It's funny because most money managers

[00:00:02] Attribution uncertain

have

focused marketing on how they're sensitive to that and how they have all that stuff. Of course, states like Florida say you can't do any of that.

[00:00:22] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:00:22–00:01:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:00:23] Attribution uncertain · Unclear audio

[unclear audio]

[00:00:23] Speaker 2 · Unclear audio

[unclear audio]

[00:00:24] Speaker 3 · Unclear audio

[unclear audio — 0:02]

[00:00:26] Speaker 2 · Unclear audio

[unclear audio — 0:01]

[00:00:27] Speaker 3 · Unclear audio

[unclear audio — 0:02]

[00:00:30] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

[00:00:34] Speaker 3 · Unclear audio

[unclear audio — 0:02]

[00:00:36] Attribution uncertain · Unclear audio

[unclear audio]

[00:00:36] Speaker 3 · Unclear audio

[unclear audio — 0:05]

[00:00:42] Speaker 2 · Unclear audio

[unclear audio]

[00:00:42] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:00:42] Speaker 2 · Unclear audio

[unclear audio — 0:03]

[00:00:46] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:00:47] Speaker 2 · Unclear audio

[unclear audio — 0:02]

[00:00:49] No voice detected · Unclear audio

[unclear audio]

[00:00:50] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:00:54] No voice detected · Unclear audio

[unclear audio — 0:02]

[00:00:56] Speaker 5 · Unclear audio

[unclear audio — 0:09]

[00:01:05] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:01:08] No voice detected · Unclear audio

[unclear audio]

[00:01:13] Speaker 4

At this time

[00:01:14] Speaker 3

we'll open our meeting up to the public. If anyone in the public would like to make a comment. At this time we'll open up our meeting to the public. If anyone would like to make a comment. And this will be the final call. Anyone in the public ‸ would like to make a comment. Hearing none, we'll continue with their agenda.

[00:01:29] Speaker 3 · Unclear audio

[unclear audio — 0:15]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:01:29–00:01:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:01:44] Speaker 3

All those in favor say aye. Aye. All opposed say nay. Motion carried. Now we'll go to item number 5 on our agenda is the report.

[00:01:53] Speaker 5 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:01:53–00:01:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:01:53] Attribution uncertain · Unclear audio

[unclear audio]

[00:01:53] Speaker 5 · Unclear audio

[unclear audio]

[00:01:55] Speaker 5

Morning. Alright, ‸ let me get the, we have our candy iPads up for you guys.

[00:02:22] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:02:22–00:02:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:27] Speaker 1

No, I'll return them afterwards.

[00:02:31] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:02:31–00:02:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:34] Speaker 1

Returning them to you.

[00:02:36] No voice detected · Unclear audio

[unclear audio — 0:03]

Flag: the machine readings disagree here · 00:02:36–00:03:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:02:39] Speaker 4 · Unclear audio

[unclear audio]

[00:02:39] No voice detected · Unclear audio

[unclear audio — 0:07]

[00:02:56] Speaker 5 · Unclear audio

[unclear audio — 0:09]

[00:03:05] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:03:05–00:03:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:03:08] Speaker 5

up next fiscal year compared to this year. Two primary reasons for it.

[00:03:16] Attribution uncertain

I

[00:03:16] Speaker 5

think you probably know one, the investment return. ‸ Your plan, like every other plan really in the country in fiscal 22, you took a loss. Our measurement is around a minus 17 or so, but remember we smooth assets. We use a four year average. So that four year average wasn't horrible compared to. I just need to get closer. I think. Yeah. The four year average was a lot better because we factored in the prior three years, including fiscal 21, which was very good over 20%. But the four year smooth average came in at under four. And remember the assumption going into this was 7.15. And we all did a good job of lowering that when the markets were running up, when the funded status was ‸ improving. We said, look, we know this bad year is coming at some point. So measuring a loss against the 715 is much preferable to measuring it against an eight. And we also recognize something that was very common this last year. And that was a salary increase average above what's happened the last couple of years. I, I, we all know with the combination of inflation and minimum wage law phasing into $15 an hour, that's put upward pressure on salaries all around. And so we've seen negotiations the last couple of years, uh, with increases in salary. So the, the average salary increase that we calculated, we recognize with data from the city was close to 10%. The assumption was five.

[00:05:07] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:05:07–00:05:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:10] Attribution uncertain · Unclear audio

[unclear audio]

[00:05:10] Speaker 5 · Unclear audio

[unclear audio]

[00:05:10] Attribution uncertain · Unclear audio

[unclear audio]

[00:05:10] Speaker 5 · Unclear audio

[unclear audio]

[00:05:10] Attribution uncertain · Unclear audio

[unclear audio]

[00:05:10] Speaker 5 · Unclear audio

[unclear audio — 0:01]

[00:05:11] Attribution uncertain · Unclear audio

[unclear audio]

[00:05:12] Speaker 5

we're going to give 10 every year going forward, then we would want to make a revision. But if any particular year,

[00:05:19] Attribution uncertain

it

[00:05:19] Speaker 5

doesn't matter whether you have a 10 or not.

[00:05:21] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:05:21–00:05:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:24] Speaker 5

but it's, it's not tremendous. So with, with all of that narrative in mind, looking at page six, the city's contribution requirement for the current year is 55.95%. And that's going up to 58.26. So the, the city for budgeting should just look at that estimate of 58.26.

[00:05:49] Speaker 5 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:05:49–00:05:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:05:53] Speaker 5

So they would have to get some estimate of what payroll is

[00:05:58] Speaker 5 · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:05:58–00:06:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:05] Speaker 5

Um, that's, uh, not an issue, uh, because the city, uh, has typically put in a few more dollars than necessary. Uh, in fact, there's $26,000 extra, um, in the trust fund that we'll use as a prepaid.

[00:06:21] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:06:21–00:06:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:06:23] Speaker 5

They know how to fund the plan. So, uh, I don't need to say any more on that. Uh, really the, the only, um, other update and then just a couple of advisements

[00:06:33] Speaker 5 · Machine re-recognized

is

Flag: words were replaced by a machine repair · 00:06:33–00:06:34 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:06:34] Speaker 5

I'll give you an update on the funded status. And if you would just swipe the report to page 19, you can see that even though there was a loss this last year, the plan has a, we have methods and assumptions in place that can allow for certain losses and still maintain a funded status from the prior year. So if you look at this graph, the funded status really didn't change from 21 to 22.

[00:07:04] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:07:04–00:07:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:07] Speaker 5

Uh,

[00:07:08] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:07:08–00:07:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:12] Speaker 5

or the rest of your experience. Um, I, I think you will likely hear that performance since October 1st has probably been favorable. That's the news I've been hearing, um, the last couple of weeks. But I, I, you know, fiscal 21 was tremendously good. Fiscal 22 was bad. Um, they're both going to phase in over four years respectively. I, I do think the funded status

[00:07:37] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:07:37–00:07:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:41] Speaker 5

years and then

[00:07:41] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:07:41–00:07:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:42] Speaker 5

you know, to 80 and above after that.

[00:07:45] Speaker 6 · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output; a language review questioned the wording · 00:07:45–00:07:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:47] Speaker 5

Uh, a little lower than average. Uh, I know it's a good number. Um, and compared to where you guys were a decade ago, looking at this chart, you know,

[00:07:57] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:07:57–00:07:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:07:59] Speaker 5

Um, but most plans are, they've, they've recovered very well since 2008, nine.

[00:08:06] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:08:06–00:08:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:09] Speaker 5

So you're, you're a little below average, but that's, that's not a concern. I mean, the funded status is, you can see this graph. It's been going up largely over the last decade. And that includes the periods when we were lowering the investment assumption, which normally would reduce the funded status. So you're, you're in a much better position than you were a decade ago, you know, from

[00:08:34] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:08:34–00:08:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:34] Speaker 5

to over 80. And

[00:08:36] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:08:36–00:08:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:39] Speaker 5

back the next couple of years and then it

[00:08:40] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:08:40–00:08:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:43] Speaker 5 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:08:43–00:08:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:08:48] Speaker 5

to show you, you'll need to approve this part. If you just go, um, back two pages to the unfunded liability page, you see that, that big schedule, those columns of numbers there. That's a big portion of the payoff of your plan is for the, the unfunded liability. Um,

[00:09:10] Attribution uncertain

and

[00:09:10] Speaker 5

we're, we actually have gone into two pages here. So I'm recommending that we consolidate all of them into one payment next year. Um, and I, and I don't know what the payoff period will be. I'm going to guess it's maybe 15 years or so. Uh, but what I'm advising is not going to have any impact.

[00:09:29] Speaker 5 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:09:29–00:09:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:33] Speaker 5

status.

[00:09:35] Attribution uncertain

Um,

[00:09:35] Speaker 5

it's, it's analogous to, uh, you've seen these commercials on TV. If you, you know, people have a lot of loans, they, they have a lot of debt and they're making these individual payments every month. And some companies will come out and say, look, we'll just consolidate it. We'll pay them all off. And then you give us one payment. That's what we're doing here, except there's no profit involved. You know, the company

[00:09:57] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:09:57–00:09:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:09:59] Speaker 5

We're just going to

[00:10:00] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:10:00–00:10:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:04] Speaker 5

So there's no change on funded status.

[00:10:06] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:10:06–00:10:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:09] Speaker 5

It's simply a cleanup, uh, that we think is necessary when you get into two pages here.

[00:10:15] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:10:15–00:10:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:16] Speaker 5

this point, um, there's two things, uh, after you, if you have any questions after that, you'll need to approve this report. And then I would ask for a separate approval on that unfunded liability consolidation for next year.

[00:10:30] Speaker 3

Okay. We'll go through the board members first and ask any questions. Mr.

[00:10:34] No voice detected

Zimmerman. Uh,

[00:10:35] Speaker 4

no, I don't. ‸ This is pretty good.

[00:10:40] Speaker 3 + overlapping voice · overlapping voices

Yeah. All right. Mr. Cox. Mr. Lane.

[00:10:52] Speaker 5

Yes.

[00:10:53] No voice detected · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:10:53–00:11:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:10:57] Attribution uncertain · Unclear audio

[unclear audio]

[00:10:57] Speaker 6 · Unclear audio

[unclear audio — 0:03]

[00:11:00] Attribution uncertain · Unclear audio

[unclear audio — 0:01]

[00:11:01] Speaker 6 · Unclear audio

[unclear audio — 0:03]

[00:11:09] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:11:09] Speaker 6 · Unclear audio

[unclear audio]

[00:11:09] Attribution uncertain · Unclear audio

[unclear audio]

[00:11:09] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:11:10] Attribution uncertain · Unclear audio

[unclear audio]

[00:11:10] Speaker 6 · Unclear audio

[unclear audio]

[00:11:10] No voice detected · Unclear audio

[unclear audio — 0:03]

[00:11:13] Speaker 6 · Unclear audio

[unclear audio — 0:01]

[00:11:15] Speaker 5 · Unclear audio

[unclear audio]

[00:11:15] No voice detected · Unclear audio

[unclear audio — 0:02]

[00:11:17] Speaker 6 · Unclear audio

[unclear audio]

[00:11:18] No voice detected · Unclear audio

[unclear audio]

[00:11:18] Speaker 6 · Unclear audio

[unclear audio — 0:02]

[00:11:21] Speaker 5 · Unclear audio

[unclear audio — 0:05]

[00:11:25] Speaker 5

pieces falling off the next couple of years.

[00:11:28] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:11:28–00:11:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:11:31] Speaker 5

the city's requirement would go up. So that's another rationale for consolidating is to avoid that happening. Okay.

[00:11:38] No voice detected

I got it. Okay.

[00:11:40] Speaker 3

Mr.

[00:11:40] Speaker 3 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:11:40–00:11:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:11:42] Speaker 6 · Unclear audio

[unclear audio — 0:05]

[00:11:47] Attribution uncertain · Unclear audio

[unclear audio]

[00:11:47] No voice detected · Unclear audio

[unclear audio — 0:02]

[00:11:49] Speaker 5

Yeah. Yes. Exactly. We'll do a dollar weighted average. Uh, if you look on the, the second page of that schedule, you see the, the total amount is that 6.4 million. Think of that as your,

[00:12:03] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:12:03–00:12:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:06] Speaker 5

off.

[00:12:07] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:12:07–00:12:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:10] Speaker 5

That number next to it.

[00:12:13] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:12:13–00:12:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:16] Speaker 5

There's a number of years. To pay off. Meaning how long would

[00:12:20] Speaker 5 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:12:20–00:12:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:23] Speaker 5

million? We will back into that number when we update it next year.

[00:12:28] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:12:28–00:12:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:31] Speaker 5

It's going to be close to that.

[00:12:35] Speaker 3

So if you do this smoothie, you do this consolidation. Since we have that buffer right there,

[00:12:42] Speaker 3 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:12:42–00:12:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:45] Speaker 3

now without dropping that credit off.

[00:12:48] Speaker 3 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:12:48–00:12:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:12:48] Speaker 5 · Unclear audio

[unclear audio — 0:01]

[00:12:50] Speaker 5

it's to the, it's, it avoids volatility. It avoids the city's requirement going up in a year simply because a credit piece falls off. Right. That's not desirable. It's like, Hey, you, you know, the actuary

[00:13:03] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:13:03–00:13:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:13:05] Speaker 5

go up? And it's like, well, because a credit piece fell off. We just want to avoid that. There's so many moving parts in these reports anyway.

[00:13:11] Speaker 3 + overlapping voice · overlapping voices

Right.

[00:13:11] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:13:11–00:13:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:13:15] Speaker 5 + overlapping voice

do it.

[00:13:16] Speaker 3 + overlapping voice · overlapping voices

Okay. By consolidating, does that change your figuring as far as we used to have an assumption rate and now we have a lesser assumption rate? Does that

[00:13:24] Speaker 5 + overlapping voice · overlapping voices

increase it? No, we'll, we'll maintain the 7.15. Okay.

[00:13:28] Speaker 3

That's what I was going

[00:13:29] Attribution uncertain

to

[00:13:29] Speaker 3

ask because I didn't know whether you were going to come to the board today with another assumption rate change. So that's why I asked that.

[00:13:34] Speaker 5 + overlapping voice

No, my final, when I'm done talking here in just a minute or so,

[00:13:38] Speaker 5 + overlapping voice · Machine re-recognized

I

Flag: words were replaced by a machine repair · 00:13:38–00:13:39 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:13:39] Speaker 5 + overlapping voice · overlapping voices

have one final recommendation. Okay. All right.

