►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of September 3, 2020.
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=801374&GUID=0C42FAEB-7498-46AC-9F3C-FB609A2002BF
A
A
A
A
A
A
B
Helps
in
case
you've
got
a
leaf,
blower
or
dog
barking
for
any
matter.
B
We
have
debate
we'll
we'll
do
it
in
very
organized
fashion,
so
we're
not
talking
about
each
other
I'll
call
the
roll
and
you
will
each
have
a
turn
and
you
know,
go
ahead
and
interrupt
if
you
want
to
that's
fine,
but
just
you
know
for
for
formal
matters,
let's
stay
organized
but
don't
hesitate
to
you
know
butt
in
and
interrupt
if
you
want
to
just
minimize
that
so
as
android
reminds
everybody
slightly
different
etiquette,
you
know
if
you're
going
to
interrupt
the
presenters,
say
just
kind
of
cough
or
say
hey.
B
Can
I
ask
a
question?
You
know
sometimes
it's
better
to
ask
the
question
right
in
the
middle
there,
but
in
general,
if
it's
worth
waiting
until
the
end,
we
call
your
name.
That's
a
little
better.
B
B
C
B
C
B
Oh
no
you're,
fine,
you're,
fine,
we
just
got
started
a
minute
to
go
hard
you're,
just
fine.
So
that's
a
motion
by
dick
sanchez.
Second,
by
trustee
howard
lee
to
approve
the
consent
calendar,
I'm
not
going
to
read
the
role
andrew.
How
do
you
vote
yay?
I'm
drew
I
vote.
I
sunita
hi
howard.
B
A
A
B
D
Thank
you,
mr
chairman.
We
have
two
items
this
morning.
The
first
is
presentation
of
the
first
quarter:
calendar
first
quarter,
private
equity
by
newberger,
followed
by
june
30th
performance
reporting
by
makita.
I
do
have
unofficial
numbers
for
those
who
are
interested.
These
are
estimates
in
july
the
plan
returned
3.91
and
in
august
2.47.
D
Of
course
these
are
estimates
and
we
will
get
the
correct
numbers
a
few
weeks
from
now.
Without
further
ado,
I'm
going
to
turn
this
over
to
casey
boyer.
If
she
is
here
from
newburgh.
E
Okay,
great
well,
it
is
good
to
be
here
again
appreciate
the
opportunity
to
present
to
the
board
not
just
quarterly
but
appreciate
the
opportunity
now
to
do
it
through
zoom.
So
I
can
see
everyone's
faces
just
to
start.
The
presentation
that
you'll
see
today.
E
The
presentation
that
you'll
see
today
is
a
little
bit
different
from
past
quarters.
We
updated
some
of
the
formatting
and
some
of
the
detail
of
the
information
just
to
make
it
a
little
bit
more
relevant,
easy
to
read
and
to
give
a
little
bit
more
information
in
some
of
the
sections.
So
I
will
walk
through
that
today.
E
The
last
time
I
spoke
was
back
in
june
and
that
really
was
still
in
the
heart
of
covet
unknown.
So
we
had
some
early
information
on
what
q1
performance
would
look
like,
but
didn't
have
it
finalized.
E
Today,
we
obviously-
and
I
will
be
presenting
the
q1
information,
but
we
also
do
have
a
pretty
good
idea
of
where
q2
performance
will
will
come.
So,
if
we'll
turn
to
the
the
first
page,
which
is
actually
page
two,
this
gives
a
good
overview
of
the
private
equity
investments
within
your
portfolio,
first
column,
being
the
legacy
investments
which
are
all
the
private
equity
investments
that
were
done
prior
to
the
strategic
partnership
that
we've
developed,
which
we
have
in
the
middle
column
and
then
a
combined.
E
So,
just
a
I'll
just
give
you
a
few
key
kind
of
points
of
the
market
quickly
when
you're
looking
into
the
private
equity
in
private
markets.
Obviously
it
does
kind
of
relate
to
public
markets,
but
it
is
different.
So
what
we've
seen
so
far
in
terms
of
deal
flow
and
private
equity
investments
coming
to
market?
E
There
was
obviously
a
very
big
pullback
in
april
and
may
real
flow
activity
very
much
did
slow
down.
However,
we
have
seen
a
pretty
quick
recovery
in
that
part
of
the
market.
Deal
flow
has
remained
and
come
back
to
kind
of
a
robust
format.
E
Obviously
those
those
types
of
companies
are
not
coming
to
market
right.
Now
so,
there's
definitely
that
bifurcation
between
people
that
have
done
well
and
those
that
have
not
done
well,
so
how
that's
played
out
in
your
portfolio
for
q1
the
portfolio
is
down,
and
I'm
talking
specifically
about
new
burger
about
8
overall.
E
So,
if
you
look
at
the
net,
multiple,
I'm
currently
at
a
1.1
times,
if
you
take
that
out
another
decimal,
it
is
1.08
times
and
at
the
end
of
2019,
comparing
to
the
quarter
previous,
it
was
1.14
times
so,
obviously
still
rounding
to
1
to
1.1,
but
there
was
difference
there
for
q1
now
for
q2,
we've
actually
seen
a
very
quick
rebound
within
the
portfolio.
E
This
has
been
something
that
has
been
very
different.
I
would
say
that
historical
recessions
or
downturns
in
the
gfc
it
took
you
know
a
year
and
a
half
two
three
years
for
portfolios
to
rebound
valuations
have
come
back
and
performance
has
come
back
fairly
quickly,
so
for
q2
we're
actually
estimating
that
your
portfolio
could
be
up
around
10,
which
would
actually
bring
it
back
to
around
the
q4
2019.
E
Performance,
turning
to
the
next
few
pages
pages
page
three,
this
shows
the
underlying
investments
within
your
portfolio
of
the
legacy
investments
and
really
highlights
the
benchmark
and
how
those
funds
have
performed
against
their
peers.
If
you
look
on
the
far
right,
you'll
see
in
terms
of
irr
and
moic,
which
is
multiple
of
invested
capital
and
kind
of
where
those
funds
are
performing
based
on
their
peers.
So,
third,
second,
fourth
and
first
quartiling.
E
That
is
the
same
for
page
four,
and
I
won't.
I
won't
go
through
each
one
specifically
on
page,
let's
see
on
page
five
and
six.
This
is
the
new
burger
portfolio.
E
One
thing
I
would
point
out
is
all
of
the
performance
on
these
pages
are
for
the
funds
themselves,
for
the
investments
are
as
of
march
31st,
so
you
are
seeing
that
those
markdowns
within
the
portfolio
the
benchmark
is
actually
as
of
12
31
19,
simply
because
that's
the
fastest
that
benchmark
comes
out,
so
it
is
a
lagging
benchmark,
which
means
the
portfolio
is
actually
being
benchmarked
in
by
the
past
quarter,
which
did
have
better
returns
at
that
point.
E
So
you'll
see
it's,
it's
not
quite
apples
to
apples
and
that's
kind
of
industry
standard.
Unfortunately,
the
benchmarks
lag
a
little
bit
and
if
you
turn
to
the
next
page
page
six
you'll
see
there
are
some
investments
that
still
do
not
have
benchmarks.
Those
are
still
too
early
in
the
life
of
the
funds.
Many
of
them
haven't
made
an
investment,
yet
there
they
may
be
only
you
know,
nine
months
into
the
fund
and
have
not
quite
entered
that
period
where
you
can
benchmark
them.
E
So
we
will
add
those
as
that
time
comes
page
seven.
The
next
page
is
actually
a
page
that
we
added
for
this
new
formatting
that
I
think,
is
very
helpful
to
show
your
exposures
based
on
committed
capital
as
well
as
invested
capital.
So,
as
you
all
know,
we
commit
capital
to
funds
and
they
then
invest
that
capital
over
time
two
two
years,
three
years,
even
four
years.
E
E
We
show
that,
on
the
far
left
we
show
the
committed
and
then
you'll
see
on
the
invested
capital
pie
chart
in
the
middle.
The
primaries
are
actually
only
about
50
of
the
capital
that
has
actually
been
invested
into
portfolio
companies.
Co-Investments
are
investments
going
directly
into
a
company
so
that
capital
is
deployed
and
invested
immediately.
E
So
that's
the
difference
you're
seeing
there.
I
would
point
out
that,
on
the
committed
capital,
the
co-investments
and
secondaries,
those
currently
account
for
about
22
percent
of
the
portfolio.
E
We
still
have
additional
capital
to
commit
there,
so
it
will
get
closer
to
30,
which
is
kind
of
what
we
have
been
focused
on
and
and
getting
that
capital
deployed
and
then
on
the
far
right,
you'll
see
the
combination
of
the
legacy
and
newberger
program.
The
bottom
shows
what
the
breakout
is
and
exposure
is
by
geography.
E
Again,
you
can
see
the
difference
there
in
terms
of
what
we've
committed
europe
rest
of
world
is
about
25
on
a
committed
basis,
which
is
pretty
much
in
line
with
what
we
would
expect.
It
may
go
up
to
30
or
35,
but
in
terms
of
invested
it's
a
little
bit
less.
E
And
the
next
page
is
another
page:
we
added
page
eight
really
just
to
give
a
good
overview
of
performance
and
we've
also
added
the
benchmarking,
which
is
the
second
table.
E
And
this
benchmarks
the
actual
new
burger
partnership
program
against
against
its
peers.
So
we've
shown
two
thing:
two
performance
metrics
here
we've
shown
q1,
which
is
the
current
performance.
We've
also
shown
q4.
So
you
can
see
the
difference
there
between
quarters
and
then
we've
shown
the
quartiling
at
the
bottom,
and
you
can
see
that
when
you
compare
the
q4
2019
performance
to
the
benchmark,
which
is
also
q4
2019.,
it
is
currently
at
a
second
quartile
and
on
an
irr
basis
in
a
first
quartile
at
the
tvpi
basis.
E
You
can
see
we
just
missed
the
irr
first
quartile
by
you,
know
0.2.
E
So
we
will
work
to
get
that
up
to
first
quartile
and
hopefully
we'll
see
that
relatively
soon,
so
the
next
couple
pages,
19
or
sorry,
9
and
10..
I
won't
go
through
those
specifically
it's
very
detailed
information
at
the
portfolio
level
of
all
the
investments,
lexi
and
neuberger,
as
well
as
kind
of
the
split
out
between
those
two
and
the
performance
for
each
one
of
them,
and
with
that
I
will
open
it
up
to
questions.
B
I
was
on
mute.
Let's
go
ahead,
I'm
going
to
go
down
the
roll
for
any
questions.
Andrew,
do
you
have
any
questions
for
casey?
None
at
the
moment.
Thank
you
great
sunita.
Anything.
You
want
to
jump
in
with.
F
Yeah,
sorry,
I
think
I
I
jumped
the
gun
on
my,
but
I
do
have
a
question
for
kc.
I
guess
I'm
just
curious.
If
you
I
follow
the
public
markets
more
than
the
private
market,
so
the
public
markets,
if
you
look
at
year-to-date
value,
funds,
have
really
or
value
indices,
have
really
underperformed
I'd.
Imagine
that
the
private
equity
portion
of
this
portfolio
is
more
more
correlated
to
that.
How
do
you
explain
that
in
q2
you're
expecting
that
you're
back
to
a
q1
end
of
year,
type
of
return.
E
F
E
It's
the
performance
over
q1
and
q2
has
been
very
different
across
the
board.
I
would
say
so,
if
you
kind
of
when
we,
when
we
broke
down
the
performance
and
looked
at
it
kind
of
analyzed
it
through
different
avenues,
it
was
different.
So
when
we
looked
at
the
difference
between
geographies.
E
E
E
Than
what
they
needed
to
be,
and
then
you
would
also
see
differences
between
large
cap
buyout
valuations
compared
to
smaller,
buyout
valuations.
So,
obviously,
large
cap
firms
in
the
private
market
are
more
heavily
tied
to
public
markets
and
therefore,
when
they
were
doing
valuations,
they
would
mostly
be
using
public
comparables
and
therefore
their
valuations
would
be
more
tied
to
that.
