►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of May 6, 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://sanjose.legistar.com/View.ashx?M=A&ID=859549&GUID=435E2476-2446-4A2F-94FD-16B97D6B1174
A
A
B
I
see
I'm
here
thanks
edward
muyo
muyo
said
he
might
not
make
it
nick
nicky
here
all
right,
dick,
yes,
vince
is
vince
on
nbc.
B
No
not
yet
not
yet.
That's,
okay,
we're
going
to
close
session
and
vince
was
in
the
investment
committee.
When
we
did
this
anything
else
to
do
with
britto.
Before
we
go
into
closed
session.
B
Oh
yeah,
my
minor
details
on
linda
this
meeting
is
here
by
call
to
order.
I
need
a
gavel
linda
all
right.
This
meeting
is
thanks.
Let's
please
call
to
order
and
who's
going
to
send
us
into
the
room.
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
B
Really
really
lit
there
for
a
minute.
We
have
a
very
high
function
team
here
both
on
the
board
and
staff
when
somebody's
a
zoom
team.
So
when
somebody's
talking,
if
you
have
a
temporal
question,
go
ahead
and
interrupt
the
speaker
and
bring
up
the
question
at
the
end,
if
I
don't
think,
there's
gonna
be
a
lot
of
discussion,
I'll
just
open
the
floor
up.
B
If
I
think
there
will
be
I'll
go
round
robin
through
all
of
our
names,
we
will
always
go
round
robin
through
our
names
to
make
sure
we
know
who
voted
on
what
there
is
a
change.
The
agenda
item,
7.4,
there's
a
meeting
date
change.
The
police
and
fire
disability
committee
decide
that
we
don't
have
any
applications
to
hear
so.
That's
been
cancelled,
I'm
going
to
need
a
motion
and
a
vote
on
waving
sunshine.
B
We've
got
item
4c
we're
going
to
wave
sunshine
on
discussion
action
on
a
resolution,
7.5
c
from
the
personnel
committee
on
ceo
performance,
7.5
d,
on
cio
performance.
I
was
in
those
meetings,
and
so
we
actually
had
that
meeting
after
the
internet
came
out.
Can
I
have
a
motion
to
wave
sunshine
on
those
items.
B
Jerry,
I
have
a
motion
by
santos
and
second
by
sunzeri
going
around
for
the
vote
now
andrew
hi,
anita.
B
Hi
muyo
nick
you're,
not
on
are
you.
As
I
said
he,
he
let
us
know
he
wasn't
going
to
be
on
dick.
A
B
Events.
Yes,
I
vote
I
and
for
the
record
as
I'm
reading.
Through
the
same
just
to
remind
everybody,
there
would
have
only
been
eight
people
in
this
meeting.
We
have
a
vacancy
for
police
active
member
and
nick's.
Not
here
so
we've
got
seven.
Our
quorum
is
five,
so
we're
doing
good.
Does
anybody
want
to
talk
about
anything
on
the
consent,
calendar.
F
E
The
dashboard
information
is
is
not
only
to
give
the
board
a
prize
but
also
stakeholders
in
general,
and
he
was
correct,
and
this
is
information
that
is,
is
very
valid
and
important,
and
you
know
unless
we
keep
the
information
updated,
it
just
doesn't
make
sense
to
continue
providing
information
and
so
to
his
point,
we
made
a
point
to
update
so
the
latest
dashboard
that
you
have
before
you
have
the
most
recent
information,
as
it
relates
specifically
to
the
actual
evaluations
as
of
june
20
june
30th
2020.
So
thank
you
very
much.
B
Thanks
roberto,
if
something
else,
somebody
want
to
move
to
approve
the
consent.
Calendar
got
a
second
second
garden
here.
I
have
a
motion
by
santos.
Second,
by
gardener
to
approve
consent
calendar
going
around
the
room
andrew
hi.
B
A
Thank
you,
mr
chairman.
We
have
just
one
item
today:
that's
the
discussion
in
action
on
private
market
spacing
plan
again
just
so.
The
full
board
knows
this
was
discussed
extensively
at
the
ic
and
this
is
being
brought
to
the
full
board
for
its
approval.
A
But
before
I
get
there
just
a
couple
of
things,
many
of
you
may
have
read
that
david
swenson
passed
away
yesterday.
He
was
a
long-term
cio
of
the
yale
investment
office
and
he
pioneered
what
is
now
known
as
the
endowment
model
of
investing
which
has
done
phenomenally
well
for
yale
and
so
many
other
institutions,
and
it's
something
that
we
have
tried
to
follow
here
at
san
jose
as
well.
Of
course,
we've
adapted
it
to
the
requirements
of
a
public
pension
plan.
A
I
just
want
to
mention
that
and
fiscal
year-to-date
returns
for
the
pension
plan.
This
is
through
may
4th.
The
pension
plan
returned
21.52
so
far,
and
the
healthcare
has
returned
21.36
fiscal
year
today.
Now,
for
the
month
of
april,
the
plan
returned
2.35
and
the
healthcare
trust
2.64.
A
Of
course
again.
These
are
estimates
and
unaudited
numbers
with
that.
Mr
chairman,
I'm
going
to
turn
this
over
to
brian
and
dinesh.
C
Good
morning
and
and
actually
to
to
prabhu's
point
about
the
effect
that
yale
has
had
on
institutional,
investing
the
the
basis
of
the
models
that
we
use
for
our
private
market
spacing
plan.
Are
they
came
out
of
work
done
by
dean
takahashi
as
part
of
david
swenson's
team,
so
the
impact
even
continues
for
us.
Can
we
go
to
the
next
page?
Please,
danish!
C
C
We
kind
of
provide
some
context
as
to
how
the
market
has
changed,
how
the
asset
allocation
and
the
impact
that
has
on
the
plan,
and
then
we
you
know,
certainly
would
like
to
provide
some
guidance
on
the
things
that
we
intend
to
do
over
the
coming
fiscal
year.
I'll
know
that,
because
this
is
a
pacing
plan
that
is
based
on
the
model
I
just
mentioned,
it
is,
is
just
a
model.
We
know
it
will
not
be
correct.
C
That's
why
we
redo
it
every
year
and
that's
why
we
don't
hold
ourselves
stringently
to
the
model,
but.
A
C
It
as
a
guide
for
the
things
that
we
would
like
to
accomplish.
Look
at
the
next
site.
Thank
you
so
over
the
past
year-
and
this
is
through
the
coming
june-
30th-
so
there's
an
element
of
expectation
to
it.
We
expect
to
have
completed
around
15
investments,
deploying
roughly
126
million
committed
capital
for
police
and
fire.
C
We
did
focus,
as
we
said
we
would
on
situations
where
there
were
identifiable
assets.
When
we
were
deploying
capital
where
we
could,
we
believe
the
the
expected
net
of
these
returns
would
justify
the
risks
associated
with
them.
However,
some
of
the
other
things
that
we
thought
would
come
to
fruition
as
we
evaluated
the
previous
fiscal
year,
I
were
at
best
neutral.
A
lot
of
that
was
resulting
from
the
changes
in
the
the
market
environment.
C
You
know,
of
course,
this
time
last
year
it
was
not
clear
how
the
financial
world
would
respond
to
the
coronavirus
and
and
resulting
monetary
and
fiscal
stimulus.
We
now
know
that
liquidity
is,
is
robust
in
the
world
and
is,
in
some
cases
overwhelming
the
economic
fundamentals
of
businesses,
and
that
certainly
impacts
private
markets
as
well.
C
Specifically,
we
can
see
the
the
massive
rebound
in
the
upper
left
on
on
capital
invested
in
in
private
markets
or
in
ipos,
buyout,
secondary
buyouts
and
and
simply
what's
happened
over
the
last
few
quarters
has
been
nothing
short
of
spectacular
in
terms
of
volume,
largely
that's
been
driven
by
public
markets,
but
private
markets
have
similarly
falled
on
suit.
With
the
number
of
transactions
taking
place.
C
The
the
chart
at
the
bottom
shows
the
increase
in
valuation
that
has
occurred
in
the
public
markets
via
ipos.
I
think
predominantly
those
are
going
to
be
technology
businesses
to
have
an
excellent
growth
story
behind
them
in
the
lbo
biospace.
While
this
chart
doesn't
necessarily
show
a
strong
increase
in
valuation
multiples,
I
think
in
practice
we
have
seen
a
slight
uptick,
certainly
less
than
what
exists
in
in
public
markets,
but
enough
to
give
us
pause
when
we're
evaluating
strategies
for
our
private
markets
program.
C
And,
of
course,
you
know
the
whole
basis,
for
this
is
we're
trying
to
capture
an
illiquidity
premium
and
when
the
world
is
awash
in
liquidity,
it
becomes
more
challenging
to
do
so,
and
we
have
to
look
towards
strategies
that
are,
you
know,
perhaps
less
in
favor
or
you
know,
simply
have
less
capital
flowing
after
it,
and
so
we
give
an
example
of
how
we
might
find
those
opportunities
in
the
in
the
upper
right.
C
We
show
the
distinction
across
time
in
capital
invested
between
oil
and
gas
exploration
and
production,
refining,
obviously
not
a
favorite
secretary
right
now
versus
software,
and
you
can
see
that
that
adjustment
that's
taken
place
over
time,
and
some
of
that,
of
course,
will
be
ongoing
for
the
future,
and
some
of
it
will
likely
reverse
at
some
point.
So
these
are
the
things
that
we've
taken
into
consideration
over
the
past
year
as
well
and
and
in
execution
you'll
see
broadly
we've
we've
executed,
mostly
in
line
with
the
pacing
plan.
C
There
have
been
some
areas,
in
particular
private
debt,
where
we've
deliberately
under
invested
versus
the
pacing
plan.
This
is
a
combination
of
the
opportunity
set
that
we
see,
but
also
knowledge,
that
we
are
overweight,
these
asset
classes
and
so
there's
less
pressure
to
deploy
the
full
pacing
plan,
and
we
want
to
be
really
cautious
about
how
we
make
additional
capital
commitments,
because
these
are
long-term
in
some
cases,
10
plus
year,
contracts
that
we're
entering
into
on
these
investments.
C
And
for
that
reason
we
take
a
long-term
forecast
and
even
though
we're
approving
one-year
numbers
for
for
commitments,
the
these
decisions
persist
across
time
and
and
did
nash
will
now
go
into
some
of
the
details
behind
those.
F
Thanks
brian
I'll
go
into
the
meat
of
how
we
came
up
with
the
pacing
plan
results
and
end
with
the
recommendation
for
the
plan
approval
for
the
next
fiscal
year,
so
starting
off
on
this
slide
with
the
net
asset
value
forecast,
these
are
essentially
the
foundation
for
how
a
pacing
plan
is
developed.
The
way
we
came
up
with
these
is
starting
with
the
latest
market
values
for
the
plan.
In
this
case
this
was
march
31st
and
we
also
layer
in
the
expected
rate
of
return
for
the
plan
and
information
from
the
actuary
on
money.
F
That's
going
to
come
into
and
out
of
the
plan,
so
contributions
from
both
the
city
and
employees
and
projected
distributions
to
employees
as
well.
So
you'll
see
that
there's
been
a
large
change,
since
we
did
the
forecast
last
year
so
towards
the
middle
of
the
page.
The
police
and
fire
plan
is
17
higher
than
what
we
projected
last
year,
which
really
should
be
unsurprising
because
of
the
increase
in
public
markets
and
the
asset
value
of
the
plans
in
the
lower
right.
F
On
this
slide,
we
show
an
attribution
of
what
caused
the
changes
from
the
prior
year.
The
police
and
fire
plan
is
at
the
bottom
of
this
page
and
you'll
see
that
it's
predominantly
due
to
the
changes
in
nav
forecasts
so
about
123
million
dollars
increase.
Even
though
there
was
no
net
change
in
the
private
markets
target
allocation
of
19.
F
F
On
this
slide,
we
show
relative
to
where
we
expected
to
be.
Last
year.
We
thought
we
would
be
one
percent
underweight
on
private
markets
and
in
reality
we
ended
up
being
one
percent
underweight.
This
is
at
the
bottom
of
the
page.
However,
the
nav
that
we
expected
to
have
for
private
markets
is
significantly
higher
than
what
we
had
forecast,
and
this
is
due
to
a
few
factors,
primarily
within
the
buyout
program.
F
F
Looking
at
here,
the
darker
colored
shading,
is
where
we
expect
the
actual
private
asset
classes
to
be,
and
the
lighter
shading
is
where
we
would
need
to
be
at
to
be
exactly
at
the
policy
target
based
on
the
expected
navs
and
the
asset
class
targets.
So
this
is
layering
in
the
modeling
that
was
done
using
the
pacing
plan
methodology
that
brian
had
mentioned
earlier,
completed
by
makita
and
newberger
berman
for
the
buyout
program,
nikita
for
all
the
other
private
asset
classes
and
for
simplicity.
We
tried
to
distill
it
all
together
into
this
visual.
F
So
what
you'll
see
here
is,
for
example,
9.3
for
the
buyout
program,
which
is
about
two
percent
overweight
from
the
target,
but
over
time
that,
based
on
the
the
timing
of
our
commitments,
we'll
be
able
to
get
to
that
seven
percent
target.
So
there
is
also
a
0.6
percent
that
underweight
that
I
had
mentioned
to
the
private
markets
as
a
class
target
and
that's
invested
in
the
russell
3000
proxy
and
you'll
see
over
time.
F
That
does
increase
somewhat
and
then
also
decrease
as
a
as
the
years
go
by
there's
a
lot
of
modeling
and
guesswork
that
goes
into
this,
but
based
on
the
information
that
we
have
and
since
we're
updating
this
on
an
annual
basis.
