‸ And we've been doing it for more than 25 years. By the
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:00:03–00:00:07 · unresolved: the words are not shown (unclear audio); listen to the recording
support 13,000 retirees with their monthly benefit payments. I'll talk about that in a little bit. They get it every single time, on time, without fail. And we support retirees, investment managers, and the like throughout the United States. We have clients in Florida, because that's where we started, but because of the type of service that we deliver, we have clients in Georgia, Louisiana, Texas, Oklahoma, and Pennsylvania. So, I guess the question is, well, how have
you
done? ‸ Right? So, if you go over to the next page, you'll see a bar chart at the top. Those are our clients and how long they've been with Salem Trust. Off to the far right-hand side, you'll see 25 years plus. We had to put a new category in there for 25 years plus, because of clients who have been with us for so long. If you've seen those that have been with us for 20 and plus years, that's close to 70 of our clients that have been with us for more than 20 years. So, what does this mean for you? We work really hard at delivering a service that is unflawed. In other words, we work really hard to make sure our clients don't have reasons to leave us. The item below is a survey that we performed this year under Chris's leadership. There's a survey that was sent out to our service providers, our plan administrators, our investment consultants, and our attorneys that we work with. You can see the results. Extremely favorable. This is from a statistically significant population that we secured for these results. Off to the left-hand side, we have the greatest degree of interactions on a frequent basis with plan administrators almost every single day.
Secondly,
investment consultants. Mitchell. So, when he wants a change into mutual fund, use a new separately managed account, hire new managers, and so on, we work with them directly to make sure that happens. And finally, attorneys, off to the far right-hand side. As an aside, we consider the attorney scores to be quite good given how they view the world at large. Right? So, we consider those results to be very good. The next page, then, gets into our service and how we are different. Again, we help plan administrators from employees in cities who are doing it part-time, who need a lot of help,
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:02:39–00:02:43 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:02:44–00:02:47 · unresolved: the words are not shown (unclear audio); listen to the recording
Actually, it's closer to 120 now across the United States.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:02:50–00:02:51 · unresolved: the words are not shown (unclear audio); listen to the recording
Seattle, down to Boca Raton. All over the United States. Our service providers have a unique support by us. We consider them to be our clients as well. We make it really easy. We can accept written instructions one time for things like rebalancing of accounts. Some of our providers, some of our alternatives, some of our competitors don't do that. And when you get those state monies in, right, we call up the investment manager and say, Hey, we just got the check-in.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 00:03:26–00:03:27 · unresolved: the words are not shown (unclear audio); listen to the recording
So, all things that are designed on the back
end of things to
make their lives easier. And believe me, if we can make their lives easier, your life is easier too. Next page. Who relies on us? We have more than 197 government retirement. ‸ If you include governments at large, it's well over 200. Like 204. So,
we
have a lot of municipalities that have hired us as custodians over their rainy day funds. Right? Their reserves. We provide custody services for them as well.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:04:01–00:04:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:04:05–00:04:09 · unresolved: the words are not shown (unclear audio); listen to the recording
Plans. So, we do it all. Again, noting the clients that we have throughout the United States. And our institutional clients,
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:04:18–00:04:23 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:09 ▶]
Flag: the recognized words and the detected speech do not line up · 00:04:24–00:04:33 · unresolved: the words are not shown (unclear audio); listen to the recording
us to get their monthly benefit payment to them every single time. As a matter of corporate strategy, back in 2013,
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:04:42–00:04:45 · unresolved: the words are not shown (unclear audio); listen to the recording
And we did that intentionally. We live in Florida. We know what it's like to have a hurricane bowl our way and take those phone calls in from retirees who are standing in the midst of what used to be their house. The
[unclear audio ▶]
Flag: the machine readings disagree here · 00:04:57–00:04:57 · unresolved: the words are not shown (unclear audio); listen to the recording
No mailbox left. Wondering, how am I going to get paid? With our arrangement, they get paid virtually 100% of the time.
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:05:08–00:05:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Right? But we're quick to catch up on
that.
Flag: words were replaced by a machine repair · 00:05:13–00:05:13 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
But 100% of the time, that's absolute peace of mind. And again, living in Florida, experiencing hurricanes in Florida, we did that intentionally. So,
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:05:24–00:05:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:02 ▶]
plan, wait for it, $58,000. New plan that was set up in the panhandle.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:05:36–00:05:39 · unresolved: the words are not shown (unclear audio); listen to the recording
We handle plans that are very simple.
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:05:42–00:05:47 · unresolved: the words are not shown (unclear audio); listen to the recording
Now, what does this mean for you? It means as your plan changes, we're well-versed in handling those changes. So, as it changes, the seamlessness, by making sure those changes that are put in place, you can depend on Salem Trust.
[unclear audio ▶]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:06:02–00:06:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio ▶]
Next page. A new service that I mentioned, it's called the Pensioner Portal. This is something that is for retirees and retirees alone. It is an optional service. Optional at the plan level. We've had some clients that elected not to participate in it. Optional at the retiree level. So, it's not a mandate that the retirees sign up for it as well. It's at their discretion. The retention or the activation rate has been very, very good.
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:06:35–00:06:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:06:36–00:06:40 · unresolved: the words are not shown (unclear audio); listen to the recording
When did you really respond? Right? So, the fact that it's more than 20%, we consider it to be very good. What the retiree receives is a whole bunch of critical information. Payment information
for the last
Flag: words were replaced by a machine repair · 00:06:51–00:06:52 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
24 months. We have ‸ some retirees who get really nervous about their taxes. They want to
[unclear audio ▶]
Flag: the machine readings disagree here · 00:06:58–00:06:58 · unresolved: the words are not shown (unclear audio); listen to the recording
those taxes even before the 1099s are mailed. They can download that information. And then at the discretion of the board, there's other services, there are other options that the retiree could use. Right? Including
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:07:12–00:07:13 · unresolved: the words are not shown (unclear audio); listen to the recording
Now, Foster and Foster and other administrators don't like that. Right? Because they want to have one set of books.
But,
‸ using the pensioner portal, you can have those forms located up there. So, the retiree
[unclear audio ▶]
Flag: the machine readings disagree here · 00:07:27–00:07:27 · unresolved: the words are not shown (unclear audio); listen to the recording
hold down the form, complete it, send it over
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:07:31–00:07:34 · unresolved: the words are not shown (unclear audio); listen to the recording
You've taken a couple steps out of that administration. So,
it
makes it easier, faster, more convenient for a retiree to do that.
[unclear audio — 0:06 ▶]
Flag: a language review questioned the wording · 00:07:42–00:07:48 · unresolved: the words are not shown (unclear audio); listen to the recording
none to anyone else who's affiliated with it.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:07:52–00:07:56 · unresolved: the words are not shown (unclear audio); listen to the recording
the only people who are doing it. ‸ Only entity that's doing it. Your team. You have experienced people who are part of your team. Inez Garcia has been in the business for more than 20 years. She was hired by us a number of years ago. She has clients over here. Her clients include Cocoa Beach Fire, Cocoa Beach Police, Cocoa Fire. Going west, all the Rockledge plants.
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:08:25–00:08:27 · unresolved: the words are not shown (unclear audio); listen to the recording
And going north, she goes all the way to Jacksonville. So, with us, you won't be a one-off. You won't be, oh, that relationship that's on the East Coast. No. You being handled by the same relationship manager who is here often. Talking with our clients. And you can see Samantha Hand. Samantha was recently at Bank of New York where she kind of earned her spurs in the trust business. We are a company that consists of 13 employees, 10 of which are client-facing. I don't consider myself client-facing because I do a lot of the administration stuff. Chris assists in those client-facing activities of our clients. But,
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 00:09:13–00:09:17 · unresolved: the words are not shown (unclear audio); listen to the recording
employees. And directly assisting us are more than 30 people who work in the administration ‸ operations area. So, we're a big organization that's well-supported by people who help us. So, then the question is, how are we proposing to be compensated?
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:09:38–00:09:42 · unresolved: the words are not shown (unclear audio); listen to the recording
that our compensation at
Flag: the recognized words and the detected speech do not line up · 00:09:42–00:09:44 · gap filled by a machine re-reading (not checked by a person)
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the machine readings disagree here · 00:09:44–00:09:44 · unresolved: the words are not shown (unclear audio); listen to the recording
basis points is all inclusive. It includes benefit payments, recurring benefit payments, the monthly pension benefits, the
Flag: the recognized words and the detected speech do not line up · 00:09:44–00:10:04 · gap filled by a machine re-reading (not checked by a person)
rollovers,
the invoice payments, the monthly desk search. We go online every single month to review the six databases in order to see if there's a hit
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; words only one machine reading has (possibly not said); a language review questioned the wording · 00:10:04–00:10:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:05 ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:14 ▶]
Flag: the machine readings disagree here · 00:10:12–00:10:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:10:27–00:10:30 · unresolved: the words are not shown (unclear audio); listen to the recording
have dividends reinvested properly, you won't
be
Flag: words were replaced by a machine repair · 00:10:33–00:10:33 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
holding a lot of cash
in
Flag: words were replaced by a machine repair · 00:10:34–00:10:34 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
those accounts. Finally, you've heard a lot about how we're structured, how we deliver service, how we've done in the past. Well, how comfortable are we standing up behind it? The final page.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:10:50–00:10:53 · unresolved: the words are not shown (unclear audio); listen to the recording
This Salem Trust pledge is not some sort of marketing gimmick. It has been there since we started business back in 1998.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:11:04–00:11:05 · unresolved: the words are not shown (unclear audio); listen to the recording
And basically it holds if for whatever reason you're ever dissatisfied with a service that has been delivered by Salem Trust, you let us know, we'll provide an immediate discount. Of course, we want to know will it fail. So the question that normally comes up is, have you ever had to do that? Yes, we have. I'm going to take you back in time, a little bit of history here. Let's go back to,
remember
that two weeks that we were going to work remotely just to flatten the curve back in 2020? Remember that? That two weeks became a couple weeks, which in turn became a couple months, right? We unfortunately had an employee who decided this would be a great time to go on an extended vacation. That employee doesn't work for us anymore. ‸ But we noticed that the service had deteriorated. There were mistakes made. We reached out to the client and let them know
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:12:04–00:12:06 · unresolved: the words are not shown (unclear audio); listen to the recording
They didn't approach us. We approached them.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 00:12:10–00:12:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
And we
gave them a discount to that quarter speed because it wasn't quite what was happening. So we take care of problems right away.
[unclear audio — 0:02 ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:12:17–00:12:19 · unresolved: the words are not shown (unclear audio); listen to the recording
In the appendix, you will see a lot of other additional information. You will see our core custody services. You will see our shareholder servicing disclosure. You will see additional information as it relates to the pensioner portal. And finally, you'll see the list of our government retirement plans. You will see a lot of familiar names.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:12:47–00:12:51 · unresolved: the words are not shown (unclear audio); listen to the recording
The fact that we only support government retirement plans,
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:12:55–00:12:57 · unresolved: the words are not shown (unclear audio); listen to the recording
And we work really, really hard to make sure they don't have a reason to
leave
Flag: words were replaced by a machine repair · 00:13:03–00:13:03 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
us.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:13:04–00:13:07 · unresolved: the words are not shown (unclear audio); listen to the recording
state of Florida. There's actually two custodians that have announced their exit.
