►
Description
City of San José, California
Police & Fire Department Retirement Plan Board of October 1, 2020
This public meeting will be conducted via Zoom Webinar. For information on public participation via Zoom, please refer to the linked meeting agenda below.
Agenda https://sjrs.legistar.com/View.ashx?M=A&ID=805702&GUID=C4E9B465-4B0C-47A7-A0F8-D037B215902D
A
A
A
A
You
know
we're
doing
zoom,
so
all
those
will
be
roll
called
votes.
You
know
interrupt
every
now
and
then,
if
you
have
something,
you
want
to
ask
a
speaker,
that's
kind
of
really
right
in
the
moment.
That's
fine,
but
in
general
I'll
do
a
round
robin
after
someone
presents.
So
we
can
all
have
a
chance
stay
on
mute,
cut
background
noise.
A
B
A
Is
hey,
you
know
just
be
conscious
or
it's
a
zoom
call.
You
know,
take
notes,
ask
questions
later
and
then
I'm
gonna
need.
Let
me
do
a
roll
call
first
and
then
we'll
do
the
motion
on
waiver
of
sunshine.
Andrew
is
not
present.
I'm
here
senior
are
you
here.
I'm
here,
howard
are.
A
A
Oh
great
thanks.
Okay,
can
I
get
a
motion
to
wave
sunshine
on
item
2c,
which
is
the
discussion
and
approval
to
negotiation
executed
to
your
extension
of
the
agreement
bloomberg
finance.
Can
I
get
a
motion
on
that.
D
B
A
I
I
guess
we
go
directly
in
a
closed
session
now.
Is
that
right,
roberto.
A
All
right,
so
if
I
remember
how
this
works
right
and
then
something's
gonna
pop
up
on
our
screen-
and
we
just
follow
it
right
all
right
when
this
pops
up
on
your
screen,
follow
and
it'll
take
us
into
a
private
sub
room
thanks.
E
F
F
A
A
A
A
A
A
A
A
A
A
Session,
I
will
note
we
were
discussing
the
performance
reviews
of
the
ceo
and
cio
and
we
will
actually
vote
later
in
this
meeting
on
how
we
would
like
to
deal
with
compensation
relative
to
those
performance
reviews.
So
the
first
item
on
our
agenda
is
the
consent
calendar.
Does
anyone
want
to
pull
anything
off
the
consent.
D
A
Great,
mr
chairman,
yes,
council,
leader,.
F
Just
a
reminder,
since
this
session
is
being
recorded
when
you
vote,
please
do
so
audibly.
Okay,
thank
you.
B
Thank
you
good
morning.
Everyone,
it's
going
to
be
a
brief
investment
agenda
this
morning.
B
B
Our
estimate
this
is
from
makita,
is
that
the
plan
was
down
1.68
just
to
give
some
context.
The
s
p
was
down
4.59
in
september
through
the
29th,
but
developed
markets
were
down.
1.94
and
em
was
down
two
point,
two
point,
eight
percent,
and
I
think
that
helped
our
plan,
because
we
do
have
considerable
non-us
exposure.
B
We
have
the
joint
boards
and
city
council
meeting
where
I
will
be
presenting
the
same
topic
and
on
october
20th
we
will
be
presenting
the
fee
report
to
the
city
council,
which
we
do
annually
at
this
time
of
the
year
and
in
the
past
couple
of
years,
trustee
sunzeri
has
graciously
taken
the
time
to
accompany
me
and
present
the
fee
report
and
hopefully
schedule
permitting.
He
will
do
that
this.
This
year,
as
well
with
that,
I'm
actually
going
to
I'm
happy
to
take
any
questions.
I
Okay,
we're
good
to
go.
Can
everyone
hear
me?
Yes,
we
can
great
thanks
thanks,
so
today
we'll
be
presenting
the
fee
report
for
calendar
year
2019.
I
for
those
of
you
who
are
new
and
not
familiar
with
this.
This
is
we've
been
doing
this
for
a
couple
of
years.
Now
this
is
the
fifth
anniversary.
We've
done
this.
We
try
and
have
a
comprehensive
look
at
the
cost
of
our
investment
program.
I
So
this
is
just
a
high
level
summary
in
terms
of
how
our
fees
have
trended
again
for
those
of
you
who
haven't
seen
this
the
2017
onwards,
we
started
collecting
operating
expenses.
I
You
can
see
prior
to
that
now
that
we
didn't
actually
record
it,
and
so
the
top
line
is
from
this
year
to
last
year,
fees
were
relatively
flat
right.
We
made
headway
in
terms
of
reducing
management
fees,
but
that
was
offset
a
bit
by
the
increase
in
incentives
and
a
little
bit
of
an
increase
in
the
operating
expenses.
I
However,
it
seems
to
have
filled
up
in
the
last
couple
of
days
and
just
letting
the
board
know
that
you
know
in
2018
fiscal
year
2018,
which
is
the
the
late.
The
most
recent
data
on
this
chart
we're
you
know
a
little
above
median
and
for
2019.
When,
when
we
update
this
chart
we
will
be
a
little
below
median.
I
So
all
in
all,
the
the
main
message
is
things
are
relatively
unchanged
from
this
year
to
last
year
from
both
absolute
basis,
and
it
seems
like
a
relative
basis
as
it
pertains
to
the
numbers
from
the
kafir
note
on
the
numbers
from
the
kafir
is
slightly
different
from
our
comprehensive
fee
report,
because
you
know
they
they
it
does
not.
It
generally
does
not
include
incentive
fees,
operating
expenses
and,
and
generally
includes
just
direct
expenses
that
are
essentially
recorded
by
the
custodian
or
or
you
know,
checks
that
are
cut.
I
Essentially,
you
know
you
miss
out
on
a
lot
of
fees
that
are
charged
to
directly
to
the
funds,
so
a
lot
of
the
private
market
stuff
usually
gets
under
counted
in
the
cafe
numbers.
I
So
if
we
go
on
to
the
next
page
page
three,
this
is
just
blowing
up
the
last
three
years.
Yeah,
the
the
data
is
essentially
the
same
in
terms
of
total
fees,
and
we
just
you
know,
put
the
dollar
figures
on
how
much
fees
have
been
paid.
You'll
notice,
you
know,
2019,
we
actually
paid
more
fees,
even
though,
and
even
though
it's
just
a
one
basis,
points
increase,
we
had
an
increase
of
five
percent
of
aum,
so
the
the
increase
in
total
dollars
was
represented.
I
A
smaller
percentage
increase
of
a
basis
point
if
you
switch
to
the
next
page.
So
this
is
the
message
that
we're
trying
to
drive
home
last
year
and
again
this
year.
You
know
what
we
should
hopefully
be
focusing
on
is
control
what
we
can
control,
which
is
essentially
management
fees.
So
I
think
you
know
just
a
quick
note.
You
know
we
try
to
incorporate
fees
into
our
asset
allocation
process
as
well
as
a
manager
selection
process,
but
it
is
not.
I
You
know,
it
is
not
necessarily
the
main
driver
of
the
decisions
we're
obviously
trying
to
maximize
net
of
fee
risk,
adjusted
returns
and
be
mindful
of
you
know
the
the
cost
incurred
for
doing
that.
As
a
result,
I
think
you
know
we
tend
to
get
more
active
in
areas
which
we
feel
are
more
inefficient
and
and
remain
and
go
passive
in
areas
which
we
feel
are
more
efficient
markets.
I
That
being
said,
you
know
again
focusing
on.
Hopefully
what
we
can
control,
which
is
management
fees.
We've
done
a
good
job
in
terms
of
reducing
management
fees
sequentially
since
2016,
you
know,
representing
about
a
32
basis,
point
decline,
management
fees
for
about
a
six
million
dollar
reduction
in
management
fees,
paid.
I
Just
a
note,
you
know,
I
think
this
is
in
terms
of
where
we
think
we
might
be
headed
in
terms
of
management
fees.
I
think
we've
made
a
lot
of
the
changes
to
kind
of
drive
down
management
fees
to
where
it
is
and
don't
really
expect
them
to
go
any
lower,
as
as
we
you
know
again,
like
I
mentioned,
look
for
good
kind
of
active
managers
in
in
the
more
efficient
inefficient
markets
such
as,
I
guess,
emerging
markets
and
international
equity.
I
So
anyway,
going
to
page
five,
just
a
quick
look
on
kind
of
what
has
driven
the
lower
management
fees
and
essentially
it's
you
know,
increased
allocation
to
passive
strategies
by
about
seven
percent.
You
can
see
on
the
left,
you
know
most.
I
The
contribution
to
management
fees
essentially
come
from
active
strategies,
and
so
that's,
that's
kind
of
you
know
the
focus
in
terms
of
trying
to
get
passive,
where
we
think
it
makes
sense
and
trying
to
trying
to
get
the
most
efficient
exposure
to
active
managers
that
we
can
so
going
to
page
six.
I
E
I
Commute
no
sorry,
unfortunately
yeah,
I'm
kind
in
the
same
room
as
my
daughter
who's
having
her
her
classes
having
who's
having
a
class.
So,
okay.
E
I
I
Seeing
that
you
know
we,
we
have
a
little
bit
of
more
of
an
emphasis
on
private
strategies
more
than
other
comparable
plants,
but
the
one
thing
I
want
to
draw
attention
to
is
the
decline
in
contribution
to
active
management
fees
from
head
strategies.
I
You
know,
over
the
past
couple
of
years
we've
won
reduced
the
allocation
to
our
market
neutral,
absolute
return
and
also
we
have
also
exited
a
lot
of
hedge
type
strategies
in
our
global
equities
and
commodities
asset
classes.
So,
as
a
result,
you
know,
I
think
one
of
the
bigger
drivers
of
the
reduction
manager
fees
is
just
kind
of
getting
out
of
those
hedge
fund
like
strategies,
and
you
can
see
on
the
right.
I
So
that's
that's
a
presentation.
You
know,
I
think
you
know
we
try
to
keep
it
really
brief.
The
main
report
is
a
lot
longer
with
a
lot
more
numbers,
but
we
just
wanted
to
stick
to
what
we
thought
was
a
message
which
is
you
know
we
we
try
and
keep
management
fees
as
low
as
we
can.
I
optimize
it,
but
again
it's
not
necessarily
a
driving
decision
in
our
manager
selection
process,
I'll
open
it
up.
If
anyone
has
any
questions.
A
Sure,
let
me
let
me
get
out
of
the
list
and
I'll
go
last
sunita.
Do
you
have
any
questions.
C
Yeah
just
a
couple,
thank
you
david.
I
thought
the
presentation
and
the
underlying
report
really
really
comprehensive,
maybe
just
a
couple
quick
ones:
the
on
the
peer
chart.
What
are
the
different
colors
mean.
C
C
I
I
I
I
suspect
it
should
be
flat.
You
know,
I
think
what
what
again
what
drives
a
lot
of
this
difference
is,
first
of
all,
obviously,
asset
allocation
and
and
kind
of
you
know
the
the
the
strategies
that
you
make
within
the
asset
allocation.
I
You
know
in
in
I
think
public
equities,
for
example,
it
might
be
up
a
smidge
as,
like
I
mentioned,
I
think,
in
like
emerging
international
or
getting
a
little
bit
more
active,
and
so
that,
should
you
know
that
should
kind
of
bump
up
management
fees
a
little
bit.
You
know,
I
think
one
of
the
factors
in
terms
on
the
private
market
side.
I
You
know
a
lot
of
these
funds,
charge
fees
based
on
commitment
and
as
and
the
way
this
calculation
works
is
on
average
kind
of
nav
balance,
and
so
as
as
some
of
our
kind
of
newer
growth,
real
estate,
old,
private,
real
estate,
real
assets,
strategies
start
deploying.
That
number
should
go
down
a
bit
so
and
of
course,
incentive
fees.
You
know
who
knows
so,
I
would
say
you
know,
maybe
up
a
smidge
to
flat.
I
think
would
be
the
expectation.
C
Okay,
well,
that's
good
and
it
would
affect
the
period.
Have
you
had
discussions
with
other
pension
plans?
I'm
just
curious
to
see.
You
know
if
they've
had
any
interesting
strategies
on
trying
to
manage,
manage,
trying
to
deal
with
management
fees
and
whether
or
not
it's
correlated
to
the
assets
under
management
or
their
the
size
of
their
plan.
If
they're
able
to
because
I
can
see
calstrs
is,
you
know
significantly
lower
than
everybody
else
sure.
I
Well,
I
think
I
think
you
know
for
sure
there
has
to
be
some
correlation
between
asset
size
and
fees
paid
right.
So
I
think
calpers
and
calstrs
obviously
are
very
low
because
they
manage
a
lot
of
assets
in-house.
You
know
a
good
deal
of
their
equity
assets
and
kind
of
more
core
fixed
assets.
I
believe
I
manage
in-house,
and
so
they
they
kind
of
experience
a
lot
of
fee
savings
in
that
manner.
I
You
know
I
mean
I
I
don't
think
we've
spoken
to
anyone
kind
of
to
to
you
know
think
about
a
strategy
for
reducing
fees
overall,
but
I
think
you
know,
I
think
you
know.
Jay,
christina
janesh,
brian
and
team
are
very
aggressive
in
negotiating
terms,
and
you
know-
and
I
think
that's
and
where
we
can,
we
try
and
we
try
and
utilize
whatever
you
know,
economies
of
scale
that
we
have.
B
And
I
can
add
to
that
great
thanks
david
two
things
I
would
say
trustee
lee
one
is
of
course
you
know.
A
lot
of
our
managers
are
sourced
through
and
makita
gets
a
volume
discount.
So
it's
not
just
our
aum
but
all
of
nikita's
clients.
So
we
benefit
from
that,
and
the
second
thing,
of
course
is
we
do
run
a
sophisticated
in
terms
of
our
exposure
to
private
markets,
and
so
it's
going
to
kill
our
feet
slightly
to
the
higher
side
compared
to
some
of
our
peers.