E
However,
mid
cap
buyout
is,
is
a
large
part
of
our
portfolio
as
well,
and
those
companies
are
smaller
companies,
more
family-owned
companies
that
aren't
as
tied
to
the
larger
kind
of
public
market
and
therefore
some
of
those
mid
cap.
Buyout
funds
were
marking
down,
but
probably
not
quite
to
the
extent
that
some
of
the
large
cap
funds
were
marking
down.
E
They
also
are
making
sure
that
they
are
not
overly
writing
down
their
companies
just
because
an
event
not
necessarily
because
the
companies
were
performing
the
athlete,
and
so
we
do
believe
that
a
lot
of
the
companies
have
performed
well.
A
lot
of
our
portfolios
are
very
heavily
weighted
toward
technology
which,
in
this
time
period,
has
not
seen
much
of
a
decline.
E
So
I
think,
there's
a
lot
of
factors,
but
it
is
something
we
were
not
expecting.
We
did
not
expect
for
it
to
return
this
quickly,
but
we,
you
know,
we
do
follow
it
very
closely
and
and
make
sure
that
we
agree
with
where
gps
are
marking
their
companies.
A
G
This
is
brian,
maybe
there's
something
I'll
I'll.
Just
add
to
that.
When
we
look
at
just
analyzing
the
historical
performance
of
private
equity
versus
public
equity
indices,
we
don't
necessarily
see
a
greater
correlation
to
value
indices
than
growth
indices.
I
think
that
what
private
equity
is
generally
trying
to
do
is
find
those
sub-sectors
that
can
achieve
higher
top-line
growth
than
gdp
level
or
or
value
type
companies,
and
while
certainly
everyone
would
like
to
pay
lower
multiples
and
get
those
discipline
companies.
G
I
I
think
in
particular
the
way
we've
started
to
construct
this
portfolio
is
towards
those
higher
growth
opportunities
without
going
too
far
out
on
the
risk
spectrum.
So
that's
probably
why,
in
addition
to
the
the
valuation
methodologies
that
the
gps
are
using,
why
we
could
expect
some
bounce
back
greater
than
that
of
public
market
value
index.
F
Okay
thanks.
That
was
helpful.
I
mean
I
I
do
appreciate
what
casey's
point
that
perhaps
q1
valuations
for
some
of
the
mid
cap
were
not
as
steeply
down
as
the
rest
of
the
market
and
also
the
point
you
made
about
growth,
the
rest
of
it.
I'm
not
sure
I
I
agree
with
you,
brian,
perhaps
in
the
long
term
there
may
not
be
much
correlation,
but
I'd.
Imagine
that's
the
only
valuation
benchmark
out
there
at
this
point,
but
but
point
ticket
thanks.
B
Okay,
thanks
trustee
lee
howard,
do
you
have
anything
you
want
to
ask
drew?
Can
I
jump
in.
A
Real
quick,
oh
yeah,
go
ahead
casey!
I
I
apologize
for
this.
Some
of
your
messages
coming
back,
pretty
garbled
just
to
try
and
play
with
and
trying
to
fix
it
up.
Do
you
mind
turning
off
your
video
feed
to
see
if
there's
a
bandwidth
issue
and
that
maybe
that'll
clear
up
your
your
your
conversations,
sure.
H
Yeah,
thank
you
drew
so
a
couple
of
questions.
So
one
is,
you
know
I
think
you
mentioned
verbally.
The
performance
numbers
are
q,
one
minus
eight
and
q,
two
plus
ten.
The
presentation,
though
you
show
it
more
as
a
you
know
the
cumulative
irr
and
moic,
because
it
makes
sense
to
kind
of
you
know
when
you're
doing
the
quarterly
report
to
kind
of
print
the
aggregate
performance
number
just
so
you
can
see
it
otherwise.
H
H
Yeah,
I'm
thinking
just
like
the
quarterly
print
for
the
private
equity
portion
of
you
see
what
I'm
saying
like.
Where
is
the
minus
eight?
You
know
in
this
presentation.
I
don't
see
it
anywhere.
E
Yeah
we,
we
don't
have
that
number
specifically,
but
we
can
yeah.
I
mean
I
think.
H
A
H
The
second
question:
you
know,
I
guess
both
for
you
and
brian.
You
know,
if
I
you
know
in
some
seminars
that
I've
taken
part
month
ago.
You
know
everybody
was
talking
about
2020
and
maybe
even
2021,
being
great
vintage
here
for
private
equity,
because
you
know
valuations
are
probably
attractive,
but
just
given
that
things
have
bounced
back,
have
those
opportunities
disappeared
or
are
things
still
in
interesting
for
new
investments,
you're
making.
E
So,
from
my
point
of
view
very
much
still
interesting,
so
one
thing
I
did
mention
earlier,
which
I
think
is
very
true,
is
you
know
there?
There
definitely
have
been
winners
and
losers.
The
winners
are
still
very
much.
You
know.
Sellers
of
those
winning
companies
are
still
very
much
expecting
higher
multiples
and
higher
valuations
for
the
companies
which
we
have
found.
As
we've
been
doing,
diligence
on
those
quote-unquote
winners
is
they.
E
They
are
very
good
companies,
so
I
think
the
valuation
expectation
is
is
expected
and
is
in
line
with
what
you
would
pay
for
a
good
company.
What
I
think
has
happened
is
that
we'll
be
good
moving
forward
are
some
of
those
companies
that
do
need
more
work
instead
of
paying
that
higher
valuation
that
we,
you
know
that
people
are
asking
for
previously.
I
think
those
will
come
down
a
lot
of
those
companies.
E
It
takes
more
work,
but
private
equity
firms
today
are
you
know
very
much
value,
buyout
firms
that
have
huge
operating
committees
and
and
operating
teams
that
can
handle
that.
So
it's
very
much
making
sure
that
the
company
you're
purchasing
really
warrants
a
higher
valuation
and
making
sure
that
the
companies
that
need
a
little
bit
more
work
you're
paying
a
fair
value
for
so
I
think
there
are
going
to
be
great
opportunities
in
in
the
next
couple.
G
Yeah,
I
would,
I
would
generally
echo
that
sentiment.
I
think
you
know
this
is
where
the
diligence
on
the
particular
manager
becomes
very
important.
G
Also
because
you
know
there
are
managers
out
there
who
might
gravitate
towards
towards
building
portfolios
that,
I
would
say,
are
similar
to
to
public
markets
in
the
sense
of
chasing
things
that
have
not
been
as
affected
by
covid
or
bounced
back
rapidly,
and
there
will
be
those
who
are
really
looking
for
those
affected
industries,
and
I
think
that,
as
we
construct
portfolios,
both
on
a
primary
fund
basis
and
through
co-investments,
we'll
be
making
sure
that
we
have
a
balanced
approach
to
to
our
exposures.
H
E
E
Private
equity
firms
want
to
partner
with
co-investment
partners
that
they
know
can
fulfill
transactions
and
do
that
in
a
quick
and
efficient
manner,
as
well
as
properly
diligenced
and
so
they're.
They
are
going
specifically
to
partners
that
can
do
that.
So,
if
you
further
break
down
our
deal
flow,
the
kind
of
run-of-the-mill
co-investment
is
a
co-investment
that
is
handed
to
a
co-investment
partner
post-transaction.
E
The
deal
flow
we
have
seen
increase
is
actually
in
the
what
we
call
co-underwriting
transactions,
where
we
are
actually
partnering
with
a
private
equity
fund
prior
to
the
to
the
inking
and
closing
of
the
deal,
so
we're
able
to
do
diligence,
alongside
of
them
prior
to
the
deal,
closing
and
we're
being
brought
into
even
more
of
those
processes,
because
they
really
want
assurance
that
they
will
be
able
to
close.
E
So
I
think
parts
of
the
market
are
down
part
of
part
of
them.
Part
of
the
markets
are
up,
and
luckily
for
us,
through
our
platform
and
relationships,
we've
been
able
to
capitalize
on
that
part
of
the
market.
That
is
up.
B
Great
vince,
as
we
know
before,
will
join
us
at
some
point.
Franco,
do
you
have
any
questions
for
casey?
No,
no
questions
no
great
and
I
don't
either
casey.
Thank
you.
That
was
really
helpful.
Go
ahead.
Yeah.
C
Okay,
great
casey
or
or
brian,
I
just
had
a
question
I
I
was.
I
was
actually
looking
at
the
makita
data.
I
guess
for
the
overall
plan-
and
they
mentioned
in
one
of
the
slides
cambridge
associates-
has
their
pe
index
for
q220
as
minus
7.6.
C
So
it's
down,
but
casey
you
mentioned
earlier,
that
you
estimated
q2
the
portfolio
to
be
up
10.
Is
there
a
way
to
understand
what
the
difference
is.
G
I'll
jump
in
in
there,
so
I
admittedly
don't
know
which
data
point
on
the
makita
presentation
that
you're
talking
about.
I
imagine
we'll
see
that
next
and
hopefully
I'll
be
able
to
answer
it
at
that
point.
C
Okay,
yeah
it
was,
it
was
one
of
the
benchmarks
on
slide
20
of
the
makita
presentation
when
it
talks
about
all
the
benchmarks,
and
it
mentions
cambridge
associates
as
other
yeah.
Maybe
we
can
get
to
it
then
and
hold
off
thanks.
A
D
You
quite
right,
and
so
that
takes
us
to
item
2c
private
markets
report
by
makita.
I'm
going
to
turn
this
over
to
laura
wyrick.
J
J
Thank
you,
okay,
so
I'll
be
relatively
quick,
since
that
was
a
great
presentation
by
casey
of
neuberger
and
lots
of
good
questions.
Taking
a
look
at
page
two,
you
can
see
here
where
we
show
the
account
type
so
legacy.
J
So
if
you
take
a
look
here,
that's
taking
into
account
daily
valuations
in
the
public
markets
when
these
private
market
underlying
partnerships
called
and
distributed
capital.
So
the
pme
is
what
you
would
have
earned
in
the
public
markets.
If
you
put
your
cash
flows
to
work
at
the
same
time
and
they
were
distributed
at
the
same
time,
so
you
can
see
here,
you
know
really
a
story
of
the
internal
rate
of
return
for
your
program
being
stronger
than
what
you
would
have
earned
in
the
public
markets
across
all
asset
classes.
J
With
the
exception
of
private
debt,
where
it's
pretty
close
to
what
you
would
have
earned
in
the
public
markets,
but
if
you
recall,
private
debt
started
out
with
three
very
large
commitments
that
were
designed
to
really
be
opportunistic
back
in
2009
and
not
even
really
be
private
debt.
But
now
they're
classified
as
part
of
that
program
as
well
and
more
recent
private
debt
commitments
have
been
performing
much
more
strongly.
J
You
know
scaling
up
over
time
so
that
we
don't
put
too
much
to
work
at
once
and
have
exposure
to
different
market
environments,
and
I
will
skip
ahead
to
take
a
look
at
the
underlying
partnerships
here
in
private
debt
and,
as
I
mentioned,
those
top
three
gso
medley
and
white
oak
were
committed
to
by
a
prior
staff
as
sort
of
an
opportunistic
allocation
coming
out
of
the
global
financial
crisis.
And
you
can
see
you
know,
they've
had
positive
returns,
but
they
have
not
been
nearly
close
to
the
peer
irr.
J
These
are
more
direct
lending
funds
rather
than
opportunistic
private
debt.
But
if
you
take
a
look
at
the
private
debt
funds
that
have
been
committed
to
and
now
have
meaningful
performance
say
from
you
know:
2015
to
2017.
Under
your
current
staff,
octagon
cross
ocean
arrow
mark
those
funds
are
performing
quite
well
and
exceeding
their
peer
benchmark
returns.
J
You
can
see
the
exposures
for
the
private
debt
program
on
page
seven
and
you
can
see
a
decent
amount
of
versification
diversification
by
vintage
year,
which
is
what
we
want
to
see
and
why
we
put
in
place
pacing
plans
that
the
board
approves
each
year
and
you
can
see
a
bit
of
a
geographic
focus
bent
towards
western
europe
because
of
a
couple
of
the
recent
commitments,
but
also
significant
exposure
in
north
america
as
well.