[00:13:42] Speaker 3 + overlapping voice · overlapping voices

So Mr. Lawson has asked that we approve this report given to us. I need a motion motion by Mr. Madden a second. Second by Mr. Lang. Yes, sir. Mr. Zimmer.

[00:13:55] Speaker 4 + overlapping voice · overlapping voices

One question. Somewhere in here, do you have a computation of the city's contribution for next year?

[00:14:07] Speaker 5 + overlapping voice · overlapping voices

As a percent of pay?

[00:14:09] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:14:09–00:14:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:14:09] Attribution uncertain · Unclear audio

[unclear audio]

[00:14:09] Speaker 4 · Unclear audio

[unclear audio]

[00:14:09] Attribution uncertain · Unclear audio

[unclear audio]

[00:14:09] Speaker 4 · Unclear audio

[unclear audio — 0:02]

[00:14:11] Speaker 5

You mean how we come up with that number?

[00:14:13] Speaker 4

No, no. Do you have, yes. What is the city's contribution next year?

[00:14:19] Speaker 5

It's that 58.26%.

[00:14:23] Speaker 4

In dollars?

[00:14:25] Speaker 5 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:14:25–00:14:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:14:25] Attribution uncertain

No,

[00:14:25] Speaker 5

we don't do it in dollars. We fund the plan as a percent. I mean, I can give an estimate, but clearly the-

[00:14:33] Speaker 5 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:14:33–00:14:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:14:33] Attribution uncertain · Unclear audio

[unclear audio — 0:01]

[00:14:33] Speaker 4 · Unclear audio

[unclear audio — 0:07]

[00:14:40] Speaker 4

fiscal year, what is the difference of our recommendation for the city for next year?

[00:14:49] Speaker 5

In dollars?

[00:14:50] Speaker 4

In dollars.

[00:14:52] Speaker 5

I would ballpark just looking at payroll. Let's see, the percent increase is, yeah, a little over 2%. I would say maybe $70,000 or so.

[00:15:05] Speaker 4

$70,000.

[00:15:06] Speaker 5 · Machine re-recognized

Yeah.

Flag: words were replaced by a machine repair · 00:15:06–00:15:07 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:15:07] Speaker 4

Oh,

[00:15:07] Speaker 3

that's not much.

[00:15:08] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:15:08–00:15:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:15:10] Attribution uncertain · Unclear audio

[unclear audio]

[00:15:10] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:05]

[00:15:14] Speaker 4 + overlapping voice · overlapping voices

to. ‸ The

[00:15:16] Speaker 4 + overlapping voice · overlapping voices · Machine re-recognized

prepayment.

Flag: words were replaced by a machine repair · 00:15:16–00:15:17 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:15:17] Speaker 5

Yes.

[00:15:18] Speaker 4

So, theoretically, if they took advantage of the

[00:15:22] Speaker 4 · Machine re-recognized

prepayment,

Flag: words were replaced by a machine repair · 00:15:22–00:15:23 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:15:24] Speaker 4

the increase would be about $50,000. Is that what you said? If they took all the

[00:15:32] Speaker 5

payments?

[00:15:32] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:15:32–00:15:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:15:34] Speaker 4 · Unclear audio

[unclear audio]

[00:15:34] Speaker 4

I'm trying to figure in my mind if I were sitting here to see

[00:15:40] Attribution uncertain

the money,

[00:15:40] Speaker 4

city councilman, would I be flabbergasted?

[00:15:44] Speaker 5 + overlapping voice · overlapping voices

Or

[00:15:45] Speaker 4 + overlapping voice · overlapping voices

would I say, oh well?

[00:15:47] Speaker 5

No. The magnitude of the change is not large. ‸ In absolute terms, you hear $70,000. Well, if the city's requirement last year was $10,000, that's a huge, it's like, whoa, it just multiplied by seven. Yeah. But the city's requirement last year was $1.5 million.

[00:16:06] Speaker 6

Yeah.

[00:16:07] Speaker 5 + overlapping voice · overlapping voices

So, you're adding to it $70,000. So, I don't think there's going to be any sticker shock.

[00:16:13] No voice detected · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output; a language review questioned the wording · 00:16:13–00:16:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:16:13] Attribution uncertain · Unclear audio

[unclear audio]

[00:16:13] No voice detected · Unclear audio

[unclear audio]

[00:16:13] Attribution uncertain · Unclear audio

[unclear audio]

[00:16:13] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:16:14] Speaker 5

Yeah.

[00:16:15] Speaker 3 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:16:15–00:16:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:16:19] Speaker 3

them to pay off some of that unfunded liability since

[00:16:21] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:16:21–00:16:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:16:23] Speaker 5 + overlapping voice · Unclear audio

[unclear audio]

[00:16:24] Speaker 5 + overlapping voice · overlapping voices

No. No? No. Okay. No. ‸ We advise on methods and assumptions for funding the plan appropriately. Okay. And once you approve it, the city just, ‸ they know their minimum requirement. All right. Okay. They can always, at any point, overfund if they want, and then they can tell us apply that to the unfunded.

[00:16:43] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:16:43–00:16:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:16:43] Speaker 5 · Unclear audio

[unclear audio — 0:03]

[00:16:46] Speaker 5

and let them use it next year. Okay.

[00:16:49] Speaker 3

Anything else, Mr. Zimmerman? No.

[00:16:51] Speaker 5

Mr.

[00:16:52] Speaker 3

Cox? Mr. Lang? Mr. Madden? All right. All those in favor, say aye.

[00:16:57] No voice detected

Aye.

[00:16:58] Speaker 3

Any opposed, say nay. That motion carries, Mr.

[00:17:00] Speaker 3 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:17:00–00:17:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:17:01] Speaker 5 + overlapping voice · overlapping voices

Okay. Thank

[00:17:02] Attribution uncertain

you.

[00:17:02] Speaker 5 + overlapping voice · overlapping voices

Your next one

[00:17:03] Speaker 3 + overlapping voice · overlapping voices

was to consolidate. Is that correct, sir? Consolidation of the unfunded liability with

[00:17:08] Speaker 5

the next valuation. All right.

[00:17:11] Speaker 3 + overlapping voice · overlapping voices

So, the recommendation from our actuary to consolidate all our unfunded liabilities into one sum.

[00:17:16] Speaker 3 + overlapping voice · Machine re-recognized

And

Flag: words were replaced by a machine repair · 00:17:16–00:17:17 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:17:18] No voice detected

motion.

[00:17:19] Speaker 3

Motion by Mr. Lang?

[00:17:20] No voice detected

I'll say.

[00:17:21] Speaker 3

Second by Mr. Madden. Any discussion? Mr.

[00:17:24] No voice detected

Zimmerman?

[00:17:25] Speaker 4 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:17:25–00:17:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:17:25] Speaker 3

Mr. Cox? Mr. Lang? Mr. Madden? Hearing none, all those in favor, say aye.

[00:17:31] No voice detected

Aye.

[00:17:32] Speaker 3

Any opposed, say nay. That motion carries as well. Any other recommendation, Mr. Lawson?

[00:17:36] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:17:36–00:17:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:17:42] Speaker 5 + overlapping voice · overlapping voices

wait one more year. Okay. The last time was 2018. It's ‸ about every five years. But ‸ we'll wait one more year, and then ‸ I'll get formal approval on that next year. Okay.

[00:17:55] Speaker 3

There's something I ‸ heard while we were at school this last time.

[00:17:58] Speaker 3 · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:17:58–00:18:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:04] Speaker 3

to you how

[00:18:04] Speaker 3 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:18:04–00:18:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:07] Speaker 3

take for the last five years. And

[00:18:10] Speaker 3 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:18:10–00:18:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:15] Speaker 3

So, just to let them see it as well as

[00:18:18] Speaker 3 · Machine re-recognized

in

Flag: words were replaced by a machine repair · 00:18:18–00:18:18 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:18:18] Speaker 3

report. Ah. Not that we can change it. Right. But because

[00:18:22] Speaker 3 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:18:22–00:18:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:25] Speaker 3

Well, it was a financial cost to our plan.

[00:18:28] Speaker 5 + overlapping voice · overlapping voices

Well, yeah, to the city. ‸ They have to reimburse. Right. That's what I'm saying.

[00:18:32] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:18:32–00:18:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:35] Speaker 5 + overlapping voice

the last 10 years or so. Right.

[00:18:36] Speaker 3 + overlapping voice · overlapping voices

And under your new proposal for our agreement with this, this $3,000 for you to file it for us.

[00:18:42] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:18:42–00:18:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:44] Speaker 6 · Unclear audio

[unclear audio]

[00:18:45] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:18:46] Speaker 3

Yeah.

[00:18:46] Speaker 6 + overlapping voice · overlapping voices

And

[00:18:46] Speaker 3 + overlapping voice · overlapping voices

it was supposed to be not affecting your plan and non-financial responsibility and all. So,

[00:18:52] Speaker 5

anyway, I'll get off that one.

[00:18:55] Speaker 3

Anything else, Mr. Lodge?

[00:18:57] Speaker 5 + overlapping voice · overlapping voices

Nope. Okay.

[00:18:58] Attribution uncertain

And

[00:18:58] Speaker 3

the actuary service report agreement, did you need anything on this one? I see that you had two signatures required. Is there anything board-wise?

[00:19:05] Speaker 5 + overlapping voice · overlapping voices

No, no, just signatures. And as long as, unless Mark has any commentary on it.

[00:19:11] Speaker 3

I had a couple of questions. Why did, why did Brad have to sign a criminal affidavit? Probably because Mark told him to.

[00:19:19] Speaker 7 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:19:19–00:19:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:21] Speaker 3 + overlapping voice · overlapping voices

Okay. Is this something new?

[00:19:22] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:19:22–00:19:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:24] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:19:24–00:19:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:24] Speaker 7 · Unclear audio

[unclear audio — 0:01]

[00:19:25] Speaker 3

Okay. And this is, when you say a criminal affidavit, that means he has not been accused or charged with anything? Is that correct?

[00:19:32] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:19:32–00:19:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:33] No voice detected · Unclear audio

[unclear audio]

[00:19:33] Speaker 3

Convicted. Okay. Okay.

[00:19:36] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:19:36–00:19:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:39] Speaker 7 + overlapping voice · overlapping voices

I understand that.

[00:19:41] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:19:41–00:19:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:45] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:19:46] Speaker 3 + overlapping voice

And were the fees, I saw your fees here,

[00:19:49] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:19:49–00:19:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:19:53] Speaker 3 + overlapping voice

I mean, we had $300 ‸ for someone that comes to us and says, hey, I want to buy some benefits and it's going to cost us $300 for us to figure out whether he can afford it or not. Is that within?

[00:20:05] Speaker 5

Well, when ‸ we submitted the proposed increases a year ago, ‸ we know that it's in the range of ‸ the handful of other actuarial firms that provide these kinds of services. Okay. And the ‸ turnaround

[00:20:21] Speaker 3

time, was that within the normal realm as well?

[00:20:24] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output; a language review questioned the wording · 00:20:24–00:20:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:20:25] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:20:27] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:20:27–00:20:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:20:29] Speaker 3 + overlapping voice

So,

[00:20:30] Speaker 5

yes, they're just tied into the turnaround times we've always had in even prior contracts.

[00:20:37] Speaker 3 + overlapping voice · overlapping voices

Okay. I just didn't remember seeing those before when I was reading through it. I didn't remember. So, any other questions for Mr. Lund? Mr. Zimmerman?

[00:20:45] Speaker 4

No.

[00:20:46] Speaker 3 + overlapping voice

Mr. Cox? Mr. Lang?

[00:20:48] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:20:48–00:20:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:20:50] Speaker 3 + overlapping voice · overlapping voices

All right, sir. Was that Mr. Lund? Nothing more from me. All right, sir. Thank you very much. Thank you for your presentation. Thank you.

[00:20:59] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:20:59–00:21:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:00] Speaker 3 + overlapping voice

If you want to know.

[00:21:01] Speaker 7 + overlapping voice · overlapping voices

Mr. Yes, sir.

[00:21:01] Attribution uncertain

I

[00:21:01] Speaker 3

mean, it's not brand new,

[00:21:03] Speaker 7

but it's a couple of years new.

[00:21:04] Attribution uncertain

It's

[00:21:04] Speaker 7

paragraph 23. State requirement that all contractors, anybody that you contract to provide services, they have to use E-Verify if they're going to hire an employee. You can see that in paragraph 23 on page 10. Okay.

[00:21:23] No voice detected

Mr.

[00:21:23] Speaker 5 + overlapping voice · overlapping voices

I think that's been around for a few years.

[00:21:25] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:21:25–00:21:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:25] Speaker 5 · Unclear audio

[unclear audio — 0:01]

[00:21:26] Speaker 7

Mr.

[00:21:26] Attribution uncertain

But

[00:21:26] Speaker 7 + overlapping voice

just if you're talking about, you know, you

[00:21:27] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:21:27–00:21:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:29] Attribution uncertain · Unclear audio

[unclear audio]

[00:21:29] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:21:30] Attribution uncertain · Unclear audio

[unclear audio]

[00:21:30] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:03]

[00:21:33] Speaker 7 + overlapping voice · overlapping voices · Machine re-recognized

Okay.

Flag: words were replaced by a machine repair · 00:21:33–00:21:34 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:21:35] Speaker 3 + overlapping voice · overlapping voices

Yeah,

[00:21:36] Speaker 7 + overlapping voice · overlapping voices

and I

[00:21:36] Speaker 3 + overlapping voice · overlapping voices

noticed there was an addition there that said a resurrection, not resurrection, but without that, that

[00:21:42] Speaker 7 + overlapping voice

changed our plan too.

[00:21:43] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:21:43–00:21:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:43] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:21:43] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:21:45] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:21:45–00:21:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:47] Speaker 7 + overlapping voice · overlapping voices

Yeah.

[00:21:48] Speaker 3 + overlapping voice

No.

[00:21:49] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:21:49–00:21:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:51] Speaker 3 + overlapping voice · overlapping voices

no question. Resurrection, yeah.

[00:21:53] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:21:53–00:21:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:21:56] Speaker 3 + overlapping voice · overlapping voices

All right. The same. Thank you, Mr. Lawson. Thank you. All right.