C
A
Great
cash
for
any
questions.
G
Yeah,
thank
you,
drew
and
david
a
good
presentation,
good
charts.
You
know
they
kind
of
explain
things
a
couple
of
questions,
so
it
looks
like
year
and
year,
management
fees
go
down,
12
basis,
points
and
incentives,
up
nine
basis,
points
and
operating
expenses
up
four
basis
points
which
translates
to
I
guess
about:
4.1
million
extra
incentives
and
1.7
million
extra
operating
expenses.
G
So
the
incentives
is
that
you
expect
it
to
kind
of
go
up
and
down
year
over
year,.
I
I
I
You
know,
I
think,
for
example,
we
added
a
couple
of
em
managers
and
then
kind
of
got
away
from
and
redeeming
some
of
and
kind
of,
reducing
our
relative
weight
to
a
passive
em
index
and
that
kind
of
brought
up
operating
expenses
a
little
bit.
I
Both
right,
so
I
think
management
fee
is,
you
know,
fee
charge
for
managing
assets.
Operating
expenses
is
legal
and.
A
J
I
I
It's
correlated
with
you
know
the
private
markets.
J
A
David,
so
we
see
this,
of
course,
all
across
the
board.
We
see
it
with
pee
reduction,
we
see
with
esc,
we
see
lots
of
other
things,
so
there
is
pressure
to
do
these
things,
and
I
think,
of
course
there
are
many
reasons
to
do
that
political
and
opportunity,
but
obviously
the
core
metric
is
david.
Do
you
believe
that
to
reduce
our
fees
have
resulted
in
a
net
lower
return,
not
the
fees
of
course,
and
then
these
efforts
actually
reduce
the
money
coming
back
into
our
system.
I
You
know
I
I'm
not
sure
you
know,
honestly,
I
would
say
no
again
because
I
think
two
things
right.
I
think
one
is
as
we
think
about:
asset
allocation
manager,
selection
or
particularly
manager
selection.
I
You
know
it's,
it's
more
driven
by
kind
of
a
focus
on
risk,
adjusted
returns
right
now
fees,
and
so
I
I
think
people
take
that
into
consideration
and
you
know
take
into
consideration
kind
of
where
we
think
markets
are
more
efficient
and
not,
and
so
you
know
I
mean
I
I
guess
you
can
maybe
argue
that
perhaps
given
the
fact
that
you
know
on
the
margin,
if,
if
you're,
unsure
or
if
you're,
not,
if
you
don't
have
conviction
in
terms
of
efficiency
of
market,
then
you
probably
go
passive,
and
so
you
know
perhaps
you
miss
out
on
opportunities
to
find
better
active
managers.
A
B
Actually
drew
can
I
answer
that
sure,
so
we
did
have
makita
pull
up
some
numbers
and
we
will
be
presenting
this
along
with
this
report,
that
david
prepared,
we
will
be
presenting
the
chart
to
the
city
council
on
october
20th,
and
the
data
shows
that
in
the
last
three
years
that
our
active
managers,
if
you
look
at
the
combined
the
amount
of
fees
that
we've
paid
they've,
actually
added
value
over
and
above
that
fees
that
we
paid
out
over
the
benchmark.
So
it's
been
a
net
net
additive
to
the
portfolio.
A
A
Stupid
question
about
efficient
markets
right
in
an
efficient,
totally
efficient
market.
It
wouldn't
matter
right.
I
mean
you
get
slightly
better
with
active,
so
they
could
justify
their
salaries.
But
what
are
you
saying?
David
is
as
we
slide
in
and
out
of
this
there's
nothing
dramatic
going
on
right.
We
go
from
active
to
passive,
we
make
a
lower
return,
but
we
pay
less
than
fees.
The
net
return
is
more
or
less
the
same,
and
that
matches
david
kind
of
what
you're
saying
peru.
Is
that
what
the
feel
is
it
isn't?
B
That's
right,
you
know,
as
we
all
know,
you
know,
there
are
certain
sectors
and
asset
classes
where
it's
hard
to
get
passive
exposure,
such
as
private
equity
and
venture,
and
those
are
the
asset
classes
where
we
have
active
exposure
and
we
have
to
pay
fees.
B
It
is
a
seller's
market
is
a
buyer's
seller's
market,
but
in
certain
asset
classes,
like
large
cap
equity,
that
david
pointed
out
it's
sort
of
a
wash.
You
know
it's
tough
to
find
active
managers,
it
might
be.
We
might
be
better
off
just
using
passive
strategies,
which
is
what
we
do
but
net
net,
I
would
say
we
add
a
little
bit
of
our
active
managers,
add
a
little
bit
of
value
over
and
above
the
benchmark,
but
it
doesn't
have
any
great
impact
on
our
funding
ratios.
A
So
david,
I
would
like
to
echo
the
previous
sentence.
This
is
superb,
work
really
top-notch.
You
know
it's
so
funny,
there's
always
those
two
things.
You
know
david
about
showing
people
what
we're
doing
and
then
maybe
changing
what
we're
doing,
and
I
think
before
we
change
anything.
We
want
to
show
people,
and
this
is
about
as
good
a
job
as
you
can
do
it,
showing
people
what
we're
doing
so
on
behalf
of
the
board
david.
Thank
you
for
this
really
really
solid
presentation
back
to
you.
B
A
K
Rod
yeah
sorry,
I
was
trying
to
find
the
unmute
button
good
morning.
Everyone
now
that
david
showed
you
all
how
much
we
saved
I'm
gonna
ask
for
some
money
and
finally,
you
have
a
memo
regarding
the
bloomberg's
contract
renewal.
K
B
K
Yeah,
this
has
already
been
approved
in
the
budget,
and
this
is
a
two-year
contract
with
bloomberg,
since
it's
a
that
should
provide
us,
the
terminals
that
we
use
in
our
offices.
So
it's
a
huge
undertaking
to
you
know
to
if
you
needed
to
terminate
and
or
re-establish
services
with
them.
G
Yeah
so
quickly,
just
what
do
we
use
bloomberg
for?
Why
do
we
need
specifically
bloomberg
versus
other
information
systems.
B
Well,
I'll
take
that
one
ron,
so
trusty
man,
and
so
the
bloomberg
is
the
standard
in
the
business,
and
you
know
pretty
much
all
portfolio
managers
and
plans
use
bloomberg.
Bloomberg
is
more
user-friendly
than
some
of
the
others
out
there,
and
I
know
bloomberg
is
pricey,
but
we're
all
used
to
using
bloomberg.
In
addition
to
that,
we
do
have
some
data
downloads
that
we
use
bloomberg
for
that
are
not
available
with
some
of
the
other
systems.
G
Because
the
reason
I
asked
prabhu
is,
you
know:
I've
been
in
the
industry
a
long
time
and
used
bloomberg,
but
I
think
in
the
last
few
years
there
are
competitors
coming
out
with
lower
cost
services
and
I'm
just
wondering
if
you've
ever
evaluated
any
of
those.
B
B
But
if
you
do
have
other
suggestions,
I'm
happy
to
take
a
look
at
it.
Bloomberg
is
a
bit
like
the
wall
street
journal.
I
don't
really
necessarily
agree
with
everything
that's
written
in
the
journal,
but
in
terms
of
access
and
being
the
one
point
for
business
news,
we
all
go
to
the
journal
and
that's
how
I
consider
bloomberg.
But
again
I
have
an
open
mind
if
you
have
other
suggestions.
G
Yeah,
I
think
it
may
be
worth
you
know,
and
I'm
not
you
know
trying
to
hold
up
this,
but
in
the
future,
maybe
worth
evaluating
others,
because
in
the
last
few
years
there
are
competitors
coming
up
just
because
bloomberg
is
so
pricey
right
and
unless
there
is
a
specific
need
that
you
have
from
bloomberg,
it
may
be
that
the
competitors
work
and
just
out
of
inertia,
people
don't
change
right,
but
it's
what
worth
looking
at
in
the
future.
B
Yeah
no
good
point,
and
certainly
you
know
there
could
be
some
inertia
all
over,
because
bloomberg
is
sort
of
acts
like
a
monopoly
in
terms
of
its
pricing,
but
it
does
have
good
data
in
it.
The
one
thing
we've
noticed
and
another
reason
to
continue
to
persist
with
bloomberg,
though
we
should
investigate
this
is
bloomberg,
has
a
lot
of
risk
data
in
it,
and
bloomberg
has
become
a
bit
like
amazon
once
you
subscribe
to,
prime
you
get
so
much
free
service,
so
bloomberg
is
one
of
those
services.
B
I
Yeah
prabhu
this
is
this
is
david
yeah.
I
just
want
to
kind
of
echo
your
point
there.
You
know,
I
think,
the
one
nice
thing
about
bloomberg,
usa,
that
you
know
you
essentially
get
the
bundle
and
from
a
risk
perspective
you
know,
even
though
we
have
borrower,
you
can
run
a
lot
of
equity
risk
numbers
through
bloomberg
and
it
provides
a
very
good
kind
of
secondary
check
and
validation
on
some
of
the
work
from
varus
and
bara.
A
Any
other
questions
beyond
dashboard.
G
I
do
this
is
anita,
so
I
mean
I
guess
what
would
be
helpful
is
really
to
have
a
sort
of
a
comprehension.
I
don't
know
if
this
goes
through
the
budgeting
process
or,
if
I'm
speaking
out
of
turn
here,
but
I
think
a
couple
of
times
ago,
we
approved
the
borrower
contract,
so
it'll
be
helpful
if
we
had
a
perspective
on
all
your
data
services
or
you
know
what
you're
using
for
what,
while
we're
approving
these
things,
so
that
we're
not,
we
don't
feel
it's
duplicative.
B
B
G
And
I
also
wanted
to
say
I
echo
ishwar
sentiment
that
you
know
having
been
in
the
industry.
Bloomberg
was
a
habit
now
sort
of
being
stepped
out
of
the
industry,
I'm
actually
looking
at
so
many
different
services
that
have
some
really
amazing
possibilities.
G
G
A
You
know
this
might
be
a
good
thing
at
your
chair
investment
committee.
You
know
at
one
of
the
meetings
you
might
want
to
create
a
little
ad
hoc
subcommittee
of
your
committee
to
look
into
this.
Maybe
you
I'm
happy
to
sit
on
if
you
want
me
to
and
one
or
two
members
of
the
staff
and
kind
of
wander
out,
I'm
sure
that's
kind
of
a
it's
actually
just
a
fun
way
to
look
at
stuff
like
this
is
a
fun
way
to
get
more
knowledgeable
about
staff
and
so
on.
A
You
know,
and
vince
is
kind
of
doing
a
little
ad
hoc
subcommittee
of
the
a
joint
personnel
committee.
This
is
kind
of
a
good
thing.
Maybe
you
know,
maybe
it's
just
you
and
that'd
be
fun.
Actually.
A
So
think
about
that,
maybe
for
the
next
investment
committee,
because
it's
very
it's
super
interesting.
You
know
just
as
inside
as
far
I
see
about
one
startup
a
month,
they're
all
super
ai,
driven
they're
out
of
cal
and
stanford
and
they're
all
sort
of
replacing
the
bloomberg
terminal
with
something
that
kind
of
talks
to
you,
not
necessarily
you
know
verbally,
but
the
query
levels
and
the
background
stuff
you
put
in
there.
I
mean
I've
seen
some
demonstrations,
I'm
not
a
pro.
You
guys
are,
but
it
just
blew
my
mind.
G
Yes
and
I've
seen
a
big
improvement
in
some
of
the
competitors,
and
I
think-
and
another
reason
is
because
there's
a
lot
of
fact
in
the
system
that
people-
and
I
think
we
should
be
careful-
that
we
are
not
letting
inertia,
dictate
this
process
and
there's
any
way
that
we
could
do
a
one-year
renewal
and
then
kind
of
reevaluate.
B
B
There
have
been
some
startups.
I
think
a
bunch
of
the
investment
banks
got
together
and
tried
to
come
up
with
an
alternate
gift
to
bloomberg.
Somehow
it
hasn't
gained
traction,
but
I
am
waiting
for
that
next
startup
to
displace
bloomberg
and
hopefully
I'll
be
an
early
investor.
A
Yeah,
you
know
it's,
it's
a
classic
people
remember
over
time,
it's
so
big
and,
as
you
said,
to
eschar
it's
this
big
fat
thing.
They
don't
move
fast,
and
so
a
lot
of
startups
are
saying
you
know
I
go
look,
maybe
it's
a
startup
just
for
pension
funds,
because
each
of
your
needs
are
slightly
different,
right
and
and
also
you're
right.
I've
heard
about
that
effort
too,
where
they're
sort
of
saying
well
lower.
How
can
we
lower
kind
of
lower
cost
and
get
better
service?
Any
other
questions
from
any
other
trustees.
J
Yeah
drew-
I
just
want
to
jump
in
here
too
and
comment
that
I
think
we
have
to
strike
a
fine
balance
between
our
role
as
trustees
and
the
oversight
that
we
need
to
provide,
while
at
the
same
time
having
the
confidence
in
our
cio
to
determine
the
proper
way
to
allocate
resources
and
giving
him
the
confidence
to
determine
the
right
way
to
do
that.
So
it
is
a
fine
line.
I
don't
want
to
micromanage
our
cio,
but
I
do
want
to
be
prudent
at
the
same
time.
D
K
I
J
C
C
Yeah
hi
drew
just
one
one
question
to
ron,
or
probably
I
I
know
how
indispensable
bloomberg
is,
and
I
know
how
how
much
of
a
grip
they
have
on
the
market,
but
just
out
of
curiosity
is
there
ever
a
chance,
you
can,
you
know,
negotiate
a
little
bit
or
they
just
you
know
this
is
this.