[unclear audio — 0:07 ▶]
Flag: a language review questioned the wording · 00:13:13–00:13:20 · unresolved: the words are not shown (unclear audio); listen to the recording
on how we propose to line up resources to take into account this change. So we're not being reactive. We're anticipating change. So if it's okay, I'd
like
to hand it over to Chris for a couple minutes just so you know. Just so you know what we're planning ‸ to do because of this unique event in Florida.
[unclear audio ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:13:45–00:13:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
‸ I appreciate it. Yeah, and Mark just to kind of touch on what you were saying.
[unclear audio — 0:06 ▶]
Flag: the recognizer flagged its own output; the recognized words and the detected speech do not line up · 00:13:53–00:14:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:05 ▶]
[unclear audio — 0:07 ▶]
external and our internal service providers. What that means is that our back office operations, our custodial platform, our pension services platform, we already have project teams that are ready to go, that are already meeting,
that
are set up to make sure that as this influx of potential business comes in, we're here and ready to meet it. And there's two things we want to make sure that we can do. One is to make sure that we can make sure that everybody is online. So in other words,
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:14:36–00:14:38 · unresolved: the words are not shown (unclear audio); listen to the recording
but our back office may need to ‸ do it or our service
platform may need to
do it. We're
[unclear audio ▶]
Flag: the recognized words and the detected speech do not line up; a language review questioned the wording · 00:14:43–00:14:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:08 ▶]
prepared for it, both internally as well.
like
Flag: words were replaced by a machine repair · 00:14:54–00:14:54 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
as Mark just said, helping with across our larger organization, making sure that we have people that are already in place right now working for us, that are alleviating some of the business of the relationship managers and the trust associates
[unclear audio ▶]
Flag: the machine readings disagree here · 00:15:07–00:15:07 · unresolved: the words are not shown (unclear audio); listen to the recording
So
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:15:08–00:15:10 · unresolved: the words are not shown (unclear audio); listen to the recording
support, ‸ help with that, because we understand there's going to be a lot of transitional work, there's going to be a lot of changes, relationship managers are going to have to be involved. And we want to make sure that their sole focus is on you and public. In addition to that, staffing just in general, and this even happened before, you know, what's happened here with a couple of distilions that have actually been in business. You know, there's been a
[unclear audio ▶]
Flag: the machine readings disagree here · 00:15:32–00:15:33 · unresolved: the words are not shown (unclear audio); listen to the recording
of clients that are bringing
[unclear audio ▶]
Flag: the machine readings disagree here · 00:15:34–00:15:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[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 · 00:15:35–00:15:39 · unresolved: the words are not shown (unclear audio); listen to the recording
company in general, we're in an expansion mode. But we're doing that in a way that we want to always make
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:15:46–00:15:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:15:48–00:15:51 · unresolved: the words are not shown (unclear audio); listen to the recording
growing, we're making sure we have the right staff, we're out there, we're hiring more people. But we're going to make sure that as we hire those people, they're going to make the same service
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:15:59–00:16:01 · unresolved: the words are not shown (unclear audio); listen to the recording
So
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:16:11–00:16:16 · unresolved: the words are not shown (unclear audio); listen to the recording
anticipate. We plan. We work hard to make sure our clients aren't,
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:16:22–00:16:25 · unresolved: the words are not shown (unclear audio); listen to the recording
Right? So that's why we staff ahead, we plan ahead. And this is a big event. But we're on top of
it.
Any questions?
Not really a question, but could you just go over what's involved in a conversion process, whether or not you've done a conversion with Truist in the past, and, you
know,
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:16:52–00:16:56 · unresolved: the words are not shown (unclear audio); listen to the recording
So we wanted to see if that's a doable timeframe, given what's going on.
I
mean, I probably have like 25 clients that are affected. I know Farrell's probably got four times that amount.
We work with Truist on the plus side of things. This isn't a transition from a plan administrator who, let's call it what it is,
kind of like
that.
A mom and pop operation, right? Call
[unclear audio ▶]
Flag: a language review questioned the wording · 00:17:24–00:17:25 · unresolved: the words are not shown (unclear audio); listen to the recording
So we're pretty sure that their records will be good. The longest lead time for us is when we get the records over from the retirees,
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:17:34–00:17:37 · unresolved: the words are not shown (unclear audio); listen to the recording
all the future changes, right, are in place and correct. So we're reasonably confident that Truist has kept good records on that. That's the longest lead time.
[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 · 00:17:49–00:17:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Yeah, just to add to that, ‸ obviously we have a conversion team that's set up right now. There are already people in place that are actually going to work with whichever custodian it
might
be to work with them directly. Typically, when we're just bringing a plan or two, our relationship managers will somewhat facilitate that, working with the custodian as well as our back office to do it. But we're prepared more to have more of a team that's ready to go in conjunction with the relationship manager to be able to do that.
I
think, trying to get back to your earlier question, though, if there's multiple plans, obviously there's things we're going to look at. As we understand more of what business could potentially come our way, which we're prepared for, it's how do we want to stack that and how do we then want to work with Truist directly or
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:18:28–00:18:29 · unresolved: the words are not shown (unclear audio); listen to the recording
to make sure that we can do those in the proper stages. And obviously with Truist, then we know the timeline as well, that it's coming up here shortly. We understand that. So it's more about just, we need to know what's coming our way. As soon as we do, we are going to be prepared for it. And then we can elaborate a little bit more, provide more color as far as the timeline and exactly what we need
to do.
There's
another custodian who's going out of business. And we've already had conversations with them on having kind of a bulk conversion, call
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:19:04–00:19:04 · unresolved: the words are not shown (unclear audio); listen to the recording
So those clients that have agreed to join us, their drop-dead date is the end of February. So there's an opportunity for us to handle not just one individual transition conversion over
[unclear audio ▶]
Flag: a language review questioned the wording · 00:19:17–00:19:18 · unresolved: the words are not shown (unclear audio); listen to the recording
but perhaps as many as 10, 15, 20 at the same time. Because you're talking about asset transfers, right? So we can handle that in bulk. So again, depending on
the
amount of business that we get, there's any number of ways that we can work on it. But objectively speaking, the total timeframe that we have here is
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:19:41–00:19:42 · unresolved: the words are not shown (unclear audio); listen to the recording
And
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:19:42–00:19:46 · unresolved: the words are not shown (unclear audio); listen to the recording
reason, because ‸ the short short that we have, 90 days. And
I've reached out to Truist, I haven't still looked at them directly yet, but obviously the issues are going
to
bring our clients.
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:19:57–00:19:59 · unresolved: the words are not shown (unclear audio); listen to the recording
of the first ones to the table as far as addressing this, I think.
I'd
[unclear audio — 0:06 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:20:05–00:20:11 · unresolved: the words are not shown (unclear audio); listen to the recording
Absolutely. Others as followers.
And the fee, you mentioned 65 basis points. 6.5 basis points, I'm sorry. How long are you willing to lock that in for?
Three years. Okay.
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:20:32–00:20:33 · unresolved: the words are not shown (unclear audio); listen to the recording
care of. You'll be greeted fondly.
We would
Flag: words were replaced by a machine repair · 00:20:36–00:20:37 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
love to have you ‸ this place. So thank you for allowing us to talk to you today. I
appreciate
it. Thank you. Thank you.
Can I ask just two quick questions? The first one, so from a transition standpoint of the assets, you're able to accept mutual funds, ETFs, and separately managed accounts?
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:20:56–00:21:05 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:08 ▶]
not on
our
Flag: words were replaced by a machine repair · 00:21:05–00:21:06 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
plan. Okay. But
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:21:07–00:21:09 · unresolved: the words are not shown (unclear audio); listen to the recording
No problem. It would be, it would not be an unusual event just to have a change store for the sooner we get that asset less, the sooner we get that asset
less. Yeah. Okay.
And as far as there's currently just one separately managed account in the portfolio of convertible bond fund. In your all inclusive fee that includes transaction costs, correct?
It does.
It
does. Okay.
We
don't charge a separate fee for the transition. We don't charge a fee when you leave. Nothing like that. So that's all part of the service.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:21:42–00:21:45 · unresolved: the words are not shown (unclear audio); listen to the recording
Okay. No. The 6.5 basis points includes all investment management transactions. Okay. Yeah.
[unclear audio — 0:02 ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:21:55–00:21:57 · unresolved: the words are not shown (unclear audio); listen to the recording
Yes. That portal for the retirees,
is
that, that's a recent addition?
Recent in the sense that we had a trial period
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:22:08–00:22:13 · unresolved: the words are not shown (unclear audio); listen to the recording
said, yeah, we'd like to try it out.
[unclear audio — 0:12 ▶]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:22:14–00:22:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
selectively because again it requires letters to be sent out, follow-up information
Flag: the recognized words and the detected speech do not line up · 00:22:26–00:22:34 · gap filled by a machine re-reading (not checked by a person)
[unclear audio — 0:01 ▶]
Flag: the machine readings disagree here · 00:22:34–00:22:34 · unresolved: the words are not shown (unclear audio); listen to the recording
special items such as when the retiree enrolls, they have to go to a portal that has a unique code. They have to set up their multi-factor
Flag: the recognized words and the detected speech do not line up · 00:22:34–00:22:46 · gap filled by a machine re-reading (not checked by a person)
MFA. Correct. Right. So a whole bunch of things have to be set up. So we're not rushing into it as much as we're being very selective.
‸ The reason I asked for ‸ the board, I received an email from the city just a few, like a week ago, and they said that Salem Trust had sent a notice out about a portal for retirees. And I said, well, that must be the fire plan. And ‸ I, of course, was able to tie down that that's what it was. ‸ But you have effectively set it up here with the fire plan.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:23:24–00:23:26 · unresolved: the words are not shown (unclear audio); listen to the recording
‸ That's why I asked, because ‸ they asked me if I knew anything about it. ‸ Now I can answer positively.
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:23:34–00:23:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio ▶]
in
[unclear audio ▶]
park. That's correct.
Last
[unclear audio — 0:06 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:23:40–00:23:46 · unresolved: the words are not shown (unclear audio); listen to the recording
to share what the fee schedule is for their plan?
[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 · 00:23:50–00:23:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:23:54–00:23:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:07 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:23:59–00:24:06 · unresolved: the words are not shown (unclear audio); listen to the recording
Very good. Thank you so much.
All right. Thank you. Thank you. ‸ Thank you.
Mark, if you wouldn't mind just sending Kevin in. Thank you.
Mitchell. What was the
[unclear audio ▶]
Flag: the machine readings disagree here · 00:24:38–00:24:38 · unresolved: the words are not shown (unclear audio); listen to the recording
Five.