This
is
our
best
estimate
of
how
we
expect
it
to
play
out
so
we're
very
close
to
the
private
markets
target.
F
This
slide
shows
the
liquidity
requirements
for
the
private
markets
program
and
police,
and
fire
again
is
at
the
bottom
of
the
page.
So
this
is
an
important
slide
to
consider
if
the
private
markets
program
is
going
to
be
drawing
capital
and
needing
capital
from
the
rest
of
the
plan
or
being
able
to
be
self-funding,
where
the
distributions
from
investments
that
funds
have
realized
are
coming
back
and
paying
for
the
investments
that
are
being
made
by
future
funds.
So
in
this
case
for
private
police
and
fire,
it's
a
very
mature
private
markets
program.
F
We've
done
this
over
the
last
few
years,
and
going
back
on
memory
lane
to
what
we've
said
in
the
past
two
years
ago,
we
had
very
specific
expectations
of
what
types
of
strategies
how
many
strategies
to
deploy
within
each
of
the
asset
classes.
That
was
because
the
private
markets
program
was
still
being
built
out
and
there
were
still
some
gaps
that
needed
to
be
filled.
Last
year
we
were
in
the
middle
of
the
pandemic,
so
we
were
really
focused,
as
brian
mentioned,
on
specific
assets
and
managing
risk.
F
F
The
second
bullet
talks
about
having
a
bench
of
potential
replacements
for
these
core
funds
that
we're
invested
in.
We
spend
a
lot
of
time
when
we're
canvassing
the
market
to
understand
the
nuances
between
different
managers,
both
on
a
qualitative
and
quantitative
basis.
You'll
see
these
in
our
recommendations
of
what
what
are
these
defining
characteristics,
and
why
would
this?
Why
would
a
certain
strategy
make
sense
as
a
replacement
in
the
future?
F
So
this
is
quite
helpful
because
there
might
be
times
where
it
makes
sense
to
call
up
one
of
these
replacements
and-
and
we
have
these
in
place.
These
are
also
well
defined
with
the
information
within
our
different
research
management
systems
like
dynamo
software,
so
easy
to
access
the
past
history
of
these.
F
F
And,
lastly,
the
success
of
private
markets
is
really
driven
by
information,
and
we've
mentioned
this
before
when
we
do.
Our
annual
private
markets
updates
is
that
information
is
one
of
the
advantages
that
we
have
in
the
marketplace
being
able
to
talk
to
so
many
market
participants
and
store
it
within
our
different
research
management
systems
and
act
on
it.
F
F
So
all
in
all,
I
would
conclude
by
saying
that
we're
in
a
steady
state
right
now
for
private
markets
and
the
pacing
plan
is
something
that
we'll
use
as
a
guide
won't
be
something
that
we're
strictly
going
to
make
sure
that
we
invest.
Every
single
dollar
will
be
flexible,
based
on
how
the
private
markets
portfolio
plays
out
over
the
next
year
and
on
this
slide
12
towards
the
bottom,
is
where
we're
looking
for
approval
on
the
fiscal
year,
21
22
pacing
plan
and
we're
happy
to
answer
any
questions.
B
Great
floors
open
any
questions.
A
Actually
drew
sorry,
I
have
a
question.
A
You're
good
howard,
yeah.
A
Okay,
great,
I
I
thought
the
analysis
was
excellent,
just
a
couple
of
questions
on
the
on
the
pacing
plan.
What
what
do
you
see?
The
are
the
risks
to
achieving
the
the
change
in,
for
example,
on
slide
12
going
on
private
debt
from
the
actual
28
to.
A
1.2
48.,
so
there
are
some
some
some
of
the
some
of
the
categories
see
large
changes
and
I
just
wanted
to
understand
what
the
risks
might
be
in
achieving
that.
F
There
might
be
some
cases
where
some
of
the
managers
come
back
to
market
in
a
certain
fiscal
year
versus
another,
and
we
want
to
not
limit
ourselves
to
just
trying
to
fill
the
48
million
dollars
that
was
budgeted
last
year
and,
in
this
case,
there's
actually
a
unique
possibility
that
there
it
might
be
higher
than
the
28
million.
There's
one
strategy
that
we're
also
looking
at
that
may
close
before
june
30th
may
close
after
june
30th.
F
So
in
this
case
we
were
somewhat
conservative
in
the
number
that
we
had
expected
and
projected
to
be
28
and
in
the
case
of
private
real
estate,
you'll
see
24
million
actual
versus
30
million
projected
in
the
previous
fiscal
year.
We
actually
were
higher
because
there
were
three
high
conviction:
managers
that
came
to
market
at
the
same
time,
and
we
didn't
want
to
limit
ourselves
to
losing
out
on
one
of
those
opportunities
by
not
investing
in
that.
A
Okay,
all
right
great
and
then
on
your
deployment
of
commitments.
You
mentioned
that
there
is
a
you
have
is
ready
to
dispense.
What
are
examples
of
that.
F
Sure
so,
whenever
we're
looking
to
fill
any
private
investment
mandate,
what
we're
looking
to
do
is
try
to
cast
as
wide
a
net
as
possible,
so
speak
to
as
many
managers
that
are
pursuing
various
strategies
and
even
though
there's
cases
where
we're
invested
in
a
certain
manager
we've
reinvested
in
their
future
funds.
F
We
spend
the
time
to
talk
to
their
competitors
and
understand.
Is
the
competitive
advantage
of
that
fund
being
reduced
over
time
or
are
there
certain
reasons
that
another
one
makes
sense?
So
these
are
cases
where
we
have
an
existing
strategy
that
we,
that
is
in
a
particular
strategy
and
other
competitors
that
pursue
similar
strategies,
not
particularly
the
same
but
understanding
what
are
those
differences
and
for
us
thinking
about
when
it
would
make
sense
to
invest
in.
F
A
B
Great
quick
question
good,
so
you
need
to
jump
in.
B
Yes,
oh
thanks
for
yeah.
Okay,
is
there
a
motion
to
approve
the
pacing
plan.
A
A
B
Did
we
lose
him?
He
said
he
was
andrew
there.
He
said
he
was
on
duty.
He
might
get
called
out.
Let
me
take
oh
he's
there.
Andrew
can
hear
us.
That's
fine!
I
here,
oh
andrews,
I
go
to
sunita
hi
howard.
A
B
B
Can't
hear
you
vince,
but
that's
right.
The
motion
carried,
I
guess
over
to
you,
roberto
for
a
new
business.
E
Thank
you,
mr
chair,
so
just
review
bear
with
me
for
a
couple
of
minutes.
I
want
to
provide
you
some
latest
information
on
your
aura
update,
so
the
ballots
for
the
two
police
positions,
the
active
member
and
the
guitar
member
they're,
going
out
this
week
that
will
tentatively
put
the
election
in
the
month
of
june,
I'm
hoping
that
the
information
is
completed
and
council
city
council
can
either
appoint
the
two
elected
members,
either
at
the
last
meeting
in
june
or
the
first
one
in
august.
E
Just
in
time,
for
your
first
meeting
in
august,
21
there's
a
good
chance
that
both
applicants
are
elected
because
there
were
only
only
one
application
was
received
for
the
police
active
and
one
application
was
received
for
the
police
retiree,
and
you
will
probably
be
happy
to
know
that
the
retiree
application
came
from
former
trustee
franco
battle.
So
good
luck!
E
I
also
wanted
to
let
you
know
that
the
city
budget
is
actually
working
through
the
budget
process.
The
meetings
for
approving
the
budget
are
going
to
take
place
next
week,
which
I
will
be
attending
one
of
those.
As
you
remember,
we
presented
our
annual
administrative
budget
request
to
your
boards.
I
believe
it
was
in
the
month
of
march.
Both
the
boards
approve
them.
E
Our
budget
information
has
is
making
its
way
to
the
city
budget
office
this
week,
and
I
fully
expect
the
city
council
to
approve
our
request
as
presented,
but
I
do
want
to
mention
because
of
the
pandemic.
The
city
you
know,
is
having
some
budget
issues,
and
I
discussed
this
with
the
chair
and
he
suggested
that
I
shared
information
with
the
board.
I
know
we
have
council
liaison
tom
foley
here
this
morning.
E
I'm
sure
she
may
speak
to
it
during
the
his
report,
but
as
of
the
fiscal
year,
21
22,
which
are
the
budgets
that
we
are
requesting
to
be
approved.
The
budget
office
is
calculating
the
cumulative
shortfall
for
the
budget
year
2122
around
38.4
million
dollars.
E
Obviously,
there's
still
some
work
to
be
completed.
This
is
based
on
estimates,
but
I
believe
the
38.4
million
shortfall
is
is
based
on
the
best
estimate,
so
just
wanted
to
kind
of
give
you
a
sense
of
the
budget
situation
for
the
city
and
as
things
develop,
I
would
certainly
keep
you
posted
on
that,
but
that
certainly
has
implications
not
only
for
the
services
that
the
city
provide,
but
also
could
have
potential
implications
to
to
the
services
that
we
provide
at
the
retirement
office
in
terms
of
what
positions
are
available
to
be
on
frozen.
E
To
that
extent,
I
wanted
to
share
with
you
that
we
requested
and
got
two
positions
for
the
current
fiscal
year
that
is
sent
on
june
30th
to
be
on
frozen
so
that
we
can
pursue
a
search.
You
may
recall,
at
your
april
meeting
that
I
have
shared
with
you
that
our
former
division
managers
for
benefits
had
resigned
the
position
as
of
april
15.
E
E
We
also
requested
the
unfreezing
of
a
staff
specialist
position
that
is
needed
to
do
administrative
and
clerical
litter
work
for
the
for
the
benefit
function,
and
so
we
are
going
to
pursue
those
searches
as
well.
I
also
wanted
to
share
with
you
that
we
actually
am
very
excited
to
share
with
you.
We
recently
made
an
offer
and
hire
a
benefit,
a
senior
benefit
analyst
for
the
pension
side
of
the
equation
on
the
benefit
function
and
she
comes
to
us
from
calpers.
E
So
I'm
very
excited
about
it.
I
I
actually
know
that
her
name
is
connie.
I'm
trying
to
look
her
last
name,
because
I
know
she
was
actually
listening
to
the
meeting
this
early.
This
morning
she
come
to
us
from
calpers
she
recently
retired
from
calpers.
She
was
the
the
manager
for
the
calpers
office
connie
malloy
maloy.
Thank
you,
barbara
and
she's
here.
E
If
you
can
see,
I
think
she's
saying
hello
and
she
comes
with
us
from
calpers
and
she
was
the
manager
for
the
calpers
san
jose
office,
so
work
on
connie
and
look
forward
to
working
with
you.
E
Thank
you.
You're
welcome.
In
addition
to
that,
we
are
very
surely
working
on
making
an
offer
to
a
new
benefit
analyst,
and
we
will
keep
you
posted
for
the
june
meeting.
In
addition
to
that,
I
wanted
to
share
with
you
that,
as
you're
aware,
the
rfp
for
medical
advisor
services
was
issued
in
march.
He
actually
closed
at
the
end
of
april
april
30th.
I
think
I
shared
with
you
that
the
closing
day
was
april
15
and
I
was
mistaken.
E
I've
also
been
thinking
about
taxes
at
the
time,
but
it
was
actually
april
30th,
I'm
happy
to
share
with
you
that
we
actually
receive
three
applications.
Staff
is
working
through
the
process
right
now
and
the
goal
is
to
come
before
you,
your
june
meeting
with
a
recommendation
for
approval
for
the
medical
board
advisor.
E
You
may
recall
that
I
shared
with
you
an
email
where
I
provided
you
not
only
the
documents
that
that
were
presented
at
the
study
session
for
the
city
council,
but
also
a
link
for
those
of
you
that
were
available
that
wanted
to
to
attend
the
meeting
to
listen
to
the
meeting.
The
next
meeting
by
the
city
on
that
issue
is
next
week
on
may
11th
and
staff
will
be
looking
for
direction
from
the
city
council
and
depending
on
that
direction.
E
If
the
direction
is
that
the
city
council
want
to
move
forward
on
this
process,
I
wanted
to
share
with
you
that
we
are
working
with
kyron
to
come
before
you
meeting
before
you
board
for
the
month
in
june,
to
provide
you
with
our
own
study
or
educational
session,
on
implications
on
pob
and
decision
making
that
your
board
should
be
considering
in
the
issues
of
the
pob.
We
certainly
will
be
sharing
the
information
with
the
city
staff
and
they're
indicted.
Obviously,
it's
a
public
meeting
as
well.
E
The
city
council,
members
and-
and
I
my
understanding,
is
that
if
the
city
council
decides
to
provide
direction
to
the
city
staff
to
move
forward
on
this
process,
eventually,
the
goal
is
to
have
an
accurate
joint
meeting
between
the
city
council
and
both
boards
sometime
in
the
early
fall.
E
E
We
actually
had
our
quarterly
staff
meeting
last
month
and
as
part
of
that
meeting,
we
actually
had
a
presentation
by
a
healthcare
provider
for
the
city
on
increasing
stress
hardiness,
on
dealing
to
stress,
especially
through
the
pandemic,
we
staff
for
an
hour.
I
thought
it
was
very
helpful.
In
closing.
I
wanted
to
also
share
with
you
that
we
just
today
are
having
a
soft
launch
of
our
facebook
and
twitter
accounts.
I
cannot
emphasize
enough
that
is
it's
a
soft
launch.
E
We
do
have
an
external
company
that
is
charged
with
managing
it
for
now
and
on
dating
updating
these
accounts
under
our
direction,
and
they
will
be
responsible
for
letting
them
know
letting
us
know
so
that
we
can
respond
to
issues
in
the
facebook
and
twitter
accounts.