[00:22:01] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:22:01–00:22:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:05] Speaker 3 + overlapping voice

They have associates. Good morning, Mr. Lee.

[00:22:08] Speaker 1

Good morning, everybody.

[00:22:09] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:22:09–00:22:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:10] Speaker 1

Yes, sir. All right. Wonderful. So I believe you all have the quarterly book in front of you. I'll go through that briefly. And as I do, I usually just talk about the markets slightly.

[00:22:22] Attribution uncertain

If

[00:22:22] Speaker 1

you flip to page four for me, upper left-hand corner of the page is a snapshot of what the markets looked like in the fourth quarter. Obviously captures October, November, December. Top row there shows GDP was positive. So continued modest growth in the U.S. economy, which is good.

[00:22:43] Speaker 1 · Unclear audio

[unclear audio — 0:07]

Flag: a language review questioned the wording · 00:22:43–00:22:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:22:50] Speaker 1

on the back burner for now. Unemployment remains very modest. In fact, after this report came out, the print

[00:23:00] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:23:00–00:23:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:23:04] Speaker 1

average American. It's not necessarily hitting the target that the Fed has. And what I mean by that is that Fed is trying to keep inflation low.

[00:23:13] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:23:13–00:23:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:23:16] Speaker 1

The continuation of that at some point will increase unemployment. You'll see the next row there, CPI, is a measure of that inflation. The previous quarter was at 8.2%. As you all may remember, at the high,

[00:23:30] Attribution uncertain

it

[00:23:30] Speaker 1

was over 9%. At the date of this report, it was at 6.5%. Post this,

[00:23:36] Attribution uncertain

it

[00:23:36] Speaker 1

came in at 6.4%. Another measure of inflation that the Fed uses is the PCE. And that just came in today.

[00:23:44] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:23:44–00:23:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:23:47] Speaker 1

So translation, although the Fed raised interest rates multiple times, even in the fourth quarter, and did it again in February, it looks like they're still going to raise rates at least two, potentially three more times this year. Remember, at the beginning of last year, we were at

[00:24:06] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:06–00:24:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:24:09] Speaker 1

And now

[00:24:10] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:10–00:24:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:24:13] Speaker 1

And the markets are expecting that we'll probably

[00:24:16] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:16–00:24:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:24:19] Speaker 1 · Unclear audio

[unclear audio — 0:08]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:24:19–00:24:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:24:27] Speaker 1

system. As that percolates through, that means that the markets are going to still be somewhat tumultuous, and that unemployment still will probably rise. If you look at the upper right hand corner of the page, there was a little bit of solace for the fourth quarter though. But this is somewhat beguiling because the fourth quarter saw a lot of volatility. You have October and November rise pretty well. And in ‸ December, you actually had a decline.

[00:24:55] Speaker 1 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:24:55–00:25:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:00] Speaker 1

So it's very choppy. Overall, though, the fourth quarter was positive. If you see the second row from the top on the right side, the S&P 500, as you remember, represents mostly large cap stocks.

[00:25:12] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:25:12–00:25:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:16] Speaker 1

Interestingly enough, the stocks outside the US were up even more.

[00:25:21] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:25:21–00:25:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:24] Speaker 1

primarily ‸ large cap stocks outside the US in developed countries,

[00:25:29] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:25:29–00:25:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:25:34] Speaker 1

The NICREF Odyssey is real estate, as you remember. That is a real asset, institutional quality real estate, for the most part invested in the basic four food groups of apartments, industrials, office and retail. That was down. We do expect that to still be down probably first quarter, and then to have tepid return for the remaining part of the year. Bonds were actually up. So that's good, finally. To remind us, though, it has been a tough 12 months. So everything that was liquid, whether it's stocks or bonds, were off double digits.

[00:26:12] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:26:12–00:26:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:26:17] Speaker 1

positive 7.5%, at least for the trading 12 months. And the only thing I'll mention in the bottom left-hand corner of the page, when you look at value, core, growth, large cap, mid cap, small cap, value actually outperformed core and growth, and large cap outperformed mid cap and small cap. At least for the quarter, value came back. If you could flip a couple of pages for me and go to page seven. And this is a snapshot of the portfolio over different trailing periods. So I'll go across that first row and then come down the first column. So for the first row, you'll see that most recent quarter, the fund gained 4.1% in the 92nd percentile. So that's not a good rank. Ideally, we want to be at least over 50%. And in fact, at least for the quarter, we did trail both the shadow index and the policy index. And that was because of allocation and selection effect, right? However, if you look over longer term numbers of three years, five years and 10 years, you'll see that the rank is in ‸ the top third or top decile. And for the most part, as you get later on, the returns are closer to the shadow index, move it slightly behind the policy index.

[00:27:37] Speaker 1 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:27:37–00:27:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:42] Speaker 1

did have a little bit of underperformance in our

[00:27:44] Speaker 1 · Machine re-recognized

smid

Flag: words were replaced by a machine repair · 00:27:44–00:27:44 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:27:44] Speaker 1

cap.

[00:27:45] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:27:45–00:27:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:47] Attribution uncertain · Unclear audio

[unclear audio]

[00:27:48] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

[00:27:50] Speaker 1 + overlapping voice

the benchmark, which was up 7.4.

[00:27:53] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:27:53–00:27:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:56] Speaker 1 + overlapping voice

We had a bump up there. We're up 19.8

[00:27:59] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:27:59–00:28:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:02] Speaker 1 + overlapping voice

I think what's pretty dramatic is if you look at fixed income, fixed income was only up 2.2, and the benchmark was up 1.9. They beat it by 30 basis points, but that put them in the top quartile. So fixed income, all you're trying to do is win by 10 basis points, 20 basis points a quarter, and then you'll do quite well. God bless you. Asset allocation in the upper right hand corner of the page, when you add up all the numbers there, you're just shy of

[00:28:32] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:08]

Flag: a language review questioned the wording · 00:28:32–00:28:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:42] Speaker 1 + overlapping voice

Bottom right hand corner of the page, we started off at just shy of $23 million,

[00:28:46] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:28:46–00:28:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:51] Speaker 1 + overlapping voice

quarter. So we had some withdrawals, but the capital gains and the income allowed the corpus to grow a little bit.

[00:29:00] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:29:00–00:29:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:03] Speaker 1 + overlapping voice · overlapping voices

that you're familiar with. So again, the dark line is our corpus, how it's appreciated over time. As I mentioned in the past, it's nice movement into the northeast ‸ quadrant. It's not smooth. There are some bumps. You have peaks and you have troughs. The most recent peak, of course, was what we had with COVID. And then you had that dramatic drop after that. One thing I will highlight is that the velocity or how quickly we went up and down with COVID is something that was unparalleled. Because if you look at 2008, which was the great financial crisis, you see that it ‸ took the course of approximately a little bit over a year. And then for us to rebound back out of that level, it took about five years. Yet with COVID, you see the first quarter of 2020, remember when we were living through that, it all seemed pretty dramatic. But then that bounce back up was also very dramatic, which is why we have a decline.

[00:30:05] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:30:05–00:30:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:10] Speaker 1 + overlapping voice

and just allow that line to kind of just follow along, it's pretty smooth. It's just that we've had a lot of volatility going up and going down.

[00:30:22] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:30:22–00:30:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:25] Speaker 1 + overlapping voice

dramatic. For the past 20 years, the portfolio started at $7.6 million. We've had net withdrawals of $3.5 million.

[00:30:35] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:30:35–00:30:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:38] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:38–00:30:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:40] Speaker 1 + overlapping voice

the past 20 years, the portfolio increased more than two and a half times the beginning value. So it's had a nice run considering the entire volatility that we've had, which is what we are looking for in a long duration portfolio. The place that we have taken risk is that we do have more equity exposure than a typical pension fund might have. But it is something that we are conscious about. And we did move around some of our monies ‸ into real assets. Real estate, which has helped over the longer term, but of course, over the shorter term, it is going to hinder us a little bit.

[00:31:15] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:31:15–00:31:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:19] Speaker 1 + overlapping voice

you'll see for real estate, we were at 10.7. The bogey was at 8.7. It's a proxy for bonds for us, which gained only 0.2, while bonds lost 0.2. So right there, at least that trade, we were up about 10% relative to the proxy. If I could ask you to flip to page nine for me. Here, the asset allocation does show us that we are a little bit over allocated to real estate and then a

[00:31:55] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:31:55–00:31:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:02] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:32:02–00:32:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:06] Speaker 1 + overlapping voice

of money back from real estate. That will take a little bit of time. And we are aware of it. But we are trying to bring our real estate allocation down a little bit. The overall market, by the way, was friendly, like I told you in January, did come down a little bit in February. So as of the end of the quarter, we're at $23.2 million, $23.3.

[00:32:32] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:32:32–00:32:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:38] Speaker 1 + overlapping voice

The portfolio was roughly $24.6 million. Wow. So again, January is quite friendly.

[00:32:48] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:32:48–00:32:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:52] Speaker 1 + overlapping voice

the quarter is 20.2, because the entire market value went up, it actually dropped down to 19.1.

[00:32:57] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:32:57–00:33:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:02] Speaker 1 + overlapping voice

you so that it decreases the real asset component. The other piece I'll highlight is just the decomposition of the returns. As you recall, for large cap, we do have two bites of the apple there.

[00:33:19] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:33:19–00:33:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:23] Speaker 1 + overlapping voice

manager with Brandywine. For the quarter, Brandywine did nicely. Poland still underperformed over the longer term track record. We've been with Poland for quite a while. This past year has been a very challenging year, which kind of bleeds into those longer term numbers. The rank still is reasonable. They do underperform the benchmark a little bit. What I'll say is this, they have not changed their stripes at all. They are a concentrated manager that does buy stocks that we all are pretty familiar with in the top five names.

[00:33:58] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:33:58–00:33:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:00] Speaker 1 + overlapping voice

They are a very good manager. All of a sudden, they

[00:34:04] Speaker 1 + overlapping voice · Machine re-recognized

did

Flag: words were replaced by a machine repair · 00:34:04–00:34:04 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:34:04] Speaker 1 + overlapping voice

not become very bad managers.

[00:34:06] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:06–00:34:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:07] Speaker 1 + overlapping voice

We do expect that over the longer term, they'll do fine. Brandywine, historically, as you see here, since June of 2017, so roughly five years and change, they've outperformed the benchmark nicely. So they're doing their job. You may remember we did index our mid cap allocation. So that's pretty straightforward. And then Hardman Johnston was the international manager that we hired a couple of years ago. They had a nice bounce back over the past recent quarter. They do trail the benchmark a little bit since we've hired them. Again, they are a good manager over the long term. They'll do nicely. And then the other two are just names in continental enrichment that we saw the returns a moment ago. But let me just stop there and pause to see if there are any questions that I might be able to address.

[00:34:59] Speaker 3 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:34:59–00:35:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:00] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:35:01] Attribution uncertain · Unclear audio

[unclear audio]

[00:35:01] Speaker 4 · Unclear audio

[unclear audio — 0:09]

[00:35:10] Speaker 1

Sure. I can mention it now actually. So, like many managers, Intercontinental has put a gate on their redemptions. What that means ‸ that relative to how much money is being requested to be taken out,

[00:35:25] Speaker 1 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:35:25–00:35:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:31] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:35:31–00:35:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:34] Speaker 1 · Unclear audio

[unclear audio — 0:07]

Flag: a language review questioned the wording · 00:35:34–00:35:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:41] Speaker 1

not they can redeem the entire or what percentage of the request. It's not unusual for them only. We are seeing that across many real estate managers.

[00:35:56] Speaker 4 · Unclear audio

[unclear audio — 0:06]

Flag: words only one machine reading has (possibly not said); a language review questioned the wording · 00:35:56–00:36:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:02] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:36:02–00:36:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:04] Speaker 4 · Unclear audio

[unclear audio — 0:02]

[00:36:07] Speaker 1

Correct. And the other $450,000 remains.

[00:36:15] No voice detected

And

[00:36:15] Speaker 4

your experience is how long will, what pressure will get them to, ‸ that seems like a very conservative amount.

[00:36:37] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:36:37–00:36:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:38] Speaker 1 · Unclear audio

[unclear audio — 0:01]

[00:36:41] Speaker 1

So.

[00:36:41] No voice detected

So what pressures will

[00:36:43] Speaker 4

get

[00:36:44] No voice detected

them to

[00:36:44] Speaker 4 + overlapping voice

say,

[00:36:46] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:10]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:36:46–00:37:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:56] Speaker 6 · Unclear audio

[unclear audio — 0:01]

[00:36:57] Speaker 4 · Unclear audio

[unclear audio — 0:03]

[00:37:00] Speaker 1 · Unclear audio

[unclear audio]

[00:37:01] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:19]

[00:37:19] Speaker 4 + overlapping voice

pressure will get Intercontinental to draw on their line of credit if they haven't done it already? Sure.

[00:37:31] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:37:31–00:37:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:37] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[00:37:41] Speaker 1 + overlapping voice

Absolutely. Honestly,

[00:37:42] Attribution uncertain

it

[00:37:43] Speaker 1

comes down to what they feel is reasonable in terms of financial ability for the fund to continue to do well. At the end of the day, what they've been hired to do is manage properties and use the capital that they have in their books to ensure that they're getting a good return. Frankly, also, they look at the competition and if the competition has a gate and they're doing the same thing, they're taking advantage of that as well. What I can highlight for ‸ you is the last time we faced this scenario in 2008, Intercontinental did not have a gate, but many other managers did have a gate. About two years afterwards, the gates were gone and I would say estimate anywhere from about a third to a half of the redemption requests were made and the others were rescinded. So the people asking for their money back said, we don't want the money back anymore.

[00:38:42] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:38:42–00:38:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:45] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:38:47] Speaker 1

Because real estate came back.

[00:38:48] No voice detected

Oh, okay.

[00:38:50] Speaker 1

So it's returning good returns again and people said, you know what? It's hitting our targets. It makes sense for our asset allocation.

[00:38:57] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:38:57–00:38:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:39:00] Speaker 1

So I suspect we probably will fall into that type of scenario again. I don't know the ‸ timing, but reasonably speaking, real estate, as we've talked about in the past,

[00:39:13] Speaker 1 · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:39:13–00:39:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:39:20] Speaker 1

You're going to get that money because of rents and because commercial real estate have escalator clauses where usually tied to CPI or some sort of number. So, you know, you're going to get cash flow in and over time after the markets kind of wash ‸ out any overvaluation, they start increasing again. So that's why over the long term real estate has hit kind of that mid to high single digit return. And once we get back into that scenario, there'll be restrictions. We will get the 10%. I suspect we'll probably get some more middle of the year.