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:41–00:24:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:24:42–00:24:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:03 ▶]
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:24:48–00:24:52 · unresolved: the words are not shown (unclear audio); listen to the recording
Well, yeah. With the trades, it ends up being, you know, not much less than what some cash is.
Yeah. Yeah.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:25:01–00:25:03 · unresolved: the words are not shown (unclear audio); listen to the recording
separate account.
Okay.
Tell me when you're ‸ ready.
Okay.
All right. Thank you. I first want to say thank you to Sheila and Stu for logistically giving me the information and me being able to be here. I think
I
was sitting in
[unclear audio ▶]
Flag: the machine readings disagree here · 00:25:26–00:25:26 · unresolved: the words are not shown (unclear audio); listen to the recording
in Northwest Arkansas last week and it was mentioned to me the possibility of being here.
So,
I dropped everything and I wanted to make sure that I came.
But,
being here to introduce myself, tell you a little bit about myself, a little bit about our bank and what services we can provide for you. I can assure you that I don't know what the presentation was but I probably will not speak as long as Mark and Chris did. It seems like
I've been
Flag: words were replaced by a machine repair · 00:25:51–00:25:52 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
standing out there for a long time. But, it almost feels like I'm back in my old territory which is I've practiced law and been a prosecutor for 25 years. So, I first want to say anything that I can do to represent police is an honor and ‸ privilege. So, it would be an honor and privilege to be the custodian of your pension funds because I know how important that is. Like I said, my name is Kevin Orr. I'm the Senior Vice President of Centennial Trust, the trust manager for Centennial Bank. And we operate out of Arkansas mainly but we have offices in Texas.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:26:36–00:26:39 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:06 ▶]
Flag: a language review questioned the wording · 00:26:39–00:26:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:26:46–00:26:49 · unresolved: the words are not shown (unclear audio); listen to the recording
Our trust department is,
[unclear audio — 0:08 ▶]
Flag: a language review questioned the wording · 00:26:51–00:26:59 · unresolved: the words are not shown (unclear audio); listen to the recording
I have roughly 90 employees, eight lawyers on staff. And I have already, I've put some information for you, a packet. I already have a team put together of six people that would be dedicated to your pension fund.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:27:18–00:27:21 · unresolved: the words are not shown (unclear audio); listen to the recording
center. You would have direct phone numbers to these individuals that would be on call for you at any time.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:27:29–00:27:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
Just by evidence of me being here, we want to provide a service. Everybody can be a custodian as far as coming in here and
saying
Flag: words were replaced by a machine repair · 00:27:42–00:27:42 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
we'll hold your money. It's really the difference is what kind of customer service can they provide. And that's where we hope to differentiate ourselves because that's what we're focused on. So that's what putting a team together that will focus just on your pension fund. That is our plan. And as I mentioned just a minute ago, we hired somebody last week that will be out of Clearwater, Florida. And she has over 18 years of experience in this field.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:28:08–00:28:12 · unresolved: the words are not shown (unclear audio); listen to the recording
So I don't want it to, we're not a Florida entity. We have 78 branches in Florida more than any other state that we operate out of. And so Florida is very important to our bank and our trust department. We have a number of accounts already out of Florida. I wanted to, I put a lot of the questions and answers that you may have, I put it in the packet of information for you. ‸ So rather than me just sit up here and talk, I wanted to be able to answer any questions that I could, that you may have. Again, I wanted to be here to introduce myself, to be here in person and to tell you how important the relationship would be to us and the service that we provide to you. So I just appreciate the opportunity.
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 00:29:05–00:29:10 · unresolved: the words are not shown (unclear audio); listen to the recording
4.5 basis points. If you'll know in the packet that it is, it is negotiable as well. I mean, that's how serious we are that we want to get this account and be able to provide this service. But it is 4.5. My initial proposal, I know that the fee schedule that was presented,
I think by
Truist previously, I don't know any of the particulars. I think it was 5 basis points.
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:29:35–00:29:38 · unresolved: the words are not shown (unclear audio); listen to the recording
Again, that is negotiable.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:29:39–00:29:43 · unresolved: the words are not shown (unclear audio); listen to the recording
There's no fees for trades, ACHs, buyers. That is just a flat across the board. That's the only fee that you have.
And
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:29:52–00:29:55 · unresolved: the words are not shown (unclear audio); listen to the recording
And I have it in the information packet. It's two years. But again, that is also negotiable. ‸ That's how important we want to get this account.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:30:04–00:30:07 · unresolved: the words are not shown (unclear audio); listen to the recording
And could you tell me a little bit about how you would handle the conversion process?
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:12–00:30:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:03 ▶]
the business by October 31st, so we need to make it happen rather quickly. So,
we already have my operations team. So
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:30:21–00:30:27 · unresolved: the words are not shown (unclear audio); listen to the recording
They're roughly, they're around the same size as the communities here. But that's where our operations are. They're already on go. And we
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:39–00:30:42 · unresolved: the words are not shown (unclear audio); listen to the recording
We probably have to have some form of blackout period just during that time period. But we
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:47–00:30:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
you just explain what the blackout period is for the benefit of everybody here?
With
all
the trades and things, I don't know what's going on with regards to all the funds and the accounts. But just to enable and secure the funds and the values, we probably would have a period of time where there wouldn't be any trades so that we can do the conversion.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:31:14–00:31:15 · unresolved: the words are not shown (unclear audio); listen to the recording
So, as I mentioned previously, you have just one separate manager count. So one manager that's actively trading. So during a blackout period, they would be asked to pause trading so that the assets at Truist come over exactly as it is. And there's not any differences if they take a snapshot on a Monday and then they do trades throughout the week and they're expecting different things to come over Friday. So, to answer your question, there's only one
separately
Flag: words were replaced by a machine repair · 00:31:44–00:31:44 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
managed account. So,
you know, the
rest is all mutual funds and ETFs or self-custody CIPs and things of that nature.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:31:53–00:31:56 · unresolved: the words are not shown (unclear audio); listen to the recording
funds that are available? No. Okay. And then as far as, do you have any experience with convertible bond securities? Is that the separately managed account?
Well, I'm going to be as transparent as I can to you.
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:32:11–00:32:13 · unresolved: the words are not shown (unclear audio); listen to the recording
I have an investment team. They have experience. So
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:32:19–00:32:21 · unresolved: the words are not shown (unclear audio); listen to the recording
have experience and I don't know all about it. Because I wouldn't be honest. My team does. I don't necessarily.
If that answers your question. Okay. Yeah, there's some unique features there where sometimes there's price discovery where you as the custodial bank may have price discrepancies.
[unclear audio ▶]
Flag: the recognizer flagged its own output · 00:32:40–00:32:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
So we usually coordinate reconciliation of that to make sure that the plan gets the correct information at
[unclear audio — 0:02 ▶]
Flag: the recognized words and the detected speech do not line up · 00:32:50–00:32:52 · unresolved: the words are not shown (unclear audio); listen to the recording
information
that
[unclear audio — 0:05 ▶]
Flag: the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:32:53–00:32:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
And so
this is, you know, the team I
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:33:05–00:33:10 · unresolved: the words are not shown (unclear audio); listen to the recording
with
fine
Flag: words were replaced by a machine repair · 00:33:11–00:33:12 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
benefit plans.
Do you currently
Flag: the recognized words and the detected speech do not line up · 00:33:14–00:33:22 · gap filled by a machine re-reading (not checked by a person)
serve any public pension funds in Florida?
No.
Outside of the state do you serve
[unclear audio ▶]
Flag: the machine readings disagree here · 00:33:22–00:33:23 · unresolved: the words are not shown (unclear audio); listen to the recording
public
Flag: the recognized words and the detected speech do not line up · 00:33:23–00:33:23 · gap filled by a machine re-reading (not checked by a person)
[unclear audio ▶]
Flag: the machine readings disagree here · 00:33:23–00:33:23 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Flag: the machine readings disagree here · 00:33:26–00:33:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
confidentiality, I'm not going to mention
Flag: the recognized words and the detected speech do not line up · 00:33:26–00:33:29 · gap filled by a machine re-reading (not checked by a person)
[unclear audio — 0:01 ▶]
Flag: the machine readings disagree here · 00:33:29–00:33:30 · unresolved: the words are not shown (unclear audio); listen to the recording
or anything of that nature, but yes we do in Arkansas and Texas. We have
Flag: the recognized words and the detected speech do not line up · 00:33:30–00:33:35 · gap filled by a machine re-reading (not checked by a person)
[unclear audio — 0:01 ▶]
Flag: the machine readings disagree here · 00:33:35–00:33:35 · unresolved: the words are not shown (unclear audio); listen to the recording
more than 100.
Flag: the recognized words and the detected speech do not line up · 00:33:35–00:33:37 · gap filled by a machine re-reading (not checked by a person)
[unclear audio — 0:01 ▶]
Flag: the machine readings disagree here · 00:33:38–00:33:38 · unresolved: the words are not shown (unclear audio); listen to the recording
Kevin, are you able to book future changes
Flag: the recognized words and the detected speech do not line up · 00:33:39–00:33:42 · gap filled by a machine re-reading (not checked by a person)
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:33:42–00:33:43 · unresolved: the words are not shown (unclear audio); listen to the recording
I want to say that that may be in the
[unclear audio ▶]
Flag: the machine readings disagree here · 00:33:46–00:33:46 · unresolved: the words are not shown (unclear audio); listen to the recording
I didn't see it.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:33:49–00:33:50 · unresolved: the words are not shown (unclear audio); listen to the recording
So a future change would be like at a certain point in time as benefit changes to ask. ‸ I believe the answer to that is
yes, but I could get that answer for you. Again, I apologize.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:34:02–00:34:05 · unresolved: the words are not shown (unclear audio); listen to the recording
but she's in Amarillo, Texas,
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:34:08–00:34:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:34:09–00:34:11 · unresolved: the words are not shown (unclear audio); listen to the recording
So
what about a portal?
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:34:14–00:34:18 · unresolved: the words are not shown (unclear audio); listen to the recording
Yes.
Okay.
And is there additional fee for that? No, that's
[unclear audio ▶]
Flag: the machine readings disagree here · 00:34:23–00:34:24 · unresolved: the words are not shown (unclear audio); listen to the recording
The only fee ‸ will, like I said, the only fee will be that one set
fee, four and a half basis
points for it. It was necessary to negotiate something.
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 00:34:41–00:34:46 · unresolved: the words are not shown (unclear audio); listen to the recording
Yeah. We have different, we can use different ones, internal, we do not collect the fee from that. We also have an external cash fund, Some of them that we do collect on
a
certain basis point, but on something like this, we do not.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 00:35:08–00:35:09 · unresolved: the words are not shown (unclear audio); listen to the recording
Yes.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 00:35:26–00:35:27 · unresolved: the words are not shown (unclear audio); listen to the recording
Thank you, Kevin. Appreciate your time.
