholders
to
see
this
right.
975
million
dollars-
I
mean
our
assets
at
the
end
of
june-
was
it
was
4.5
billion.
Had
we
just
stayed
the
course
and
not
done
anything,
not
made
all
those
decisions
where
the
boards
actually
said.
We
need
to
find
our
risk
tolerance.
We
need
to
find
our
risk
budget.
We
need
to
up
the
risk
at
the
right
time.
Had
we
not
done
all
of
that.
You
know
we
would
have
been.
G
Our
assets
would
have
been
three
and
a
half
billion
3.6
billion
and
not
4.5,
and
that's
huge.
That's
huge
and
people
don't
recognize
the
value
of
beta
so
anyway,
that's
the
end
of
that
shameless
self-promotion,
but
more
to
come
in
you
know
in
in
the
in
future
months,
but
with
that,
mr
chairman,
I'm
happy
to
take
questions.
C
I
will
make
one
one
comment
for
this:
the
group,
this
all
ties
back
to
a
meeting
in
february
of
2012
now
over
10
years
ago,
where
vince
proposed
doing
this
and
and
I'll
remind
everyone
we're
going
to
start
really
talking
to
the
city
about
this.
The
basic
concept
and
prabhu
and
laura
just
said
we
executed
was
look.
C
We
have
a
plan
are
actually
said
and
it's
true,
that's
more
sensitive
to
downside
risk.
If
the
market
goes
down,
we
have
a
much
bigger
impact
on
the
city
than
many
similar
plans,
and
for
that
reason,
as
peru
said,
the
core
of
our
portfolio,
the
beta,
the
riskiness
of
assets,
is
lower
than
most
plans
and
if
all
we
did
was
passively,
invest
that
against
benchmark,
we
would
consistently
be
the
worst
performing
pension
fund
in
california.
Of
course,
it
wouldn't
be.
We
aimed
for
a
low
return.
C
We
got
a
lower
term,
but
the
way
people
think
yes,
but
they
got
eight
percent.
You
got
six.
We
tried
to
get
sex,
they
tried
to
get
eight
and
vince's
idea,
which
peru
and
laura
have
said
actually
is
working
was
well
there's
only
two
knobs
on
the
wall.
One
says
beta
the
inherent
risk
of
the
assets
and
the
other
says
alpha.
C
Well,
the
alpha
is,
I'm
not
going
to
invest,
possibly
against
benchmark,
I'm
going
to
cleverly
select
managers
or
invest
it
myself
and,
as
peru
just
said,
strategies
like
the
one.
We
did
right
and
it
may
be
the
case
and
vince
is
now
being
proven
right-
that
a
low
beta
plus
a
lot
of
hard
work
on
alpha
may
allow
us
to
have
a
discount
rate.
That's
comparable
to
our
peers.
G
C
G
Okay,
well,
I
think
that's
that's
the
conclusion
of
2a,
and
so
2b,
I
believe,
is,
is
your
your
presentation,
mr
chairman,.
C
Thank
you
vervu,
so
I
wasn't
brought
on
this
board
because
of
my
financial
acumen,
because
I
really
don't
have
any
venture
capitalists.
While
you
may
think
of
us-
and
I
guess
we're
bankers,
we
handle
money,
we
don't
really
know
any
everything
I
know
about
alpha
beta.
I
either
learned
here
at
the
harvard
business
school
35
years
ago,
so
it
did
turn
out
a
year
or
two
ago,
peru
said
well,
actually
drew
you
do
have
financial
acumen.
C
I
can
personally
say
that
two
or
three
of
the
chalk
deaths
all
funds
were
in
were
because
I
knew
people
and-
and
I
said
peru-
be
your
charming
self
and
peru
is
very
charming
and
they've
all
told
me
it's
great
to
have
san
jose
and
I
talked
about
you
guys,
franco
and
dave,
and
andrew
and
dick
and
and
the
brave
policeman
firemen
of
san
jose
and
that
works
by
the
way
and
I've
used
that
hook
many
times
and
it's
very
successful.
C
The
investment
committee
can
only
have
a
sub
quorum
of
the
board
for
members
and
it's
important
that
the
investment
committee
have
either
a
retired
or
active
a
service
member,
we're
very
fortunate
to
have
andrew
in
that
role.
So
we
can
really
only
have
three
people
on
the
ic.
Well,
it
works
out
because
we've
got
three
people
ashford
now
david,
who
are
really
good
with
what
the
ic
mostly
does
the
bulk
of
our
money
right,
which
is
in
public
markets.
C
But
the
efforts
that
howard
and
I
put
in
the
initial
efforts
are
winding
down.
But
prabhu
came
to
howard
and
a
couple
months
ago
and
said:
I'd
still
like
to
make
use
of
your
talents,
and
so
we
looped
in
eshvar-
and
we
said:
can
we
sort
of
split
the
vc
part
of
the
ic
out
of
the
ic
and
harvey
weighed
in
and
said,
yeah.
C
There's
probably
a
way
to
do
that,
we
need
to
kind
of
work
on
that
and
so
we'd
like
to
create
an
ad
hoc
committee,
I'd
like
to
chair
it,
so
that
will
require
a
motion
to
create
it
from
someone
I
I
guess
harvey
told
me:
I
have
enough
power
to
create
an
ad
hoc
committee
as
long
as
I
don't
share
it,
but
I'm
I
sort
of
have
been
sharing
peru
and
I
are
basically
chariot
and-
and
so
the
goal
of
this
committee
will
be
by
by
next
june,
when
david
kwan
is
ready
to
go
on
the
ic,
as
it
says
in
the
moment.
C
G
A
A
G
Yes,
mr
chairman,
I'm
sure
harvey
will
want
to
weigh
in
on
this,
but
also
I
I
think
you
probably
made
the
point
we
were
also
thinking
about.
You
know
how
do
we
all
asset
staff
has
delegation
of
authority
for
all
asset
classes
except
venture,
and
so
the
committee
part
of
the
committee's
mandate
will
be
to
to
figure
out
whether
venture
can
also
be
delegated
to
staff
and
what,
if
any,
steps
needs
to
need
to
be
taken?
You
know,
and
that's
the
that's
also
one
of
the
roles
of
the
committee.
C
Right
so
if
the
committee
works
out
well
in
about
nine
or
ten
months,
you'll
see
and
we'll
probably
end
up
looping
in
your
governance
committee,
franco
will
lubian
saying:
okay,
we
have
sort
of
special
asset
class.
We
have
special
resources.
How
do
we
deal
with
it?
It
says
the
committee
includes
harvey
and
of
course
they
can't
be
on
a
board
committee
if
they're
not
board
members,
but
I
s
when
sean
calder
was
chairman.
C
We
said
whenever
create
an
ad
hoc
committee
will
say:
what
is
it
going
to
do
who's
going
to
chair
it?
How
long
does
it
run
for?
Does
it
need
a
budget
and
does
it
need
the
outside
resources
so
well
I'll
chair
it?
If,
if
a
motion's
so
made,
it'll
run
till
june,
no
budget
is
necessary
and
the
outside
resources
it'll
need
are,
are
harvey
and
or
maytag
iron
for
boo
and
or
roberto
and
staff.
A
I
have
one
drew
I
mean
first,
all
I
mean
I
think
it's
a
feta
company,
so
obviously
you're
stepping
out
of
the
I
see
this
I
mean
I
assume
that
you
will
be
very
involved
in
the
vc
investing
strategy
for
sure.
So
this
is
nice
to
see
some
formalization.
Of
that
I
guess
my
only
question
is:
does
this
mean
that
the
vc
investments
will
go
straight
to
the
board
after
the
subcommittee
looks
at
it
or
is
it
gonna
come
through
the
ic?
It
seems
like
no
layers.
C
A
But
that's
not
my
question.
I
think
I
understand
why
you
created
it.
I
think
the
question
is,
I
think
it
will
be
inefficient
if
the
policy
requires
the
ad
hoc
committee
to
recommend
to
the
ic
and
then
the
recom
ic
recommend
to
the
board,
rather
than
the
ad
hoc
committee,
going
straight
to
the
board.
C
Well,
the
committee,
because
ad
hoc
won't
recommend
anything
about
investments.
It's
going
to
recommend
the
process
by
which
we
do
what
you're
asking
for
in
the
future,
the
board
can
delegate
to
committees,
but
the
board
really
couldn't
delegate
to
howard,
and
I
so
I
we
we
use
the
phrase
kitchen
cabinet
in
the
future,
howard
and
I
and
over
our
successors,
are
probably
our
kitchen
cabinet
to
purboon
his
staff.
You
know,
maybe
david
will
call
and
say:
do
you
know
everybody
over
a
benchmark
and
I'll
make
an
introduction?
C
It's
more
like
you
know,
but
then
the
actual
recommendation
investment
is
is
not
something
that
we
want
right.
I
mean
the
ic
exists
for
a
reason
anyway.
So
don't
know
that's
why
we
want
to
form
a
committee
to
ask
all
these
questions
answer
them.
