►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of February 4, 2021
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=834431&GUID=E1DB6196-7F9A-4811-A1E5-F191652913A3
A
A
B
C
All
right,
let
me
go
ahead
and
call
the
world
to
see
who's
here.
Andrew
gardner.
D
B
C
I
did
see
vince
and
I
I
won't
okay,
that's
great,
and
I
will
note
for
the
record
that
we've
got
our
our
good
old
friend.
Franco
is
here:
oh
yeah,
that's
great
vince
is
here
and
we've
got
our
girlfriend
franco
here,
who
is
out
of
the
kindness
and
generosity
of
a
spirit
joining
us
today,
as
a
member
of
the
public?
Soon,
hopefully,
not
good
to
be
a
member
of
the
board
again
pam
are
you
on
is
pam
on
yet
no
no.
E
Excuse
me
not
yet,
mr
chair
howard,
lee
just
joined.
C
C
Okay,
let's
see
reminding
me
to
reset
it
out
loud
my
emotions
on.
We
have
some
ground
rules
there.
The
generic
ground
rules
for
zoom
calls.
All
all
votes
will
be
a
roll
call
vote
so
that
you
know
we
can
record
it
for
the
for
the
archive.
C
You
know
if
you're,
not
speaking,
keep
it
on
mute.
We've
probably
got
30
40
people
on
this
call.
So
if
we're
all
in
mute,
we'll
get
less
background
noise
most
issues-
I
will
go
around
the
table
after
the
issue.
C
If
you
have
any
sort
of
weighty
or
in
summary
to
say,
but
if
we're
in
the
middle
of
a
debate
you
feel
like
jumping
in
and
there's
sort
of
an
opportune
moment,
just
go
ahead
and
jump
in
if
that
becomes
untenable,
I'll
go
ahead
and
restate
the
orders,
but
most
boards
now
have
learned
the
etiquette
and
a
lot
of
questions
are
temporal
in
the
moment,
so
don't
hesitate,
jump
in,
and
that
includes
a
staff
and
and
you
harvey
and
everybody
else.
C
F
Yes,
yes,
you
do
we
if
we're
waving
a
specific
item,
the
boy
should
approve
the
wave.
Yes.
C
Great
so
andrew,
how
do
you
vote
hi.
C
G
C
A
B
A
C
Approve
the
consent
calendar.
Once
again,
I
will
go
through
the
roll
call.
How
do
you
vote
andrew
hi,
lunita.
C
Dick
yes
vince
hi
and
I
vote
I,
if
you
guys,
keep
this
up,
we're
gonna
break
the
land,
speed
record
for
a
board
meeting,
I'm
all
in
favor
of
that
on
to
you,
prabhu
for
the
investments
portion
of
the
meeting.
H
Thank
you,
mr
chairman.
Good
morning
trustees,
I
have
a
couple
of
things
to
share
with
the
board,
so
our
final
performance
for
calendar
year
2020
came
in
from
makita
and
the
pension
plan
actually
returned.
13.7
for
2020
and
61
peers
have
reported,
and
thus
far
we
are
number
eight
of
61
peers
in
the
public
clan
universe,
and
so
some
additional
peers
will
probably
report
in
the
weeks
to
come.
H
H
H
H
We
do
have
one
long
short
manager
who
did
own
gamestop,
but
again
the
manager
did
very
well
for
the
month
of
january
was
up
1.1,
so
all
in
all,
just
for
our
pension
plans.
Very
little
impact
of
this.
You
know
recent
market
value
volatility,
especially
with
these
two
names.
I
want
to
share
that
with
the
board.
H
I
was
also
want
to
let
the
board
know
that
we
have
started
our
work
on
strategic
asset
allocation
and
have
actually
shared
a
lot
of
the
data
that
we've
received
so
far
with
the
ic
chair,
and
I
expect
to
work
closely
with
the
ic
chair
in
the
weeks
to
come,
and
we
will
have
some
preliminary
information
for
the
information
committee
later
this
month,
and
I
will
also
be
reaching
out
to
a
couple
of
other
ic
members
before
the
ic
meeting,
to
talk
about
some
of
the
work
that
we've
done
and
our
findings
so
we're
looking
forward
to
a
very
robust
discussion
of
strategic
asset
allocation
at
the
next
investment
committee
meeting
in
february.
H
Yeah,
thank
you
for
all
the
material
on
asset
allocation,
so
I
really
appreciate
it
and
quick
question.
What
is
a
fiscal
year-to-date
performance
now,
the
fiscal
year
today.
H
H
C
Any
other
questions
for
pro.
C
H
Is
actually
number
three
and
I'm
not
sure
who
number
one
and
two
were
so
we
don't
get
to
see
who
actually
performed
it's
it's
all
anonymous,
so
we
just
get
to
see
our
rank.
C
Great
thanks
brew
anything
else
for
prabhu.
A
I
have
a
question
on
that,
so
does
that
mean
the
excess
over
the
discount
rate
essentially
will
get
amortized
over
whatever
the
amortization
window
is?
Is
that
how
one
thinks
about
the
13.7.
F
So
trust
trustee
sunita
in
a
way
I
mean,
obviously
we
have
kaiban
on
the
call
that
can
provide
a
better
explanation,
but
that
will
only
happen
in
two
situations
right.
The
first
one
is
not
the
numbers
through
the
car
in
the
year,
but
the
number
to
the
fiscal
year,
so
it
will
have
to
be
the
june
30th
2021
number,
and
if
that
number
is
above
then
you
know
we
have
that
excess.
But
then
we
also
have
to
remember
that
from
an
actual
standpoint
we
use
the
five-year
smoothing.
F
C
Any
other
I
I
do
alright
meeting
an
apple,
any
other
questions
jump
in.
H
Drew
so
in
response
to
trustee
mainen's
question,
so
this
is,
as
of
yesterday,
the
fiscal
year
to
date,
return
was
17.7
and
that's
because,
in
addition
to
the
last
six
months
of
the
year
being
very
strong,
the
first
couple
of
days
of
hungary
were
also
very
strong,
so
this
is
as
of
2,
2
21..
C
F
No,
no,
we
can
send
it
over
to
to
bill.
All
I
like
to
say
is
you,
as
a
board,
have
been
working
on
the
evaluation
for
the
healthcare
and
at
the
last
meeting,
made
decisions
on
the
assumptions
with
allow
kyron
to
finalize
the
results
which
they're
presenting
here
this
morning,
so
with
that
I'll
turn
it
over
to
bill.
Welcome
bill
good
morning,
michael.
I
Good
morning,
everyone-
yes,
I'm
here
with
mike
shannon
to
present
the
final
actuarial
evaluation
results.
Hopefully
you
can
see
my
screen.
I
So
the
part
that
we
are
funding
is
the
explicit
premium
subsidy,
and
this
chart
shows
the
breakdown
of
the
projected
benefit
payments
out
for
the
next
70
years,
and
the
explicit
subsidy
has
dental
benefits
down
here
in
gold,
the
medical
benefits
in
dark,
blue
and
then
for
medicare
eligible
retirees
to
the
extent
that
the
premium
subsidy
exceeds
their
actual
premiums.
I
I
This
valuation
is
to
set
contributions
for
fiscal
year
end
2022,
it's
only
city
contributions.
The
member
contributions
are
fixed
in
the
municipal
code
and
then
we
also
use
this
for
financial
reporting.
I
I
Employee
contributions
go
into
that
401,
each
account
and
the
city
contributions
go
into
the
115
trust
right
now.
All
of
the
benefit
payments
are
coming
out
of
the
401
h
account,
but
you
can
see
here
on
the
fire
account.
The
401
h
account
is
almost
depleted
and
so
it'll
be
this
year
or
next
year.
They'll
have
to
start
pulling
benefit
payments
from
the
115
trust,
at
least
as
well
as
the
401
h,
if
not
just
switching
it
over.
I
The
other
thing
to
note
is
because
of
the
funding
levels.
We
started
funding
these
fairly
recently,
so
the
funding
levels
are
much
lower
than
the
pension
plan
and
because
of
those
funding
levels,
contributions
are
actually
much
more
important
than
investment
returns
right
now,
the
investment
returns
will
build
up
as
the
assets
build
up,
but
with
the
low
level
of
assets,
we're
not
getting
a
ton
of
boost
from
the
investment
returns,
they're
still
critically
important
in
the
long
run,
but
in
the
short
run.
What's
building
the
fund
is
the
actual
contributions.
I
So
here
we
have
our
normal
charts,
showing
the
contributions
from
the
prior
year
and
the
next
year,
based
on
the
valuation,
and
you
can
see
the
member
contributions
are
in
purple
and
they
are
actually
going
down
because
the
number
of
members
eligible
for
full
benefits
is
declining
because
it's
a
closed
group
and
that's
the
basis
for
the
member
contributions.
I
The
city
contributions
are
going
up
from
15.3
to
17.2,
for
police
and
from
10.1
to
11
for
fire
the
red
is
the
normal
cost.
So
that's
the
expected
cost
of
the
benefits
attributable
to
the
current
year
as
service,
and
you
can
see
the
member
contributions
now
are
right
about
the
level
of
the
normal
cost,
so
the
city
contributions
are
really
going
all
to
the
ual.
I
The
line
at
the
top
is
our
tread
water
line.
That's
the
normal
cost,
plus
the
interest
on
the
ual,
and
you
have
to
contribute
more
than
that
to
actually
expect
the
dollar
amount
of
the
ual
to
go
down
from
year
to
year.
If
all
assumptions
are
met,
we're
right
at
the
border
for
this
plan
on
that
treadwater
and
we'll
show
you
the
effects
of
that.
I
It's
very,
very
small,
we're
we're
basically
right
on
that
that
line
and
holding
even
as
we
get
down
the
further
along
in
the
amortizations,
we
will
start
paying
more
than
the
interest
and
get
above
the
tread
water
line
here,
we're
showing
the
funded
status
of
both
plans
and
and
just
focusing
on
the
explicit
subsidy
again.
I
I
We
expect
the
blue
section
of
the
bar
to
to
grow
and
the
red
section
of
the
bar
to
to
decrease
over
time.
Right
now.
I
think
it's
about.
Two-Thirds
of
the
benefits
are
of
the
liability
is
attributable
to
members
in
pay
status
and
that
will
grow
over
time.
J
Good
morning,
everyone,
so
this
chart
shows
the
actual
results
and
if
we
start
at
the
top
table,
this
is
the
actual
contribution
amounts
and
going
left
to
right.
It
has
the
police
first
and
then
the
fire,
and
it
compares
the
2020
versus
the
2019,
and
you
can
see
that
for
the
members,
you
can
definitely
see
the
decrease
from
about
6.7
million
to
6
million
for
the
members
for
the
police
and
for
fire.
It
was
basically
flat
from
five
ten
thousand
dollars
less
so
fairly
flat.
J
The
city's
contribution,
though
you
can
really
see
the
increase,
is
from
15.3
up
to
17.2
for
police
and
10
million
to
11
million
for
fire,
and
then,
if
we
compare
that
again,
the
city
has
the
right
to
cap
its
contributions,
and
so
this
actually
shows
the
allocated
cap
between
the
two
and
it
does
show
that,
while
last
year
the
city
contributions
were
slightly
under
the
cap.