Is
the
price
and
that's.
B
It
I'll
I'll
have
ron
jump
in
I've
used
bloomberg
for
26
years
now
and
it's
it's
not
easy
to
negotiate
with
them.
We
probably
get
some
fee
break,
given
the
number
of
licenses
that
we
have,
but
bloomberg
does
act
like
a
monopoly,
but
ron
can
you
add
if
we've
gotten
any.
K
C
Okay,
great
okay,
thanks.
That
was
my
only
question.
Thank
and
I
do
agree
that
it
is
a
fine
line
and
and
there's
lots
of
stuff
out
there,
but
I
know
how
indispensable
bloomberg
is
so
it's
hard
hard
to
break
the
habit.
A
A
Okay
down
the
list
andrew's
not
present,
I
vote.
I.
A
A
A
Okay,
nick
do
you
vote.
A
Yeah
mute
can't
that's
what
I
thank
you
nick.
I
can't
hear
you
yeah,
okay.
Well,
we
said
a
land
speed
record
at
our
last
board
meeting
that
you
let
me
sort
of
step
into
a
manager's
big
shoes
for
I'm
going
now
for
the
outer
space
record,
the
shortest
meeting
in
history,
and
I'm
going
to
cheat
to
do
that.
We
don't
have
anything
under
old
business,
continued
or
deferred
items.
That
would
be
the
way
we
have
a
short
meeting.
I
would
jump
directly
into
new
business
and
over
to
you,
roberto.
E
Thank
you,
mr
chair,
so
prabhu
did
mention
some
of
the
items
I
was
going
to
address
in
terms
of
future
meetings.
He
spoke
about
the
retiree,
the
working
group
as
well
as
the
media,
the
city
council.
E
I
also
want
to
remind
everyone
that
we
do
have
a
your
annual
joint
meeting
with
the
city
council,
scheduled
for
friday
october
16,
between
9
00
a.m
and
12
p.m,
and
I'm
going
to
also
remind
you
that
this
morning
on
consent,
you
did
approve
the
consent
items
which
included
under
section
1.5
b,
a
memo
that
was
issued
by
the
city
to
the
rules
committee,
which
requested
the
the
guidance
for
discussion
of
the
meeting.
I'm
gonna
go
through
my
items
quickly
here
for
their
update
and
then
at
the
end.
E
As
you
know,
our
silly
liaison
sherry
parkman
attends
these
meetings
and
I'm
going
to
ask
her
to
make
some
comments
in
reference
to
the
joint
meeting
of
the
boards
and
the
city
council
this
later
this
month.
So
with
that,
let
me
just
go
through
a
couple
of
items
I
wanted
to.
Let
you
know
the
deadline
for
the
retiree
trustee
seat
actually
closed
on
september
25th
and
no
applications
were
see.
So
we
are
working
with
the
city
clerk
to
about
what
next
steps
we
need
to
pursue
on
that.
E
But
again
the
application
process
closed
last
week
on
the
25th
and
there
were
no
applications
put
forward.
Also,
the
application
for
the
opencv
for
the
public
member
is
currently
ongoing.
We
have
not
received
a
deadline
from
the
city
clerk,
but,
usually
speaking,
the
deadline
is
in
the
the
early
to
mid
part
in
november.
E
Right
now,
I
can
tell
you
that
the
city
council
interview
for
that
particular
seat
is,
is
currently
scheduled
for
a
december
first
meeting
at
city
council.
So
what
that's
two
months
from
now
so
as
we'll
have
more
information
we'll
bring
that
back
to
the
board,
but
again,
if,
if
you're,
a
public
member
that
would
like
to
apply
for
the
position,
it's
probably
going
to
be
easy
through
october,
but
sometime
in
november,
we'll
be
closing
when
we
get
that
day,
we'll
forward
that
I
also
wanted
to
let
you
know
that
they
open
healthcare.
E
E
First,
some
information
on
the
upcoming
newsletter
that
is
going
to
be
issued
in
the
next
couple
of
weeks
for
the
quarter
ending
september
30th.
We
also
are
going
to
be
issuing
the
the
open
enrollment
packet.
The
goal
is
to
be
issued
to
all
the
members
later
this
month
by
october
10th,
and
that
packet
has
a
lot
of
information
about
open
enrollment
from
november
1st
to
november
30th.
We
are
going
to
be
working
with
the
vendors,
since
this
is
virtually
they're
going
to
be
educational
videos
and
zoom
meetings.
E
Kaiser
will
be
providing
one
zoom
meeting
on
november,
2nd
anthem
and
october
22nd
for
non-medicare
on
october
27th
for
medicare
members
we're
going
to
be
providing
information.
Also
on
our
website,
so
we
think
that
we're
going
to
be
able
to
easily
access
members
that
are
technology
savvy
and
have
access
to
online,
but
those
that
do
not.
Of
course,
we
are
counting
on
they
receiving
their
packet,
where
we're
going
to
have
information.
E
Excuse
me
not
at
the
office
but
available
with
staff,
so
when
they
contact
the
office
by
phone
or
by
email,
our
goal
is
to
return
and
respond
to
any
requests
within
48
hours.
So,
lastly,
I
want
to
let
you
know
that,
as
always,
staff
continue
working
remotely.
We
are
obviously
working
on
completing
all
our
core
duties
and
wanted
to
let
you
know
that
board
meetings
will
be
held
via
certainly
through
the
end
of
the
calendar
year.
E
I
don't
expect
staff
to
get
back
to
the
office
for
the
rest
of
the
year,
but
if
anything
changes
I
certainly
will
let
the
board
know-
and
I
suspect
that
at
some
point
obviously
working
with
the
city
we're
going
to
start
the
process
on
getting
back
to
the
office
in
phases
sometime
in
2021.
But
again
I
will
keep
you
posted
when
that
information
comes
forward.
E
So
those
are
my
comments,
I'm
happy
to
answer
any
questions
and
if
you
don't
have
any
questions
I
would
like,
like
I
mentioned,
I
would
like
your
department
to
comment
on
on
the
joint
meeting
with
with
the
city
council
on
october,
16th.
H
Absolutely
good
morning,
trustees
of
the
police
and
fire
retirement
board,
I'm
cheryl
parkman
for
those
of
you.
That
may
not
know
me
now,
I'm
here
today
to
talk
about
the
three
different
topics
for
the
joint
meeting
between
the
city
council
and
the
retirement
boards.
So
the
first
two
were
topics
that
came
up
during
the
police
and
fire
and
federated
meetings.
H
The
second
item
is:
what
are
the
implications
of
covid19
in
investments
of
the
plan,
the
funding
ratio
to
the
plans
and
potential
future
contributions
needed
by
the
planned
sponsor
and
we're
in
going
to
have
roberto
and
prabhu
talk
about
those
during
the
meeting
now
during
our
rules,
committee
meeting
vice
mayor,
chappie
jones
did
add
a
third
item
and
he
would
like
the
office
of
retirement
services
to
discuss
the
diversity
of
your
current
consultants
and
that's
going
to
be
across
all
consultants,
actuarial,
legal
and,
of
course,
investments,
and
so
he
added
that
item.
H
So
there
will
be
three
items
on
the
october
16th
joint
meeting
agenda
and
I'm
happy
to
take
any
questions
about
that
meeting,
but
we're
just
intending
to
have
the
budget
director
and
then
roberto
and
probably
make
presentations
during
that
meeting.
A
G
J
Cheryl,
so
we
can
prepare
for
the
diversity
question,
and
I
know
this
is
an
important
topic
today.
Can
you
help
us
define
what
we're
talking
about?
Is
this
geographic
diversity?
Is
this
diversity,
ethnically
within
the
organizations
that
we've
hired,
I
mean
a
little
bit
more
specificity?
I
think,
would
be
important
for
us
to
understand
that.
H
Okay,
oh
thank
you.
So
what
vice
mayor
jones
was
talking
about
was
actually
demographic
diversity,
and
so
what
he
clarified
later
to
us
is
that
you
know
he
believes
that
there
are
a
lot
of
highly
qualified
firms
out
there,
that
might
be
ethnically
demographically
diverse,
that
are
providing
consultant
services
or
advisory
services,
and
he
wants
to
know
you
know
what
outreach
we've
done
to
these
particular
firms.
H
What
we've
done
for
recruiting
our
consultants
to
make
sure
that
we're
you
know
making
sure
we're
looking
through
everything
with
an
equity
lens,
and
so
hopefully
that
that
answers
your
question
vince.
It's
all
about.
You
know
ethnic
and
demographic
diversity
across
all
the
consultants.
A
A
Francois,
so
I
don't
want
to
put
you
on
the
spot
harvey,
but
I'm
not
comfortable.
When
I
I
saw
that
I'm
not
comfortable
with
the
council
asking
us
necessarily.
A
To
look
into
that
third
item
that
vince
just
raised
and
cheryl,
I
think,
is
saying
it's
pretty
innocuous.
You
know
harvey
the
us
constitution
says
the
government
shall
establish
no
religion,
and
an
opinion
to
me
is
a
belief.
Loosely
held
and
a
religion
to
me
is
a
belief
strongly
held
so
harvey.
I
get
a
feeling
we're
kind
of
on
a
little
thin
ice
here.
A
F
Listen,
this
is
a
an
important
topic
in
a
publicly
charged
topic
if
you
will
right
now,
so
let
me
put
a
few
parameters
around
it.
If,
if
there's
a
request
that
we
discuss
the
diverse,
diverse
and
inclusive
makeup
of
the
management
and
employees
of
people
who
consult
and
advise
and
manage
our
money,
that's
going
to
be
a
very
short
conversation
because
we
don't
gather
such
information.
F
Have
diversity
has
recognized
racial,
as
I
say
the
protected
categories,
if
you
will
under
the
constitution
and
what
the
what
that
makeup
is
and
whether
they
have
programs
in
place
to
seek
out
diverse
and
inclusive
ownership
members
directors
that
kind
of
information
we're
allowed
to
gather,
but
we
haven't
done
that,
but
other
funds
do
to
varying
degrees,
calpers
and
calstrs.
Do
it.
F
F
That
says
that
which
basically
was
aimed
at
affirmative
action
in
higher
education,
but
basically
says
you
can
either
discriminate
against
or
in
favor
of
anyone
on
the
basis
of
those
protected
categories.
So
we
have
to
be
very
careful.
Public
pension
funds
have
to
be
extremely
careful
not
to
score
in
the
competitive
process
of
hiring
outside
consultants
and
vendors.
F
You
have
to
be
careful
not
to
score
them
on
the
basis
of
diversity
and
inclusive
subjects.
So
it's
a
it's
kind
of
a
minefield
in
a
way
to
have
to
walk
through.
By
the
way
there
is
a
ballot
measure
on
november's
ballot
to
overturn
prop
209
and
again
permit
affirmative
action
in
public
hiring
practices.
So
the
jury
is
still
out.
The
public
is
still
out
on
that
subject,
we'll
see
what
happens
on
november
3rd.
F
This
may
just
be
a
long
way
of
saying
to
the
extent
that
we're
asked
what
the
diversity
and
inclusive
makeup
is
of
our
contracted
parties
for
police
and
fire
and
federated
we'd
have
to
say
we
don't
know
and
that
that's
an
honest
answer,
cheryl
raises
another
aspect
of
it.
It
sounds
like
came
up
in
the
conversation,
which
was
what
efforts
have
our
boards
made,
or
are
we
making
or
intending
to
make
to
seek
out
and
encourage
our
vendors
to
be
diverse
and
inclusive
in
their
practices
in
their
organization
and
in
who
they
do
business
with?
F
That
is
a
perfectly
legitimate
question.
There's
nothing
wrong
with
that.
As
far
I
think
again,
the
answer
is
probably
very
simple:
these
boards
have
not
to
this
date
identified
that
as
a
mission
or
goal
of
the
boards-
that's
not
to
say,
we
wouldn't
consider
it
and
we
obviously
we
would
consider
it.
But
if
that
is
also
on
the
table,
I
think
that's
a
fair
conversation
to
have
about
whether
this
board
wants
to
be
a
proponent
of
diversity
and
inclusion
in
the
people
that
we
do
business
with.
F
F
If
you
don't
believe
that,
if
you,
if
you,
if
the
boards
don't
subscribe
to
the
value
proposition,
that
diversity
and
inclusion,
has
no
impact
one
way
or
the
other
on
the
success
of
organizations,
then
it
would
be
hard
to
make
that
nexus
between
your
fiduciary
responsibility
to
assure
a
level
playing
field
and
get
the
best
performance
and
a
policy
of
diversity
and
inclusion.
You
wouldn't
be
able
to
make
those
match
so
a
long
way
of
saying
that
this
is
a
topic
that
is
extremely
important,
especially
in
this
year.
2020.
F
A
Thing
on
you
know,
rules
and
fiduciary
duties,
so
we're
fine.
A
Yeah,
let
me
just
jump
in
because
it
was
sort
of
I'm
here
in
so
if
esg
generates
federal
returns,
we're
all
about
esg.
If
diverse
equity
inclusion
generates
better
returns,
we're
all
in
in
fact,
they
generate
more
or
less
the
same
return.
So
you
know
that's
a
big
deal
and,
of
course,
if,
if
net
of
fees
certain
you
know
private
sectors,
I
mean
I'm
not
thanks.
Vc
generate
better
veterans,
we're
all
in.
A
I
will
make
the
observation
that
if
equity
diversity,
inclusion
generated
better
returns,
we
all
know
that
so
it
doesn't
clearly
maybe
just
generate
same
returns
like
magic,
efficient
markets.
If
esg
generated
better
returns,
we
all
know
that
we
don't
so
it
doesn't
maybe
generates
roughly
equivalent
returns.
It's
an
efficient
market.
We
do
know
that
in
some
cases
private
equity
does
generate
net
fees,
better
returns,
as
per
who
point
out
and-
and
so
we'll
do
that.
