►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of February 3, 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://sanjose.legistar.com/View.ashx?M=A&ID=926745&GUID=7D98483B-AF69-42BE-9431-0335A17A6B47
A
A
A
B
Big
island
of
hawaii,
where
it
is
oh,
dark
nothing
in
the
morning,
let's
go
ahead
and
call
this
meeting
to
order
and
I
will
read
off
the
roll
andrew.
Are
you
here
here?
Sunita
are
you
here?
C
B
E
B
And
for
the
record,
howard
senator
and
I
and
I
started
yesterday,
saying
he
dropped
in
and
out
he's
got
an
important
deal
going
down
so
howard.
If
we
call
out
your
name,
try
to
be
prompt
and
if
you're
not,
we
don't
respond
four
or
five
seconds
we'll
move
on.
Okay,
astro.
Are
you
here.
B
Thanks
far
jack,
are
you
here?
Yes
and
franco?
Are
you
here
here
dave?
Are
you
here?
I
am
thanks
dave
and
we'll
note
for
the
record
that
vincenza
had
to
leave
the
board,
and
so
we
have
an
empty
chair
that
I
know
roberto
is
working
hard
to
fill.
B
I
guess
we'll
just
go
ahead
and
go
into
a
closed
session.
Is
that
right,
roberto.
E
B
I
just
let
sunita
in
oh
great
thanks
so
much.
Let
me
know
linda
yeah,
go
ahead
and
take
us
into
closed
session.
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
B
B
A
report
out
of
closed
session
for
orders
of
the
day
we
there's
nothing.
We
have
to
wave
sunshine
on
in
general
for
the
day,
god
the
birds
are
obnoxious
here
we
have
excellent
zoom
etiquette,
so
go
ahead
and
jump
in.
If
you
have
a
temporal
question
during
presentation,
we'll
as
always
for
major
presentations
or
we
have
a
decision
and
a
vote,
we
will
go
around
robin
looking
for
input
or
comments,
and
then
we
will
round
robin
to
take
the
vote
but
again
and
staff.
B
I'm
harvey
consultants,
you
guys
are
great
at
jumping
in
especially
staff.
I'm
michelle,
linda,
I'm
to
prove
please
feel
free
to
jump
in.
If
I,
if
I
do
something
out
of
order
or
not
quite
right,
I
really
do
appreciate
that
and
I
don't
think
it's
rude
in
the
least.
Let's
see
next
up
is
consent
calendar.
Does
anybody
want
to
pull
anything
off
the
consent
calendar.
B
If
not
I'll,
entertain
a
motion
to
approve
santos,
I've
got
a
motion
by
dick.
Do
I
have
a
second
for
that
motion.
B
E
B
E
B
G
We
we
could,
but
all
prabhu
has,
is
an
update
and
I
think
that's
gonna
be
pretty
quick.
I
don't
want
to
speak
for
him,
but
and
then,
after
that,
we
we
actually
have
kyron
and
basically
we
can
have
signal
and
then
there
are
updates
by
the
ceo
and
the
city
council
or
liaison.
If
you
want.
B
That's
perfect,
reverse!
Let's
do
that
over
to
you.
E
All
right,
thank
you,
mr
chairman.
Good
morning,
trustees
and
yes,
our
update,
will
be
brief
and
to
give
that
update,
I'm
actually
going
to
invite
senior
investment
officer,
jay
kwon.
H
All
right,
I
will
be
super
brief.
Good
morning
we
have
estimates
for
the
fiscal
year
to
date
returns
through
feb
1,
and
these
come
with
all
the
usual
disclaimers.
So
they're
estimates
put
together
by
makita
based
off
a
combination
of
actual
and
index
returns
so
fiscal
year
to
date
through
feb
1,
the
pension
is
up
2.6
and
the
health
care
trust
is
flat
down.
One
basis,
point
again
estimates,
but
clearly
both
portfolios
have
a
ways
to
go
to
get
to
their
respective
assumed
rates
of
return.
H
Capital
market
assumptions
or
cmas
are
just
estimates
of
risk
and
return
over
the
next
five
or
ten
or
even
20
years,
and
the
process
that
we
go
through
as
a
plan
is,
is
pretty
well
defined
and
laid
out
in
the
ips
that
you
all
just
approved
the
last
meeting.
So
I'm
sure
it's
very
fresh
in
your
minds,
but
as
a
reminder
in
broad
strokes,
the
process
is
to
collect
the
updated
cmas.
H
So
strategic
asset
allocation
will
be
a
primary
topic
at
the
next
ic
meeting
on
february
22nd
and
hopefully
coming
out
of
that
there
will
be
a
recommendation
for
the
full
boards
consideration
at
your
next
march
3rd
meeting.
H
E
I
think
I'll
ask
a
prabhu,
it's
more
on
the
private
market
say
so
I
think
one
of
the
things
you've
seen
in
the
market
is,
you
know
I
guess,
they're
in
the
broader
market.
Public
markets
have
seen
a
correction,
but
if
you
go
to
the
growth,
the
growth
er
names,
the
high
valuation
you're,
seeing
a
very
deep
correction
right-
and
you
know-
bear
market
down
a
lot.
E
Do
you
expect
that
at
the
you
know,
when
the
the
private
market
side
of
things
are
updated
because
those
valuations,
you
know,
take
a
little
longer
to
adjust
that,
maybe
we
will
see
some
sort
of
a
correction,
because
you
haven't
seen
that
as
yet
yeah?
No,
that
that's
a
great
question,
and
I
will
also
after
my
comments.
I
will
invite
trustees
lee
and
lanza
to
comment
on
this
as
well.
It's
it's
it's
right
down.
There
alley
I
did
speak
to
meritek
and
it
was
one
of
our
vc
funds.
E
I
just
had
a
conversation
with
them
a
couple
of
days
ago
and
they
are
actually
a
growth
vc.
So
late
stage,
vc
and
they've
said
in
in
in
talking
to
firms,
and
you
know
they're
always
looking
to
source
deals.
What
they've
found
is
that
that
correction
has
not
translated
in
the
same
manner
to
private
markets
as
yet,
but
they
are
seeing.
You
know,
deals
going
for
10
to
20
percent,
less
valuation
and.
I
E
Six
months
ago,
so
I'm
not
sure
if
you
know
public
markets,
obviously
they
mark
the
market
daily.
So
you
will
see
a
lot
more
volatility
and
when
it
drops
50,
sometimes
it's
not
deserved,
as
you
can
see
from
the
from
the
bounce
back,
but
we
do
expect
it
to
to
see
some
kind
of
correction
in
valuation.
Okay,
yeah.
Thank
you
yeah.
I
think
it's
good
to
maybe
just
alert
the
trustees
that
maybe
you
will
see
a
dip
in
that.
Okay,
thanks.
C
I
was
just
going
to
thank
prabhu
for
keeping
us
updated
over
the
last
couple
of
weeks.
I
haven't
had
a
chance
to
respond
to
you,
but
I
do
read
your
stuff,
so
thank
you.
B
Yeah,
I
know
howard
wants
to
weigh
in
yeah.
Clearly
there
was
a
huge
there
is
a
huge
bubble
in
bc
and
it
is
clearly
starting
to
correct.
Although
you
know
everything
in
the
universe
rings
like
a
bell,
so
it
may
correct
and
then
restore,
but
but
there's
been
broad
talk
in
the
industry
of
this
bubble.
How
are
you
any
thoughts
from
you.
E
Yeah,
I
I
I
I
would
agree,
there's
a
bubble
and
I
think,
as
prabhu
mentioned,
there's
always
a
latency
or
lag
between
pricing
and
the
private
markets
versus
the
capital
markets,
because
you
have
that
mark
to
market
aspect
in
public
markets
and
what
you
see
with
private
markets
is
that
investors,
vcs
gps,
will
hold
on
to
their
evaluations
from
the
last
preferred
round
until
until
they
can
and
you'll
see,
you'll
see
that
happening
on
the
gp
level
and
then
you'll
see
companies
unable
to
raise
money
or
having
to
do
down
rounds.
B
Right,
I'm
sure
howard
would
agree
in
terms
of
our
investments
in
vc
firms.
B
We
use
the
same
language
as
wine.
We
call
the
a
vintage
year,
so
any
vc
fund
we
invest
in
this
year
will
not
yield
results
for
a
decade
or
more,
the
average
time
from
first
investment
in
a
startup
till
an
ipo
or
an
exit.
Just
somebody
buys
companies
seven
or
eight
years.
That's
the
company
inside
the
vc
fund.
Then
the
fund
itself
has
to
get
a
bunch
of
those.
B
So
that
part
is
different
right.
We
don't
invest
in
the
vc
market
for
something
today
we're
investing
in
the
vc
market
for
an
egg
for
a
return
out
in
2035.,
so
the
general
rule
of
thumb
is,
as
is
with
wine.
You
don't
quite
know
if
it's
a
great
year
until
a
couple
years
later
after
the
wines
had
a
chance
to
just
sit
and
develop
so
same
is
true
with
vc
funds.
Any
other
questions
for
jay.
B
If
not
jay
excellent
job
zoe's
your
credit
to
our
alma
mater,
I
will
go
on
now
so
bill
if
you
and
then
are
on
we're
gonna
take
things
slightly
out
of
order
in
order,
so
seagull
didn't
stick
around
forever.
So
a
bill
item,
3a
discussion,
action
on
oppab
and
then
bill
we'll
pause
for
questions
and
item
3c
on
your
five
year
contribution
projections
and
then
item
4d
will
be
chiron
seagull.
I'm
sorry!
Your
audit
presentation
so
bill
over
to
you
for
3a
on
opeb.
If
you're
there.
J
Yep,
I'm
here
and
I'm
here
with
mike
our
healthcare
actuary.
Let
me
see
if
I
can
get
the
right
window
up
here.
J
All
right,
all
right
so
we're
here
today
to
present
the
final
actuarial
evaluation
results
for
the
opeb
plan
and
just
as
I've
done
with
each
of
our
meetings,
just
reminding
you
where
we
are
in
our
schedule
of
actuarial
today,
we're
doing
the
final
opeb
valuation
report
and
we're
doing
the
seagulls
doing
their
presentation
of
the
audit
results
for
the
pension
valuation
and
then
next
month,
siegel
will
be
doing
their
audit
presentation
on
this
open
valuation.