So
we
plan
on
having,
for
the
july
quarterly
newsletter
some
more
information
on
these,
but
for
now
it's
a
soft
launch,
so
it
just
started
yesterday
feel
free
to
search
for
then
and
add
them
to
your
personal
facebook
and
twitter
accounts.
If
you
like.
E
So
that's
my
update,
mr
chair
and
I'm
happy
to
answer
any
questions
from
the
board.
Thank
you.
H
Okay,
thank
you.
Roberto
stole
a
lot
of
my
thunder,
but
I'll
I'll
go
into
a
little
bit
more
detail.
We
are
in
budget
session
right
now
and
we
have
several
workshops
planned
over
the
next
few
days
or
next,
starting
next
week,
study
sessions
on
various
components
of
the
budget.
H
As
roberto
mentioned
on
may
11th,
our
next
city
council
meeting,
we
will
be
discussing
pension
obligation,
bonds.
We've
already
had
a
couple
of
study
sessions
and
have
directed
staff
to
come
back
with
the
proposal
on
validate
on
seeking
validation,
so
that
we
could
proceed
with
pension
obligation
bonds.
H
If
we
decide
to
do
that,
so
that
comes
before
the
council
on
the
11th
and
additionally,
part
of
that
will
be
the
council
to
authorize
and
recommend
creating
a
funding
policy
for
the
funds
when
when
and
if
we
are
approved
on
the
for
the
pension
obligation
bonds,
it's
a
long
process,
but
we
want
to
be
ready
to
take
advantage
of
it.
H
If
we
decide
to
move
forward,
there's
a
lot
of
there's
some
risks,
there's
some
benefits
and
we
just
have
to
weigh
both
of
those
in
relation
to
to
our
funds
and
making
sure
that
we're
treating
the
funds
with
our
fiduciary
responsibility
as
council
members,
and
then
you
of
course
have
to
decide
what
you're
going
to
do
when
you
get
the
funds
to
invest.
So
that's
a
whole
different
whole
different
animal,
and
I
know
that
you'll
be
discussing
that
in
detail,
and
I
I'm
sure
I
know
we're
looking
at
having
a
joint
session
too.
H
Should
we
approve
the
pension
obligation
bonds?
We
are
in
a
budget
shortfall
of
38.4
it
actually
a
couple
months
ago
it
was
a
shortfall
of
50
million.
So
it's
improving
a
little
bit
by
analysis.
H
We
do
have
a
lot
of
federal
funds
related
to
the
coveted
relief
packages,
several
coveted
relief
packages
and
if
the
infrastructure
pass
package
passes
as
well,
we're
hoping
that
there
will
be
funds
in
there
for
the
city,
but
how
we
balance
those
how
we
apply
those
they're
one-time
money.
So
we
have
to
make
sure
that
we're
not
really
creating
any
new
programs
with
it
that
we
won't
be
able
to
sustain
down
the
line.
So
if
you
have
any
thoughts
about
the
budget,
please
let
me
know
either
today
or
offline.
H
We
are
moving
through
the
process
and
input
is
really
welcome
and
encouraged.
We
are
in
the
process
of
analyzing
and
looking
forward
to
how
we're
going
to
bring
continue
and
enhance
our
city
services
in
a
hybrid
post-covered
world.
I
don't
know
that
we're
ever
actually
going
to
be
in
a
post-covered
world,
but
we're,
let
me
put
it
this
way.
We
will
never
go
back
to
normal,
but
what
we
will
be
able
to
do
is
thrive
and
hopefully
survive.
I
would
survive
and
then
thrive
in
the
next
few
years.
H
The
economy
already
looks
like
it's
starting
to
pick
up,
as
evidenced
by
businesses
not
being
able
to
find
employees,
which
is
a
whole
other
issue
that
that
is
of
concern
to
me.
So
we
are
looking
at.
We
had
a
propo
presentation
from
city
count,
city
staff,
on
how
they're
going
to
shut
down
the
emergency
operation
center
and
also
create
opportunities
to
build
back
better
to
to
quote
the
president,
the
and
focusing
on
our
employees,
our
residents
and
our
the
economy.
H
So
that
will
we
have
beginning
plans
on
how
we're
going
to
do
that
and
strategies
for
that.
That
was
a
council
priority
that
we
look,
how
we're
going
to
bring
the
city
back
to
to
operate
services
in
a
more
efficient
capacity.
H
One
of
the
things
that
we've
learned
through
covert
we've
learned
a
lot
of
things
that
show
exposed
a
lot
of
weaknesses
in
a
lot
of
areas
that
we
need
to
really
spend
time
and
resources
in
our
marginalized
communities.
The
community
is
highly
impacted
by
covid
deaths
and
covet
positive
testing,
and
also
this
it's
the
same
communities
that
have
been
severely
impacted
by
the
economics
of
businesses,
shutting
down
as
a
result
of
covid.
So
we
need
to
make
sure
that
we
prioritize
those
areas.
H
The
city
is
very
much
focused
on
looking
at
things
in
an
equity
lens,
but
that
doesn't
mean
that
our
small
businesses
and
other
areas
of
need
throughout
the
city
won't
receive
some
sort
of
assistance
either.
It
just
means
that
priorities
are
given
to
certain
areas.
The
other
thing
is
that
we
have
learned
through
the
last
year,
plus
that
we
need
to
be
more
efficient
in
how
we
deliver
services
and
through
technology
we
can
be
a
lot
more
efficient.
H
So
we're
looking
at
a
hybrid
potential,
hybrid
approach
to
how
we
come
back
to
city
hall,
focusing
on
making
sure
that
we
are
able
to
provide
poor
services
to
our
residents,
who
want
to
come
into
city
hall,
but
then
who
determining
on
city
staffs?
Who
needs
to
be
in
city
hall?
Who
doesn't
need
to
be?
How
will
we
work
in
a
hybrid
situation,
making
sure
that
we're
protecting
our
employees
as
well
they've
worked
really
really
hard.
I
would
say
across
the
board,
to
during
the
the
emergency
eoc
period
and
continue
to
work
hard.
H
So
we
need
to
make
sure
that
we
provide
mental
health
services,
encourage
and
encourage
in
really
positive
ways
that
they
take
time
off
now
that
we
can
freely
move
around
well,
not
freely,
but
move
around
a
little
bit
more
freely.
H
So
those
are
those
are
just
the
some
of
the
things
we're
thinking
about
at
city,
hall
and
and
also
I
want
to
encourage
you
if
you
haven't
yet
to
go
out
and
get
vaccinated,
that's
really
really
important.
I
don't
I
when
I
was
fully
vaccinated.
It
feels
like
freedom,
it
feels
like
I
can
finally
go
and
hug
people,
and
I
missed
that.
I
know
many
people
miss
the
connectivity
and
I
certainly
did
so.
H
I
would
encourage
you
to
go
out
and
get
vaccinated
and
to
encourage
those
around
you,
those
you
love
to
get
vaccinated
too.
We
are
looking
forward
to
moving
into
the
yellow
tier
and,
with
all
of
that
comes
and
at
the
end
of
this
month
may
20th
I
host
a
town
hall
meeting
every
month
this
month
happens
to
be
a
town
hall
meeting
with
the
mayor
will
where
he
will
be
discussing
the
budget.
So
with
that,
I
think
I've
exceeded
my
two
minutes.
B
Never
as
much
as
you
want
pam
we
we
we
represent
and
work
for
the
pension,
but
the
pensions
part
of
you.
So
any
questions
for
councilman
foley.
E
E
I
can
tell
you
that
I
don't
want
to
speak
for
the
city,
but
I
suspect
I
think,
as
councilmember
paulie
indicated
and
in
our
office
as
well.
Our
overriding
factor
is
the
is
the
health
of
our
employees
and
the
members
that
come
to
visit
in
terms
of
the
city
obviously
is
the
rest
of
the
population
that
they
have
to
provide
services
to.
E
So
that's
in.
In
our
mind
and
foremost,
so
we
will
certainly
keep
you
apprised
on
how
that
process
develops
and
keep
you
apprised
as
to
when
and
if
there
is
some
sort
of
hybrid
and
at
what
point
we
may
be
considering
slowly
but
surely
getting
back
to
the
office.
So
just
so
thank
you
customer
following
for
for
addressing
that
issue,
and
I
just
wanted
to
the
board
to
know
that
we
will
certainly
keep
you
posted.
E
B
Great
anything
else
for
councilwoman
foley,
once
going
twice
back
to
you
roberto
for
four
point
c.
E
Thank
you,
mr
chair,
so
staff
asked
me.
I
told
him
there's
no
need
to
have
this
screen,
but
if
you
prefer
that
we
actually
use
the
screen
to
show
either
the
memos
from
the
city
the
letter
from
from
kyron
or
the
specific
resolutions,
we
can
do
that.
E
But
in
a
nutshell,
this
is
the
discussion
and
action
on
the
newborn,
approving
the
fact
that,
as
we
explained
before,
the
city
is
requesting
the
ability
to
pre-fund
the
bulk
of
the
of
the
tier
one
contributions
for
the
coming
year
and
giving
ebora
approval
last
time
to
provide
the
full
discount
on
the
prepayment,
based
on
the
assumption
of
return,
new
calculations
needed
to
be
made
by
kyron
because,
as
you,
you
probably
know
this
that
when
they
make
the
presentations,
they
assume
a
contributions
amount
of
throughout
the
year.
E
Obviously,
with
the
pre-funding
there
is
a
discount,
so
that
amount
changes
and
that's
why
you
have
the
letter
from
chiron,
as
well
as
the
resolutions
that
were
prepared
by
staff.
So
with
that
again,
we
we
stand
ready
to
call
into
the
screen
any
document
that
you
would
like
to
see.
We're
happy
to
answer
any
questions
and
I
will
encourage
you.
I
will
recommend
that
you
then
approve
the
resolutions
that
actually
are
stating
officially
what
those
contribution
rates
and
amounts
are
going
to
be
for
fiscal
year,
21
22..
Thank
you.
B
If
not
I'll
go
ahead
and
make
the
motion,
since
it's
actually
reading
this
off,
I
move
that
we
approve
resolutions.
Four,
eight,
two
one,
four,
eight,
two,
two
four,
eight,
two,
three
and
four,
eight,
two,
four
for
contribution
rates
and
amounts
for
fiscal
2122.
Is
there
a
second
for
that
motion?
Second,.
B
Thanks
dick,
let's
go
around
the
room:
andrew
aye,
sunita.
B
B
From
chair
lanza,
thanks
back
to
you,
roberto
4.2
d
for
four.
E
B
E
Yes,
so
I
actually
will
turn
this
over
to
barbara,
who
will
be
presenting
4d
and
after
that
for
e
as
well
and
and
and
drew.
Let
me
ask
you
also,
if
your
boy
is
willing
to
after
four
e,
to
jump
to
four
f
g
and
then
come
back
to
f
after
the
presentation
from
the
for
the
website,
if,
if
it's
okay
with
the
board,
but
we
don't
have
to
answer
that
right
now,
so
with
that
I'll
send
it
over
to
barbara.
I
Hi
good
morning,
barbara
heyman
deputy
director,
this
memo
was
requesting
board
authorization
for
the
ceo
to
extend
the
term
of
the
meddling
agreement
to
december
31st
2025.
I
In
january,
the
board
approved
extending
the
services
of
exam
works
to
december
31st
2025
when
that
contract
was
expiring,
each
of
the
imes
vendors
have
a
pool
of
doctors
with
different
specialties,
and
this
request
is
asking
for
the
board
to
approve
an
extension
of
the
meddling
contract
to
the
cmd
at
december.
31St
2025.
I
I
B
Yeah
great
any
I
I
read
it,
it
looked
good
to
me
online.
Just
like
me
any
discussion
by
anybody.
B
Do
I
have
a
second
second
garden
here?
My
sandwich
is
like
my
garden
here
on
item
4d,
going
around
the
room
andrew
hi,.
A
B
I
So
as
as
as
part
of
the
budget
for
fiscal
year
2019-20,
the
board
approved
a
request
for
a
communication
consultant
in
the
amount
of
25
000
to
meet
your
goal
of
increasing
communication
and
engagement
with
retirees
and
members,
and
the
ceo
negotiated
and
executed
a
one-year
agreement.
Marty
boyer
of
communications
advantage
for
an
amount
not
to
exceed
the
twenty-five
thousand
dollars
and
subsequently,
in
july
2020,
the
ceo
extended
the
term
of
the
agreement
by
one
year
to
june
30th
2021
and
increase
the
maximum
compensation
payable
to
50,
000.
I
and
now
per
board
policy.
The
ceo
is
authorized
to
enter
into
a
contract
up
to
50
000
in
the
value
over
the
term
of
a
contract
and
any
contract
above.
This
amount
requires
board
approval
and
the
board
is
also.
J
As
you
can
see,
and
they
can
also
reset
it
to
what
the
original
was
now
we
have
translate,
this
is
going
to
be
able
to
translate
the
entire
page
type
of
site
to
any
language
that
we
provide,
but
this
is
still
not.
We
don't
have
it
yet.
This
is
where
it's
going
to
be,
and
it's
it's
going
to
be
able
to
translate
everything
all
the
text
that
you
have
for
people
who
speak
a
different
language.
J
This
is
the
search,
we're
gonna,
have
a
search
button
and-
and
I
want
to
button
so
the
I
want
to
button
is
very
special
button,
because
this
is
also
a
result
of
things
that
we
saw
in
other
websites,
and
this
will
list
the
top
the
top
issues.
People
want
to
do
right.
If
they
want
to
apply
for
retirement,
they
want
to
calculate
retirement
or
they
want
to
enroll
in
medicare.
They
just
need
to
go
to
the
sputnik
and
have
the
top.