That's
why
it's
so
important
that
ashfar
be
part
of
this
committee.
That's
right!
Do
you
want
to
play
this.
I
You
know,
I'm
I
mean
I
you
know.
Maybe
javi
has
a
view
in
terms
of
procedurally
what
the
best
way
to
do
it
is,
but
I
do
know
that
you
know
in
certain
cases
when
there's
not
an
ic
meeting,
because
we
don't
meet
every
month.
We
do
go
directly
to
the
board
and
maybe
that's
the
same
process.
I
We
do
here,
because
if
there
is
an
ic
committee
meeting
you
know
we
can
discuss
it
or
just
bring
it
up,
and
you
know,
and
if
there's
not
an
ic
committee,
it
goes
directly
in
the
board.
G
If
I
can
just
clarify
make
a
clarifying
remark
too,
I
know
several
hands.
I
see
several
hands
raised
there,
but
what?
If
so,
just
to
clarify
trustee
sunita's
question,
just
the
you
know
so
procedurally
right
now,
we're
not
required
so
the
the
board.
Only
the
board
has
the
authority
to
approve
venture
investments,
and
this
is
something
that
the
decision
was
made
four
years
ago,
but
in
practice
we've
taken
it
to
the
ic
and
then
and,
as
you
know,
trustee
manan
just
said.
G
A
G
C
E
Well,
as
as
I
understood
the
proposal,
the
ad
hoc
committee
is
essentially
a
study
group
at
this
point
to
try
to
determine
what
is
the
most
efficient
and
effective
way
of
dealing
with
vc
investments.
We
have
charters
in
place
for
the
board
for
the
ic.
We
have
a
practice
in
place,
as
eshwar
just
explained.
E
Those
will
continue
to
be
until
the
this
committee,
which
is
a
limited
duration
and
has
no
power
in
itself,
comes
up
with
some
recommended
actions
that
will
go
to
the
board
in
terms
of
how
the
best
way
will
be
to
handle
venture
capital
investments.
E
But,
as
I
say
it
is
a
study
group,
it
will
come
back
with
recommendations
about
what
what
is
a
good
process.
Should
we
keep
what's
in
place
now?
Should
we
formalize
the
ic's
role?
Should
we
create
a
greater
delegation
of
discretion
in
this
area
that
we
don't
have
at
present
for
staff,
and
that's
the
purpose
of
the
ad
hoc
committee
is
essentially
to
study
this
and
come
up
with
the
best
process.
E
Do
I
have
that
right,
chair,
lonzon,
well
yeah,
just
just
procedurally
here,
just
as
I've
explained
to
to
drew
drew
has
the
authority
as
board
chair
to
appoint
the
committee,
an
ad
hoc
committee,
so
that
doesn't
need
a
board
vote,
but
he's
not
allowed
to
appoint
himself
as
chair
of
committees,
and
so,
if
he
wishes
to
be
chair,
that'll
have
to
be
done
by
motion
and
a
board
vote.
C
Thanks
harry,
you
know
it's
kind
of
funny
sunita,
but
my
impetus,
it's
really
kind
of
driving
this.
My
impetus
was
remember.
We
had
that
fun
lunch
that
dim
sum
lunch.
It
was
beyond
stupid,
sunita
that
you
and
I
couldn't
both
be
on
the
ic
at
the
same
time,
but
of
course
we
can't
buy
law.
So
that's
not
stupid.
Right
can't
have
a
quorum
of
the
board,
but
most
90
of
me
sitting
in
the
ic
meeting,
went
over
my
head.
C
It
wouldn't
have
gone
over
your
head
right,
you're
in
that
business,
but
the
10
percent
that
came
to
me
bc.
You
wouldn't
know
anything
about,
and
so,
as
I
sat
in
those
ic
meetings,
I
thought
I
shouldn't
be
here.
Sunita
should
be
here,
but
I
need
to
be
here
because
there's
every
every
10
is
vc
stuff
and
it's
only
howard
and
I
they
get
it.
C
Franco
hi
dave
hi
drew
I'm.
I
as
well
final
thought
for
the
record.
I
helped
get
anurag
another
vc
buddy
of
mine,
unfederated
and
a
part
of
this
ad
hoc
committee
will
also
deal
with.
How
do
we
maintain
some
dc
blood
on
our
boards
going
forward
in
time,
and
that
actually
relates
back
to
what
I
said
about
prabhu
being
charming?
C
I
know
peru
has
done
such
a
good
job
with
vcs
that
some
of
the
people
he's
met
with.
We
could
probably
start
recruiting
for
the
boards,
and
that
would
be
good
to
keep
a
little
bit
of
vc
blood
and
our
boards
back
to
you.
Keep.
G
Trying
thank
you,
mr
chairman,
so
we
are
going
to
discuss
quarterly
performance
this
morning
and
for
that
for
for
2c,
I'm
going
to
turn
this
over
to
casey
boyer
from
new
burger
berman.
D
Yes,
hi
everyone
thank
you
for
having
me
again
always
appreciate
being
able
to
present
to
you
all
quarterly.
Let
me
pull
up
the
presentation
and
I
will
share
it.
D
Okay,
great
so
we
are
in
september,
but
we
are
reporting
q1
performance
today.
D
D
So,
turning
here
to
page
two,
which
is
the
summary
we're
showing
both
legacy,
investments,
which
are
the
private
equity
investments
made
prior
to
the
new
burger
strategic
partnership
and
then
obviously
the
performance
of
new
burger
and
on
a
combined
basis
as
well
so
for
neuberger
you'll
see
an
overall
performance
at
the
bottom.
There,
a
net
multiple
of
1.9
and
a
net
irr
of
34.
D
We
have
some
benchmarking
a
little
bit
further
in
the
presentation
where
you'll
see
how
that
compares
to
your
peers
to
your
earlier
points
on
absolute
performance
versus
benchmarking.
D
Of
course,
we
think
that
absolute
performance
is
really
great,
especially
this
early
in
the
program
and
the
fact
that
we
are
continuing
to
put
capital
to
work
each
year.
So
this
is
including
not
just
investments
that
have
had
time
to
mature
and
produce
return,
but
also
investments
being
made
each
quarter
so
you'll
see
in
terms
of
performance.
D
Your
net
asset
value
for
the
quarter
was
at
312.8
million.
So
far
we
have
distributed
distributed
back
to
the
program,
34.2
million.
Importantly
after
q1
we
we
distributed
another.
Almost
10
million
in
may
so
you'll
see
that
number
for
q2
go
up
to
just
over
44
million
or
just
under
44
million.
Excuse
me
and
then
we
actually
right
now
are
looking
at
making
another
distribution.
That
would
be
a
substantial
one.
D
D
Moving
on
to
page
three,
I
won't
go
through
all
of
these.
These
next
few
pages.
From
pages
three
to
seven,
we
show
the
underlying
fund
performance
and
then
you'll
also
see,
on
the
right
hand,
side
how
that
performance
benchmarks
to
their
peers
in
the
industry
so
pages.
Three
and
four
are
the
benchmarks
and
performance
for
the
legacy,
investments
and
then
pages
five.
D
D
Of
course,
a
lot
of
these
vintages
are
still
very
early,
so
we
expect
a
lot
of
these
to
continue
developing
you'll,
see
here
the
contributions
as
well
as
how
much
we
committed
will
give
you
an
idea
of
how
far
along
that
fund
is
in
their
investments
and
and
how
much
further
they
have
to
invest.
D
So,
turning
to
page
eight,
this
is
a
little
bit
more
information
on
the
actual
exposures
within
your
portfolio,
so
you'll
be
able
to
see
this
on
both
a
committed
capital
basis,
as
well
as
an
invested
basis
committed
being
those
are
the
investments
that
we
have
approved
and
have
committed
into
your
portfolio.
D
Those
investments
draw
down
capital
over
time,
so
you'll
see
that
difference
between
committed
and
invested
capital.
The
most
apparent
difference
is,
with
the
investment
type
primaries
co-investments
in
secondaries.
You
can
kind
of
see
how
we're
committed
here
we're
about
70
primary
funds
and
30
into
co-investments
in
secondaries
co-investments.
If
you
look
here
over
the
invested
capital,
they
put
money
into
the
ground
immediately.
So
you'll
kind
of
see
the
difference
here,
as
the
primary
funds
continue
to
invest
over
time.
D
In
page
nine,
as
I
mentioned,
this
is
where
you'll
see
a
little
bit
more
of
the
benchmark
information
for
your
entire
program
for
neuberger,
specifically
so
here
at
the
top,
we've
broken
out
performance
on
an
underlying
basis
on
a
gross
basis
for
primary
funds,
secondaries
and
co-investments,
and
you
can
really
see
how
those
types
of
investments
help
your
portfolio.
So
obviously
primaries
are
going
to
be
very
consistent
and
develop
more
over
time.
We
would
expect
these
numbers
to
go
up
as
they
invest
more
capital
and
as
they
mature
and
then
co-investments,
they
really
do.