J
The
process
for
the
opeb
valuation
is
somewhat
similar
to
the
pension
valuation,
except
as
you'll
recall,
there
are
actually
two
different
subsidies
in
the
opeb
valuation.
There's
the
explicit
subsidy
of
the
premiums
and
then
there's
an
implicit
subsidy
for
the
the
cost
of
health
care
for
retirees
being
greater
than
the
premium
rates,
because
healthcare
claims
vary
with
age.
J
J
J
Our
focus
is
just
on
setting
the
city
contributions
and
assessing
the
funded
status
and
projections
for
the
funding.
J
Here
we
do
things
separately
for
police
and
fire;
they
actually
have
separate
115
trusts,
set
up
or
subtrusts
set
up,
and
we
track
them
them
separately
as
separate
plans.
Even
so,
the
the
police
plan
is
now
about
40,
funded
on
the
explicit
subsidy
and
the
fire
about
39
funded.
Since
the
preliminary
results,
we
did
a
few
programming
changes
on
our
dependent
coverage
elections
that
had
a
very
minor
effect,
so
these
numbers
are
very
slightly
different
from
the
preliminary
results.
J
The
contributions
are
shown
here
with
the
member
contributions
in
purple
and
the
city's
explicit
subsidy
contributions
in
gold.
They
would
be
18
million
for
the
police
plan
and
11.2
for
the
fire
plan.
Those
numbers
are
slightly
below
what
we
had
projected
from
the
2020
valuation,
and
you
can
see
the
the
member
contributions
are
declining
slightly
as
members
who
are
eligible
for
full
benefits
and
pay
the
contributions
retire
or
leave
the
city.
J
J
K
Right
and
so
the
biggest
change
that
really
helped
is
the
actual
ui.
Also,
the
unfunded
liability
decreased
by
55
million
dollars
and
the
charlie
shows
the
impact
of
it.
39
million
of
it
was
due
to
the
real
positive
investment
returns.
We
had
last
fiscal
year
and
then
another
51
million
was
due
to
the
liability
experience,
which
is
primarily
due
to
the
premiums
not
increasing
by
as
much
as
expected.
In
fact,
in
a
couple
situations
they
actually
decreased
over
what
they
were
last
year.
K
The
increases
that
balance
it
back.
The
other
way
is
the
fact
that
contributions
were
actually
less
than
the
tread
water
amount,
which
is
the
amount
needed
to
essentially
keep
the
unfunded
liability
unchanged
by
2
million
and
then
34
million
consumption
changes.
It
was
mainly
the
decrease
in
the
discount
rate
from
six
and
a
quarter
to
six
percent
next
slide.
J
K
And
so
the
next
chart
shows
the
membership
trends
and
it
really
shows
what
again,
because
this
is
a
closed
plan,
that
the
number
of
members
in
a
status
continues
to
increase
and
will
continue
to
increase
as
those
in
the
dark
blue
bars.
Those
who
are
active
employees
that
are
eligible
for
that
full
benefit
in
the
future.
Again
that
continues
to
drop
as
more
and
more
of
those
individuals
retire
and
they're,
replaced
by
the
light
teal
bar,
which
is
those
who
only
have
access
to
the
catastrophic
disability
benefit.
K
But
the
one
thing
you
can
actually
see
is
for
the
police
at
least
the
actual
number
of
covered
actives
is
actually
increasing
versus
fire,
which
has
been
fairly
static.
It's
about
the
same
number
of
individuals
over
the
time
period
so
from
the
police
point
of
view,
at
least
it's
getting
a
little
bit
bigger,
but
you're
going
to
continue
to
see
over
time
that
dark,
blue
bar
continue
to
decrease
as
more
and
more
members
retire
and
then
get
replaced
by
individuals
and
just
have
access
to
the
catastrophic
disability
benefit.
K
And
then
the
next
shows
just
the
distribution
by
age,
which
you
know
really
shows
that
at
the
very
younger
ages,
they're
all
just
the
catastrophic
disability
benefit,
because
there
are
new
hires
who
don't
have
eligibility
for
this
full
benefit.
And
then
you
can
really
see
you
know,
particularly
the
next
four
or
five
years,
140
police
that
are
50
to
54
and
then
another
22
or
55
to
59
you're,
going
to
start
seeing
those
individuals
start
to
retire
and
the
same
thing
for
fire.
K
K
You've
got
a
very
small
percentage
that
are
in
lieu,
so
basically
they
have
put
off
accessing
the
benefit
for
a
period
of
time,
so
that
they
can
basically
build
up
that
25
of
the
contribution
they
would
have
received
and
use
it
in
future
years,
and
so
it's
86
percent
of
them
are
actually
getting
benefits
today
and
police
and
a
significant
greater
number
for
fire.
So
very
few
of
the
fire,
relatively
speaking,
you're
taking
in
lew
compared
to
the
police.
K
Next
slide,
and
this
shows
the
long-term
projection
of
the
benefit
payments,
and
this
is
really
a
function
of
the
fact
that
it
is
a
closed
plan
that
the
gold
bars
are
the
dental
which
can
increase
this
slightly
for
a
period
of
time
as
more
individuals
retire
and
then,
as
they
start
to
pass
away
in
the
future.
It
starts
to
decline,
explicit
medical
and
goes
up
as
individuals
retire,
and
it
starts
to
come
down
both
due
to
individuals.
K
You
know
passing
away
as
well
as
the
transition
from
the
pre-medicare
to
medicare
is
medicare
is
a
little
less
expensive
and
the
part
b,
because
again,
under
this
plan,
the
member
can
use
any
additional
explicit
subsidy
contribution
is
above
the
premium
cost
for
the
plan
so
versus.
If
they're
in
kaiser
there's
additional
explicit
subsidy
available,
they
can
spend
on
the
part
b
premium.
So
that
comes
up
and
then
you've
got
the
implicit
subsidy
which
is
primarily
pre-65,
and
so
once
the
final
member
was
active,
who's
finally
retired
and
reaches
865,
which
is
around
2055.
K
J
So
if
we,
if
we
look
at
the
projections
here,
the
lighter
gray
bars
are
the
historical
and
then
the
darker
gray
bars
are
the
projection
of
the
actuarial
liability.
J
Looking
at
the
police
plan
here,
you
can
see
the
line
for
the
assets
jumped
up
this
year
with
the
investment
returns
and
were
now
40
percent
funded.
I
I'd
also
note.
Historically
here
the
liabilities
dropped
and
have
been
creeping
up,
so
we
have
had
some
variation
in
the
liabilities
that
actually
have
helped
us
get
better
funded,
but
as
we
project
forward
over
the
next
20
years,
you
see
a
constant
projection
of
improved
funded
status.
J
the
city
contributions
fill
in
the
gap
and
are
expected
to
increase
over
time,
but
over
the
next
several
years,
they're
projected
to
remain
relatively
level
and
then
the
the
dark
blue
line
shows
the
projection
from
the
last
valuation.
So
you
can
see
the
impact
of
the
investment
returns
and
the
liability
experience
in
the
last
year
dropped
the
the
projected
contributions
slightly
for
the
duration
of
the
projection.
J
Here's
the
same
chart
for
fire
very
similar
pattern.
They're
39
funded
projected
to
get
to
93
funded
same
sort
of
pattern
as
slightly
larger
gap
here
due
to
the
differences
in
experience.
J
J
The
red
line
here
shows
our
projection
of
their
optional
maximum
contribution
and
shows
that
the
projected
contributions
for
the
city
are
just
slightly
above
that
max
as
we
go
forward
so
they're,
not
so
much
above
the
max
that
if
the
city
imposed
the
max
it
would,
it
would
obviously
affect
the
projection
of
funded
status.
But
it's
not
a
significant
effect
at
this
point,
but
that's
something
that
we
will
continue
to
watch
so
with
that.
I
think
we'll
take
any
questions.
The
board
may
have.
L
Yeah
bill
taking
a
a
page
out
of
harvey's
favorite
book
to
this
market
assets
here,
that
is,
that
represents
the
market
value,
or
is
that
the
actuarial
value
as
against
the
actual
liabilities
in
the
grade
chart.
J
So
if
you'll
recall
on
the
opeb
plan,
we
don't
the
actuarial
value.
Is
the
market
value,
because
the
purpose
of
smoothing
the
assets
on
the
pension
is
to
control
the
volatility
of
contributions
in
the
oped
plan?
It's
not
just
the
assets
that
are
volatile
and
particularly
as
we're
building
up
the
funding.
The
asset
volatility
is
not
as
significant
as
the
volatility
of
liabilities,
so
rather
than
smooth
contributions
by
smoothing
the
assets,
only
we
have
built
it
into
the
amortization
schedule,
and
so
the
smoothing
is
directly
applied
in
the
amortization
schedule.
J
Maybe
I
can
probably
see
that
best
right
here.
If
we're
looking
at
the
fire
contributions,
I
you
can
see
this
temporary
grade
down
in
the
contribution
amount
and
that's
the
smoothing
of
the
gains
in
the
last
year
being
coming
in
as
a
part
of
the
amortization
over
the
next
several
years.
L
B
E
Ask
when,
if
I
marry,
mr
chairman
sure,
jump
in
harvey
thanks
bill,
I
think
it
was
on
slide
three.
You
made
a
comment
that
I
want
to
explore
for
the
board.
E
E
J
The
the
history
is
that
originally
all
the
contributions,
both
the
employee
and
employer
went
into
the
401
h
account,
and
so
all
the
benefits
were
being
paid
out
of
it,
and
but
the
401
h
account
has
legal
limits
on
how
much
you
can
contribute
to
it
and
we
were
bumping
up
against
those
limits
or
approaching
those
limits,
and
so
they
split
it
and
put
the
city
contributions
into
the
115
trust,
and
I,
I
think,
they've
just
continued
making
the
payments
out
of
the
401
h
account.