This
year,
they're
actually
going
to
be
over
the
cap
by
about
a
million
dollars
in
total
about
half
a
million
dollars
for
each
of
the
two
plans.
J
J
The
police,
implicit
subsidy
was
basically
flat,
but
the
fire
actually
dropped
quite
a
bit
and
it
really
shows
how
much
that
can
vary
year
over
year,
depending
on
the
demographics
and
which
plans
people
select
and
to
shift
between
pre
and
post
medicare
plans,
which
is
one
of
the
reasons
why
it's
just
an
accounting
number
rather
than
something
you're
trying
to
fund
the
bottom
table
then
just
shows
the
development
of
the
unfunded
actual
liability
on
just
the
explicit
subsidy
piece
of
the
piece.
The
trust
is
actually
trying
to
fund,
and
you
can
see
that
again.
J
the
deferred
vesta
dropped
quite
a
bit,
but
it's
a
tiny
amount
of
numbers.
Basically,
because
it's
a
very
small
number
of
people
it
dropped
from
like
10
people
to
four
people,
and
fire
went
from
like
three
to
one.
So
it's
you've
got
a
very
small
number
of
deferred
vests
that
are
actually
eligible
for
the
benefit
the
people
in
pace.
J
How
much
is
due
to
the
benefits
they
get
when
they
are
eligible
for
medicare
and
how
much
is
for
dental
and
then
does
the
same
thing
for
the
actives,
how
much
of
their
future
liabilities
pre-medicare?
How
much
is
post
medicare?
How
much
is
dental
and
then
it
has
a
little
tiny
sliver
for
the
vested
terms
and
on
a
percentage
basis,
it's
zero,
because
there's
less
than
ten
members
that
are
following
that
category.
But
when
you
look
at
it,
two-thirds
of
the
liability
is
associated
with
the
retirees
that
are
currently
getting
benefits.
Today.
J
So
what
happens
with
the
medicare
eligible
premiums
and
what
medicare
happens
to
do
these
programs
is
the
real
driving
factor,
the
liability
over
the
long
term,
the
next
chart
and
shows
what
caused
the
change
in
the
unfunded
liability.
So
the
graph
on
the
left
shows
again.
The
uil
was
424
million
dollars
last
year
this
year
it
actually
increased
up
to
472
million,
and
then
the
bars
in
the
top
really
show
how
much
of
it's
due
to
the
various
pieces
and
the
chart
on
the
other
page
really
shows
the
details.
J
So
it's
of
that
almost
48
million
dollar
increase
in
the
ual.
The
first
thing
we
look
at
is
how
much
is
due
that
country,
actual
contributions
versus
tread
water
and,
as
was
pointed
out
in
the
earlier
chart,
the
tread
water
amount
for
the
two
plans.
Combined
is
37.3
million.
The
actual
contributions
were
37.1,
so
you
had
about
161
000
increase
in
the
unfunded,
due
strictly
the
fact
that
the
contributions
weren't
enough
to
actually
keep
up
with
interest,
plus
the
normal
cost.
J
J
And
so
what
this
chart
then
shows
is
for
the
police
portion
of
the
plan,
the
long-term
projections
of
where
things
will
stand.
If
all
assumptions
are
met,
the
top
chart
shows
the
actuarial
liability
in
the
grave
bar.
So
you
can
see
it
kind
of
increases
over
time
and
right
around
20,
32
2033.
It
actually
starts
to
flatten
out
and
then
starts
to
decrease,
and
that's
really
when
all
the
current
active
members
retire
and
then
they're
moving
through
their
pre-medicare.
J
So
most
of
the
benefits
associated
with
members
that
are
actually
eligible
for
medicare,
so
that
starts
to
reduce
it.
The
green
line
then
shows
what
the
assets
would
be
as
that
grows
over
time
and
then
the
numbers,
the
top,
show
the
funded
percentage.
So
it
shows
that
again,
if
all
assumptions
are
met,
the
funding
percentages
increases
and
you're
almost
at
100,
funded
by
2045..
J
The
chart
on
the
bottom
then
shows
the
projected
contributions
and
again
the
purple
bars
at
the
bottom
are
the
member
contribution,
and
you
can
see
that
that's
actually
dropping
over
time
as
they.
This
close
plan
of
members
finally
start
to
retire.
The
gold
bars
are
the
projected
city
contribution
and
again
you
can
see
that's
steadily
increasing
over
time
from
the
17
million
this
year
up
to
35
million
by
2043,
and
at
that
point
all
the
amortizations
have
happened,
and
now
then
it
drops
back
to
a
very
low
level.
J
At
that
point,
the
red
line
then
shows
the
city's
maximum
cap,
and
you
can
see
that
for
all
of
these
years
we're
projecting
that
the
actual
determinant
contribution
will
be
higher
than
the
cap,
so
that
if,
in
fact
the
city
elects
to
use
the
cap,
that
that'll
actually
make
the
actual
determined
contributions
higher
going
forward.
Because
again,
you
won't
be
making
the
contributions
to
buy
down
the
unfunded
liability.
J
The
line
in
the
next
chart
shows
the
same
information
for
fire
and
again
the
chart
at
the
top
shows
that
it
follows
this
very
similar
pattern
to
police
that
eventually
by
2045
you'll
be
100
funded.
If
all
assumptions
are
met
and
because
of
the
age
difference,
the
fire
population
on
an
average
age
is
a
little
bit
younger.
J
It
takes
them
a
little
bit
longer
to
hit
that
stage
where
the
benefit
costs
start
to
decrease
it's
more
around
the
20
40
time
frame,
and
then
the
bottom
shows
the
exact
same
information,
and
the
real
note
here
is
the
fire.
Contributions
are
much
closer
to
the
city's
maximum
contribution,
so
they're
not
as
much
over
what
that
maximum
is,
and
but
it's
still
a
fairly
big
increase.
I
mean
they're
going
from
an
11
million
dollar
contribution
to
projected
to
be
up
to
double
that
to
22
million.
By
the
time
all
the
amortization
pieces
are.
J
I
So
we
have
our
interactive
model
available
if
you
want,
but
one
thing
I
wanted
to
point
out
on
this
chart.
This
combines
both
police
and
fire,
but
also,
instead
of
assuming
the
city,
contributes
the
actuarially
determined
contribution
on
the
charts
mike
showed.
I
So
the
cap
is
just
a
small
piece
each
year,
but
over
this
length
of
time
it
really
does
make
a
difference
in
the
in
the
funding
levels.
So
we'll
have
to
see
what
the
city
actually
decides
to
do.
C
Thanks
bill
thanks
mike
hey,
let
me
just
start
a
real
quick
ask
a
question
before
we
go
around
the
the
circle
here
bill.
I
I
know
it's
hard
to
sort
of
give
us
a
grade
for
something
like
this,
but
would
you
say
we're
doing
better
than
most
or
worse
than
most
for
something
like
this?
Can
you
give
us
some
feeling
for
sort
of
how
we're
doing
relative
to
our
peers
on
something
like
this.
I
Well,
I
think
the
vast
majority
are
still
not
funding
these
plans
at
all
and
so
you're
you're
way
ahead
there
for
the
plans
that
are
funding
you
are,
I
don't
know,
they're
spread
all
over
the
map.
Some
of
them
are
like
five
or
six
percent
funded,
because
they're
really
just
getting
started
or
they're
just
contributing
barely
more
than
their
benefit
payments,
but
some
you
know
federated.
I
The
federated
opec
plan
is
as
well
funded
as
their
pension
plan,
so
it
really
varies
quite
a
bit
and
I
do
know
there
are
some
plans
around
the
country
that
are
pretty
well
funded,
but
those
are
known
because
they're
rare
not
because
there's
a
lot
of
them
like
that,
so
I
wouldn't
worry
that
you're
at
30
around
30
funded.
I
The
other
thing
to
keep
in
mind
is
this
is
a
much
smaller
liability
than
the
pension
plan.
So
even
though
it's
only
30
funded
that
unfunded
piece
is
much
more
affordable
than
then
a
similar
amount
would
be
under
the
pension
plan.
The
final
thing,
I'd
note
is
the
large
benefits
here
are
mostly
closed.
So
you
see
it
reaches
a
peak
in
liability
in
about
15
years,
and
so
it's
not
that
this
plan
is
going
to
continue
to
get
larger
and
larger.
C
A
G
No
no
questions.
Thank
you.
B
Ashford
any
questions,
no,
nothing
from
me.
Thank
you
nick.
Thank
you.
Jennifer,
no
questions,
a
dick!
No
thank
you.
C
Great
vince.
G
And
just
one
quick
question:
given
that
the
city
has
the
ability
to
either
meet
the
required,
not
the
contribution
or
abide
by
the
cap.
How
do
we
know
which
decision
is
made?
I'm
not
sure
that
that's
really
been
ever
communicated
to
our
board
in
the
past.
I
Well,
this
is
the
first
time
they've
ever
been
above
the
cap,
so
it's
the
first
time
that
that
option
exists
for
the
city,
because
in
prior
valuations
we've
been
below
the
cap,
so
they
had
to
contribute
what
we
said
now.
Having
said
that,
we
did
consider
this.
I
When
we
were
establishing
the
funding
policy,
we
set
up
a
25-year
amortization,
which
is
longer
than
we
do
for
the
pension
and
one
of
the
considerations,
not
the
only
consideration,
but
one
of
the
considerations
was
trying
to
come
up
with
a
policy
that
worked
and
stayed
below
the
cap,
but
I
think
that
was
put
in
when
our
discount
rate
was
around
seven
percent
instead
of
six
and
a
quarter,
so
so
that
that
has
that's
changed
that
dynamic,
so
we've
been
aware
of
it
and
we
did
some
sensitivity,
testing
of
it
a
while
back,
but
this
is
the
first
time
it's
really
come
into
play.
I
F
If
I
may
jump
in
excellent
question,
I
don't
know
that
we
have
an
answer
for
you,
but
because
it's
the
first
time
that
it
happened.
So
I
will
reach
out
to
the
board
director
and
find
out
what
the
intention
is
in
addition
to
making
sure
that
we
establish
a
process
where
they,
let
us
know,
I'm
assuming
that
going
forward.
They
will
let
us
know.
D
I
I
just
wanted
to
clarify
technicality
on
the
cap.
We
showed
it
on
police
and
fire
separately,
but,
as
I
understand
the
cap,
it's
on
the
aggregate
contribution,
and
so
the
other
piece
we
would
technically
have
to
work
out
is
how
that
shortfall
gets
allocated
between
police
and
fire
since
they're,
both
over
the
cap,
there's
kind
of
a
natural
of
applying
the
cap
individually
that
that
we
could
use
this
year,
but
that
policy
has
not
been
worked
out
either.
I
We
will
be
capturing
that
and
it
gets
put
on
their
financial
statements,
so
there
will
be
a
10-year
record
of
it
on
on
both
the
system
kaffir
and
the
san
jose
cabin.
Thank
you.
C
That's
great
roberto
or
prabhu
or
barbara
pam
you
or
harvey
jump
in.
If
you
have
any
questions.