J
I
would
say
it
was
15
that
we
think
are
the
most
and
we
can
also
change
these.
We
can
also
you
know,
move
this
to
the
right.
Just
the
left.
Take
this
off
and
add
different
ones,
but
at
the
moment
this
is
what
we
think
are
the
top
top
issues
that
people
want
to
know
about.
J
J
I
mentioned
the
logo.
We
have
also
the
contact
cost
information,
mailing
address
and
hours
of
operation
email
address
clicking
on
the
email
address,
will
open
up
the
person's
email,
client
and
already
provide
automatically
fill
in
the
two
to
retirement.dpt,
which
is
our
general
email
address
for
the
office.
J
These
are
areas
special
for
each
fund,
police
and
fire
fed.
These
are
still
being
worked
on.
I
can
just
show
you
kind
of
some
ideas
we
have
right
now
for
fed.
This
is
a
small
menu,
we're
thinking
about
a
small
menu
or
having
this
large
menu
here,
but
this
is
still
being
worked
on
and
it'll.
It's
not
gonna.
Look
like
this.
Once
this
is
finished.
J
This
is
actually
worked
on
as
we
speak
here
in
this
area,
and
now
I
wanna
say
one
more
thing
about
this,
so
when
I
click
on,
for
instance,
place
and
fire,
and
I
go
to
benefits
handbook
or
I
go
to
reciprocity
or
I
go
to
any
of
these
options.
It's
going
to
take
me
to
the
specific
information
for
police
on
fire.
J
So
just
so
we're
clear-
and
we
did
it
this
way,
because
we
wanted
people
to
if
they
identify
themselves
as
police
and
fighters
fed.
First
they
can
go
through
this
menu.
If
they'd
identify
themselves
as
a
retiree,
they
can
go
through
this
menu
and
in
here
they're,
going
to
see
police
and
fire
and
then
fed
and
all
the
options
as
well
as
here.
J
So
we
wanted
to
get
the
people.
You
know
the
members
to
the
right
information
as
soon
as
possible,
with
as
few
clicks
as
possible
and
no
matter
if
they
consider
themselves
first
as
a
member
and
then
only
then
as
a
policing,
fire
or
first
place
of
fire
and
then
as
a
member
and
then
they're
active
or
they're,
inactive
and
so
forth.
J
In
this
section,
this
box
here
we're
showing
the
upcoming
board
meetings.
Obviously
this
is
our
current
board
meeting
the
federation
is
on
the
on
the
20th
clicking
on
this
will
again.
This
doesn't
work
right
now,
but
clicking
on
this
will
open
up
the
event,
the
actual
event,
with
the
zoom
link
and
the
description
and
the
agenda.
J
Everything
in
one
place
it's
going
to
be
very
easy
for
someone
to
just
go
in
and
join
the
meeting
if
they
choose
to
and
if
they
go
in
and
like
right
now
we
have
an
active
meeting,
and
if
this
was
working-
and
I
went
into
this
website
right
now-
it
would
say
we're
still
working
on
the
exact
wording.
What
would
say
happening
now,
police
and
fire?
J
This
will
be
highlighted
and
they
can
just
go
in
so
they
would
know
that
it's
actually
right
now
live
so
we're
working
on
that
as
well
view
all
events
will
take
us
to
the
calendar.
Let
me
I
mean
we
can
also
also
click
it
and
click
here.
I'll
show
you
what
the
calendar
looks
like
and
here's
the
calendar.
J
As
you
can
see,
we
only
have
two
events
right
now:
the
pension
check
mail,
the
dirt
deposit,
but
we'll
also
have
the
board
meetings
here.
We'll
also
have
seminars
any
any
kind
of
other
event
that
we
have
it's
all
going
to
be
in
here
with
and
when,
when
someone
clicks
on,
for
instance,
you
know
this
is
just
a
demo
event.
There's
nothing
in
here,
but
they're
going
to
see
the
you
know
a
picture
right
here:
the
description
and
a
zoom
link
that
exists.
J
If
you
want
and
if,
if
we
want
registration
to
happen,
this
event
requires
registration.
They're
gonna
have
a
registration
link
here
as
well
and
they
can
register
we
can
blog
form
and
register
and
then
we'll
you
know
if
it's
a
closed
event,
when
you
don't,
you
need
to
know
how
many
people
are
attending,
we
can
then
send
them
the
the
meeting
link
all
right.
So
let
me
go
back
and
we'll
continue
back
to
the
home.
J
And
and
moving
forward,
this
is
again
the
main
toolbar
and
again
it's
not
gonna.
Look
like
this,
but
just
so
you
can
see
here
I'll
scroll
down
a
little
bit,
so
you
can
see
some
of
these
options
that
we're
giving
them
a
change
of
demographics.
J
Medicare,
adding
removing
dependents
frequently
asked
questions,
forms
we're
really
going
to
have
the
all
the
information
very,
very
easy
to
to
to
locate
it's
going
to
be
very
easy
to
locate
again,
it's
not
going
to
look
like
this
is
going
to
be
a
little
more
compact
and
concise,
but
for
now
we
just
wanted
to
get
all
the
options
all
these
menus
on
the
table
and
in
the
website,
and
then
we
can
work
on
restructuring
the
way
it's
going
to
look
investments
also,
the
same
thing
with
the
firearm
fed
the
kafirs,
the
bathrooms.
J
We
don't
have
this
ready,
yet
it's
going
to
show
what
I
just
showed
you
for
you
for
the
what
I
showed
you
pictures
and
the
bios
that's
going
to
show
for
the
office
step
same
kind
of
same
formula,
but
only
for
the
office
staff
we
go
down.
This
is
a
banner.
These
are
banners
that
we
can
control.
We
can
have
as
many
as
we
want.
J
These
are
just
batteries
that
I
put
in
for
now,
just
placeholders.
This
banner
is
just
some
kind
of
informative.
This
is
the
headline.
This
is
some
information
we
want
to
give.
For
instance,
open
enrollment
is
happening
next
month.
You
know,
or
we
can
also
do.
You
know,
create
your
member
direct
account
and
we
give
a
link
and
these
pictures.
You
know
I
uploaded
them.
J
These
pictures
use
san
jose,
but
we
can
also
change
them,
update
them
as
we
see
fit,
and
then
you
know
we
can
remember,
can
just
scroll
through
whatever
he
wants
to
hear
sheet
and
what
they
want
to
see.
J
J
This
button
will
be
a
feedback
button,
which
means
it's
going
to
open
up
surveys
which
they
can
fill
out.
The
surveys
are
going
to
be
random
each
time
you
click
this.
It's
going
to
be
different
surveys
from
from
some
service
that
we
create,
and
this
button
will
be
a
chat
where,
during
business
hours,
somebody
can
click
on
it
and
it's
gonna
be
a
live.
It's
gonna
be
a
live
chat
with
one
of
our
office
personnel,
so
we're
still
working
on
exactly
the
specifics
of
how
the
logistics
of
this
is
gonna
work.
J
You
know
who's
gonna
answer
and
when
and
also
inside
you
know
outside
of
business
hours,
it's
going
to
take
messages
for
us
and
then
in
the
morning
you
know
the
receptionist
is
going
to
see
it
and
be
able
to
forward
these.
These
prompts
to
whoever
needs,
but
during
business
hours
is
going
to
be
live
chats.
J
If
we
keep
going
down,
we
have
some
buttons
here
we
can
control
right
now.
We
just
have
benefit
summary,
my
account
and
meetings,
but
we're
going
to
change
them
to
be
more
relevant
as
as
the
site
moves
forward
in
its
design.
J
Here
we
have
some
news
items
featured
news
again.
We
can
decide
what
news
items
we
want
to
feature
and
and
for
how
long-
and
we
can
also
do
it
dynamically,
meaning
that
you
know
we
could
do
a
schedule
where
we
have
a
news
item.
We
want
it
to
be
active
from
this
date
to
this
date
and
then
it's
going
to
disappear
from
here.
So
this
is
very,
very
nice
clicking
on
it.
J
It's
just
going
to
take
us
to
some
more
information
about
the
news
and
pictures.
Of
course,
yeah
here
again
features
about
featured
events.
You
have
some
kind
of
events
or
seminars.
We
want
people
to
really
see
on
the
front
page.
You
can
have
them
here
again.
We
only
for
this
demo.
We
just
have
those
two,
those
two
direct
deposited
and
pension
check
mail
events,
but
we
can
have
more
and
we
can.
This
will
be
obviously
a
picture
of
the
event
a
little
thumbnail
when
they
click
on
it.
J
Okay,
let
me
go
back
to
yeah.
We
are
on
the
website,
okay
and
the
last,
but
not
least,
this
is
just
against
only
placeholders.
This
is
a
representation
of
all
the
menu
items
that
we
have
at
the
top
remember.
We
have
all
these
different
options
at
the
top
investment
policy
and
cafe
and
tax
information
and
benefit.
This
is
all
some
people
don't
feel
comfortable
or
they
cannot
navigate
this
way
for
whatever
reason
they
find
it
hard.
J
So
for
those
people-
and
this
you
also
do
for
different,
for
you
know,
for
people
who
are
disabilities
and
things
you
go
down
here,
they
have
all.
This
is
a
list
of
all
the
menu,
a
simple
list
of
all
the
menus
that
we
have
all
the
pages
that
we
have
in
the
site.
So
somebody
can
just
look
at
it
here
and
under
this
category
you
know,
board
news
information,
there's
an
events
active,
they
can
just
click
on
it,
instead
of
having
to
find
it
inside
those
those
those
menus
here.
J
So
again,
the
last
but
not
least
again,
this
is
our.
If
somebody
missed
our
contact
information
at
the
top.
We
have
it
here
as
well
at
the
bottom
and
of
course
we
have
this.
Is
these?
J
Are
the
facebook,
as
roberto
mentioned
earlier,
we
enabled,
or
we
went
online
with
soft,
launched
facebook
and
twitter
as
well
as
we
already
have
our
youtube
page
yesterday,
but
we're
working
on
getting
content,
I'm
building
and
creating
content
for
those,
but
this
is
where
they
can
click
on
facebook,
on
twitter
and
on
the
youtube
page
it'll
open
up.
Of
course,
these
icons
are
going
to
get
larger
than
I'm
going
to
stay
this
small.
J
And
that
concludes
my
presentation.
If
anybody
has
any
questions,
please
let
me.
B
J
J
B
I
think
this
is
great.
You
know
it's
very
interesting
and
I'm
sure
dick
would
have
more
comments.
It's
very
interesting.
Even
the
decade,
I've
I've
been
here,
and
I
kind
of
get
this
because
I
was
sort
of
like
the
first
person.
Like
freshman
physics,
was
a
slide
rule.
We
didn't
have
calculators
yet
right
in
the
70s
and
we've
even
seen
the
last
decade.
More
and
more
of
our
retirees
being
a
lot
more
computer
savvy
right,
reverse
design
is
heading
down.
B
E
No,
I
I
just
want
to-
I
mean
I'll-
let
barbara
and
iran
to
to
mention
if
they
have
any
other
comments.
But
again
I
I
can't
emphasize
enough
the
hard
work
of
the
staff,
which
has
really
led
this
effort
by
iran
and
barbara,
but
it
really
includes
everyone
at
the
office
and
the
different
divisions
which
work
diligently
with
iran
and
barbara
and
providing
what
is
needed
and
the
timing
and
everything
else.
I
also
wanted
to
mention.
E
As
you
know,
our
quarterly
newsletters
are
actually
issued
the
first
month
of
the
quarter,
so
the
next
newsletter
is
in
july
and
a
feature
article
will
be
about
the
website,
so
we
will
certainly
have
that
featured
article
on
the
newsletter
for
july
about
the
website,
which
is
just
going
to
be
a
couple
of
weeks
old
by
the
time.
You
know
the
newsletter
hits
all
the
the
members
and
again,
I
think
another
comment
is
to
aran's
point.
E
This
is
a
work
in
progress,
not
only
from
the
standpoint
that
there's
still
a
few
features
that
need
to
be
updated
or
mounted
into
the
application.
But
as
we
move
day
in
and
day
out,
we
will
always
not
only
have
to
make
sure
that
information
is
is
updated,
but
whatever
fixes
of
upgrades
that
we
need
to
provide
or
changes
to
make
it
more
user-friendly,
we
certainly
will
keep
that
in
mind.
That's
part
of
the
feedback
that
we
are
looking
for
from
our
members.
E
So
again,
when
the
june
meetings
come
around,
I
will
update
you
on
where
we
stand
on
this
issue
and
once
this
website
is
available,
I
encourage
all
of
you
to
to
access
the
website
and
and
leave
us
comments
either
to
the
feedback
or
reach
out
to
us
at
directly,
and
let
us
know
what
you
think
so
again.
Thank
you.
Thank
you
very
much.
A
J
Could
I
just
mention
one
more
thing
that
I
kind
of
forgot
before
this?
Is
you
know
what
I
showed
you
is
the
front
end
right?
I
wanted
to
also
say
two
things.
We
also
the
back
end
of
it,
meaning
behind
the
scenes
we
are
able
to
we're
going
to
be
able.
This
speaks
to
what
roberto
mentioned
before
keeping
this
website
updated
is
going
to
be
much
much
much
easier
than
before,
and
it's
going
to
be
it's
going
to
be
easier
because
it's
a
whole
new
system.
J
I
think
the
current
website
is
extremely
old
and
we
now
have
really
the
ability
to
control
many
of
these
menus
and
update
them
at
our
will.
We
don't
need
anybody
else
to
do
it
for
us.
We
can
do
it
ourselves.
That's
one
point
I
want
to
make.
The
other
point
I
wanted
to
make
is
that,
with
this
website
we
also
will
get
analytics
and
analytics
is
very
important,
because
you
want
to
know
who's
going
to
what
page
you
wanted
to
have
graphs
and
statistics
and
know
what
are
the
most
common
pages.