A
Then
the
thing
about
returns
is
not
the
dominant
thing
and
then
we
have
really
interesting
conversations.
I
don't
sheriff
you
want
to
respond
to
that.
H
H
I
want
to
make
sure
that
we're
talking
across
our
legal
consultants
and
our
actuarial-
and
I
also
want
to
just
add
in
to
what
harvey
was-
was
talking
about
and
saying
that
I
think
that
a
question
is
going
to
come
up
about
how
wide
of
a
net
is
typically
cast
when
you're
looking
for
these
types
of
consultants-
and
you
know
if
the
answer
is
when
we,
when
we're
looking
for
consultants
for
actuary
legal
or
investments,
we're
making
sure
we're
getting
a
highly
diverse
pool
and
then
choosing
who's
ever
the
best
qualified.
H
I
think
that
that's
an
important
question
that
will
likely
come
up,
and
so
I
just
want
the
board
to
be
prepared
for
that
at
the
time,
but
other
than
that,
I
think
it's
a
fairly
broad
topic.
H
I
think
it
can
be
discussed
in
a
variety
of
ways,
and
I
think
that
the
points
that
that
were
brought
up
are
likely
going
to
be
brought
up
during
that
meeting,
and
so
I
hesitate
to
guide
you
one
way
or
the
other,
because
I
think
it's
the
board's
decision
of
how
you
want
to
take
on
that
topic,
and
especially,
you
know,
with
with
con
consultation
of
prabhu
and
roberto,
but
I'm
happy
to
try
and
and
clarify
more
with
the
vice
mayor.
If
that
helps
any
of
the
any
of
the
conversation.
A
E
No
just
what
I
just
wanted
to
close
the
this
issue,
and
that
is
that
I
will
be
sure
I'll
be
reaching
out
to
you.
I
think
part
of
the
issue
here
with
some
questions
on
this
topic,
so
I
can
get
back
to
the
boards
part
of
the
issue
in
this.
E
You
know
how
the
city
does
rfp,
because
we
sort
of
use
that
process
and,
of
course,
any
clarification
we
can
get
from
the
vice
mayor.
That
will
be
helpful
and,
in
closing
I
want
to
also
mention
to
the
board
that
we
will
be
having
both
nikita
with
prabhu
and
then
we'll
have
a
chiron
to
take
on
the
on
the
actually
related
second
part
of
their
questions
at
the
meeting.
So
that's
all
my
companies
need
to
share.
A
Thank
you
rico.
I
I
see
that
councilman
foley
has
been
busy
picking
fruit
vegetables
here
at
the
epicenter.
For
those
youngsters,
you
don't
know
before
it's
called
the
silicon
valley.
It's
called
the
valley
of
hearts
delight
over
to
you,
councilman
foley,.
L
L
So
I
don't
know
how
this
conversation
will
go
as
a
a
co-meeting
in
a
study
session
in
a
couple
of
weeks,
but
I'm
sure
it's
it
will
be
an
important
one,
because
the
council
wants
to
make
sure
that
we're
considering
this
at
least
we
certainly
do
when
we
are
appointing
members
to
as
trustees
of
this
board
and
other
commissions,
that
we
do
take
a
look
at
diversity
in
representation.
L
So
it
is.
It
is
something
that
all
of
the
city
council
members
are
concerned
with.
Just
briefly,
on
tuesday,
we
had
police
reforms
were
three
big
topics.
One
we
received
a
report
from
the
internal
police
or
independent
police
auditor,
followed
by
the
internal
affairs
response.
L
Those
were
both
really
interesting
and
good
reports,
but,
what's
really
exciting
is,
as
you
all
know,
police
chief
eddie,
garcia
has
announced
his
retirement,
so
we
are
in
the
midst
of
searching
for
a
replacement
police
chief
for
for
him,
the
selection
is
to
begin
or
to
be
theoretically
completed
in
january.
L
L
We
are
looking
at
reimagining
cities
college,
calling
it
reimagining
community
safety,
it's
reimagining
policing
and
there
will
be
extensive
outreach
to
community
stakeholders
and
community
all
community
members
to
just
get
an
idea
of
maybe
some
of
the
areas
that
the
sworn
officers
take
on
right
now
that
maybe
they
shouldn't
need
to
be
taking
on
and
that
we
could
have
community
service
officers
or
mental
health
providers
or
other
agencies
involved
in
those
calls.
Instead
of
sending
police
officers
out
on
on
every
call,
311
call,
so
those
are
particularly
the
reimagining.
L
The
community
safety
is
really
important
in
light
of
the
protests
and
the
calls
to
defund
the
police,
which
many
of
us
do
not
support.
The
city
council
has
not
come
out
in
support
of
that
at
all,
and-
and
neither
do
I,
but
we
are
taking
a
look
at
some
of
the
responsibilities
that
police
officers
have
that,
maybe
they
don't
need
to
have,
maybe
it
doesn't
require
an
officer
to
make
that
call.
L
Maybe
it's
more
of
a
mental
health
check
so
that
that's
where
we
are
we're
we're
hoping
to
have
that
report
won't
come
to
us
for
a
while.
We
want
them
to
be
thoughtful
and
reach
out
as
broadly
as
they
can
to
engage
as
many
stakeholders
and
individuals
who
want
to
offer
us
their
opinions.
So
there's
going
to
be
a
lot
of
community
meetings.
So
that's
that's
really
it
for
me.
A
That's
great
open
flooring,
questions
for
councilwoman
foley.
A
Great
thanks,
councilwoman
foley
I'll
I'll
drive
briefly
through
this,
then
roberto
because
we're
on
to
compensation,
I
then
foresee
discussion
and
action
on
the
ceo's
compensation.
So
we
we
talked
about
this
in
closed
session.
You
know
we
talked
to
those
three
or
four
closed
sessions,
so
obviously
roberto's
actual
performance
review
is
employed
confidential
matter,
but
I
don't
think
roberto
will
mind
my
saying
that
both
boards
and
I
think
I
can
speak
for
both
boards-
just
told
you
in
the
highest
regard,
robert
doing
especially
over
the
last
year.
A
Now
it's
important
to
your
new
trustee.
However,
this
is
probably
your
first
time
through
this.
The
city
runs
on
a
fiscal
year,
and
so
the
review
you
heard
this
morning
was
up
through
the
end
of
june
of
this
year,
so
it
includes
what
happened
with
chronovirus.
A
Somebody
was
wasn't,
so
I
just
that
this
is
just
me
and
and
we'll
let
all
the
other
trustees
jump
in
before
we
decide
for
how
much
of
a
raise
or
any
race
give
roberto.
You
know
two
things
really
stand
out.
In
my
mind,
roberto
one,
of
course,
is
what
we
just
discussed.
A
A
Zoom
thing
linda
you're
up
you're
a
wizard
you're
a
pro.
Now
everything
is
seamless,
you
know
and
that
that
kind
of
can-do
attitude-
I
think,
is
really
permeated
this,
and
even
if
that
hadn't
happened
roberto,
it's
just
me
speaking
drew
right.
I
would
give
you
staggeringly
high
marks
now
for
the
87th
time,
barbara.
You
did
a
great
job
and
I
was
in
those
audit
committee
meetings.
Folks
roberto
also
did
a
great
job
driving
that
pension
gold
system.
We
could
just
as
well
be
here
now
up
to
our
bums
and
alligators.
A
I've
done
these
before
they
don't
always
go
well
and
when
they
don't
go
well,
they're
a
nightmare,
so
I
I
think
it's
fair
to
say
that
both
boards
think
very
highly
of
you
reversal.
That's
certainly
reflected
in
your
performance
review,
which
you've
seen
so
that
I
I'll
I'll
just
put
some
out
there
and
then
I'll
talk,
but
we'll
go
around
one
by
one
as
guidelines.
A
A
None
of
you
say
it
at
the
low
end
of
the
range
we've
all
contributed
to
lawrenceview,
so
we'll
kind
of
go
go
around
the
table
and-
and
I'm
not
going
to
take
them
in
in
order,
because
the
first
name
is
sunita
and
suny
just
pointed
out
she's
pretty
new,
you
know,
let
me
take
them
from
the
bottom
up,
so
why
don't
we
start
with
you,
franco
and
just
where
is
he
sort
of
in
the
range?
What
do
you
think
blah
blah
blah.
C
I
think
he's
done
a
fantastic
job
and
is
near
the
top.
J
Well,
there's
a
couple
things:
I
want
to
point
out
that
I
think
sometimes
maybe
are
forgotten
or
not
discussed
enough,
and
that
is
that
we
went
through
a
major
transition
in
the
organization.
Not
only
what
you
mentioned
drew
with
respect
to
the
software
change
with
pension
gold,
but
we
had
a
legacy
staff
person,
senior
staff
person
and
using
it
a
staff
person
is
not
correct.
It's
it's
actually
a
management
leadership
position
with
donna,
as
our
ceo
being
replaced
and
hiring
barbara
into
that
role.
J
We
didn't
skip
a
beat
and
I
would
say
that
that
speaks
highly
to
roberto's
ability
to
navigate
that
transition
for
our
organization,
and
I
was
really
pleased
to
see
that
that
went
so
smoothly.
I
think
we
did
have
a
little
bit
of
anxiety
about
how
that
would
go
and
the
the
loss
of
the
the
institutional
knowledge
that
might
come
with
that
and
how
that
would
impact
our
organization
for
us
to
continue
to
move
along
smoothly
and
then
to
hit
this
covid
speed
bump
and
roll
right
over
it
smoothly
to
me
is
really
impressive.
J
J
The
last
time
we
went
to
city
council
and
got
approval
for
pay
range
was
in
2018
july
of
2018,
and
so
what
that
means
is
that
for
those
new
trustees
that
are
on
the
board,
we
have
to
go
and
do
a
new,
comprehensive
compensation
study
and
get
approval
to
increase.
Those
ranges
if
we
top
out
and
so
just
keep
that
in
mind-
that
we
don't
want
to
have
to
get
there
too
quickly
and
I'm
not
trying
to
top
out
our
ceo
compensation.
J
But
I
want
to
be
mindful
and
thoughtful
about
how
we
do
that
so
with
roughly
12
percent
between
where
we
are
right
now,
on
the
top
of
that
range
and
two
years
removed
from
having
received
the
city
council
approval
for
changing
the
range.
Keep
that
in
mind.
So
I
would
say
anywhere
between
that
three
to
five
percent
range,
I'm
comfortable
with.
That
would
be
my
views.
A
D
Well,
I'm
not
going
to
go
there,
I'm
going
to
say
this
that
we'll
see
what
the
employees
get.
I
think
we
should
stay
in
that
kind
of
range
to
be
fair,
but
I
can
say
this:
we've
had
a
lot
of
challenges
through
the
years
that
I've
been
back
on
the
board
and
roberto,
of
course,
and
we
remember
the
last
person
that
was
here
so
he's
a
breath
of
fresh
air.
D
He
is
arisen
for
these
challenges
and
continues
to
communicate
and
never
I
don't
ever
hear
the
complaints
of
anything
he
goes
in
it
non-political.
D
He
goes
in
here
and
continues
doing
the
job
I'm
pleased
with
the
job
he
does
and
I'll
listen
to
all
the
different
testimony
now
on
about
this
and
then
decide
what
the
compensation
should
be
but
well
deserved,
and
I
think
he
does
a
fine
job.
A
D
A
G
Yeah,
so
I
like
her
what
what
my
fellow
trustees
have
said
and
it
looks
like
you
know.
The
federated
board
also
said,
which
is
roberto,
is
doing
a
great
job
and
I
would
say,
at
the
top
end
of
the
range.
A
That's
great
howard,
even
though
you
see
your
new,
you
know
jump
in
howard.
What
are
you
sort
of
thinking.
C
Well,
thanks
trustee
drew
I
I
would.
I
would
agree
with
the
sentiment
of
the
rest
of
the
trustees
and
in
particular
I
would
agree
with
vince
and
trying
to
keep
in
mind
where
we
are
today
compared
to
where
we
would
be
because
the
data
might
be
old
on
the
on
the
comps
with
respect
to
the
the
peers.
But
I
think
in
my
limited
experience,
roberto's
been
super
helpful,
super
attentive
to
detail
and
responsive.
C
G
A
That's
great
so
normally,
as
you
know,
vince
and
I
created
this
whole
system
drunk
personal
community.
Normally.
I
think
we
would
turn
to
the
chairman
of
the
board
to
make
a
motion
because
of
course,
he'd
been
through
the
whole
review
process
and
actually
delivered
the
review.
Vince
you're,
the
closest
thing
we've
got
because
you're
on
the
jpc,
would
you
like
to
make
a
motion
vince?
Can
I
call
you
to
do
that.
F
Mr,
mr
chairman,
sure,
please
I'm
sorry
just
for
clarity,
I'm
looking
at
the
memory-
and
this
is
for
all
the
board,
because
we've
been
talking
about
the
range
and
capacity
in
the
range.
If
I'm
looking
at
the
memorandum
of
october
first,
it
appears
that
the
top
of
the
range
is
288
in
the
in
this
year's
salary,
with
the
increase
that
was
already
that
was
granted
by
the
city.
F
E
Harmony,
I
have
that
writer
who
you
got
the
numbers
correct,
but
the
concept
is
not
quite
right,
so
the
total
compensation
includes
an
automobile
allowance
which
is
not
part
of
the
range,
and
I
think,
if
you
read
the
memo,
the
memo
also
talks
about
the
five
percent
non-pensionable,
which
is
paid
outside
the
range
for
everyone.
So
I
think
when.
G
G
A
So
I
got
a
text
from
vince
saying
you
know:
you've
been
in
contact
with
andrew,
so
why
don't
you
go
ahead
and
do
it
and
I
have
been-
I
think,
I'm
representing
the
fed
position,
andrew's
position
we'll
see
vince
if,
if
I'm
representing
jpc's
position
but
I'll
move
that
we
give
over
to
a
five
percent
pay
increase?