E
We
are
the
city
again,
is
in
a
budget
situation
where,
where
we
may
have
to
cut
back
expenses,
I
know
I've
been
received
that
memo
as
a
city
council
person
that
I
have
to
cut
back
the
budget
in
my
city,
council
district.
So
it's
likely
to
come,
but
I
guess
the
the
question
is:
how
do
if
we
don't
if
the
city
doesn't
pay?
What
is
completely
due
and
and
invokes
the
cap?
The
difference
is
added
to
the
ual.
Is
that
correct,
so
they
pay
now
or
they
pay
later.
I
Yes,
so
it
just
spreads
out
the
the
payments.
If
you
look
out
here
on
the
far
right,
that's
where
you
can
really
see
the
difference.
These
payments
are
quite
a
bit
more
than
if
I
go
back
a
slide.
I
You
can
see
out
at
that
time
those
payments
dropped
to
almost
nothing,
and
so
it's
it's
really
just
delaying
the
payments
and
in
prolonging
the
funding,
these
charts
assume
all
of
our
assumptions
are
met,
and
so
the
the
real
issue
with
delaying
the
payments
is
not
the
situation
when
all
our
assumptions
are
met.
It's
when
it
gets
worse
than
our
assumptions.
I
E
C
Yeah
pam,
I
think
that's
a
really
good
question
and
that
was
sort
of
the
direction
I
was
going
to
when
I
asked
them
to
be
in
here.
How
are
we
sort
of
doing
relative
to
our
peers
and
what
I
sort
of
hear
bill
saying
is:
is
you're
doing
pretty
good,
just
sort
of
ahead
of
the
curve,
so
I
think
you
can
certainly
pass
that
along
to
the
budget
director
as
well,
that
god
help
me
for
saying
this.
You
know
if
you've
got
to
find
some
place
to
take
a
little.
C
This
may
not
be
the
the
worst
choice:
harvey
ruto,
barbara
peru.
Any
questions.
C
F
Yes,
we
will
be
accepting
the
report
and
you
can
accept
it
or
approve
it.
We
have
to
eventually
come
back
before
you
board,
based
on
really
the
city
decisions
and
in
this
particular
one
as
it
relates
to
the
cap
or
not
to
then
draft
your
contribution
resolution
for
action,
which
is
really
what
officially
determine
what
the
contributions
for
the
city
are
going
to
be
for
next
fiscal
year.
C
That's
great
so
I'll
just
go
ahead
and
make
the
motion.
I
I
move
that
we
accept
this
report
from
chiron.
Is
there
a
second
to
that
motion.
C
That's
a
motion
by
lines
taken
by
santos
and
item
3a,
any
discussion
prior
to
the
roll
call,
if
not
andrew
hi,
anita
howard,.
G
C
Great
roberto
sent
me
a
quick
text.
Role
in
this
section,
say:
hey
we've
we're
on
a
roll.
We
got
chiron
going.
So
I'm
with
your
permission,
roberto
and
your
suggestion,
I
think,
is
a
good
one.
We've
got
two
more
things
for
them:
4c
and
4d.
C
If
that,
if
I
read
your
your
your
suggestion,
right
4c
is
discussion
on
the
five-year
contribution
projections.
Roberto.
Is
that
right?
You
want
to
go
straight
to
that.
F
Yeah,
I
mean,
of
course,
if
the
board
is
in
agreement
with
that
and
before
we
go
drew
just
wanted
to
ask
one
one
last
question
to
to
bill,
and
I
know
the
information
is
in
the
presentation
on
the
other
report,
but
I
I
mean
I
didn't
want
to
have
to
look
through
it.
F
C
I
Okay,
this
this
item
is
just
a
letter
that
pulls
together
the
projections
that
we've
presented
for
the
pension
plan
and
the
projections
we
presented
today
for
the
opeb
plans
for
the
city's
budgeting
purposes,
and
it
breaks
the
contributions
into
some
different
pieces
that
they
use,
but
there's
nothing
new
here
at
all
the
same
information
that
was
presented
to
you
in
the
past.
I
We
do
include
in
here
an
estimate
of
the
amounts
if
the
city
decides
to
pre-fund
and
pay
their
contributions
at
the
beginning
of
the
year,
for
tier
one
and
for
the
opeb
and
so
and
that
discount
assumed
that
you
applied
the
full
discount
rate
for
a
half
year,
and
I
know
that's
something
that
comes
up
in
your
board
meetings.
I
don't
know
if
that's
next
month
or
the
following
month,
but
there's
usually
a
decision
about
what
discount
rate
to
actually
apply.
I
So
it
really
is
just
putting
together
all
the
information
on
five
year,
projections
that
we've
already
presented.
F
I
have
have
informal
discussions
with
the
head
of
the
finance
department
on
another
issues,
but
it
does
have
an
impact
on
the
city
decision
on
pre-funding
contributions
and
so
that
that
discussion
that
that
bill
stated
at
the
board
level.
I'm
not
sure.
Yet.
F
I
have
spoken
to
prabhu
a
little
bit
whether
we're
going
to
go
to
the
ic
first
or
come
directly
to
your
board,
but
we're
going
to
have
to
have
that
discussion
at
the
board
level
at
some
point
to
decide
what
discount
right
discount
rate
to
use
and
whether
they're
going
to
be
any
any
further
cut
or
savings
for
the
city.
F
So
then,
once
that
decision
is
made,
we
can
relate
that
decision
to
the
cities
and
the
city
can
decide
whether
they're
going
to
pre-fund
contributions
or
not.
So
I
just
wanted
to
make
that
point
that
that
discussion
is
forthcoming
and
I
suspect,
is
going
to
be
before
you
sooner
rather
than
later.
F
You
know
it's
getting
decided
by
the
full
board
and
correct
me
if
I'm
mistaken,
or
maybe
somebody
else,
I
think
the
reason
we
have
in
the
past
started.
The
discussion
at
the
iec
level
is
because
I
think
one
of
the
decisions
that
the
staff
looked
at
to
make
a
recommendation
to
the
full
board
is
sort
of
expectations
going
forward
right
on
the
on
the
capital
markets.
And
so
you
know,
if
we
were
in
a
huge
downturn,
I
would
say
we
will
be
more
willing
and
expecting
some
sort
of
a
upswing
in
the
market.
F
We'll
be
more
willing
to
be
wanting
to
have
assets
coming
in
or
funding
to
deploy
vis-a-vis
in
the
country.
If
we
feel
that
this
may
be
a
downturn
coming,
we
may
be
less
willing
to
have
to
deploy.
You
know
300
million
dollars,
so
I
think
that's.
I
would
expect
that
the
discussion
sort
of
to
take
place
along
all
the
discussions
at
the
ic
level
and
then
then
from
there
coming
to
your
board,
but
I
we
really
haven't
worked
out
the
specifics
internally.
H
Yeah,
so
we've
used
the
reporters
right.
It
goes
to
the
ic.
We
usually
discuss
this
at
the
ic
and
it
goes
to
the
board.
We've
used
the
same
methodology
the
last
few
years
and
the
methodology
was
approved
by
the
ic
a
few
years
ago
and
we
will
be
discussing
it
at
the
upcoming
ic
and
just
so
you
know
if
we,
if
the
ic
sticks
with
the
same
methodology
and
if
the
ic
chooses
not
to
change
the
methodology
for
this
year,
the
city
will
get
the
full
discount.
H
C
Right
and
and
that
methodology
seems
to
have
worked
well
right
for
roberto
yeah
yeah
if
they're
these
these
items
for
c
d
and
e
are
very
related.
If
there
are
any
specific
questions
on
4c,
the
the
floor
is
open
right
now,
if
there's
sort
of
more
general
a
commentary,
let's
wait
through
till
we
get
through
all
three
items.
So
are
there
any
specific
comments
or
questions
on
4c.
F
Mr
chair,
I
again,
I
will
you
know
c
were
just
a
discussion,
so
you
can
accept
it.
If
you
want
or
not
even
just
a
discussion
but
for
d
and
e
you,
the
boy
is
going
to
have
to
actually
take
action
to
to
approve
the
the
recommendations.
I.
F
C
Yeah,
I
know
that's
that's
good
thanks
for
watching.
I
just
read
through
them,
seeing
if
four
d
and
e
be
put
together,
but
they
have
some
slight
differences,
so
we
will
pause
after
4d
and
and
then,
of
course,
after
4e,
for
the
vote
bill
go
ahead
and
go
on
to
a
4d.
The
discussion
in
action
on
the
assumptions.
I
Okay,
so
these
are
assumptions
for
actuarial
equivalence
for
the
2021
calendar
year,
so
when
a
member
retires,
they
have
an
automatic
form
of
benefit
that
they
have
other
optional
forms
that
they
can
elect
and
those
those
other
forms
are
calculated
to
be
actually
equivalent.
So
the
expected
present
value
of
the
benefits
is
the
same,
regardless
of
the
form
that
the
member
elects.
I
The
the
municipal
code
says
that
those
are
to
be
based
on
these
assumptions
from
the
last
valuation,
and
so
there's
not
a
whole
lot
of
discretion.
Here.
Let
me
let
me
do
let
me
share
my
screen,
so
I
can
show
the
one.
I
I
So
there
there's
not
a
lot
of
discretion
here,
because
all
the
assumptions
are
spelled
out
in
the
valuation
other
than
we
have
to
use
unisex
mortality,
and
so
we
do
set
a
blending
to
make
a
unisex
mortality
table
and
we've
done
that
in
the
past
saying:
95
male
5,
female
4
members
and
5
male
and
95
female
for
beneficiaries,
we're
not
suggesting
any
changes.
The
only
change
this
year
is
the
interest
rate
which
reflects
the
change
in
the
valuation.
C
Great
any
questions
for
bill
on
on
this
item.
G
Yeah
this
is
howard,
go
ahead,
howard,
one
one
question
I
have
was
bill
and
I
don't
know
if
it
says
that
the
board
only
has
a
discretion
on
the
on
the
blending.
But
if
it's
all,
based
on
the
the
relatively
percent
relative
percentage
of
the
actuals
of
male
and
female,
why
do
we
actually
have
to
have
any
kind
of
discretion?
Couldn't
it
just
sort
of
reflect
that
and
we
don't
have
to
worry
about
it?.
C
Hey
roberto,
would
you
remember
that
for
next
year
bill?
Yes,.
I
We've
approximated
that
actual
split,
and
I
would
encourage
you
to
just
leave
that
blending
as
it
is
and
periodically
check
to
see
if
the
actual
split
varies
significantly
from
that
rather
than
having
us,
you
know
calculate
in
a
precise
percentage
split
each
year.
C
Second,
by
gardner,
going
around
the
table
andrew
hi.
C
C
Yes
and
vince
hi
justine
lanza,
I
vote
I
as
well.
This
is
the
final
item.
4E
adoption
of
resolution.820
on
the
actual
actuarial
assumptions
we're
going
to
use
bill.
Do
you
want
to
say
anything
about
this.
C
Great
santos
move
to
approve
this.
Is
there
a
second.
C
C
Great
thanks
gents,
so
4a,
I'm
over
to
you
roberto.
F
Thank
you,
mr
chair.