[00:39:58] Speaker 1 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:39:58–00:40:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:03] Speaker 1

maybe we continue with that 500,000 that we have requested.

[00:40:07] Speaker 4 · Unclear audio

[unclear audio — 0:11]

Flag: words only one machine reading has (possibly not said); a language review questioned the wording · 00:40:07–00:40:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:19] Speaker 1

Yeah, it's reasonable. Absolutely. If you would like, we could always do another 500,000.

[00:40:24] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:40:24–00:40:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:25] Speaker 1

not getting anything.

[00:40:26] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:40:26–00:40:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:26] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:40:28] Speaker 1

Exactly. And we could always rescind it as well.

[00:40:31] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: words only one machine reading has (possibly not said) · 00:40:31–00:40:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:35] Speaker 1

Yes. That's reasonable. That's fine.

[00:40:39] Speaker 4 · Unclear audio

[unclear audio — 0:06]

Flag: words only one machine reading has (possibly not said) · 00:40:39–00:40:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:45] Speaker 1

Well, actually, I mean, it's an opportune time to discuss it. But

[00:40:49] Attribution uncertain

I

[00:40:49] Speaker 1

think it's reasonable. Again, there's no downside to doing it because you could always rescind it.

[00:40:55] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:40:55–00:40:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:59] Speaker 1

but we are a little bit

[00:41:00] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:41:00–00:41:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:00] Speaker 1

So if

[00:41:01] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:41:01–00:41:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:05] Speaker 1

downside. I'm happy to make that as a recommendation if you'd like. If you all have any questions about that, I'm

[00:41:11] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:41:11–00:41:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:12] Speaker 6 · Unclear audio

[unclear audio — 0:01]

[00:41:14] No voice detected · Unclear audio

[unclear audio — 0:02]

[00:41:15] Speaker 1

Well,

[00:41:16] Attribution uncertain

I

[00:41:17] Speaker 1

wouldn't say it's just for show. I would say it's practically speaking, the amount of money that we get back will be somewhat limited. However, we are being prudent in trying to get back to target.

[00:41:28] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:41:28–00:41:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:29] No voice detected · Unclear audio

[unclear audio]

[00:41:31] Speaker 1 · Unclear audio

[unclear audio — 0:01]

[00:41:32] No voice detected · Unclear audio

[unclear audio — 0:06]

[00:41:40] Speaker 1

Yes.

[00:41:41] No voice detected

Okay.

[00:41:41] Speaker 1

Yeah. Yeah.

[00:41:42] No voice detected

Yeah.

[00:41:44] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:41:44–00:41:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:50] Speaker 3 + overlapping voice

Why wouldn't they give us 20%? Because-

[00:41:53] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:41:53–00:41:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:54] Attribution uncertain

I

[00:41:54] Speaker 3

mean, you know, I mean, I, I turned to Mr. Ford, Mr.

[00:41:57] Attribution uncertain

Ford,

[00:41:57] Speaker 3

they got us over a barrel, but what can we do legally?

[00:42:00] Speaker 7

No, it's in their agreement. They're perfectly authorized to do this.

[00:42:03] Speaker 7 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:42:03–00:42:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:08] Speaker 7

than a lot of other real estate managers that I've seen out there.

[00:42:11] Attribution uncertain

Um, uh,

[00:42:12] Speaker 7

UBS is probably the worst that I've seen.

[00:42:15] Speaker 7 · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:42:15–00:42:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:21] Speaker 7

intercontinental, ‸ put it that way. And so they're dripping funds at a slower rate than even intercontinental. And to be clear, you're not getting 10% of your request. They they've allocated this, but they're going to, uh, apportion that these funds out to everybody who's in the queue, uh, pro rata. So, uh, you know, if your $500,000 request is, you know, whatever percentage, whatever percentage of the money in the queue that is, that's what percent of the money you're going to get.

[00:42:51] Speaker 7 · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:42:51–00:42:57 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:57] Speaker 7

Where you're effectively buying a mutual fund, you know, that you can easily it's fungible. You can easily trade and sell the money is.

[00:43:07] Speaker 7 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:43:07–00:43:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:09] Speaker 7

up because it, you can get it back, but you, you have to get in line. I mean, and you have to understand the position that they're in. They can't just go, especially with interest rates rising, uh, real estate markets depressed. They can't just go sell an office building or sell an apartment complex, raise the funds to redeem the queue.

[00:43:28] Speaker 7 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:43:28–00:43:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:34] Speaker 7

‸ be selling at a loss. Uh, so they have the authority in the agreement that we executed with Intercontinental and in, in the

[00:43:42] Speaker 7 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:43:42–00:43:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:46] Speaker 7 · Unclear audio

[unclear audio — 0:05]

Flag: the recognizer flagged its own output; a language review questioned the wording · 00:43:46–00:43:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:52] Attribution uncertain · Unclear audio

[unclear audio]

[00:43:52] Speaker 7 · Unclear audio

[unclear audio]

[00:43:52] Attribution uncertain · Unclear audio

[unclear audio]

[00:43:52] Speaker 7 · Unclear audio

[unclear audio — 0:02]

[00:43:56] Speaker 4

Yep.

[00:43:56] Attribution uncertain

Yeah,

[00:43:56] Speaker 4 + overlapping voice · overlapping voices

we did. I agree.

[00:44:03] Speaker 3 + overlapping voice · overlapping voices

‸ Right. Right.

[00:44:04] Speaker 4

‸ You know,

[00:44:05] Attribution uncertain

it

[00:44:05] Speaker 4

took us six, nine months to get our

[00:44:09] No voice detected · Unclear audio

[unclear audio — 0:04]

Flag: the recognized words and the detected speech do not line up · 00:44:09–00:44:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:12] Speaker 4

with real estate, you have to wait to get out.

[00:44:16] Speaker 7

It's same concept.

[00:44:19] Speaker 7 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:44:19–00:44:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:20] Speaker 7

Same concept on the wait to get in.

[00:44:21] Speaker 7 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:44:21–00:44:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:26] Speaker 7

You know, they have to have something to do with the money. So when they have that opportunity, that's when they make the call, they raise the cash, they buy whatever it is, the apartment complex, you know, and now it's just the reverse.

[00:44:41] No voice detected

Okay.

[00:44:42] Speaker 4

And they don't want to have to sell at fire sales.

[00:44:46] Speaker 3 + overlapping voice · overlapping voices

Right. Exactly.

[00:44:48] Attribution uncertain

That's understandable

[00:44:48] Speaker 3

too.

[00:44:48] Speaker 4

Yep.

[00:44:50] Speaker 3

But I

[00:44:50] Speaker 3 · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:44:50–00:44:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:56] Speaker 3

much. Well, but you have to understand,

[00:45:00] Speaker 7

you know,

[00:45:00] Speaker 3 + overlapping voice · overlapping voices

we, well, first of

[00:45:02] Attribution uncertain

all,

[00:45:02] Speaker 3 + overlapping voice · overlapping voices

we had to meet their, we had to meet their requirements to give them more money than we normally would have gave them because they had a minimum.

[00:45:08] Attribution uncertain

We

[00:45:08] Speaker 3

could only give them.

[00:45:09] Speaker 7 + overlapping voice

Yeah. But you have to understand that, you know, you're saying, well, it's a $500,000 request. It's not that much. Come on, Intercontinental. Look at all the money you've got, but they can't treat you. You know, there's not like a most

[00:45:20] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:45:20–00:45:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:22] Attribution uncertain

Hey,

[00:45:22] Speaker 7 · Unclear audio

[unclear audio — 0:02]

[00:45:24] Speaker 7

their request or their request or their request. So, uh, you, you are in the queue in the same manner in under the same terms and conditions as everybody else in the queue.

[00:45:37] Speaker 7 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:45:37–00:45:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:39] Speaker 4 + overlapping voice · overlapping voices

Well, I mean, I don't, you know, I don't look at it.

[00:45:42] Speaker 7 + overlapping voice

We're not necessarily at their mercy, you know, but they

[00:45:47] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:45:47–00:45:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:45:50] Speaker 7 + overlapping voice · overlapping voices

Okay. Thank you. The other,

[00:45:52] Speaker 4

the other issue that I've read about is that about half their debt is loading debt.

[00:46:02] Speaker 6

Yep.

[00:46:03] Speaker 4

You know, I

[00:46:04] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:46:04–00:46:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:09] Speaker 4

rise, their ‸ mortgages are going to rise drawing more demands for cash.

[00:46:19] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:46:19–00:46:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:20] Attribution uncertain · Unclear audio

[unclear audio — 0:01]

[00:46:21] Speaker 6 · Unclear audio

[unclear audio — 0:02]

[00:46:24] Attribution uncertain · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:46:24–00:46:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:24] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:46:26] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:46:26] No voice detected

Yeah.

[00:46:27] Attribution uncertain

If

[00:46:27] Speaker 4

they, if they generate some cash, we will participate in it. And if they don't generate any cash, and we decide, oh yeah, let's stick with them,

[00:46:42] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:46:42–00:46:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:46] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here; the recognizer flagged its own output · 00:46:46–00:46:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:48] Speaker 3

Yeah.

[00:46:49] No voice detected · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:46:49–00:46:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:49] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:46:49–00:46:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:53] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:46:53–00:47:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:46:53] Speaker 4 · Unclear audio

[unclear audio — 0:07]

[00:47:05] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:47:05] Speaker 3

need a motion then, Mr.

[00:47:06] Speaker 3 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:47:06–00:47:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:07] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: the recognizer flagged its own output · 00:47:07–00:47:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:11] Speaker 1

I think 500,000 is a reasonable number.

[00:47:14] Speaker 4 + overlapping voice · overlapping voices

Yeah. Okay. Yes. I move that we make

[00:47:17] Speaker 3

an additional request of $500,000.

[00:47:20] Speaker 4

Right.

[00:47:21] Speaker 3

Second.

[00:47:24] Speaker 6

Need a second? I'll second.

[00:47:25] Speaker 3

Second by Mr. Ling. Any discussion?

[00:47:28] No voice detected

I have

[00:47:28] Speaker 6

one more

[00:47:29] No voice detected

question.

[00:47:30] Speaker 6

So,

[00:47:30] Speaker 6 · Unclear audio

[unclear audio]

Flag: a possible machine repair could not be placed · 00:47:30–00:47:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:31] Speaker 6

these requests doesn't do anything?

[00:47:34] Speaker 6 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:47:34–00:47:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:36] Attribution uncertain · Unclear audio

[unclear audio]

[00:47:36] Speaker 6 · Unclear audio

[unclear audio — 0:01]

[00:47:37] Speaker 7

You can get out of the line anytime you want.

[00:47:39] No voice detected

Okay.

[00:47:40] Speaker 7

Okay. No penalty.

[00:47:42] Speaker 7 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:47:42–00:47:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:43] Speaker 3

Good question. Mr. Cox? All right. We have a motion before us.

[00:47:47] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:47:47–00:47:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:47:48] Speaker 3

Yes, sir?

[00:47:48] Speaker 6

I do have one question. So, if we end up, let's just say something happens and they give us our million now, now we're going to be under our target, right?

[00:47:56] Speaker 3 + overlapping voice · overlapping voices

Not by much. Yeah.

[00:47:58] Speaker 6 + overlapping voice · overlapping voices

Oh no. ‸ Because

[00:47:59] Speaker 3 + overlapping voice · overlapping voices

we're over target. We're

[00:48:00] Speaker 6 + overlapping voice

over

[00:48:01] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:48:01–00:48:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:48:01] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:02]

[00:48:03] Speaker 3 + overlapping voice · overlapping voices

Yeah. So we'll be close ‸ target. Okay.

[00:48:07] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:48:07–00:48:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:48:10] Speaker 3 + overlapping voice · overlapping voices

and out of the whole industry there is going on right now,

[00:48:13] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:48:13–00:48:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:48:17] Speaker 3 + overlapping voice

Well, I know they have interest

[00:48:18] Speaker 3 + overlapping voice · Machine re-recognized

rates

Flag: words were replaced by a machine repair · 00:48:18–00:48:18 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:48:18] Speaker 3 + overlapping voice

going up on their premiums, but they're also raising rent astronomically as well.

[00:48:23] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:48:23–00:48:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:48:28] Speaker 3 + overlapping voice

they do have a good cash flow. So I have no problem asking for this. So any other questions? Hearing none, all those in favor say aye.

[00:48:37] No voice detected

Aye.

[00:48:38] Speaker 3 + overlapping voice · overlapping voices

Any opposed say nay. That motion carries Mr. Lee. I have one other

[00:48:42] Speaker 1

recommendation that I would like you to consider. So the other piece is that right now, as you can see our international, we've deliberately kept ‸ a little bit under weight and we are a little bit underweight. What you'll notice is that our large cap piece shows up as 1.4% overweight as of the end of the quarter. As of this week though, we are actually a little bit more in large cap.

[00:49:09] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:49:09–00:49:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:12] Speaker 4 + overlapping voice · overlapping voices

Okay.

[00:49:12] Speaker 1 + overlapping voice

So what I'm recommending is to take

[00:49:14] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:49:14–00:49:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:20] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:49:20–00:49:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:24] Speaker 1 + overlapping voice · overlapping voices

Okay. This will help us bring closer to target to large cap and also help balance out large cap value, large cap growth because

[00:49:32] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:49:32–00:49:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:36] Speaker 1 + overlapping voice

because Brandywine has done better. So 600,000 from Brandywine, 500 going to Hardman Johnston, helping to bring that closer to

[00:49:44] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up · 00:49:44–00:50:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:49:47] No voice detected · Unclear audio

[unclear audio — 0:04]

[00:49:51] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:22]

[00:50:13] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:50:13–00:50:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:14] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:50:15] Speaker 2

I actually didn't look that up. I just want to make sure

[00:50:18] Speaker 6 + overlapping voice · overlapping voices

you guys are aware because it's going to be a large sum.

[00:50:21] Speaker 1

Yeah, I think you guys said a while ago that there's a 400,000 drop in April.

[00:50:25] Speaker 6 + overlapping voice · overlapping voices

That's the, yeah. The other one is new. Okay.