[unclear audio ▶]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:35:29–00:35:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
[unclear audio ▶]
I appreciate the opportunity. If you don't mind, I'm going
to
stick around just a little bit.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 00:35:37–00:35:38 · unresolved: the words are not shown (unclear audio); listen to the recording
I mean,
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 00:35:39–00:35:40 · unresolved: the words are not shown (unclear audio); listen to the recording
I'll step out.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 00:35:42–00:35:43 · unresolved: the words are not shown (unclear audio); listen to the recording
Yeah, I think so. Okay. Okay. Nice meeting you all. Thank you. Pleasure.
I
appreciate it.
[unclear audio ▶]
Flag: the machine readings disagree here · 00:35:48–00:35:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:17 ▶]
‸ So, I mean, you're not bound to make a decision today, but you need to make a decision pretty quickly. I mean,
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:36:14–00:36:17 · unresolved: the words are not shown (unclear audio); listen to the recording
I know Farrell's kind of team have a very, very long and close relationship with them. Their fees are a little bit, I'm not sure exactly what we're paying now, whether
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:36:29–00:36:34 · unresolved: the words are not shown (unclear audio); listen to the recording
What's that come out to about a year and dollar figures?
I can look at the agendas that their fees, the SunTrust fees are on every agenda.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:36:49–00:36:51 · unresolved: the words are not shown (unclear audio); listen to the recording
Okay. So for custody, this quarter, it's $4,215.11. And then we have SSI on top of that.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 00:37:03–00:37:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 00:37:04–00:37:05 · unresolved: the words are not shown (unclear audio); listen to the recording
Yeah. Yeah.
So
if you want to, okay. This, oh yeah. Okay. So,
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:37:15–00:37:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:37:17–00:37:21 · unresolved: the words are not shown (unclear audio); listen to the recording
know, uh, Mitchell, what would that be?
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:37:25–00:37:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:37:25–00:37:27 · unresolved: the words are not shown (unclear audio); listen to the recording
somewhere in there.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:37:29–00:37:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:04 ▶]
And six and a half
would be roughly 27, a little over 27,000.
So about
where
SunTrust is. And then
four and a half would be about
18,800.
So,
and
then, I mean, Truist was proposing that they were going to turn over their business to principal, um, which I have no knowledge about, about their custodial services. Um, if you did not want to make a decision today, we'd probably reach out to them and have a special meeting in the near, near future. Um, but if you're comfortable with one of the firms today, I would say, uh, go ahead and pull the trigger. I mean, with regard to negotiating ‸ contract, I've done, you know, several with, with Salem. We're always doing it with Salem. Uh,
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 00:38:20–00:38:26 · unresolved: the words are not shown (unclear audio); listen to the recording
So, you know, they have,
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:38:28–00:38:29 · unresolved: the words are not shown (unclear audio); listen to the recording
uh, throughout Arkansas and Texas, but they're looking to expand in, into Florida. Um, so, uh, you know, I can't really say anything about the comfort level or, or the services. They're our bank. I mean, my,
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:38:45–00:38:50 · unresolved: the words are not shown (unclear audio); listen to the recording
them. Um, so that's why I brought them in for consideration today.
I do have just a few things just because we work so closely with your custodian. Um, and yes, the bulk of our plans over Salem trust. And to my knowledge, the only one that's left, that all they do is custody assets and pay benefit payments for pension plans.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:39:08–00:39:10 · unresolved: the words are not shown (unclear audio); listen to the recording
It's a completely different animal, those pension plans compared to Florida plans. And I hate to see over, you know, a few thousand dollars. We're trying to let them learn about our pension plan, you know, due to our members and our, and our staff. I speak very highly of Salem trust. They're very easy to get in touch with. They live, like they said, they live, they eat, they breathe pension plans. So they don't get something that they don't know what it is.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:39:37–00:39:38 · unresolved: the words are not shown (unclear audio); listen to the recording
They partner with us in numerous circumstances where, you
know,
we're bumping up a deadline and, you know, there is no red tape for them, right? Because they're not a corporate thing.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:39:48–00:39:51 · unresolved: the words are not shown (unclear audio); listen to the recording
different custodians. So we've seen it all. Sometimes when you are having a bank bolting on services like this, you still have to fall by the bank rules, right? Well, these are our bank rules. We can't do that because of a, B and C. So, you know, we're happy to work with anybody new, but I would say, I would caution working with someone
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:40:10–00:40:12 · unresolved: the words are not shown (unclear audio); listen to the recording
pension
plan
Flag: words were replaced by a machine repair · 00:40:13–00:40:13 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
because it's a completely different animal.
Well, and that's my concern.
I
mean, they're coming in low for a reason. Like, like Stu said, they're trying to get, get in the market here, which it could be a great company, but do we want to be the plan that they're learning from? So,
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:40:27–00:40:27 · unresolved: the words are not shown (unclear audio); listen to the recording
not for a couple of thousand bucks.
You know,
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:40:31–00:40:33 · unresolved: the words are not shown (unclear audio); listen to the recording
You know, both she and I have worked with, uh, Salem Trust and, and other plans, uh, and even in transition.
And
principal.
Yeah.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:40:42–00:40:44 · unresolved: the words are not shown (unclear audio); listen to the recording
But, uh, ‸ you know, so, I, had joined her and feeling very, very comfortable. I've had a long experience going back many
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:40:53–00:40:54 · unresolved: the words are not shown (unclear audio); listen to the recording
You have them here with the fire plan. I think they're well satisfied.
‸ they're, they're Rockledge, they're,
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:41:00–00:41:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:41:01–00:41:02 · unresolved: the words are not shown (unclear audio); listen to the recording
they're still doing Edgewater. Yeah, we've had, we went through that transition there. So, um,
[unclear audio ▶]
Flag: a language review questioned the wording · 00:41:09–00:41:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:02 ▶]
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:41:11–00:41:12 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
With Salem? Yeah. Yes. Yeah. We have quite a few mutual clients with them. Satisfying. yeah, they were, so our analyst is the team that works primarily with the custodian. And we went to them to ask who they would recommend. Uh, and Salem was in the top three, uh, of the custodians we've worked with and principal was far outside that top three,
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:41:34–00:41:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Flag: a language review questioned the wording · 00:41:37–00:41:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:03 ▶]
Probably.
Uh, well, I mean, if Coco, fires receiving, uh, if their fees less, I would certainly reach out and push Mark on it. Okay. Uh,
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:41:51–00:41:52 · unresolved: the words are not shown (unclear audio); listen to the recording
Right. Okay. So he did say that there would be other fees. ‸ Certain things.
I
believe there's a wire transfer fee.
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:42:05–00:42:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
Yeah.
So we don't do wires normally.
[unclear audio — 0:04 ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:42:12–00:42:15 · unresolved: the words are not shown (unclear audio); listen to the recording
do we have, um, capital calls? Like,
[unclear audio ▶]
Flag: the recognizer flagged its own output · 00:42:19–00:42:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:01 ▶]
Yeah. They just have two private real estate funds. Uh, one is in redemption process.
Yeah.
I
was going to say, which we're not contributing to probably. So there's no capital calls. Okay.
‸ Here's Salem's presentation.
If
you're going to go with, if you're going to, the motion is going to be for Salem, I will reach out to Mark and tell him we would like the same fee, uh,
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:42:54–00:42:55 · unresolved: the words are not shown (unclear audio); listen to the recording
if it is in fact less than.
Right. Okay. All
right.
I'll make the motion to accept Salem. All right.
Mr. Turn, does your motion include, uh, authorizing the contract by the attorney and execution? Okay.
All that. All the good stuff. Yeah. All right. So I made the motion. Monison was second. All in favor? Aye. Any opposed? Motion carries. All
right. We'll get the contract done ASAP.
All right.
Should we go out and let them know?
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:43:29–00:43:32 · unresolved: the words are not shown (unclear audio); listen to the recording
Thank you,
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:43:33–00:43:33 · unresolved: the words are not shown (unclear audio); listen to the recording
Okay.
No, he kind of, he said he didn't really know. He thinks maybe they're at five or five and a half or they were the same. Yeah, but they had some different things going on. Right. But,
but
again, I mean, you're looking at SunTrust, where all the additional fees were probably close to where we were at with the 6.5 anyway. All right.
So ‸ now we'll resume the regular agenda?
Yes.
Okay. So there'll be reports.
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:44:10–00:44:12 · unresolved: the words are not shown (unclear audio); listen to the recording
Oh, really? And he'll
notify them.
You think
they're still here?
They're still
here.
I
thought that one guy said he, or he wanted to wait.
Yeah, we'll notify them.
Yeah.
[unclear audio ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:44:21–00:44:28 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:02 ▶]
know that, because I know he's got a flight out later this afternoon. Sure. Yeah.
So.
Okay.
So.
You want
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:44:35–00:44:37 · unresolved: the words are not shown (unclear audio); listen to the recording
Oh, no, no.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:44:40–00:44:43 · unresolved: the words are not shown (unclear audio); listen to the recording
And I'm sure he's going to ask me what decision.
[unclear audio ▶]
Flag: the recognizer flagged its own output · 00:44:46–00:44:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:44:49–00:44:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio ▶]
Flag: the recognizer flagged its own output · 00:44:51–00:44:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio ▶]
Flag: the recognizer flagged its own output · 00:44:54–00:44:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Okay.
[unclear audio — 0:01 ▶]
Flag: the machine readings disagree here · 00:44:59–00:45:00 · unresolved: the words are not shown (unclear audio); listen to the recording
sent
the lawyer.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:45:02–00:45:07 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
You'll hold that. No,
I don't mind. I know ‸ he's
got a
flight out
of Orlando.
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:45:15–00:45:19 · unresolved: the words are not shown (unclear audio); listen to the recording
‸ Alright, ‸ Mitch. Alright, ‸ so I have a handout for you today, a market update. Obviously, we've been in a very interesting market environment. So a lot has changed, not just from the first quarter to the second quarter, but also leading into the final quarter of your fiscal year. So in front of the handout, it's like this, market overview. So we'll kick it off on page two. And then at the back of this market handout, we are, CFO goes through and randomly audits ‸ clients and our fees and our contracts.
[unclear audio — 0:06 ▶]
Flag: a language review questioned the wording · 00:45:54–00:46:00 · unresolved: the words are not shown (unclear audio); listen to the recording
benefit of the plan, fortunately. And so I'll go over that and I just have a recommendation for a fee addendum to clean up our fee. So the way it was structured, our contract is from 2008. And so just for reference, I was much less facial hair at the time and just finishing up high school in 2008. So our contract language in there from a fee standpoint is not really industry standard now.
It
includes additional fees for the number of managers that we have in the plan, as well as a charge for manager searches. And so actually we can just, if you want to flip to the back real quick since I'm on it, page 11 of the handout. You can see the current language in the contract.
[unclear audio — 0:06 ▶]
Flag: a language review questioned the wording · 00:46:44–00:46:50 · unresolved: the words are not shown (unclear audio); listen to the recording
as $2,000 per manager ‸ per year. In addition, $5,500 per manager search. So a lot of that stuff was probably okay in 2008. But I have not charged anything for manager searches because that's just part of my job. ‸ I don't think it's fair to charge you for that. In addition, we were only charging for six managers. Because again, this is pretty one-off language in most of the contracts we use. So
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:47:19–00:47:24 · unresolved: the words are not shown (unclear audio); listen to the recording
you
[unclear audio — 0:04 ▶]
saved about $55,000 in manager fee costs, as well as about $8,000 a year since we've had 10 managers in place.