J
What
are
the
most
used?
What
are
they
most
asked
for
and
then
you
know
you
can
make
decisions
and
business
decisions
based
on
that
and
at
the
moment
we
don't
have
that.
So
it's
all
it's
all
nice
and
good,
and
it
looks
all
nice
to
have
the
front
end,
be
very
useful,
but
also
the
back
end
where
we
can
generate
reports
and
you
know
provide
to
the
boards
it's
alberto.
J
B
Things
great
anything
else,
we
don't
need
to
vote
on
this
right.
This
is
just
work
in
progress.
B
E
E
Well,
thank
you,
mr
chair.
So,
from
time
to
time
we
bring
forward
to
your
board
committee
assignments.
Trustee
sanseri
has
to
bow
out
of
the
investment
committee
at
this
time.
So
that
was
the
main
reason
we
bringing
this
item
back
so
in
there
you
can
see
who's
assigned
to
the
different
committees,
but
obviously,
if
we're
going
to
move
beans
inside
of
the
investment
committee
that
will
create
vacancy,
which
means
somebody
else
have
to
join
that
committee,
which
may
create
if
they
can
see
in
another
community.
E
So
that's
why
all
committees
are
there
before
you
not
to
mention
that
you
will
have
most
likely
two
new
trustees
joining
you
in
the
aggro
so
you're
dealing
with
this
today,
but
keep
in
mind.
You
may
have
to
come
back
out
on
the
august
time
or
september,
and
do
it
all
over
again
so
with
that
I'll
turn
it
over
to
our
chair,
drew
lanza.
E
Yeah
I
mean
we
need
to.
We
need
to
your
boy
needs
to
recommend
a
new
member
to
the
investment
committee.
C
E
That
needs
to
be
approved
and
then,
of
course
that
works.
If
vince
then
is
willing,
which
I
can
see,
he's
very
excited.
If
he's
willing
to
join
another
committee,
then
he
can
let
us
know,
and
he
can
perhaps
join
another
committee.
If
he's
able
to
do
so.
So
you
know,
I
leave
it
up
to
your
board
to
decide
what
kind
of
changes
you
may
have
to
pursue
today.
B
Okay,
I
know
I've
spoken
with
ashvar
and
earlier
ashford
you
do
you
want
to
recommend
somebody
this
meeting
or
you
don't
wait
till
next
meeting.
What
would
you
like
to
do?
Ashfar.
A
Yeah,
can
we
wait
till
the
next
meeting.
B
Yeah,
I
think
so
too.
I
know
I
know
from
my
chats
with
you
in
peru,
we're
in
process
on
this
yeah.
I
think
the
right
there's
no
investment
committee
meeting
before
the
next
board
meeting
is
there.
B
B
When
do
you
think
new,
active
and
vato
are
going
to
come
on?
What's
your
guess,.
E
My
guess
is
the
first
meeting
for
aggro,
so
I
guess
even
an
option
would
be
to
then
bring
this
back
for
the
august
meeting.
If
there
is
an
ic
meeting
in
june,
vince
doesn't
have
to
join
the
meeting.
Three
is
a
quote,
so
you
can
have
the
meeting
without
bids
it
needs
to
be,
and
then,
if
you
just
want
to
deal
with
this
one
time,
it
may
make
more
sense
to
bring
them
back
for
the
august
meeting.
When
you
have
your
two
new
trustees.
B
That's
a
good
idea
to
you.
We
have
our
monthly
meetings
unless
you
and
I
talk
about
that
at
the
month
of
may.
That
might
make
sense.
Just
so
you
can
to
see
your
new
director's
notes
whenever
we
swap
or
get
a
new
member,
it's
a
bit
of
musical
chairs
roberto,
knows
and
myrtle's,
probably
smart,
we're
saying
hey
if
we're
going
to
do
musical
chairs,
let's
see
what
all
at
once
and
I
think
that's
wise
roberto.
That
makes
a
lot
of
sense
to
me.
D
Can
I
jump
in
here
yeah,
please
vince.
I
I
just
need
to
ask,
even
if
you're
not
ready,
to
make
a
decision
to
decide
who
will
replace
me,
I
do
need
to
be
removed
from
that
committee.
B
Good
harvey
ritto
do
we
need
to
vote
on
that.
E
E
I've
been
told
that
it
may
be
helpful
if
we
can
name
someone
to
that
committee
again.
If
you
do
not,
we
will
just
name
that
person
at
your
next
meeting
that
you
that
you're
able
to
do
that.
The
reason
it
may
be
helpful
to
name
someone
for
the
audit
risk
committee
now
is
because
having
two
members
makes
it
tougher
to
have
a
an
actual
meeting
in
the
event
that
one
of
the
trustees
is
not
available,
then
you
won't
have
a
quote.
That's
all.
B
G
B
Okay,
so
so
let
me
let
me
move
that
that
we
we
graciously
accept
the
resignation
from
the
investment
committee
of
mr
sonzari
and
we'd
like
to
appoint
him
to
the
audit
risk
committee
is
that
okay,
vince.
D
B
There's
a
second
from
santos,
andrew
hi,
femita.
B
G
B
Vince
hi
and
chair
lanza,
I
vote
I
back
to
you
roberto,
I'm
ready
to
do
my
thing
once
you're
done.
E
I
think
our
part
is
done
drew.
This
is
a
new
discussion
on
past
as
prolog
project
evaluation,
historical
electoral
and
capital
markets,
assumptions
to
inform
future
funding
determinations
I'll,
send
it
over
to
you
chair
who
is
looking
forward
to
making
this
presentation
drew.
B
Yeah,
hey
linda.
Can
I
drive
just
because
there's
some
okay
here
we
go.
Oh
linda,
can
you
let
me
do
screen
sharing
or
whoever
michelle
who's.
Everyone
is
there
we
go.
Thank
you,
ladies
yep.
I
think
I
got
it.
Can
y'all
see
that.
H
B
Oh
hang
on
this
thanks
to
harvey
who
whitley
gave
us
a
title
for
this.
The
past
is
prologue
project,
so
vince
and
I
have
been
on
the
board
now
for
probably
a
decade,
maybe
you've
been
a
little
bit
longer
than
that
and
there
was
a
long
looping
project
that
we
started,
gosh
back
in
2013
or
14
on
looking
at
other
systems
looking
deeply
into
what's
the
best
way
to
set
the
discount
rate
and
we
ended
up
with
sort
of
a
four-step
process.
B
I
started
this
and
then
vince
wrapped
it
up
with
the
whole
thing
on
risk,
which
you
guys
keep
seeing,
and
I
know
I've
talked
to
a
number
of
other
systems,
and
I
think
this
is
about
as
good
as
any
system
can
do
and
just
to
refresh
your
memory
and
I'll
go
back
to
the
previous
slide.
It's
look,
let's
understand.
What's
the
level
of
risk
for
san
jose,
you
know
our
actuaries
keep
saying
you
guys
are
a
little
more
risky.
B
B
B
B
I
mean
we've
got
experts
on
our
board
for
in
assets
right
sunita
events
ashfar,
you
guys
are
experts
in
in
equities
and
bonds
and
assets,
so
we
were
ready
to
now
finally
loop
in
the
liability
mix
and
I
thought
I'd
start
chairman
next
year
and
this
would
have
started
right
in
january,
but
I
got
a
little
bit
of
a
battlefield
promotion
while
andrew
and
I
switch
roles.
B
B
So
look
if
we
set
you'd
think
all
things
be
equal
if
we
set
the
discount
rate
with
skill
and
get
lucky,
luck
is
always
out
there
right
markets
crash
like
2008.
If
we
do
it
right,
we
should
be
100
funded.
That's
the
goal
of
the
effort.
Our
plan
is
not
100
funded
and
not
uniquely
our
plan.
Most
pension
public
pension
plans
aren't,
which
means
either
I
mean
how
many
very
how
many
possibilities
are?
Look
we
either
didn't
set
the
discount
rate
right.
That
happens.
B
We
know
that
or
we
failed
to
meet
the
discount
rate.
We
sat
and
that
could
be
skill
or
luck
or
we
just
got
unlucky
that
the
crash
2008
is
a
good
example.
We're
still
paying
for
that
or
some
combination.
Look,
we
all
know
the
answer.
The
question
of
why
aren't
we
100
funded
is
complicated
and
the
actual
truth
is
it
turns
out
when
you
ask
roberto
or
me
or
vince,
why
aren't
you
100
funded?
The
answer
is
not
obvious,
we
all
know.
B
Well,
we
didn't
get
inflation
right,
but
have
we
generally
over
20
or
30
years
hit?
Our
numbers
turns
out.
Nobody
knows
right
and
that's
a
noble
thing:
it
takes
work
to
figure
it
out.
Look
there
may
or
may
not
be
something
to
be
learned
by
going
back
and
looking
at
our
history
to
see
if
there's
a
smarter
way
to
set
our
discount
rate,
and
the
only
way
we'll
know
is
to
try
to
do
it
and
we
may
or
may
not
be
able
to
do
it.
It's
a
big
task.
B
So
what
we've
added
here
is
what
the
actors
call
a
margin
for
adverse
deviation.
That's
a
fudge
factor
we
may
learn.
When
we
look
at
our
history.
You
know
we
always
deliver
50
basis
points
below
what
we
forecast.
We've
done
that
for
30
years.
Why?
Oh
because
I
don't
know
why
we'll
go
find
out
and
we
may
find
out.
B
You
know:
we've
historically
underestimated
our
liabilities
year
after
year
after
year,
because
of
something
I
don't
know
we're
gonna
go
find
out
and
if
it
turns
out,
we've
always
historically
underestimated
our
liabilities
and
we
can
figure
out
why,
then
we
can
say,
are
we
still
doing
that?
If
so,
maybe
we
ought
to
put
that
into
our
discount
rate.
B
Vince
bin
said
a
great
thing.
He
said
earlier
in
the
week
I
think
was
wisconsin.
We
said
you
know
they've
broken
up
into
looking
at
what
happens
with
the
different
tiers
with
actives
and
retireds
right,
and
it
turns
out
they
have
different
when
you
actually
analyze
them.
They
have
different
physics.
B
All
right.
So
let
you
know
me,
you
guys
know
me,
I'm
kind
of
a
bit
of
a
knucklehead.
I
always
ask
well:
where
are
we
in
space
and
time
right?
How
do
we
get
here?
Look
public
pensions
used
to
be
pay.
As
you
go
right,
we
didn't
sit
on
4
billion,
hey
somebody
retires,
hey
we're
the
city,
we're
going
to
keep.
You
know
taking
some
of
our
tax
dollars
and
paying
your
retirement
benefits.
B
That
was
a
recipe
for
disaster
in
in
the
private
world,
as
well
as
the
public
world.
So
starting
about
50
or
60
years
ago,
went
to
hey.
You
know
what
every
time
you
give
a
guy
a
paycheck
once
you
stick
a
little
money
in
the
system.
Right
in
fact,
the
whole
reason
why
why
we
sticking
into
equities
they
used
to
stick
it
into
bonds,
and
somebody
figured
out.
In
fact
it
was
funny
you
were
mentioning
them,
prabhu,
the
the
guy
from
yale
who
did
that
in
the
university
world
said
you
know.
B
Maybe
we
got
to
stick
this
in
in
some
some
part
of
it
stuff
slightly
riskier
and
get
more
money,
so
starting
50
60
years
ago,
that
put
our
pension
system
deep
into
the
weeds
of
forecasting,
because
if
I
take
some
money
out
of
a
paycheck
from
a
guy
who's,
23
years
old,
I
could
easily
be
having
to
write
him
a
a
retirement
check.
When
he's
you
know
sort
of
my
dick's
age
right,
he's
70
50
years
later,
so
I
gotta
manage
that
money
for
50
years
today.
That's
that's
forecasting.
B
B
How
did
we
forecast
how
accurate
were
we
and
my
my
comment
would
be:
we're
asked
to
manage
4
billion,
which
means
you're
asked
to
manage
the
forecast
of
4
billion,
and
you
can't
manage
what
you
can't
measure
and
if
somebody
walked
up
to
anybody
in
the
system
of
the
board
today
and
said
hey
what
happened
that
you're
80
funded.
I
don't
think
anybody
answered
that
question.
B
We
could
say
what
the
factors
were.
Well,
we
got
inflation
wrong,
but
how
much
of
it
was
due
to
that
and
everything
else?
Look
the
honest
truth
is
we
don't
know,
and
I've
asked
harvey,
I'm
not
sure
most
systems,
I'm
not
sure
any
system
knows
the
answer
to
these
questions
and
we
should
because
we
can't
manage
what
we
can't
measure
and
the
best
way
to
measure
something
on
forecasting
is
look
at:
what's
your
forecast
and
what
happened?
What
what
have
we
done
in
the
past?
And
how
can
we
do
do
it
better?
B
So
the
good
news
is,
we
already
know
the
parameters.
Right
was
that
classic
I
talked
to
chiron
on
tuesday
and
I
pulled
this
slide
up
and
and
and
and
they
just
chuckled
and
bill
were
like-
oh
god,
you're
not
going
back
to
this,
but
they
really
like
this.
So
it
turns
out.
This
is
the
pension
system.
B
We
got
a
big
bucket
of
money
here
and
we
pay
out
benefits
and
expenses
and
we
pour
in
more
money
from
contributions
and
hopefully
from
investment,
earnings
right
and
investment
earnings
when
they
happen,
are
called
investment
earnings
and
when
we
forecast
them
they're
called
discount
rate
and
we've
got
these
other
things.