[00:50:28] Speaker 6 + overlapping voice · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:50:28–00:50:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:29] Speaker 6 + overlapping voice

Okay. It's not full, but it's, I mean, I don't even know if it's over 40 years. Yeah.

[00:50:35] Speaker 6 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:50:35–00:50:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:37] Speaker 6 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: the recognizer flagged its own output · 00:50:37–00:50:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:41] Speaker 6 + overlapping voice

And he's, I mean, he's taking it. So.

[00:50:44] Speaker 1 + overlapping voice · overlapping voices

Right. Right.

[00:50:45] Speaker 6 + overlapping voice · overlapping voices

She can look it up. I just wanted to catch up. Yeah, no, that's a good point. That's a good

[00:50:50] Speaker 3

point.

[00:50:51] Speaker 6 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:50:51–00:51:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:50:52] Attribution uncertain · Unclear audio

[unclear audio — 0:11]

[00:51:03] Speaker 7

While she's looking that up.

[00:51:05] Speaker 7 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:51:05–00:51:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:07] Speaker 1 + overlapping voice · overlapping voices

Sure. Actually, so. Don't forget. As you know, annually, we do have to declare what we expect the short term, midterm, long term returns of the plan would be.

[00:51:19] Attribution uncertain

And

[00:51:19] Speaker 1

typically, one would say that we're trying to hit the assumption rate of 7.15, which we feel comfortable saying that, you know, it makes sense. So for the record, you guys have that.

[00:51:32] Speaker 3

Did you hear that Mr. Zimmerman? Not really.

[00:51:36] Speaker 7

Basically what he's saying is you're, we're required to make an annual declaration ‸ return. So he's confirming to you that

[00:51:43] Speaker 7 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:51:43–00:51:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:51:48] Speaker 7

the long term thereafter.

[00:51:50] Speaker 3

Okay. Yeah. All right. So recommendation by our financial advisor. Need a motion then?

[00:51:58] Speaker 1

Just to accept that declaration of return.

[00:52:00] Speaker 3 + overlapping voice · overlapping voices

Oh, okay. Yeah. Motion to accept.

[00:52:02] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:02–00:52:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:04] Speaker 3 + overlapping voice

Second by Mr. Madden. Any discussion? Mr. Zimmerman? Mr. Cox?

[00:52:07] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:07–00:52:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:08] Speaker 6

Mr.

[00:52:09] Speaker 3

Madden? All those in favor, say aye.

[00:52:11] No voice detected

Aye.

[00:52:12] Speaker 3

Any opposed, say nay. And motion carries. You're so due instructed there, Mr. Lee.

[00:52:19] Speaker 1

Great. And with the exception of maybe trying to allocate the money that we're taking from Brandywine to R&D and to Hardman-Johnson, that concludes my report then.

[00:52:30] Speaker 3

Okay. Since you did make that recommendation, why don't we leave a little bit of the discretion to

[00:52:36] Speaker 3 · Machine re-recognized

our

Flag: words were replaced by a machine repair · 00:52:36–00:52:36 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:52:36] Speaker 3

administrator here to give you a figure?

[00:52:40] No voice detected · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 00:52:40–00:52:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:40] Speaker 6 · Unclear audio

[unclear audio]

[00:52:41] Speaker 3 · Unclear audio

[unclear audio]

[00:52:41] Speaker 3

Oh, she's still working

[00:52:41] Speaker 6

on it now?

[00:52:42] Speaker 2

She's still

[00:52:42] Attribution uncertain

working

[00:52:42] Speaker 2

on

[00:52:42] Attribution uncertain

it.

[00:52:42] Speaker 3

Okay.

[00:52:43] No voice detected · Unclear audio

[unclear audio — 0:05]

Flag: the recognized words and the detected speech do not line up · 00:52:43–00:52:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:48] Speaker 2

we'll have a little bit more because

[00:52:49] No voice detected

of the amount of cases.

[00:52:51] Speaker 3

Yeah.

[00:52:52] Speaker 3 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:52:52–00:52:55 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:52:55] Speaker 3

7.5.

[00:52:57] Speaker 7

Close to 700.

[00:52:58] Speaker 3

Yeah.

[00:53:02] No voice detected

So

[00:53:02] Speaker 3 + overlapping voice

your recommendation, that's why I said what? 400, right? ‸ Well, I have 400 in the cash, but that's ‸ over all the accounts.

[00:53:11] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:53:11–00:53:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:53:13] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:53:13] Attribution uncertain

Yeah,

[00:53:13] Speaker 1 + overlapping voice · overlapping voices

that's

[00:53:14] Speaker 3 + overlapping voice · overlapping voices

‸ over all the accounts.

[00:53:21] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:53:21–00:53:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:53:25] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:53:27] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:53:28] Speaker 3 + overlapping voice

R&D.

[00:53:28] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:53:28–00:53:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:53:30] Speaker 1

Okay. And we'll do 500 to cash and then 500 to international.

[00:53:35] Speaker 3

How does that sound, Mr.

[00:53:37] No voice detected

Zimmerman?

[00:53:37] Speaker 4

Okay.

[00:53:38] Speaker 3

Mr. Cox?

[00:53:38] Speaker 4

Well, my question is, at what point in time are we going to think about sending some more

[00:53:46] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:53:46–00:53:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:53:50] Speaker 1

No, that's a reasonable question. We did put more money to real estate relative to fixed income.

[00:53:58] Speaker 3

Yeah.

[00:53:58] Speaker 1

So when you look at it in terms of a combination, you're kind of close to that target. So for now, I think we leave it be.

[00:54:07] Speaker 1 · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:54:07–00:54:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:54:12] Speaker 1

So we're not that far off.

[00:54:15] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:54:15–00:54:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:54:20] Speaker 1

well. So money market-

[00:54:22] Speaker 1 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:54:22–00:54:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:54:22] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:54:23] Speaker 1

Over 4%.

[00:54:24] No voice detected

Wow.

[00:54:25] Speaker 3

That's good.

[00:54:26] Speaker 1 + overlapping voice · overlapping voices

‸ Yeah. Yeah.

[00:54:28] Speaker 3

Compared

[00:54:28] Attribution uncertain

to

[00:54:28] Speaker 3 + overlapping voice · overlapping voices

the last few years.

[00:54:29] Speaker 1 + overlapping voice · overlapping voices

Yeah.

[00:54:30] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:54:30–00:54:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:54:31] Attribution uncertain · Unclear audio

[unclear audio]

[00:54:31] Speaker 1 · Unclear audio

[unclear audio — 0:01]

[00:54:32] Attribution uncertain · Unclear audio

[unclear audio]

[00:54:33] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

[00:54:36] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:54:36–00:54:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:54:41] Speaker 1 + overlapping voice

two-year bond. I think those are- if you don't need the money, I think those are reasonable. As I had mentioned in the past as well, those I-bonds still are giving you about 6%. You are locked in a little bit for that. But there are great deals right

[00:54:57] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:54:57–00:55:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:55:02] Speaker 1 + overlapping voice

locking in anywhere from 5% to 6%.

[00:55:05] Speaker 4

Yeah. I can

[00:55:06] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:55:06–00:55:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:55:09] No voice detected · Unclear audio

[unclear audio — 0:02]

[00:55:11] Speaker 1 · Unclear audio

[unclear audio]

[00:55:11] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:55:13] Speaker 1

Absolutely.

[00:55:14] No voice detected

Compared to a year ago-

[00:55:16] Speaker 1 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:55:16–00:55:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:55:17] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:55:17] Attribution uncertain · Unclear audio

[unclear audio]

[00:55:17] Speaker 3 · Unclear audio

[unclear audio]

[00:55:18] Attribution uncertain · Unclear audio

[unclear audio]

[00:55:18] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:55:19] Speaker 1

Yeah. Yeah, absolutely. So- So for

[00:55:23] Speaker 1 · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:55:23–00:55:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:55:29] Speaker 1

change, and she's going to break those in just by two years. You can buy up to $250,000 per transaction per bank because after the penalty, it still makes more sense. So, you know, this kind of right now is still a sweet spot for these free, quote unquote, almost government guarantee returns.

[00:55:51] Speaker 7

As an individual. It's funny.

[00:55:53] Speaker 7 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:55:53–00:55:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:55:53] Attribution uncertain · Unclear audio

[unclear audio]

[00:55:53] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:55:55] No voice detected · Unclear audio

[unclear audio — 0:01]

[00:55:56] Speaker 7 + overlapping voice · overlapping voices

It's all perspective. It's all perspective. But it's funny, you know, we have health insurance funds. They operate different from the pension fund because they have to maintain liquidity, right? And so they ladder out CDs. That's what they do.

[00:56:11] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:56:11–00:56:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:56:14] Speaker 7 + overlapping voice

250 for the interest to make sure the whole thing's FDIC insured. And so when they're laddering them out, I was just at a meeting, they were laddering out, I don't know, like 43 CDs.

[00:56:28] No voice detected

And

[00:56:28] Speaker 7

they were looking at the different interest rates. And it was interesting because the shorter terms, the one and two year CDs were paying more than the longer term CDs. So they backed everything down to one and two year CDs. Yeah, makes sense. It was, I mean, just sort of the opposite of what you would think.

[00:56:49] Speaker 1

Yeah, it's

[00:56:50] Speaker 7

crazy.

[00:56:52] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:56:52–00:57:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:56:53] Speaker 3 · Unclear audio

[unclear audio — 0:12]

[00:57:05] Speaker 1 · Unclear audio

[unclear audio — 0:01]

[00:57:07] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:57:08] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:57:09] Speaker 3 · Unclear audio

[unclear audio — 0:03]

[00:57:13] No voice detected · Unclear audio

[unclear audio]

[00:57:13] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[00:57:16] Speaker 3 + overlapping voice · overlapping voices

All good. All those in favor of this transfer, say aye. Aye. Any opposed say nay. That motion carries, Mr. Lee.

[00:57:23] Speaker 1

Thank you.

[00:57:26] Speaker 3 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:57:26–00:57:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:57:29] No voice detected

Okay.

[00:57:30] Speaker 6

‸ And you got, so you got the, if it's a

[00:57:32] Speaker 6 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:57:32–00:57:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:57:35] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[00:57:36] Speaker 3 + overlapping voice · overlapping voices

And we're

[00:57:36] Speaker 6 + overlapping voice · overlapping voices

getting one mil from Brandywine.

[00:57:39] Speaker 3

Yep.

[00:57:39] Speaker 6 + overlapping voice · overlapping voices

All right. This thing doesn't really show, is there a

[00:57:42] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:57:42–00:57:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:57:45] Attribution uncertain

Um,

[00:57:46] Speaker 1 + overlapping voice · overlapping voices

so.

[00:57:47] Speaker 6

‸ In their actual thing.

[00:57:49] Speaker 1 + overlapping voice · overlapping voices

In their actual portfolio, right. So if you flip to page 12. Oh, there it is.

[00:57:55] Speaker 6

Oh, there we go. Okay. Yeah. So that puts it back in line. Okay.

[00:58:01] Speaker 3 + overlapping voice · overlapping voices

Plus it puts us, yeah. It puts us back. Plus we have the

[00:58:03] Speaker 6 + overlapping voice · overlapping voices

cash we need back in our thing. Yeah. ‸ Okay.

[00:58:06] Speaker 1

‸ It's a win-win.

[00:58:07] Speaker 6

Yeah.

[00:58:09] Speaker 1 + overlapping voice · overlapping voices

‸ Terrific. Anything else, Mr. Lee? I did have this presentation, which I'm happy to discuss now or push it off till next meeting, whatever you want.

[00:58:16] Attribution uncertain

I

[00:58:16] Speaker 4 + overlapping voice · overlapping voices

think that the, you can do it, but I think the, the, the wins out of the, the opportunity has, has left us.

[00:58:29] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output; a language review questioned the wording · 00:58:29–00:58:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:33] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:58:33–00:58:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:38] Speaker 4 + overlapping voice

us, but I read the, I read the pitch and I said, Oh my goodness.

[00:58:44] Speaker 3

‸ It was a great presentation.

[00:58:46] Speaker 4 + overlapping voice · overlapping voices

Six months ago ‸ would have been a good idea. But then we would have been stuck too. Yeah.

[00:58:51] Speaker 1 + overlapping voice · overlapping voices

And then you would have been locked up.

[00:58:53] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:58:53–00:58:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:55] Speaker 1 + overlapping voice · overlapping voices

Cut

[00:58:56] Speaker 6 + overlapping voice · overlapping voices

some trees down and give us some money back.

[00:58:59] Speaker 1

So it's a wonderful nighttime reading.

[00:59:02] Speaker 3 + overlapping voice · overlapping voices

Yeah. Well, we will consider it though. Mr. Lee.

[00:59:05] Attribution uncertain

I

[00:59:05] Speaker 3

mean, thank you for the presentation. Thank you for the gentleman that put this together for us. But I think it's one of those things we probably should have right now, just table and wait for further in the future. But we had this for reference as well though. Yeah.

[00:59:17] Speaker 1

Absolutely happy to do it in some future date.

[00:59:19] Speaker 3

It is

[00:59:19] Speaker 6 + overlapping voice · overlapping voices

very interesting.

[00:59:20] Speaker 3

It is. Something that

[00:59:21] No voice detected

I would like to get involved in.

[00:59:24] Speaker 6

Well,

[00:59:32] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:59:32–00:59:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:34] Speaker 1 + overlapping voice

not a pitch because I'm not trying to sell you anything.

[00:59:42] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:59:42–00:59:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:44] Speaker 1 + overlapping voice · overlapping voices

This is all education.

[00:59:46] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:59:46–00:59:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:49] Speaker 1 + overlapping voice

the piece that you hear about the most of these three

[00:59:51] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:59:51–00:59:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:53] Speaker 1 + overlapping voice

Let me just take a couple of minutes about private equity. So page 19 is the title page. Page 20 starts off with some narrative of what private equity is.

[01:00:14] No voice detected

Okay.