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 00:47:32–00:47:37 · unresolved: the words are not shown (unclear audio); listen to the recording
page. And this is certainly negotiable, so I'm happy to talk about it if you want to discuss it. But just clean it up. All-inclusive fee of 14 basis points. And so manager searches are included in that. Custodial searches, hopefully you never have to have another one. But if those ‸ come up, happy to help with those. Assist the attorney, the plan administrator, free of cost.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:47:58–00:48:02 · unresolved: the words are not shown (unclear audio); listen to the recording
‸ Whether it's 10, 6, ‸ more in the future. Again, that kind of creates a conflict of interest if I'm recommending investments for you. And I say, you know, here's a group of managers. Instead of selecting one, let's select two. And ultimately I get paid more for it. We want to just take that language out and make sure that there's no view of a conflict of interest there. So, for you, yes.
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:48:28–00:48:31 · unresolved: the words are not shown (unclear audio); listen to the recording
go away?
Yes, correct. It would be all-inclusive fee.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:48:37–00:48:42 · unresolved: the words are not shown (unclear audio); listen to the recording
for this most
[unclear audio — 0:06 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:48:44–00:48:51 · unresolved: the words are not shown (unclear audio); listen to the recording
The corrected fee, adding back the 10 managers would be,
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:48:55–00:48:59 · unresolved: the words are not shown (unclear audio); listen to the recording
And
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:48:59–00:49:02 · unresolved: the words are not shown (unclear audio); listen to the recording
between the two of those $14,598 per quarter. Split the difference then? Yes. And again, this is negotiable. So, if you want to discuss, you know, changing that number, I'm happy to listen and discuss that.
Anybody have any comments?
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:49:26–00:49:28 · unresolved: the words are not shown (unclear audio); listen to the recording
So, you're good with the recommended?
Yeah.
Is that a motion that we have to do? I'm sure.
Yeah, so it is a motion and all that will need to be signed is this fee addendum.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:49:42–00:49:43 · unresolved: the words are not shown (unclear audio); listen to the recording
This is just updating the fee schedule as well as section
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:49:47–00:49:50 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:49:50–00:49:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:49:52–00:49:54 · unresolved: the words are not shown (unclear audio); listen to the recording
It includes all the ones under here and adds a few more. So, those are the only changes. And again, it just reflects that we're updating
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:50:03–00:50:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:50:06–00:50:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:50:11–00:50:12 · unresolved: the words are not shown (unclear audio); listen to the recording
That's fair. All in favor? Aye. Aye. Aye. Opposed? Motion carries.
Ok, just with regard to the addendum, there are certain Florida law requirements that I have to insert in the addendum, so I'm going to make some changes to it, and I'll get them to Mitchell. Nothing substantive, you know, I have to put ‸ in public records language, and some new Florida laws that are really not going to have any effect on the contract, but they're required to be in the contract.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:50:38–00:50:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:02 ▶]
the front of that handout and get into the important stuff, which is the performance. So page two, just want to quickly highlight, so very different quarter, a very strong quarter for markets. We saw a reversal of, you know, GDP contracted in the first quarter. We had a total reversal of that, and most of it was the reversal of imports and inventory. So if you remember during the first quarter, to front run a lot of the tariffs, most companies imported quite a bit ahead of time. And so during the second quarter, we saw an unwind of that, and it ended up
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:51:20–00:51:25 · unresolved: the words are not shown (unclear audio); listen to the recording
of the positives we saw
is
Flag: words were replaced by a machine repair · 00:51:26–00:51:26 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
consumption. So consumer
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:51:27–00:51:33 · unresolved: the words are not shown (unclear audio); listen to the recording
uh in the first quarter of the year. So healthy certainly to see more more spending and more consumption on the individual level. However, it still was slightly behind our, you know, the
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:51:43–00:51:46 · unresolved: the words are not shown (unclear audio); listen to the recording
which is at 1.7 so not as strong as it's been historically but certainly trending in the right direction.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:51:52–00:51:55 · unresolved: the words are not shown (unclear audio); listen to the recording
And so, you know, outside of trade policy, the big topics that have really moved markets have been obviously ‸ inflation, uh and then the labor market. And the two of those things dictate what the Fed will do next in terms of whether they want to keep rates where they currently are or start cutting rates. And so when we look at inflation, the Fed has that dual mandate, price stability, and full employment. So from a price stability standpoint, they're looking to get
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:23–00:52:27 · unresolved: the words are not shown (unclear audio); listen to the recording
June and July, inflation ticked back up to about 2.7 um most of that came from shelter we did see a pullback in energy And just anecdotally, it has been interesting. Gasoline is one of the things that we can see pretty easily in terms of price changes. And for me, it almost seems on a day-to-day basis, if not during the day, that gas prices have fluctuated by 20 to 40 cents on a day-to-day basis. I ‸ had to drive down to Naples last week, and the day before I was driving my truck and
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:53:03–00:53:07 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:53:07–00:53:08 · unresolved: the words are not shown (unclear audio); listen to the recording
Well, my my family ended up going with me so we took the SUV and of course it was on e so i pull in the next day to the gas station and gas is at 3 15.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:53:17–00:53:20 · unresolved: the words are not shown (unclear audio); listen to the recording
So um ‸ certainly there's there's areas of the economy that we are seeing some inflation and some price uh you know differences. And I think that's probably
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:53:32–00:53:34 · unresolved: the words are not shown (unclear audio); listen to the recording
start to see that come down, that's certainly a benefit in the pocket of the consumer. uh
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:53:39–00:53:42 · unresolved: the words are not shown (unclear audio); listen to the recording
uh One thing we haven't seen, and this will get
[unclear audio ▶]
Flag: the machine readings disagree here · 00:53:45–00:53:45 · unresolved: the words are not shown (unclear audio); listen to the recording
the next two slides, is
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:53:46–00:53:50 · unresolved: the words are not shown (unclear audio); listen to the recording
on prices quite yet. And I'll explain that in a second. One thing that we're concerned about is we may start to see more price increases from tariffs. And the reason I say that, we got the producer price index. So CPI, the gauge for inflation, is consumer price index. PPI is producer price index. And so that has to do with uh what the companies are purchasing products for
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 00:54:14–00:54:16 · unresolved: the words are not shown (unclear audio); listen to the recording
they
[unclear audio — 0:02 ▶]
And so typically it's a leading indicator of prices there going up.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:54:20–00:54:24 · unresolved: the words are not shown (unclear audio); listen to the recording
And
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:54:24–00:54:28 · unresolved: the words are not shown (unclear audio); listen to the recording
It was almost
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:54:29–00:54:29 · unresolved: the words are not shown (unclear audio); listen to the recording
increase month over month. And a
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:54:31–00:54:35 · unresolved: the words are not shown (unclear audio); listen to the recording
The good news in that number, most of it was from services. And from a tariff standpoint, you'd expect price increases on goods, not services. So I think that's one of the things the Fed is looking at. And may impact their decision whether they want to cut rates in September or not. If we see another hot PPI and CPI report in uh August, or
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:54:56–00:54:59 · unresolved: the words are not shown (unclear audio); listen to the recording
we may see them
postponed
Flag: words were replaced by a machine repair · 00:55:00–00:55:00 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
for one more meeting before they start cutting rates. uh The next page, why I mentioned that we haven't necessarily seen the impact of tariffs quite yet, is there's a disconnect between the statutory rate, so the stated rate, what the administration says tariff rate is, versus the effective rate, what we're actually experiencing. And it makes sense because we've had different postponements and changes and delays in those uh those rates. And so you can kind of see here, this is a trend. And calculating the impact of tariffs is pretty delayed, so it's a few months behind. So we really only have numbers through May. But you can see here from a stated rate standpoint, it's pretty far off from what the effective rate is. And if you look on the next page, you know through really May, uh some into June, the effective tariff rate was just about a little less than
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:55:51–00:55:51 · unresolved: the words are not shown (unclear audio); listen to the recording
But if you look at the stated rate, you know in April, the stated rate was basically
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:55:56–00:55:57 · unresolved: the words are not shown (unclear audio); listen to the recording
That was that Liberation Day announcement, uh
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:55:59–00:56:03 · unresolved: the words are not shown (unclear audio); listen to the recording
the new
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:04–00:56:08 · unresolved: the words are not shown (unclear audio); listen to the recording
We have another 90 day uh window starting August 11th with China. So those tariffs, some of them have been delayed. So again, that's why the there's a discount disconnect between that effective rate and stated rate. But
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:56:21–00:56:25 · unresolved: the words are not shown (unclear audio); listen to the recording
deadlines roll off,
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 00:56:26–00:56:31 · unresolved: the words are not shown (unclear audio); listen to the recording
And so
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:56:32–00:56:36 · unresolved: the words are not shown (unclear audio); listen to the recording
level, but I would not be surprised if in the
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:39–00:56:42 · unresolved: the words are not shown (unclear audio); listen to the recording
you know it'll be a decision of companies whether they want to pass that on to the consumer or not. We've already heard from,
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:56:47–00:56:50 · unresolved: the words are not shown (unclear audio); listen to the recording
they were going to pass along the cost of some of their price increases. Walmart a few months ago said a very similar thing. And I think those
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:58–00:57:03 · unresolved: the words are not shown (unclear audio); listen to the recording
most of those on because their margins are so slim on the lower end retail side. And most of the goods they get, a majority of them come from China. And so if there's heavier tariffs on China and they're already working with slim margins being on the lower end of the retail market, they may end up kind of forced, if they want to remain profitable and at current levels, passing those on to the consumer. The next page, the labor market. And so when you look at those two mandates, the price stability is kind of telling the Fed, hey, maybe wait to cut rates. The most recent labor market data is in the other camp saying we may be too late. We need to start cutting rates. And that's because we got some weakening labor data in July. So these charts show the end of June, uh which is fortunate because you can actually see. So at the very top, that payroll gain for june was 147 000 and the three-month average was 150. well
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 00:57:58–00:58:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
the initial reading was unemployment crept up a little bit just under 4.3 percent and we only added about 73 000 jobs
[unclear audio — 0:15 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:58:10–00:58:25 · unresolved: the words are not shown (unclear audio); listen to the recording
So significant difference. uh And that may be there may be some rationale behind that based on new immigration policy. and We may not need as many jobs added
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 00:58:37–00:58:40 · unresolved: the words are not shown (unclear audio); listen to the recording
So that could factor into that. But that shook up ‸ markets a little bit. And it actually created a tailwind because it's like, hey, maybe the Fed will see this and start cutting rates immediately and cutting a little quicker than ‸ expected. So instead of, you know, it's projected a quarter percent rate cut uh at their upcoming meeting in September. Maybe if we get another weakened job report, they may cut half a percent instead. And so um it's very interesting. uh I don't envy
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 00:59:06–00:59:09 · unresolved: the words are not shown (unclear audio); listen to the recording
uh decision to make. uh But there are very split decisions on what they want to do. And again, more data will certainly help. um
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 00:59:17–00:59:22 · unresolved: the words are not shown (unclear audio); listen to the recording
one rate cut in September and potentially half a percent rate cut, um which is a tailwind for markets. We saw small cap rally after the labor report rallied by about
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:59:32–00:59:33 · unresolved: the words are not shown (unclear audio); listen to the recording
in a two-day period. And so some of those areas that have been under love, large cap value that focuses on dividends like Westwood Strategy, um ‸ You may see some tailwinds behind them because if rates start coming down, it helps small caps. Their borrowing cost is much lower. uh And it also helps some of those equity income focus strategies like Westwood, where if the portfolio of equities you have are paying dividends and then bond rates start to come down, well, those dividends become a lot more attractive for for individual investors.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:00:03–01:00:05 · unresolved: the words are not shown (unclear audio); listen to the recording
one thing we're also keeping an eye on
[unclear audio — 0:13 ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 01:00:08–01:00:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:12 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:00:21–01:00:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:00:34–01:00:36 · unresolved: the words are not shown (unclear audio); listen to the recording
that's because we had that moratorium during COVID and the previous administration uh where they paused student loan repayments.