D
They
go
into
the
ground
immediately,
it's
into
one
portfolio
company
and
so
we're
able
to
see
a
higher
generation
of
performance
at
an
earlier
point
in
time
I
would
say
the
one
positive
one
of
the
positives
for
this
quarter
were
the
co-investments
actually
reaching
half
of
distributions
to
paid
in
meaning
you.
D
D
Last
quarter
we
were
first
and
first
so
we
did
drop
and
you'll
notice
here
that
difference
really,
it
was
you
know,
literally
.01
away
from
being
first
quartile,
so
hopefully
that'll
turn
back
around
next
quarter,
but
at
the
moment
we're
very
pleased
with
the
performance
and
see
that
there's
a
lot
of
strong
momentum
in
the
underlying
investments.
F
I
got
a
question,
but
it's
more
directed
to
our
staff,
probably
and
staff,
remind
me
so
when
we
get
distributions
back
or
waiting
for
them
to
withdraw
funds,
the
money
is
just
sitting
in
proxies.
F
A
G
You
for
bill
all
right.
Thank
you,
casey,
for
your
detailed
presentation
and
with
that
we
will
move
to
2d
and
I'm
going
to
turn
this
over
to
laura.
H
All
right,
so
we
have
the
first
quarter,
2021
public
version
of
the
private
markets
report
for
the
other
asset
classes
that
that
casey
didn't
talk
about
and
doesn't
advise
on.
So
we
have
here
the
private
debt
and
real
assets
and
real
estate
portfolios,
starting
with
the
private
debt
program,
you
can
see
that
the
the
target
allocation
is
three
percent
and
the
private
debt
allocation
act
on
an
actual
basis.
Is
it
three
point
two
so
very
close
to
target
in
the
lower
right
corner
of
this
chart?
H
H
If
we
take
a
look
at
funds
that
have
been
committed
in
more
recent
vintage
years
under
your
current
staff
on
page
five
and
take
a
look
at
the
far
right,
where
you
can
see
the
irr
for
the
funds
versus
the
peer
irr,
you
can
see
some
quite
strong
returns
for
funds
in
about
the
last
five
to
seven
years
in
terms
of
the
real
assets
program
on
the
lower
right.
Here
you
can
see
that
the
program's
irr
is
nearly
10
which
exceeds
the
peer
universe,
irr
8.7
and
then
taking
a
look
again
at
individual
funds.
H
Here
it
is
a
quite
young
program
only
began
in
2016,
so
you
see
some
not
meaningful
returns,
but
in
particular
the
brookfield
infrastructure
fund
is
above
its
pure
irr.
Lime
rock
had
a
quite
strong
return
recently
now
oil
prices
have
changed
and
there's
been
some
natural
resources
stress.
But
again
these
are
quite
young
in
their
life
in
terms
of
the
real
assets
program
and
the
total
fund
are
our
remains
above
the
peer
irr.
H
There
was
one
new
commitment
to
torchlight
a
north
american
private,
real
estate
debt
fund,
the
amount
of
nine
million
dollars
during
the
first
quarter
of
2021,
and
you
can
see
the
list
here
of
funds
that
have
been
committed
over
time
since
2012
and
again,
you
can
see
some
some
strong
returns
in
particular
for
dra
and
gem.
Recently,
there
were
some
negative
currency
effects
for
some
non-us
funds,
like
epso,
5,
but
again
strong
returns
overall
for
this
program
and
exceeding
its
peer
irr
in
terms
of
the
private
equity
program.
H
Here,
venture
capital
in
particular
the
returns-
aren't
meaningful.
Yet
there
are
no
commitments
during
this
first
quarter
of
2021
and
and
the
three
funds
in
the
program
thus
far
are
all
too
new
to
have
meaningful
private
markets
returns.
Thus
far,
we
have
a
lot
of
other
types
of
market
data
on
pages
22
through
pretty
much
the
end
of
the
report.
I
won't
go
through
that
data
in
detail,
but
if
you're
interested
in
the
current
dynamics
of
private
debt
or
private,
real
assets
or
private
real
estate,
please
feel
free
to
take
a
look.
I
Yeah,
thank
you
drew
so
just
one
question.
You
mentioned
the
foreign
investments,
I
guess
by
one
of
the
funds.
Is
it
typical
that
these
I
don't
know,
I
think
it's
a
real
asset
to
real
estate
investment.
Do
they
not
typically
hedge
currency.
H
It
depends
and
and
I'll
defer
to
the
internal
investment
team
as
well.
Typically,
it's
difficult
to
hedge,
the
total
investment,
mainly
because
they're
calling
cash
flows
over
time
and
distributing.
H
Over
time-
and
they
don't
know
exactly
when
the
exit
is
going
to
be
so
that
can
be
pretty
difficult
in
terms
of
currency.
Some
do
heads
opportunistically
when
they
have
insight
into
when
there's
going
to
be
a
cash
flow,
but
it's
hard
to
do
it
for
the
full
program.
I
H
It
is
a
risk
yeah.
Actually,
I'm
I'm
just
improving
that
currency
hedging
paper
for
makita
right
now.
That
focus
is
more
on
total
competition,
but
you
know:
there's
the
pros
and
cons
because
having
currency
exposure
does
provide
diversification
and
and
different
returns
that
zig
and
zag
in
different
ways.
So
that
can
be
a
good
thing,
both
in
public
and
private
markets,
but
in
an
environment
where
the
dollar
continues
to
dominate.
H
That
can
be
a
negative
overall,
so
a
lot
of
plans
that
we
work
with
when
they
get
to
a
certain
overall
percentage
of
non-us
currency
exposure.
They
might
think
about
a
total
total
fund
hedging
program,
but
typically
there's
a
lot
of
hedging
going
on
with
the
underlying
managers
individually,
so
getting
a
handle
on
that
before
making
plan
level
decisions
makes
sense.
H
I
can
share
it
again,
so
I
can
move
on
to
the
the
total
flight
report.
If
that
makes
sense,
do
it
all
right.
H
Okay,
we
have
here
the
quarterly
review
as
of
june
30
2022
and
so
a
very
brief
market
update
through
the
end
of
june.
I
know
you've
seen
this
chart
before
and
now
it's
updated
through
june
30th,
but
you
know
2021,
you
had
a
market
environment
where
almost
every
major
asset
class
hasn't
had
a
positive
return.
H
We
were
already
in
a
rising
interest
rate
environment,
so
you
do
see
some
negative
returns
in
2021
as
well
for
the
bloomberg
aggregate
index,
which
is
investment
grade
bonds,
but
then
in
2022
through
june
we
had
you
know
one
of
the
worst
starts
to
the
year
for
both
equity
and
bond
markets.
In
many
many
years,
commodities
were
the
only
positive
through
the
end
of
june,
and
we've
since
seen
some
falling
oil
prices.
H
The
month
of
july
was
overwhelmingly
positive
with
high
single
digit
returns
for
u.s
equities
august
has
been
negative,
thus
far,
not
as
negative
as
july
was
positive.
So
your
cio
mentioned
an
estimated
positive
return
for
the
fiscal
year
thus
far,
but
you
can
see
that
the
first
six
months
of
the
year
were
really
quite
negative
down.
20
percent
for
the
s
p
500
index,
and
you
did
actually
see
a
little
bit
of
protection
from
things
like
emerging
markets,
but
it's
unusual
for
us
to
have
such
a
high
correlation
between
equities
and
bonds.
H
You
know
on
the
upside.
That
was
a
good
thing
when
equities
and
bonds
were
rising
for
most
of
the
calendar
and
fiscal
years
since
the
global
financial
crisis.
But
we
do
not
have
an
environment
where
diversification
into
things
like
private
markets
and
hedge
funds
really
matters
for
the
first
time
in
a
long
time
since
you
did
have
such
negative
returns
for
both
public
equities
and
public
investment
grade
bonds
in
the
interest
of
time
I'll
skip
to
your
specific
plan.
H
H
You
have
either
top
quartile
for
the
three
year
period
or
close
to
top
quartile
returns
within
the
peer
group,
which
are
the
lower
numbers
there.
So
you
can
see
for
the
one
year
period.
Peers
were
down
about
seven
and
a
half
percent.
H
Your
fund
was
down
five
percent,
an
outperformed
policy
benchmark
the
investable
benchmark,
the
low-cost
passive
portfolio,
significantly
outperformed
a
60-40
benchmark
made
up
of
the
aqui
equity
index,
which
is
all
country
world
and
the
barclays
global
bonds,
so
that
benchmark
was
down
almost
16
percent
and
again
your
fund
was
down
five.
H
If
you
take
a
look
at
the
individual
asset
classes,
you
see
a
huge
amount
of
protection
from
private
markets
during
this
downturn,
so
private
markets
up
15.
If
you
exclude
the
russell
3000
assets
where
some
assets
earmarked
for
future
private
markets,
commitments
are
housed.
Private
markets
x,
the
russell
3000,
was
up
almost
26
private
equity,
venture
capital,
private
debt,
private,
real
assets
really
across
the
board.
You
see
quite
strong
returns,
taking
a
look
at
other
asset
classes,
emerging
market
debt.