[01:00:15] Speaker 1 + overlapping voice

So in a nutshell, private equity is when you have a money manager who has a pool of money and they will give money to a company that they're trying to grow or they will use that money to buy a company. Maybe take it from public to private. Uh,

[01:00:31] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 01:00:31–01:00:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:00:37] Speaker 1 + overlapping voice

or having that company merge into another company. That is what private equity does in a nutshell. Shark tank on steroids. Absolutely. So shark tank, when you think about it on CNBC is where you have individual entrepreneurs give money to other entrepreneurs. That is at that point though, seed capital, angel investing, venture capital, all the way on the risk spectrum. If you flip to, um, I, I will jump around a little bit. Page 24, because we talked about shark tank, the left side of the curve says seed stage. What this line shows is the life cycle of a company. Usually it starts off small and over time, it matures, gets bigger. And then over time, it becomes very mature. That darker blue falls under the category called venture capital. If you think about shark tank, you're really at seed stage or startup stage. And maybe some of it goes to an expense, expansion stage because

[01:01:48] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:48–01:01:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:01:51] Speaker 1 + overlapping voice

make money off of you. I can't invest in you. So some of those are seed stage because they're not showing any revenues at all.

[01:01:58] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 01:01:58–01:02:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:04] Speaker 1 + overlapping voice

of the dark blue, but also all of this other stuff on the right hand side. The majority of private equity money is on the right hand side because you're dealing with companies that are trying to continue to grow. They do have revenues.

[01:02:18] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:07]

Flag: a language review questioned the wording · 01:02:18–01:02:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:25] Speaker 1 + overlapping voice

someone's grandparents.

[01:02:27] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:02:27–01:02:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:31] Speaker 1 + overlapping voice

have the expertise to expand that business. What they need is outside assistance from people who have industry experience to be able to say, you know what, we can find the next great idea for you or find better customers for you to increase your revenues. So that's typically called growth equity though. A manager comes in, gives money to that company and says, all right, this is how we're going to build the company and get it stronger and bigger. On the right hand side, you have something called buyout where a company will, uh, an investor manager says, you know what? I can buy this company. For instance, Dunkin Donuts was bought in the past and they'll change up the structure and then resell it back into the marketplace. So there are different flavors of private equity.

[01:03:14] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:03:14–01:03:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:19] Speaker 1 + overlapping voice

Buyout also comes in multiple flavors. You have large, mid,

[01:03:22] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: the recognizer flagged its own output · 01:03:22–01:03:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:26] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output · 01:03:26–01:03:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:28] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:03:28–01:03:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:32] Speaker 1 + overlapping voice · overlapping voices

out at cents on the dollar it's distressed and then I'll be able to flip it for multiples of what I bought it for but you hope for ‸ yes if you could flip back to page 21 for me this I think is pretty important similar to what we saw of other

[01:03:52] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 01:03:52–01:03:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:53] Speaker 1 + overlapping voice

products. This is the typical lifecycle of a private equity fund. So you have roughly a 12-year term. The first three years usually are an investment period. So let's say right now, if we want to invest in private equity, you're looking at a 2023 vintage. That means people are raising money to invest that money starting ‸ 2023, going out typically to 2025. That's called

[01:04:17] Speaker 1 + overlapping voice · Machine re-recognized

a

Flag: words were replaced by a machine repair · 01:04:17–01:04:17 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:04:17] Speaker 1 + overlapping voice

2023 vintage because that's when the fund started.

[01:04:20] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:07]

Flag: a language review questioned the wording · 01:04:20–01:04:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:04:27] Speaker 1 + overlapping voice

or two years from now, they may have another fund that starts raising money as well. So there's serial funds that come out.

[01:04:33] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 01:04:33–01:04:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:04:39] Speaker 1 + overlapping voice

next, call it eight years or so, they're trying to make the company better so that they could either sell the company to a strategic partner, or if it was private,

[01:04:48] Speaker 1 + overlapping voice · Machine re-recognized

maybe come out public. And then towards the tail end, they realize returns by transacting those sales or public announcements. So it takes a while for private equity strategy to

Flag: the recognized words and the detected speech do not line up · 01:04:48–01:05:02 · gap filled by a machine re-reading (not checked by a person)

[01:05:03] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: the machine readings disagree here; a language review questioned the wording · 01:05:03–01:05:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:08] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:05:08–01:05:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:10] Speaker 1 + overlapping voice

just gives you an idea of the lifecycle or different types of investments, styles for private equity, venture capital, growth equity, buyout, and distressed. I highlighted that. Page 24 gives you a chart of what that looks like. Page 25 is really nuts and bolts of why people want to invest in private equity.

[01:05:31] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 01:05:31–01:05:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:36] Speaker 1 + overlapping voice

not perfect correlation. Number two is the real big thing, it has done quite well over the past 30 years. That's why whenever you do an asset allocation study, any allocation with private equity is always going to look better because the return has been so strong. The challenge though is that you have a great disparity between very good managers and very bad managers.

[01:05:59] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:05:59–01:06:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:06:03] Speaker 1 + overlapping voice

accessibility is very difficult. Flip, next page, page 26. Guess which color is private equity? It's green, right? So it just pops out at you. Whether you look at the five years, ten years, or twenty years on a rolling basis, private equity has just outperformed public equity, real estate, bonds. We gave you a public form of equity and then the private form of debt versus fixed income. So private, public of both equities and fixed income.

[01:06:40] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:06:40–01:06:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:06:45] Speaker 1 + overlapping voice

have outperformed their proxies of public equity and public fixed income. Which is why, again, when you do active allocation studies, you're always going to have a piece that potentially goes into real estate, potentially goes into private equity.

[01:06:58] Speaker 3

If you have private equity, do you have a say so in their decisions? Or

[01:07:02] Speaker 1 + overlapping voice · overlapping voices

what do you think the answer is? I think it's dope. I want

[01:07:06] Speaker 3 + overlapping voice · overlapping voices

to make sure I understand it's correct. But if you're in the public, they have to allow you to have a say so in it.

[01:07:10] Attribution uncertain

And

[01:07:10] Speaker 3

like

[01:07:11] Speaker 1 + overlapping voice

with proxy voting only, sure. But honestly, same thing.

[01:07:15] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:07:15–01:07:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:18] Speaker 1 + overlapping voice · overlapping voices

Okay. They are public equity managers.

[01:07:21] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:07:21–01:07:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:24] Speaker 1 + overlapping voice · overlapping voices

say in saying, we want to fire you. We want our money now. With these type of managers, we can say, we want to invest with you.

[01:07:32] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:07:32–01:07:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:33] Speaker 1 + overlapping voice

want to fire you because you're married to them.

[01:07:36] Speaker 3 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 01:07:36–01:07:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:38] Speaker 7 · Unclear audio

[unclear audio — 0:01]

[01:07:39] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:07:40] Attribution uncertain · Unclear audio

[unclear audio]

[01:07:40] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:07:40] Attribution uncertain · Unclear audio

[unclear audio]

[01:07:40] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:07:41] Speaker 7 + overlapping voice

married.

[01:07:41] Speaker 1

Right. Which for some might be very long term.

[01:07:46] Speaker 3 + overlapping voice

Now, I use this as an example.

[01:07:48] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:07:48–01:07:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:53] Speaker 3 + overlapping voice

And they're private.

[01:07:54] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:07:54–01:07:59 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:57] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

[01:07:59] Speaker 1 + overlapping voice · overlapping voices

whole thing. Sure. But for instance, here's a better example. Subway. Okay. We all know Subway. Subway is a private company.

[01:08:07] Speaker 3

Okay.

[01:08:08] Speaker 1 + overlapping voice

It was started about 40 years ago.

[01:08:11] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:08:11–01:08:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:15] Speaker 1 + overlapping voice · overlapping voices

If they sell out, that's where a private equity manager could go in and buy it. Okay. So they see an

[01:08:21] Speaker 3 + overlapping voice · overlapping voices

opportunity.

[01:08:21] Speaker 1

Exactly. And what's that private equity manager

[01:08:23] Speaker 6

going to do? Yeah.

[01:08:24] Speaker 1 + overlapping voice · overlapping voices

They're going to right size it and then they're going to sell ‸ out to the public. It'll become a public company.

[01:08:28] Attribution uncertain

Flip

[01:08:28] Speaker 1 + overlapping voice · overlapping voices

it. Yep. Exactly. Another example is Chick-fil-A.

[01:08:33] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:08:33–01:08:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:33] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:08:33] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[01:08:34] Speaker 3 + overlapping voice · overlapping voices

Yeah. We'll

[01:08:35] Speaker 1 + overlapping voice · overlapping voices

call ‸ something else probably. Subway has had some challenges because they are actually losing market share to Panera, Firehouse Subs. So there are other things happening. Jersey Mike's.

[01:08:48] Speaker 3

‸ Yeah.

[01:08:50] Speaker 1

Page 28 gives you some of the drawbacks and risks for private equity. We just labeled five of them. Structure problem. They are very complex legal agreements. The J curve problem. The way private equity works is that in the beginning years, you're making investments. So you're not getting any returns. But you still have to pay the people to make those investments. So that's why you have a negative return. So your negative return is the bottom part of the J. And eventually as you sell companies, as money is invested and then they're sold, you get returns. So it looks like a J. The return is negative and then it goes up. Vintage year problem. Just like wines have good ‸ years. Private equity funds have good years and bad years.

[01:09:37] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:09:37–01:09:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:09:41] Speaker 1

2025 would have been a better year.

[01:09:42] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:09:42–01:09:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:09:46] Speaker 1

The accessibility problem I mentioned to you, some very good managers are very difficult to get into. The diversity problem really talks about actually diversification of different types of strategies of private equity.

[01:10:00] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:10:00–01:10:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:10:03] Speaker 1

figure out how a food service company works. While another one might be very good at how oil companies work or technology companies or healthcare companies.

[01:10:14] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:10:14–01:10:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:10:17] Speaker 1

There's a lot of what you can invest in. So trying to find whether or not you're well diversified. That's a challenge.

[01:10:26] Speaker 3

Do any of these cover endowments?

[01:10:28] Speaker 1

So endowments and foundations invest in private equity pretty heavily.

[01:10:33] Speaker 3

Okay.

[01:10:33] Speaker 1

The larger you get in terms of size. And what I mean by that is at least a billion dollars or over. Typically endowments

[01:10:41] Speaker 1 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:10:41–01:10:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:10:45] Speaker 1

equity.

[01:10:46] Speaker 4

Wow.

[01:10:47] Speaker 1

Because they have a spending policy

[01:10:49] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:10:49–01:10:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:10:50] Speaker 1

But then everything else could be pretty much illiquid. So over time what's happened is that there's something called the Yale model. Which was started by Yale. And over time ‸ they've had access. Because it is a very good university. Some of their alumni were at private equities. Also private equities want to be associated with a good name. Over time their portfolio has grown into more

[01:11:15] Speaker 1 · Machine re-recognized

e-liquid

Flag: words were replaced by a machine repair · 01:11:15–01:11:16 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:11:16] Speaker 1

investments. So you check off the list. They are invested in all of these things.

[01:11:21] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:11:21–01:11:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:11:25] Speaker 1

Maybe a quarter to a third is liquid.

[01:11:28] Speaker 3

Wow.

[01:11:29] Speaker 1

So they're

[01:11:29] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:11:29–01:11:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:11:30] Speaker 3 · Unclear audio

[unclear audio — 0:02]

[01:11:32] Speaker 3

they're not hurting for money.

[01:11:34] Speaker 1

No. They are definitely not hurting for money. Page 29 just gives you an idea of different ways of investing in private equity. Primary funds, secondary funds, fund of funds, and co-investment. I think the easiest way to understand it is page 30. Now it looks a little bit challenging. So it's my job to hopefully decipher all of this for you. Okay. So the way I would step into this is ‸ that we're going

[01:11:58] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:11:58–01:12:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:02] Speaker 1

are going to invest in private equity.

[01:12:05] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:12:05–01:12:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:07] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:12:07–01:12:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:09] Speaker 3

Okay.

[01:12:10] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:12:10–01:12:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:14] Speaker 3

Okay.

[01:12:14] Speaker 1

That's a regular private equity fund.

[01:12:16] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:12:16–01:12:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:19] Speaker 1

And what they do is they invest in companies. So they're going to invest in company A, company B, company C, company D, etc. Okay.

[01:12:28] Speaker 4

Yeah.

[01:12:29] Speaker 1 + overlapping voice

Hypothetically speaking though, let's say we happen to be a fund that has two more zeros behind our balance.

[01:12:39] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:12:39–01:12:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:45] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:12:45–01:12:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:46] Speaker 1 + overlapping voice

Now, not only would we invest in private equity fund too, but private equity fund too has great ideas, A, B, C, etc. Right? Well, one of those ideas, number A, they have to invest in it or there's an opportunity for them to invest a lot of money into it, but they don't want to put all of that investment into private equity fund

[01:13:06] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:13:06–01:13:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:13:06] Speaker 1 + overlapping voice

They'll say we have, we're going to invest money.

[01:13:09] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:13:09–01:13:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:13:13] Speaker 1 + overlapping voice · overlapping voices

individual funds can directly invest in it. That's

[01:13:17] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:13:17–01:13:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:13:18] Speaker 1 + overlapping voice · overlapping voices

Yes. They, ‸ private equity fund too wants to diversify themselves. They don't want to have too much risk in one fund, but there's this wonderful opportunity that they have in company A. They want to capitalize on that opportunity.

[01:13:29] Attribution uncertain

So

[01:13:29] Speaker 1

then they go to their investors and say, who wants to directly invest in that company?

[01:13:33] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:13:33–01:13:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:13:36] Speaker 1

That's called co-investing. That then becomes LP 14. So LP 14 is taking a little bit more direct risk by saying, I want to invest in that company A alongside private equity fund too. It's a little bit more risk, but also you potentially get

[01:13:56] Speaker 7

more

[01:13:57] Speaker 1 + overlapping voice · overlapping voices

return.

[01:13:58] Speaker 7

Okay.

[01:13:59] Speaker 1

Now I'm going to change our identity again.

[01:14:01] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:14:01–01:14:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:03] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:14:03–01:14:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:06] Speaker 7 + overlapping voice · overlapping voices

Um,

[01:14:07] Speaker 1

we are an individual, not a fund. We are an

[01:14:10] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:14:10–01:14:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:14] Speaker 1

divorce. Okay. Uh, we want to settle out our investment because we're

[01:14:21] Attribution uncertain

going

[01:14:21] Speaker 1

to

[01:14:21] Attribution uncertain

get a divorce.