J
In
the
real
assets
program,
starting
on
page
eight,
you
can
see
here
that
there
were
some
commitments
back
in
2016
and
then
a
small
one
in
2017
and
then
a
bit
of
a
lag
until
2019.
J
This
is
a
program
that
is
relatively
immature
but
has
been
scaling
up
recently
and
I'll.
Take
a
look
at
the
partnerships
that
you
have
here
in
real
assets
on
page
11.,
the
first
one
being
brookfield,
which
is
significantly
outperforming
its
pure
internal
rate
of
return
for
other
similar
funds
in
that
vintage
year,
gip
three,
which
we
we
still
have
confidence
in,
not
yet
posting
too
much
of
a
return.
J
And
then
we
have
limerock
kimmerage
and
global
infrastructure
partners
for
all
of
which
are
too
new
to
be
posting,
meaningful
performance,
yet
so
a
relatively
immature
program,
but
one
that
we're
still
working
on
putting
together,
along
with
your
staff.
J
J
So
real
estate
is
a
program
that
has
been
committed
to
regularly
over
time,
but
there
was
a
long
period
where
there
was
really
just
one
new
fund
every
two
or
three
years
that
was
very
diversified,
but
with
your
current
staff
in
place
now,
we've
been
scaling
up
the
program
with
more
specific
allocations,
which
you
can
see
here
on
page
16,
you
see
four
funds
that
are
all
new
as
of
2019
and
2020
that
don't
yet
have
meaningful
performance.
But,
prior
to
that,
you
know,
we
often
were
doing
sort
of
a
dra
diversified
fund.
J
Dra
9
here
in
2017,
has
had
performance
of
almost
double
the
benchmark
thus
far.
We
then
move
into
exposure
most
of
the
real
estate
exposure
is
in
north
america.
It
is
relatively
diversified
by
vintage
year
and
that's
something
that
we're
planning
to
continue
to
maintain,
based
on
the
pacing
plans
approved
by
the
board.
J
The
last
section
of
the
report
has
a
lot
of
information
on
the
market
environment,
of
course,
because
this
is
a
lagged
report.
As
you
know,
private
markets
posts
their
performance
at
least
a
quarter
after
public
markets
and
the
market
environment
has
changed.
But
I
will
let
you
peruse
the
the
private
markets
environment
slides
at
your
leisure.
Should
you
be
interested.
B
F
B
You
howard,
do
you
want
to
ask
that
question
again.
C
Questions
I
do
on
this
one
with
either
laura
or
maybe
prabhu
or
brian,
with
respect
to
the
distressed,
debt
or
distress
situations.
C
Is
there
any
any
point
of
view
on
how
that
how
that
might
play
out
for
the
portfolio,
because
I
think
in
at
the
conference
last
week
at
pensionbridge,
there
was
a
lot
of
talk
about
shifting
from
dislocations
to
the
the
distressed
opportunities
and
if
you
have
a
point
of
view
on
that,
are
there
any
triggers
that
you
you
see
going
forward.
G
J
Sure
yeah,
you
know,
I
think
I
think,
over
the
past
probably
10
years,
there's
been
a
lot
of
talk
about
distress.
You
know
coming
back
at
some
point.
One
thing
that
we
think
is
interesting
is
sort
of
contingent
funds
where
clients
commit
and
the
manager
only
calls
capital
if
they
find
opportunities.
J
G
Sure
so,
to
be
honest,
I've
spent
a
lot
of
time
over
the
last
few
years
doing
exactly.
This
is
researching.
Obviously,
public
credit
markets
have
looked
miss
price
for
some
time,
and
that
continues
to
be
forgiven,
and
there
was
a
moment
in
march,
obviously
where
all
markets
dislocated
and
it
looked
like.
We
are
going
to
go
through
one
of
the
better
periods
in
recent
past
for
distress,
credit
only
to
find
that
markets
bounce
back
fairly
rapidly.
B
Anybody
else
want
to
jump
in
on
that
anything
else.
Howard.
B
H
Yeah
thanks
for
you
so
laura.
If
I
look
at
page
two,
I
just
want
to
clarify
what
you
said
and
let's
take
the
new
burger
fund
of
one
irr
of
8.1
versus
a
public
equity
equivalent
of
minus
13.3.
Does
that
mean
that
if,
at
the
same
time
you
invested
in
I'm
assuming
it's
a
russell
3000,
the
return
would
be
an
irr
minus
13.3.
J
So
that
means
that
every
time
that
one
of
these
underlying
funds
called
capital,
if
money
was
invested
in
that
index
and
every
time
they
distributed
capital
money
was
taken
out
of
that
index.
So
it's
really
a
daily
valuation.
That's
what
the
return
would
be.
H
H
March,
okay
and
then
so
question
for
dinesh,
maybe
you
know
I
mean
I
think
people
talk
about
the
k
curve
in
terms
of
what's
going
on
in
the
economy
and
I
think
it's
most
apparent
in
the
real
estate
right
I
mean
you
know
some
some,
you
know
suburban
homes
doing
well.
You
know
new
york
san
francisco.
Not
so
well,
hospitality
is,
you
know
clearly
in
a
big
downward
slope.
Maybe
multifamily
is
okay
and
what
what
do
you?
H
A
Yeah-
and
I
think
that's
something
that
there's
still
a
lot
of
question
marks
and
things
that
are
yet
to
be
seen,
so
we're
still
monitoring
how
these
trends
are
going
to
play
out,
and
I
think
there
is
some
data
that
shows
that
there
is
a
flight
out
of
urban
cities
to
more
suburban
areas,
and
it's
still
yet
to
be
seen.
If
that's
going
to
be
a
long-term
trend
or
temporary.
A
B
K
D
J
Okay,
so
the
quarterly
review,
so
this
is
as
of
june
30th
and
looking
at
the
world
markets
here,
just
to
lay
sort
of
a
backdrop.
You
have
all
asset
classes
positive,
which
was
obviously
a
major
contrast
to
the
first
quarter.
When
we
had
a
major
correction.
A
J
I'll
try
to
get
it
the
right
size
here.
I
normally
have
my
my
trusty
sidekick
chris
theodore
to
help
out,
but
he's
on
vacation
this
week,
so
on
my
own,
so
in
terms
of
world
markets,
if
we
take
a
look,
can
everyone
see
the
the
colored
bars?
Of
course
today
we
have
some.
Some
more
volatility
markets
are
down
where
we
sit
right
now.
But
if
we
look
through
the
end
of
june,
small
cap
stocks
were
up
25,
just
in
the
quarter.
J
The
russell
3000,
which
is
all
u.s
stocks
or
a
broad
swath
of
u.s
stocks,
was
up
22,
followed
by
the
s
p
500
of
over
20
emerging
markets.
Stocks
did
better
than
developed
markets.
If
you
see
the
the
orange
emerging
markets
bar
was
up
18.1
in
the
second
quarter.
The
ifa
index,
which
is
developed
international
stocks,
was
up
just
under
15,
and
then
you
have
that
followed
by
reits
high
yield,
bonds,
emerging
markets,
bonds
and
then
hedge
funds.
Even
you
know,
commodities
high
grade
bonds
were
up
almost
three
percent.
J
One
thing
that
I
think
is
interesting
on
the
next
slide
is
the
huge
difference.
If
we
look,
especially
at
the
one
year
period
between
capitalizations
and
styles,
if
you
take
a
look
in
the
one
year
column
at
the
russell
1000
growth
index,
that's
large
cap
growth
stocks
that
was
up
23
percent
for
your
fiscal
year.
The
russell
2000
value
small
cap
value
stocks
was
down
17.5
for
the
fiscal
year.
J
So
that's
just
an
enormous
dispersion
between
large
cap
growth,
which
you
know,
as
you
all
know,
intimately
many
tech
stocks
sort
of
leading
the
way
in
that
space
and
small
small
value.
J
I
will
skip
ahead
in
the
interest
of
time
to
your
performance.
Specifically,
we
have
the
watch
list.
As
you
know,
nothing
in
particular
to
note
there
dimensional
em
value
has
been
underperforming.
As
I
just
mentioned,
you
know,
valued
stocks
have
been
beat
up
sort
of
inordinately
blue
bay.
Em
debt
is
a
manager
that
we're
evaluating,
along
with
staff,
we're
talking
about
the
composition
of
emerging
market
debt
in
depth
lately,
and
I
would
expect
to
see
some
updates
there
soon.
J
So
I
will
skip
to
your
fund
specifically,
which
had
a
market
value
of
3.7
billion.
As
of
the
end
of
june,
I
think
you
all
are
really
a
sort
of
poster
child
tale
for
rebalancing
at
the
right
time
march
18th
and
then
executing
it
in
a
few
days
after
that
could
not
have
had
better
timing.
If
you
take
a
look
at
the
current
allocation,
it's
very
close
to
that
new
policy
that
you
adopted
in
march,
with
with
more
equity
looking
at
individual
fund
performance.
J
So
your
fund,
your
plan,
was
up
nearly
10
in
the
second
quarter
of
9.6
for
the
fiscal
year
which
I'll
focus
on
because
that's
obviously
a
major
important
time
period.
For
you
all.
The
total
fund
was
up
3.1
and
outperformed
every
benchmark
that
you
see
here
so
outperformed
the
investable
benchmark
portfolio,
which
is
what
you
could
have
gotten
in
public
markets,
which
was
at
2.4
percent
outperformed,
the
low-cost
passive
portfolio,
which
barely
would
have
been
positive
and
the
60-40
blend,
which
would
have
been
up
2.9.
J
J
And
then,
if
you
look
at
the
peer
median
return,
it
was
1.3,
so
you
had
more
than
double
return
of
the
pure
median
and
that
placed
the
police
and
fire
plan
in
the
17th
percentile,
with
one
being
best
and
100
being
worse,
so
top
quartile
performance
for
the
year
to
date,
period
for
the
fiscal
year
to
date,
and
that
also
brought
the
three-year
numbers
back
closer
to
median,
and
we
really
saw
a
lot
of
broad
outperformance
across
asset
classes,
particularly
in
public
equity.
J
If
you
take
a
look
down
this
page
and
on
the
next
one
excuse
me,
and
we
really
saw
also
private
equity
returns
quite
strong.
If
you
see
the
8.3
return
on
this
slide.
Part
of
that
is
because
the
russell
3000
is
holding
assets
for
your
private
equity
program,
and
then
we
saw
a
variety
of
other
asset
classes
do
well.
J
As
I'll
mention
you
know,
most
of
your
managers
performed
quite
well.
You
had
very
good
stock
selection,
so
I'm
not
going
to
go
into
individual
manager.
Performance
I'd
rather
skip
to
total
fund
strategy,
which
is
easier
to
scroll
on
my
other
sheet,
but
I
will
look
at
overall
cash
flows.
If
you
take
a
look,
there
was
a
net
investment
inflow
of
about
63
million,
but
also
250
million
in
net
investment
change.
So
you
had
investment
earnings
just
from
march
31st
through
june
30th
of
250
million
dollars
in
the
plan
and
then
looking
at
attribution.
J
I'm
taking
a
look
at
some
of
our
additional
metrics
here
and
one
thing
that
I'd
like
to
point
out.
You
know
I
mentioned
that
the
total
fund
had
a
performance
of
3.1
relative
to
1.3
for
the
peer
median.
One
thing
that's
also
impressive
about
that
is
that
over
that
one
year
period
the
total
funds,
standard,
deviation
or
volatility
was
much
lower
than
the
peer
median
as
well,
and
the
fund's
volatility
was
10.4
relative
to
12.1
for
the
peer
media,
so
there
there
obviously
is
a
lot
of
other
information
in
this
report
as
well.
B
That's
great,
laura,
andrew
anything
from
you.
A
Can
you
come
back
to
me?
I
probably
have
a
question
in
a
second
yeah.
B
All
right
no
worries
that
then
takes
us
to
sunita.
Do
you
have
any
questions
sunita.
C
Yeah,
so
my
apologies
for
the
my
audio
cut
out
on
the
last
last
session,
but
yeah.
If
we
can
go
back
to
slide
26
no
sorry
slide.