Is
there
a
second.
A
All
right,
so
that's
good
means
he's
on
board
lanza
motion
slenzeri's
second,
for
five
percent
pay
increase.
Andrew
is
not
here.
I
vote
I
sunita.
How
do
you
vote.
C
D
A
Yes,
how
do
you
vote
iron?
A
on
the
five
percent
increase
dick
you're
you're
on
mute,
dick.
A
A
Thank
you,
vince.
G
Yeah
I'll
just
you
know
so,
quick
quick
summary
in
terms
of
performance,
I'm
gonna,
echo,
everything
we
talked
about
roberto
applies
to
prabhu
very
happy
with
the
performance,
and
I
think
the
couple
of
things
which
which
came
out
in
the
review,
one
is
team
stability.
Things
are
much
better
than
they
used
to
be.
G
The
planning
and
execution
has
been
great,
especially
during
you
know,
the
covet
crisis
repositioning
the
portfolio
and
good
communication,
inter
with
all
all
stakeholders,
so
superbowl
has
done
a
great
job
and
I'll
see.
If
anybody
else
wants
to
talk
before
we
go
to
a
compensation
race
issue.
A
That's
great:
let's
do
this
in
reverse
order
again
franco.
Do
you
want
to
make
any
comments
on
peru's.
A
J
J
J
J
He's
encouraged
them
to
spread
their
wings
and
explore
new
areas
of
investment
opportunities
and
he's
also
promoted
a
couple
of
these
investment
officers
to
senior
investment
officer
positions
and
grooming
them
for
the
future.
So
I
think,
that's
very
appealing
and
if
you
look
at
the
plan's
results
over
the
last
fiscal
year
on
a
comparative
basis,
in
a
time
where
things
have
been
very
difficult,
the
plan
has
shown
that
this
defensive
characteristics
helped
us
out
quite
a
bit.
J
A
That's
great
thanks,
vince
dick
anything
you
want
to
say
about
peru.
D
A
That's
great
nick,
I
know
we're
in
trouble
with
the
idea,
but
would
you
give
a
thumbs
up
a
thumbs
sideways
or
a
thumbs
down
big
thumbs
up
from
nick
great
ashvar?
Your
comments,
chair
of
the
investment?
Do
you
wanna?
Have
you
go
last
dashboard?
Maybe
you'll
make
the
motion
howard.
Your
comments.
C
C
I
think
it
was
an
extraordinary
performance
both
by
him
and
the
team
to
you
know
just
basically
switch
gears
and
take
advantage
of
the
of
the
changes
in
the
market,
and
I
think
the
results
speak
for
themselves.
As
far
as
my
my
experience
prabhu,
I
think
the
numbers
are
great
and
I
think
the
team
is
working
well
and
I
would
support
the
high
end
of
the
range
as
well.
G
I
mean,
I
think,
the
last
three
months
that
I've
interacted
with
been
terrific
is
extremely
knowledgeable
and,
as
a
lot
of
the
other
trustees
said,
the
numbers
speak
for
themselves,
not
only
the
returns,
but
also
keeping
the
costs.
You
know
being
cost
conscious.
G
We
saw
the
fee
presentation
earlier
today
I
think
is
it
speaks
for
itself,
so
I
think
you
know
I'm
very
supportive
of
a
a
high
increase
whatever.
That
number
is.
A
Great
before
I
turn
around
I'm
going
to
pay
you
for
your
roberto,
the
highest
compliment.
Anyone
ever
gets
paid,
so
we
work
together
as
professionals
and,
as
always
things
aren't
always
easy,
the
chronovirus
hits
and
so
on,
and
so
the
true
market
professionalism.
Are
you
ready
for
this?
Isn't
that
we
got
through
it
and
got
through
it?
Well,
you
ready
the
highest
compliment.
You
were
working
in
your
group,
we
had
fun
doing
so.
You
know
we
were
at
the
beginning
of
a
lockdown,
and
people
are
dying
all
around
the
planet.
A
Really
it
was,
I
mean
who
wants
to
say
the
word
fun
in
the
middle
of
a
pandemic,
but
it
was
fun
going
through
that
exercise
with
you.
It
was
fun
saying
guys
we
can
do
this
and
and
and
and
you
guys
on,
the
investment
graduate
live
is
new
to
you
know
and,
and
the
previous
check
out
all
you
know
it
was
for
me,
you
made
fun
of
roberto,
make
this
fun
and
the
highest
professionalism.
A
Not
only
are
we
doing
a
good
job,
we
got
a
little
extra
bandwidth,
we're
going
to
make,
I
think,
we're
groups
of
smiling,
because
that's
what
I
mean
we're
going
to
make
it
fun
too,
but
it
doesn't
get
any
better
than
that.
So
as
far
over
to
you
and
then
feel
free
to
talk
and
make
a
motion
on
what
you'd
like
to
see
for
pro
booth.
G
Yeah,
so
I
I
did
start
out
with
my
comments
in
terms
of
produce
performance
which-
and
I
echo
both
boats
here-
I
talked
extensively
to
anurag,
so
the
performance
is
excellent
and
I
think
both
boats
would
agree
with
the
race
of
five
percent.
That's
that's.
G
D
A
To
have
you
vote
I
and
howard
yes
and
eshbar,
hi
and
nick
yeah,
okay
and
dick.
A
E
Nominations
mr
chair,
before
mr
chair,
before
you
go
to
the
next
item.
As
I
work
with
both
ic
chairs
on
the
review
by
our
for
our
chief
from
investment
office.
E
And
I
wanted
to
make
make
sure
to
make
some
comments.
I
I
think
that
prabhu
nani
did
an
outstanding
job,
but
I
think
we
certainly
without
it
now
have
the
right
person
for
the
job
and
especially
for
the
current
cisco
tenses
that
we're
going
through.
So
a
big
thank
you
to
prabhu
for
for
the
work
and
the
way
that
he
has
worked
with
his
staff,
promoted
staff,
togetherness
and
and
hard
work
and
a
lot
of
thinking.
E
And
so
again
I
I
could
not
be
happier-
and
I
think
we
are
certainly
fortunate
to
have
someone
with
the
caliber
and
the
management
and
portfolio
experience
of
prabhu
head
of
the
of
our
investment
office.
So
you
know
the
the
obviously
the
work
that
he
did
and
and
the
recommendation
is
a
well
deserved.
So
thank
you,
prabhu
and,
as
you
said,
I
try
to
have
fun
in
the
job,
but
it's
prabhu
really
the
one
that
makes
it
a
lot
of
fun
right.
Babu,.
A
Well,
highest
mark
c
roberto
because
prabhu
and
barbara
are
both
just
outstanding
officers
for
the
ors,
so
hi
mark's
here
all
right,
ronda
item
ford
e
and
nominations
for
the
position
of
board
chair
for
calendar
year
2021..
F
A
Tell
you
it's
a
bit
strange,
but
you'll
watch
on
real
quick.
So
I
get
this
call
from
andrew
a
couple
weeks
ago.
I
said
something
really
serious,
then
you
talk
to
you
about,
like,
oh
god,
you're
not
like
moving
to
cleveland
all
right.
You
know,
and
he
says
no,
but
he
says
between
the
work
and
my
family
and
the
board
and
I've
got
a
little
a
little
night
job.
I
do.
I
don't
think
I
have
the
bandwidth
to
be
chairman.
A
So
of
course
the
natural
question
andrew
said
was:
can
you
step
up
to
be
chairman
and
I
said
sure
anything
for
the
system-
I'm
happy
to
do
it
if
I'm
the
vice
chair,
I'd
be
stepping
up.
So
andrew
wants
to
step
down
as
chairman
at
the
end
of
this
year.
A
Now
the
problem
with
me
stepping
up
is
that
normally
I
would
take
six
to
nine
months
to
get
ready
for
the
job
doing
all
my
homework.
So
the
two
years
I
am
chairman
are
very
productive
right,
but
the
last
time
it
was
measure
g
and
how
long
did
we
spend
on
that
in
you
know
benson
day,
so
I
said,
andrew
and-
and
this
is
your
decision-
not
mine,
but
I'd
be
very
happy
to
step
into
the
role
of
chairman,
but
only
andrew.
A
If
you'd
stick
around
and
step
down
into
the
role
of
vice
chair,
then
I
have
a
continuity
to
which
andrew
said.
Oh,
that
makes
a
lot
of
sense.
I
I
don't
know
we're
breaking
any
rules
by
doing
this,
I
guess
we
can
figure
that
out,
but
that's
what
andrew
would
like
to
do
and
I
don't
think
I'll
be
able
to
sway
them.
I'm
very
honored
very
happy
to
step
up,
but
if
I
do
step
up,
I
really
would
appreciate
the
board
would
let
him
continue
on
and
vice
chairman
role
for
continuity.
A
D
A
D
A
Your
level
of
enthusiasm
I
feel
like
should
have
buttons
made
up
the
chair
next
month.
We
nominate
the
vice
chair,
but
let's
go
around
the
table
and
get
these
thoughts.
I'd
just
be
honest.
You're
not
gonna
hurt
my
feelings
andrew's,
not
here.
I
I
would
be
willing
to
accept
that
your
thoughts.
C
A
J
Well,
if
dick
made
the
motion,
I
will
second
the
motion.
I
completely
support
it.
I
think
it's
a
terrific
move
on
both
your
parts,
it.
It
means
a
lot
that
you
would
step
into
that
role,
because
it's
a
lot
of
responsibility
and
I
just
think
it
shows
a
lot
the
way
the
trustees
are
working
together
to
make
the
board
continue
to
run
smoothly.
So
thank
you
for
doing
that.
F
F
A
Dick
dick
stands
his
nomination,
not
thank
you,
so
I
should
tell
the
board
a
little
inside
baseball
here
and
and
vince.
I
don't
want
to
I'm
going
to
have
to
buy
vince
a
bunch
of
beers
real
soon
so
vince
has
said
he
intends
to
step
down
off
the
board
you're
over
the
next
month
or
two
or
three
you're
going
to
see
me
trying
to
strong-arm
them
with
cold
beverages
to
talk
them
into
not
doing
that
so
bits
and
beers
are
on
me
brother.
I
want
to
see
pictures
of
the
grand
the
grandchild
too.
A
You
just
volunteered
to
join
us,
so
that
sounds
like
and
and
then
franco
your
thoughts.
A
Might
be
unsupported,
I
support
that's
great,
I'm
honored,
I
accept
and
we'll
move
the
process
forward.
Thank
you
for
reminding
us
how
this
cycles,
through
that
does
ring
a
bell
and
oh
and
now
we're
and
now
we're
over
to
to
harvey.
F
A
Does
this
great
thing
and
I'm
not
buttering
him
up,
you
know
I,
I
feel
a
lot
of
boards
and
these
really
dry
presentations.
Aren't
your
fiduciary
duty,
it's
the
comfort
to
me
on
time
and
vote,
but
harvey
does
a
great
job.
I
think
of
making
this
very
human
about
what
our
responsibilities
and
authorities
are
so
over.
You
counselor.
F
J
F
Though
drew,
but
you
knew
this
was
happening
thanks,
everybody
linda,
if,
if
I
can
share
my
screen.
F
Everybody
got
that
on
screen
yeah
that
worked,
that
came
right
up
great
harvey.
Oh,
that's,
terrific,
okay,
good
I'll!
Try
not
to
screw
it
up.
I
don't
usually
get
the
the
right
to
share
my
screen,
so
we
do
this
annually
because
it's
a
good
thing
to
do
and
remind
everybody
of
the
fiduciary
responsibilities
kind
of
re-center
our
minds
in
terms
of
what
we're
doing
a
little
bit
different
approach
this
year,
because
I
can't
wander
around
the
room
and
put
you
on
the
spot
and
we're
doing
it
by
zoom.
F
But
I
would
appreciate
your
and
if
there
are
questions
this
is
one
where
I'm
going
to
override
the
chairman's
exhortation
to
hold
your
questions.
If
you've
got
questions
in
the
middle
of
this,
let's
talk
about
them
and
I'll
try
to
keep
us
on
track.
I
want
to
just
lay
out,
first
and
foremost,
as
I
always
do
very
quickly
kind
of
get
us
centered
on
the
fundamental
fiduciary
responsibilities
that
are
imposed
upon
trustees.
F
Like
yourselves,
you're,
not
alone,
all
the
trustees
of
the
public
pension
funds
in
california
share
the
same
fiduciary
responsibilities
and,
let's,
let's
bring
them
in
this,
will
be
the
only
animation
in
this
entire
presentation
so
enjoy
it.
Now
there
we
go.
Obviously
our
first
responsibility
is:
what's
called
the
primary
loyalty
rule.
F
F
F
The
second
one
is
the
exclusive
benefit
rule.
This
tells
us
what
we're
supposed
to
do
with
the
assets
of
the
fund.
The
constitution
says
our
assets
are
trust
fund
assets
and
we
only
have
two
two
things
we
can
do
with
the
assets.
We
can
pay
benefits,
that's
the
primary
one
and
we
can
pay
only
reasonable
administrative
expenses.
F
G
F
To
pay
reasonable
administrative
expenses
and
that's
expenses
of
administering
the
plan,
not
expenses,
to
do
other
things
like
support
legislation
or
or
promote
other
people's
interests
a
little
bit
more
about
that
later.
F
The
third
is,
what's
called
the
prudence
standard,
and
you
look
at
a
lot
of
these
words.
They're
quoted.
I
took
them
out
of
out
of
our
law
out
of
the
constitution.
Out
of
the
out
of
the
city
municipal
code,
we
have
an
obligation
to
act
with
care,
skill,
prudence
and
diligence
of
a
prudent
person,
and
this
is
an
objective
standard,
not
just
if
you
feel
good
about
them.