[01:14:21] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output; a language review questioned the wording · 01:14:21–01:14:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:23] Speaker 1

Okay. And we're going to take cents on

[01:14:26] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:14:26–01:14:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:27] Speaker 1

Maybe we'll get 90 cents on the dollar. We have to sell that interest to somebody else. Who are

[01:14:32] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:14:32–01:14:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:34] Speaker 1

Private equity fund one comes in

[01:14:36] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:14:36–01:14:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:39] Speaker 1

We like those investments, but we're going to give you a haircut. We'll give you 90 cents on the dollar. That's called a secondary fund. So what a secondary fund does is it goes out there in the marketplace, tries to find opportunities that are selling at a discount. Why are they selling at a discount? There's some sort of structural reason why that LP wants to get out. Whether it be as an individual, you're going through a divorce or let's say the LP happens to be a money manager, um, a bank. A bank that gets bought by another bank and the new bank says,

[01:15:10] Attribution uncertain

we

[01:15:10] Speaker 1

don't want any of those private equity investments, for instance,

[01:15:13] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:15:13–01:15:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:15:15] Speaker 1

So there's our structural reasons why there are some discounts.

[01:15:18] Speaker 7

Pension fund has to raise debt?

[01:15:20] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:15:20–01:15:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:15:22] Speaker 1 + overlapping voice

Exactly. So there was a quota to the 12 year life history of a fund. You can get out, but you get out at a haircut anywhere typically from 10 to 25%. The other one is a fund of funds. So if you go to the right, this is probably the most likely route for us. We would be fund LP 10, for instance, because even if we invested 10% of our assets, it represents about $2.5 million.

[01:15:54] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:15:54–01:15:55 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:15:55] Speaker 1 + overlapping voice

going to get the right manager for that $2.5 million?

[01:15:59] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:15:59–01:16:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:16:01] Speaker 1 + overlapping voice

So what we want to do is we want to diversify our bet a little bit and hire a manager.

[01:16:07] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 01:16:07–01:16:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:16:13] Speaker 1 + overlapping voice

I'm sorry, private equity fund three, which is then going to invest in other private equity funds, let's say two and four, that are going to directly invest in stocks or companies. So private equity fund three is a fund of funds.

[01:16:27] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:16:27–01:16:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:16:31] Speaker 1 + overlapping voice · overlapping voices

Private equity four might just focus on growth equity for restaurants, let's say, or consumer disposables, whatever it is. So the way that you're diversifying your bet is by going to a private equity fund of funds. And it does have an extra layer of fees, but what you're looking at are net of fee returns. Do they

[01:16:57] Speaker 3 + overlapping voice · overlapping voices

have a benchmark?

[01:16:58] Speaker 1

The benchmark is a challenge.

[01:17:01] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:17:01–01:17:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:17:01] Speaker 1

there are a couple of benchmarks that you can look at, but at the end of the day, what you're doing is you're trying to get better than public returns over the long term. Sure.

[01:17:11] No voice detected

Okay.

[01:17:12] Speaker 1

So this schematic on page 30 really gives you the landscape for what private equity looks like.

[01:17:18] Speaker 1 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:17:18–01:17:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:17:22] Speaker 1

Um,

[01:17:24] Speaker 3 + overlapping voice · overlapping voices

and it's long term.

[01:17:25] Speaker 1

And it is long term. So that in a nutshell is private equity. I went through it pretty quickly, but this is stuff that you hear about at conferences all the time. You have multiple private equity firms approaching you guys over time as well.

[01:17:39] Attribution uncertain

So

[01:17:39] Speaker 1

I thought it would be helpful for at least for me to walk through this. Happy to address any questions that you might have.

[01:17:46] No voice detected

Mr. Zimmerman.

[01:17:47] Speaker 3

Thank you. Mr. Cox.

[01:17:53] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:17:53–01:17:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:17:54] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:17:54–01:17:55 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:17:55] Speaker 3

Thank you, Mr. Lee. That was a great presentation. Thank you. Thank you for the information.

[01:17:59] Speaker 1

You're welcome.

[01:18:00] Speaker 3

As

[01:18:01] Speaker 1

I said,

[01:18:01] Speaker 3

light

[01:18:01] Speaker 1

reading before bed.

[01:18:03] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:18:03–01:18:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:18:06] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[01:18:08] Speaker 1 + overlapping voice · overlapping voices

It

[01:18:08] Speaker 3 + overlapping voice · overlapping voices

fits just right on the back fixture in the bathroom. Exactly. All right. Thank you, Mr. Lee. Did you have anything else for our meeting today?

[01:18:18] Speaker 1

No, sir.

[01:18:19] Speaker 3

All right. Thank you. We'll now turn over to Mr. Floyd.

[01:18:24] Speaker 7

I gave you something for your reading.

[01:18:25] Speaker 3 + overlapping voice · overlapping voices

I saw that.

[01:18:27] Speaker 5

So normally I wouldn't do this.

[01:18:30] Speaker 7

Normally I wouldn't do this.

[01:18:31] Speaker 7 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:18:31–01:18:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:18:35] Speaker 7

but I wouldn't print the bills out. But I find this one so fascinating that I thought I'd print it out and give it to you. So you can read it whenever you want. Uh,

[01:18:43] Speaker 7 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:18:43–01:18:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:18:46] Speaker 7

I'm going to take you to page nine. Uh, if you look at page nine of 49, uh, you're going to see a provision there that amends chapter 112 Florida statutes, and this would apply to pension funds, including yours. And what you will see in the first section, there is a definition of pecuniary factor. And that is a factor that the plan administrator named fiduciary board board of trustees prudently determines is expected to have a material effect on the risk of returns of an investment based on appropriate investment horizons,

[01:19:22] Speaker 7 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:19:22–01:19:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:24] Speaker 7

Basically anything that's going to have an effect or impact on money, right? That is a pecuniary factor. And then as it continues down at the bottom of that page, uh,

[01:19:35] Speaker 7 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:19:35–01:19:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:36] Speaker 7

you're going to see in number three, that when deciding whether to exercise shareholder rights, when deciding whether or not to make an investment, you can only use pecuniary factors. And I bring this up because you guys have discussed this before.

[01:19:54] Speaker 7 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:19:54–01:19:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:58] Speaker 7

companies that invest in China, or we don't know if we want companies that, you know, engage in, you know, various activities. All of that would no longer be a factor. The only thing that you would be allowed to consider are pecuniary factors. Meaning, is it going to be a good investment? Now, obviously you're going to rely on your investment consultants, you know, for that advice, but this law would prohibit you from making any other consideration or taking any other consideration. And then you'll see in number four, going to your

[01:20:29] Speaker 7 · Machine re-recognized

unfunded

Flag: words were replaced by a machine repair · 01:20:29–01:20:30 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:20:30] Speaker 7

mandates, they get handed down to us on high. And number four, we would have to file reports certifying that we have complied, uh, and only consider pecuniary factors when making investment decisions or when instructing how to vote our proxies. You would not be able to like you. We have a lot of pension funds that adopt the AFL-CIO's voting proxy.

[01:20:56] Speaker 7 · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 01:20:56–01:21:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:21:02] Speaker 7

says to vote the proxies or the IFF might, you know, say, Hey, in that company, we want to vote this way.

[01:21:07] Speaker 7 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:21:07–01:21:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:21:10] Speaker 7

That, that would all be prohibited under this law. Uh, so this is, this is coming up during this session, starting March 7th. So we're not very far away. Uh, then you'll see on the next page, page 11, that the DMS, you would file your reports with the DMS and then the DMS, which is the department of management services. They oversee the retirement section for police and fire

[01:21:35] Speaker 7 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:21:35–01:21:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:21:40] Speaker 7

And you can thumb through this. I'm going to take you over to page 35. There are all kinds of requirements in here that apply to all kinds of industries. This is just the pension, but

[01:21:51] Speaker 7 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:21:51–01:21:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:21:53] Speaker 7

There are requirements in here for provision of services, uh, and investment decisions.

[01:21:59] Speaker 7 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 01:21:59–01:22:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:22:00] Attribution uncertain · Unclear audio

[unclear audio]

[01:22:00] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[01:22:00] Speaker 7 + overlapping voice

for a mortgage, uh, restricting what they can and can't consider. If you go over to page 35

[01:22:07] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:22:07–01:22:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:22:12] Speaker 7 + overlapping voice

section

[01:22:12] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:22:12–01:22:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:22:13] Speaker 7 + overlapping voice

If you go to the next page, you'll see the substance of that amendment, but these are going to be restrictions on contracting. Uh, so when entering into a contract, we do it. We just had the discussion about the provisions in the foster and foster, right?

[01:22:27] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:22:27–01:22:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:22:28] Speaker 7 + overlapping voice

You got, you have to use E verify when hiring new employees. Here come more restrictions on contracting that we would have to comply with. But you'll see in number two, uh, an awarding body, which would be the board of trustees may not request documentation

[01:22:43] Speaker 7 + overlapping voice · Machine re-recognized

of or consider a vendor's

Flag: words were replaced by a machine repair · 01:22:43–01:22:45 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:22:45] Speaker 7 + overlapping voice

social, political, or ideological interests when determining if the vendor is responsible vendor. So when we go through the contracting process,

[01:22:52] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:22:52–01:22:57 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:22:57] Speaker 7 + overlapping voice

which ‸ we do. I mean, listen, this isn't going to change. We've never had an actuary and an investment consultant

[01:23:06] Speaker 7 + overlapping voice · Machine re-recognized

an attorney, an

Flag: words were replaced by a machine repair · 01:23:06–01:23:07 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:23:07] Speaker 7 + overlapping voice · overlapping voices

administrator, you know, anybody come in and we go, Hey, uh, you know, what party are you registered? Yeah. ‸ Yeah. I mean, we, we haven't done these things, but we have had these discussions, particularly about investments. Uh, so understand that all of that would be prohibited. And then if you look at the bottom of that page and continuing on, you will see how broad and comprehensive this is. Uh, there are protections in there for religious beliefs, uh, that give a company the ability to, for example,

[01:23:39] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:23:39–01:23:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:23:41] Speaker 7 + overlapping voice

But then I can't discriminate against somebody for their religious belief. So there are things I think that are internally inconsistent, but you look at the next page, page 37 and just go down, you know, persons, political opinion, speech or affiliations, uh, any factor that's not quantitative, impartial risk based. Uh, you cannot, uh, ownership of a firearm is, is there at number three in the bottom of that page. Uh, their engagement in the lawful manufacturing distribution sale purchase of firearms or ammunition.

[01:24:15] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:24:15–01:24:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:24:19] Speaker 7 + overlapping voice

the person's

[01:24:20] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 01:24:20–01:24:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:24:25] Speaker 7 + overlapping voice

energies, timber, mining, agriculture. You know, so they're removing all of these considerations from you, prohibiting you from considering them. It'd be fascinating to watch this shake out.

[01:24:39] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:24:39–01:24:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:24:43] Speaker 7 + overlapping voice

While at the exact same time on February 1st,

[01:24:46] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:24:46–01:24:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:24:49] Speaker 7 + overlapping voice

Okay. But they apply to private sector pension funds. We had DOL regulations that came out.

[01:24:55] Speaker 7 + overlapping voice · Machine re-recognized

encouraging the consideration of ESG, Environmental, Social, and Governance considerations, saying that they should be considered by

Flag: the recognized words and the detected speech do not line up · 01:24:55–01:25:06 · gap filled by a machine re-reading (not checked by a person)

[01:25:06] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:25:06–01:25:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:25:10] Speaker 7 + overlapping voice

We've talked before about the tiebreaker rule.

[01:25:12] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:07]

Flag: a language review questioned the wording · 01:25:12–01:25:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:25:19] Speaker 7 + overlapping voice

to break that tie. They've removed the tiebreaker rule, said no more. Now you can actually use that as a consideration. The DOL recognized that ESG considerations might be pecuniary because they might ‸ have an impact on a company's profitability or the return on that investment. You also have like the UK, for example. ‸ UK requires pension funds to consider ESG considerations when making an investment decision.

[01:25:47] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:25:47–01:25:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:25:51] Speaker 7 + overlapping voice · overlapping voices

You have to certify that you did because UK as a government has made a decision that these ESG considerations are financially material to your investments. So just, it's just FYI, you know, the, I know the FPPTA is mobilizing, uh, you know, they're gathering white papers and information, uh, to go present and they're fighting this. Uh, I just wanted you to know that it's out there to my actual agenda.

[01:26:19] Speaker 4 + overlapping voice · overlapping voices

The,

[01:26:20] Speaker 7 + overlapping voice

the only thing that we really have on the agenda are

[01:26:22] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:26:22–01:26:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:26:25] Speaker 7 + overlapping voice

Uh, we have

[01:26:25] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:26:25–01:26:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:26:29] Speaker 7 + overlapping voice

that pending piece of litigation out there, uh, that I've discussed with you at every meeting for the past couple of years. Uh, it continues to just wither in the courts. Uh, as I've said before,

[01:26:42] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:26:42–01:26:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:26:44] Speaker 7 + overlapping voice · overlapping voices

We don't have any interest in taking up that matter. Eventually the court's going to say, uh, lack of prosecution when they're going to convene a virtual hearing like they did last time and something will have to happen. And if it doesn't, the court will just dismiss it on its own. So that's all we got going on. All right. Any questions?

[01:27:02] Speaker 3 · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 01:27:02–01:27:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:27:04] No voice detected · Unclear audio

[unclear audio]

[01:27:07] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[01:27:09] Speaker 7 · Unclear audio

[unclear audio — 0:01]

[01:27:09] Speaker 7

I mean, it,

[01:27:10] Attribution uncertain · Unclear audio

[unclear audio — 0:01]

[01:27:11] Speaker 7

I have no doubts that amendments will, will happen. Something's going to pass. Uh, it is a, uh,

[01:27:20] Speaker 3

uh,

[01:27:20] Attribution uncertain

uh,

[01:27:21] Speaker 3

uh, ‸ high priority item.

[01:27:23] Speaker 7

We'll put it that way.

[01:27:24] Speaker 3 + overlapping voice · overlapping voices

For president dissent. I mean, government dissent. Exactly. All the sheep are going that way. Yeah. Yeah. And yet you're supposed to be the ones that are trying to cut costs, you know?

[01:27:40] Speaker 4

Well,

[01:27:40] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 01:27:40–01:27:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:27:40] Speaker 4 · Unclear audio

[unclear audio — 0:03]

[01:27:43] Speaker 7 · Unclear audio

[unclear audio — 0:02]

[01:27:45] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[01:27:47] Speaker 4 + overlapping voice · overlapping voices

Oh yeah.