20
was
my
original
question
slide
20
under
the
other
category
near
the
bottom.
Cambridge
associates
pe
index,
that's
where
it
shows
a
minus
7.6,
and
that's
why
I
wanted
to
understand
how
I
guess
from
our
perspective
and
the
original
new
burger
berman,
slides
how
q2
might
be
up
for
private
equity?
J
It's
a
good
question
so,
with
private
equity
benchmarks,
the
cambridge
benchmark
is
just
essentially
a
pure
median,
so
cambridge
needs
to
wait
for
all
of
the
the
funds
in
their
universe,
to
report
to
put
out
a
number,
so
this
number
is
always
going
to
be
on
a
quarter
lag.
So
even
though
this
shows
second
quarter
of
2020.
This
is
actually
the
return
for
the
first
quarter.
C
Oh
okay,
yeah!
Sorry!
I
missed
that.
Okay
got
it.
That
makes
sense
thanks
and
the
and
the
other
question
was
with
respect
to
cash.
Do
we
have
a
point
of
view
on
whether
or
not
we
need
to
adjust
our
cash
position?
Given
the
low
interest
rate
environment.
J
So
cash
is
not
a
you
know,
a
target
in
the
plan
so
much
as
something
that
we
use
to
be
able
to
use
the
overlay
and
and
move
around,
and
so
the
cache
that's
in
the
current
allocation
here
is
really
an
artifact
of
having
some
things
that
we're
funding
and
moving
around
more
than
I
think
a
strategic
allocation.
So
I
don't
believe
that
we
or
staff
plan
to
hold
cash
long.
B
Term
any
other
questions
there,
howard.
B
That's
great
eshvar.
H
Yeah,
so
if
I
might
just
follow
up
on
what
harvard
asked
so
so
cash
you
know,
a
policy
benchmark
is
zero.
So
and
I
see
investment
grade
bonds.
You
know
you
should
be
at
12
here
at
nine.
So
is
the
goal
to
move
the
cash
to
investment
grade
bonds.
C
Hi
this
is
this
is
jay
laura's
exactly
right.
Cash
is
not
part
of
the
strategic
asset
allocation,
and
I
I
think
the
reporting
here
is
kind
of
an
artifact
of
the
way
the
overlay
notional
balances
are
accounted
for.
So
we
typically
in
terms
of
economic
exposure
at
the
clan
level,
have
cash
balances
or
cash
actual
cash
exposure
of
a
percent
or
less,
because
any
excess
cash
is
being
overlaid
any
given
time.
C
I
I
think
most
of
our
overlapping
balances
are
in
the
one
to
three
years
of
cred
or
the
ag
and
that'll
change,
as
we
select
probably
an
active
core
bond
strategy
later
on,
but
so
to
summarize
that
the
cash
balance
isn't
actually
cash
exposure,
it's
being
overlaid
through
a
basket
of
futures
and
the
kind
of
underway
to
ig
bond
or
actually
most
of
the
income
portfolio
right
now
is
actually
being
covered
by
the
overlay.
H
Okay,
thank
you
jay
one
more
question,
but
turn
to
page
15.
H
And
I
think
you
know
so
we
were
conservatively
positioned.
You
know
we've
added
to
growth
and
I
think,
based
on
some
data,
that
you
know
I
guess
representation
material
have
seen.
Is
it
fair
to
say
that
a
growth
exposure
is
maybe
in
line
with
a
peer
group.
H
Okay,
okay,
so
then
the
question
is
so:
it
was
a
it's
a
good
quarter,
plus
9.6,
but
we
seem
to
be
lagging
the
peer
median
return
of
10.1
and
the
investment
benchmark
portfolio,
which
seems
to
be
much
higher.
I
mean
what
what
might
explain
that.
J
J
A
Okay,
so
because
we
have
a
higher
allocation
to
emerging
market
and
international
equity
than
our
peers,
and
if
you
look
at
the
quality
of
return,
u.s
has
outperformed
emerging
markets
and
international
non-us.
So
that's.
I
think
the
reason
why
we're
expecting
that
in
a
10
to
medium
return.
B
I'll
take
that,
as
you
know,
back
to
you,
andrew.
A
Yeah
yeah
thanks
drew,
I
think,
esr
and
brought
up
a
good
point
and
touched
on
and
so
did
howard
in
regards
to
the
cash.
So
those
questions
were
asked
because
I
was
looking
at
the
cash
balance
plus
the
you
know
the
low
beta
it
seems
like
they're,
both
in
sort
of
the
basically
90
day
t
bills,
and
so
I
think
you
guys
have
answered
that
question
and
and
and
caught
that.
So
I
appreciate
it.
Thank
you
great.
B
So,
being
one
of
the
old
gray
hairs
on
the
board,
I'm
gonna
weigh
in
vince,
isn't
here
so
first
of
all
laura.
Let
me
personally
thank
you
for
joining
us
on
that
little
fire
drill
back
in
march
and
making
it
such
a
big
success,
probably
certainly
to
you
and
roberto
and
your
staff,
I'm
a
venture
capitalist
and
I
guess
you
think
of
startups
is
moving
fast.
B
But
actually,
of
course,
venture
capital
is
what
we
call
patient
capital,
and
I
think
one
of
the
lessons
I've
learned
in
my
life
is
that
you
can
make
a
lot
of
money
if
you
set
a
plan
and
you
keep
your
ear
to
the
tracks
and
you
modulate
the
plan.
But
you
stick
with
the
plan
and
so
what
happened
in
march
that
laura
says
so
successful
first
began
an
off
site
in
the
winter
of
2011.
B
When
vince
and
zerry
stood
up
and
said,
hey
everybody
keeps
telling
us
we're
different.
So,
let's
be
different,
so
laura,
I'm
not
going
to
put
you
on
the
spot
staff
program.
I
can,
but
I'd
really
appreciate
it.
Lori,
if
you
come
back
next
board
meeting,
maybe
two
board
meetings
from
now
and-
and
god
help
me,
I'm
just
I'm
gonna
ask
this
laura
but
come
back
and
and
kind
of
look
at
it
in
perspective
and
say
yeah.
It
worked
well
laura.
What
could
we
have
done
better?
B
I'm
gonna
put
you
on
the
spot,
but
maybe
you
and
staff
come
back
and
say
boy.
We
waited
nine
years
to
pull
the
trigger.
It
clearly
worked,
might
be
another
six
seven,
eight
years
before
we
pull
that
trigger
again
laura.
So,
let's
capture
the
learning
from
from
this
experience,
so
that
the
next
board
can
be
handed
a
piece
of
paper
that
says
this
is
what
we
did
well
and
what
we
could
have
done
better
and
now
it's
your
turn.
It
makes
sense
right,
laura.
J
It
does,
I
think
I
would.
I
would
put
that
back
on
the
board
and
the
staff
to
say
that
the
board
changed
its
governance
structure,
which
was
incredibly
successful,
and
then
you
had
the
right
staff
in
place
and
the
right
cio,
who
called
the
meeting
at
the
right
time
and
was
willing
to
go
out
on
a
limb
and
change
the
allocation
quickly.
So
I
think
it
was
a
success
on
the
board
and
staff's
part.
Quite
a
bit.
B
Yeah,
I
I
I
bingo
laura
exec,
so
maybe
probably
you
and
laura
can
kind
of
link
arms
and
a
board
me
or
two
from
now
and
let's
capture
this
learning
for
on
any
future
board
yeah,
I
I
think
you're
exactly
right,
laura
so
so,
like
the
learning
will
be
learning
to
the
cio,
to
the
ceo
to
the
board
to
future
people
in
your
role,
laura
and
so
on.
This
was
a
a
pretty
big,
interesting
presentation.
Are
there
any
questions
from
the
crowd.
A
D
You,
mr
chairman,
thank
you
for
your
kind
comments
and
certainly
there's
some
learning
here
and
we
will
come
back
to
you
in
a
quarter
or
so
and
with
that
I'm
going
to
turn
this
over
back
to
laura
for
2e.
J
Great
by
the
third
one,
I
figured
it
out.
Okay,
so
if
we
take
a
look
at
healthcare
trust,
if
you
recall
you
have
sort
of
the
same
allocation
except
for
it
all
being
liquid
relative
to
the
pension
trust,
we
actually
are
talking
to
staff
about
how
we
might
want
to
modify
asset
allocation
if
at
all,
to
be
more
like
the
pension,
since
that
was
changed
recently,
so
expect
some
more
information
on
that
at
future
meeting-
and
you
can
see
here,
the
current
allocations
are
very
close
to
policy.
J
Growth
is
still
sort
of
somewhat
lower.
If
you
recall,
most
healthcare
trusts
tend
to
be
pretty
conservative.
Your
healthcare
trust
has
the
same
actuarial,
assumed
rate
of
return
as
your
pension
trust,
which
is
now
6.75.
J
So
this
asset
allocation
in
the
healthcare
trust,
I
would
say,
is
still
closer
to
peers
than
if
you
were
to
adjust
the
growth
upward.
But
we're
going
to
be
talking
about
being
intentional
about
that
in
incoming
quarters
so
because
the
healthcare
trust
asset
allocation
tends
to
be
riskier
than
some
peers,
you
see
a
return
in
the
20th
percentile
of
the
peer
group
of
similar
health.
J
Similarly,
sized
health
health
care
trusts
with
a
return
for
the
quarter
of
11.5
percent
relative
to
10.7
for
the
policy,
and
if
you
look
at
the
fiscal
year,
you
have
a
return
of
2.2
relative
to
1.6
for
the
policy
benchmark,
but
because
of
being
a
bit
riskier
and
capturing
a
bit
more
of
those.
The
downside
in
the
first
quarter
than
more
conservatively
positioned
healthcare
trusts.
You
see
a
weaker
peer
rank
for
the
full
fiscal
year.
J
All
of
the
managers
in
this
portfolio
are
the
same.
For
the
most
part,
public
managers,
as
you
have
on
pension,
and
you
can
see
in
particular,
emerging
markets,
equity,
outperformed,
its
benchmark
and
and
growth
as
a
whole
was
in
line
with
benchmarks.
Most
of
this
portfolio
is
indexed,
as
you
can
see
in
the
underlying
managers.
You
have
the
russell
3000
index,
the
msci
ifa
index
and
the
em
index,
and
then
just
active
core
real
estate
and
those
managers
outperformed
for
all
trailing
time
periods
here,
except
for
the
three-year
there
is
still
commodities.
J
In
this
plan,
commodities
were
down
in
general
for
the
full
year
up
quite
a
bit
for
the
quarter,
and
you
can
see
the
credit
suisse
risk
parity
benchmark
more
than
doubled
the
quarterly
performance
of
the
benchmark.
J
I'm
happy
to
take
any
questions
on
the
health
care
trust,
but
obviously
it's
a
smaller
pool
of
capital
and
and
is
invested
very
similarly
just
in
public
options
as
the
pension
trust.
B
Great
thanks,
laura
andrew
any
questions.
F
K
Sure
I'm
happy
to
do
that,
so
the
office
of
retirement
services
actually
administer
two
things.
One
is
the
pension
benefit
for
which
we
have
the
pension
plan
that
we
have
just
been
discussing.
K
The
other
retirement
benefit
that
is
afforded
by
the
employer
to
its
members
is
what
is
known
as
older
retirement
benefits,
also
known
as
health
care,
and
so
they
need
to
work
15
years
at
the
city
to
be
able
to
earn
that
benefit.
K
This
benefit
is
no
longer
afforded
to
members
is
sort
of
a
closed
plan,
but
we
do
have
many
members
that
are
still
entitled
to
a
benefit
and
just
like
the
pension
plan,
we
do
have
also
health
care
plans
under
internet
revenue
code,
section
115,
where
we
invest
the
funds
and
that's
what
we're
referring
to
here,
the
health
care.
K
F
B
It
very
helpful
yeah
thanks
yesterday,
and
it
was
it
was
something
that
was
put
on
us
in
my
tenure.
Here
I
don't
remember,
was
a
change
in
law
or
policy,
but
it
wasn't
something
we
were
doing
10
years
ago.