If
you
feel
good
about
your
decisions,
but
to
make
your
decisions
the
way
objectively,
a
prudent
person
sitting
in
your
shoes
and
familiar
with
these
matters.
F
That
means
knowledgeable.
This
is
where
our
obligation
to
educate
ourselves
and
to
hire
experts
and
delegate
responsibilities
to
expert
staff
comes
in
because
we're
obligated
to
act
knowledgeably,
it's
a
higher
standard
than
to
act
with
a
good
conscience.
I
think
one
one
court
described
it
as
is
not
enough
to
have
a
a
good
heart
and
an
empty
head.
F
It
requires
you
to
have
a
full
capacity
of
knowledge,
and
that
is
what's
prudent.
It's
an
objective
standard.
It's
not
something
where
you
you
look
to
decide
whether
or
not
what
the
board
did
was
prudent.
After
the
fact
you
see
that
phrase
in
there
under
the
circumstances,
then
prevailing
you're,
not
you're,
not
suit.
F
Sayers
you're,
not
predictors,
of
what
markets
are
going
to
do
in
the
future,
but
under
the
circumstances,
and
the
perfect
example
of
this
was
earlier
this
year,
when
the
markets
were
behaving
the
way
they
were
under
those
circumstances,
this
board
collectively
took
action
that
was
clearly
prudent
at
the
time
whether
or
not
it
turns
out
two
years
from
now
to
have
been
a
good
decision
or
not.
That's
not
within
your
responsibility.
F
State
of
california
has
long
ago
adopted
modern
portfolio
theory
with
the
idea
that
pension
trust
funds
should
be
diversified,
and
that's
where
we
spend
so
much
time
talking
about
the
efficient
frontier,
the
risk
benefit
safety,
liquidity
and
yield.
That
balance.
All
of
those
things
come
from
the
obligation
to
diversify
the
portfolio
to
minimize
risk
maximize
return,
unless,
of
course,
it's
clearly
not
prudent
under
circumstances
to
diversify.
There
will
be
times
rare
times
where
it
may
not
be
prudent
to
fully
diversify
the
portfolio
because
of
what
the
markets
are
doing,
but
that
is
the
obligation.
F
There
are
people
who
challenge
that,
and
maybe
even
some
people
on
this
board
that
challenge
that
assumption
and
finally,
something
that
I
have
to
remind
everybody
all
the
time
this
fund
is
tax
exempt,
is
a
governmental
fund
tax
exempt
by
the
internal
revenue
service
and
the
internal
revenue
service.
Is
there
to
collect
taxes
very
simply
if
we're
going
to
be
exempt
from
paying
tax
on
the
earnings
of
our
assets
and
our
members
are
going
to
be
exempt
from
paying
taxes
on
the
money
that
they
contribute?
F
A
F
Obligation
the
irs
demands
that
we
follow
our
planned
document.
Our
planned
document
is
the
law,
the
municipal
code,
the
constitution,
our
city,
the
city
charter,
internal
revenue,
regulations,
our
own
charters
and
policies.
This
becomes
a
planned
document
that
the
irs
says
you
must
follow,
or
else
you
will
not
be
tax
qualified
as
a
governmental
plan.
F
F
I've
tried
to
organize
on
the
next
slide.
I
tried
to
take
these
five
pillars
and
sort
of
put
things
that
come
up
all
the
time
under
each
pillar.
Just
to
give
you
an
example
of
how
things
that
we
deal
with
every
day
fall
into
these
various
responsibilities
and-
and
I'm
I'm
not
going
to
go
through
all
of
these.
I
just
want
to
highlight:
let's
take
the
second
pillar
from
the
left,
because
this
came
up
earlier
today
for
the
duty
to
use
the
assets
of
the
system
exclusively
for
the
benefit
of
members.
F
So,
under
that
pillar,
I've
put
down
a
couple
of
bullet
points,
avoid
using
assets
for
other
purposes,
avoid
impacting
the
plan
to
achieve
other
people's
goals.
So
we
had
a
conversation
earlier
today.
It's
kind
of
a
teaching
opportunity,
the
discussion
earlier
today
about
diversity
and
inclusion
in
our
contracting.
F
If
you
believe
that
companies
that
are
diverse
and
inclusive
in
their
activities
will
produce
better
results,
then
you
can
tie
that
activity,
that
promotion
of
diversity
and
inclusion
into
your
obligation
to
exclusively
benefit
the
members
through
the
returns
that
we
seek
in
our
portfolio,
because
you
believe
that
over
time
the
portfolio
will
in
fact
perform
better.
The
plan
will
perform
better
if
the
people
that
you
contract
with
have
those
goals
in
mind.
F
F
We
all
act
situationally
with
certain
ethical
precepts
or
not
and
are
flexible
in
them.
Our
job
is
singularly
to
take
care
of
other
people's
futures
and
their
livelihoods.
That's
what
this
board
is
all
about.
Our
charge
is
to
steward
the
assets
so
that
we
act
solely
for
the
future
best
interests
of
the
retirees
of
the
system
and
the
current
employees
of
the
system.
F
When
we
have
that
obligation,
not
to
think
of
ourselves
in
their
own
self-interests
but
to
solely
be
responsible
for
other
people's
livelihoods,
that's
why
we
are
held
to
these
high
standards,
because
when
we're
do
when
we're
taking
care
of
our
own
interests
or
the
interests
of
others,
there's
a
whole
litany
of
things.
I've
mentioned
some
of
them
on
this
slide,
there's
a
whole
litany
of
behaviors
that
we
that
are
inappropriate
when
your
responsibility
is
for
someone
else's
livelihood.
We
always
do
things
to
advantage
ourselves
or
other
people
that
we
like
in
normal
human
behavior.
F
F
F
We
have
to
avoid
personalizing
decisions.
I've
seen
board
members
up
and
down
the
state
from
time
to
time
when
considering
disabilities
I
could
have
kept
working.
You
know
why
that's
not
a
really
a
disability
that
you
know
I'm
stronger
than
that
they
should
have
just
sucked
it
up
and
kept
at
the
job.
F
You
have
to
park
those
kind
of
feelings
aside
when
you're
looking
out
for
the
best
interests
of
other
people,
there's
a
bunch
of
other
things
that
we
do
that
I've
identified
on
this
slide,
it's
easier
making
decisions
in
you
know
out
of
the
public
eye,
but
our
planned
document.
The
brown
act
is
part
of.
It
tells
us
that
we
are
obligated
to
the
public
to
make
decisions
except
very
few
in
the
public
eye
where
the
public
has
a
right
to
access
and
influence
our
decision-making.
It's
not
easy.
G
Question,
please:
could
you
flip
to
the
previous
life
sorry.
D
G
Yeah,
so
do
we
have?
Are
you
obligated
to
keep
us
honest
on
this,
as
trustees.
F
Well,
I
can't
look
into
your
head
or
your
heart,
but
the
point
is
that
you're
expected
to
exercise
your
own
independent
judgment.
F
You
know
new
york
state,
for
example,
there's
one
trustee.
The
controller
of
the
state
of
new
york
is
the
trustee
for
the
new
york
state
pension
fund.
One
person
makes
all
the
decisions
our
board
has
to
make
collective
decisions,
so
you
have
to
act
as
a
fiduciary
collectively,
but
each
individual
trustee
yourself
included,
is
a
fiduciary
and
you're
expected
to
exercise
independent
judgment
on
things.
So
that's
why
I
put
the
caution
you
just
don't
rubber
stamp
because
it
looks
like
that's
the
way
the
board
is
going.
F
Whatever
the
issue
is,
and
it's
your
obligation
to
voice
those
concerns
as
diplomatically
as
you
can
or
not,
but
how
you
get
it
across
is
a
different
thing,
but
that
we
we
should
resist
the
idea
of
oh,
I
can
see
which
way
the
wind's
blowing
on
this
thing.
I
don't
really
care
that
much
about
you
know
a
certain
issue,
so
I'll
just
I'll
just
say
fine,
that's
that's
good
with
me.
That's
heading
in
the
wrong
direction.
F
G
Picking
out
can
I
also
follow
up
okay,
so
just
to
dig
a
little
deeper
in
there.
So
I
mean,
I
think,
some
of
us
by
nature
or
tend
to
be
slightly
conflict
avoiders.
So
is
there?
Is
there
a
system
on
on
this
board,
or
is
it
an
expectation
that
you
can
buy
some
time
for
a
decision
or
if
something
comes
up
for
what
it
has
to
be
done
at
that
meeting.
F
No,
it
never
has
to
be
done.
Then
I
mean
there
are
some
emergencies
that
you
know.
There's
some
exigent
circumstances
like
a
certain
date
by
which
the
actuary
needs
to
have
the
contribution
rates,
for
example,
but
at
any
time,
if
you
feel
that
there
needs
to
be
more
information
or
more
time
to
consider,
then
you
ask
for
a
matter
to
be
tabled
or
continue
to
the
next
meeting.
F
G
So
just
to
follow
up
I
mean
so,
would
somebody
look
at
you
know
all
the
the
working
of
this
board,
for
example
and
say
well,
the
preponderance
of
evidence
suggests
that
all
decisions
are,
you
know
nine
or
eight
or
whatever,
and
so
it
suggests
that
maybe
trustees
are
are
giving
in
to
progress.
Would
that.
F
Well
would
suggest
to
me
is
that
everybody
once
they're
armed
with
the
information
and
you
know,
has
a
general
sense
of
what's
in
the
best
interests
of
the
system.
I
don't
see
it
as
a
railroading.
F
That's
where
I
think
fiduciary
duty
gets
gets
off
the
rails,
but
the
fact
that
in
many
circumstances-
and
today
is
a
good
example,
we
have
recent
discussions
about
items.
We
did
in
public
about
the
compensation,
for
example,
and
after
being
provided
the
information
and
the
ranges
and
the
evaluations
that
you
received
in
closed
session.
F
The
fact
that
there
was
not
a
huge
debate
that
there
was
general
consensus
by
this
board
on
appropriate
compensation
seemed
to
me
to
be
a
perfect
example
of
how
this
works,
especially
in
a
public
discussion.
We
had.
There
was
no
conversation
at
the
board
level
about
compensation
anywhere
outside
this
meeting,
and
so
that's
a
that's
a
great
example.
F
J
F
G
F
Absolutely
absolutely
any
other
questions,
so
I
want
to
go
into,
and
this
is
part
of
the
the
session
is
about
conflicts
of
interest.
Conflicts
are
interested,
really
the
most
serious
violation
of
a
fiduciary
duty,
because
that
goes
to
the
very
heart
of
putting
somebody
else's
interests,
interest
in
compromising
the
interests
of
the
members
and
the
beneficiaries
in
this
fund.
F
F
You
have
the
duty
of
absolute
loyalty
to
the
members
and
beneficiaries,
and
if
you,
if
you
let
another
interest,
color
your
decision-making
on
behalf
of
the
members,
you
really
have
reached
their
level
of
trust.
As
I
say,
the
constitution
says
these
assets
are
trust
assets.
This
is
a
trust
fund
and
that
word,
trust
is
extremely
important.
F
Conflicts
of
interest
also
undermine
the
public's
confidence
in
public
officials
and
agencies.
We
we've
sure
got
more
than
our
share
these
days
of
confidence
being
undermined
in
our
public
officials
and
public
agencies.
We
don't
need
to
contribute
to
that
atmosphere,
as
importantly-
and
maybe
you
haven't
thought
about
this
as
as
well,
but
it's
important
for
me
to
point
out
that
having
a
conflict
of
interest,
especially
if
you
don't
disclose
it,
that
it's
influencing
your
judgment
on
this
board,
undermines
the
other
trustees
confidence
in
you
very
important.
F
F
If
you
can't
have
that
level
of
confidence,
if
you
have
to
worry
that
a
board
member,
for
example,
could
benefit
financially
from
a
decision
to
hire
a
vendor.
For
example,
then
you
can't
make
an
informed,
independent
decision,
because
somebody's
got
their
thumb
on
the
scale,
and
you
don't
know
about
it.
So
that's
a
very
important
part
of
how
these
systems
have
to
work
colleague
collectively.
F
Public
procurement
policies
are
all
designed
for
competitive
bid
situations
where
people
can
compete
on
their
expertise,
their
pricing,
their
reach,
their
capabilities
who
they
are.
If
you
have
a
conflict
of
interest
that
influences
that
judgment
about
who
to
hire
on
behalf
of
the
fund,
then
you
have
really
tainted
the
ability
of
the
fund
to
get
the
best
deal
the
best
competitive
deal
that
may
be
out
there.
F
F
Consequences
as
you'll
see
as
we
get
into
a
little
bit
of
the
conflict
of
interest
law,
that
the
public
has
decided
that
a
conflict
of
interest
leads
to
is
the
is
the
one
fiduciary
obligation
to
to
not
compromise
that
should
be
penalized
at
the
highest
level,
and
they
are
the
easiest
way
to
put
this,
I
put
this
quote
from
the
california
supreme
court.
This
was
the
san
diego
case
of
about
10
years
ago.
F
F
F
A
G
F
F
F
F
If
you
know
that
you
have
a
financial
interest
in
the
matter,
a
good
example
would
be
if
it
was
if
it
were
proposed.
Let's
take
a
really
ridiculous
example:
it's
proposed
by
investment
staff
that
vincenzari
should
be
given
a
10
million
dollar
portfolio
to
invest
on
behalf
of
police
and
fire.
How
about
that?
F
F
So
what
is
a
financial
interest,
and
how
big
does
it
have
to
be?
How
direct
does
it
have
to
be?
F
Are
all
in
the
details
of
the
political
reform
act
I
put
on
this
slide
9
some
of
the
things
that
are
barred
for
just
so
you
get
some
flavor
a
foreseeable.