So
as
usual,
I
have
an
aura
report.
It'd,
be
it
will
be
relatively
quickly,
but
of
course,
I'm
happy
to
answer
any
questions.
F
F
So
that's
that's
great.
That
was
the
main
goal
this
month.
In
addition
to
the
payroll,
I
also
want
to
let
you
know
that
the
police
and
fire
retiree
cause
a
living
adjustment,
we're
working
through
the
those
calculations
right
now,
and
they
will
be
pay
with
the
beneficiary
payment
for
the
month
of
february.
So
at
the
end
of
the
month,
retiree
issues
scene
should
see
their
costs
unlimited
increase
in
their
paycheck.
F
In
addition
to
that,
the
guarantee
purchasing
power
for
2020
will
be
paid
to
those
that
qualify
again
also
in
february
for
those
of
you
who
don't
do
not
know
what
that
is,
is
it's
a
way
to
provide
an
increase
in
benefit
to
members
that
have
lost
more
than
25
of
the
purchasing
power
since
their
retirement
day?
So
that's
what
the
guarantee
purchasing
power
is
is
is
to
keep
them
at
a
75
base
of
their
original
benefit.
F
We
also
wanted
to
let
you
know,
as
you
know,
working
remotely
some
time
back.
We
actually
purchased
laptops
for
all
the
staff,
and
so
we
are
about
95
percent.
F
We
have
provided
the
laptops
to
all
the
the
staff,
so
we
may
have
just
one
or
two
more
staff,
just
painting
receiving
the
laptop
to
work
from
home,
we'll
be
observing
president's
day
on
monday
february,
15th,
of
course,
as
you
know,
our
offices
have
been
closed
since
last
march,
but
we
won't
be
even
be
working
him
only
on
monday,
the
15th.
F
I
also
want
to
let
you
know.
We
have
two
benefit
positions:
the
senior
internal,
the
senior
benefit
analysts
and
the
benefit
out
of
this
position.
They're
they're,
both
we
are
looking
to
fill
both
of
them
closed
last
month,
and
so
we
will
keep
you
posted
we're
now
going
through
the
resume
process
and
hopefully
later
on,
will
be
them
performing
interviews
and
hopefully
selecting
the
candidates
to
fill
both
positions.
F
F
The
city
issues
some
directives
that
they
were
hoping
some
further
cuts
to
base
from
last
year
in
the
range
of
about
five
seven
percent,
so
we're
working
through
that
and
lastly,
right
now
there
are
actually
two
positions
that
are
open
on
the
police
and
fire
trustees,
they're
both
the
police,
retiree
and
active
members.
F
We
continue
in
communication
with
the
city
clerk
to
just
find
out
what
the
human
process
and
the
dates
are
going
to
be.
As
soon
as
we
hear
from
the
city
clerk,
we
will
keep
you
posted.
F
C
That's
good,
you
did
your
job
well
over
to
you
councilwoman
pam
foley!
If
you
want
to
give
us
an
update
on
the
city.
E
Okay,
great
thank
you
good
morning.
Everyone
just,
I
already
talked
about
the
budget
a
little
bit
we're
heading
into
budget
session
and
we're
also
heading
into
priority
setting
session,
which
will
be
a
little
bit
different
this
year,
as
we
create
a
road
map
on
how
the
city
can
get
services
done,
expand
our
operations
improve
our
operations
all
in
the
light
of
covid.
So
we
have
a
study
session
at
the
end
of
this
month.
E
We
also
have
a
study
session
tomorrow
that
talks
about
how
we
will
thrive
and
survive
post
covid
so
that
that
should
be
ins.
Interesting,
it's
more
of
a,
I
think,
an
aspirational
discussion,
but
tune
in
it's
from
nine
to
twelve
in
the
morning
will
be
interesting.
What
we
have,
what
we
say
and
how
we
move
forward
and
what
some
of
our
priorities
are.
As
council
members
also,
I
wanted
to
report
that
at
the
council
meeting
on
tuesday
we
did
approve.
E
E
Should
the
the
governor
and
legislator
not
come
to
term
to
come
to
an
agreement
on
that,
we
also
imposed
la
just
tuesday,
a
rent
freeze
that
affects
through
june
30th.
I
believe,
and
it
affects
anyone
who
is
in
either
a
mobile
home
or
a
rental
property
affected
and
they're
unable
to
pay
their
rent
as
a
result
of
covid.
E
The
other
thing
of
note,
you
probably
read
it
in
the
paper
today,
if
not
online.
Yesterday,
the
city
has
approved
moving
forward
on
hazard
pay
for
grocery
workers.
That
was
approved
tuesday
as
well,
but
it
will
come
back
to
council
on
this,
the
ninth
to
approve
the
ordinance.
There
is
a
request
for
an
urgency
ordinance,
which
means
it
needs
eight
city
council
members
to
approve
it
or
they
can
approve,
which
would
mean
it
would
take
effect
immediately
or
they
can
approve
an
ordinance
that
is
non-emergency
and
it
will
take
effect
in
30
days.
E
I
was
not
able
to
vote
on
that
ordinance
or
that
issue,
although
I
did
support
going
forward
and
looking
into
the
issue
further
and
determining
what
it
would
mean.
I
I
think
it's
important
to
help
our
employees
out,
but
I
had
to
recuse
myself
because
under
my
in
my
foley
mortgage
company,
I
have
a
profit
sharing
plan
and
in
my
profit
sharing
plan
we
have
amazon,
stock
and
amazon
owns
whole
foods
so
because
whole
foods
would
be
one
of
the
businesses
affected
by
this
rent
freeze.
E
I
had
to
accuse
myself
little
bit
of
drama
occurred
over
that,
because
actually
I
didn't
realize
my
connection
to
the
grocery
business.
As
I
was
discussing
the
issue,
so
I
recused
myself
after
I
had
discussed
it,
and
there
was
that
was
just
an
interesting
discussion
ensued.
Let
me
say
that
the
vice
mayor
also
had
to
recuse
himself
at
that
point,
as
he
has
amazon
stock
as
well.
Although
he
may
sell
his
stock,
so
he
can
participate
in
the
discussion
next
week.
E
I
don't
plan
on
selling
my
stock,
it's
a
benefit
to
my
employees
and
just
like
the
police
environment
retirement
fund,
you
want
to
increase
your
benefits
as
much
as
you
can
and
that's
what
we
plan
to
do
is,
and
we
have
to
do
is
fiduciary.
So
with
that,
I
will
I'm
open
to
answer
any
questions
you
may
have.
H
Yeah,
can
I
ask
a
question
so
councilwoman
a
quick
question:
how
is
the
vaccination
program
going
in
the
city.
E
The
facts,
a
good
question:
we
have
a
long
discussion
about
that.
The
vaccination
program
is
actually
being
administered
by
the
county
and
we
are
at
the
table
to
help
them
facilitate
locations
within
the
city,
but
we
really
have
no
jurisdiction
over
it.
We
have
expressed
our
concerns
about
blue
shield,
being
the
appointed
distribution
point
from
the
state
and
also
with
kaiser
there's
some
down
there
there's
a
lot
of
frustration
over
vaccinate
vaccine
distribution
and
it's
very
complicated.
C
Any
other
questions
for
councilwoman
foley,
thanks
pam,
that
was
very
helpful.
Back
back
over
to
you
roberto
four
f,
our
actuarial
contract.
F
Yes,
thank
you,
mr
chair.
So
you
all
know
by
now,
kyron
has
been
working
for
a
new
board
and
in
fact
both
boards
for
about
10
years
now.
F
I
think
I
believe
the
first
contract
was
in
the
range
from
2011
to
2015..
F
I
joined
new
boards
in
2013
and
we
actually
work
on
issuing
an
rfp
not
only
for
the
actuarial
services
contract
for
the
2016
year,
but
we
in
fact
also
added
an
rfp
for
actual
audits,
which
first
time
ever
that
both
plans,
evaluations
were
audited
was
in
the
2016
fiscal
year.
That
was
the
last
time.
F
A
chiron
was
actually
selected
to
continue
providing
services
to
your
board
as
your
actuary
and
you
boards
on
both
boards
actually
also
contracted
with
sega,
to
provide
actual
audit
services,
and
in
fact
many
of
you
probably
don't
know
this,
but
sequel
actually
used
to
provide
services
to.
F
I
think
it
was
a
police
officer
pension
plan,
if
I'm
not
mistaken,
before
kyron
became
your
archery
in
2011,
and
so
both
of
those
contracts
are
coming
to
an
end
on
june
30th
2021,
and
so
we
have
two
options.
One
is
to
obviously
implement
and
perform
another
request
for
proposal
for
both
kind
of
services.
F
We
discussed
this
internally
and
we
are
actually
very
happy
with
the
service
that
cairo
cairo
provides
to
the
staff.
We
don't
want
to
speak
for
the
boards.
That's
really
up
to
you.
That's
why
this
item
is
before
you
today
and
in
addition
to
that,
we
felt
that
sickle
provided
excellent
service
when
they
they
actually
back
in
2016..
F
So
I
reach
out
to
both
firms-
and
I
receive
from
both
friends
comments
that
number
one
they
will
be
happy
to
extending
the
contracts
is
possible
in
terms
of
actual
services
kyron
right
now.
Your
contract
works
so
that
there
is
an
increase
tied
to
the
consumer
price
in
the
exchange
in
the
san
francisco
or
clan
san
jose
area,
and
they
will
be
willing
to
continue
their
approach
for
the
next
five
years.
So
so
the
base
will
not
change
from
the
first
time
it
would.
F
F
So
I
wanted
to
provide
that
kind
of
background
and
you
know
I'm
not
going
to
read
the
memo.
I
think
the
memo
is
self-explanatory,
but
I
just
wanted
to
let
you
know
that
staff
is
recommending
extending
both
of
those
contrasts
for
at
least
another
three
years
for
20
22,
21,
22
and
23,
or
22
23
24,
yeah,
21,
20
and
23
fiscal
year.
So
with
that,
I'm
happy
to
entertain
any
questions.
A
That's
issue
is
chiron
for
the
actuary
for
or
the
consultant
for,
both
plans,
but
do
you
have.
E
A
F
Yeah,
so
our
goal
is
to
have
chiron
for
both
plans
way
back
in
20
before
2011,
there
were
separate
actuarial
firms
for
the
plans
that
changed
with
the
hiring
of
chiron
for
the
2011
fiscal
year.
So
since
then,
for
the
last
10
years,
cairo
has
been
providing
actuarial
services
to
both
plans,
and
we
will
certainly
recommend
the
same
just
as
we
committed
before
your
board
this
morning,
we
will
be
recommending
the
same
approach
depending
on
you
know.
Obviously
you
find
a
board
decision
today
to
the
federal
board
later
this
morning.
A
F
That's
a
very
good
question:
it's
not
a
one-man
show.
It
is
to
the
extent
that
our
main
contact
person
is
bill
holmer,
but
if
you
may,
they
do
have
all
their
build
hallmarks
across
the
the
firm.
So
bill
has
a
number
of
clients
that
we're
with,
but
they
are
all
their
lead
actors
that
do
work
with
all
their
public
pension
plans.