You
have
a
manager
in
emerging
market
debt.
H
That
is
a
long
short
strategy,
so
a
hedge
fund,
and
it
was
in
the
first
percentile
of
its
peer
group.
So
you
do
see
a
positive
return
for
emerging
market
debt
and
a
positive
return
for
your
low
beta
assets
as
well.
Market
neutral
strategies,
in
particular,
has
some
sort
of
more
long
volatility
and
trend
following
strategies
that
had
incredibly
strong
returns,
and
you
can
see
a
first
percentile
peer
group
ranking
for
the
relative
value
funds.
H
The
other
asset
class
category
also
had
a
positive
return
for
the
one-year
period
and
outperformed
its
benchmark,
largely
because
of
the
core
real
estate
holdings
being
up
28
tips.
Also,
if
you
recall,
you
used
to
have
some
exposure
to
market
rate
tips,
market
market
duration
tips
were
down,
but
you
have
short
duration
tips
in
your
portfolio,
so
they
weren't
as
negatively
affected
by
the
duration
situation,
with
rising
interest
rates.
H
We
have
a
lot
of
individual
manager
returns,
but
in
the
interest
of
time
I'll
skip
to
some
some
broad
measures.
So
you
can
see
here
on
this
slide
on
on
the
left
side,
you
can
see
the
total
fund
return
being
well
above
median.
You
can
see
the
standard
deviation
and
the
second
column
remaining
below
the
median,
so
less
volatility
than
the
peer
group,
which
resulted
in
a
top
quartile
sharp
ratio.
F
I
do
have
one
question
on
page
slide:
54.
F
H
Yeah,
so
the
allocation
effect
is
whether
the
plan
was
over
or
under
allocated
relative
to
its
target
to
a
particular
asset
class,
so
having
more
money
in
cash
during
a
market
environment
where
holding
cash
was
good,
because
markets
were
down
had
a
positive
allocation
effect,
for
example.
So,
even
though
the
return
was
the
same
as
the
index
return
for
cash,
just
having
more
cash
was
a
good
thing
allocation
wise,
so
that
selection
effect,
then
is.
Is
the
managers
that
you
select?
Its
selection
effect
can
also
be
a
little
bit
like
asset
allocation
effect.
H
If
say,
you
have
more
exposure
to
small
cap
value
through
your
managers
than
small
cap
growth,
for
example,
or
something
like
that.
So
you
know
as
an
example,
you
can
see
a
green
positive
selection
effect
in
emerging
market
debt
and
that's
largely
driven
by
that
that
emerging
markets
at
hedge
fund
I
mentioned
that,
was
in
the
first
percentile
of
its
peer
group,
also
market
neutral
strategies.
That's
the
selection
effect
of
having
a
lot
of
strong
performing
hedge
funds.
That's
why
you
see
the
green
bar
on
the
right.
There.
F
So
yeah
so
is
selection
effect.
When
you
mention
managers,
does
that
include?
You
know?
It
definitely
includes
the
active
managers.
What
about
passive
does
that
fall
in
that
category
too?.
H
It
does
so.
The
the
passive
managers
should
generally
have
the
same
return
as
their
benchmark,
so
you
wouldn't
see
much
of
a
selection
effect.
A
I
guess
you
were
talking
about
how
the
private
markets
have
outperformed
x.
Russell,
have
outperformed
or
done
really
well,
I
can
see
why
say
the
private
debt
portfolio,
which
is
generally
floating
rate
and
real
estate,
is
done.
Well,
I'm
just
curious
whether
the
private
equity
piece,
which
is
sort
of
nine
percent
of
the
portfolio,
are
those
marks
just
lagged
because
I'd.
Imagine
that
there's
a
big
correlation
between
the
navs
versus
the
public
markets
and
it's
already
june
30th,
so
that
number
really
stuck
out
as
strange.
H
Yes,
so
these
are
lagged
so
they
go
through
the
private
markets,
valuations
for
your
fund,
and
you
know
all
of
your
peers
as
well
just
go
through
march
31st,
so
you
do
have
those
those
first
three
months
of
negative
returns
you
know
baked
in
there.
However,
you
know
it's
just
to
your
point:
a
less
volatile
asset
class
because
you're
not
valuing
it
as
often
typically
most
of
the
managers
are
valuing
their
their
portfolio
holdings
about
quarterly,
and
so
you
don't
have
the
same
amount
of
fluctuation.
H
Also.
You
know
we
might
have
a
market
downturn
at
the
beginning
of
the
year,
but
that
might
not
float
through
yet
to
you
know,
for
example,
you
know
a
real
estate
building
valuation,
because
the
markets
haven't
been
negative.
That
long-
and
you
know
so
there
really.
B
H
Truly
less
volatility
in
private
markets
assets
because
they
don't
trade
as
often
and
you
don't
have
a
lot
of
investors
getting
spooked
and
pulling
their
money
out,
like
you
might
in
a
public
mutual
fund,
because
these
are
locked
up
assets.
But
then
you
also
have
less
volatility
because
of
just
the
sort
of
valuation,
accounting
effect.
A
Okay,
I
mean
what
was
also
curious
about
this
is
the
custom
pe
benchmark
is
negative,
so
I
just
wonder
if
this
is
something
to
do
with
the
way
we
are.
H
Yeah,
it's
pretty,
you
know
when
we
look
across
our
client
portfolios,
one
of
the
biggest
drivers
of
who
did
well
relative
to
peers
and
and
who
didn't
was
just
private
markets
exposure.
So
it
was
quite
common
in
the
last
fiscal
year
for
for
private
markets,
the
amount
of
private
markets,
exposure
and
and
how
positive
that
was
for
funds
to
be
a
big
driver
of
overall
returns.
H
A
One
one
last
question:
if
I
handed
it
off
to
somebody
else,
is
you
know
there's
been
a
lot
of,
I
don't
know
if
industries
buzzing
with
it
or
more
sort
of
strategists,
you
know
the
value
of
60
40
sort
of
falling
apart.
This
quarter
is
any
wisdom
from
makita
or
thoughts
from
you
know
your
investment
strategies
for
the
pension
industry,
so
to
speak.
H
Yeah
that
that's
yes,
I
mean
that's,
that's
a
major
topic
that
that
everyone's
talking
about,
because
for
a
long
time-
and
you
know
a
lot
of
your
boards-
I
think-
have
pretty
sophisticated
investors
and
business
people
on
them.
H
But
a
lot
of
the
the
boards
we
work
with,
there's
just
people
that
are
investing
their
private
portfolio,
their
you
know
their
personal
401k
in
an
s
p,
500
fund
and
a
you
know,
an
an
index
fund
in
bonds,
and
you
know-
and
you
saw
a
lot
of
headlines
and
stories
about
some
of
the
best
performing
institutional
funds
just
being
in
two
index
funds
as
well
as
60
40.
And
so
it's
been.
H
You
know
all
of
us
who
study
financial
theory
know
the
value
of
diversification
from
a
mathematical
perspective,
and
but
it
wasn't,
it
wasn't
working
for
a
long
time,
because
you
had
that
really
strong
positive
correlation
between
equities
and
bonds
and
and
you
had
strong
market
environments.
And
so
you
know,
on
the
one
hand,
it's
nice
to
see
diversification
mattering
again,
a
lot
of
clients.
We
work
with
have
done
things
like
you
have
in
terms
of
having
the
relative
value
exposure
and
some
some
of
our
clients
call
that
risk
mitigating
strategies.
H
They
have
things
like
global
macro,
hedge
funds
and
trend
following
and
long
volatility
funds
that
are
sort
of
there
for
a
rainy
day,
but
they
hadn't
really
been
tested.
Yet
and
in
this
market
environment
they
have
been
tested
and
luckily
have
shown
their
metal
and
why
we
have
those
types
of
assets
in
a
portfolio.
H
Here
we
go
okay,
so
I
will
be
quick
on
this
since,
as
you
know,
it
has
the
same
assets
and
just
a
more
liquid
public
markets.
Asset
allocation
as
the
pension
does.
If
we
take
a
look
at
the
health
care
fund
as
a
refresher,
your
health
care
fund
has
an
expected
return
that
is
quite
close
to
that
of
the
pension
it
used
to
be
exactly
the
same.
Now.
H
The
actuarial
target
rate
of
return
for
the
health
care
trust
is
lower,
but
that
says
still
a
very
sort
of
comparatively
risky
plan
relative
to
other
health
and
welfare
trusts.
In
the
peer
group,
when
we
have
a
really
strong
market
environment,
that
means
it
looks
fabulous
because
you
have
a
lot
of
equity
when
we
have
a
negative
market
environment.
That
means
on
a
peer
relative
basis.
H
But,
of
course
all
of
the
growth
assets
are
in
public
equity
because
this
fund
needs
to
stay
liquid
so
not
having
the
diversification
from
private
equity
and
then
in
low
beta,
not
having
any
diversification
from
hedge
funds
meant
that
there
wasn't
much
insulation
from
the
public
markets
drawdown
during
the
last
year,
so
you
can
see
a
one-year
return
of
negative
nine
point:
six
percent.