E
J
J
The
benefits
made
deplete
the
account
and,
in
fact,
I
believe,
on
fire.
We
are
very
close
to
that,
but
at
which
point
they
will
will
have
to
switch
the
benefit
payments
to
the
115
trust.
G
So
harvey,
let
me
step
in
here
for
a
second
and
yeah.
I
wish
I
wish
donna
was
here.
I
don't
think
barbara
has
any
background
on
this,
but
as
as
bill
explained,
there
are
some
legal
limitations
on
the
contributions
for
the
former
nation,
where
just
the
city
was
hitting
that
bomb
and
the
city
actually
went
out
through
the
irs
and
got
approval
to
establish
a
115
trucks.
G
G
We
see
is
taking
any
contribution
from
either
the
produce
of
the
employer
to
the
foreign
age
on
the
police
and
fire.
However,
the
city
then
started
making
contributions
for
healthcare
today
115,
but
the
members
elected
not
to
start
making
contributions.
G
I
don't
know
the
reasons
for
that
political,
otherwise,
but
and
nevertheless
it
was
a
practice
that
any
payments
were
coming
out
of
their
401
age
and
that's
what
we
have
continued
doing
again.
I
think
if
donald
was
here
today,
she
will
have
a
little
more
background
on
that
practice
than
I
do.
But
that's
sort
of
the
overall
explanation
and
I
think,
has
been
indicated-
we
are
getting
very
close
to
extinguishing
the
balances
on
the
following
age,
and
once
that
happened,
then
of
course
the
payments
will
have
to
come
on
the
115.
G
right
now.
The
employees,
the
acting
members
that
are
making
healthcare
contributions,
actually
are
going
to
the
one
to
the
41
h,
because
there
is
obviously
there's
there's
no
115
sections
set
up
for
accepting
employee
contributions
at
this
point
because
they
have
not
agreed
to
it.
J
So
that
just
one
more
piece
of
the
history
here,
which
I
think
will
also
come
up
in
siegel's
audit,
the
the
reason
the
employees
wanted
to
continue
contributing
to
the
401
h
account
is
that
under
the
pension
plan,
if
they
take
a
refund
of
contributions,
that
value
also
includes
the
contributions
they
made
to
the
401
h
account,
and
it
cannot.
J
I
I
guess
my
understanding
is
legally.
It
cannot
include
the
value
that
was
contributed
to
the
115
trust,
or
at
least.
E
Yeah
this
is
this
is
franco,
that's
correct,
yeah
that
that
that's
right,
the
401h
account
contributions
can
be
withdrawn
from
the
members
accounts
if
they
leave
the
city
of
san
jose,
otherwise
withdraw.
But
if
there's
no,
if
all
that
money
is
drained
first
to
pay
a
hundred
percent
of
the
benefits,
then.
E
J
So
just
to
clarify
when
they
withdraw
it,
the
money
does
not
actually
come
out
of
the
401h
account.
It
comes
out
of
the
pension
trust.
It's
just
an
additional
benefit
amount
because
they
can't
take
it
directly
from
the
401
h
account,
but
we
just
calculate
the
value
and
subtract
it
from
the
pension
trust
assets.
G
Yes,
thank
you
bill.
It's
just
an
accounting
transaction,
the
the
members
are
entitled
to
their
refund,
but
it's
coming
out
of
the
pension
side,
not
the
wrong
age.
Certainly,
your
opponent
is
well
taken
counsel
and
if
we
need
to
look
further
at
this
issue,
we
certainly
can,
but
in
a
nutshell,
that's
the
that
is
the
the
situation
at
this
point
and
sort
of
also
the
explanation
of
the
background.
The
practice
from
the
office.
B
G
J
Right,
I
should
have
mentioned
that
this
is
the
powerpoint
there's
a
separate
full
valuation
report
with
a
lot
more
detail
in
it.
B
Yeah
great
so
I'll
go
ahead
and
make
the
motion
that
we
accept
this
and
approve
the
written
report.
Is
there
a
second
for
my
motion.
B
E
E
B
Jack,
yes,
franco,
hi
and
dave
hi
all
right.
So
let's
see
that
was
item
3a
um's
vote
bill.
Why
don't
you
go
ahead
and
jump
before
c
the
five
year
city
contribution
projections.
E
J
Thanks
so
there's
not
a
lot
to
say
here:
this
is
annually.
We
provide
this
letter
summarizing
the
information
you've
already
approved
in
the
valuation
reports
or
the
city
for
their
budget
projections,
and
they
do
five-year
budget
projections
the,
and
so
we
showed
the
pension
and
the
opeb
projections
for
five
years.
J
The
one
thing
that's
new
that
we've
added
this
year's.
We
did
notice
that
they
were
doing
some
sensitivity
in
their
budget
projections
and
we
wanted
to
give
them
a
basis
for
that
for
the
the
pension
that
is
so
volatile.
So
we've
added
our
25th
percentile
50th
percentile
and
75th
percentile
projection
of
contributions
on
the
pension
plan,
just
as
a
resource
for
them
on
the
sensitivity
other
than
that.
It's
just
the
details
and
breakdown
that
they
want
for
their
budgeting.
J
J
We
gave
them
amounts
discounted
using
the
full
discount
rate,
but
noted
that
that's
something
that
the
board
has
yet
to
vote
on
and
decide
whether
they
would
give
the
full
discount
rate
or
not
so,
we've,
given
them
the
numbers
based
on
the
full
discount
rate.
But
after
the
board
makes
its
decision,
which
I
believe
is
scheduled
for
march
or
april
after
prabhu,
does
his
analysis.
J
G
J
No,
I
think
you
you
just
need
to
accept
it.
The
numbers
are
the
same
as
what
was
provided
in
the
valve,
so
it's
not
really
changed
to
anything.
You've
seen.
G
As
always,
I
just
I
think
bill
mentioned
it
and
if
he
didn't,
he
was
thinking
about
it.
Just
a
reminder
to
anyone
at
the
meeting
that
all
these
members
have
predictions
and
they
assume
that
oh
just
one
or
two
or
three,
but
all
the
assumptions
will
be
met
exactly
as
they
have
been
assumed,
which
is
extremely
unlikely.
But
nevertheless
those
are
the
projections
for
the
next
five
years.
B
Right,
that's
a
good
point
roberto
and
for
those
of
you
that
remember
bill's
earlier
presentation,
they
have
a
way
of
giving
us
the
uncertainty
in
that
forecast.
That's
where
the
lines
diverge,
as
bill's
measuring
sort
of
the
one
sigma
point
in
these
statistics.
Of
that
any
other
questions.
Yeah.
M
Mr
chair
yeah,
santos,
and
forgive
me
for
not
pronouncing
the
word
properly,
but
it
seems
to
me,
is
the
the
current
members
contributions
that
will
be
going
down.
Is
it
based
on
the
authorization
adoption
some
years
ago
where
they
paid
more
over
the
long
period
of
time.
J
Are
you
talking
about
the
opeb
contributions
going
down
the
members
contributions
yeah,
but
to
the
to
the
opeb?
Yes,
yeah,
the
the
members.
Contributions
are
a
fixed
rate
of
pay
to
the
opeb,
but
it's
only
for
the
closed
group.
There's
no
new
members
coming
in
making
those
contributions.
So,
as
the
group
gets
smaller,
the
dollar
amount
of
those
contributions
goes
down,
but
it
stays
for
the
individuals
it
stays
at
eight
percent
all
right.
Thank
you.
B
Good
question
dick
I've
sort
of
looked
at
that
myself,
any
other
questions,
floors
open.
B
We
don't
need
to
do
okay,
if
not
hey
siegel,
if
you're
still
on
we're
there
on
4d
on
your
actual
audit
on
the
pinch
valuation-
and
I
guess
next
month,
bill
we're
going
to
see
siegel
again
on
opeb
is
that
right.
G
Mr
chair,
before
seeker
kicks
it
off,
I
wanted
to
introduce,
obviously
seagull
just
wanted
to
mention
that,
for
the
benefit
of
some
of
the
trustees
that
were
not
here
for
the
first
audit,
we
instituted
a
standard
practice
of
having
the
pensioned
and
open
actual
evaluations
being
audited
every
five
years.
We
instituted
that
back
in
2016..
G
Their
results
on
the
acura
audits,
like
both
pension
and
opec,
performed
by
kyron,
and
I
just
wanted
to
let
you
know
I
have
the
the
luxury
of
really
working
in
the
industry
for
some
26
years,
and
the
bulk
of
my
career
has
been
working
either
with
seagull
in
prior
drugs
and
with
chirons
as
I
joined
san
jose,
I
found
both
firms
to
be
very,
very
effective
and
of
the
highest
caliber,
and
you
should
also
know
that,
just
as
seagull
is
doing
the
audits
of
carbon
work
in
san
jose,
there
are
situations
across
the
state.
G
Where
is
the
other
way
around?
Siegel
is
the
actual
actuary
and
karen
does
the
the
audit.
G
G
It's
a
standard
practice
that
is
now
done
in
the
public
arena
and
so
I'll
encourage
you
to
to
really
ask
questions
and
and
and
ask
seagull
to
explain
any
any
issues
or
concerns
that
you
may
have
and
before
I
turn
it
over
to
sega
and
paul
and
andy,
which
is
great
to
have
then
on
board.
I
have
worked
with
them
for
a
few
years
when
I
was
in
fresno
just
a
a
a
side
note.
G
If
this
was
a
financial
audit,
it
would
basically
be
an
unqualified
opinion,
so
I
just
leave
it
as
that.
There
are
obviously
some
some
commons.
I
think
I
want
to
share
with
you.
There's
always
a
way
to
to
look
at
assumptions
and
make
improvement
to
the
process,
but
nevertheless
they
were,
for
the
most
part
they
were
able
to
match
the
results
that
kyron
presented
to
you
on
the
pension
valuation.
So
with
that
I'll
turn
over
to
to
sega,
paul
and
andy
welcome
good
morning.
I
Thank
you
roberto
and
thank
you,
chair
lanza.
This
is
paul
angelo.