Well,
Flag: words were replaced by a machine repair · 01:00:42–01:00:42 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
once they started collecting, those numbers skyrocketed. ‸ so you can see here at the bottom, the uh at the end of the first quarter, the new
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:00:50–01:00:54 · unresolved: the words are not shown (unclear audio); listen to the recording
delinquent.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:00:55–01:00:57 · unresolved: the words are not shown (unclear audio); listen to the recording
numbers last week. That's
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:00:59–01:01:02 · unresolved: the words are not shown (unclear audio); listen to the recording
loan loans are considered delinquent. And not just delinquent, which is 30 plus days, but seriously delinquent, which is 90 plus days. And that that sounds scary, but it kind of makes sense because they're not starting at day one once they resume collections. They're taking the full history of you haven't been paying for you know this four or five year period. We're taking that whole history. uh And so it makes sense that most of them, they're not just delinquent, they're considered seriously delinquent. uh But an additional impact of that is it's already impacting uh credit reports. And so again, having to pay more on your student loans, impacting further credit, uh may be an issue for the consumer going forward. And maybe
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:42–01:01:45 · unresolved: the words are not shown (unclear audio); listen to the recording
or
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:46–01:01:46 · unresolved: the words are not shown (unclear audio); listen to the recording
closer to the historical average. So something we're keeping an eye on. Obviously, if rates come down, that certainly helps the consumer, uh especially if that starts to impact mortgage rates, if that starts to impact uh credit card rates, which I don't think those will go down, but you never know. uh That will certainly help the consumer as well. And then just lastly on the uh page
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:02:08–01:02:09 · unresolved: the words are not shown (unclear audio); listen to the recording
‸ page
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:02:09–01:02:09 · unresolved: the words are not shown (unclear audio); listen to the recording
uh for the first half of the year, we did see international significantly outperform the us Most of that came in the first quarter. But you can see on this chart, this is for the first half of 2025.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 01:02:20–01:02:24 · unresolved: the words are not shown (unclear audio); listen to the recording
so it excludes emerging markets like China. That was up nearly 20 for the first half of the year. And then in the middle of the chart, you'll see us large cap, which
has led
Flag: words were replaced by a machine repair · 01:02:32–01:02:32 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
markets
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:02:33–01:02:37 · unresolved: the words are not shown (unclear audio); listen to the recording
the
year
part of the reason for that differential, if you look at page
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:02:42–01:02:46 · unresolved: the words are not shown (unclear audio); listen to the recording
were pretty sluggish and underperformed significantly. They've since rallied back.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 01:02:50–01:02:53 · unresolved: the words are not shown (unclear audio); listen to the recording
uh But
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:02:54–01:02:58 · unresolved: the words are not shown (unclear audio); listen to the recording
uh for the first six months of the year.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:03:00–01:03:02 · unresolved: the words are not shown (unclear audio); listen to the recording
the top right that you see on page
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:04–01:03:04 · unresolved: the words are not shown (unclear audio); listen to the recording
that's showing in the first column, local currency. So the returns for different international indexes in their local currency. Well, when we convert those back to us dollar in a weakening dollar environment, those returns look much stronger. And so you can see, for instance, our international benchmark is the All Country World x
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:03:25–01:03:28 · unresolved: the words are not shown (unclear audio); listen to the recording
can see their local
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:29–01:03:32 · unresolved: the words are not shown (unclear audio); listen to the recording
column next to it. Once we convert that back to us
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:34–01:03:39 · unresolved: the words are not shown (unclear audio); listen to the recording
Index in their returns
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:41–01:03:45 · unresolved: the words are not shown (unclear audio); listen to the recording
helped quite a bit in the international markets. And that's also what you'll see your two global infrastructure funds. You have uh
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:52–01:03:55 · unresolved: the words are not shown (unclear audio); listen to the recording
Lazard. Lazard has a dollar hedge in their portfolio, just a flat dollar hedge. They're not making any bets. They're just hedging the US
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:04:02–01:04:07 · unresolved: the words are not shown (unclear audio); listen to the recording
and you'll see that in the report. So with that, I will just quickly um jump into the report and give you some highlights. so if we go to page five for the quarter great quarter the program
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:04:22–01:04:25 · unresolved: the words are not shown (unclear audio); listen to the recording
ahead of
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:04:26–01:04:30 · unresolved: the words are not shown (unclear audio); listen to the recording
report and
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:04:31–01:04:33 · unresolved: the words are not shown (unclear audio); listen to the recording
of other public pension funds across the country. Your best performer, large cap growth, had a huge rally up 17.8 percent international
was
Flag: words were replaced by a machine repair · 01:04:41–01:04:42 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
up 13.8 percent and in
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 01:04:44–01:04:49 · unresolved: the words are not shown (unclear audio); listen to the recording
so this is three quarters of the way
through
Flag: words were replaced by a machine repair · 01:04:50–01:04:50 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
your fiscal year we're currently in the last quarter of your fiscal year uh you're
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:04:54–01:04:58 · unresolved: the words are not shown (unclear audio); listen to the recording
quarter, we were negative on about a fiscal year ‸ basis,
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:05:00–01:05:05 · unresolved: the words are not shown (unclear audio); listen to the recording
and then again
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:05:05–01:05:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:07 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:05:10–01:05:17 · unresolved: the words are not shown (unclear audio); listen to the recording
june
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:05:17–01:05:22 · unresolved: the words are not shown (unclear audio); listen to the recording
extremely well
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:05:23–01:05:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:05:27–01:05:32 · unresolved: the words are not shown (unclear audio); listen to the recording
term if we
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:05:34–01:05:38 · unresolved: the words are not shown (unclear audio); listen to the recording
right in line with your
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:05:39–01:05:43 · unresolved: the words are not shown (unclear audio); listen to the recording
bit of
[unclear audio ▶]
Flag: the machine readings disagree here · 01:05:44–01:05:44 · unresolved: the words are not shown (unclear audio); listen to the recording
in june um and that looks to be uh favorable from a timing standpoint. um Yet to be determined. Obviously the markets have been pretty volatile uh in a good way recently uh but hopefully we don't see any pullbacks. If we go to the next page, at least not until after September, get a strong fiscal year number and then we can deal with some uh volatility for
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:06:06–01:06:08 · unresolved: the words are not shown (unclear audio); listen to the recording
if you flip over to page nine ‸ just want to quickly highlight uh some of the numbers I didn't touch on but if you look on the far right column you'll see for the past 10 years,
so
Flag: words were replaced by a machine repair · 01:06:18–01:06:18 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
the past decade
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:06:18–01:06:20 · unresolved: the words are not shown (unclear audio); listen to the recording
you started at just under 28 million in assets. You've had
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:06:24–01:06:28 · unresolved: the words are not shown (unclear audio); listen to the recording
generated over 21.3 million in investment gains over that period and so we finished the quarter right at
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:06:34–01:06:37 · unresolved: the words are not shown (unclear audio); listen to the recording
that performance and obviously the recent games we've seen
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:06:41–01:06:44 · unresolved: the words are not shown (unclear audio); listen to the recording
uh So I'm expecting we should be creeping up on
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 01:06:48–01:06:51 · unresolved: the words are not shown (unclear audio); listen to the recording
plan. uh From an allocation standpoint, uh page 10, in line across the board uh with all your asset targets, uh we do have the Chapter 185 premium tax money coming in. uh It's a little over 300 000 And so the recommendation for how to allocate that money. uh Currently would just recommend uh 200 000 going to your new convertible bond fund. That's the i shares convertible
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:07:17–01:07:22 · unresolved: the words are not shown (unclear audio); listen to the recording
to uh short-term fixed income. So your Vanguard short-term corporate bond ETF. So we'll use some of the cash currently in
[unclear audio — 0:06 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:07:30–01:07:36 · unresolved: the words are not shown (unclear audio); listen to the recording
400 000 to work. And again,
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:07:38–01:07:41 · unresolved: the words are not shown (unclear audio); listen to the recording
uh through the end of this quarter, uh convertibles is a great place to be. It'll capture some of the upside but protect if we do see some volatility. And then short-term bonds continue to be a great area to invest. We're a little underweight there. So uh
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:07:55–01:07:59 · unresolved: the words are not shown (unclear audio); listen to the recording
between our target and our current allocation. uh So I'll pause there and um discuss that recommendation and let you uh vote on that.
Let me just ask one question. Carrie has the state money come in?
um Not as of yesterday. I haven't, I haven't, um I don't think we got the mail.
That uh figure uh last year we were at 277 000 So it did go up. Yeah. So that's uh over what a
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:08:24–01:08:25 · unresolved: the words are not shown (unclear audio); listen to the recording
so. uh ‸ Does the board concur with uh Mitchell's recommendation for the allocation of the funds? Yeah, I'll make
the motion to accept the allocation.
‸ So as soon as we know the monies are received and deposited, um Mitchell, just you know that specifics, then if it gets to me before September 1st, I'll send it on to Truest. If not,
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:08:53–01:08:53 · unresolved: the words are not shown (unclear audio); listen to the recording
can send that on to them.
Absolutely.
So
to be
clear, we'll just need to know when the state monies are going to hit the account
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:09:01–01:09:03 · unresolved: the words are not shown (unclear audio); listen to the recording
We know we don't want to file a direction letter first and
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:09:05–01:09:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
communicate direct with me and now that it's before you know September 1st. so Yeah, yeah.
And
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:09:18–01:09:22 · unresolved: the words are not shown (unclear audio); listen to the recording
Yeah,
I've
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:09:23–01:09:26 · unresolved: the words are not shown (unclear audio); listen to the recording
yesterday. So it should be ‸ pretty shortly.