If
you
recall
we
looked
at
the
the
one-year
return
for
the
peer
group
for
pension
funds,
which
was
much
more
negative
than
this
negative
9.6
percent.
H
But
when
we
look
at
the
peer
group
return
for
50
to
250
million
health
and
welfare
funds,
you
see
a
peer
return
for
the
one
year
period
of
negative
eight
percent.
So
this
fund
lagged
the
peer
group.
It
was
just
about
in
line
with
the
policy
benchmark,
which
makes
sense,
since
a
lot
of
these
strategies
are
passive,
so
you're
not
seeing
a
huge
amount
of
manager
alpha.
H
The
story
is
the
same
as
the
pension
in
terms
of
public
equities
being
down
and
low
beta
and
other
being
up
for
the
year.
So
luckily,
we
do
have
some
diversification
in
core
real
estate
in
this
fund.
It's
the
core
real
estate,
isn't,
as
you
know,
100
liquid
as
the
rest
of
the
assets,
but
it's
typically
about
quarterly.
It's
a
six-month
liquid.
So
having
that
in
the
fund
was
really
positive
and
then
also
having
diversification
from
commodities.
H
C
It's
good
to
be
on
a
winning
team.
As
I
say
in
french
item
three,
a
was
the
issue
with
the
second
member
felony
forfeiture.
Kenneth
williams,
that's
been
possible,
that's
been
postponed
two
or
three
times
this
time.
It
was
not
postponed.
Due
to
mr
williams,
something
came
up
with
his
attorney.
It
was
very,
very
reasonable
and
and
harvey
maytag
said
yeah.
Let's
go
ahead
and
grant
a
delay
in
that
hey
harvey.
Do
you
have
any
idea
when
we
might
hear
that.
C
Great
thanks
harvey
on
to
4a
roberto
the
floor
is
yours.
I
Thank
you,
mr
chair
good,
good
morning.
Everyone
just
if
you
bear
with
me
just
a
couple
of
updates
from
the
staff
standpoint.
We
are
going
to
be
welcoming
next
week
at
two
new
benefits:
senior
analysts,
they're
gonna
start
working
the
at
rs.
I
We
are
also
promoted
tara
trent
to
health
analyst
position,
so
congratulations
to
tara,
who
started
working
with
us
early
in
the
year
in
the
spring
as
a
pension
staff
specialist-
and
you
know
she
came
to
us
with
a
lot
of
experience
in
the
pension
work
working
with
the
united
nations
pension
program
for
about
six
years.
So
congratulations
to
tara
and
a
big
welcome
back
to
giselle
holcomb
giselle
was
actually
an
analyst
that
was
working
our
office
when
I
joined
in
20
2013.
I
I
As
you
know,
every
year
open
enrollment
happens
the
month
of
november
november.
1St
to
the
30th
is
actually
in
progress.
Open,
enrollment
packets
will
be
sent
sometime
next
month.
At
this
point,
bearing
any
unforeseen
changes
in
the
pandemic.
We
are
planning
an
in-person
health,
fair,
and
so
we
will
keep
everyone
posted
on
that
again.
We
don't
expect
any
changes,
but
in
case
something
happening,
we
have
to
pull
back
the
in-person
health
fair.
We
will
certainly
certainly
notify
all
the
members
about
it.
I
The
city
recently
extended
their
mass
requirements
through
friday
september
9th.
So
I
just
wanted
to
let
you
all
know
we
are,
as
you
know,
have
opened
to
the
public
between
nine
and
four
p.m.
For
the
longest
time,
we
still
are
relatively
open
and
working
from
the
office
today,
but
I
just
wanted
to
share
with
you.
We
have
some
situations
with
strangers
wandering
around
the
building
the
last
a
couple
of
months,
and
so
we
have
elected
to
close
the
front
door.
I
We
do
have
a
sign,
so
members
are
still
welcome
to
come
in
and
knock
on
the
door,
but
we
have
kept
it
closed
for
the
safety
of
our
staff
and
then
a
couple
of
more
things
will
be
close
to
september
5th
and
a
servant
of
labor
day.
And
lastly,
I
wanted
to
let
you
know.
As
I
mentioned
in
the
last
meeting,
there
are
four
positions:
trustee
positions
that
are
coming
up
for
reappointment
at
the
end
of
november
three
from
public
members
and
one
retired
receipt
you
should
be.
I
We
were
told
you
should
be
receiving
an
email
from
the
city
clerk
office
today,
being
that
today
is
september
1st
90
days
before
you
see
it
expires
and
so
again
be
on
the
lookout.
If
you
do
not
receive
either
today
or
tomorrow,
an
email
from
the
cd
kirk,
let
us
know
and
we're
trying
to
get
the
timelines
and
the
deadlines
for
you,
so
that
we
can
keep
you
apprised
as
much
as
possible
for
you
process
in
the
event
that
you
do
elect
and
we
hope
you
do
reapply
for
your
position.
I
There
are
more
specific
requirements
and
situations,
as
relates
to
the
retirees
see
and
trustee
santos.
Now
we
have
been
in
contact
and
we
continue.
I
We
continue
trying
to
get
as
much
information
as
we
can
to
keep
everyone
updated
and
apprised.
That
concludes
my
update,
mr
chair
roberto.
Yes,.
H
E
E
I
Thank
you,
mr
chair.
If
you
allow
me,
I
just
wanted
to
also
we'll
have
more
staff
updates
in
october.
I
just
wanted.
I
don't
have
the
specifics,
but
we
are
aware
that
we
are
going
to
have
some
members
either
leaving
the
office
or
actually
changing
to
a
more
part-time
approach
for
personal
reasons,
and
so
once
we
have
all
that
information,
I
will
make
sure
to
keep
you
updated
at
your
october
meeting.
So
just
want
a
heads
up
and
thank
you
very
much.
C
All
right
any
other
questions
for
roberto,
if
not
4b,
usually
counseled,
when
van
foley
addresses
us.
She
sent
a
nice
note
to
roberto,
saying,
hey
sorry
had
to
duck
out
for
a
meeting
and
for
lauren
said:
there's
not
much
to
report
cities
doing
well
and
we'll
see
you
next
month,
so
we're
on
to
4c
action
compensation
for
the
ceo
cio
position.
C
We
met
in
closed
session
at
the
beginning
meeting
to
make
sure
we
were
all
generally
in
agreement
with
the
performance
reviews
for
roberto
and
peru
that
were
done
virtual
on
monday
of
this
weekend,
peru
on
tuesday
a
brief
overview
this
for
for
those
of
you
watching
from
home.
We,
we
did
measure
g
a
couple
of
years
ago,
so
the
ceo
and
cio
report
to
the
boards.
C
We
do
their
performance
reviews,
their
salary
is
still
within
the
salary
system
of
the
city
and
we'll
have
andrew
talk
about
that
in
a
minute
or
two.
There
is
a
subset
of
the
board
that
serves
as
the
sports
compensation
committee.
That's
the
joint
personnel
committee
and
on
that
committee
are
the
two
chairs
of
the
boards
myself
for
police
fire
spencer
for
federated.
C
The
two
of
us
gave
her
to
history
on
monday,
also,
the
two
chairs
of
the
ic
committee,
esther
estranged,
our
board
on
your
og
unfederated,
and
then
we
got
we're
very
fortunate
to
have
andrew
as
well,
because
this
year
the
fact
that
we're
within
the
city
system
mattered
deeply.
C
So
I
will
talk
briefly
about
roberto's
overall
performance
and
then
all
that
is
for
our
talk
at
a
very
high
level
about
peruse.
C
So
I
have
the
experience
of
now
sitting
on
I'm
sitting
on
about
nine
or
ten
boards,
but
I'm
sitting
on
seven
boards,
where
we
have
ceos
six
in
startup
companies,
some
which
are
pretty
big
100
people,
for
instance,
in
one
and
so
for
those
of
you
that
are
not
currently
involved
in
managing
a
company
or
a
team.
Like
roberto,
manages
here
with
prabhu
and
barbara's
help.
Things
are
weird
out
there
and
I
I
I
mentioned
in
closed
session
our
board.
C
C
There
are
these
two
factors
are
covid
which
were
just
really
coming
out
of
the
pandemic
now
this
year
and
that
had
the
effect.
As
I
said
in
close
session
of
causing
a
lot
of
companies,
we
say
in
the
valley,
the
vc
community.
They
lost
coherence,
you
know,
there's
corporate
culture,
there
teams
see
each
other
in
person.
You
can
I
I
kind
of
saying
the
other
day.
C
I
said
you
know
you
can
smell
fear,
but
you
can't
see
it
or
resume
and
there's
some
truth
in
that,
and
so
the
fact
that
we
were
operating
virtually
required
smart
teams
and
smart
ceos
and
roberto
is
this
guy?
If
he's
nothing
else,
a
smart
ceo
to
exert
countervailing
measures
to
maintain
coherence-
and
I
can
tell
you
that
of
the
seven
ceos
that
I
currently
I'm
working
with
roberto
and
his
team-
are
heads
and
shoulders
above
everybody
else.