I
think
you
can
see.
I'm
sharing
my
screen.
You
can
see
the
cover
page
of
our
audit
of
the
june
30
2021
pension
act
for
evaluation.
As
noted
this
is
the
pensions.
You
just
saw
a
projection
on
the
on
opeb
we're
now
shifting
over
to
pension
and
we'll
be
back
in
a
later
meeting
to
present
an
audit
of
the
open
evaluation
that
was
received
today,
I
am
joined
by
my
colleagues,
andy
young.
I
I
also
have
sam
sang,
who
he's
the
guy
that
does
the
heavy
lifting
of
the
numbers
in
the
back
room,
so
they're
both
here
to
keep
me
honest
as
I
go
through
and
read
the
the
results
of
your
of
your
actual
audit,
I'm
going
to
jump.
The
first
couple
pages
are
boilerplate
talks.
You
know
tables
of
a
condense
and
things
like
that.
I
I
What
we
notice
is
that
we
have
confirmed
that
the
results
of
the
audit
are
reasonable
and
they
are
based
upon
generally
accepted
actuarial
principles
and
practices.
Actual
audits
do
not
use
the
term,
you
know
clean
opinion
or
unmodified
opinion,
but,
but
I
think
roberto
pointed
out
accurately.
This
is
analogous
to
that.
As
is
always
the
case.
In
actual
audits,
we
will.
There
are
a
few
things
that
we
observe.
Some
of
them
have
to
do
with
methodology,
and
some
of
them
have
to
do
with
the
information
that's
presented
in
the
action.
I
I
Okay,
as
far
as
the
economic
assumptions
you're
using
six
six
and
five
eights
is
your
investment
return
and
a
two
and
a
quarter:
price
inflation,
which
is
a
component
of
both
salary
growth,
cost
of
living
and
wages,
and
then
there's
a
net
real
return
and
wage
growth.
Real
real
wage
growth
of
75
points
to
get
you
to
the
three
percentage
wage
inflation.
We
believe
these
are
all
reasonable.
I
The
2.25
is
a
at
the
low
end
of
the
range
that
you'll
see
generally
use,
and
we
have
some
detailed
comments
about
how
that
compares
to
how
that
compares
to
some
of
the
other
external
indices.
Predicting
inflation
in
this
current
rock
and
roll
inflation
time
is
a
very
difficult
thing
to
do,
and
so
I
know
that
we
are
telling
our
clients
to
kind
of
filter
out
this.
We
seem
to
have
an
inflation
bump
going
on.
I
We
do
make
an
observation
that
we
believe
that
the
best
model
practice
is
to
have
consistency
between
the
inflation
that
goes
into
the
projection
of
benefits.
That's
things
like
wage
growth
and
colas
and
inflation.
I
However,
in
subsequent
conversations
with
with
film
with
chiron,
we
we
were
provided
some
some
background
information
that
shows
that
the
inflation
components
that
go
into
investment
return
do
appear
to
be
in
that
two
and
a
quarter
range,
but
we
we
do
recommend
that
that
be
made
a
little
more
explicit
in
future
reports
on
the
economic
assumptions
the
next
page.
This
is
a
comment
I
believe
we
made
in
our
review
five
years
ago.
I
The
board
reviews
economic
assumptions
every
year,
that's
a
little
more
frequent
than,
I
think
is
normal
practice
for
a
long-term
assumption,
but
we
would
also
recommend
that
if
you
continue
that
practice,
there's
kind
of
a
timing
issue
that
comes
up,
because
the
review
of
the
assumptions
occurs
very
close
to
the
the
actual
production
of
the
valuation
and
since
most
of
the
capital
market,
information
is
available
earning
the
year.
I
So
that's
what
I
have
here
in
the
second
paragraph
under
that
first
bullet,
the
next
two
items
get
into
some
data
issues
and
I'm
going
to
ask
andy
young
if
you
would
walk
us
through
the
the
the
bottom
two
bullets
on
this
page
andy
over
to
you.
F
Oh,
thank
you.
Thank
you
paul.
I
think
at
the
end
of
the
day,
I'll
summarize
the
conclusion.
First,
it's
a
non-event
now
going
back
to
the
bullet.
We
because
we
were
so
squeezed
on
time,
both
chiron
and
siegel.
There
were
some
changes
that
chiron
has
to
make
fine
tuning,
not
wholesale
changes
to
the
data,
but
once
those
data
changes
were
made,
they
were
just
not
sent
back
to
siegel.
F
So
as
a
result,
we
have
to
run
with
an
earlier
version
of
the
data
and,
like
I
said
earlier
on,
this
is
really
a
non-event,
because
at
the
end
of
the
day,
most
of
the
data
elements
are
matching,
so
we
just
want
to
at
least
provide
a
suggestion
to
chiron
that
five
years
from
now,
when
the
system
is
going
to
do
the
next
audit
just
share
the
data
with
with
the
auditing
actually,
hopefully
will
be
seagull
as
soon
as
possible.
F
I
think
the
other
part
has
to
do
with
every
time
when
we
do
the
valuation
it
happens
to
our
valuation
as
well,
because
we
have
been
retained
and,
in
this
case
chiron
has
been
retained
by
the
system
to
do
valuation
for
many
many
times.
It
is
not
unusual
for
chiron
to
develop
some
understanding
of
the
data,
whereas
the
system
may
not
have
routinely
updated
database
to
reflect
that.
I
Thanks
andy,
the
next
bullet
here
talks
about
calculating
refunds
that
involve
member
contribution
balances,
there's
an
element
that
is
in
the
in
the
data,
labeled
insurance
contributions
and
interest
by
the
way,
here's
a
little
terminology
to
watch
out,
for
we
will
refer
to
the
federated
plan
as
the
system,
and
we
refer
to
this
plan
fire
belief
as
the
plan
so
later
on
when
you,
when
you
see
references
to
system
that
always
refers
to
the
federated
plan,
what
we
just
noticed
is:
there's
not
complete
consistency
between
what
we
saw
this
year
in
2016.
I
They
were
these
insurance
contributions
and
interests
were
included
in
both.
We
do
understand
from
chiron
that
the
insurance
contribution
should
only
be
included
in
member
refunds
if
the
member
is
not
covered
by
the
viba,
but
we
did
include
them
in
both.
It
had
a
fairly
modest
impact
on
the
total
average
employer
contribution
rate
about
four
basis
points.
I
So
this
is
really
just
we're
recommending
that
we
clarify
the
communication
between
chiron
and
the
plan
as
to
exactly
which
insurance
contributions
should
be
included
in
the
member
contribution
balances
when
we
value
the
future
possible
refunds
of
those
balances.
I
Okay,
now
here's
we.
We
have
we
two
bullets
here
that
talk
about
how
chiron
comes
up
with
the
the
compensation
that
is
actually
used
as
sort
of
the
first
year
means
it's
the
year
after
the
valuation
date.
That
then,
is
used
to
drive
all
the
liability
calculations
in
the
valuation.
I
What
we
notice
is
there's
a
slightly
different
procedure
that
is
used
by
chiron
between
the
plan
and
the
system.
That
is,
we
we're
satisfied
with
the
explanation,
but
it's
not
common
for
the
same
actuary
to
use
two
different
methods
to
project
salaries
for
different
employee
groups
who
work
for
the
same
employer.
We
did
provide
the
same
comment
five
years
ago
and
we
noticed
that
this
year
the
two
methods
are
more
similar.
I
It
states
their
assumption
for
wage
inflation,
and
it
says
that
wage
inflation
will
reflect
current
currently
bargained
across
the
board
increases
of
three
percent
per
annum.
That's
their
that's
their
long-term
assumption,
but
they,
but
they
also
are
saying
that
for
their
valuation,
their
intent,
I
I
just
misspoke
the
intent
is
to
use
the
recently
collectively
bargained
agreed
increases
for
the
term
of
that
increase
the
term
of
that
agreement
and
then,
after
that,
to
use
the
three
percent
assumption
that
we
already
mentioned.
I
I
However,
in
taking
the
the
data
that
is
basically
last
year's
salary
and
projecting
it
forward
into
that
2022
year,
we
understand
that
chiron
actually
used
that
long-term
assumption,
rather
than
the
assumption
that's
found
in
the
in
the
bargaining
agreement,
and
so
we
we
made
that
adjustment
in
running
our
numbers
just
to
quantify
it
and
it
would
have
increased
fire
liabilities
by
about
1.2
percent
and
active
police
liabilities
by
about
0.8
and
then
the
increase
in
total
plan
liabilities,
including
all
members
that
was
for
active
liabilities.
I
If
you
throw
in
the
retirees
as
well,
it
looks
smaller
about
a
third
of
a
percent.
However,
in
order
we
we
wanted
to
quantify
this
effect,
the
effect
of
of
not
using
the
the
collectively
bargained
increases,
but
because
we
also
wanted
to
be
able
to
match
chiron's
numbers.
Overall,
we
went
ahead
and
used
chiron's
projected
salaries
which
used
that
three
percent
longer
term
wage
growth
assumption.
I
We
used
that
in
all
of
our
numbers,
but
we
did
want
to
observe
that
what
we
recommend
is
is
that
to
either
use
the
collective
bargain
assumptions
or
our
most
common
practices,
not
to
use
collective
bargain
assumptions,
that's
reasonable
as
well,
but
if
that's
the
case
then
then
we
believe
conrad
should
modify
the
statement
of
actual
assumptions
that
they
have
on
page
andy.
Anything
else.
You
want
to
comment
on
that
one.
I
think
I
got
that
covered.
I
Okay,
thank
you,
andy.
Okay,
we
have
again.
This
is
just
something
about
disclosure.
All
active
employees
are
assumed
by
chiron
to
earn
one
year
of
service.
You
know
in
each
future
year
that
means
you're,
essentially,
assuming
that
all
the
employees
plan
participants
working
full-time.
We
simply
think
that
that
should
be
a
disclosed
assumption.
This
just
a
matter
of
disclosure.
I
We
also
noticed
that
that,
unlike
in
the
calculations
that
are
done
for
the
federated
system,
this
plan,
the
valuation
does
does
not
limit
benefits
under
the
ir
internal
revenue
code,
section
415..