K
Yeah,
that's
right,
yeah
and
they
were
you
know
there
was
a
difference
between
offering
a
benefit
and
and
whether
members
had
invested
earned
benefit
to
the
to
the
healthcare
and
this
particular
case.
That
was
the
case.
So
you
require
the
implementation.
I
don't
know
if
it
would
just
gaap.
I
know
council
is
also
in
the
meeting
or
whether
it
was
a
federal
law,
but
it
required
implementation
of
of
the
pension
plan
and
that's
how
it
became
about
your
correction
18
years
ago.
M
H
Yeah
a
couple
of
questions,
one
is:
do
we
do
formal
asset
allocation
for
this.
J
We
do
it's,
it
often
is
sort
of
on
the
back
burner,
then,
behind
the
pension
trust
you
know
mainly
because
of
the
difference
in
asset
size
that
you
know
almost
4
billion
versus
you
know
less
than
200
million,
and
and
so
that's
something
that
we're
we're
talking
to
staff
about
right.
Now,
that's
a
great
question
because
we'd
like
it
to
be
on
the
same
cycle
annually
around
the
first
to
second
quarter,
but
often
the
pension
trust
asset
allocation
sort
of
takes.
J
You
know
several
meetings
and
by
that
point
we're
almost
to
the
next
sort
of
asset
allocation
review
that
happens
annually,
so
we're
currently
talking.
You
know,
as
I
mentioned,
with
the
actuarial,
assumed
rate
of
return
being
the
same
as
the
pension
we're
currently
talking
to
the
actuary.
Will
there
be
any
changes
there,
or
should
we
go
ahead
and
update
this
asset
allocation
now
sort
of
mid-cycle
to
make
it
more
like
the
pension?
So
I
would
expect
to
hear
more
on
that
very
shortly.
H
Okay,
okay,
yeah
I
mean
I
guess,
ideally
maybe
you
put
it
in
the
same
cycle.
I
know.
Asset
allocation
is
one
of
the
responsibilities
of
the
board
and
maybe,
if
you
sync
it
together,
you're
more
likely
to
do
it.
You
know.
H
Yeah,
the
second
is,
is
that
I
know
we
want
this
to
be
liquid,
but
is
there
a
reason
we
don't
use
active
managers?
I
know
we
have
talked
about
certain
areas
where
active
managers
can
add
value.
J
J
So
you
often,
if
you
go
active,
have
much
higher
fees
to
do
say
a
mutual
fund,
because
you
don't
necessarily
get
that
same
benefit
of
the
large
asset
size,
and
you
know
if
managers
are
able,
they
will
treat
both
funds
as
sort
of
the
same
client
and
be
flexible,
but
sometimes
they
don't
have
that
flexibility.
If
we
have
to
use
a
different,
you
know
publicly
regulated
vehicle.
So
it's
been
a
little
bit
more
difficult
to
to
use
active
and
get
the
same
low
fees
that
we
do
on
the
pension.
H
Is
that
something
we're
exploring
where
you
know,
if
you,
if
you
have
a
large
allocation
from
the
fund,
the
manager
that
they
consider
the
treated
just
an
add-on
and
give
you
the
same
fee.
J
If
they
can
do
that,
they
will
but
sometimes
there's
not.
For
example,
a
separate
account
or
a
commingled
fund
might
have
a
very
low
minimum
that
you
know
they
can't
accept
a
lower
amount
and
some
mutual
fund
share
classes
are
regulated
in
terms
of
what
asset
size
can
go
into
them.
So
we
have
had
some
active
managers
here
in
the
past
and
are
not
opposed
to
doing
it
in
the
future.
B
I'll
take
those
no
dick
any
questions
from
you.
No
thank
you.
Franco.
Any
questions,
nope,
none
for
me
again,
laura
you
know
usual
thorough
job.
Thank
you.
So
very
much.
Thank.
D
B
Yeah,
thanks
to
you
too
casey
very
much.
That
brings
us
then
to
section
three,
which
is
the
old
business
continued
deferred
items.
I'm
gonna
turn
this
over
to
you.
I
noticed
the
memos
from
jennifer
and
I
see
cheryl's
hi
cheryl.
I
see
cheryl
there
too.
So
go
ahead,
roberto!
Don't
you
take
this
one.
K
Thank
you,
mr
chair,
so
I,
as
you
know
that
cheryl
is
on
the
meeting.
I
will
turn
this
over
to
sheryl
in
a
second,
the
the
memorandum
came
from
the
city,
jennifer
chambri
and
cheryl
is
ready
to
speak
to
him.
It's
just
a
short
reminder,
a
quick
reminder.
This
have
to
do
with
a
prior
board
decision
regarding
tier
one
rehires.
K
These
are
members
that
have
prior
tier
one
members
of
the
the
plan
left
the
plan
for
another
job
and
then
came
back
and
were
rehired
by
the
city
and
and
so
that's
what
this
particular
and
when
they
came
back
initially.
In
some
cases
they
were
to
tier
two
and
so
now,
they're
allowed
to
purchase
that
time
as
tier
one
members
the
time
that
they
have
already
worked.
K
And
so,
of
course,
there
is
a
cost
associated
with
the
difference
in
terms
of
the
benefit
structure
between
tier
one
and
tier
two,
and
so
they
were
allowed
to
join
so
long,
as
also
they
pay
for
the
difference
of
the
two.
So
they
can
get
tier
one
retirement
benefits,
and
so
you
may
recall
this
was
a
long
discussion,
some
time
back,
and
so
that's
really
the
the
sort
of
the
basic
premise
for
the
discussion
with
that
I'll
turn
it
over
to
cheryl
for
the
latest
request
by
the
city,
cheryl
welcome.
N
Thank
you
so
much
glad
to
be
here
today,
so
yeah,
so
roberto
really
did
a
great
job
of
summarizing.
Why
we're
here
today
and
there's
really
two
things
we
want
the
the
board
to
know
about
one
is
that
the
ordinance
that
your
board
reviewed
in
june
was
approved
by
the
city
council
for
a
second
reading
at
the
beginning
of
august.
So
what
that
means
is
that
your
actuary
chiron
has
been
working
on
a
couple
of
things.
N
So
what
that
means
is
we
need
to
calculate
what
the
payment
is
going
to
be
for
the
city,
because
you
may
recall
that
that
ordinance
said
that
the
city
will
be
paying
the
estimated
future
interest
costs,
and
so
chiron
is
currently
running
that
calculation
behind
the
scenes
and
then
the
second
thing
is
that
chiron
also
produces
an
annual
report
for
our
tier
one,
rehired
employees,
so
that
they
know
what
their
outstanding
balance
is
because,
as
roberto
said,
each
individual
person
has
a
payback
amount
for
their
time.
N
That
used
to
be
tier
two
now
as
tier
one.
Now
with
that,
I'm
getting
to
the
second
part
of
my
memo,
which
actually
asks
this
board
for
action.
So,
as
I
said,
chiron
does
do
an
annual
report
so
that
each
person
does
know
how
much
they
have
left
over
the
year.
But
with
the
office
of
retirement
services
member
direct
portal,
these
members
actually
have
the
ability
to
view
their
amount,
their
outstanding
balance
on
a
pay
period
by
pay
period
basis,
which
is
actually
a
more
up-to-date,
more
real-time
scenario.
N
You
know
they're
able
to
view
these
these
outstanding
balances
more
on
an
up-to-date
basis,
so
we're
here
today
to
ask
that
instead
of
an
annual
statement
that
we
just
direct
members
to
go
to
the
member
direct
portal,
interest
was
actually
not
included
before,
but
chiron
is
working
to
include
interest
in
those
member
direct
portals
so
once
they
get
those
cap
excuse
me
calculated
they'll,
be
in
there
and
that's
when
we'll
be
communicating
with
those
tier
one
hires
to
solely
use
that
that
technological
advance,
if
you
will
for
that
purpose,
so
I'm
here
to
answer
any
questions.
K
Barbara,
I
just
want
to
confirm
that,
as
cheryl
indicated,
when
we
turn
this
over
to
the
memory
portal,
once
we
get
the
download
from
the
city,
then
the
reporter
is
going
to
be
able
to
provide
up-to-date
balances
for
the
members
you
know
once
they
make
their
whatever
by
weekly
payments
on
their
contributions.
Is
that
correct?
K
That's
correct?
Yes!
So
with
that
said,
I
I'm
perfectly
fine
implementing
the
recommendation,
the
request
by
the
city-
I'm
I
wonder
if
it
may
be.
I
know
council
has
a
comment
on
this.
I
wonder
if
it
would
make
it
would
be
helpful,
maybe
for
the
for
silver
future,
maybe
for
the
first
couple
of
years
to
in
addition
to
having
the
member
portal.
K
A
A
K
So
harvey,
I
think,
obviously
we'll
add
just
a
tad
of
a
further
work,
but
given
that
it's
only
about
20
members,
I
don't
think
it's
going
to
be
really
costly
or
overbearing.
So
unless
barbara
has
any
other
thoughts,
I
I
would
say,
and
then
of
course
cheryl.
I
would
think
that
the
city
wouldn't
object
to
our
office,
providing
an
animal
statement,
at
least
for
the
early
couple
of
years.
Until
you
know
we,
everybody
makes
sure
that
this
is
working
as
intended.
N
I
don't
believe
we
have
any
objections
to
that.
I
agree
that
more
information
is
always
better.
I
think
we
just
wanted
to
save.
You
know
a
couple
bucks
here
and
there
by
not
having
chiron
to
to
do
the
work
for
for
the
boards
or
for
the
employees,
but
we're
happy
to
to
continue
with
that
for
for
the
foreseeable
future,
and
we
can
definitely
talk
in
the
next
year
and
see
how
successful
this
has
been.
L
No,
but
you
did
just
mention
something
in
30th
june:
30th
isn't
always
the
end
of
the
pay
period,
and
so
it
would
be.
You
know
the
pay
period,
that's
closest
to.
K
L
So
you're
envisaging
this
to
be
a
fiscal
year,
because
we
do
also
send
out
every
single
member
member
statements
for
the
calendar
year
and
we
do
that
usually
in
around
january
february,
and
that
the
information
on
balance
for
these,
these
group
of
people
could
be
incorporated
into
that
annual
statement.
K
So
yeah
I
mean
I'm
not
opposed
to
that.
I
think
we
we,
I
think,
we'll
we'll
take
the
direction
from
the
board,
but
we'll
make
it
in
whichever
way
makes
the
most
sense
for
for
the
members.
But
let
me
ask
you
a
question
currently
the
statement
that
is
prepared
by
chiron
was
prepared,
as
of
june
30th
or
as
a
canadian
year.
K
K
But
but
nevertheless,
let's
work
it
out
with
kyron
and
then
we
can
decide
and
let
the
ball
know
whether
we
went
with
the
june
30th
or
december
31st
balance.
Is
that
okay?
Yes,
okay,
very
well,
so
I
think
you
know
again.
We
are
fine
with
the
request
and
except
for
the
fact
that
we'll
come
back
to
you
borah
with
letting
you
know
whether
we
ended
up
with
the
june
30th
or
cemetery
first
number,
if
that's
the
direction
by
the
board,
we're
happy
to
proceed
in
that
fashion.
Right
great.
B
Thanks
well
being
your
psychic
chairman,
I'm
I'm
sensing
a
real
kumbaya
moment
here
and
since
our
council
and
I
got
nan's
class,
says
we're
not
going
to
vote
how
about
we
take
a
book
from
the
weddings
take
a
page
from
the
wedding's
playbook.
B
If
anyone
has
any
objections,
speak
now
or
forever
hold
your
peace
hearing
none.
I
now
declare
the
city
and
our
staff
to
be
a
happily
wedded
couple.
Who
will.
B
Come
back
to
us
in
the
near
future,
you
guys
missed
me
when
I
was
chairman.
Didn't
you
oh
yeah
I'll
turn
it
over
to
you
for
4a
through
d,
and
then
you
can
turn
it
back
to
me
for
4c
and
4d
the
votes
and
cheryl
thanks
great
to
see.
K
Thank
you,
mr
chair,
so
it'll
be
quick
or
update
and
then,
of
course,
4b
will
go
to
the
city
council
liaison.