We
talk
about
every
year,
like
inflation,
we
have
to
set
that
and
and
mortality
and
and
and
the
actuaries
forecast
salary
increases
with
our
help
and
they
actually
handle
retirements
turns
out.
I
mean,
there's
something
new.
I
never
knew
this
before.
B
I
always
thought
they
had
like
a
statistical
model,
but
bill
and
ann
said
I
never
knew
this.
They
actually
have
in
their
system
every
member
of
our
plan,
each
each
of
our
active
members
right
andrew
you
are
an
element
in
their
model
and
they
look
at
you
and
they
say
well:
when
did
he
join
when's
he
likely
to
retire.
You
know
what
level
did
he
rise
to,
therefore,
what
what
has
he
earned
in
trying
to
realize
that?
So
that's
good
news
by
the
way
right,
because
that
makes
a
model
easy
to
tweak.
B
So
it's
just
that
simple,
but
just
that
hard.
So
if
you
think
about
it,
there
are
10
variables
in
here
and
each
variable
has
multiple
expressions
right.
So
when
we
talk
about
employer
contributions,
well,
we
see
those
charts
right
and
we
give
them
to
the
city
right.
We
give
them
to
pam
to
take
to
take
to
the
mayor
and
the
council.
We
forecast
employer
contributions
and
then
we
actually
make
the
employer
contribution.
B
B
B
There
are
a
lot
of
numbers,
but
there
aren't
that
many
flavors
there's
10
flavors
of
numbers,
because
the
system
got
started
80
years
60
years
ago,
there's
60
actual
numbers
and
there's
a
couple
of
thousand
for
each
of
these
variables
forecast
numbers
that
may
sound
daunting,
but
google
deals
with
quadrillions
of
numbers
every
second
of
every
day.
Visa
does
something
like
10
000
transactions,
a
second
the
visa
card
network.
So
this
is
while
daunting,
perhaps,
is
bored
a
trivial
problem
for
the
silicon
valley
right.
So
you
know
you
think
about
what
do
we?
B
What
are
the
big
numbers
that
really
move
us?
Well,
the
big
numbers
are
discount
rate
earnings
right
and
what
are
we
paying
on
benefits?
Those
are
two
big
in
and
out
numbers
the
actual
pension
fund,
the
actual
4
billion
in
assets
of
big
number
2.
B
B
So
this
is
the
big
pipe
out
right,
and
this
is
the
big
pipe
in
right.
So
these
these
two
mostly
forecast
that
we've
got
this
stuff,
which
also
doesn't
fluctuate
too
much.
Inflation
does
but
sal.
You
know
when
I
can
suddenly
double
everybody's
salary
and
all
of
a
sudden
everybody's
not
going
to
retire
and
think
we
hope,
as
dickos
points
out,
that
mortality
goes
up,
but
not
by
a
lot
right.
You
can't
I'm
saying
because
of
medical
improvements
come
slowly
and
then,
of
course,
these
are
the
sort
of
the
outputs.
B
So
if
we
forecast
bad
earnings,
we
may
have
to
call
for
more
in
contributions,
so
I'm
suggesting
the
board-
and
I
guess
I'm
looking
for
your
verbal
approval.
I
don't
think
we're.
We
don't
have
a
proposed
budget
yet,
but
I
don't
want
to
continue
on
this.
Unless
the
board
supports
us
doing
this,
so
the
questions
are
obviously
can
we
can
we
do
all
this,
put
it
together
and
bill,
say
yeah,
barbara,
says,
yeah,
sure,
prabhu
and
makita
say
yeah.
B
Now
we
don't
know,
you
know
barbara
says
she
got
people
looking
up,
1965
cafes
right,
so
that's
kind
of
tricky.
So
if
we
can
do
this,
then
we
can
say
okay,
so
in
1995
in
2011,
when,
when
vince
like
dream
board,
what
did
we
forecast
would
happen
in
2019
and
2020
right
and
what
assumptions
that
all
those
things
are
taught
that
we
base
that
on
and
then
we
can
say
well
what
actually
happened
in
an
ideal
world,
we're
100,
funded
ideal
world
some
years
are
good.
Some
years
are
bad,
but
overall
it
balances
out.
B
So
we
know
that
didn't
happen
because
we're
not
a
hundred
percent
funded
right.
So
what
actually
have
we
already
know,
but
then
to
really
dig
in
and
say
so?
Why
did
that
happen?
Why
are
we
80
funded-
and
we
talked
about
this-
I
think
about
six
months
ago,
and
this
classic
silicon
valley
company
goes
belly
up
well,
how
many
of
those
things
were
due
to
our
things
and
how
many
were
outside
so
in
20
2008
right,
some
of
that
was
us,
maybe
being
in
the
real
estate
market.
B
B
We
might
have
troubles
in
in
venture
capital,
private
equity,
most
plans
aren't
in
that
and
then
of
course,
then
the
question
is
great:
we
figured
out
why
everything
went
wrong.
Is
there
anything
to
be
learned
from
that
that
we
should
do
differently
in
the
future
so
10
years
from
now,
100
funded
right?
So
why
bother
so
we
can
forecast
better
next
time
right,
but
also
so
we
can
select
our
discount
rate,
which
is
the
signal
we
send
to
the
city
and
to
our
members
about
our
plan
and
how
healthy
we
are.
B
So
that's
a
lot
of
me
bloviating.
What's
a
concrete
plan
that
I'd
I'd,
love
to
ask
the
board
support
and
doing
so
barbara's
already
started,
prabhu's
already
started
chiron's
already
started.
Can
we
gather
data?
I've
asked
for
data
back
to
inception
back
to
the
early
1960s.
B
Barbara
says
your
good
news
and
barbara's
already
sent
me
a
bunch
of
stuff
good
news
drew.
We
have
the
annual
reports
back
to
then
and
a
lot
of
what
you're
looking
for
is
in
there
and
I
keep
poor,
barbaric
barbarian.
I
know
you're
on
this
call,
but
keep
pestering.
Can
I
get
a
little
more
barber?
Can
I
get
a
little
more
and
barbara
keeps
saying
yeah
sure
right
so?
B
Can
we
actually
then
go
back
and
get
in
any
year
say
in
1980?
What
did
we
forecast?
That's
harder,
because
a
lot
of
those
forecasts
are
sitting
in
a
dusty,
1980
40
year
old
actuarial
report
that
we
may
not
have
and
my
call
with
bill
and
anne
was:
can
you
if
you
don't
have
the
actual
actual
report?
Can
you
kind
of
suss
out
what
was
in
it
bill
and
god
bless
them?
They
both
said
yeah.
It
would
be
perfect,
but
yeah.
I
think
I
think
like,
for
instance,
bill
bill
and
ab
said.
B
Look
through
most
actuaries
use
the
same
mortality
number.
We
go
back
and
look
at
what
the
mortality
number
was
in
1980.
You
guys
probably
use
that,
and
if
you
didn't
you
weren't
off
by
much
so
then
we
can
really
once
we
have
all
this
data,
then
we
ask
question
the
date
is:
what
did
we
forecast
would
happen
and
the
date
is
what
actually
happened
and
we
can
say
all
right
and
the
second
we
do
that
we
can
say
for
any
given
year
what
percent
of
our
miss
was
due
to
performance
actual
returns
right?
B
What
percent
of
our
miss
was
due
to
getting
inflation
wrong
right?
What
percent
of
our
myths
was
was
due
to
on
mortality?
We
can
answer
that
question.
We
can't
answer
that
question
today.
That
question
gets
answered
just
by
gathering
all
the
data
right.
That's
interesting!
We
don't.
We
can't
do
that
today.
That's
just
elbow
grease
and
mostly
elbow
grease
by
bill
and
ann
and
chiron.
B
B
It
went
down
very
very
quickly,
those
of
you
that
were
alive
in
the
1980s.
Remember,
inflation
was
running
18
19,
it
was
scary.
My
my
raise
my
salary
raises
every
year
or
20.
I
wish
I
get
that
today.
So
let
me
then
you
write,
write
anything
to
learn
and
then
can
we
do
something?
B
Should
we
do
something
differently
right
so
should
we
put
in
some
adverse
deviation,
a
fudge
factor
for
assets
based
on
what
we
learned
should
we
put
in
a
fudge
factor
for
liabilities
based
on
what
we
learned
and
then
and
then
back
to
that
first
chart
which
I
don't
go
back
to
and
then
can
we
have
an
off
site
like
like
vince,
did
that
last
great
offside
on
risk?
Can
we
have
an
off
site
where
we
actually
figure
out
how
to
implement
this
right?
B
So
now
diving
down
into
the
first
steps
of
this
right?
So
so
can
we
gather
this?
Should
we
and
I
we
don't-
have
a
an
estimate
from
chiron,
but
if
the
board
says
yeah,
let's
do
this
the
next
month
or
two
chiron
will
come
back
and
say:
yeah
it'll,
take
100
hours
of
bill's
time
and
100
hours
a
hand's
time
and
you
guys
pay
for
it.
So
it's
it's
ten
variables
right
and
the
actuals
barbara
can
pull
out
right
and
chiron
knows
probably
what
they
were
too
and
the
forecasts
can.
B
How
far
back,
can
we
go
right?
I'm
gonna!
I'm
I'm
trying
to
go
back
all
the
way
in
1960.
it.
It
turns
out.
We
everybody
said
nine
19
25
years
is
easy.
We
go
back
to
95..
I
know
it's
that
much
harder
to
go
farther
back,
and
this
is
where
dave
no
longer
exists,
estimate
what
it
was.
That's
hard
on
liabilities
right.
So
I'd
like
if
the
board
says
we
can
do
this
I'd,
like
probably
by
august
or
september,
to
actually
answer
the
first
question,
which
is
all
right.
B
B
A
B
B
Yeah,
so
dick
me
turn
out,
we
thank
you
for
supporting.
We
may
actually
use
you
as
a
bit
of
a
sort
of
a
test
case.
You
know
we
might.
We
could
actually,
I
hope,
to
go
back
and
say
in
dick's
first
year
of
employment,
what
did
we
forecast
for
dick,
and
you
know.
A
B
Yeah,
I
I
think
so
too,
and
and
you
know
the
good
news
dick
is
even
if
it
doesn't
help
us
change
anything
I
think
it
will
make
us
wiser
and
and
wisdom
is
always
a
good
thing,
any
other
questions
anything
from
the
board.
I
guess
I
would
say.
G
They're
not
the
causes,
and
what
I
want
to
suggest
to
you
is
that
in
the
system
in
your
water
tank,
this
whole
system
we
have
these
are.
These
are
symptoms
of
unconscious
biases
that
have
influenced
the
system,
and
I
hope
that
we
can
suss
out
those
biases,
as
part
of
this
analysis,
bias
those
they're
they're
biases
that
drive
those
variables
plan
sponsors
over
time,
for
example,
are
biased
in
favor
of
increasing
benefits
and
not
having
to
pay
for
them
or
to
pay
for
them
on
somebody
else's
watch.
G
Many
years
later,
that's
a
bias
of
the
plan's
sponsors,
and
so
they
increase
benefits
without
a
good
view
as
to
what
the
costs
may
be.
The
actuaries
have
biases
in
how
they
make
assumptions
they're
biased
against
large
changes
over
time,
they're
always
skating
behind
the
puck
on
mortality
and
inquiry,
and
inflation
there's
also
a
built-in
unconscious
bias
in
the
system.
That
tells
us
that,
for
some
reason
that
the
same
that,
we
must
use
the
same
rate
to
discount
liabilities
as
we
use
to
assume
the
growth
of
our
assets.
G
Why
is
that?
Why
is
the
discount
rate
to
present
value
for
projected
pension
liabilities?
What
does
that
have
anything
to
do
with
what
our
portfolio
will
grow
at
as
projected
by
the
capital
markets,
projections
of
our
experts?
So
there
are
all
these
built-in
biases
that
influence
the
system
and
lead
to
those
10
variables.
B
I'm
sorry
you
don't
mean
an
analogy.
Sorry,
but
yeah.
I
know
that's
stupid.
I
always
leave
it
to
harvey
to
drop
something
deep
in
front
and
that's
right.
So
that's
that's
a
good
point
harvey.
So,
even
when
we're
done,
then
we
get
to
pause
and
say
or
is
the
whole
thing
kind
of
screwed
up
and
it
probably
is
right.
D
D
D
D
So
those
are
some
really
really
important
variables
in
some
of
those
things.
This
board
actually
has
absolutely
zero
control
over
those
factors.
So,
even
if
you
nail
down
what
those
variables
are
and
how
they're
impacting
the
plan,
is
there
anything
we
can
do
about
it?
What
we
really
should
be
focusing
on
is
what
we
have
most
control
over
and
that
that's.
D
Why,
in
my
response
to
you
and
looking
at
the
wisconsin
plan,
I'm
not
trying
to
ignore
liabilities,
but
I
am
looking
at
how
we
look
at
the
asset
side
in
relationship
to
our
membership
and
in
their
plan.
What
was
quite
interesting
is
how
they
differentiate
and
create,
in
essence,
two
different
discount
rates,
one
for
their
active
members
and
one
for
their
retirees,
and
it
makes
a
lot
of
sense
when
you
start
to
look
at
it.
That
way,
and
what's
fascinating
over
the
last
decade,
is
how
those
numbers
have
completely
flipped.
D
The
percentages
of
active
is
now
represented,
the
percentage
of
retirees
and
that
impact
in
how
you
might
look
at
expected
returns
because
of
how
you
would
invest
money
for
those.
Two
different
groups
has
a
huge
impact
on
the
plan
and,
as
we
know,
we
are
keeping
five
percent
of
plant
assets
in
this
cash
immunized
portfolio,
because
we
have
so
many
retirees
and
we
need
that
liquidity.