With
that
exception,
all
major
benefits
are
appropriately
included
in
the
valuation.
I
M
I
We
have
market
value
of
assets,
we
agree
with
the
calculation
of
the
smooth
value
of
assets
that
chiron
uses,
and
now
we
get
into.
What
really
is
the
the
big
number
that
matters?
We
do
an
actuarial
audit
and
that
is
the
so-called
present
value
of
future
benefits,
and
we
are.
We
are
basically
within
one
percent
of
chiron's
number.
I
Some
of
the
other
differences
that
come
up
in
the
contribution
rates
have
to
do
with
the
fact
that
when
you
use
the
entry
age
method,
which
is
the
the
model
method
that
that
that
the
plan
uses
that
chiron
applies,
you
split
that
total
present
value
of
future
benefits
into
a
past
piece
called
the
actual
accrued
liability
and
a
future
piece
which
is
all
the
future
normal
costs
and
that's
where
different
valuation
firm
software
may
do
that
slightly
differently.
I
So
we
always
like
to
start
off
by
saying
when
you
match
on
the
pvb,
we
are
chasing
the
same
number
of
dollars.
Overall,
it's
just
that.
There
may
be
differences
in
how
that
is
allocated
between
the
past
and
the
future,
and
that's
what
can
lead
to
next
bullet
here,
where
the
actual
contribution
rates
there
is
a
little
bit
of
spread
between
our
total
aggregate
rate
is
about
83
and
two-thirds
83.69
chiron's
total
is
81.51.
I
It's
about
three
percent
higher.
It's
generally
explained
by
again
the
difference
in
how
we're
applying
that
entry
age
method,
the
other
one,
though,
is-
and
this
shows
you
how
small
things
can
have
what
apparently
sometimes
unexpectedly
large
impact.
You
know
you
when
you
run
these
valuation
software,
you
actually
have
to
assume
whether
benefits
are
paid
at
the
beginning
of
the
month
on
the
average
in
the
middle
of
the
month
or
at
the
end
of
the
month,
and
if
you
use
a
beginning
and
month
assumption
basically
everything's
a
little
bit
closer
to
today.
I
So
all
your
present
value
is
a
little
bit
bigger,
and
so
that's
what
we
use,
whereas
we
understand
that
chiron
uses
the
end
of
month
assumption
and
that
alone
that
difference
of
one
month.
Timing,
remember
that
applying
to
all
future
benefits
ever
to
be
paid
that
that
alone
has
would
change
this
aggregate
rate
by
about
1.2
percent
of
payroll
just
shows
you
how
sensitive
these
aggregate
rates
can
be
to
sort
of
the
fine-tuning
of
the
valuation.
I
Software
employee
contribution
rates
were
closer
match,
1277
in
total
12.87
and
then
the
the
list
of
all
the
action
items
we
have
in
provide
in
exhibit
d
and
preparing
that
list.
We've
included
several
items
that
are
that
are
only
addressed
later
in
the
details
of
the
report,
we're
still
in
the
executive
summary,
but
I
think
that
most
of
what
we
find
here
in
the
detailed
findings
that
come
after
us
are
really
just
more
descriptions
of
what
we've
put
in
this
executive
summary.
So
far.
F
Yeah,
I
think
I
think
very
few
paul,
because
the
list
of
what
we
would
call
the
action
items
would
be
provided
in
the
back
of
the
report
like
paul
indicate
in
exhibits
d.
I
think
most
of
the
items
actually
really
go
to
towards
additional
disclosure
right,
so
they
actually
always
like
the
auditing
actually
always
like
the
incumbent
actually
to
to
disclose,
disclose
and
disclose.
I
think
there
might
be
some
places
where
very
small
benefits
may
not
have
been
picked
up
in
the
valuation
process.
F
We
don't
think
that
that
that
would
move
the
needle,
but
nonetheless,
those
are
the
things
that
chiron
may
want
to
consider
for
the
next
valuation.
F
I
think
there
are
some
ambiguities
like
paul
has
already
indicated
as
to
which
portion
of
the
bet
of
the
contributions
are
returnable
to
the
refundable
to
the
member,
and
sometimes
it's
very
difficult
to
tell
even
from
the
operating
actuary's
perspective
as
to
who's
in
the
vibe
who's,
not
in
the
viva.
So
it's
always
some
room
for
improvement,
so
other
than
that.
I
think
all
the
high-level
discussion
points
that
paul
mentioned
and
with
a
couple
of
other
ones,
leading
towards
the
the
level
of
benefit
that
that
should
be
included
in
evaluation.
Those
are
included.
I
I
Andy
anything
else
in
here
in
exhibit
d
that
we
want
to
throw
out,
or
should
we
just
I
I
we
also
agree
that
it's
very
common
process
to
to
have
the
incumbent
actuary.
You
know
this
is
why
we
give
this
list
so
so
so
kyron
doesn't
have
to
go
digging
around
to
find.
This
is
a
fairly
exhausted
list
of
everything
that
we
found.
But
again,
each
stated
very
as
briefly
as
possible.
L
Sure
and
the
response
could
be
either.
You
know
we'll
accept
the
recommendation
and
incorporate
it
next
time,
or
we
have
an
issue
with
it,
or
this
is
how
we've
done
it
this
way
it
doesn't
have
to
be.
You
know
as
as
extensive
as
this
audit
report,
which
is
very
thorough.
Thank
you,
mr
angelo
and
andy.
M
I
think
I
think
ms
chin
has
a
wonderful
recommendation.
I
would
I
know
it's
not
a
motion,
but
I
would
support
that
to
have
chairman
respond
to
these
guidelines.
B
Yeah
great
floors,
open
anybody
have
any
comments,
questions,
questions.
E
Can
I
ask,
maybe
roberto,
would
know
the
answer
in
terms
of
the
benefit
payments?
Are
they?
What
is
the
actual
situation?
Are
they
paid
at
the
beginning
of
the
month
end
of
the
month.
G
G
G
My
key
issue
is
hey,
let's
make
sure,
keep
me
posted,
because
the
last
thing
I
want
is
for
your
board
to
approve
a
final
report
from
you
actually,
when
there
are
sizable
findings
by
the
actuarial
auditor
right.
So
and
that's
not
the
case
here.
That
was
not
the
case
in
2016.,
and
so
I
think,
as
paul
indicated.
Obviously
there's
always
some
room
for
improvement
and
recommendations.
G
Some
of
them
had
to
do
methodology
and
the
actual
system
that
they
use
to
do
the
calculations,
but
I
think,
for
the
most
part
I
think
is,
is
a
very
good
result.
I
think
it's
a
good
practice
to
have
kyron
comment
on
on
the
on
the
on
the
results
and
the
comments
by
by
siegel.
G
You
should
know
that
by
the
time
signal
issued
this
report,
there
have
been
a
lot
of
discussion
among
the
two
actuaries,
just
from
sega
standpoint,
to
understand
the
rationale
and
the
word
by
cairo
and
kyron
just
to
explain
to
seagull
they're
ushering.
Why
they're
doing
what
they're
doing
so
but
in
any
case
again
good
job?
I
have
to
say
you
know,
I'm
happy
with
the
results
and
is
this
again.
G
G
Very
thankful
to
have
a
firm
of
the
caliber
of
kyron,
doing
your
regular
evaluation
and
then
another
one
like.
E
E
G
The
next
one
will
be
in
2026.
I
don't
know
if
I'm
going
to
be
here,
but
it's
five
years
from
now
so.
E
Trustee
lee-
I
just
had
one
question,
I
guess
paul
or
andy
you
had
mentioned
that
that
there
you
recommend
the
start
of
the
review
of
the
economic
assumptions
and
being
done
annually
is
less
common.
Among
other
systems
is,
could
you
explain
what
other
systems
are
doing
and
why
it's
less
common.
I
There's
a
pretty
well
established
practice
of
doing
the
review
of
the
assumptions
less
frequently
so,
for
example,
for
the
the
county
retirement
systems
that
operate
under
the
so-called
1937
county,
employee
retirement
law,
the
searle,
the
practice
there
is
to
review
the
assumptions
every
three
years
now
andy
and
I
have
been
working
on
these
plans
for
a
long
time
and
there
were
some
county
retirement
systems
that
used
to
do
the
reviews
every
year,
but
again
because
the
long-term
nature
of
the
assumption,
and
also
there's
a
little
bit
of,
I
call
it
agency
risk.
I
You
know,
there's,
there's
a
there's
more
of
a
temptation
to
sort
of
try
to
tinker
with
the
assumptions
and
and
again
our
practice.
Is
you
get
a
little
more
stability?
If
you
do
those
reviews
less
often,
I
think
that
I
mean,
I
think
you
would
also
perhaps
sort
of
ask
get
kyron's
experience
on
that
as
well.
But
I
know
that
our
practice
is
to
do
the
review
of
assumptions
every
three
years
or
for
some
systems
even
less
frequently.
I
think
university.
I
E
F
F
That,
even
though
you
did
a
review
of
the
economic
assumption
this
year,
but
my
recollection
is
that
you
end
up
not
changing
it
anyway,
so
maybe
to
provide
more
stability
to
the
stakeholders,
including
our
city
and
our
members,
might
be
maybe
a
good
idea
to
at
least
let
them
know
that.
Yes,
you
only
look
at
that
every
three
years,
so
everybody
can
budget
accordingly.
So
that's
just
a
soft
soft
input.
C
So
I
do.
I
know
that
you
said
this
was
not
a
big
concern,
but
I
just
want
to
press
you
a
little
bit
on
the
data
issue.
You
know,
I
think,
we're
all.
We
all
work
on
a
tight
timeline
and
deadlines,
and
I
guess
when
chiron
comes
back,
I
really
would
like
to
make
sure
that
this
is
really
not
material
in
terms
of
the
november
versus
january
correction,.
C
I
don't
know
if
that's
segal
who's
going
to
respond
to
chiron,
but
you
know
it's
sort
of
always
from
a.