[01:27:49] Speaker 7 + overlapping voice · overlapping voices

No, absolutely. I mean, for small government. Yeah. Yeah. Yeah. Thank you. This is all addition. This is all new. And, and the truth is like you guys,

[01:28:00] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:28:00–01:28:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:28:03] Speaker 7 + overlapping voice

Like, you know, how, how, how much is this? Yeah. When you're talking about international equities investment, you know, how much

[01:28:10] Speaker 7 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:28:10–01:28:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:28:11] Speaker 7 + overlapping voice

You, you guys have discussed these things, but we've never

[01:28:13] Speaker 3

like, no, nobody made a decision politically.

[01:28:17] Speaker 7

Yeah.

[01:28:18] Speaker 3

I know. I know.

[01:28:19] Speaker 7 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 01:28:19–01:28:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:28:24] Speaker 3

It's all about who's in control. Mr. Cox, Mr. Lang,

[01:28:30] Speaker 4

‸ Mr.

[01:28:31] Speaker 3

Matt. Thank you, Mr. Floyd. You are welcome. Ms. Adcock.

[01:28:36] Speaker 2

I have nothing other than the, um,

[01:28:39] Speaker 3 + overlapping voice · overlapping voices

‸ couple of warrants.

[01:28:41] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:28:41–01:28:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:28:45] Speaker 2 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:28:45–01:28:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:28:46] Speaker 3 · Unclear audio

[unclear audio — 0:03]

[01:28:51] Speaker 3 · Unclear audio

[unclear audio — 0:12]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:28:51–01:29:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:29:02] Attribution uncertain · Unclear audio

[unclear audio]

[01:29:02] Speaker 3 · Unclear audio

[unclear audio — 0:02]

[01:29:07] Speaker 3

Motion by Mr.

[01:29:09] Speaker 3 · Machine re-recognized

Madden

Flag: words were replaced by a machine repair · 01:29:09–01:29:09 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:29:09] Speaker 3

second. Second by Mr. Lang discussion.

[01:29:15] Speaker 3 · Unclear audio

[unclear audio — 0:07]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:29:15–01:29:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:29:22] Speaker 3

from our advisors and financial individuals. So everything seems in line. Ms. Floyd. I'm Mrs.

[01:29:30] Speaker 3 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:29:30–01:29:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:29:32] Speaker 3

Did you have any discrepancies at all? Okay, good. Any questions? Mr. Zimmerman.

[01:29:38] Speaker 3 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:29:38–01:29:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:29:39] Speaker 3

Mr. Cox. Mr.

[01:29:40] Speaker 3 · Machine re-recognized

Madden?

Flag: words were replaced by a machine repair · 01:29:40–01:29:41 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:29:41] Speaker 3

Mr. Lang.

[01:29:43] Speaker 6 + overlapping voice · overlapping voices

No, not against the warrants. Okay. With her with, I guess you've gotten ‸ contact with all the, the two retirees coming up and everything. Oh. Yeah. Okay.

[01:29:53] Speaker 6 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:29:53–01:29:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:29:54] Speaker 6 + overlapping voice

‸ Just wanted to make sure everything's going to be sound for like the following month. Make sure it's checks and everything are rolling. Right.

[01:30:01] No voice detected · Unclear audio

[unclear audio]

Flag: the recognizer flagged its own output · 01:30:01–01:30:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:30:01] Speaker 6 · Unclear audio

[unclear audio — 0:01]

[01:30:02] Attribution uncertain

I

[01:30:02] Speaker 6

said, I'll ask though. And we

[01:30:05] Speaker 2

have them both. Um, so it's just the drop, uh, distributions.

[01:30:11] Speaker 6 + overlapping voice

Yeah.

[01:30:11] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 01:30:11–01:30:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:30:16] Speaker 6 + overlapping voice

first, the following month. March 1st.

[01:30:18] Speaker 6 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:30:18–01:30:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:30:21] Speaker 6 + overlapping voice

work until the following

[01:30:22] Attribution uncertain · Unclear audio

[unclear audio]

[01:30:22] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:30:22–01:30:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:30:22] Attribution uncertain · Unclear audio

[unclear audio]

[01:30:22] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[01:30:25] Speaker 6 + overlapping voice · overlapping voices

No.

[01:30:25] Speaker 6 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:30:25–01:30:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:30:29] Speaker 6 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:30:29–01:30:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:30:32] No voice detected · Unclear audio

[unclear audio]

[01:30:38] Speaker 6 · Unclear audio

[unclear audio]

[01:30:38] Speaker 2 · Unclear audio

[unclear audio — 0:05]

[01:30:43] Speaker 2

Okay.

[01:30:43] Speaker 6

Yeah. That's good.

[01:30:44] Speaker 6 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:30:44–01:30:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:30:45] Speaker 3 · Unclear audio

[unclear audio]

[01:30:45] Speaker 3

Befores are the warrants for approval. All those in favor, say aye.

[01:30:48] No voice detected

Aye.

[01:30:49] Speaker 3

Any opposed, say nay. The motion carries. Ms.

[01:30:51] Speaker 3 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:30:51–01:30:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:30:52] Speaker 3

Was there anything else you need to present to us today?

[01:30:54] No voice detected · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up · 01:30:54–01:30:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:30:56] Speaker 3 + overlapping voice · overlapping voices

‸ Okay. And we're, um, update on our annual membership, FPPTA. Okay. Because they have a deadline now in March or something, or that you have to have your annual membership in also. Okay. All right. Um, any, uh, benefit approvals?

[01:31:23] Attribution uncertain

We

[01:31:23] Speaker 3

don't have any of those. So the next item will be our next, or any new business. Any new business?

[01:31:28] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:31:28–01:31:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:31:28] Speaker 4 · Unclear audio

[unclear audio]

[01:31:29] Speaker 3 + overlapping voice · overlapping voices

Mr. Lang? Nope. Mr. Madden? Mr. Cox? No new business. Our next business meeting.

[01:31:36] Speaker 3 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:31:36–01:31:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:31:36] Speaker 3 + overlapping voice

be in May.

[01:31:37] Speaker 3 + overlapping voice · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 01:31:37–01:31:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:31:38] No voice detected · Unclear audio

[unclear audio — 0:01]

[01:31:41] Speaker 3

And you guys got your schedule out?

[01:31:44] No voice detected

I got it.

[01:31:45] Speaker 3

All right.

[01:31:46] Speaker 3 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:31:46–01:31:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:31:51] Speaker 7

The day after Mother's Day?

[01:31:52] Speaker 3

Uh, excuse me. I'm sorry. May the 12th or May the 19th are available. Oh, well, the 12th preferably. Is the 12th available?

[01:32:02] Speaker 7

I can't do the

[01:32:03] No voice detected

12th.

[01:32:03] Speaker 3

You can't do the 12th.

[01:32:05] Speaker 7 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 01:32:05–01:32:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:32:06] No voice detected · Unclear audio

[unclear audio — 0:01]

[01:32:07] Speaker 3

And I've got a procedure that day, so.

[01:32:10] Speaker 1

But y'all guys can have a meeting without me.

[01:32:11] Attribution uncertain

I

[01:32:11] Speaker 1

just. About the 26th then.

[01:32:13] Speaker 3

The 26th, I'm out of town. So, yeah.

[01:32:16] No voice detected

What does

[01:32:16] Attribution uncertain

it

[01:32:16] No voice detected

do?

[01:32:17] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 01:32:17–01:32:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:32:18] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:32:18–01:32:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:32:19] Speaker 1 · Unclear audio

[unclear audio]

[01:32:20] No voice detected · Unclear audio

[unclear audio]

[01:32:20] No voice detected

15th or 16th.

[01:32:21] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:32:21–01:32:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:32:23] No voice detected · Unclear audio

[unclear audio]

[01:32:24] Speaker 6

Hmm.

[01:32:25] No voice detected

I

[01:32:26] Speaker 6

can't

[01:32:26] Speaker 1 + overlapping voice · overlapping voices

do the 16th.

[01:32:28] Speaker 3

17th?

[01:32:29] No voice detected

I can't

[01:32:30] Speaker 6

do

[01:32:30] Speaker 7

17th or 18th.

[01:32:31] Speaker 3

Okay.

[01:32:32] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:32:32–01:32:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:32:34] No voice detected · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:32:34–01:32:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:32:38] Speaker 3

Yeah, I'm booked from 8th to 11th. Okay, so the 10th?

[01:32:41] Speaker 7

We can do the 10th.

[01:32:43] Speaker 3

10th of May?

[01:32:44] Speaker 7 + overlapping voice · overlapping voices

‸ Can't do the 8th or 11th, David said. Oh,

[01:32:46] Speaker 3 + overlapping voice · overlapping voices

David's not available that week. Okay, he's not available the 12th.

[01:32:48] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:32:48–01:32:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:32:48] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:32:48] Speaker 7 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[01:32:51] Speaker 7 + overlapping voice

Like the week of the 22nd.

[01:32:53] Speaker 6

We're not working the 23rd or the 26th. But you're gone that week?

[01:32:57] Speaker 3

I leave out the 26th. 25th or 24th?

[01:33:01] Speaker 6

I can do

[01:33:01] Speaker 3

either one.

[01:33:02] Speaker 1

Oh, cool. I

[01:33:03] Speaker 1 · Machine re-recognized

could

Flag: words were replaced by a machine repair · 01:33:03–01:33:04 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:33:04] Speaker 1

probably make the 10th work if you want to do the 10th.

[01:33:07] Speaker 7

I can't do the 10th.

[01:33:07] Speaker 7 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:33:07–01:33:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:33:08] Attribution uncertain · Unclear audio

[unclear audio]

[01:33:08] Speaker 3 + overlapping voice · overlapping voices

Okay, let's do the 24th

[01:33:09] Attribution uncertain

or

[01:33:09] Speaker 3

25th. How about that, David?

[01:33:11] Speaker 7 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 01:33:11–01:33:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:33:12] Attribution uncertain

I

[01:33:12] Speaker 7

can do the 24th.

[01:33:13] Speaker 7 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:33:13–01:33:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:33:16] Speaker 1

24th. I have a 10 o'clock meeting, but it's virtual. That's my only challenge. Oh.

[01:33:27] Speaker 3 + overlapping voice

Well, we'll make you at the end of our agenda then.

[01:33:31] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: the recognizer flagged its own output; a language review questioned the wording · 01:33:31–01:33:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:33:34] Attribution uncertain · Unclear audio

[unclear audio]

[01:33:34] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[01:33:35] Speaker 3

room set up. Okay, that works for me. Okay.

[01:33:38] Speaker 7 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:33:38–01:33:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:33:39] Attribution uncertain · Unclear audio

[unclear audio]

[01:33:39] Speaker 7 · Unclear audio

[unclear audio — 0:01]

[01:33:40] Speaker 3 + overlapping voice · overlapping voices

Sir? Actually, yeah.

[01:33:41] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 01:33:41–01:33:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:33:42] Speaker 3 + overlapping voice · overlapping voices

Okay, we'll do that. Is that okay? Is

[01:33:43] Speaker 1 + overlapping voice · overlapping voices

that

[01:33:44] Speaker 7

good?

[01:33:44] Speaker 1

That's perfect.

[01:33:45] Speaker 3 + overlapping voice · overlapping voices

Okay. Okay, 24th. ‸ Mr. Zimmerman?

[01:33:48] Speaker 6 + overlapping voice · overlapping voices

Mr.

[01:33:49] Speaker 3 + overlapping voice · overlapping voices

Cox? May 24th. Gentlemen? You guys are off that day?

[01:33:55] Speaker 6

May 24th.

[01:33:56] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:33:56–01:33:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:33:59] Speaker 3 + overlapping voice · overlapping voices

And we'll get a room set up for you, Mr. Lee. Yes, absolutely. All right. So,

[01:34:04] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:34:04–01:34:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:07] Speaker 3 + overlapping voice

Did the city have any contents today? Okay, great. Thank you for being here.

[01:34:12] Speaker 3 + overlapping voice · Unclear audio

[unclear audio]

Flag: words only one machine reading has (possibly not said) · 01:34:12–01:34:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:12] No voice detected · Unclear audio

[unclear audio]

[01:34:13] Speaker 6 · Unclear audio

[unclear audio — 0:02]

[01:34:15] No voice detected · Unclear audio

[unclear audio]

[01:34:15] Attribution uncertain · Unclear audio

[unclear audio]

[01:34:15] Speaker 6 · Unclear audio

[unclear audio]

[01:34:17] Speaker 6

Well,

[01:34:18] Speaker 3 + overlapping voice · overlapping voices

they have to drive up from South Florida, so 930 is kind of pushing them.

[01:34:21] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:34:21–01:34:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:21] Speaker 6 + overlapping voice · Unclear audio

[unclear audio — 0:03]

[01:34:24] Speaker 6 + overlapping voice · overlapping voices

minutes to kind of get done and get up here to his meeting. Yeah. No, I'll be fine because I'm just going to have a conference

[01:34:29] Speaker 1 + overlapping voice · overlapping voices

room right here. I'll

[01:34:30] Attribution uncertain

get us from set.

[01:34:30] Speaker 1 + overlapping voice · overlapping voices

It's private room set.

[01:34:31] Attribution uncertain

That'd be

[01:34:31] Speaker 1 + overlapping voice · overlapping voices

great. ‸ Thank you for the accommodation.

[01:34:33] Attribution uncertain

I

[01:34:33] Speaker 1

appreciate it.

[01:34:34] Speaker 3 + overlapping voice · overlapping voices

No problem. We'll get that arranged today. All right. So, our next meeting will be on

[01:34:38] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:34:38–01:34:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:41] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:34:41–01:34:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:44] Speaker 3 + overlapping voice

Mr. Zimmerman?

[01:34:44] Speaker 4 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:34:44–01:34:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:45] Speaker 3

Mr. Cox?

[01:34:46] No voice detected · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:34:46–01:34:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:46] Speaker 3

Mr. Lang?

[01:34:47] Speaker 4

Yes, sir.

[01:34:48] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:34:48–01:34:49 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:50] Speaker 3

And we thank you all.

[01:34:51] Speaker 3 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:34:51–01:34:53 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:53] Speaker 3 · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 01:34:53–01:34:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:34:55] Speaker 7 · Unclear audio

[unclear audio — 0:01]

Fire Pension Regular Meeting

The City's record

What the City's record shows

Agenda (the City's wording)

Transcript Partial transcript

Ask about this meeting