I
just
want
to
remind
the
boar
staff
continues
to
work
remotely.
K
K
I
have
spoken
about
this
before
in
the
mayoral
update,
but
we
continue
working
remotely
performing
all
our
court
duties
and
I
suspect,
there's
a
good
chance.
We're
not
we're
not
going
to
be
coming
back
a
two
day
off
is
until
possibly
2021..
K
So
it's
not
a
final
issue,
but
keeping
that
in
mind
we
recently
introduced
a
check
out
procedures
of
equipment
for
staff.
K
We
had
a
calendar,
a
quarterly
staff
meeting
last
friday,
where
we
introduced
the
new
forms
to
so
we
can
have
staff,
take
out,
monitors
or
chairs
or
anything
that
will
help
them
perform
their
work
from
from
home
a
little
easier.
K
I
also
want
to
let
you
know
that
the
benefits
health
fair,
which
is
usually
take
place
in
the
van
in
october
november,
will
be
held
ritually
this
year.
It
will
not
be
obviously
at
the
office
as
we've
done
in
the
past.
On
the
fifth
floor,
it
will
be
virtual.
During
that
health,
fair.
K
And
lastly,
I
share
with
you
some
time
back
that
our
senior
lieutenant
auditor
left
the
the
office
late
june
find
another
position
within
the
city,
and
we
went
ahead
and
requested
from
the
city
to
unfreeze
the
position
to
do
a
search
that
search
closed
yesterday,
and
so
we
did
get
five
to
eight
candidates
which
we're
gonna
we're
going
to
be
reviewing
and
hopefully
interviewing
shortly.
So
we
will
keep
you
posted.
B
But
before
I
call
the
roll
call,
let
me
let
me
jump
in
bro.
You
know
I
think
you're
you're
smart
about
sort
of
we're
working
differently.
So
how
can
we
help
our
workers
and-
and
we
run
across
this
scene
in
almost
every
startup,
I'm
at
and
the
three
things
we've
found-
that
we
can
help
people
with,
and
you
know
I
know
you
guys
think
about
this.
Barbara
too,
let's
see
faster
internet.
B
I
know
you've
talked
about
laptops
and
monitors
and
it's
turning
out
all
of
our
startups
actually
giving
people
better
internet,
faster
computers
and
monitors
pays
back,
pays
itself
back
in
a
month
or
two
or
three
with
the
increased
productivity.
So
you
don't
need
to
respond
to
that.
I
know
you
you
brought
it
up.
I
just
want
to
let
you
that's
a
little
input
from
startup
world
andrew
any
questions
for
roberto.
C
K
That's
a
good
question:
how
are
it
is
hard
to
say
to
be
honest
and
I'm
gonna
take
this
opportunity
to
say
this,
obviously,
which
I
was
going
to
mention
at
the
end,
I
want
to
take
the
opportunity
to
publicly
thank
staff
for
their
engagement
and
their
work
through
this
pandemic
and
working
remotely.
As
I
indicated
before,
we
have
continued
performing
our
court
duties
and
you
know
that's
really
not
an
easy
task
and
from
the
get-go
staff
have
been
very
engaged
with
the
work.
K
So
I
don't
know
if
that
answered
your
question,
but
we
continue
moving
forward.
I
think
it
is.
It
is
tough.
I
would
respect
staff
like
any
other
person
after
so
many
months,
and
also
understanding
that
this
may
be
the
stay
of
the
game
for
the
next.
You
know
three
to
six
months.
They
may
be
getting
fatigued
and
you
know
clearly-
and
you
know
we
had
the
our
quarterly
meeting
last
friday
and
and
we
have
full
participation,
which
was
it's
always
a
plus.
K
He
he
tells
me
that
there's
still
engagement,
not
as
many
pictures
or
zoom
meetings
right,
it
was
a
zoom
meeting.
So
I
always
like
to
see
their
faces,
so
there
were
not
as
many
showing
their
face.
K
So
it's
hard
for
me
to
to
really
get
a
sense
on
how
they're
feeling,
but
I
can
tell
you
that
one
of
the
things
that
came
out
of
that
meeting
is
that
they
agree
that
going
forward
from
time
to
time
they
either
gonna
schedule
a
lunch
hour
among
some
of
them
or
even
a
social
hour
after
five
o'clock
as
well.
So
borderline
is,
I
think,
there's
still
full
engagement.
C
B
Great
ashfar
any
questions
for
roberto.
B
Yeah
dick
any
questions
for
roberto.
B
I'll
take
that
to
be
a
no
next
time
on
the
agenda:
councilmember
foley
how's,
the
city,
doing.
O
A
O
The
working
with
cal
fires
and
the
mutual
aid,
so
many
firefighters
who
are
from
san
jose,
are
out
there
helping
in
any
way
they
can
and
also
protecting
our
own
environment,
our
own
city.
So
I
just
want
to
give
a
shout
out
and
a
thank
you
to
all
the
firefighters
for
all
of
their
energies,
and
I
know
some
have
who
live
up
in
the
santa
cruz.
Mountains
have
lost
their
homes
or
have
their
homes
very
their
personal
homes
at
risk
too.
O
So
the
the
commitment
and
personal
commitment
they
have
made
and
sacrifices
they
made.
I
am
truly
grateful
for,
and
I
know
our
community
is
grateful
for
so
I
wanted
to
start
with
that
and
say.
Thank
you
just
a
couple
of
things.
At
the
council
meeting
on
tuesday,
we
passed
a
commercial
leakage
fee
and
not
to
get
too
much
in
the
weeds
on
it,
but
this
is
a
fee
that
will
be
imposed
on
developers
of
a
variety
of
different
pro
properties
in
order
to
fund
affordable
housing.
O
So
this
we've
been
talking
about
it.
I
guess
for
many
years,
but
I've
been
talking
about
it
for
a
year
and
a
half
on
the
council,
and
we
did
implement
a
fee
that
will
be
implemented
on
resident,
our
commercial
high-rise,
downtown
all
types
of
development.
Some
development
projects
are
exempt,
such
as
retail,
and
the
reason
for
that
is
that
we're
very
concerned
about
the
the
success
of
our
retail
businesses
right
now.
O
The
other
thing
I
wanted
to
talk
about
is
is
covid
and
where
we
stand
and
in
relation
to
our
businesses,
as
you
probably
all
know,
we've
been
now
moved
into
different
tier
colors
and
santa
clara
county
is
in
purple,
which
means
many
of
our
businesses
are
open.
Some
of
the
places
that
are
not
that
we
have
been
hearing
a
tremendous
amount
from
our
our
faith-based.
O
Our
places
of
worship
we're
getting
letters
and
comments
from
people
constantly
pastors
and
individuals
who
really
are
missing
their
opportunity
to
worship
in
person.
O
O
So
I
agree
with
er
with
roberto
that
we
are
not
likely
to
be
back
at
city
hall
in
full
force,
certainly
not
through
the
end
of
the
year.
Many
are
project
predicting
through
june
of
next
year.
I
haven't
heard
that
for
sure
yet,
but
it's
very
hard
to
work
remotely
it's
hard
to
be
collaborative
in
when
you're
when
you're,
so
it's
so
important
to
bounce
ideas
off
very
quickly,
and
you
cannot
do
that.
O
Some
of
the
city
services
have
taken
a
back
seat
to
covid,
but
we
are
also
looking
at
how
we
can
bring
back
beautify
san
jose
and
doing
our
large
trash
pickups
again
and
other
ways
that
we
can
pick
up
trash
on
our
streets
and
that
sort
of
thing.
So,
with
that
you
know,
I
could
go
on
a
long,
a
long
time
about
covid,
but
the
new
governor's
proposal
seems
to
put
us
in
the
right
direction.
O
B
B
Certainly,
on
behalf
of
our
active
members,
thank
you
for
the
compliment
you've
paid
to
our
firefighters,
certainly
on
behalf
of
the
board.
Thank
you.
I
I
live
in
portola
valley.
Well,
I
incorporated
santa
clara
county
and
I'm
on
the
hill
and
it
came
within
two
or
three
miles.
So.
Thank
you,
gentlemen.
Ladies
for
keeping
that
safe-
and
you
know,
pam,
thank
you
for
the
thinking
about
the
whole,
the
whole
body
and
spirit.
Not
just
can
we
get
our
hair
cut,
so
god
bless
you.
I
think
that
is
vitally
important.
B
Unfortunately,
the
startup
companies
have
have
kind
of
reopened
because
there
aren't
a
lot
of
people
and
they
sort
of
have
their
own
small
spaces,
but
I
can
tell
you
at
every
board
meeting
our
people
are
saying
prove
I
didn't
realize
how
nutty
I'd
gone
until
I
got
back
to
work
and
I
realized
oh,
I
really
did
miss
this
so
yeah.
I
think
you're
right.
I
think
people
want
to
want
to
touch
and
feel
and
see
so
andrew
over
to
you.
Do
you
have
any
questions
for
councilmember
foley.
B
F
B
Great
howard,
any
questions
for
councilmember
foley.
C
No,
no
thank
you
very
much
councilwoman
foley.
I
appreciate
all
your
work
and
especially
of
the
the
firemen
and
firewoman
who
are
fighting
all
the
fires.
H
Yeah,
thank
you,
drew
so
yeah
I'll
echo.
What
my
other
trustee
said
and
what
you
said,
which
is,
I
appreciate
all
the
the
the
efforts
of
you
know:
the
firemen,
five
women
and
all
the
first
responders.
H
A
And
thank
you
pam
very
much
great
dick.
I
B
Okay,
great
back
to
you,
roberto
the
next
two
items
just
remind
the
board.
We
will
have
a
vote
so
after
roberto
presents
it
I'll,
take
I'll.
Take
it
back.
K
Okay,
now
I'm
a
mute.
Thank
you,
mr
chair.
So
actually,
this
item
is
pretty
straight
forward.
I'll
turn
it
over
to
kathy
schaefer
our
benefits
manager
for
to
introduce
the
item
for
request
to
the
board.
Catherine.
P
P
B
B
Okay,
that's
good!
Anybody
wants
to
second
the
motion
I'll
go
ahead
and
second
it
we
have
a
motion
by
dick
santos
second
by
drew
lonza
to
approve
the
extension.
The
fourth
extension
dr
chairman's
contract
andrew
is
not
with
us
anymore.
Now
seem
to
go
ahead.
Sorry,
it's!
It
was
a
lot
of
order,
but
it's
all
good.
F
I
guess
again
I
can
keep
using
this
being
the
newest
member
of
the
block
for
maybe
a
couple
more
months,
but
can
I
can
I
understand,
I
mean
it
seems
a
little
sort
of
optically
odd
that
we're
increasing
this
every
year
by
a
hundred
thousand
dollars.
Is
it
just
that
the
the
demands
on
her
time
have
gone
up
or
are
we?
Are
there
other
opportunities
to
engage
with
other
physicians
who
might
be
advisors?
I
I
just
don't
know
what
the
process
is.
P
K
So
sunita,
let
me
let
me
add
to
what
catherine
just
just
mentioned
this
particular
service
is,
is
very,
very
specific
and
is
not
not
every
doctor
has
the
ability
to
provide
this
service,
so
there
are
not
that
many
options
out
there
for
medical
advisors
for
disability
cases,
as
required
under
the
retirement
law
of
the
city
of
san
jose.
So
so
to
answer
your
question.
K
Yes,
we
are
very
limited
to
options
since
I've
been
there
for
seven
years
in
the
past,
the
city
actually
had
a
city
doctor
that
provided
some
service
to
to
the
members
of
the
plan
and
also
serve
as
the
medical
advisor
for
the
disability
committee
of
the
boards.
K
So
we
do
have
many
cases,
and-
and
so
this
is
why
you
know
she
is
the
only
medical
advisor
available
to
us
to
review
all
the
cases,
and
this
particular
request
is
just
strictly
to
the
police,
on
fire
and
and
as
soon
as
we
continue
having
cases,
and
I
think
if
you-
I
don't
know
if
it's
in
this
form
meeting,
but
when
we
get
down
to
the
committees,
we
actually
also
provide
some
statistics
on
what
are
the
cases
that
are
in
the
pipeline?