I
Yeah,
well,
I
think
that
and
andy
touched
on
this,
because
the
match
in
the
numbers
is
so
close.
We
don't
believe
that
the
fact
that
we
used
the
earlier
data
is
material
to
the
finding
of
the
actual
audit,
but
I
think
then
our
our
procedural
recommendation
was
that
the
there
should
be
some
closure
between
chiron
and
retirement
system
to
make
sure
that
the
the
retirement
system
has
the
the
they
have
a
common
understanding
of
what
the
final
date
is
andy
and
see.
If
you
can
elaborate
on
that
for
me.
F
Yeah
yeah,
I
think
so,
so
the
only
difference
really
between
the
original
scrub
data
that
we
fought
to
be
final
in
the
final
one.
There,
just
some
minor
changes
in
the
salaries
that
were
reported
on
their
data
for
the
active
members,
but
other
than
that
the
membership
counts
are
coming
pretty
close.
So
that
means
that,
even
if
we
were
to
put
in
that
final
scrub
data
instead,
instead
of
the
original
scrub
data
into
our
valuation
program,
we
don't
think
that
it
makes
too
much
of
a
difference.
F
However,
paul
is
right
that
I
think
is
even
more
important
is
to
always
to
have
the
system
have
the
final
final
data
so
that
way,
when
they
provide
the
data
to
chiron
for
the
next
valuation,
they
always
start
we're
off
with
first,
the
system,
of
course,
we'll
take
a
look
at
the
data,
make
sure
that
they
agree
with
all
the
changes
that
have
been
made
by
chiron,
but
once
that
is
done,
then
I
think
the
system
that
would
have
the
final
will
be
the
final
repository
for
the
best
data
available
for
the
system
and
that's
really
what
we
are
trying
to
try.
C
J
Yeah,
I
just
wanted
to
say
we
owe
segal
an
apology
on
that.
There
were
some
data
corrections
that
came
in
after
we
had
sent
them
the
data,
and
we
didn't
realize
that
those
that
the
revised
data
had
not
been
sent
to
them
until
they
sent
us
a
question
and
we
looked
at
it
and
they
were
using
slightly
different
data
than
we
were,
and
that
was
the
reason
for
the
question.
J
So
it
was
more
of
a
procedural
issue
with
the
audit
and
overlooking
passing
on
that
information
to
sigel
after
we
got
the
latest
changes
to
the
data.
B
If
not
I'll
make
up,
I've
been
here
for
10
years,
and
I
cannot
pay
you
high
enough.
Compliments
of
paul
bill,
siegel
and
chiron
I'll.
Tell
you
a
little
story
when
my
kids
turned
into
their
30s
they're
all
married
now
I
gave
him
one
final
piece
of
advice.
They
said
dad.
You
know
I'm
I'm
married
now.
You
know
set
me
off
on
the
right
course
in
life
and
you'll
get
this
right
away
bill
paul,
I
said.
Listen!
B
It's
important
to
see
a
thing
in
detail
and
to
see
a
thing
from
a
great
distance
and
I
must
say
bill
paul.
You
guys
consistently
bill.
You
especially
do
a
great
job
of
showing
us
this
this
system
from
a
distance.
You
know
you
know
you're,
always
great
bill.
You
start
off
with
that
with
that
water
tank
chart
and
you
too
paul
in
your
presentation
today,
and
I
cannot
thank
you
enough.
I
don't
think
you
can
understand
something
as
complicated
as
this.
B
G
Thank
you,
mr
chair.
A
couple
of
things:
the
first
one
that
I
wanted
to
share
with
you
is
the
fact
that
two
things
I
think
you
when
the
meeting
started.
Mr
chair,
you
indicated
the
vacancy
left
by
former
trustee
censeri
we're
working
with
the
city
clerk
through
the
process,
so
they
can
go
through
the
application
process
for
that
public
seat.
G
The
the
second
one
is
is
the
seat
currently
being
the
seated
by
trustee
dave
wilson.
The
city
is
actually
is
going
to
the
city
council
later
this
month
with
the
resolution
to
reappoint
dave
wilson,
as
he
ran
on
a
post
to
his
next
four
year,
appointment,
which
no
doubt
trustee
wilson
is
very
excited
about.
G
I
also
wanted
to
mention
the
new
year
have
to
do
with
health
care,
medical
plans
and
everything
else,
and
as
such,
we
actually
are
going
to
the
process
of
especially
for
police
on
fire.
There's
a
medical
part
b
application
form
to
allow
members
to
receive
a
refund
for
payments
made
to
the
2021
many
care
of
the
opinions.
G
The
newsletter
is
actually
going
to
be
mailed
out
later
this
week,
so
all
the
members
should
be
receiving
it,
but
the
website
the
newsletter
is
also
available
on
our
website,
but
nevertheless
we
also
are
in
the
process
of
sending
out
letters
to
all
the
members
by
next
week
about
the
medicare
part
premium
reimbursement
and
this
whole
process
have
to
be
completed
for
members
to
be
refunded
by
april
1st.
G
So
so
we
are
timely
that
gives
in
the
second
part
of
february,
in
the
four
months
of
march,
we're
certainly
going
to
be
staff
looking
out
for
questions
or
comments,
but
again
letters
are
going
now
and
there
was
an
article
on
the
newsletter
that
should
be
made
available.
It
is
already
available
to
those
that
receive
it
by
email,
but
the
hard
copy
is
going
out
later
this
week,
so
it
should
be
in
everybody's
houses
by
next
week.
G
We
also
last
month
being
that
this
is
new
year
2022,
which
should
the
10.99
hours
indicating
the
taxable
amount
received
by
the
benefit
payments
by
the
members
for
2021
that
actually
went
out.
I
also
want
to
mention
that
staff
has
been
working.
Let
me
just
pause
here
and
publicly
publicly
thanks
the
staff
for
the
hard
work,
their
engagement
and
dedication
day
in
and
day
out.
G
I
I
know
I
mentioned
this
before,
but,
to
be
quite
honest,
is
is
not
even
fair
if
I
don't
mention
that
every
month,
the
innovation
we
are
here
today
after
two
years
of
a
pandemic
is
because
of
the
hard
work
and
engagement
by
the
staff
of
our
office.
So
I
want
to
publicly,
on
behalf
of
the
members
and
the
boards
thank
the
staff
for
the
hard
work.
G
Thank
you
so
very
much
so,
in
addition
to
the
regular
payroll
this
month
in
february,
at
the
end
of
the
month,
police
officer,
members
are
gonna,
be
receiving
not
only
the
calculations
on
the
cost
of
living
increases,
but
for
those
that
have
been
retired
for
a
long
time
and
they
have
lost
more
than
75
percent
of
the
purchasing
power,
since
they
retired,
they
also
will
receive
a
guaranteed
purchasing
power
payment
to
bring
them
back
up
to
the
75
of
purchasing
power
since
the
day
they
retire.
G
And
lastly,
I
wanted
to
mention
that
the
the
city
right
now,
as
we
see
customer
by
pam
foley,
the
city
council,
is
actually
having
just
like
yourself
meetings,
I'm
virtual
the
city
I
mentioned
to
you
last
night,
the
city
paused
the
return
back
to
the
worksite.
G
They
are
moving
forward
now
with
a
date
of
february
28th,
and
when
I
say
moving
forward,
I
mean
that
they
are
going
to
start
bringing
back
employees,
but
but
they
are
very
much
in
support
of
a
hybrid
approach.
So
it's
nowhere
near
is
going
to
be
the
way
it
used
to
be
before
the
pandemic.
Where
everyone
was
at
the
offices
five
days
a
week,
we
are
in
the
same
boat.
We
look
the
only
difference
that,
instead
of
bringing
stuff
back
to
the
worksite
on
the
28th,
we
have
elected
to
do
it.
G
We
are
going
to
kick
off
I'll,
continue
our
plan
with
a
two
day
back
to
the
office,
starting
with
march
14th
and
then
and
see
how
that
works
for
everyone
involved
at
the
office,
the
members
and
and
the
staff,
and
eventually
we
are
going
to
institute
a
full
implementation
of
a
hybrid
approach.
So
we
don't
really
expect
that
going
forward
we'll
have
staff
at
the
office
five
days
a
week.
That
does
not
mean
that
employees
cannot
choose
to
do
that.
G
If
an
employee
would
like
to
be
in
the
office
like
this
a
week,
they
will
be
allowed
to
do
so.
But
it's
been
proven
over
the
last
two
years
that
work
is
completed,
whether
it
is
remotely
or
not,
staff
is
engaged,
whether
at
the
office
or
not.
So
to
that
extent
we're
going
to
give
the
hybrid
approach
a
if
we'll
go
ahead
sometime
in
the
screen.
In
the
meantime,
I
will
keep
you
posted
with
any
changes.
Obviously,
that,
in
a
nutshell,
are
my
comments.
Mr
share,
I'm
happy
to
answer
any
questions.
B
Well,
let
me
compliment
you.
I
pass
along
the
board's.
Compliments
yourself,
it's
hard
to
believe
roberto
that
next
month
it
was
march
of
2020.
Last
time
we
met
in
person,
and
I
grew
the
roberto
I'm
you
know
I'm
sitting
on
10
11
boards
and
you've
done
every
bit
as
well,
if
not
better
to
you
and
your
staff
than
any
other
board.
I
sit
on
so
compliments
two
floors
open
any
comments,
questions
for
roberto.
G
She
reminded
me
to
remind
everyone
that
mean
that
I'm
looking
for
your
comments
just
give
me
a
second.
I
don't
want
to
get
in
trouble
with
you.
She
reminded
me
to
let
everyone
know
that,
even
though,
when
we
usually
over
the
last
couple
of
years
and
just
recently
when
whether
it's
a
staff
or
is
actually
board
members
attend
a
virtual
conference.
G
Even
though
there's
not
actual
travel
that
the
attendance
to
the
conferences
they
need
to
be
brought
forward
through
staff
so
that
it
could
be
approved
by
the
board
in
in
the
agenda
meeting.