Financial
impact
would
be
as
if,
if
the
board
were
considering
something
in
which
you,
as
a
public
official,
had
a
business
interest
in
of
worth
more
than
two
thousand
dollars
or
the
board
was
considering
investing
in
a
piece
of
property
that
was
next
to
a
piece
of
property
that
you
owned.
F
That
was
worth
more
than
two
thousand
dollars
see.
The
thresholds
are
very
low,
a
financial
interest
that
could
be
affected
by
a
board.
G
So,
supposing
I
I'm
doing
a
land
redevelopment
project
in
the
city
of
san
jose?
Can
I
take
that
before
the
city
council,
but
not
use
the
fact
that
I'm
a
trustee
on
you
know
a
pension
fund?
Is
that
still
okay.
F
G
Okay,
fair
political
policy,
one
more
question:
okay!
Actually,
so,
if
I
look
at
d
on
a
business
entity
in
which
the
public
official
is
a
as
a
position
of
management
or
a
director,
etc,
so
that
means
that
prabhu
and
team
cannot
invest
in,
say
I
think
winston
is
in
morgan.
Stanley,
for
example,
cannot
invest
in
morgan
stanley,
stock.
G
I'm
talking
about
version
d,
let's
say:
okay,
let's
say
I
was
going
to
be
in
the
future
employed
by
by
goldman
sachs.
Let
me
just
make
okay,
so
does
that
mean
the
investment
portfolio
cannot
invest
in
the
public
equity
of
goldman
sachs.
F
Me
let
me
take
that
back.
If
you
had
an
ownership
interest
for
a
management
position
in
goldman
sachs,
the
board
would
be
prohibited
from
entering
into
a
contract
with
goldman
sachs,
and
this
has
come
up.
This
has
come
up
in
on
many
other
boards,
and
a
number
of
trustees
had
to
step
off
of
boards.
F
F
Now,
in
that
situation,
he
remained
on
the
board
and
the
board
decided
they
didn't.
You
know
need
to,
but
it
disqualified
his
company
from
running
money
for
that
board.
F
F
Now
the
question
could
be
well
wait.
A
minute
trust,
steve
vado,
for
example,
is
sitting
on
the
board
voting
on
the
contribution
rate
as
an
employee
that
he
himself
will
personally
have
to
pay
towards
contributions
to
the
system.
Is
that
a
financial
interest
that
would
prohibit
him
from
acting
on
that
issue?
The
answer
is
no,
because
it
not
only
affects
him.
F
It
affects
thousands
of
other
employees
of
the
city
of
san
jose.
That
is
the
public
generally
exception
and
that's
the
way
our
board
is
constructed,
that
there
are
people
who
are
interested
in
the
system
who
sit
on
our
board
and
they
have
to
be
allowed
to
vote
on
things,
because
that's
that's
the
duty
of
board
members.
The
the
people
said
that
this
is
how
we're
going
to
compose
the
police
and
fire
board
in
the
city
of
san
jose.
F
Well,
the
answer
is
no.
He
would
have
to
recuse
himself
from
voting
on
that,
because
that
contract
would
directly
affect
his
department,
that's
his
employer
and
could
reflect
on
his
personal
future
in
that
department.
Whether
financially
or
otherwise,
and
so
that's
too
close
of
an
interest
that
he
would
have
narrowed
down
to
his
department.
So
if
our
board
were
considering
something
that
like
entering
into
a
contract
with
his
department,
he
would
have
to
recuse
himself
from
participating
in
that
decision
and
communicating
with
anyone
about
it.
C
Harvey
this
is
howard.
Can
I
ask
a
question
absolutely
going
back
to
the
prior
slide
slide
nine.
I
just
wanted
to
clarify
section
d
as
in
delta.
You
mentioned
management
as
far
as
within
a
business
entity,
but
it
actually
mentions
employee,
which
is
pretty
broad.
I
don't.
I
don't
know
if
that
was
a
meaningful
wording
or
not.
C
F
Matter
what
you
did
yes,
it
would
be
an
issue
because
it
could
impact
and
we've
seen
that
we've
seen
that
it
could.
It
could
very
well
impact
your
employment.
It
creates
an
expectation.
This
is
one
of
the
things
that
the
fppc
and
something
came
up
about
two
years
ago
at
la
county,
where
this
issue
came
up
and
what
the
commission
said
about
it
was,
if
you're
an
employee.
J
F
React
favorably
to
them
because
they're
your
employer
and
that
expectation
is
something
that
should
be
avoided
in
in
this
situation,
a
board
member
should
not
be
put
in
the
position
of
having
their
employer
expect
that
they
will
vote
favorably
or
see
a
potential
contract
favorably
that
there
needs
to
be
a
complete
division
there.
So
they're
not
put
under
that
expectation
that
makes
sense.
F
We
have
a
government
code,
section
1090,
that
is
narrow.
It
is
applied
only
to
contracts.
Okay,
it's
pretty
much
the
same
law,
but
it
it's
punishable
by
criminal
penalties.
This
is
the
one
that
came
up
in
in
san
diego
1090.
Violations
are
having
a
personal
financial
interest
in
a
contract,
that's
being
made
by
your
board
or
by
your
agency
the
people
versus
honing
case.
I
don't
know
if
many
of
you
remember
bill
honig
was
the
superintendent
of
schools
in
the
state
in
the
in
the
90s
and
as
superintendent
of
schools.
F
F
It
was
a
data
gathering
or
something
like
that,
but
his
wife
was
the
owner
of
the
business
and
so
his
department,
his
you
know,
the
school's
superintendent's
office
was
entering
into
a
contract
with
the
wife
of
the
superintendent
of
schools
and
he
was
criminally
prosecuted
for
that
and
there
were
all
kinds
of
shell
entities
in
between
you
know,
as
this
quote
says,
however,
devious
and
winding
the
trail
may
be,
which
connects
the
officer
with
the
forbidden
contract.
F
F
The
contract
was
a
subcontract
to
another
entity
and
was
kind
of
laundered,
if
you
will
through
through
to
avoid
public
scrutiny,
but
it
was
easy
to
find
the
trail
that
connected
him
to
his
wife
through
that
contract,
and
it
was
a
criminal
violation
of
this
provision
1090..
F
G
F
F
J
F
Working
at
goldman
sachs-
and
you
happen
to
be
on
the
marketing
side
of
goldman
sachs,
and
you
were
sitting
on
this
board.
You
could
not
market
goldman
sachs
asset
management
to
the
los
angeles
county
retirement
system
or
the
fresno
retirement
system,
or
the
san
francisco
retirement
system.
Complete
ban
on
that.
F
This
went
into
effect
about
10
years
ago
and
it
knocked
a
whole
bunch
of
people
off
the
boards
because,
while
they
weren't
selling
their
product
to
their
own
board,
the
the
legislature
thought
that
these
people
shouldn't
be
selling
product
to
other
boards
as
well.
That
was
determined
to
be
a
conflict
of
interest.
F
So
there
is
that
prohibition,
city
of
san
jose
also
has
rules
that
you
need
to
be
mindful
of
because
city
and
you're
an
official,
we
all
sit.
You
all
sit
as
board
members
as
officials
of
the
city.
F
The
city
has
a
code
of
ethics,
which
I've
quoted
here,
there's
an
open
government
resolution
as
well.
C
Harvey
sorry
to
interrupt,
are
you
the
city
attorney
or
your
counsel,
for
the
board
right?
That's
a
certain
person.
F
So
there
are
conflicts
that
come
up
from
time
to
time
if
you're,
a
member
of
the
system
like
franco
or
dick
santos
or
nick,
when
the,
if
you're,
making
decisions
on
this
board
and
it
impacts
members
generally-
that's
usually
not
going
to
be
a
problem.
We
talked
about
that
a
little
bit
if
you
impact
your
department,
that
can
be
a
problem,
and
we
talked
about
that
with
the
police
security,
for
example.
F
You
need
to
to
kind
of
watch
for
what's
coming
up
before
the
board,
particularly
in
an
investment
field,
because
this
can
be.
You
can
get
stuck
in
quite
a
minefield
here,
if
you're,
not
careful
and
for
all
trustees,
if
any
decision
really
impacts
yourself.
Personally,
that's
almost
always
a
problem.
F
If
you
have
a
an
interest
that
comes
up
before
the
board,
it's
very
important
that
you
recuse
yourself,
you
disqualify
yourself
from
participating
in
the
decision
making,
and
that
means
not
only
voting.
It
means
any
discussion
about
it.
It's
good
to
acknowledge
and
withdraw
at
the
earliest
possible
moment,
don't
try
to
influence
people.
Otherwise
you
have
to
file
the
recusal
declaration
with
the
city
clerk.
F
It's
very
important
also
for
the
public
trust
and
for
your
own
protection
that
at
the
meeting
where
the
matter
comes
up,
that
you
publicly
disclose
that
you
have
a
financial
interest
or
some
other
conflict
where
you
can't
be
independent
and
you're
going
to
recuse
yourself.
You
want
that
in
the
minutes
of
the
meeting,
this
comes
up
sometimes
for
in
litigation
where
you
may
sit
on
a
board
of
maybe
a.
A
F
For
example
and
the
union
sues
the
retirement
system
for
over
contributions
or
denial
of
benefits
or
something
on
behalf
of
its
members,
and
then
we
try
to
go
into
closed
session
to
discuss
the
litigation,
but
you
have
a
member
of
the
union
going
into
closed
session
with
you.
That's
a
conflict
of
interest
because
you
can't
talk
confidentially
with
your
attorney
about
the
litigation,
if
somebody
from
the
other
side
sitting
in
the
room.
F
So
you
want
to
be
very
careful
to
look
at
each
agenda
through
this
lens
to
protect
yourself
from
a
conflict
of
interest
concern
briefly
there
there
are
limitations,
as
you
know,
on
gifts
and
from
any
particular
source.
F
What
I
put
here
is
the
state
limitation
right
now
the
2020
limit
is.
You
cannot
accept
more
than
500
dollars
in
gifts
from
a
single
source
during
any
calendar
year,
and
you
have
to
report
gifts
of
more
than
50
san
jose.
Is
you
can't
accept
more
than
fifty
dollars,
you're
subject
to
a
stricter
rule
as
official
with
san
jose,
because
their
limit
is
not
five
hundred
dollars,
but
it's
fifty
dollars
from
a
single
source.
That's
in
the
city
policy
manual
gifts,
I
mean
anything
you
get
of
value.
F
E
F
E
F
F
F
F
It's
just
better,
it's
better
not
to
accept
it's
better,
to
pay
your
own
way.
There
are
some
exceptions
if
you're
going
to
public
conferences
on
behalf
of
the
board,
you're
you're
allowed
to
do
that,
and
the
board
picks
up
the
cost
of
the
conference
and
meals
and
transportation.
Those
are
proper
expenses
of
administering
the
system,
but
there
are,
the
rules
are
highly
technical.
I
personally
follow
a
zero
acceptance
of
gift
policy.
I
don't
give
and
I
don't
receive-
and
I
I
commend
that
to
you.
E
And
council,
let
me
also
you
gave
the
example
of
conferences.
E
E
We
can
discuss
that
another
day
there
was
a
huge
city,
audit
of
travel,
but
in
any
case,
especially
for
those
strategies
that
are
fairly
new,
even
if
you
go
to
a
conference-
and
there
is
no
cause
of
the
conference
or
the
conference
is
offering
a
launch.
E
So
I
mean
we
go,
we
go
way
and
beyond
what
is
needed.
Sometimes
it
does
create
some
challenges,
but
I
just
wanted
to
make
everyone
aware
of
that
as
well.
F
Yeah,
when
we
should
have
that
conversation,
maybe
at
another
board
meeting
in
terms
of
what
you
know
how
to
handle
conferences,
it's
sort
of
been
this
year
because
of
the
coven
pandemic,
and
you
know
we're
attending
we're
not
flying
to
places.
F
Staying
overnight,
pay
you
know
getting
meals,
so
we
haven't
really
had
to
face
it
that
much
this
year
with
with
the
zoom
world.
F
But
it
is
a
big
issue
and
there
are
ways
to
go
ahead
and
attend
conferences
and
incur
the
expenses
and
transportation,
but
they
are
system
expenses
that
should
be
approved
by
this
system
and
then
you're
not
receiving
anything
personally
you're
not
receiving
a
personal
financial
benefit.
That
gets
you
into
trouble
with
gift
rules
and
that
sort
of
thing.
F
There
are
other
conflicts
of
interest.
We
don't
have
to
spend
a
lot
of
time
on
them.
I
want
to
focus
on
board
governance
just
for
a
minute
in
the
rubric
of
conflicts
of
interest.
There
are
certain
activities
that
that
come
up
in
board
governance,
that
we
should
be
aware
of
engaging
in
activities
inconsistent
with
your
duties,
speaking
on
behalf
of
the
board
without
authorization.
F
These
are
all
things
that
compromise
your
duty
of
loyalty
to
the
system
breach
of
confidentiality.
F
I
I
have
I,
I
had
a
state
pension
board
client
last
year
for
one
of
the
members,
we
went
into
closed
session
to
discuss
litigation
and
one
of
the
board
members
unbeknownst
to
everybody,
put
their
cell
phone
on
direct
on
the
table,
with
a
direct
line
to
a
reporter
for
a
local
blog
and
broadcast
the
content
of
the
entire
closed
session
meeting
to
an
outsider
without
anyone
knowing
so
these
things
happen
from
time
to
time.
That's
that's
clearly
a
conflict
of
interest
she
was
pursuing.
F
This
particular
trustee
was
pursuing
her
outside
interests
in
trying
to
play
gotcha
with
her
board
members.
Those
are
the
kind
of
things
where
you're
at
where
you
start
acting
in
a
way
that
undermines
the
confidence
of
your
board
and
the
board's
ability
to
to
act.
F
There
are
lots
of
penalties
for
violating
conflict
of
interest
laws.