They
really
and
I
and
and
roberto
years
of
burning.
I
know
he's
smiling
roberto
consciously.
C
We
talked
to
his
whole
time.
Virgil
constantly
exerted
a
countervailing
force
to
counterbalance
the
fact
that
people
weren't
seeing
each
other
around
the
water
cooler
and
it
worked
he's,
got
lower
turnover,
much
higher
employee
morale.
We
actually
measured
employee
morale
in
the
the
survey
for
his
performance
review
this
year.
It's
very
high.
C
The
second
factor
is
something
that
wall
street
journal
has
come
to
call
the
great
resignation-
and
you
all
see
this
as
the
hauling
out
of
the
service
sector.
So
you
go
to
a
restaurant,
for
instance,
and
the
food's
late,
the
short
staff
cooks,
the
short-staffed,
waiters
and
waitresses.
I
have
a
neighbor.
I
saw
in
the
story
in
the
closet,
I'm
a
neighbor's
building,
edition
they're,
having
a
hell
of
a
time
getting
people,
carpenters
and
and
carpet
layers
and
so
on.
This
is
not
actually
a
covid
trend.
C
If
you,
if
you
go
online,
you
can
see
this
started
after
2008..
Well,
we
have
people
that
are
sort
of
in
the
service
sector.
Some
are
people,
sort
of
processed
disability
applications
and
so
on.
C
Michelle
could
test
this
and
we
had
fun
right.
I
mean
we're
joking
and
kidding
around
and
that's
part
of
the
esprit
court
we
need
to
maintain
inside
ashford.
I
don't
know
if
you
want
to
make
some
high-level
comments
about
prabhu
and
the
review
that
you
and
anjarot
gave
him.
I
Yeah,
thank
you.
Thank
you
drew
so
I
would
say
that
looking
at
our
boat
and
the
federated
trustees
in
general
would
say
that
prabhu
has
done
a
very
good
job
and
it
is
in
terms
of
leadership.
In
terms
of
you
know
what
drew
talked
about.
I
You
know
the
great
resignation
most
of
the
staff
has
stayed
and-
and
I
think
earlier
in
this
meeting,
we
had
a
discussion
about
where
this
fund
was
a
few
years
ago,
where
compared
to
where
the
fund
is
today
and
clearly
it's
it's
substantially
different
in
terms
of
performance.
I
We
were
kind
of
bottom
decile
and
now
on
both
the
one
and
three
year
basis.
We
are
top
quartile
and
that
is
in
terms
of
performance,
metrics
and
also
risk
adjusted
performance
metrics.
I
So
we
would
rate
the
overall
performance.
You
know
by
the
cio
pro
boo
pilani
quite
highly.
Now
as
we
go
forward,
you
know
we
realized
that
you
know
we're
going
to
set
pr
and
privilege
we'll
agree.
You
know
slightly
different
standards,
we're
not
going
to
compare
with
the
way
we
were
before,
but
we're
going
to
compare
it
against
the
peer
group
and
so
far
you
know
those
metrics.
You
know
continue
to
be
very
good,
so
I
think
I
think
we
have
come
quite
far.
I
I
think
the
fund
is
performing
much
better
for
its
retirees,
and
that
is
the
place.
You
know
the
that
we
as
trustees,
would
like
the
fund
to
be
to
protect.
You
know
future
retirement
benefits
for
for
our
members.
C
Great
thanks
ashbar,
so
this
is
more
information
than
we
would
normally
reveal
in
public
about
the
performance
review
and
you're,
probably
wondering
why
we're
doing
that.
C
So,
there's
a
force
and-
and
you
heard
on
you're
an
astronaut
talk
about
me-
we
believe
both
boards
believe
we've
measured
members,
opinions,
staff
opinion
boards,
opinions,
we
have
roberto
and
and
prabhu's
own
self-assessment.
They
really
knocked
it
out
of
the
park
and
are
doing
just
an
absolutely
fantastic
job.
C
However,
there's
a
countervailing
force
and-
and
you
heard
laura
work-
talk
about
it
look.
The
world
is
not
true
to
role
right
now
we're
in
a
recession.
Well,
we
are
not.
It
certainly
feels
like
one:
the
markets
are
down,
we've
got
high
inflation
and
so
on,
and
so
we
and
not
just
at
san
jose
and
all
of
our
startups,
the
same
problem.
It's
hard
to
raise
money,
vcs,
slow
down
when
the
public
markets
slow
down,
and
so
just
as
there
is
all
throughout
all
my
companies.
C
There's
pressure
to
keep
down
raises
and
bonuses
this
year,
and
so
what
we
tried
to
triangulate
on
and
we'll
have
andrew
now
go
is:
can
we
triangle
it
on
sort
of
a
range
that
reflects
the
high
opinion
we
have
of
the
work
that
returned
have
done,
but
doesn't
somehow
conflict
with
this
notion
of
austerity?
So
you
want
to
talk
sort
of
andrew.
Maybe
there's
there's
a
range
we
want
to
propose
to
prove
by
the
board
and
by
the
way,
remember
whatever
we
do
here.
C
Board
federated
has
to
ratify,
so
we
did
last
year
we
sort
of
gave
federated
a
range
and
then
that
their
board
meeting
in
two
weeks
they
they
picked
from
that
range.
So
I
would
suggest
we
could
think
about.
Starting
with
that,
maybe
andrew
you
have
some
thoughts
and
andrew
also
explain
how
the
city's
compensation
system
works
to
our
crowd.
F
So
no
I
I
I
appreciate
the
opportunity
yeah
I'll,
definitely
give
you
a
little
high
level
understanding
of
how
the
city's
npp
process
works
and
and
just
general
wage
increases.
You
know
for,
for
you
know
the
executive
staff,
directors
and
chief
level,
so
usually
around
july
1st
of
every
year,
there's
typically
a
a
general
wage
increase
that
the
city
the
city,
provides.
F
You
know
for
a
lot
of
the
city.
Members
they're
part
of
a
of
a
local
and
those
wage
increases
are
negotiated
for
for
the
high
level
executives.
You
know
of
san
jose
and
and
the
leaders
of
each
department,
they're,
not
represented
by
unions
and
so
they're,
grouped
in
together,
what's
called
unit
99
and
the
city
will
will
let
unit
99,
and
you
know
those
people
that
belong
to
it,
what
their
general
wage
increase
for
the
most
part.
It
typically
mirrors.
F
You
know
what
non-sworn
employees
get,
but
this
is
solely
the
discretion
of
the
city.
It's
not
guaranteed
from
year
to
year,
and
you
know
last
year
it
was
a
three
percent
raise
this
year
and
they
were
granted
a
four
and
a
half
percent
percent
raise.
F
So,
what's
a
little
bit
different
is
unit
99
employees
have
the
opportunity
to
get
a
a
mpp
done,
which
has
an
associated
merit,
increase
based
off
of
their
ratings
and
as
drew
and
eshwar
has
talked
about.
You
know,
both
prabhu
and
roberto
have
continued
to
exceed
expectations
and
have
you
know
definitely
provide
great
leadership
for
us,
and
so
you
know,
because
of
that
you
know
the
city
has
some
parameters
or
guidelines
to
say
more
guidelines
on
what
those
merit
increases
should
look
like.
F
The
typically
recommendation
is
somewhere
around
two
and
a
half
to
three
percent,
but
there
is
some
flexibility
in
there
in
the
past,
probably
about
four
or
five
years
ago,
when
the
we
had
chairs
and
series
still
on
board,
we
started
going
outside
that
range.
You
know
in
the
four
to
five
percent
range,
and
then
we
came
to
the
realization
you
know
a
few
years
ago.
Is
you
know
we
got
such
high
caliber?
F
You
know
ceo
and
cio
that
we
they
need
to
be
paid
appropriately
in
their
pay
scale,
and
so
one
of
the
flexibility
you
know
that
we've
had
is
to
use
this
opportunity
to
give
them
larger
merit
increases
to
get
them
in
the
correct
part
of
the
pay
scale
that
we
believe
they
deserve,
which
we
believe
they
deserve
to
be
towards
the
top
and
so
the
following
years.
F
We
gave
5
and
then
last
year
10,
you
know
so
now
they
are
at
the
top
of
the
pay
scale,
where
we
as
a
board
believe
they
should
be
based
off
of
their
performance
and
and
the
comparables
to
you
know
other
ceos
and
cios
in
in
the
public
sector.
F
So
now
that
we're
there,
you
know,
so
the
question
is
okay.
How
do
we
go
from
here?
I
I
feel
like
we
need
to
bring
things
back
more
closer
to
the
city
policy.
I
don't,
I
do
believe
they
they
deserve
more
than
what
they
should,
because
they
continue
to
exceed.
You
know
all
of
our
expectations
and
provide
great
leadership,
but
where
I
feel
like
we're
in
this
limbo,
where
the
jpc
will
be
starting
off
in
two
weeks,
kicking
off
and
it's
developing
incentive
program.