So
just
a
little
reminder,
and
and
once
we
have
to
start
doing
actual
travel,
then
we
need
to
reach
out
to
staff
early
on
so
that
we
can
book
flights
at
the
hotel
for
you.
G
But
in
a
nutshell,
I
just
wanted
to
make
sure
that
I
was
understood
any
kind
of
travel,
whether
it's
virtual
on
accurate
travel.
Let's
make
sure
that
we
reach
out
so
that
it's
approved
on
the
consent
by
the
board,
and
if
the
ball
has
any
questions
that
they
can
be
asked
linda.
The
is
that,
did
I
provide
the
actual
update,
or
did
I
leave
anything
else.
B
D
I'm
here
virtually,
I
wish
I
was
in
person
getting
pretty
tired
of
this.
While
we're
able
to
function
virtually,
I
sure,
look
forward
to
being
in
person.
First
a
couple
of
thank
yous.
I
really
want
to
thank
prabhu
for
your
updates
this
month
or
in
january.
I
it's
a
real
volatile
market,
so
your
your
new,
your
emails
to
us,
were
really
timely
and
helped
settle
nerves
a
little
bit.
D
What
what
a
volatile
market
I'm
seeing
in
my
own
personal
profit,
sharing
plan
at
my
company,
I
I
manage
with
my
husband,
but
I
and
all
over,
so
your
your
updates
were
really
wonderful.
Also,
I
received
your
newsletter
electronically
and
I
want
to
thank
linda,
I
know
she's
the
editor.
She
does
a
fabulous
job
really
well
done
on
the
newsletter,
just
some
updates
at
the
city
level,
since
I
haven't
been
here
since
january.
A
lot
we
haven't
been
here
since
january.
Actually,
lots
happened.
D
We've
only
had
a
couple
council
meetings,
but
they've
been
a
lot
has
happened
on
them.
I
won't
go
in
to
the
gun,
the
gun
safety
measure
that
we
passed
a
couple
weeks
ago.
But
if
you
have
questions
you
can
certainly
ask
the
most
important.
Probably
is
our
charter
revisions.
We
approved
one
charter
revision,
our
charter
recommendation,
which
would
be
to
move
the
mayor's
race,
the
mayor's
election
from
being
connected
to
the
governor's
race
to
be
connected
to
the
presidential
years.
So
that
means
any
of
them.
D
May
those
people
running
for
mayor
right
now
if
this
passes
by
the
voters
would
be
and
the
person
who
wins
would
have
a
two-year
term
and
then
be
able
to
run
for
two
four-year
terms
in
beginning
beginning
in
2024,
that
was
approved
by
council
and
that
will
then
go
to
the
voters
on
the
june
ballot
and
the
bat
the
voters
will
need
to
approve
that
before
that
change
can
occur.
D
There
were
a
lot
of
other
recommendations
by
the
charter
commission,
who
did
conclude
their
work
at
the
end
of
december,
but
most
of
all
of
those
things
have
gone
to
study
sessions,
whether
it
be
ranked
choice,
voting
or
recommendations
on
modifications
to
over
police
over
oversight.
There's
a
lot
of
recommendations
from
the
charter
commission
in
relation
to
that
and
we
are
having
a
special
study
session
just
in
relation
to
public
safety.
D
This
has
just
been
approved
to
go
to
a
study
session
and,
frankly,
I've
taken
a
lot
of
heat,
because
I
voted
yes
on
this,
but
I
voted
yes
on
it
because
it
was
actually
included
in
the
whole
other
packet
about
the
charter,
commission,
recommendations
and
really
the
study
session,
I'm
never
afraid
to
study
an
issue
deep
and
I'd
like
to
hear
both
sides
of
the
discussion
in
related
to
that.
So
that's
none
of
those
are
going
to
come
up
soon.
D
The
other
thing
I
wanted
to,
let
you
know
is
we
are
all
in
budget
session,
and
the
unfunded
liabilities
and
effects
on
the
stock
market
and
bond
market
is
really
of
concern
and
our
investments
is
of
concern.
D
D
If
not,
then
testing
weekly
testing
is
required
by
our
employees
and
there
are
medical
exemptions,
and
there
really
is
religious
exemptions
allowed,
as
well.
D
Roberto
already
talked
about
going
back
to
city
hall,
we're
not
likely
to
go
back
to
city
hall.
As
far
as
council
meetings
through
march,
it
looks
like
it
looks
like
we're.
Gonna
be
virtual
through
march
in
our
city
council
meetings,
which
is
unfortunate
because
it's
really
much
better
to
work
collaboratively
as
a
council
when
we
can
see
each
other
in
person,
but
we
do
what
we
have
to
do.
D
Acro
omicron
is
very
vil,
vil
virulent,
and
I
you
know
prior
to
this,
I
probably
didn't
know
more
than
five
people
who'd
been
closely
affected
by
the
other
variants,
but
this
one
I
you
know
I
know
you've
all-
are
seeing
this
too.
So
many
people
being
affected
by
omicron
and
while
some
countries
are
loosening
up,
people
who
leave
are
leaving
their
masks
behind
in
some
countries,
and
some
cities
are
considering
it.
Ours
isn't
and
our
state
isn't
and
we're
not
there
we're
not
at
that
point.
D
Yet,
although
we
all
know
getting
rid
of
mass,
be
nice,
but
please
get
boosted
and
vacci
vaccinate
and
boost
it.
If
you
haven't
already,
I
guess
that's
that's
the
end
of
my
report
for
for
now.
Thank
you
for
letting
me
sit
in
on
these
meetings
very
interesting.
B
So
as
always,
it's
our
pleasure,
pam,
councilman,
foley
floors
open
any
questions
for
miss
foley.
G
No,
I
just
have
a.
I
just
want
to
thank
councilmember
foley
for
making
a
statement
that
I
I
forgot
to
name,
which
is
that
you
can't
remember
the
city
to
have
employees
by
february
11th
actually
with
the
booster
vaccine
as
well.
So
it's
a
requirement
and
so
we're
working
with
the
staff
gathering
information
making
it
available
in
the
city
so
that
they
are
vaccine,
including
the
booster
by
hopefully
by
february
11..
Otherwise,
it's
a
customer
fully
indicated.
G
If
they
wanted
to
go
to
the
city
location,
they
will
have
to
be
having
a
negative
test
and
I
think
in
the
past
the
requirement
was
also
even
if
they
were
working
him.
Only
I'm
not
sure
what
the
specifics
are
these
days,
but
yeah,
that's
the
requirement
is
to
be
posted
by
february
11..
Thank
you
customer.
Following
for
the
reminder.
D
Right
and
thank
you
just
a
follow-up,
and
even
if
they're
working
remotely
the
city
is
requiring
the
testing
be
done
so
in
in
their
location
and
at
my
council
office.
We're
hoping
to
go
back
three
days
a
week,
and
I
don't
know
when
it's,
because
it's
just
so
much
easier
to
get
work
done
when
you're
in
person.
D
D
We
have
a
current
agreement
with
our
health
pro
our
mental
health
provider,
for
our
current
employees
that
we
have
to
pay
for
all
of
our
employees,
whether
we
they
utilize,
the
service
or
not,
so
that
becomes
really
expensive
when
most
of
our
employees
aren't
benefiting
from
the
therapy
groups,
therapy
opportunities
that
are
available
under
the
current
plan,
so
we
have
put
out
for
or
we
will
be
putting
out
for
our
rfp
to
take
a
look
at
that
plan
and
see
how
we
can
incorporate
more
individuals,
including
the
tire
retirees,
but
I
I
did
want
to
update
you
and
let
you
know
I'm
still
working
on
it.
D
B
Thanks
for
that
update,
you
know
I
forgot
to
ask
that
any
other
questions
for
councilman
foley.
B
If
not
it's
10
40,
let's
take
a
five
minute
break
for
those
of
you
that
might
be
watching
this
in
the
distant
future
of
a
video
that
was
item
4b
and
we
covered
items
4c
and
4d
earlier
about
30
to
45
minutes
ago.
Let's
pick
this
back
up
again
in
five
minutes
thanks
everybody.
A
A
G
Yes,
I
am
thank
you,
mr
chair,
so
what
you
have
before
you
is
a
request
to
execute
the
second
amendment
to
the
agreement
with
cortex
applied
research
for
an
additional
three
thousand
dollars
for
canada
year
2022.
So
this
is
through
december
31st,
2022.
G
In
fact,
we
do
have
a
meeting
scheduled
for
tomorrow
morning,
and
so
this
would
allow
the
boards
to
continue
their
services,
although
it
will
not
be
limited
to
to
that
particular
work,
it
could
be
additional
work
related
to
other
governance
issues,
but
for
the
most
part,
they're
going
to
be
working
again
in
the
in
the
honor
review,
not
only
the
preview
of
the
process,
but
the
actual
process
will
take
place
in
in
this
coming
summer,
and
so
we're
recommending
again
to
execute
the
second
amendment
for
the
calendar
year,
2022
for
30
000.
G
I
do
want
to
mention,
however,
that
in
the
past
the
board
has
worked
with
tommy,
anurushi
and
tuna.
Amnesia
is
no
longer
involved
with
cortex,
specifically
from
a
business
standpoint.
B
B
So
my
instructions
are
to
turn
it
directly
over
to
you
maytag
and
then
I'll
jump
in
once
you
get
started.
L
Thank
you.
Everyone,
as
everyone's
familiar
from
the
various
meetings
they've
had
under
ab361.
It
allows
the
sport
to
meet
virtually
under
the
abbreviated
teleconferencing
procedures
under
the
brown
act.
If
two
factual
findings
are
made
by
majority
vote,
those
two
factual
findings
are
supported
by
the
backup
materials
that
I've
I
provided
to
you
in
with
my
cover.
L
Memo,
which
are
one
as
council
woman
foley
had
mentioned,
is
that
the
city
continues
to
meet
virtually
and
encourages
social
distancing
in
city
facilities
into
the
proclamation
of
the
state
of
emergency
from
the
governor
due
to
cover
19
continues
to
this
day,
based
on
those
two
factual
findings,
if
accepted
and
adopted
by
this
board
by
majority
vote,
will
allow
you
to
meet
virtually
under
ab361.