So
there
is
a
risk
key
from
the
standpoint
that
that
that
bill
does
know
more
about
our
plans
that
the
other
lead
lead
actuarial
key
people.
F
But
if
something
will
happen
to
bill
bill
decides
to
move
on,
we
certainly
could
continue
services
with
another
lead
actuary,
although
obviously
that's
a
very
good
question,
and
I'm
assuming
at
that
point
if
bill
decides
to
leave,
there's
always
a
chance
that
you
board
may
want
to
then
at
that
point.
Seek
rfp
because
again
he's
such
a
key
person
to
the
service
that
we
that
they
provide
to
us.
F
F
A
I
I
don't
need
I
mean
I'm
not
saying
we
should
hold
up
the
vote
for
that,
but
just
something
for
you
to
look
at
sure
and
one
last
question
which
is:
does
the
contract
have
some
provision
for
them?
Educating
trustees
a
little
more,
I
mean
I
don't
want
to
use
up
their
time,
but
they
certainly
have
more
questions
than
a
board
meeting
would
warrant.
F
So
they
do,
their
services
include
a
range
of
services
that
they
provide
and
they
always
stand
ready
to
provide
further
education
to
the
the
board
members
if
they
so
desire.
Of
course
they
do.
They
do
speak
at
other
kind
of
public
meetings
where
they
provide
the
information
about
the
plans
besides
the
board
meetings.
But
yes,
this
is
something
that
they
certainly
can.
It
can
can
provide
free
education
to
to
trustees
as
needed.
B
The
question
mr
chairman
yeah
go
ahead.
Harvey.
Thank
you.
Roberto
on
the
additional
funding
that's
listed
in
the
recommendation.
Is
that
a
not
to
exceed
that
additional
amount,
or
is
that
a
fixed
payment
amount?
It
is
not
to
exceed
okay
cool.
Thank
you.
B
I'm
going
to
be
looking
right
now
at
the
contract
to
answer
trustee,
gonna
potty's
questions
about
key
man
in
education,
so
I'll
pull
that
up
right
now,.
C
Great
yeah
go
ahead
and
you've
been
any
time
you've
got
that
answer.
Are
we
any
other
questions
for
roberto
yeah.
G
Hi
roberto
just
a
question
on
on
process.
I
think
the
contract
started,
I
guess
10
years
ago,
and
I
know
that
you
talked
about
evaluating
either
rfp
or
continuing
as
as
we're
recommending
now
and-
and
it
seems
like
everyone's
pretty
pleased
so
far
with
the
quality
of
the
work.
But
how
would
we
know
if
the
pricing
is
reasonable
within
the
market
and
if
we
continue
without
an
rfp?
G
We
just
won't
know
that.
I
assume
that
that's
less
important
than
the
quality
of
the
work.
F
So
that's
a
very
good
question:
that's
really
an
issue
for
the
board
to
decide
my
view
on
that
is
that
I
will
be
happy
just
continuing
the
services
and
the
contract
to
increase
on
the
annual
basis
based
on
cpi.
In
other
words,
my
main
issue
was:
I
didn't
want
them
to
start
this
new
contract
with
a
new
base
and-
and
they
decided
not
to
do
that.
F
But
to
answer
your
question
I
mean
we
could
issue
a
request
for
information
right
just
to
see
what
what
you
know
what's
the
cause
that
is
going
around
right
now
in
the
market,
although
I
think,
as
the
memo
indicate,
I
think,
the
in
the
actual
services
in
california
for
public
plans,
we
are
somewhat
limited
to
a
handful
of
of
of
different
firms,
so
I
would
suspect
those
costs
to
be
again.
This
is
speculating
on
my
part
because
we
haven't
done
the
work.
F
It
would
be
pretty
consistent
some
of
the
different
firms,
but
if
this
is
something
that
the
board
will
like
to
pursue,
we
certainly
can
pursue
it
again.
My
goal
here
was:
we
are
very
happy
with
the
service
and
I
think
it
would
be
appropriate
to
if
you
decide
to
extend
the
contract
to
at
least
provide
tie
it
to
a
cpi
going
forward,
which
is
what
I
was
hoping
then
on
the
actuarial
side.
F
F
If
you
look
at
the
contra
the
memo
for
the
actual
audi,
I
just
wanted
to
add.
I
believe
the
tournament
was
250
000
last
time,
but
that
was
because
I
believe
the
I
was
limited
to
a
hundred
thousand.
F
The
other
150
thousand
was
part
was
included
in
the
original
contract,
just
in
the
event
that
the
boards
requested
sega
to
perform
other
kind
of
actual
services.
Besides
audit,
in
those
five
years,
the
boards
did
not
request
seagull
to
provide
further
services.
So
if
you
decide
to
also
extend
that
contract,
I
would
recommend
to
just
do
an
actual
audi
contract
without
extending
services.
F
If
you
do
decide
to
add
further
funds
for
potential
actuarial
services,
then
I
also
receive
information
from
sega
that,
if
that
is
the
case
for
those
services
they
will,
they
would
like
to
take
a
look
at
their
their
hourly
calls
from
the
staff
to
provide
those
new
numbers
for
that.
So
I
I
took
that
to
mean
that
if
that's
the
case,
that
cost
may
be
higher.
B
B
Got
it
yeah
good
reporting
back
the
chiron
contract
does
have
a
key
man,
key
person
provision
excuse
me,
and
it
includes
bill
hallmark
and
mike
shining,
and
also
the
senior
actuary
at
chiron,
the
most
senior
actuary
there,
gene
kolwarski
who's
resident
in
their
virginia
office.
Some
of
you
may
know
jean.
I
think
gene
has
appeared
once
in
a
while
in
front
of
the
board,
so
it
does
have
a
key
person.
B
Provision
and
also
the
scope
of
services
is
also
broad
enough
to
encompass
board
education
and
keeping
the
board
apprised
of
current
trends
and
progress
and
legislation
at
the
federal
level,
for
example,
regulations
that
come
down,
etc.
So
there
is
a
full
scope
of
essentially
whatever
the
board
would
like
chiron
to
do
for
the
board.
B
C
Harvey,
oh
thanks
so
harvey
personally,
this
question:
would
it
be
appropriate
for
sunita
if
she
wanted
to
reach
directly
out
to
bill
and
ask
him
some
questions
or
for
for
some
individual
answers?
Is
that
appropriate.
B
B
I
think
it
would
be
better
instead
of
doing
it
on
a
one-on-one
basis,
however,
that
it's
done
for
the
entire
board
together
and
it
can
be,
it
doesn't
have
to
be
at
a
formal
board
meeting.
You
know
at
a
regular
board
meeting.
I
just
think
it's
better
practice.
B
C
Yeah,
so
safety
yeah,
if
there's
something
you
sort
of,
want
bill
to
come
in
and
talk
about,
go
ahead
and
frame
it
up
with
bill.
I
I'll
say:
harvey
I've
sat
through
harvey's
lecture
sort
of
on
conflicts
now
four
or
five
times,
and
I
always
find
it
enjoyable.
I
always
find
it
worthwhile.
I
always
learn
something
new.
So
even
if
the
board
members
have
heard
this
before,
I
guarantee
you
anything,
you
think
useful
that
you
would
like
to
sort
of
dig
into
or
know
from
bill.
C
The
whole
board
will
benefit
from
it,
so
feel
free
to
work
with
roberto.
If
you
want
to
frame
something
up
with
bill
and
have
them
come
in
and
and
present
it.
B
I'll
also
say
one
of
the
one
of
the
benefits
of
if
there
are
any
benefits.
One
of
the
benefits
of
zoom
meetings
is
that
you
don't
have
to
have
bill,
get
on
an
airplane
from
portland
and
fly
down
for
a
session.
It's
really
quite
economical
for
him
to
patch
in
by
phone
and
address
the
board,
and
everybody
take
get
advantage
of
it's
the
subject
matter.
That
is
not
intuitive,
so
I
think
everybody
would
benefit
from
from
hearing
it
again
and
again.
C
Andrew
was
that
who's
that
that
was
andrew,
go
ahead
andrew
first
and
then
roberto.
D
Yeah,
you
know
we
had
a
similar
conversation.
You
know
around.
You
know
trustees
reaching
out
to
our
consultants
a
couple
years
ago,
because
I
know
it
was
starting
to
run
into
some
issues,
and
some
gray
areas
on
you
know
is
the
consultant
going
to
be
billing
us
for
this.
You
know,
for
those
you
know
extra
hours
so
forth
and
I
believe
it
you
know
at
times
it
did
hurt
us,
and
I
think,
if
I
remember
correctly,
the
conversation
ended
up
with.
D
Let's
you
know,
if,
if
we
want
to,
you
know,
get
some
side,
work
or
side
conversations
going
on
with
the
consultants
that
we
were
going
to
reach
out
to
roberto
first
or
get
him
involved
just
so
he's
aware
of
what's
going
on,
because
it
could
be
a
budget
issue
roberto.
Do
you
remember
any
of
that?
Does
that
ring
a
bell
at
all.
F
Yeah,
so
I
I
wanted
to
make
two
comments
in
response
to
your
question:
trustee
gardenia,
you
are
correct.
My
understanding
is
that
I
think
on
the
investment
side.
I
don't
know
that
the
contract
is
per
hour.
F
So
when
you
reach
out
to
investment
consultant,
the
cause
may
be
the
same,
but
when
you
reach
out
to
we
love
working
with
council
and
bill,
but
as
soon
as
you
pick
up
the
phone
and
send
that
email
whatever
time
they
spend
on
trying
to
address
your
questions
that
is
built
to
us,
so
it
is
extra
cost
to
the
plan,
but
you
know
I
think,
by
the
same
token,
as
council
indicated,
I
wouldn't
want
to
be
in
a
position.
F
F
I
don't
want
to
just
keep
dedication
to
actuarial
services,
although
I
did
try
to
provide.
I
recognize
I'm
not
bill
and
I
don't
have
that
kind
of
background.
I
did
provide
some
actuarial
education
before
the
valuations
for
both
clients,
but
but
to
sonita's
point,
which
I
think
is
very
fair.
I
think
many
of
you
when
you
join
the
board.
Some
of
you
have
been
trustees
for
10
years
now,
have
plenty
of
exposure
to
the
actuarial
work,
but
some
of
you
that
are
just
more
recent
may
want
more
education.
F
So
what
I
would
suggest
we
do,
whether
it
is
actuarial,
whether
it
is
legal
or
whether
it
is
investment.
I
would
recommend
that
if,
if,
if
some
of
you
have
some
questions
about
further
education
from
our
consultants,
please
do
reach
out
to
us.
You
know
if
it's
investment,
we
can
work
it
through
prabhu
and
the
investment
consultants.
F
I
know
staff
always
stand
ready
to
provide
a
very
good
basic
education
on
our
on
on
the
plan
asset
allocation,
and
we
can
also
have
extended
education
to
have
an
investment
consultants.
F
If
it's,
if
it's
legal,
I
know
that
harvey
will
be
happy
to
provide
further
education
in
that
area
for
fiduciary
responsibilities
as
a
trustee
and
if
it's
actuarial,
we
certainly
can
have
chiron
put
together
a
presentation
that
you
know.