F
F
E
The
question
yes
just
for
clarity
when
you
say
45
range
you're
talking
about
the
merit
portion,
on
top
of
the
the
four
to
four
and
a
half
percent,
that
the
city
already
has
increased.
F
Yes,
yes,
yes,
so
I
mean
by
the
city's
guidelines.
You
know
we
we
off
the
mpp,
they
would
be
get
we'd,
be
giving
them
a
three
percent
okay,
and
so
I
I
believe
we
should
be
getting
something
a
little
bit
higher
and
that's
why
I'm
looking
at
the
four
to
five
percent
range,
one
thing
that
you
know
a
little
more
color
I
want
to
add
to
is
when
we
give
these
mpp
merit
increases
and,
let's
just
say
they
were
not
at
their
top
range.
F
Let's
say
you
know
they're
at
eighty
percent
of
their
top
range
and
we
gave
them
a
five
percent
merit
increase
that
five
percent
merit
increase
would
go
into
a
sal
at
pay
raise
and
that
that
will
affect
his
pay
scale
or
pay
base
pay
going
forward
once
they
hit
their
top
max
their
max
of
their
c
or
the
ceiling
of
their
pay
range.
F
That
five
percent
can
no
longer
bump
their
pay
scale
up
any
further
when
it
comes
to
mpp
the
only
way
they
we
could
do,
that
is,
if
we
judge
their
their
salary
range,
which
we
are
in
the
process
of
we're
going
to
start
doing
in
a
couple
weeks.
So
what
happens
is
that
five
percent
will
be
given
to
them
as
a
one-time
payout?
F
F
Whatever
we
agreed
to
that's
how
it's
going
to
be
awarded
this
time
next
year,
it'll
probably
be
different,
because
you
know
we
are
doing
a
salary
survey
for
both
the
ceo
and
cio
position
and
and
based
off
of
that,
we
as
a
board
might
adjust
the
salary
range.
You
know
appropriately
based
off
the
survey
and
and
comparables
so
so
drew.
My
recommendation
is
that
you
know
we
get.
F
We
appoint
you
and
eshwar
as
labor
negotiators
for
the
police
and
fire
board
with
you
know,
depending
on
what
feedback
I
hear
from
other
people,
you
know
and
we'll
provide
you
a
range
that
you
could
work
with
along
with
federated
and
you
could
come
back
to
us.
You
know
next
month,
with
whatever
was
decided.
C
F
I
I
do
because
one
it's
not
it's
not
a
far
reach
from
you
know
the
city's.
You
know
guidelines,
but
we
also,
I
I
mean
we
heard
probably
talked
about
earlier
today.
You
know.
Over
the
last
three
years
we
went
from
the
99th
percentile
to
you
know
top
quartile,
and
through
that
process
you
know
96
975
million
dollars.
F
You
know
in
assets
was,
you
know,
increased.
You
know,
that's
just
one
example
of
things
that
have
been
done.
You
know
under
the
leadership
you
know
of
roberto
and
prabhu,
and
they
they
deserve
more.
They
absolutely
deserve
more,
and
so,
but
I
think
you
know
with
where
we
are.
You
know,
with
with
what
you
just
mentioned,
and
us
trying
to
figure
out
and
and
implement
a
new
incentive
program
that
you
know.
I
think
this
is
a
a
a
great
middle
ground.
C
Great
before
we
open
the
floor,
I
can
say
in
a
lot
turn
to
reassure.
I
can
say
that
spencer
and
I
have
talked
about
numbers
in
that
range,
and
so
I
think
federer
would
accept.
That
is
that
sort
of
the
range
that
you
and
andrea
are
going
to
talk
to
about
this
far.
C
All
right,
so
maybe
maybe,
let's
have
you
ash
far
and
andrew
spencer
on
york,
myself
also
a
meeting
in
the
next
week
or
two
and
as
negotiators
we'll
put
our
heads
together
and
see
if
that'll
fly
with
federated
just
for
timelines.
I
talked
about
this
in
closed
session.
C
Our
next
board
meeting
october
is
one
day
before
the
deadline
for
giving
all
these
numbers
to
the
city
so
having
it
locked
down
federated
board,
meaning
two
weeks
is
great
and
then
at
our
board
meeting
in
october,
when
federated
picks
a
number
at
that
range
we'll
ratify
that
number,
but
by
giving
them
range
we're
saying
we'll
ratify
a
number.
If
it's
in
that
range,
the
floor
is
open.
Andrew's
suggesting
we'd
save
federated
pick
a
number
between
four
and
five
any
thoughts
comments,
questions.
C
J
You
know
I
listen
to
you
and
andrew
very
carefully,
and
I
appreciate
what
all
the
homework
you
have
done
and
and
our
of
course,
our
board
listening
and
weighing
in
here's
the
deal
you
know
our
council
liaison
should
be
able
to
be
helpful
in
this
case,
because
we're
trying
to
change
the
tradition
of
civil
service
here,
we're
trying
to
say
here's
some
incentives
because,
like
the
old
cliche,
show
me
the
money.
Well,
if
we're
making
the
money,
we
need
to
make
sure
that
the
people
in
charge
are
being
compensated.
J
So
I
hope
that
ms
foley
will
be
involved
and
kind
of
educate
the
council
and
what
your
concept
is
mr
chair
and
vice
chair.
I
totally
agree
what
you're
doing,
and
I
think
it's
it's
it's
about
time
that
we
make
sure
that
we
take
care
of
the
people
who
are
taking
care
of
the
fun.
C
Thanks
dick,
I
you,
I
know,
we've
seen
this
in
civil
service
before
there
are
some
public
universities
where
the
football
coach,
because
he
brings
in
all
the
television
revenue,
makes
more
than
the
president
of
the
university.
It
is
certainly
true.
In
my
side,
private
sector,
the
highest
paid,
the
highest
compensated
person
in
a
startup
company,
is
not
the
founders
ceo,
it's
the
guy
that
sells
the
most
stuff.
The
highest
base.
Salary
is
ceo,
but
then
man,
the
sales
guys
often
have
their
conversations.
Based
on
that.
F
Yeah
I'll
make
that
emotion.
Is
there
anybody
else
that
wanted
to
comment
before
I
do.
E
I
let
me
just
raise
a
point
because
drew
was
talking
about
coming
back
to
ratify
it
after
the
federated
meeting.
E
Mr
chairman,
if
the
motion
is
made
for
this
board
to
accept
a
increases
in
that
four
to
five
percent
range,
on
the
condition
that
it's
acceptable
to
federated,
then
this
could
be
the
vote
on
that
and
you
need
not
come
back
to
ratify
it
in
a
subsequent
meeting
and
then
we'll
wait
and
see
what
federated
does
it
federated
satisfies
that
condition?
C
E
The
maker
of
the
motion
would
simply
make
a
motion
to
offer
that
range
subject
to
the
condition
that
it
is
agreeable
to
federated
within.
F
That
range,
okay,
okay,
so
I
will
make
a
motion
that
I
we
give
drew
and
eshwar
the
authority
to
negotiate
and
finalize
a
merit
increase
for
the
ceo
and
cio
in
the
range
of
four
to
five
percent.
As
long
it
is
agreed
upon
with
federated.
F
F
Real
quick:
is
it
too
quick
and
too
late
to
make
an
amendment
go
do
it?
I
also
want
to
include
so
we
don't
come
back.
That
will
also
include
five
executive
days,
which
is
part
of
the
mpp
award
for
someone
that
exceeds
expectations.
C
C
Sunita
hi
good
howard
ashford.
How
do
you
vote.
A
F
C
I
I
bet
that's
exactly
right.
The
right
answer,
andrew
I
bet
we'll,
have
a
good
meeting
with
spencer
and
nanya
I'll,
send
it
out
an
email
set
that
up
in
a
minute:
okay,
4d
discussion
and
action
on
committee
assignments.
C
So
just
to
refresh
our
memory,
we
have
nine
board
members.
We
have
five
committees,
investment,
audit
governance,
disability
and
jpc,
and
the
chair
and
vice
chair
positions
so
of
the
nine
of
us
in
general.
All
seven
of
us
are
chair
of
register
or
chair
committee
right
and
when
you
count
up
the
seats
on
those
committees
and
chair
and
vice
chair,
there's
about
seven
there
are
not
about.
There
are
exactly
17
assignments,
so
in
general
everybody
should
sit
on
two
or
three
committees,
one
or
two
or
three.
C
The
average
would
be
two
and
most
of
us
are
chairing
a
committee
I'm
chair,
andrew's,
vice
chair,
starts,
chairing
ic
city's,
chairing
audit
dick's,
chairing
disability,
frankenstein
governance
andrews
chairing
jpc,
which
is
chaired
by
somebody
pretty
senior
it's
made
of
of
the
most
important
chair,
the
most
important
committee
I
see
as
well
as
chair
of
the
board,
so
sunita
is
going
on
the
ic.
That's
already
happened
that
happened
last
meeting,
I'm
stepping
back
and
then
david
will
take
a
howard
seat
about
a
year.