Yeah. We've seen it on, um the state Florida layer report already. So it's just a matter of time before we get it.
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:09:38–01:09:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
is it done here?
um I believe it's going to be a, a warrant, a check.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:09:45–01:09:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:02 ▶]
‸ Well, you know,
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 01:09:51–01:09:54 · unresolved: the words are not shown (unclear audio); listen to the recording
to let y'all know because of the time. Yeah.
And we, we've been talking about it for the past week. So, so. did
you make that motion? Yeah.
the Motion carries. uh and then just
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 01:10:10–01:10:12 · unresolved: the words are not shown (unclear audio); listen to the recording
the individual investments. uh so at
[unclear audio ▶]
very top, obviously, ‸ covers the numbers that I just went over. For the total fund in that blue highlighted line. but from
an
Flag: words were replaced by a machine repair · 01:10:22–01:10:22 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
investment standpoint, the only fund that our manager ‸ currently concerned with is Westwood. they've underperformed for a little bit and it's been a little bit of a lower quality rally in terms of the value side of the market. even within small cap, if you look at the benchmark there, we've underperformed the Russell 2000 with that combination of small cap funds we have there. but when we look at, uh not to get too much in the weeds, but we look at two different indexes for small cap,
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:10:51–01:10:51 · unresolved: the words are not shown (unclear audio); listen to the recording
600 and
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:10:52–01:10:56 · unresolved: the words are not shown (unclear audio); listen to the recording
And
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 01:10:56–01:11:01 · unresolved: the words are not shown (unclear audio); listen to the recording
their index to have positive earnings, uh for the most recent quarter. And then on average for the past four quarters. So there's a little bit of a quality bias there. The s p 600 for the last year has significantly underperformed the Russell 2000 because those lower quality uh non-earning names, which is it's over 40 of the Russell 2000. Those companies don't have positive earnings uh have outperformed. So I'm not as concerned with your small cap. uh But I would like
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:11:30–01:11:33 · unresolved: the words are not shown (unclear audio); listen to the recording
uh ‸ recently. I could be wrong. But uh I'd like to invite them into the next meeting to give an update. It should be
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:11:41–01:11:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
So that'll be ahead of or just after the September Fed meeting. And so if we see rate cuts there, uh that'll have significant impacts, particularly to their portfolio.
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 01:11:56–01:11:59 · unresolved: the words are not shown (unclear audio); listen to the recording
on the fund, where they've had some different different from their performance. uh
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:12:03–01:12:08 · unresolved: the words are not shown (unclear audio); listen to the recording
So
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:12:08–01:12:09 · unresolved: the words are not shown (unclear audio); listen to the recording
recommendations to make any changes, but I would like to have them come in and just present to you. And I'll reach out to them and set that up. And we'll just have them do you know a 15 minute update on the fund, the strategy, uh their outlook on the market, and obviously the um whatever has happened globally and economically from now, between now and then.
um
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 01:12:32–01:12:35 · unresolved: the words are not shown (unclear audio); listen to the recording
the funds have performed at the bottom of page 14. You can see your global infrastructure fund I mentioned the difference in performance between Lazard and
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:12:43–01:12:44 · unresolved: the words are not shown (unclear audio); listen to the recording
and Steers. Was that dollar edge you can really see it in the one
[unclear audio — 0:09 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:12:47–01:12:56 · unresolved: the words are not shown (unclear audio); listen to the recording
know 14.4 versus a benchmark of 3.7 that's uh ‸ we normally don't see that. We're happy to see that. But uh again, most of that ‸ contributed to their dollar hedge. And then on page 15, ‸ very happy with how your fixed income has done. It's been a very rough environment for bonds over the past five years. The
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:13:16–01:13:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Flag: the recognizer flagged its own output · 01:13:19–01:13:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:07 ▶]
[unclear audio — 0:05 ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 01:13:26–01:13:31 · unresolved: the words are not shown (unclear audio); listen to the recording
second, and seventh percentile for the quarter ‸ this year, one year, three years. So a very simple
[unclear audio — 0:06 ▶]
Flag: the recognizer flagged its own output · 01:13:37–01:13:43 · unresolved: the words are not shown (unclear audio); listen to the recording
I believe they're roughly
[unclear audio — 0:06 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:13:44–01:13:50 · unresolved: the words are not shown (unclear audio); listen to the recording
And so those have done fantastic. So very happy to see that. And the short-term bond that I
recommended allocating
Flag: words were replaced by a machine repair · 01:13:54–01:13:55 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
a little more money to has also done very well. so uh So very pleased with that performance.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:14:01–01:14:05 · unresolved: the words are not shown (unclear audio); listen to the recording
Hopefully ‸ continue to improve and uh looking forward to a third quarter to get us over that assumption rate to finish out with this video So with that, I will conclude my report and uh ‸ just open it up if you have any questions or would like to discuss
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:14:25–01:14:27 · unresolved: the words are not shown (unclear audio); listen to the recording
We looked
at a lot.
Very good. Yeah, a couple of things. So you have two memos in your packet. uh ‸ One uh involves a uh change to the uh Florida laws effective July 1st, 2025, and it has to do with
[unclear audio — 0:06 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:14:47–01:14:53 · unresolved: the words are not shown (unclear audio); listen to the recording
that was passed probably about 15 years ago with regard to Sudan and Iran saying that
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 01:14:57–01:15:02 · unresolved: the words are not shown (unclear audio); listen to the recording
or Iran. uh This law says that we really can't do business with any entities that boycott Israel. Just off the top of my head thinking maybe Unilever would be one of the companies because they own Ben and Jerry's. Ben and Jerry's boycotts Israel.
[unclear audio — 0:06 ▶]
Flag: a language review questioned the wording · 01:15:18–01:15:23 · unresolved: the words are not shown (unclear audio); listen to the recording
the stock, it would require us to divest from that stock. But I don't think we have uh any issues with that. But if it is in one of our mutual funds, the law provides that if there's a stock that's on the scrutinized list of companies that State of Florida comes out with, we have to reach out to the mutual fund, ask them if they would divest from that holding, which they would probably say no. But that's really all we need to do with regard to that.
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:15:51–01:15:56 · unresolved: the words are not shown (unclear audio); listen to the recording
they want to divest or uh we would have to ask them if they would create a separate fund that would not have that stock in it. And uh they could also say no to that. And we've carried out our duties under the law. So um Mitchell is aware of the law and will advise any of the investment managers if there is a company that shows up on
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:16:19–01:16:21 · unresolved: the words are not shown (unclear audio); listen to the recording
by the State of Florida.
[unclear audio — 0:06 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:16:22–01:16:28 · unresolved: the words are not shown (unclear audio); listen to the recording
there. uh The other, any questions on that? Very good. Not hearing any. uh
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 01:16:35–01:16:40 · unresolved: the words are not shown (unclear audio); listen to the recording
that came out uh the end of June, and it actually involved the city of Sanford, and it was a claim under the Federal Americans with Disabilities Act. The city had provided health insurance benefits to retirees. uh So when this individual was hired, the city offered health insurance until age 65 to retirees with 25 years of service and retirees who went out on disability. They changed that to provide that retirees who go out on disability ‸ would only get entitlement to health insurance for a period of two years. And
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:17:16–01:17:21 · unresolved: the words are not shown (unclear audio); listen to the recording
whether or not the individual had standing to bring the case in that she was no longer an employee of the city. She was a uh retiree who went out on disability, and the Supreme Court said that in order to
[unclear audio — 0:03 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:17:34–01:17:37 · unresolved: the words are not shown (unclear audio); listen to the recording
to be an employee at the time that the discrimination took place. And in that she was a disability retiree, she did not have standing to bring the case. So just for your information, uh there uh If there are no questions on that,
[unclear audio — 0:05 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:17:56–01:18:01 · unresolved: the words are not shown (unclear audio); listen to the recording
and procedures, and we'll go over that at the November 19th meeting. I will make sure you get a copy of that uh prior to ‸ the meeting so you have the opportunity to go through that. uh The main thing on the attorney's report today is that notice of proposed agency action, which is in your packet with regard to the Kelly uh potential forfeiture.
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 01:18:25–01:18:30 · unresolved: the words are not shown (unclear audio); listen to the recording
Disabilities, we have an informal hearing. uh You make a decision. If we deny it, then it would go to a formal hearing. But with regard to forfeitures, the law provides that we have to follow the Florida Administrative Procedures Act, which requires us to first serve the individual with a notice of proposed agency action. So you have the draft of the notice of proposed agency action uh in your packet today. Going through it, you'll see that the first couple of paragraphs that go through the actual facts of what occurred back in December of 2022, uh
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:19:06–01:19:10 · unresolved: the words are not shown (unclear audio); listen to the recording
uh the individual,
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:19:13–01:19:15 · unresolved: the words are not shown (unclear audio); listen to the recording
with three counts and ultimately pled guilty, uh
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:19:20–01:19:22 · unresolved: the words are not shown (unclear audio); listen to the recording
and he was adjudicated guilty of
[unclear audio — 0:06 ▶]
Flag: a language review questioned the wording · 01:19:25–01:19:31 · unresolved: the words are not shown (unclear audio); listen to the recording
uh resisting an officer with violence in violation of florida statute section 843.01 and battery uh with domestic violence included in violation of florida statute 784.03 so we have a statute out there it's the forfeiture statute uh florida statute 112.3173 which states that if an individual is convicted of a certain offense, uh we have to proceed and make a determination as to whether or not we're going to forfeit his or her benefits. uh The specified offenses are specifically laid out in the statute. uh
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 01:20:09–01:20:14 · unresolved: the words are not shown (unclear audio); listen to the recording
uh includes bribery. It would include things such as official misconduct, filing a false police report, uh things of that nature. But there is what's called uh the catch-all provision. And if you look at the notice that I drafted, uh the second page, paragraph 8, the language from the catch-all provision is enumerated in the notice. And it basically says that if there is a breach of the public trust by the public officer and he uses or attempts to use the power, rights, privileges, duties, or position of his or her public office or employment position, then that would also constitute a specified offense. uh Going back to paragraph
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:21:02–01:21:02 · unresolved: the words are not shown (unclear audio); listen to the recording
uh you'll see that I note as part of the facts that uh Kelly used his department issued weapon. uh At the time of uh the incident,
[unclear audio — 0:07 ▶]
Flag: a language review questioned the wording · 01:21:12–01:21:20 · unresolved: the words are not shown (unclear audio); listen to the recording
uh He also used the victim's duty weapon, uh as she was a police officer as well. uh And he also used the police department issued vest uh during the incident, and
[unclear audio — 0:08 ▶]
Flag: a language review questioned the wording · 01:21:32–01:21:39 · unresolved: the words are not shown (unclear audio); listen to the recording
as a hostage. So those are the ties to his employment that would fall under the catch-all provision that's enumerated in paragraph
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:21:49–01:21:50 · unresolved: the words are not shown (unclear audio); listen to the recording
there. uh There is a conviction. If you look at paragraph
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:21:53–01:21:54 · unresolved: the words are not shown (unclear audio); listen to the recording
of the notice of proposed agency action, it defines uh conviction or convicted as an adjudication of guilt uh or a plea of guilty or of no contest. So in this instance, we have a plea of no contest, and he was adjudicated guilty as well. uh He's currently sitting uh in jail in at the Wakula Correctional Institution Annex. So the uh the manner in which we're going to proceed is I would recommend entertaining a motion to adopt the notice of proposed agency action. If that motion passes, uh
[unclear audio — 0:07 ▶]
Flag: a language review questioned the wording · 01:22:31–01:22:38 · unresolved: the words are not shown (unclear audio); listen to the recording
Correctional Facility. And he would have until, I think I put November 5th, to make a decision as to whether or not he wants to contest the forfeiture and request the hearing. uh If he does not, then
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:22:50–01:22:54 · unresolved: the words are not shown (unclear audio); listen to the recording
to forfeit the benefit. He would always be entitled to a return of his contributions. uh That is not subject to being forfeited, but the return of contributions would be without interest. If he were to file a petition and request a hearing, then we would proceed to a formal hearing, which is much much like we do in disability cases. And we'd hire an advocate, another attorney, to represent and argue why the benefit should be forfeited, much like we hire an advocate in disability cases as well when that's contested. We've done, our office has probably done the bulk of the forfeiture cases in the state of Florida.