If
you
have
different
questions
from
different
trustees,
we
can
sort
of
tailor
the
presentation
to
the
specific
questions
that
have
been
raised.
So
this
is
something
that
we
can
work
out
and
much
you
know
again.
F
I
don't
want
to
limit
you
access
to
your
consultants,
but
to
the
extent
that
we
can
work
this
out
through
the
office.
I
think
that
will
make,
I
think,
will
be
more
effective,
efficient
use
of
everybody's
time.
D
Just
to
piggyback
on
that
sunita,
I'm
all
for
trustees
getting
whatever
education
they
need
to
feel
feel
more
comfortable
in
in
the
discussions.
You
know,
if
that's
with
chiron
or
you
know,
investment
consultant
legal
counsel,
I'm
all
for
it.
I
just
want
to
make
sure
you
know
we
are
getting
billed
on
the
side
and
if
we
have
multiple,
you
know
trustees
calling
chiron
for
the
same
questions.
A
And
you
know
it's
been
very
helpful
to
have
roberto
sort
of
tee
up
the
actual
discussion
and
and
so
on
and
so
forth.
I
mean
it
is
a
complex
subject
and-
and
so
I
I
was
more
anticipating
that,
given
our
discussions
in
december
that
we
might
have
more
to
learn
so
yeah,
I
absolutely
absolutely
will
agree
with
the
the
concept
of
routing
it
via
roberto,
because
if
there
is
an
in-house
answer,
we
don't
need
to
go
to
chiron.
There's
no
need
to
pay
for
that.
Absolutely.
C
Let
me
weigh
in
briefly.
You
know
we
have
great
confidence
in
our
staff
and
and
a
strong
recommendation
from
staff
is,
is
almost
certainly
good
enough,
but
let
me
amplify
it
part
advice.
I've
said
what
I
want
to
achieve
during
my
chairmanship
is
to
dig
more
deeply
into
our
deviations
from
forecast
of
our
assets
and
liabilities
over
time,
and
that
will
require
an
enormous
amount
of
support
from
our
actuaries.
I've
already
spoken
with
them
twice
about
that
level
of
sport.
C
So,
as
chairman,
I
I'd
like
to
weigh
in
roberto
that,
given
that
we'll
talk
about
that
in
two
items
from
now
on
strategic
planning
for
the
board,
not
only
do
we
of
course
accept
direct
normal
july,
except
your
recommendation
chair,
but
I
amplify
to
the
board
that
this
is
not
the
appropriate
time
to
change
horses,
we're
right
in
the
middle
of
the
stream.
C
So
the
floor
is
open
for
a
motion
to
extend
this
contract
per
staff's
recommendation.
Do
I
have
a
motion.
K
C
Great
second
motion
voice,
censored
second
by
santos,
andrew
hi,.
B
C
Vince
hi
and
trust
I
am
the
chairman,
lanza
also
trustee
alliance,
and
I
vote
I
as
well.
Let's
see
4g
your
strategic
communications
plan,
roberto,
which
I'll
point
out
is
going
very
well
over
to
you
roberto.
F
You
cannot
tell
how
excited
she
is
and
she's
so
much
looking
forward
to
provide
you
an
update
on
the
strategic
communication
plan
that
you
bought
approved
this
past
summer.
So
with
that
I'll
turn
it
over
to
barbara.
K
Thank
you
roberto
michelle
if
you
want
to
bring
up
the
second
attachment
on
the
item,
just
so
as
the
board
have
a
visual
of
what
the
original
plan
yeah.
That's
the
exact
one.
So
so,
yes,
a
barbara
heyman
deputy
director
for
rs,
so
this
update
on
the
communication
activities
that
were
part
of
the
board's
strategic
communication
plan.
K
So
this
is
the
first
update
being
provided
to
the
board
since
the
original
plan
was
presented
in
september,
so
the
activities
as
you
can
see,
planned
up
to
december
2020
included.
You
know:
completing
a
website,
redesign
and
launch
providing
some
webinars
and
videos
on
retirement
planning
and
open
enrollment
publishing
the
newsletter.
K
Expanding
email
outreach,
doing
additional
outreach
related
to
open
enrollment,
launching
some
social
media
like
facebook
and
twitter,
and
also
adding
a
question
submission
function
to
our
member
direct
portal.
K
In
addition
to
posting,
a
state
of
the
retirement
system
address
video
and
planning
additional
videos
so
just
getting
into
each
one
of
those,
then
for
the
website.
Redesign.
K
For
instance,
this
one
hasn't
been
fully
completed
yet
be
december
2020
we
are
still
working
on
it,
though
we
did
develop
the
portion
of
the
website
that
related
to
open
enrollment
and
that
was
launched
back
in
october
and,
as
I
say,
we're
continuing
to
work
on
the
remainder
of
the
website
with
a
view
to
launching
that
in
april
2021
and
we're
planning
to
make
a
presentation
to
the
board
on
the
new
website
before
it
is
launched
to
the
public
for
the
retirement
planning
webinars.
That
was
complete.
K
We've
got
now
presentation
on
the
website
and
it
gives
retiree's
information
on
the
retirement
process
or
well
prospective
retirees
and
there's
also
a
series
of
retirement
planning,
zoom
webinars
that
are
scheduled
throughout
the
year
and
they
take
place
every.
I
think
it's
every
three
months.
In
addition,
then,
we've
got
for
the
webinar.
K
That
was
for
the
open
enrollment
that
also
was
completed
back
in
october,
and
that
was
posted
on
the
the
new
redesigned
open
enrollment
website
and
in
addition,
for
this
year
in
lieu
of
an
actual
in-person
health,
fair,
the
health
vendors
did
a
virtual
kind
of
health
series
throughout
october
and
november
and
as
part
of
that,
they
held
open,
enrollment,
webinars
and
also
one-on-one
virtual
meetings,
so
that
was
also
implemented
this
year.
K
So
in
addition,
ores
did
produce
some
videos
and
tutorials
on
the
open,
enrollment
process,
so
that
was
done
additional
outreach
for
the
open
enrollment.
As
we
do.
Every
year,
we've
we
mail
out
an
enrollment
packet
to
all
the
retirees
and,
in
addition,
orrs
attended
and
presented
at
the
retiree
association
meetings
and
to
to
give
an
open
enrollment
presentation
and
moving
on
to
our
retirement
connection
newsletter.
K
That
is
a
quarterly
newsletter.
It
first
it's
actually
been
a
year
now,
we've
done
a
full
year
of
newsletters
and
we're
continuing
to
work
on
that.
The
next
one
will
be
published
in
april
and
distributed
in
april
2021
and
that's
distributed
via
the
retirement
website.
It's
posted
on
our
website.
K
It's
mailed
to
actives
and
retirees
all
the
population
to
in
hard
copy,
and
it's
also
emailed
so
we're
using
various
ways
to
try
and
get
that
distributed
and
then,
in
addition,
we
were
asked
to
expand
our
email
outreach,
so
we've
been
we
did
for
the
end
of
last
year.
Mostly
it
was
for
our
open,
enrollment
and
distributing
through
email
dates,
times
webinar
information.
K
K
So
then
for
the
facebook
and
twitter
that
we
are
still
working
on,
that's
not
completed
yet
it
hasn't
been
launched.
But
we
do
anticipate
that
coming
out
later
this
year
in
april.
In
the
end
of
june
time
frame,
then
on
our
posting
of
the
state
of
the
retirement
system
address
and
we're
planning
on
planning
on
creating
one
one
hasn't
been
done
yet
and
we
hope
to
to
produce
one
of
these
when
we
have
a
better
understanding
of
the
impact
of
covert
19
on
our
operations.
K
And
we
anticipate
that
happening
at
the
end
of
this
year
october,
in
the
october
to
december
2021
time
frame.
And
then
obviously,
we
are
continuing
to
plan
on
adding
additional
videos
and
on
various
topics
for
for
the
membership.
C
F
Maybe
before
there
any
questions
again,
I
just
want
to
thank
barbara.
I
can
tell
you
that
barbara
alinda
has
been
leading
the
charge
on
the
newsletter.
The
quarterly
newsletter,
which
I
think
it
was
part
of
your
packet
on
their
consent,
is
produced
every
bi-weekly
and
we
have
received
a
common
comments
from
from
retirees
and
active
members.
That
communication
and
in
terms
of
the
rest
of
the
communication
plan,
really
is
being
led
by
by
barbara,
so
is,
is
a
project
that,
as
you
all
know,
way
back
when
she
was
the
I.t
manager.
F
She
implemented
the
the
new
chain,
immunization
system,
doing
an
excellent
job.
So
this
is
you
know.
Project
management
is
really
part
of
her
strength
and
I
think
she's
doing
a
terrific
job.
I
can
tell
you
of
all
this
communication.
I
think
the
the
one
area
that
I
have
key
in
and
she
understands
that
we
feel
is
extremely
important,
which
we
want
to
share
with
you
before
it
goes
live,
is
the
the
update
on
the
on
the
website?
So
that's
that's
the
if
I
have
to
key.
You
know
on
one
issue.
F
F
I
think
our
goal
right
now
is
your
april
meeting,
and
so
just
as
we
also
like
to
share
that
to
some
of
the
members
through
our
membership,
so
we
can
solicit
input
before
it
is
finalized
sometime,
possibly
in
the
late
spring,
before
the
fiscal
year
is
over
with,
and
then
the
other
thing
that
I
I
also
wanted
to
to
mention
have
to
do
with
the
extension
implementation
of
further
options
to
to
reach
out
to
a
membership
with
this
implementation
of
the
facebook
and
twitter
accounts
right.
F
We
certainly
want
to
make
sure
that
we
use
all
our
options
available
to
us
to
reach
our
communicate
to
our
membership.
By
the
same
token,
we
also
recognize
that
to
use
a
tool
that
is,
that
is
actually
effective.
We
have
to
have
resources
committed
to
it,
so
just
just
implementing
accounts.
If
we
don't
have
the
resources
to
be
able
to
maintain
a
good
and
timely
communication,
that
would
not
work.
F
So
it's
a
joint
effort
right
that
we
have
to
make
sure
that
they
both
happen
at
the
same
time
and
as
you
know,
budget
issues
these
days
because
of
the
pandemic
has
been
a
challenge.
So
so
it's
a
we're
just
kind
of
trying
to
work.
A
fight
line
between
continue,
pushing
the
the
plan
vis-a-vis,
making
sure
that
we
have
the
right
resources
so
that
they
work
effectively.
So
with
that.
C
D
Drew
is
andrew,
can
I
speak
yeah
sure
I
I
also
wanted
to.
You
know
recognize
you
know,
linda
and
barbara,
for
the
newsletter.
That's
something
that
you
know
dick
has
talked
about
for
a
while.
You
know
I've
been
encouraging
it
and
I've
only
heard
good
things
about
it,
so
excellent
job
to
both
of
you
and
whoever
else
is
supporting
and
getting
the
newsletter
out
on
a
quarterly
basis.
D
I
think
it's
been
it's
been
well
received.
I'm
also
very
excited
about
the
communication
plan
in
general,
especially
the
you
know,
the
website
launch
and
the
all
the
ideas
with
the
short
videos
on
the
website.