C
From
now
that
would
put
sunita
on
three
committees
and
the
ic
is
a
heavy
committee.
We
generally
listen
that
so
sunita
has
graciously
agreed.
Thank
you
scene
to
continue
to
chair
the
audit
committee.
It's
good
to
have
somebody.
I
had
chaired
a
couple
of
years.
It's
good
to
have
continuity
there,
but
sunita
then
will
step
down
from
the
governance
committee,
and
david
kwan
has
agreed
that
he'd
be
happy
to
step
on.
C
Yes,
great,
then
I'll
make
the
motion
that
sunita's
seat
on
the
governance
committee
be
replaced
with
david
kwan.
That's
a
motion.
Is
there
a
second
second.
A
A
C
Hi
dave
hi
carol
anza.
I
vote
I
as
well
on
the
agenda.
It
says
ab361
for
the
board.
Do
that
now
harvey
yeah.
Let's
do.
E
That
now
all
right,
thank
you,
mr
chairman,
before
we
go
into
the
ab361
findings,
which
you
have
in
the
backup
material,
the
evidence
that
we're
still
in
an
emergency
situation
under
the
governor's
declaration
and
local
health
authorities
are
still
recommending
distancing
for
safety
purposes
for
all
public
bodies.
E
I
want
to
bring
you
up
to
date
on
one
potential
change
in
the
law,
and
I
don't
want
to
go
into
much
detail
right
now.
It's
pretty
much
hot
off
the
press.
We
had
been
following
a
few
bills
in
the
legislature
that
seek
to
codify
the
ability
of
boards
like
this
to
meet
virtually
as
we
have
been
meeting
in
the
emergency
situation.
The
lead
bill
that
we
were
following
went
nowhere.
E
E
If,
if
the
governor
signs
it,
it
goes
into
effect
january
1st
and
it
creates
yet
another
alternative
to
the
regular
brown
act,
teleconferencing
meetings
and
the
emergency
meetings
that
we've
been
following.
It
creates
kind
of
a
hybrid
situation
where
we
can
continue
to
meet
on
a
regular
basis
virtually,
but
only
on
a
couple
of
conditions.
One
a
quorum
of
the
the
board
would
have
to
meet
physically
in
the
same
location.
E
E
So
there's
a
lot
of
permutations,
but
instead
of
having
the
choice
of
just
one
choice
now
to
meet
under
the
governor's
declaration
of
emergency,
another
choice
is
going
to
be
written
into
the
brown
act,
that's
kind
of
a
hybrid
situation
that
we
will
be
able
to
work
under,
and
that
would
be
good
for
the
next
three
years.
We
will
keep
you
posted
on
how
that
develops.
C
I'll
go
pause
over
discussion
then
I'll
make
the
motion.
Anybody
have
any
questions
harvey.
I
might
have
missed
it.
I
was
sending
an
email
to
schedule
a
meeting
one
with
with
jpc.
When
would
those
nude
laws
take
effect
january
1st
or
right
away.
E
January
1st,
it's
not
an
urgency
bill,
so
it
would
not
take
effect
until
january
1..
I
don't
I'm
not
anticipating
between
now
and
the
end
of
december
that
the
governor's
declaration
will
be
suspended.
It
will
probably
stay
into
effect
to
the
end
of
the
year,
in
which
case
we
will
continue
to
do
this.
Every
30
days.
C
Great
I'll
go
ahead
and
make
the
motion.
Let's
accept,
I
move
that
we
accept
the
information
for
our
council
that
government's
proclamation
still
exists
and
san
jose
city
council
continues
to
support
that
by
resolution.
I
move
that
we
adopt
these
two
factual
findings
to
use
ab361
for
the
next
30
days.
Do
I
have
a
second
second.
C
He
might
be
off
dick.
C
Franco
hi
dave
wilson
hi,
I'm
chair
lanza,
I
vote
I
as
well
that's
more
than
quorum.
C
Great
we
we've
got
it.
Let's
see,
hang
on.
Let
me
scroll
new
business,
okay.
I
said
we
it'll
be
a
brief
meeting.
I
think
we'll
be
done
by
noon.
It's
11
30
now.
C
So
let's
keep
going
around
and
take
a
break
service,
retirements,
greg
c
connolly,
police
sergeant,
police
department,
effective
october
1
2022
with
25.03
years
of
service,
barbara
s,
fuji,
police
officer,
police
department,
effective
october
1st
2022
25.57
years
service,
elias
jurich
police
are
jurich
police
officer,
police,
foreign,
effective
september
17,
2022
27.32
years
of
service,
with
wrestle
proceeding,
robert
e
lalonde
police
sergeant
police,
foreign,
effective
august
20th,
2022,
25.96
years
service,
t.j,
lewis,
police
sergeant
police
department,
effective
september
17,
2022
27.7
through
your
service
good
for
you,
tj
ronnie,
hey
lopez,
police,
sergeant,
police
department,
effective
september
17,
2022,
26.96
years
of
service,
brian
j,
meeker,
police
officer,
police
department,
effective
september
16,
20,
22,
26,
.49
years
serves
and
ding
ding
ding.
C
Folks.
We
have
a
winner,
kendra
l
and
nunes
kendra
l,
nunes
police,
lieutenant
police
department,
effective
september
17
2022.
Somebody
ring
the
bell:
gosh
kendra
30.03
years
of
service.
Good
for
you
do.
I
have
a
motion
to
approve
that
solo
sentence.
H
C
Great
go
around
andrew.
How
do
you
vote
hi
great
sunita?
Had
your
vote.
I
eshwar
had
you
vote
hi
and
dick
yes
and
frank
hi
and
dave
hi
carol.
Anza,
I
vote
I
as
well.
I
don't
know
if
any
gentleman
wanted
to
say
anything
of
any
of
these
people.
E
C
Great,
let's
see,
let's
go
through
hang
on
folks,
I'm
sweat
hanging
guys,
I'm
switching
back
for
three
pages
here
we
have
deferred
vested
just
one
jeffrey,
a
guy
police
officer,
police
department,
effective
august
18,
2022
23.29
years
service
with
reciprocity.
Do
I
have
a
motion
summary
have
a
second.
C
C
J
E
C
Amen
all
right,
we're
almost
done
and
remember
at
the
end
of
meeting
we'll
stick
around
quickly
to
do
av
361
for
these
committees,
ashfar
anything
to
report.
I
Yeah,
so
we
had
one
committee
meeting
in
august
and
the
agenda
items
were
a
discussion,
a
full
discussion
of
part
of
the
public
markets,
and
this
is
alternative
investments
and
fixed
income,
that
investment
officer,
jay
kwan,
did
excellent
job,
jay
and
also
excellent
performance,
which
is
a
significant
part
of
where
we
added
value
this
year,
and
we
had
a
discussion
of
risk
like
we
do
periodically
with
varys.
We
have
three
committee
meeting
minutes
to
be
received
and
filed,
two
of
them
special
meetings
and
then
one
full
meeting
in
gm.
C
Great,
let
me
note
for
the
record
that
we
are
receiving
and
filing
minutes
from
june
2
june,
21st
and
july
1st,
I'm
audi
risk
sunisa
anything
to
report.
A
Yeah
we
had
one
joint
meeting
with
federated
in
august
it
was
a
pretty
low-key
meeting.
The
only
item
that
we
had
was
an
update
on
the
city
auditor's
recommendations.
C
Right
thanks,
let
me
note
for
the
record
we'll
receive
and
file
the
minutes
of
june
2
and
july
1st
meetings,
governance,
anything
to
report,
franco.
C
Great,
let
me
note
for
the
record.
We
will
also
receive
the
minutes
of
june
two
and
july.
First
is
the
ab361
minutes.
That's
why
they're
all
the
same
perfect
committee,
dick
anything
to
report
from
disability.
J
F
Let
the
report
out
we
do.
We
are
meeting,
I
believe,
on
september
9th.
It
is
to
kick
off
the
discussion
or
on
a
couple
things:
the
ceo
and
possibly
the
cio
salary
surveys
that
we
approved
back
in
early
of
22..
F
We
just
got
those
back,
and
so
we're
going
to
look
at
that
see
where
the
comparables
are
and
where
we're
currently
how
our
salary
range
compares
to
them.
We
are
also
going
to
part
of
that
approval
that
we
did
early
in
2022.
F
It
was
for
another
survey
to
be
done
in
regards
to
the
senate
programs
figuring
out
what
kind
of
center
programs
that
are
out
there,
and
you
know
what
are
some
common
themes
and
how
we
could
create
one
here
within
san
jose
and
so
we'll
be
kicking
that
discussion
off
on
in
a
couple
weeks.
That's
it.
C
Great
that
was
last
item.
Remember
we
stick
around.
We
gotta
do
ab360
run
after
I
adjourned
anything
for
you.
If
you
have
anything
for
next
month,
just
send
it
to
roberto
any
public
comments.
Pam,
you
wouldn't
happen
to
be
on.
Would
you
pam?