K
F
Have
the
cases
just
been
going
up
every
year?
Is
that
why
we,
because
I'm
assuming
that
the
cases
that
old
cases
don't
get
re-reviewed
or
I
mean
I
know,
last
time
we
had
one,
but
it's
the
increase,
I'm
not
saying
I'm
not
questioning
the
service
and
she's.
I
I
heard
her
last
time
she
was
terrific.
F
K
I
I
would
not
expect
the
number
of
cases
to
diminish
in
the
future.
I
think
the
reason
there
are
so
many
in
the
pipeline
right
now
is
that
we
have
some.
First
of
all,
we
put
some
of
this
work
on
the
back
burner
when
the
pandemic
came.
So
we,
the
committee,
didn't
meet
for
quite
a
few
months.
We
started
meeting
last
month
so
that
added
to
the
number
of
cases
in
the
pipeline,
but
in
terms
of
cases
coming
in
the
future.
K
M
Roberto,
let
me
add
to
that,
at
least
on
the
police
side.
We
had
a.
We
have
a
program
that
was
referred
to
as
exempt
employee,
which
allowed
officers
that
were
injured
and
can
no
longer
do
full
duty
to
work
in
different
areas
of
the
police
department.
B
C
Yeah
catherine
or
roberto
just
just
a
question
is
the
original
agreement
happened
and
then
there
are
a
bunch
of
extensions.
It
is
each
extension
by
time,
or
is
it
just
by
amount
of
money
that
it's
needed
for
the
forecasted
number
of
cases
coming
up,
because
this
one
looks
like
it's
it's
good
until
there's
enough
for
july
2021
and
how
is
it
based
by
timer
by
just
fun.
P
It's
it's
by
funds,
we
ask
for
an
amendment
and
then,
when
the
funds
get
low,
I
get
notified
by
accounting
and
then
I
put
in
a
request
for
an
amendment.
A
Great
ashvar.
B
Questions
no
sure
dick
any
questions.
I
Listen,
this
is
just
a
comment
to
the
new
members.
I
can
tell
you
this
with
all
my
experience
and
I've
been
involved
54
years.
I
can
tell
you
this
we're
saving
money
with
doctor
turner,
yeah.
B
M
B
All
right
there
is,
let
me
let
me
grab.
It's
give
me
a
sing.
There
is
a
motion
from
santos,
the
second
from
lanza
and
item
four
c,
to
authorize
the
extension,
dr
chairman's
contract
sunita.
How
do
you
vote.
F
A
B
B
Hi
and
I
vote
I
as
well
so
the
final
item
in
in
section
four:
do
you
want
to
take
that
one
roberto.
K
Yes,
thank
you,
mr
by
share,
so
you
may
recall
late
last
fiscal
year
we
brought
forward
after
we
implemented
the
quarterly
newsletter,
a
strategic
communication
plan,
and
that
was
adopted
and
approved
by
you
board
and
what
you
have
before
you
this
morning
is
actually
a
plan
timeline
for
the
next
24
months.
Attempting
to
implement
that
communication
plan
and
and
with
that
I'll
turn
it
over
to
to
barbara
who
will
be
will
be
presenting
the
the
timeline
for
the
strategic
communications
plan.
Barbara.
L
Thank
you,
roberto,
so
yeah
as
you'll
see,
the
plan
goes
through
to
june
30th,
2020
and
all
the
activities
that
are
outlined
in
the
plan
for
this
fiscal
year.
This
current
fiscal
year
they
were
included
in
the
budget,
so
the
annual
budget
and
then
in
future
years
the
costs
will
be
included
in
in
the
annual
budgets
that
go
to
the
boards
for
approval.
L
So
just
looking
here
at
the
plan,
we're
starting
out
by
you
know,
obviously
the
redesign
and
relaunch
of
our
website
that
project
is
is
ongoing.
It's
started
initiated
and
we're
working
on
that
and
then,
of
course,
and
there's
a
push
to
provide
more
training
and
useful
tools
to
our
membership,
both
retirees
and
actives.
L
By
providing
you
know,
retirement
application,
planning,
webinars
short
videos,
easily
digested
and,
and
you
know
within
two
three
minute-
videos
on
topic:
pacific,
most
importantly,
our
upcoming
open
enrollment
we're
going
to
have
a
video
on
that
on
how
to
fill
in
the
form
on
you
know,
transitioning
to
medicare
and
then,
in
addition
to
you,
know,
training,
videos
and
information
resources.
L
We're
we'll
continue
to
publish
the
the
newsletter,
the
retirement
connection
and
incorporate
more
email
blasts
out
to
our
retirees,
so
they
get
information
in
a
variety
of
ways
and
in
a
timely
manner
and
then
going
on
later
on
in
this
year
towards
more
like
december,
we're
hoping
to
be
launching
our
facebook
twitter.
L
We
actually
already
did
incorporate
our
submission
function
into
the
member
direct
portal,
so
members,
either
actives
or
retirees
can
get
into
the
portal
and
and
send
a
question
and
start
to
connect
with
our
staff
and
then
we're
just
going
to
be
building
on
that.
As
as
you'll
see
the
plan
kind
of
builds
on
a
theme
to
see
if
we
can
build
out
resources
for
our
for
their
membership.
B
B
Yeah,
great
okay:
let's
go
ahead
and
then
go
down
the
list
sunita
any
questions
for
barbara.
C
Hi,
barbara
just
one
question:
how
are
things
going
so
far?
I
know
the
plan
started
in
I
guess
july.
How
are
things
going
so
far.
L
I
well
they're
they're
they're
they're,
going.
We've
got
the
website
project
and
we're
working
on
that
and
designing
the
wireframing
etc.
And
then,
as
I
say,
we
we
kind
of
plucked
at
a
low
hanging
fruit.
So
we
there
was
a
functionality
within
the
member
direct
for
switching
on
that
message
center.
So
we
we
went
ahead
and
did
that
and
we
were
reluctant
to
do
that
in
the
very
beginning
of
member
direct.
Only
because
our
staff
were
very,
the
application
itself
was
very
new.
L
But
but
now
our
staff
are
comfortable
with
the
with
the
application
and
they're
they're
they're,
getting
way
very
comfortable
with
the
member
direct
and
so
having
work
come
in
through
the
application.
Is
it's
just
another
way
that
we
can
serve
our
members
and
and
with
the
the
coved
situation
and
working
remotely?
It
also
just
made
sense.
It
was
just
the
right
time
to
enable
it,
and
so
that's
been
working
really
nicely
it.
Actually.
L
The
work
actually
comes
into
the
the
work
or
the
application
and
someone
can
get
assigned
it.
So
it's
everybody
can
see
what
who's
working
on.
What
and
what
members
have
outstanding
questions
so
so
far,
I
think
we're
doing
really
well
and
we've
been
talking
to
some
of
the
vendors
for
the
social
media,
so
so
yeah
we
we've
been
busy
and
I
think
I
think
this
is
achievable.
B
Franco
no
well,
since
I
sort
of
already
did
it
I'll
just
go
ahead
and
complete
it.
I
I
I
move
that
we
approve
the
timeline
that
barbara
just
presented.
Do
I
have
a
second.
F
B
Great
okay,
so
item
4d
on
the
street
communication
plan,
we
have
a
motion
by
a
vice
chair,
lanza
and
a
second
by
sunita.
So
let's
go
down
the
list
sunita.
How
do
you
vote.
A
H
B
Yes,
great,
and
this
is
chair
of
lanza,
I
vote
I
as
well
that
kind
of
wraps
up
your
section,
any
final
thoughts
or
anything
you
want
to
add
roberto.
K
No,
I
mean
two
things:
actually,
the
first
one
is
obviously
as
we
prepare
to
start
working
on
the
fiscal
budget
for
the
following
year.
We
know
the
fiscal
year
just
started
for
21
22..
K
Certainly
we
would
look
at
the
timeline
and
if
there
are
any
further
calls
that
need
to
be
added
to
the
budget,
to
keep
with
the
implementation
on
the
communications
plan.
Certainly
we
will
address
that
during
the
budget
discussions.
The
second
one
is
that
we
plan
on
keeping
you
bored
a
prize,
hopefully
on
a
quarterly
basis,
on
where
we
stand
in
terms
of
the
timeline
as
presented
for
the
communications
plan.
So
that's
it.
Thank
you,
mr
chairman.
Great.
B
Thanks
for
we're
done,
I
think
I
you
know,
I
I
echo
what
suni
just
said.
I
I
think
soon
everybody
on
this
board
really
is
a
big
backer
of
this
and
good
job,
barbara
and
roberto.
I
know
communications
plans
are
very
intimate,
very
detailed
and
hard
to
imp
and
hard
to
actually
implement,
but
you
guys
are
doing
a
great
job,
all
right
item:
five
service,
retirements,
the
retirement
of
paul
cook,
police,
lieutenant
police
department,
effective
september
19,
2020
with
27.15
years
of
service,
the
service
farmer
of
reuben,
daley
delayson.
B
Sorry,
if
I
put
mispronounced
name
police
officer,
police
department,
effective
september
19th
2020,
with
24.52
years
of
service
service
department
of
martin,
a
lomeli
fire
engineer,
fire
department,
effective
september
5th
2020
with
28.25
years
of
service,
these
guys
are
all
up
at
only
about
delays
and
almost
made
25
years
and
the
deferred
vested
reginald,
o
williams
assistant,
fire
chief
fire
department,
effective
august
11th
2020
with
25.27
and
25.27
years
of
service.
Do
I
have
a
motion
to
approve
those
three
service
retirements
in
that
one
deferred
vested
motion.
B
A
Hi
howard,
yes,.
B
B
A
K
B
M
B
Thanks
thanks
a
lot
dick,
I
would
now
like
to
announce
the
deaths
of
of
two
of
our
members
and
we'll
have
a
moment
of
silence.
Afterward
the
death
of
ronald
ledesma
police
sergeant,
who
retired
on
may
1st
of
1999
and
died
june,
9th
of
2020,
with
no
survivorship
benefits
and
the
death
of
william
mcquaid,
firefighter
retired
january
4th
2001
and
died
june.
17Th
2020
survivor
benefits
benefits
to
bonnie
mcquaid.
B
I
don't
I
don't
know
if
any
of
you
nick
dick
frank,
would
like
to
make
comments
on
either
of
these
gentlemen.
A
Yeah,
I
I
worked
with
ron
years
ago
and
I'd
just
like
to
extend
on
behalf
of
the
board
our
condolences
to
his
family
and
friends.
I
Mr
chair,
I
knew
the
ledezma
family
and
I
knew
sergeant
ledesma
and
bill
mcquade
and
his
brother
bob.
They
were
both
veterans
of
the
county
and
the
city
of
san
jose,
and
I
knew
both
of
them,
but
I
knew
bill
before
I
came
on,
so
it
was
a
friendship
and
we'll
miss
him
dearly
and
the
best
of
his
family.
Thank
you.
B
Thank
you,
gentlemen.
All
right
now
we're
into
committee
minutes
reports
and
recommendations,
investment
committee,
eshvar.
H
Okay,
so
the
last
meeting,
which
was
about
a
week
ago,
august
25th
the
things
we
discussed
so
christina.
H
You
know
investment
office,
christina
made
a
great
presentation
on
our
public
equity
exposures
and
the
different
managers
was
was
was
very
good
presentation
virus
did
a
risk
presentation
and
that's
going
to
be
a
quarterly
feature
from
now
on,
and
then
we
had,
we
reviewed
all
the
manager
decisions
you
know
as
presented
and
then
finally,
we
had
a
discussion
on
asset
allocation,
but
particularly
in
terms
of
our
emerging
market
exposure,
and
there
have
been
some
concerns
about
that
exposure,
maybe
being
a
tad
high
compared
to
a
peer
group.
H
B
Great,
I
see
there
are
no
action
items
here.
Any
questions
for
ashvar.
B
F
The
asset
allocation
sort
of
bent
is
given
the
success
of
the
the
portfolio
and
the
growth
orientation
and
underperformance
of
value
is
any
thought
around
rotating
a
little
bit,
or
is
that
too
short
term
in
nature?.