I
am
anxiously
waiting
to
see
what
it
looks
like
and
the
functionality
of
it,
because
I
believe
that
will
bring
great
service
to
our
active
retirees
and
the
members
that
are
already
retired,
so
so
yeah.
Thank
you
very
much
and
yeah.
I
roberto
you
made
a
comment.
D
You
know
maybe
closer
to
rolling
out
the
website,
maybe
get
some
feedback
from
some
from
some
members
or
the
unions
or
someone
to
take
a
look
at
it
and
maybe
there's
additional
feedback.
We
could
provide
to
either
enhance
the
usability
you
know
or
whatever
so,
but
overall
great
job.
Thank
you.
G
Hi
hi,
barbara
and
roberto
barber.
This
is
a
great
job
in
terms
of
the
communications
program.
I
I
can
see
the
progress
and
how
everything's
working
out.
I
just
had
a
couple
of
quick
questions.
Have
you
had
any
feedback
on
the
on
any
of
the
things
that
implemented
like?
G
I
think
it
was
the
webinar,
maybe
the
short
videos
and
in
terms
of
was
it
any
other
input
from
members
over
time
as
you've
discussed
these
things
and
then
and
then
finally,
is
there
a
way
of
tracking
usage
and
any
other
metrics
from
members
to
see
how
how
this
is
going
to
be
accepted
has
been
accepted
so
far.
K
I
think
well,
let
me
address
your
last
question
first,
if,
if
you
will
allow
me
that-
and
I
think,
when
we
new
website
we're
going
to
have
much
better
statistical
analysis
available
to
us,
so
we
can
really
hone
in
on
where
members
are
navigating
to,
and
you
know
how
long
they're
spending
there
and
so
I
think,
going
into
the
future,
we
should
be
able
to
provide
you
know
better
insight
into
who's
using
our
website
and
and
where's
our
popular
pages.
No,
I
going
back
to
some
of
your
other
questions.
K
Yeah.
We
got
very
good
feedback
funny
for
the
open,
enrollment
website,
overwhelmingly
positive,
easy
to
use.
They
I
mean
the
from
the
feedback
that
we
received
and
the
videos
from
the
actives
I've.
I've
received
some
feedback
on
those
that
they
are
helpful,
obviously
always
nice
to
have
some
staff
to
you
know
to
talk
to
as
well,
but
the
videos
are
a
source
of
information
that
some
people
have
said
have
answered
some
questions.
So
so
that's
good
and
did
I
miss
any
of
your
other
questions.
F
I
just
wanted
to
say
that
I
think
internally,
our
goal
is
to
come
before
you
board
to
keep
you
updated
on
the
plan,
hopefully
every
six
months
or
so
so
we're
here
today
in
february
we
probably
come
back
to
you
right
after
the
summer
in
august
and
again
in
january
and
february
standpoint,
so
again
about
twice
a
year
and
I
think
right
now,
that's
just
our
goal
unless
you
bought
preferences.
Otherwise,
but
I
think
that's
a
reasonable
time
frame
in
between
updating
your
board.
C
That's
great
thanks,
give
me
board
if
you'll
allow
me
a
minute
or
two
to
weigh
in
here.
As
the
chairman
I
know,
roberto
you
take
enormous
pride
in
your
staff
and
it's
well
earned
because
you
really
built
a
superb
staff
and
this
sporter,
you
know
as
a
poor,
barbara.
I
just
speak
her
praises
one
one
more
time.
You
know
the
100
first
time
barbara.
It's
really
great
to
have
you
here.
You
did
such
a
good
job
with
pension,
gold
and
you've
shown
the
same
attention
to
detail
and
drive
here
with
a
strategic
communications
plan.
C
But
I'd
really
like
to
single
out
I'm
another
member
of
your
staff,
and
that's
you
linda
wow,
so
there's
a
strategic
communications
plan
lyndon
as
roberto
alluded
to
in
his
statement.
It's
also
a
tactical
communications
plan,
just
just
keeping
the
board
informed
and
so
on.
Linda.
I
cannot
praise
you
highly
enough.
I'm
on
10
boards
now
linda
and
your
mastery
of
zoom
and
your
ability
to
mc
these
board
meetings
linda
is
up
there
with
with
the
best
I've
ever
seen,
linda.
I.
I
cannot
sing
your
praise
either
enough.
C
I
knew
linda
dove
in
with
great
enthusiasm.
You
mastered
zoom,
linda,
and
these
meetings
have
been
seamless
and
flawless,
not
true
for
all
the
boards
I'm
on
and
also
to
sing
your
praise,
linda.
I'm
sure
your
ears
are
burning
right
now.
You
know,
linda
it's
been
hard
with
the
pandemic,
because
we've
had
to
change
how
we
communicate.
C
You
know
with
folks
we're
not
seeing
a
person,
and
I
got
to
tell
you
linda.
You
are
just
superb
every
time
I
reach
out
to
you,
linda
you
get
right
back
to
me.
I
feel,
like
you,
listen
to
what
I
had
to
know
when
there's
something
I
need.
You
know
you
started
doing
that
radar
o'reilly
thing
linda,
where
I
don't
even
need
to
ask
where
it
just
shows
up
for
me
thinking.
Oh
that's
good!
C
That's
about
sending
email
linda
and
there
it
is
and,
and
I'm
sure,
roberto
you
you
concur
so
so
roberto
and
barbara
and
linda
just
first
rate.
I
really
feel
like
like
this,
has
been
sort
of
a
seamless
transition
through
pandemic
and
that
hasn't
always
happened.
So
hats
off,
I
know
richter.
If
you
want
to
sing
your
praises
of
of
linda
after
I
just
have.
F
Yeah,
I
mean
it's
funny
that
you
mentioned
that
right,
because
my
wife
reminds
me
from
time
to
time
I
mean
I
don't
see
how
she
can
even
say
that
that
I
could
be
difficult.
Sometimes
I.
F
Person
that
can
tell
you
that
is
linda
and
god
bless
her.
You
know
she's
she's,
always
there.
As
you
said,
she's
available
honestly
24
7..
I
could
be
emailing
at
10
o'clock
at
night
or
maybe
that's
too
late,
because
I'm
asleep
at
that
time.
F
But
you
know
five
o'clock
in
the
morning
or
a
sunday,
and
you
know
she's
always
there
to
help
me
out
so
boy,
she's
engaged
200
committed
a
strong
force
and
without
her
support,
obviously-
and
you
know
as
much
as
we
obviously,
she
deserves
to
be
single
out
because
she's
doing
an
outstanding
job
and
and
her
engagement
is
second
to
none
and
so
has
also
barbara,
which
have
a
lot
of
her
play.
F
Obviously,
as
you
may
recall,
now
known,
she
is
in
charge
of
the
different
areas,
but
she
is
actually
married
more
individually
involved
in
the
managing
of
the
benefits
area,
because
we
have
obviously
one
person
on
leave
until
may.
But
you
know
it
would
not
be
fair
to
not
mention
the
rest
of
the
staff.
Right
I
mean
prabhu
has
done
an
excellent
job
with
investment
staff
who
has
been
outstanding.
They
do
great
work
and
the
engagement
again
is
second
to
none
but
the
rest
of
the
office
right.
F
The
asian
of
the
cafe,
with
accounting
staff,
I
t
has
been
very
busy.
I
mean
all
this
zoom
and
everything
else.
Obviously
you
know
linda
against
michelle
and
marty.
Obviously
they're
always
there
and
working
through
the
process.
Michelle's,
always
sharing
the
the
screens
and
making
sure
that
you
know
nothing
fall
off
in
the
meeting.
F
The
iit
staff
making
sure
that
staff
can
continue
working
remotely
when
there's
an
issue
with
access
and
vpn
and
just
getting
access
to
all
the
laptops
and
making
sure
that
they're
ready
to
deploy
it
into
the
staff
and
ultimately
the
benefits
they
have
they
they
just
you
know
we
have
been
working.
The
benefits
staff
to
death
obviously
is
is
hard.
I
mean
I
have
heard
them
at
times.
F
We
have
some
vacancies
in
that
area,
but
the
job
doesn't
stop.
Obviously
we
have
to
continue
providing
services
to
our
members.
At
the
end
of
the
day,
we
want
to
make
sure
that
they
are
served
correctly
and
they
get
their
benefits
time
and
accurately,
and
so
I
just
want
to
thank
kudos.
You
know
as
much
as
we
you
know,
obviously
sing
aloud,
linda
and
barbara
because
they
deserve
so.
I
think
the
whole
staff
have
done
an
outstanding
job
and
we
owe
them
a
big
big.
F
You
know
gratitude
for
their
engagement
and
the
commitment.
So
so
again
on
behalf
of
both
of
you
boards
and
the
membership,
I
just
want
to
call
attention
to
the
full
staff
for
the
excellent
job
that
they
have
done
over
the
last
year
since
the
pandemic.
So
thank
you
very
much.
Thank
you
drew
for
those
nice
comments
about.
C
And
and
hats
off
to
you
roberta
you
you've,
truly
built
and-
and
I
know
they
have
remember-
the
model
worked
if
you're,
not
fun,
you're
doing
it
wrong.
It's
clear,
your
staff
enjoys
working
for
you
enjoys
working
for
the
ors,
so
my
hat's
off
to
you
roberto,
you
have
led,
and
people
have
followed
good
for
you,
so
all
right
item
4-h
discussion
and
action
on
police
by
a
strategic
plan.
C
So
I
don't
have
a
formal
presentation.
I
probably
will
the
next
board
meeting
the
one
after
that,
so
everything
in
life
has
cycles
right.
You
know
the
sun
goes
up,
the
sun
goes
down
every
day
and
then
the
days
get
warmer,
the
days
get
colder
and
then
people
grow
older,
and
so
it
is
with
us
right
every
meeting
we
look
at
retirements
and
we
talk
about
stuff
and
then
every
year
we
talk
about
the
discount
rate
and
then
every
couple
of
years
we
sort
of
pick
up
a
strategic
theme.
C
We
picked
up
risk
a
few
years
ago.
There's
a
longer
arc.
Vince,
I
think
is
now
is
now
into
his
second
decade
and
I
will
be
in
a
few
months
and
there's
a
very
long
arc.
That
goes
back.
I
look.
I
look
up
vince
to
a
meeting
down
the
haze
mansion,
our
the
first
off
site.
C
I
attended
that
sean
caldwell
chaired
when
he
shared
with
the
board
on
march
7th
2012,
and
it
was
at
that
off
site
that
fellow
trustee
sons,
air
event
stood
up
and
launched
us
on
a
long,
looping
strategic
arc
that
led
to
us
being
the
eighth
best
performing
at
least
to
date.
Pension
plan
and
double
digit
returns
during
a
difficult
year
and
along
the
way
there's
been.
C
I
looked
this
up
too
vince
there's
been
seven
off
sites
at
the
hayes
mansion
and
these
have
been
where
the
board
actually
can
take
the
time
to
deeply
dive
into
something
you
could
sort
of
argue
that
every
strategic
meaning
has
orbited
somehow
around
the
discount
rate
and
that
kind
of
makes
sense,
because
that's
the
big
lever
arm
on
the
wall.