B
B
You
know
it's
not
just
us,
it's
the
actuaries
as
you
as
you
say,
events,
it's
not
just
the
variables
who
controls
the
variables,
what
controls
the
variables?
It's,
not
just
those
ten
variables,
it's
all
stuff
around
the
edges,
I'm
an
engineer
by
training.
So
my
my
gut
tells
me
to
start
with
what
we
know
and
go
on
from
there
and
the
truth
is
we
don't
even
know
yet
right
right?
I
I
have
only
in
the
last
week
or
two
gotten
our
forecast
for
inflation,
going
back
that
far
real
inflation.
E
Thank
you
drew,
so
let
me
just
start
by
thanking
you
for
doing
this
work.
Obviously
your
engagement.
I
have
said
this
many
times
before
you
know
that's
half
the
battle
and
the
engagement
of
these
two
boards
is
second
to
none
in
my
experience
working
with
boards
across
the
state,
so
I
mean
we
have
to
be
thankful
for
that.
E
E
Now,
in
terms
of
the
comments
by
harvey
and
trustees
and
syria,
I
think
they
are
both
absolutely
right.
E
First
harvey
on
the
biases
by
all
the
different
groups
that
are
involved
with
his
employer
or
whether
it
is
the
actuary
and
everything
else
and-
and
I
think
also
in
terms
of
transition
series.
I
think
I
understand
where
you're
coming
from
drew,
but
I
I
you
know,
there's
not
much.
We
can
do
from
the
liability
side.
Actually,
I
do
believe
the
actress
they
do
a
great
job.
They
may
be
skating
behind
the
puck,
because
you
know
they
may
like
hawking
more
than
anything
else,
but
on
the
liability
side,
I
think
they
do
an
excellent
job.
E
Now
we
can't
forget
that,
obviously
they
the
the
benefits
across
the
state,
including
san
jose,
increased
considerably
in
the
late
1990s.
So
there's
no
way
in
95.
You
could
assume
you
know
that
that
increase
was
going
to
take
place.
But
aside
from
that,
I
think
they
do
a
decent
job
on
the
assumptions
sure
they
are
lagging
a
little
bit
behind.
I
think
the
bigger
biggest
question
is
on
the
investment
side
as
being
syndicated
is
the
one
that
you
board
have
more
control
over.
E
E
I
know
staff
provided
you
information
and
they
look
at
the
the
coffers
but,
as
you
indicated,
you're
doing
some
work
with
cairo
already
from
1995.
E
My
gut
feeling
is
that
that
going
from
1995
forward
versus
going
back
to
the
1960s,
it's
not
going
to
make
much
of
a
difference.
I'm
not
sure
what
other
30
years
of
data
will
provide
you.
What
kind
of
information
we'll
give
you
that
we
don't
get
just
by
starting
in
95?
E
I
would
argue
that
the
data
that
you
gave
for
95.4
it
is
most
likely
probably
more
accurate
than
going
back
to
the
60s
you're
going
to
be
asking
chiron
I
mean
as
it
is.
I
think
that
they're
a
little
you
know
you
know
they
like
any
of
the
actors.
There
may
be
a
little
on
easy
of
dealing
with
data
that
it
was
not
put
together
under
their
watch
right
because
they
came
in
after
2010.
E
A
E
B
Good
suggestion
you
know
one
thing's,
I
think
you-
and
I
even
talked
to
us
a
month
here
back
over,
though,
is
we're
all
sort
of
guessing
that
inflation
is
a
big
part
of
this
story,
and
that
turns
out
to
be
true
part
of
the
reason
I
want
to
go
back.
That
far
was
to
capture
that
period
from
the
late
70s
late
to
the
early
90s.
When
inflation
did
this
weird
thing
went
way
up,
which
I
think
has
led
to
why
it's
been
weighed
down,
because
the
federal
banks
around
the
world
got
so
panicked.
B
So
yeah,
that's
probably
you
probably
remember
we
maybe
we'll
do
this,
and
if
we
yeah
that's
good,
anybody
else
want
to
jump
in
I'm
not
hearing.
No.
If
anybody
thinks
the
stupid
idea
speak
now,.
A
I
think
this
is
a
wonderful
idea.
You
know
like
a
lot
of
things
in
technology
and
in
life
now
a
lot
of
things
are
being
looked
at
from
a
dana
analytics
point
of
view.
So
and
that's
something
that
you
know
we're
trying
to
do
in
our
venture
fund
as
well.
Look
back
and
try
to
forecast
the
one
thing
I
think
of,
and
you
mentioned
engineering
one
thing
to
think
of
is
in
terms
of
the
variables
you
know
you
have
variables,
but
they
may
not
all
be
independent.
A
You
know,
if
you
think
about
equations.
Some
of
them
relate
to
others,
and
I
think
it
goes
back
to
a
little
bit
of
the
bias
and
it
maybe
goes
back
to
how
they're
some
of
them
may
actually
be
linked.
So
it'll
be
interesting
to
sort
of
try
to
unpack
and
try
to
see
how
things
went
and
how
we
can
forecast
better.
And
my
other
question
is:
are
you
going
to
be
the
one
that
is
going
to
be
the
one
managing
the
whole
process?
I
mean
this?
A
That
was
it
that
was
just
in
terms
of
how
this
whole
project
will
be
managed.
Yeah.
B
I
don't
know
yet
ed
ashford
said
the
investment
committee
is
happy
to
help
out.
Kyron
said
they're
happy
to
help
out
roberto
and
barbara
benford
said
they're
happy
to
help
out.
Mckee
is
happy
to
help
out
some,
maybe
august
or
september,
something
we
can
parcel
all
this
out.
I
I
yeah
this
is
this.
Is
the
first
look
the
board's
had
at
this?
So
I'm
yeah-
I
don't
know-
probably
maybe
maybe
bring
it
back
roberto.
B
I
think
yeah,
that's
good,
I
I
I
don't
know
I
mean
I
don't
think
anybody
quite
knows
the
interesting
part
of
this
harvey.
I
asked
harvey.
Who
else
has
done
this?
He
sent
me
a
great
deck.
It
was
orange
county.
I
think
harvey
did
you
said
murray,
simon's
deck
and
I
thought
well
we're
going
to
do
more
than
that,
and
I
think
you
know
harvey's
one
of
our
guys
said
whatever
the
system's
doing.
B
E
I
do,
if
I
may,
I
do
want
to-
I
think
what
you
are
looking
for,
and
I
know
I
don't
remember
where
you
had
the
slide
of
the
of
the
10
particular
issues
that
you
that
you
raised
your
information,
but
I
don't
want
you
know
the
public
in
general
that
are
watching
the
meeting
or
you
the
trustees
that
are
here
this
morning,
to
think
that
you
know
every
every
year.
That
is
a
presentation
by
chiron
for
the
last
two
years
right.
They
have
provided
a
one
slide
since
they
joined.
J
E
Of
of
the
increase
in
the
fund
liability,
so
I
just
don't
want
people
to
think
or
you're
bored
to
think
that
this
hasn't
done.
There
hasn't
been
any
kind
of
work
related
to
this
I
mean
it
may
not
be
to
the
detail
that
you
have
in
here,
but
it's
certainly
you
know
it
assigned
increases
in
unfunded
to
investment,
getting
losses
to
assumption
changes
specifically
to
the
discount
rate
and
so
a
couple
other
factors.
So
so
that
is
actually
done
and
especially
provided
in
the
presentation
over
the
last
couple
of
years.
E
They
do
do
that
and
just
as
a
matter
of
of
basis
to
to
understand
where
we're
coming
from,
when,
when
you
both
joined
the
board
vincent
drew
back
in
2011,
I
believe
the
pension,
the
pension
funding
ratio
for
police
and
fire
was
about
80
percent
in
2010,
and
it
went
up
to
about
834
percent
on
an
actuarial
basis
in
1811
and
I
joined
2013.
It
was
in
the
high
70s,
so
it's
been
pretty
consistent.
I
mean
it
has
continued,
obviously
going
down.
E
Mostly,
I
would
say
the
net
result
over
the
last
eight
years
since
I've
been
with
you
is
the
decrease
on
the
on
the
on
the
assumed
rate
return.
As
you
know,
25
bases
decreasing
in
the
assumed
rate
return
equals
about
an
increase
everything
else,
equal
of
about
150
million
dollars
in
your
fund
liability,
but
you're
still
in
the
mid
to
almost
me
but
low
to
meet
70
percent.
E
E
If,
if
prabhu
and
his
staff
keeps
up
with
the
return
so
far
onto
june
30th,
then
obviously
you
know
there's
going
to
be
an
increase
in
that
funding
ratio
for
june
30th
2021.
But
I
guess
my
point
here
after
everything
is
said
and
done-
is
that
some
of
this
information,
not
to
the
details
that
you
have
here
harvey
I
mean
drew,
is
somewhat
provided
by
by
kyburn
at
least
over
the
last
few
years
since
I
joined
the
system
not
not
prior
to
that,
but
I
just
wanted
to
mention
that.
B
A
A
Yeah,
I
think
you
and
I
spoke
a
little
bit
about
it
earlier
in
the
year
and
I
probably
was
pretty
vocal
with
chiron
when
they
presented
some
of
their
information.
I
think
they
came
back
with
a
much
better
deck,
the
second
time
around,
and
I
I
assumed
that
was
because
of
my
own
sort
of
newness
so
to
speak
on
the
on
the
board.
But
I
really
think
going
deep
into
this
subject.
A
Not
sure
we
will
necessarily
find
a
different
answer
we
might
still.
The
answer
might
still
be.
The
city
has
to
sort
of
cough
up
the
contributions,
but
I
think
at
least
it
could
influence
us
in
the
future.
If
that's
not
the
case.
B
B
If
you
have
any
other
comments,
that
nevermind,
I
was
gonna,
say,
send
me
an
email,
but
that
might
break
break
the
rules.
So
we
are
good
here
all
right.
So
this
this
part's
gonna
go
fast
too.
B
The
service
retirements,
I'll
I'll
call
for
a
motion.
In
a
minute
of
jared
j,
nunez
police,
sergeant
police
department,
effective,
may
15
2021,
with
28.5
years
of
service
and
deferred
vested
john
tompkins
police
officer
police
department,
effective,
may
15
20
21
with
25.34
years
of
service.
Can
I
have
a
motion
to
approve.
B
A
B
And
this
is
sherlanza,
I've
always
well.
We've
only
got
one
on
death.
Note
so
I'll,
read
this
and
then
we'll
take
a
moment
of
silence:
notification
of
the
death
of
donald
j,
moore
police,
sergeant
retired
june
26
2010
died
january
21st
2021
with
no
survivorship
benefits.
We'll
we'll
now
have
a
moment
of
silence.
B
A
Chair
alonzo,
I
knew
sergeant
jared
nunes
and,
of
course
we
wish
all
of
them
the
best
in
their
retirement,
and
we
thank
them
for
their
service.
Thank
you.
B
Great
thanks,
dude
all
right
on
the
home
stretch,
investment
committee
over.
Do
you
ask
for.
A
Yeah
so
the
last
you
know
we
discussed
a
couple
of
the
items
which
came
before
the
board
today:
the
private
funding
plan
and
the
specific
venture
fund
of
funds
investment.
We
also
had
a
presentation
on
cryptocurrency,
just
as
a
learning
exercise
that.
A
B
The
cryptocurrency
presentation
was
super
interesting.
I
learned
a
bunch.
I
had
no
clue
about.
The
guy
was
a
good
good
speaker,
any
any
questions
for
eshvar.
Let
me
see
no
there's
no
action.
Items
hang
on.
Let
me
note
that
we've
received
and
filed
the
minutes
for
the
march
16
2021,
meaning
howard,
anything
to
report
on
audit.
A
B
Wait
on
the
governance
committee:
I
don't
see
anything
and
and
nick's
not
here,
roberto
nothing
on
governance
right.
E
B
Great
dick
anything
to
report
from
disability.
A
Yeah,
the
only
thing
mr
chair
is
that
the
disability
meeting
for
hearing
for
the
may
meeting
has
been
cancelled.
B
Great
thanks
jacob.
Let
me
note
that
we
receive
and
file
the
minutes
from
february
8th
and
the
fourth
quarter
dashboard
for
2020..
I
know
vince
you're,
you're
joint
personnel.
Coming
to
your
lesson
I
was
let
me
I
was
a
bunch
for
you
to
do.
Go
ahead.
Vince.
D
D
There
are
some
changes
here.
The
joint
personnel
committee
met
last.
That
is
just
recently
the
meeting
was
last
week
and
by
way
of
trying
to
make
progress,
we
created
an
ad
hoc
committee
to
go
through
some
of
these
items
and
then
bring
it
back
to
the
full
committee
and
it
was
approved.
D
We
actually
have
tom,
with
cortex
who's,
going
to
walk
us
through
these
documents
and
at
a
high
level
kind
of
point
out
the
specific
recommendations
that
we
have,
the
changes
that
we're
making
and
and
how
we'll
evaluate
this
and
then
the
mock
evaluation
that
we're
going
to
go
through
so
roberto.
Do
we
have
tom
on
the
line
with
us?
Yes,
we
do
tom
I'll
turn
it
over
to
tom.
K
Thank
you
good
morning,
everybody
thank
you
vince.
I
hope
everybody
as
well,
so
there
are
a
few
items.
Two
of
them
are
policy
revisions
for
board
approval
and
then
we'll
turn
to
the
procedures
which
are
for
information
only,
and
I
will
begin
with
the
ceo
performance
evaluation
policy
and
if
I
can
share
the
screen.
K
Good,
so
the
board
approved
this
policy
last
year.
I
believe.
In
the
meantime,
the
jpc
has
been
working
on
developing
procedures
and
the
approach
that's
being
built
into
the
procedures
has
some
slight
differences
from
the
original
policies.