H
Yeah
we
didn't
get
to
that,
and
that
may
be
something
that
you
know
we
should
discuss.
You
know
I
mean
I
think
we
had.
We
briefly
touched
on
it.
You
know,
which
is
that
you
know
valuation.
You
know
the
markets
are
back
to
where
they
were
before.
H
You
know
the
sell-off
and
the
question
is,
you
know:
is
there
more
risk
than
there
was
and
does
it
mean
we
need
to
take
any
action,
but
we
didn't
go
much
down
that
the
you
know
down
that
lane
and
I
think,
as
we
bring
up
asset
allocation
again
at
the
board.
That
may
be
something
that
we
should
consider,
but
if
you
have
any
particular
views
in
terms
of
you
know
things
that
we
should
talk
about,
you
know
whether
it's
growth
versus
value,
whether
it's
our
overall
risk
allocation.
H
Let
me
know-
and
you
know
we
can-
you
know
clearly
you're-
not
part
of
you-
know
you're,
not
part
of
the
ic,
but
we
can
make
it
part.
You
know
maybe
part
of
the
board
agenda
at
some
point.
D
I'm
happy
to
add
to
that
question,
so
we
made
a
tactic.
We
made
a
decision
not
to
engage
in
tactical
asset
allocation,
so
for
a
number
of
years
the
boards
and
staff
did
engage
in
taa
and
a
couple
of
years
ago,
when
I
took
over
as
cio
one
of
the
first
things
that
we
did
was
to
engage,
not
engage
in
any
taa
but
to
focus
on
strategic
cast
allocation
and
we
also
sort
of
neutralized
any
growth
and
value
exposures
so,
and
that
was
one
of
the
things
that
was
presented
by
varus.
D
B
Any
other
questions.
B
Thanks
ash
for
franco,
anything
on
audit
risk.
You
want
to
bring
up.
K
Go
to
reversal
well,
first
of
all,
just
to
remind
you
if
you
want
to
receive
and
file
the
minutes
for
the
police
and
for
the
ic
meetings,
that's
fine!
You
can
do
that
later,
so
the
other
risk.
Actually
we
didn't
have
a
quote
on
at
the
last
meeting,
so
we
couldn't
really
have
these
items
discussed
with
the
with
your
committee.
K
So
again
it
will
be
helpful
that
you
approve
the
the
minutes
of
that
were
presented
to
the
committee
because,
again
the
community
and
me
I
think
they
quality,
travel
and
attendance.
If
I
remember
correctly,
obviously
there
hasn't
been
any
kind
of
traveling,
so
it
was
a
zero
cause,
but
I
wanted
to
key
in
an
item
7.2
d
and
7.2
e.
K
If
I
don't
know
if
someone
is
is,
is
directing
the
presentation,
whether
it's
michelle
or
whether
it's
linda,
but
if
he
can
go
into
the
the
city
auditor
recommendations,
we
had
not
updated
this
document
in
a
while,
and
I
made
the
poem
we
had
an
internal
meeting,
and
so
what
you
have
before
you
is
is
the
most
recent
update
of
the
of
the
metrics,
and
so
you
recall
that
the
city
auditor
came
out
with
25
recommendations.
K
Five,
where,
for
the
city
and
20
recommendations
were
for
our
office
of
the
20
recommendations
for
our
office,
we
have
actually
completed
and
implemented
17
of
them,
so
they
are
three
that
are
still
outstanding
and
while
marty
goes
to
get
those
items,
let
me
tell
you
what
they
are
is
recommendation
number
five
was
partially
implemented
recommendation,
15
is
partially
implemented
and
recommendation
24
is
partially
implemented,
so
I'll
take
them
one.
At
a
time.
K
K
Have
to
do
with
the
the
retirement
board
should
establish
a
formal
budget
adoption
policies
and
procedures
that
include
clear
delegation
of
authority
to
staff
to
spend
plan
as
a
subject
to
certain
limits
defined
by
the
boards,
and
so
that
particular
item
is
partially
implemented.
K
K
There
is
one
point
of
contention
between
our
office
and
the
city
auditor's
office
and,
as
you
can
read
in
the
document
you
have
to
do.
K
The
recommendation
by
the
auditor
indicated
that
investment
fees
should
be
part
of
the
mediterranean
expenses
and,
as
as
you
can
see
there,
rs
will
update
the
body
policy
to
reflect
this
and
have
the
governance
committee
and
board
of
trustees
approve
this
changing
policy.
K
You
boar
also
receive
a
legal
analysis
by
you,
general
counsel,
indicating
that
investment
fees
are
not
part
of
how
many
trade
expenses
and,
in
fact,
they're
just
deducted
directly
from
investment
from
the
business
of
the
plan,
and
so
that's
a
big
difference
between
the
two
approaches.
K
But
on
top
of
that,
we
present
to
your
boar
and
to
the
city
council
a
very
comprehensive
investment
expense
report
that
is
produced
annually
by
investment
staff
and,
in
fact,
is
coming
to
you
next
month,
and
so
we
do
that
because
you
know
we
are
aware
that
investment
fees
are
important
to
everyone
as
stakeholders
and
even
though
they're
not
really
part
of
the
monetary
expenses,
the
administrative
budget
that
you
approve,
we
want
to
make
sure
that
we're
transparent.
K
For
whatever
reason
the
city
auditor
is
not
willing
to
check
this
particular
item
off
until
we
include
investment
fees
as
part
of
the
military
expenses,
and
so
there
you
have
it.
I
don't
see
how
we're
going
to
be
able
to
reconcile
that
difference,
but
I
wanted
to
give
you
some
background.
I'm
not
sure
if
council
have
any
comments
of
that,
because
obviously
he
wrote
the
analysis
for
you,
but
before
he
does.
K
So
hasley
has
been
partially
implemented,
but
we're
still
working
through
it
and
the
last
one
I
think
barbara.
I
just
spoke
to
you
at
the
last
item,
we're
still
working
through
the
upgrade
of
the
website.
We
fully
expect
the
website
upgrade
to
be
completed
by
the
end
of
this
calendar
year,
and
so
that's
why
it's
partially
implemented
and
that's
where
your
target
date
is
december.
2020.
K
B
Any
questions
for
franco,
if
not
hey,
thanks,
roberto
I've,
been
a
little
rusty
here.
Going
back
to
the
investment
committee,
make
note
for
the
record
that
we
receive
and
filed
the
minutes
of
both
the
joint
investment
committee
and
the
police
fire
investment
committee
of
may
26th
and
on
the
audit
risk
committee,
make
note
of
the
fact
that
we
receive
and
file
the
minutes
from
may
21st.
B
2020.
governance
committee.
K
I'm
sorry,
let
me
I'm
sorry.
I
apologize.
I
just
wanted
to
also
mention
on
the
next
item
that
joined
the
on
the
audit
committee.
There
was
the
last
artists
that
were
performed
by
the
senior
auditor.
K
They
were
discussed
at
the
committee
level
in
june,
but
we
had
not
follow
up
with
the
actual
written
response
and
what
you
have
before
you.
K
It's
just
the
written
response
that
was
actually
putting
in
writing
the
the
discussion
and
and
the
implementation
of
the
recommendations
that
were
discussed
at
the
committee
level
at
the
last
but
the
last
meeting
in
june,
and
so
if,
since
your
committee
was
not
able
to
meet
this
past
month,
I
would
ask
that
you
board
actually
take
these
four
items,
and
I
don't
have
the
agenda
in
front
of
me
right
now,
but
whichever
items
need
to
be
approved,
I
will
ask
that
if
your
board
can
approve,
then
that
will
be
helpful.
B
A
hearing,
none.
I
think
that
that
could
mean
that
would
normally
mean
approval
roberto,
so
carry
on.
That
is
that
that
covers
audit,
for.
A
B
Great
thanks
so
much
dick
anything
from
the
disability
committee.
I
Yes,
the
one
thing
will
be:
the
the
meeting
has
been
changed
to
september
8th,
which
would
be
next
week,
not
monday,
which
would
be
labor
day
so
make
sure
everybody
knows,
and
the
committee
we
have
with
dr
chairman
and
our
member
drew
lanza
we're
doing
a
very,
very
good
job.
There's
been
some
difficult
discussions,
but
together
we
address
them
all
and
we
within
the
law
and,
I
have
to
say,
everybody's
doing
a
fine
job.
Thank
you.
B
Yeah,
thank
you
dick
and
for
the
record
note
that
we
receive
and
filed
the
minutes
from
the
march
9
2020
police
fire
disability
committee.
The
last
committee
is
joint
personnel
andrew's.
Not
here,
vince
is
near,
I
don't
know,
ashfar
anybody
any
comments
or
virtue
or
anything
on
drugs.
Now.
K
Yeah
I
mean
it's
a
chair.
In
fact,
you
joined
personality
committee
is
going
to
meet
again
on
september
8th,
and
so
I
think,
we'll
have
a
more
complete
update
at
your
meeting
in
october,
because
the
items
that
we're
going
to
be
dealing
with
are
you
meeting
next
week
are
just
a
continuation
from
the
audience
at
the
agus
11.
K
So
there's
still
for
the
work
to
be
done
on
finalizing
the
the
performance
measures
for
the
annual
performance
evaluation
for
the
ceo
and
cio,
and
also
some
further
work
on
on
the
waiting
to
be
included
in
those
determinations
so
again
for
the
discussion
to
be
to
be
held
at
your
meeting
next
week.
So
I
think
by
your
october
meeting,
you
have
a
more
a
big.
B
Great
then,
for
the
record,
let's
note
that
we
received
and
filed
the
minutes
of
the
joint
personnel
committee
for
may
13
2020..
That
concludes
our
agenda.
This
has
got
to
be
some
kind
of
new
speed
record.
A
O
I
I
just
something:
franco
said
when
we
were
talking
about
the
retirees
just
triggered
that
I
haven't
given
the
same
shout
out
to
the
police
department,
as
I
just
did
to
the
fire
department.
So
I
wanted
to
emphasize
how
important
their
work
is
as
well
and
how
I
value
every
day
the
work
that
they
do
to
put
their
lives
at
risk
in
protecting
the
residents
of
our
city.
I
have
calls
from
residents
all
the
time
about
issues
in
their
neighborhood
and
the
police
are
out
there
very
quickly
to
respond
whatever.
O
That
is,
be
it
a
small
issue
or
a
large
issue,
and
I
didn't
want
to
leave
this
meeting
without
also
acknowledging
how
important
their
work
is
to,
and
I
also
recognize
that
we
are
losing
really
good
men
and
women
because
of
the
stress
and
the
the
conditions
that
they
are
operating
under
right
now.
So
I
am
so
grateful
for
your
personal
commitments
as
well
to
our
city
and
our
residents.
B
Well
and
and
I've
been
doing
this
almost
a
decade-
and
I
realized
that
the
city
and
and
the
police
and
fire
unions
don't
always
get
along,
but
that
then
I
tune
in
the
evening
news
to
portland
and
seattle.
So
thank
you
to
the
city
for
keeping
things
relatively
at
peace
and
for
saying
those
good
words
about
those
of
us.
Those
of
our
members
who
serve
any
other
comments.
Anything
else
to
add
to
the
next
agenda.
A
Audit
for
the
travel
analysis
and
for
the
minutes.
B
A
Not
on
the
minutes,
no,
I
wasn't
picking
up
which
it's
not
sure.
B
I'm
looking
linda,
I
don't
see,
I
don't
see
any
action
on
4a
through
e.
Am
I
looking
wrong.
L
I
L
B
A
A
Well
then,
they
should
go
back
and
be
approved
by
the
committee
at
the
committee's
next
meeting
and
then
received
and
filed
by
the
board
right.
The
board
can't
approve
the
committee's
minutes
without
the
committee
approving
its
own
minutes.
B
All
right,
lindy
gets
the
award
for
catching
a
high
pop
fly
to
center
field,
deep
good
catch
all
right.
So
for
the
record,
we,
the
the
board,
could
not
receive
and
file
those
because
they
weren't
stamped,
as
approved
by
the
committee,
so
good
catch
linda.