I
led
two
of
those
I
think
vince
you've
led
two
or
three
of
those.
C
So
it's
time
to
loop
again
on
this,
and
so
the
new
trustees
don't
know
there
was
a
grand
jury
convened
a
couple
of
years
ago
and
one
thing
the
grand
jury
looked
at
was
sort
of
the
performance
of
the
plan.
You
know
so
we're
kind
of
in
a
hole.
C
Where
did
this
hole
come
from
right
and
I
was
one
of
the
people,
I'm
sure,
probably
most
the
trustees
at
the
time
I
know
roberto
you
were
in,
there
was
summoned
to
the
grand
jury
and
they
were
super
friendly
folks
and
we
sort
of
met
in
a
small
room
and
they
sort
of
said.
Okay,
so
where'd
the
pension
hole
come
from
and
I
said
well,
we
we
obviously
failed
to
meet
our
forecast
and
they
said
okay.
Well,
where
did
you
fail
to
meet
your
forecast?
C
And
I
said
well,
there's
assets
and
liabilities
and
there's
you
know
inflation
rate.
I
was
lower
than
we
thought
and
after
about
three
minutes
after
four
questions,
I
suddenly
realized.
I
had
no
idea
how
to
go
any
deeper
with
these
people.
They
were
asking
me
perfectly
reasonable,
perfectly
logical
questions
that
I
didn't
have
an
answer
to,
and
I
thought
to
myself.
C
I've
been
on
sport
for
eight
years
and
and
lay
people
on
the
grand
jury
can
ask
me
very
straightforward
questions
about
our
assets
and
abilities,
and
I
don't
know
the
answer
to
it,
so
that
started
me
down
a
long
path
that
has
led
to
now
this
discussion
with
my
fellow
board
members,
so
I
had
planned
to
spend
this
year
as
the
vice
chair
digging
into
that
and
setting
it
setting
it
all
up
to
tee
off
to
the
board
when
I
became
chairman
in
january
of
2022
but
andrew
and
I
for
a
number
of
reasons
had
to
swap
jobs
so
a
bit
out
of
place
here.
C
If,
if
I
was
doing
this
in
january
2022,
it
would
be
all
pretty
and
we'd
have
slides
and
everything.
So
I
asked
the
board
to
bear
with
me,
but
I've
said
this
before
the
board
and
I'll
say
it
again.
I
I've
talked
to
enough
board
members
to
know.
I
I
have
boards
broad
support,
roberto
I've
met
on
this
once
already.
I've
talked
to
peru
about
it
and
the
actuary
so
coming
up
soon.
C
I
don't
know
if
it'll
be
this
fall
when
code
is
over
or
next
spring,
we
are
going
to
have
an
offsite
we're
going
to
dig
in
and
answer
the
question
so
where'd
the
hole
come
from
and
it's
not
rocket
science
to
ask
the
question
right.
Well,
so
we
forecast
we'd
be
somewhere
and
we're
not
there.
Okay,
so
clearly
what
we
forecast
about
the
future
back
in
97,
98
2003
four
didn't
happen.
Well,
there
was
the
crash
of
oa.
Okay,
I'm
sure
that's
so
we're
going
to
dig
in
and
ask
that
I've
got
staff
involved.
C
I've
got
the
actors
involved.
So
far,
all
I'm
doing
is
just
trying
to
gather
data,
and
once
we
have
some
data
set
up,
then
I
will
present
to
the
board.
You
know
what
I
think
makes
sense
and
we'll
debate
and
maybe
over
a
couple
board
meetings,
decide
how
to
pursue
this,
but
I
wanted
to
bring
the
board
up
to
speed
on
what
I'm
doing,
I'm
not
trying
to
do
stuff
in
the
background.
C
It's
just
that
my
plan
had
been
to
to
tee
all
this
up
as
vice
chair
and
then
bring
it
to
his
chair
and
I'm
a
year
early.
So
I
I
would
ask
the
board's
forbearance
on
this
to
bear
with
me.
While
I
work
with
roberto
and
staff
in
the
actuary
to
tee
this
up
in
a
way
that
the
board
can
debate
and
decide
how
it
wants
to
proceed,
I
don't
know
if
you
want
to
weigh
in
on
that
roberto
you-
and
I
have
spoken
once
or
twice
on
this.
F
Yeah
I
mean
again,
I
I
I
hate
to
do
this
because,
obviously
it's
publicly,
but
you
know
I
shared
this
with-
you-
drew
the
level
of
engagement
and
commitment
by
many
of
you.
A
strategic.
This
board
is
just
amazing,
so
you
know
I
think,
on
behalf
of
the
membership,
I
don't
think
we
can
thank
you
enough
and
the
rest
of
you
trustees
for
the
level
of
engagement
and
the
kind
of
work
that
you're
doing
so
you
know
I
don't
have
any
any
specific
comments
right
now.
F
I
think
I'll
have
further
comments
once
you're
ready
to
start
addressing
some
of
the
issues
that
you're
raising
in
terms
of
of
you
know
that
delta
between
the
between
you
know
what
expectations
are
and
the
accurate
results-
and
I
just
you
know,
I'm
looking
forward
to
the
discussion
and
hoping
that
out
of
the
discussion
we
can
find
a
way.
F
You
know
to
be
no
need
to
be
more
ready,
but
I
think
at
the
end
of
the
day
really-
and
I
don't
want
to
speak
for
you
on
those
on
this
drew.
But
you
know
at
the
end
of
the
day,
we
just
want
to
make
sure
that
that
we
have
a
process
by
which,
at
the
end
of
the
day,
when
the
cost
of
the
plan
is,
you
know,
40
years
from
now
that
we
were
very
effective
on
getting
what
that
cost
over
time.
F
Right
because
sure,
40
years
from
now
someone
can
say
it
costs
the
plan.
I
don't
know
10
billion
dollars,
15
billion
dollars,
but
it's
the
year
in
and
year
out.
That
has
the
impact
on
the
budget
on
the
members
on
the
city,
on
the
on
the
plane
and
so
getting
closer
to
those
expectations
and
having
the
decision
making
that
that
provides
you
with
the
kind
of
data
that
you
need
to
make
very
informed
decisions.
I
think,
is
critical
to
making
sure
that
that
annual
delta
on
the
actual
cost
is
minimized
as
much
as
possible.
C
Great
thanks
for
I
really
don't
want
to
open
the
floor
for
discussion,
because
the
whole
point
of
my
saying
this
was
it's
sort
of
premature.
So
if
any
of
you
have
any
questions
about
this
or
hold
them
for
a
board
meeting
or
two
from
now,
when
I'm
working
with
the
virgin
staff,
I
can
tee
this
up
in
a
way
that
we
can
all
sort
of
debate
and
reach
consensus
on
how
to
go
forward.
C
So
let
me
go
ahead
and
move
on
to
service
retirements,
I'm
going
to
read
a
list
of
nine
members
who
are
retiring:
the
retirement
of
richard
j,
kadenia
fire
engineer,
fire
department,
effective
feb,
26
2021,
with
25.0
zero
years
of
service.
C
That's
you
don't
usually
see
a
zero
zero
captain
fire
department,
effective
january
29
2021
with
26.02
years
of
service
albert
fernandez,
fire
department,
fire
captain
fire
department,
effective
january
27,
2021,
25.12
years
of
service,
a
jonathan
t,
kaiser
police
officer,
police
department,
effective
january
23,
2021
with
27.0
two
years
service,
troy,
a
murray
police
officer,
police
department,
effective
january
31st,
2021
with
27.48
years
of
service,
emanuel
m
pereira,
jr
battalion
chief
fire
department,
effective
january
23,
2021
with
29.90
years
of
service
with
reciprocity,
peter
l,
roman
fire,
captain
fire
department,
effective
january
30th,
2021
with
26.63
years
of
service
again
with
reciprocity,
jesus
sanchez,
fire
engineer,
fire
department,
effective
feb,
20
2021,
with
25.03
years
of
service
and
tim
k.
G
C
A
H
B
C
And
vince
hi
sure
lanza,
I
vote.
I
I
don't
know
derek
nick
andrew
franco
feel
free
to
jump
in
too.
If
any
of
you
want
to
say
anything
about
these
any
of
these
folks.
B
C
Dick
that's
great
anything
else,
franco,
andrew
nick
anything.
You
want
to
comment
on.
B
Yeah,
you
know
it's
funny
with
dick
mentioning
working
with
troy's
dad.
I
remember
when
troy
got
hired
at
the
pd,
so
we
kind
of
got
him
covered
on
both
ends.
But
just
I
want
to
wish
continued
success
and
a
happy
retirement
to
to
everybody
on
the
police
side
and
the
fireside
as
well.
D
C
That's
great
thanks
guys.
We
will
now
read
the
deaths
of
our
retired
members
and
then
we'll
have
a
moment
of
silence.
So
this
is
announcing
the
deaths
of
gary
hughes
police,
sergeant,
retired
june
7
2001.
C
He
passed
away
on
december
7
2020,
his
survivorship
benefits
go
to
penny
hughes,
his
spouse,
we're
notifying
you
the
death
of
john
kriegel
kregel
police
officer,
retired
september
3rd
1985.
good
for
you
good
for
you
gary
just
died
december.
I'm
sorry
passed
away
october,
21st
2020,
leaving
behind
no
survivorship
benefits
and
notification
of
the
death
of
craig
shelton
fire
engineer:
retired
january
30th,
2005
passed
away
in
november,
17
2020
with
survivorship
benefits
to
margaret
shelton
and
his
spouse.
We'll
now
have
a
moment
of
silence.
C
Thank
you
aboard.
I
don't
know
if
again
nick
dick
andrew
franco
jumping
and
going
to,
if
any
of
you
want
to
say
anything
about
any
of
these
folks.
B
Well,
I
will
craig
shelton
was
a
very
quiet
man
and
very
efficient,
and
it's
sad
to
hear
same
with
the
police
officers.
I
wish
their
families
peace
and
love
and
be
safe.
Thank
you
yeah.
I
did
not.
I
did
not
know
john
well.
I
worked
with
gary,
so
it's
very
sad
to
hear
of
his
passing
as
it
is
with
with
everybody
else,
so
condolences
to
their
family
and
friends.
Thanks
thanks,
drew.
C
Sure,
let's
move
on
then
to
the
final
part
of
the
agenda
and
thank
you
board
we're
breaking
a
land
speed
record
here
for
brevity
in
meetings.
Audit.
Oh
hang
on
investment
committee
ashvar,
anything
that
you're
worried
about.
C
C
That's
great
disability
committee,
dick.
I
know
we've
got
a
meeting
this
monday,
anything
to
report
on
disability.
C
Be
there
be
square
brother
joint
personnel
committee
anything
to
report
out
on
on
that
one
vince.
C
We're
four
minutes
over
two
hours:
what's
wrong
with
you,
people
any
proposed
anything
anyone
wants
to
put
on
the
agenda
for
next
month.
C
B
C
All
right
thanks
dick
any
other
comments
from
any
board
members:
wow.
Okay,
that's
a
new
land,
speed
record.
I
thank
the
board.
We'll
see
you
all
in
a
month.