B
All
right
now
I
have
my
script
now
which
I'll
read
based
on
the
information
printed
just
now
by
our
council
maytag
and
provided
with
our
board
backup
materials.
It
appears
that,
following
factual
findings
justify
our
continued
meeting,
virtually
under
zoom
per
av
361.,
first
factual,
finding
governor's
population
state
of
emergency
continues
due
the
ongoing
coveted
pandemic
and,
as
pam
said
and
mayjack
pointed
out,
san
jose
city
council's
recent
resolution
continues
to
host
or
recommend
measures
to
promote
social
distancing
in
city
facilities.
B
So
the
floor
is
open
for
a
motion
to
adopt
these
two
factual
findings
for
the
election,
to
use
the
ab-361's
abbreviation
conferencing
procedure
for
the
next
30
days
for
the
board
floor's
open
for
that
motion,
don't
move
santos.
I've
got
emotion
by
santos,
so
I
have
a
second.
B
I
promotion
why
santos
second,
my
guard
near
this
go
round
andrew.
How
do
you
vote
hi
sunita?
How
do
you
vote
hi
howard?
How
do
you
vote
yes,
eshbar?
How
do
you
vote
hi
dick?
How
do
you
vote
yes,
franco?
How
do
you
vote
hi
and
dave?
How
do
you
vote
I
I
I
was
I
I
skipped
a
step
there
supposed
to
be
any
discussion
on
this.
Obviously,
nothing
from
us,
anybody
in
the
public
or
anybody
else
on
the
call
of
any
comments
on
that
sorry,
I
skipped
that
step
didn't
think.
B
Let's
go
ahead
and
and
vote
on
service
retirements,
the
retirement
of
adolf
kalansa
fire
captain
fire
department,
in
fact,
jan
24
2022
26.72
years
service,
saul,
flores,
firefighter
fire
department,
effective
jan
28,
2022,
21.98
years
of
service,
james
t
lay
police
officer,
police
department,
jan
22,
2022,
26.3
years
of
service,
noreen
marnelli
police
officer
police
department,
effective
jan
22
2022,
with
22.69
a
year's
service,
paul
marshall,
a
fire
engineer,
fire
department,
effective
jan
22,
2022,
25.5
years
service,
talk
m,
odama,
police
officer,
police
department,
detective
december
11th,
2021
27.26
years
service
and
jason
e
suarez
fire
captain
fire
department,
defective
jan
26,
2022,
with
27.59
years
service,
moved
I'll,
entertain
a
motion
to
approve
motion
to
approve
santos.
B
Do
I
have
a
second
second
wilson
motioned
by
santa
second,
by
wilson's,
ground
andrew?
How
do
you
vote
hi,
sunita,
hi,
howard,
yes,
eshwar.
E
B
Dick
yes,
franco,
hi
and
dave
hi
all
right.
We
have
one
deferred
vested
gregory
s,
wilkes
police
officer,
police
department,
effective
feb,
13
2022,
with
10.76
your
service.
I
always
forget
roberto.
Do
we
need
to
vote
on
the
deferred
vested.
B
B
Hi
dick,
have
you
vote
yes,
franco?
How
do
you
vote
hi
and
dave
hi?
I'm
chair
lanza,
I
vote
I
as
well.
Fortunately
thank
god.
We've
only
got
a
few
members
that
have
passed
away.
I'll,
read
the
names
and
we'll
have
a
moment
in
silence:
notification:
the
death
of
richard
r
davis,
police
officer,
retired
march
22nd
1998
died
december,
8th
2021,
leaving
no
survivorship
benefits
notification
of
the
death
of
royale.
B
I
apologize
to
his
family
if
I've
mispronounced
that
police
officer
retired
april
19
1997
died
december,
21st
2021,
also
no
survivorship
benefits
and
the
death
of
patrick,
a
maguire,
lieutenant
retired
april
6
2000
died
april
died.
Excuse
me
october
18
201.
Also,
no
survivorship
benefits
will
not
have
a
moment
of
silence.
B
Yeah
this
is
this
is
franco.
I
I
really.
E
Only
worked
briefly
around
one
of
these
guys,
but
my
condolences
to
their
family.
M
Yes,
I
didn't
know
two
of
them
but
of
course,
my
best
for
the
family
and
thankful
for
their
service,
but
the
lieutenant
patrick
mcguire.
I
knew
him
well,
I
can
say
most
of
you
may
not
know
this.
M
He
was
a
hall
of
fame
senior
softball
player
and
he
was
a
hall
of
fame
person
as
a
lieutenant,
a
police
officer
in
the
san
jose
police
department,
a
wonderful
human
being,
it's
very
sad
and
he
was
a
good
friend
and
we
were
competitors
against
each
other
during
police
and
fire
for
many
years,
but
we
always
stayed
friends
and
so
the
best
of
his
family.
Thank
you.
B
Thank
you,
dick
we're
now
going.
E
True,
this
is
dave.
Please
just
want
to
make
a
comment
about
rich.
He
was
a
good
friend
of
mine.
I
actually
met
him
before
I
became
a
police
officer
and
he
was
instrumental
in
me
wanting
to
get
in
this
job
and
particularly
work
for
san
jose,
he's
going
to
be
sorely
missed
and
condolences
to
his
daughter,
jamie.
B
Thanks,
that's
very
well
said
dave.
Thank
you
on
to
committee
meetings.
Let's
see
investment
committee
yeah.
E
Nothing
really
just
the
last
ab
360
one
minute.
Yes,.
B
Great
I'll
notice,
I'll
note
that
we
received
the
minutes
of
the
committee
meeting
from
december,
2nd
2021.
audit
risk
committee
sniffer
in
your
report.
C
Nothing
to
report
we
haven't
really
met
on
anything
other
than
the.
B
Meeting
thanks
I'll
note
that
we
receive
and
we'll
file
the
minutes
of
december
2nd
and
17th
governance
committee.
Anything
from
you,
franco
yeah.
I
don't
believe
we
had
any
new
business
covered.
The
last
meeting,
great
thanks
I'll
note
that
we
are
receiving
follow
the
minutes
from
december,
2nd
and
17th
anything
disability.
Anything
from
you,
jack.
B
Great
I'll
note
for
the
record
that
we
received
the
minutes
of
december
2nd
december
6th
and
december
17th
happy
to
report
ashfar.
Is
our
representative
jpc
anything
to
report
from
the
jpc
ashfar.
E
I
think
you're
going
through
this
process
of
you
know
compensation
review.
So
it's
an
ongoing
process.
You
know,
we've
appointed,
I
guess
two
consulting
agencies
to
come
up
with
a
survey,
so
I
think
we'll
keep
the
board
informed
as
you
go
through
the
process.
G
Mr
chair,
if
I
may
thank
you
thank
you
trustee
menon,
you
can
see
there's
a
few
items
here.
We
we,
our
staff,
we
have
the
practice
of,
including
with
your
board
agenda,
the
actual
agenda
is
of
the
prior
jfpc
meeting
or
the
prior
committee
meeting
in
this
case
jpc,
even
though
it
says
next
meeting
to
be
determined.
This
was
actually
completed
before
we
determined
that
the
new
next
meeting
was
going
to
be
actually
tomorrow
morning.
G
There
was
an
action
on
d
some
time
back
also,
you
bore
provided
the
jpc,
which
is
really
the
only
joint
committee
of
both
boards,
the
ability
to
add
a
budget
to
make
decisions
and
they
decided
to
go
ahead
and
and
actually
contract
with
both
firms
to
work
on
the
competition
study
on
the
e.
This
was
just
a
discussion
on
the
mock
evaluation
that
all
of
you
work
in
closed
session
with
cortex
and
and
tomi
anushi
jpc
had
a
chance
to
discuss
that.
G
At
the
last
meeting,
there
were
some
questions
and
some
suggestions,
and
so
they're
going
to
be
some
revisions
to
that
to
the
process
which
we'll
bring
back
to
you
at
a
later
meeting
that
those
changes
are
going
to
be
discussed
at
the
jpc
meeting
tomorrow.
But
I
just
wanted
to
kind
of
make
you
aware
those
were
the
two
items
and
then
on
f,
congratulations
to
trustee
menon.
He
was
actually
elected
by
chair
of
the
jpc
committee,
which
no
doubt
trustee
mentioned.
His
actual
email
is
very
excited
about.
B
Well,
I'll
echo
what
ashrae
said
roberto
said,
I
actually
helped
form
this
joint
committee
after
measure
g
and
it
it
was
designed
to
wax
and
wane,
and
it's
waxing
right
now,
obviously
we're
we're
getting
ready
to
institute
a
more
involved
performance
evaluation
system
than
sort
of
the
ad
hoc
system
we've
used
since
measure
g
and
also
as
sharp
points
out
we're
in
process
now
on
a
compensation
review
which
may
have
some
far
reaching
implications.
So
I
agree
this
for
we're
in
process.
We'll
keep
updating
you.
B
This
committee
is
probably
going
to
meet
monthly
or
every
other
month,
so
you'll
probably
get
an
update
every
board
meeting
any
questions
on
the
jpc.
M
Yeah,
mr
chair
yeah,
just
here's
something
I
would
like.
If
you
would
consider
please
like
on
page
three,
it
has
like.
Let's
just
give
you
an
example,
it
says
approval
of
brian
wong.
It
talks
about
kevin,
pham
and
kevin
bond
and
we
need
to
have
their
identity,
whether
they're,
police
or
fire.
B
Yeah,
a
michelle
linda
under
1.7
consent
calendar.
Let's
bring
forward
their
a
rank
and
service
for
next
time.
B
No
worries
dick,
that's
a
good
catch,
okay,
any
any.
I
know
I
noticed
we
had
some
public
members
any
anything
any
any
of
you
folks
want
to
jump
in
with.
B
B
Oh
stay
on,
hey
hang
on,
I
almost
forgot
stay
on
stay
on
we're
gonna
now
break
and
go
into
the
individual
ab361s
linda
we
gotta
pause
while
or
michelle.
We
reset
the
video
right.