F
F
If
you
commit
a,
if
you
have
a
conflict
of
interest,
there's
not
much
the
board
can
do
to
you
under
law-
it's
just
you
can
be.
You
know
in
some
boards.
F
F
Self-Enforcement
that
the
board
can
has
over
its
own
members
for
committing
having
conflicts
of
interest,
don't
need
to
go
in
much.
I'm
sorry
go
ahead.
G
So
I'm
a
little
confused
on
that.
So
if,
if
one
of
us
finds
that
another
one
of
the
trustees
is
has
a
conflict
of
interest,
even
in
your
example
of
the
person
who
is
recording
transmitting
it,
do
we
have
an
obligation
to
motion
to
remove
the
board
member
or
it's
you
know
what
is
ours.
F
There's
no
there's
no
authority
in
this
board
under
the
city
rules
or
state
rules
where
the
board
can
act
to
remove
a
member
of
the
board.
G
F
Generally
generally,
somebody
will
rat
them
out
if
you
will
to
the
attorney
general
or
the
district
attorney,
and
then
it
goes
from
there,
but
we
we
have
no
enforcement
capability
as
a
board
to
do
anything
now.
If,
if
we're
aware
of
a
conflict
of
interest
that
would
taint
you
know
entering
into
a
contract,
we
would
not
consider
the
contract.
F
The
other
thing
might
be.
If
somebody
violated
a
quiet
period,
you
know,
while
we're
in
the
engagement
of
an
investment
manager,
for
example,
or
had
an
interest
in
the
investment
manager,
the
investment.
You
know
a
number
of
our
rfps.
I
think
and
prabhu
could
confirm
this.
A
number
of
our
rfps
say
that
we
could
disqualify
the
manager
from
the
competition,
but
we
could
not.
J
F
Just
some
practical
tips
make
sure
you
review
all
board
agendas
with
it
with
an
eye
for
potential
conflicts.
So
as
you
go
through
the
agenda,
think
to
yourself
do
I
have
a
dog
in
this
hunt?
Is
there
something
that
that
is
going
to
impact
me
differently
than
it's
going
to
impact
others?
Maybe
I
should
take
another
look
at
it.
You
can
call
me
at
any
time
you
can
call
the
fppc
hotline
keep
in
mind
that
you
have
two
key
disclosure
documents
that
you
need
to
fill
out.
F
You
have
an
annual
declaration
of
no
known
conflicts
formed
to
fill
out
for
the
system,
and
you
maintain
that
as
a
public
record,
so
that
should
be
filled
out
annually.
Roberto
is
that
due
about
now.
E
Yes,
we
we
linda
feel
free
to
speak
up.
I
believe
that
either
we
have
reach
out
to
trustees
with
the
forum
on
if
we
haven't,
we
will
be
doing
it
shortly,
but
I
think
this
is
about
the
time
I
think
it's
usually
september
and
obviously
this
is
october
1st,
so
leave
that
can
you
can
you
comment
on
that?.
F
F
E
F
Yeah,
so
when
that
form
goes
out
to
each
board
member
take
a
look
at
it.
If
you
have
any
questions
about
it,
call
linda,
roberto
or
call
me,
and
we
can
talk
through
it.
It's
basically
a
statement
that
you're
not
presently
aware
of
any
conflicts
of
interest
that
you
might
have
and
also
that
you've
complied
with
sending
in
your
proper
form,
the
form
700
to
this
state,
fair
political
practices,
commission,
actually,
the
fight,
the
filing
officer
in
san
jose
roberto,
I
think,
for
the
form
700s
is
the
city
clerk.
I
believe.
F
There's
a
departing.
E
And
I
know
you
spoke
about
the
form
700
already
in
another
slide,
but
for
those
of
you
that
are
fairly
new
trustees.
Obviously
you
probably
have
seen
a
lot
of
information
in
the
media
the
last
month
or
so
about
the
form
700
information
from
the
former
cio
of
calpers.
So
it
is
very
important
that
that
form.
If
you
have
any
question,
we
will
certainly
will
put
you
in
touch
with
harvey,
so
he
can
help
you
navigate.
F
Okay,
the
the
rest
of
the
slides
that
I've
got
are
some
hypothetical
scenarios.
There
are
three
of
them
that
I
really
I
added
on.
If
we
had
time
to
talk
about
them,
I
think
probably
the
best
thing,
though,
is
not
to
go
through
them,
mr
chairman,
here
at
the
board
meeting,
but
I
encourage
you
to
look
at
this.
The
hype
of
the
three
hypotheticals
and
ask
yourself
the
questions
that
I've
asked
in
them.
Give
you
some
idea
of
the
kind
of
situations
that
can
arise
that
pose
conflicts
of
interest.
These
are
actual
real
situations.
F
Only
the
names
have
been
changed
to
protect
somebody,
but
you'll
get
a
better
idea
and
then
maybe,
if
you
wish
at
the
next
meeting
or
something
if
anything
like
that
triggered,
you
know
in
comments
later,
I'm
happy
to
answer
any
questions
that
you
might
have
that
come
up
in
your
mind
when
you
read
through
those
hypotheticals,
but
with
that,
unless
there
are
additional
questions,
I
think
we
can
move
forward.
Mr
chairman,.
A
Well,
that
was
excellent
already.
Let
me
share
with
you
a
brief
sort
of
personal
side,
I'm
actually
broiled
in
a
breach
of
fiduciary
duty
issue
right
now,
and
I'm
actually
on
the
board,
where
somebody
said
well,
nobody
told
me
turns
out
the
first
fiduciary
duty
of
a
fiduciary
is
good
faith
and
fair
dealing
so
know
that
you're
a
fiduciary.
So
it's
a
super
interesting
thing
so
well,
nobody
told
me
I
was
a
fiduciary
okay!
Well,
hang
on
actually
looping
in
and.
A
E
No,
no,
I
think
I
think
the
bottom
line
here
is,
if
you
have
a
question
whether
it
is
about
filling
out
a
form
or
whether
it
is
about
attending
a
particular
conference.
So
an
issue
that
has
come
up
reach
out
to
the
office,
either
we're
going
to
be
able
to
address
the
question
and
if
we
can
we'll
make
sure
that
we
get
in
touch
with
your
judiciary
council,
so
that
you
can
ask
those
questions
to
hinder
me.
G
G
E
Other
trustees-
that
is
so
it
is
part
of
this-
of
the
on-boarding
process.
Sunita
this
year.
Unfortunately-
and
I
apologize
it's
been
a
little
different
because
of
the
pandemic,
we
tried.
F
E
Trustees,
a
meeting
with
facility,
council
and
other
of
the
consultants-
and
I
know
in
your
case
we
had
an
hour
two
hour
meeting
and
one
of
the
things-
and
I
mentioned
this
before
in
meetings-
you
all
have
access
to
an
application
confluence
in
your
ipad
and
confluence
has,
as
part
of
the
onboarding,
has
a
lot
of
different
documents
and
as
part
of
that
documents
that
are
available
to
you
is
actually
one
from
council
on
the
fiduciary
responsibilities,
and
I
don't
know
that
it's
the
most
recent
presentation
that
he
just
made
this
morning,
but
the
last
one
that
he
made.
E
So
certainly
we
got
to
do
a
better
job.
So
neither
I
apologize
that
we
didn't
get
involved.
G
E
C
Hey
drew
if
I
could,
if
I
could
add
something
real
quick.
This
is
howard.
I
I
actually
went
through
the
the
initial
onboarding
in
february
with
harvey
really
on
my
second
day,
and
I
thought
that
that
that
presentation
he
did,
then
the
training
was
excellent
and
it
turned
out
in
my
personal
experience,
we
had
to
go
through
some
some
checks
on
potential
conflicts
of
interest
in
my
first
month
with
some
of
the
investments
and
the
managers
that
we
had,
because
I
had
done
co-investments
with
them.
C
So
I
just
wanted
to
indicate
harvard
did
a
great
job
in
going
through
the
facts
and
making
sure
everything
was
properly
done
and
the
conflicts
were
cleared
so
that
he
was
really
helpful.
B
Question,
mr
chairman,
if
you'll
allow
me
to
ask
harvey
so
harvey,
can
you
clarify
that
our
fiduciary
duty
and
our
loyalty
is
to
our
plan
participants,
our
pensioners
and
not
to
other
stakeholders?
Absolutely
thank
you.
Council.
F
A
All
right
hearing
no
further
remarks:
let's
move
on
to
5.1
a
and
they're
announcing
the
early
retirement
appear:
christian
police
officer,
police
department
expected
october
4th
2020
with
22.55
years
of
service
and
now
we'll
cover
the
service
requirements
which
will
require
a
motion,
a
second
about
5.2,
a
william
r
miller,
police
officer,
police
department,
effective
october
31st,
2020
drum
roll
30.0
years
of
service
wow.
I
we
don't
see
them
very
much
in
the
threes
and
5.2b
christopher
pirelli
police
officer,
police
department,
effective
october
17,
2020
with
25.07
years
of
service.
A
D
A
Vince
hi
and
franco
hi,
a
dick
nick
franklin.
Are
you
really
kind
of
you
nick
and
frank,
going
to
comment
on
any
of
those
gentlemen.
G
D
A
A
G
E
A
E
A
A
There
I'll
join
in
the
second
by
lands
in
motion
by
santa
secretary
lanza
we'll
go
around
the
table
andrew's.
Not
here
I
vote,
I
sneta
have
you
vote.
I
A
A
You
know
it's
interesting,
the
next
section.
Second,
six,
it's
really
interesting
the
first
time
your
chair
and
you
read
the
backgrounds
and
then
the
names
of
the
police
officers
and
firefighters
who
passed
away.
Some
of
the
stories
you
can
tell
are
very
happy.
They
they
made
30
years
into
retirement,
someone's
very
sad.
They
made
four
or
five
years
into
retirement.
You
talked
to
nick
and
dick
who
say:
yeah.
You
know
he
kind
of
had
cancer
and
whatever.
So
this
is
really
a
nice
meeting.
A
Apparently
people
stop
dying
because
we
have
no
death
and
survivorship
notification,
so
retired
policemen,
firefighters,.
A
Up
that
makes
our
board
happy.
You
know
you're
all
healthy
and
doing
well
community
answer
reports,
anything
as
far
from
the
investment
committee.
A
Right
and
so
there
are
no
minutes
to
approve
a
7.2
audit
risk
committee,
anything
to
report
franco.
G
No,
I
think
we
didn't
have
a
quorum,
so
it
didn't
take
place.
A
Yeah,
I'm
guessing.
E
No,
I
do.
What
I
was
going
to
mention
is
that
chair
veto
is
correct.
There
was
there
was
not
a
quota,
but
I
did
on
your
september
meeting.
We
did
bring
the
the
items
for
that
audit
committee
and
you
bore
approved
it
with
this
cause.
So
of
course
there
were
no
audit
meetings
in
september.
Your
next
audit
meeting
will
be
this
month
in
october
october,
15
after
the
fed
board
meeting,
and
it's
a
it's
a
critical
one,
because
we'll
be
discussing
the
the
results
of
the
financial
audit
by
grant
thornton.
A
Nick
I
can
see
on
the
screen.
Thank
you
report
from
governance
committee.
A
No
next
thing
we're
going
to
governance,
disability
committee,
dick
and
report
from
disability.
D
Yes,
mr
chairman,
as
you
know,
we've
had
very
long
healthy,
good
discussion
meetings
and
everybody's
doing
a
fine
job.
The
suggestion
I
recommendation
I
make
to
you,
mr
chair
for
consideration
in
our
staff,
is
the
way
I
had
a
chance
to
talk
to
our
staff
and
seem
like
we're
backlogged
to
whether
it
be
applicants
not
putting
the
stuff
in
on
time.
C19,
administrative
issues,
police,
fire,
but
all
together
is
a
couple
hundred
backlog.
D
A
Yeah
roberto,
if
there's
anything
dick
and
I
can
do
to
help
clear
the
backlog
I'm
certainly
willing
to
to
come
on
the
conference.
I
mean
the
one.
The
one
good
thing
about:
roberto
zoom
is
and
covered
or
horrible,
but
it
does
cut
the
commute
time,
so
I'm
happy
to
meet
more
often
just
yeah.
We
take
let's
take
that
offline
roberto,
but
I'm
with
dick
I'm
happy
to
meet
more
often
if
the
backlog
is
building.
D
And
you
think
that
that's
the
chair,
if
we
can
have
maybe
a
couple
meetings
for
the
next
six
months,
I
really
believe
we
can
be
helpful
to
help
cut
this
backlog
out
and
the
reason
I
say
that
we
always
want
to
help
people,
but
at
the
same
time
that
doesn't
allow
maybe
for
some
hiring.
So
we
can
make
sure
we
have
the
protection
out
there.
We
need
in
firefighting
and
police
officers
at
a
time
when
it's
so
highly
needed,
and
maybe
you
know
it
would
help
with
budgets
and
everything
else.
So
that's
just
something.
E
D
A
Very
good,
thanks
and
and
for
the
record
note
that
we
received
and
filed
the
minutes
from
the
disability
committee
at
their
last
meeting
on
no
not
their
last
meeting,
but
the
meeting
of
august
10th
vince
you've
got
the
jpc
and
before
you
let
me
know
the.
J
F
J
J
J
The
committee
is
made
up
of
myself
our
board
chair
andrew
gardner,
who's
on
the
joint
personnel
committee
and
jay
costa,
lionel
who's,
the
chair
of
the
federated
board,
so
an
important
action
that
we're
taking
just
noting
that
our
ceo
has
been
with
us
for
a
very
long
time,
we're
thrilled
to
have
him
on
board.
J
A
A
A
Harvey
I
gotta
stop
by
noon
all
right
hearing
nothing
further.
It's
me
to
journey
everybody
stay
safe
and
enjoy
this
lovely
warm
weather,
we're
having.