So
I'd
like
to
point
those
out
to
you,
they
necessitate
some
changes
to
the
policy.
They're,
not
major,
but
let
me
just
walk
you
through
them.
K
So
if
we
begin
with
page
two
paragraph,
six
and
seven,
the
original
policy
which
the
board
approved,
took
the
position
that
only
the
performance
outcomes
and
related
metrics
would
be
assigned
a
numerical
weight
in
the
evaluation
process
and
that
the
management
methods
and
the
board
will
recall
that
everything
is
evaluated
on
two
dimensions:
either:
performance
outcome
or
management
method.
The
policy
took
the
position
that
the
management
methods
and
related
metrics
would
not
be
assigned
numerical
weights.
K
But
what
rather
just
be
used
to
support
discussions
with
the
ceo
about
the
management
methods
about
the
ceo's
management
methods.
The
jpc
in
developing
the
procedures
have
decided
to
go
in
a
slightly
different
direction
and
assign
weight
both
the
outcomes
and
the
management
methods.
So
that
would
make
the
the
board
policy
incorrect
and
to
bring
this
policy
in
line
with
the
direction
that
the
jpc
is
taking
with
the
procedures.
We
would
simply
need
to
delete
paragraphs
six
and
seven,
but
not
a
significant
change,
but
we
didn't
want
the
policy
to
be
offside.
K
I
think
it's
a
four
or
five
point
scale
that
the
city
is
using,
which
is
based
on
outstanding,
commendable,
etc,
and
use
that
scale
to
award
individual
perform
personal
compensation,
adjustments
and
additional
executive
leave
days,
and
so
again,
that's
going
to
necessitate
a
change
to
the
policy
rather
than
specify
the
new
scale.
We're
simply
going
to
say
that
the
policy,
sorry,
the
policy,
will
simply
say
that
some
predefined
scale
will
be
used,
for
example,
outstanding,
commendable,
etc.
K
That
way,
if
the
jpc
decides
to
change
the
scale
in
the
future,
we
don't
have
to
go
back
to
the
board
and
change
this
policy.
Those
are
really
the
only
two
material
changes
to
the
ceo
performance
evaluation
policy,
I'll
jump
ahead
to
the
summary
diagram.
At
the
end
of
the
policy,
we
made
some
minor
changes
in
wording,
but
I
just
wanted
to
assure
the
board
that
the
basic
process
is
unchanged.
K
You'll
see
here
on
the
right
during
the
course
of
the
year.
Various
data
and
information
and
surveys
will
be
conducted,
particularly
in
the
in
the
month
or
two
leading
up
to
the
board's
closed
session,
and
that
would
be
investment
performance
data
audit
reports,
hr
related
data
staff
would
complete
a
climate
survey.
K
K
Those
two
individuals
would
finalize
that
preliminary
report
and
then
that
report,
along
with
a
worksheet,
would
go
to
each
individual
board
member,
so
they
could
prepare
for
the
closed
session.
The
closed
session
would
be
the
opportunity
for
the
board
to
review
that
preliminary
report
and
arrive
at
initial
ratings
and
and
feedback.
K
K
The
designees
would
then
review
the
report
with
the
ceo
and
the
board
would
approve
the
final
report,
so
the
basic
process
is
unchanged
and
all
of
this
is
laid
out.
This
same
diagram
is
repeated
in
the
procedures,
so
that's
a
refresher
on
the
evaluation
process
and
there
are
a
couple
of
edits
which
I've
discussed
policy
itself
and
we
can
turn
to
the
cio
performance
evaluation
policy
because
the
edits
are
going
to
be
identical
and
if
the
board
is
comfortable,
they
could
you
know
I'll
flip
to
that
very
quickly.
G
Mr
chairman,
one
question
tom
hi
on
that
last
diagram
that
you
showed.
K
They
we
didn't
specify
they
could
they.
Certainly
most
of
this
report
is
data.
Most
of
the
data
is
information
that
the
board
would
be
getting
would
have
already
received
during
the
course
of
the
year,
so
they
were
going
to
get
the
report.
They
could
access
the
underlying
data
if
they
wanted
to
certainly.
G
K
G
Okay,
so
just
from
an
organizational
standpoint,
the
only
comment
I
want
to
make
is
that
the
way
this
is
structured,
the
person
being
evaluated
is
is
has
the
ability
here
to
filter
information,
that's
on
the
input
side
and
deliver
only
the
filtered
information
to
the
designees.
K
K
When
we
come
to
the
procedures,
okay,
thank
you.
Thank
you,
mr
chairman.
K
And
again,
just
as
background,
this
was
a
real
point
of
discussion
throughout
the
process
where
the
jpc,
the
challenge
was
not
to
overburden
the
cio
and
the
ceo
with
the
task
of
pulling
all
this
information
together
but
or
the
designees.
So
they
did
want
the
ceo
and
cio
to
sort
of
pull
together
the
preliminary
report,
which
would
then
go
to
the
designees
and
just
facilitate
the
process.
K
So,
mr
chair,
would
this
be
approved?
Should
the
could
both
policy
edits
both
policy
documents
be
approved
before
we
go
on
to
the
procedures.
K
Great
so
now
I
wasn't
planning
on
going
through
this
in
great
detail,
but
again
the
this
process
is
designed
such
that
the
board
of
the
board
approves
the
policy
and
the
jpc
is
authorized
by
the
board
to
approve
these
procedures,
so
we're
presenting
these
procedures
to
the
board
for
information
purposes
and
there's
a
lot
in
this.
There
are
a
lot
of
steps,
a
lot
of
tools,
a
lot
of
surveys,
etc.
K
One
thing
I
want
to
draw
your
attention
to
is
that
we
will
give
you
we'll
provide
an
overview
today,
but
I
think
we'd
want
to
provide
another
overview
in
the
fall
just
before
we
do
a
mock
evaluation,
which
is
what
we're
proposing
to
do,
and
I
think
with
that
second
review
and
then
actually
going
through
a
mock
evaluation.
I
think
at
that
point
all
of
this
will
really
become
internalized
by
the
board.
At
this
point,
I
think
it's
a
lot
of
information
to
really
get
our
arms
around,
but
in.
K
These
procedures
specifically
indicate
that
the
board
may
conduct
a
mock
evaluation
in
the
fall
of
2021
and
in
fact
we
are
planning
on
doing
that.
The
jpc
reviewed
a
work
plan
to
get
us
there
and
that
closed
board
session
is
scheduled
to
occur
in
october
and
again
before
that
time,
we'll
review
these
procedures
one
more
time,
but
in
terms
of
the
understanding,
the
procedures,
I
think
it's
useful,
probably
to
focus
on
the
first
few
pages
of
this
document.
K
As
I
said
earlier
in
the
policy
it
specifies
that
the
ceo
is
going
to
be
evaluated
on
two
broad
dimensions:
organizational
outcomes
and
management
methods.
This
table
one
sort
of
summarizes
the
organizational
outcomes
and
the
metrics
that
will
be
used
to
evaluate
that
part
of
the
ceo's
performance
and
the
board
policy
really
only
specifies
the
left-hand
column.
It
states
that
there
there
shall
be
three
organizational
outcomes
used
to
evaluate
the
ceo
investment
performance,
benefit,
administration,
cost
effectiveness
and
member
service,
but
it
doesn't
go
into
any
further
detail.
K
The
jpc
is
proposing
that,
or
has
approved
in
the
procedures
that
there
will
be
three
investment,
metrics
or
benchmarks,
net
fund
performance
versus
the
investable
benchmark
portfolio,
performance
of
the
private
market,
portfolio
versus
an
appropriate
private
market
benchmark
which
is
still
to
be
sort
of
specified,
and
then
the
total
fund,
sharp
ratio
versus
the
comparable
peer
group
and
the
committee
spent
quite
a
bit
of
time.
Thinking
this
through.
We
began
with
a
single
investment
metric,
but
then
expanded
that
to
three
metrics
and
in
the
case
of
the
ceo,
this
investment
performance
metric.
K
These
three
metrics
in
total
would
have
a
weight
of
10,
we'll
see,
you'll
see
when
we
come
to
the
c.
I
o
procedures
that
that
weight
will
be
60
much
more.
K
The
overall
weight
I
should
have
mentioned
for
organizational
outcomes
versus
metrics
is
60
40,
which
is
why
you
see
up
here
that,
in
total,
the
organizational
outcomes
have
a
weight
of
60
continuing
under
benefit
administration
cost
effectiveness.
The
jpc
landed
on
an
administration
cost
per
member
metric,
which
would
be
on
a
three-year
rolling
basis
that
would
have
a
weight
of
five
percent.
In
the
case
of
the
ceo,
it's
not
applicable
to
the
cio
you'll
see,
and
then,
in
the
case
of
member
service,
there
are
a
number
of
metrics
in
total.
K
They
add
up
to
about
45
for
the
ceo
they're,
broken
out
into
benefit
delivery,
metrics
and
member
satisfaction
metrics,
and
you
can
see
that
within
benefit
delivery,
you've
got
timeliness,
metrics,
timeliness
of
payments
and
timeliness
of
pension
notifications.
K
So
again,
all
of
those
metrics
together
total
up
to
the
sixty
percent
weight
for
organizational
outcomes.
K
That
weight
would
be
then
rated
by
the
board
overall,
using
this
scale
or
metric
sorry
rating
scale
and
we'll
turn
to
table
two
which
looks
at
the
management
methods
which
again
will
have
a
total
weight
of
40
percent.
K
The
jpc
is
suggesting
changing
that,
to
greater
than
three
percent,
giving
the
board
more
discretion,
more
flexibility
to
consider
the
different
circumstances
that
might
have
arisen,
the
magnitude
of
the
other
performance
and
possibly
award
more
than
three
percent.
Of
course,
they
could
also
go
below
lower
than
some
of
these
other
ratings
which
the
city
provides,
but
otherwise
it's
generally
consistent
with
the
city,
structure
or
framework,
and
I
guess
it's-
you
may
be
wondering
it's
going
to
be
pretty
straightforward.
K
If
the
board
scores
the
ceo
outstanding
on
the
organizational
outcomes
and
outstanding
on
the
management
methods,
then
you
know
your.
Your
rating
is
fairly
obvious.
You're
going
to
be
in
the
greater
than
three
percent
for
the
compensation
award
and
you're
going
to
be
at
five
additional
executive
leave
days.
It's
a
little
trickier
if
you,
if
the
ceo
scores
outstanding
on
the
outcomes
and
satisfactory
on
the
management
methods,
then
you
get
into
sort
of
a
bit
of
mental
math
in
terms
of
waiting.
K
K
And
then
there
are
a
number
of
appendices
which
contain
the
actual
surveys
that
we
intend
to
use
for
the
management
survey,
the
customer
side
of
the
member
satisfaction,
surveys,
the
website,
surveys
etc.
So
all
of
the
actual
survey
instruments
are
contained
in
the
appendice
appendices.
K
And
then
there
is
a
template
in
the
appendix
for
the
summary
template
which
the
designees
would
use
at
the
end
of
the
process
to
sort
of
memorialize
the
results
of
the
evaluation.
So
the
balance
of
the
procedures
really
contain
all
the
details
for
calculating
these
metrics
and
the
tools
in
the
appendix
to
support
the
process
and
again
a
lot
of
detail.
I
wasn't
going
to
go
through
it
happy
to
answer
any
questions
about
the
the
body
and
the
appendices,
but
we
would
review
this
again
just
prior
to
the
mock
evaluation
in
the
fall.
D
Thanks
tom,
I,
what
I
would
point
out
to
the
board
here
is
that
the
review
of
the
procedures
is
simply
that
we're
not
asking
for
action.
This
is
more
informa
information
for
the
group.
Really
it's
the
discussion
and
action
on
the
ceo
and
cio
performance
evaluation
that
we
need
board
approval
on
it's.
As
you
can
see
a
very
thorough
and
comprehensive
process.
D
It
remains
to
be
seen
until
we
go
through
it
how
smoothly
this
goes,
and
it's
a
significant
departure
from
what
we've
done
in
the
past
in
terms
of
gathering
data.
I
know
that
cortex
will
help
us
out
with
some
of
this,
and
some
of
the
data
will
be
gathered
internally,
but
we
now
have
a
process.
This
does
go
to
the
heart
of
the
work
that
was
asked
of
us
previously
from
the
grand
jury
investigation,
in
some
of
the
recommendations
that
we
received
regarding
establishing
metrics
to
measure
the
performance
of
our
leadership.
D
B
Second,
by
a
motion
by
censure
second,
by
santos,
we'll
go
around
the
room
andrew
had
to
step
out
sunita.
A
B
B
I'm
chair
lands.
I
have
a
lot.
You
know
I
would
add,
to
what
vince
found
comments.
You
know
those
of
you
that
have
been
here
for
a
while.
Now
we
did
measure
g
to
take
some
degree
of
autonomy
for
a
staff
boy
vince.
I
can't
think
of
a
better
way
to
set
the
stage
for
the
sort
of
the
next
act
of
measure
g
than
to
show
this
level
of
commitment
in
how
we
review
the
performance
of
our
top
two
positions.
D
Thanks
drew
and
thank
you
tom
for
all
the
work
and,
and
the
committee
as
well
you're,
very
welcome.
I
think
we
have
to
accept
the
minutes
from
the
joint
personnel
committee,
which
is
item
b
and
that's
all.
We
have.
B
That's
great:
we
thanks
vince
remind
you.
We
accept
the
minutes
from
november
10th,
that's
it!
Anybody
want
to
jump
in
with
anything
that
was
the
last
thing
on
our
agenda.
It's
about
noon.
So
would
you
good
any
public
comments,
anything
to
add
to
the
next
agenda.