[unclear audio — 0:08 ▶]
Flag: a language review questioned the wording · 01:23:32–01:23:40 · unresolved: the words are not shown (unclear audio); listen to the recording
work. uh If you were to ultimately forfeit the benefit here, it's also subject to appeal uh to the courts and they would review your decision. And we'd represent you in that, but we cannot argue, we cannot act as an advisor to the board and advise you on the forfeiture proceeding and
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 01:23:59–01:24:04 · unresolved: the words are not shown (unclear audio); listen to the recording
a conflict of interest. So that's why we would hire an advocate. So unless there are any specific questions, uh comments, uh council would recommend a motion adopting uh the notice of proposed agency action in the matter of the forfeiture of retirement benefits of Patrick Kelly.
I
have that document for you to sign as the chairman and then
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:24:37–01:24:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
the certificate of service provides that it's by regular mail and certified mail. It's going to be
a prison
I assume somebody will be able to sign ‸ off on the uh certified mail receipt. And uh in that case,
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:24:59–01:25:00 · unresolved: the words are not shown (unclear audio); listen to the recording
of providing him with due process. If he were to actually request a hearing, we would actually send a court reporter to the jail to swear him in and uh be you know transcribed the proceedings. And we've done that in the past also. when when the individual is not getting out of jail for several years, I think
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:25:22–01:25:25 · unresolved: the words are not shown (unclear audio); listen to the recording
I think, what uh including time served. though So he might be out in you know five, six years from now.
[unclear audio — 0:06 ▶]
Flag: a language review questioned the wording · 01:25:30–01:25:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:05 ▶]
All right.
I did a very
[unclear audio — 0:04 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:25:46–01:25:49 · unresolved: the words are not shown (unclear audio); listen to the recording
uh So unless there's a question, uh the other item that we have is our annual uh administrative budget for the next fiscal year. As you know, that's been a 10-year requirement uh based on Florida
statutes i
Flag: words were replaced by a machine repair · 01:26:03–01:26:05 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
uh just want to point out this is not an appropriations appropriations budget like the city does. uh This is just our best guess as to what our census will be. um the statute provides that you don't have to amend that budget if a line item is exceeded, only if the total budget and aggregate is exceeded, which is a good thing. So if unless you have questions or need anything changed, what we would need is a motion to adopt the budget uh and
with
Flag: words were replaced by a machine repair · 01:26:44–01:26:44 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[unclear audio — 0:04 ▶]
Flag: a language review questioned the wording · 01:26:44–01:26:48 · unresolved: the words are not shown (unclear audio); listen to the recording
and then authorize it to go to the plan sponsor, which is the city, to the chairman to distribute internally to the members, and then we also send it to the actuary because they have to submit it to the state along with the annual report.
[unclear audio — 0:02 ▶]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings · 01:27:08–01:27:11 · unresolved: the words are not shown (unclear audio); listen to the recording
I'm going to have to send you a new notice because I think
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:27:19–01:27:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 01:27:24–01:27:27 · unresolved: the words are not shown (unclear audio); listen to the recording
so that they won't have to do that after September 1. And then the next item of course is our distribution payments and any deposits that we receive and we would need your motion for ratification unless you have questions.
[unclear audio — 0:05 ▶]
Flag: the recognized words and the detected speech do not line up · 01:27:55–01:27:59 · unresolved: the words are not shown (unclear audio); listen to the recording
second. All in favor? Aye.
Flag: the recognized words and the detected speech do not line up · 01:27:59–01:28:02 · gap filled by a machine re-reading (not checked by a person)
[unclear audio — 0:01 ▶]
Flag: the machine readings disagree here · 01:28:03–01:28:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:28:08–01:28:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
That's all I have.
Can I see that note, the forfeiture notice? Oh yeah,
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:28:17–01:28:18 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
Flag: the recognizer flagged its own output · 01:28:18–01:28:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:28:20–01:28:21 · unresolved: the words are not shown (unclear audio); listen to the recording
We're good.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:28:22–01:28:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
You got it? Yep.
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:28:26–01:28:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Okay.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:28:30–01:28:33 · unresolved: the words are not shown (unclear audio); listen to the recording
I hope it came in yours. Yeah. Yeah.
I
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:28:37–01:28:38 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 01:28:38–01:28:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
Yes, yes.
Sheila, the board wants to present you with this plaque of your 18 years of dedicated service to us. I speak for everybody here that says you're going to be sorely missed. Oh, thank
you.
You're a huge part of this prevention plan. You always do that for everybody else who's been here, so now it's your turn.
Thank you. Thank
you.
That's very, very important. Thank you.
[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 · 01:29:16–01:29:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 01:29:21–01:29:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:07 ▶]
[unclear audio ▶]
[unclear audio — 0:02 ▶]
[unclear audio — 0:03 ▶]
Flag: the recognizer flagged its own output; the recognized words and the detected speech do not line up · 01:29:31–01:29:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
Okay, so we're adjourning at... Oh,
let me give you this...
Okay, and we've got to get some signatures here. Yes.
Okay,
so we're adjourning at 2.35. Yes. Okay, thank you.
Hello, thank you. I'm
going
to
[unclear audio ▶]
Flag: a language review questioned the wording · 01:29:52–01:29:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
[unclear audio — 0:01 ▶]
Thank you. Party favor. Thank
you.
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:30:03–01:30:05 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:30:06–01:30:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:30:09–01:30:10 · unresolved: the words are not shown (unclear audio); listen to the recording
What?
[unclear audio — 0:02 ▶]
Flag: the recognizer flagged its own output · 01:30:12–01:30:13 · unresolved: the words are not shown (unclear audio); listen to the recording
Oh, really? Oh, yeah.
‸ And
somebody took it. I called a couple of the trustees because I was filling in for a meeting.
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:30:21–01:30:22 · unresolved: the words are not shown (unclear audio); listen to the recording
Stu, Stu. He was right next to you. ‸ I mean, Adam. I keep looking at you.
Which meeting was it? It's funny.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:30:29–01:30:30 · unresolved: the words are not shown (unclear audio); listen to the recording
It's
funny.
[unclear audio — 0:02 ▶]
Flag: the recognizer flagged its own output · 01:30:31–01:30:32 · unresolved: the words are not shown (unclear audio); listen to the recording
Really? Yeah.
It
was
a little
Flag: words were replaced by a machine repair · 01:30:34–01:30:35 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
over four. And then.
[unclear audio — 0:05 ▶]
Flag: a language review questioned the wording · 01:30:39–01:30:44 · unresolved: the words are not shown (unclear audio); listen to the recording
He could talk.
Just an educated guess.
Pissed on prior history.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:30:50–01:30:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
little
pack.
Flag: words were replaced by a machine repair · 01:30:53–01:30:54 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
I would know. And then about 20 minutes later, he got lost. ‸ I get a phone
call. That's what I
found.
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up · 01:30:59–01:31:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:07 ▶]
How you been? Good?
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 01:31:12–01:31:18 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:05 ▶]
[unclear audio ▶]
You
coming
here?
Yes. Yeah. I'll try to
stay with
us.
[unclear audio ▶]
Flag: the recognizer flagged its own output · 01:31:23–01:31:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:01 ▶]
Yeah.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 01:31:25–01:31:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio ▶]
I just
want
to see
you.
I'll read it. And I. I'm.
Okay. You got a meeting ‸ person. Okay.
[unclear audio — 0:01 ▶]
Flag: the machine readings disagree here · 01:31:37–01:31:37 · unresolved: the words are not shown (unclear audio); listen to the recording
Okay.
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:31:41–01:31:42 · unresolved: the words are not shown (unclear audio); listen to the recording
So.
I'm
kind of fine. I get to come back. Yeah. ‸ So.
[unclear audio — 0:11 ▶]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:31:48–01:32:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:02 ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:02 ▶]
[unclear audio — 0:02 ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:04 ▶]
[unclear audio — 0:03 ▶]
[unclear audio ▶]
[unclear audio — 0:03 ▶]
[unclear audio — 0:02 ▶]
[unclear audio — 0:02 ▶]
Yeah, it's good. Yeah.
Yeah.
Yeah.
[unclear audio — 0:02 ▶]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 01:33:02–01:33:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
Do
you mind if I look?
[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 · 01:33:21–01:33:28 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:05 ▶]
That's really
crazy.
[unclear audio ▶]
Flag: the recognizer flagged its own output · 01:33:30–01:33:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:01 ▶]
I'm just fine. Yeah,
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:33:35–01:33:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
I will.
I
will.
Can we make
a person? Yeah.
Perfect. I know. I know. That's right.
[unclear audio — 0:02 ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 01:33:47–01:33:50 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:33:50–01:33:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:02 ▶]
[unclear audio — 0:02 ▶]
[unclear audio ▶]
[unclear audio — 0:03 ▶]
[unclear audio — 0:02 ▶]
Flag: the recognizer flagged its own output · 01:33:59–01:34:01 · unresolved: the words are not shown (unclear audio); listen to the recording
Okay.
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:34:02–01:34:05 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:03 ▶]
So, we'll set a few.
Yeah.
[unclear audio — 0:02 ▶]
Flag: words only one machine reading has (possibly not said) · 01:34:07–01:34:12 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio ▶]
Okay. Especially
when
[unclear audio — 0:02 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 01:34:16–01:35:05 · unresolved: the words are not shown (unclear audio); listen to the recording
have
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:06 ▶]
[unclear audio ▶]
[unclear audio — 0:17 ▶]
[unclear audio — 0:05 ▶]
[unclear audio ▶]
[unclear audio — 0:04 ▶]
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio — 0:04 ▶]
Oh, yeah.
[unclear audio — 0:01 ▶]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 01:35:06–01:35:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:04 ▶]
Yes, he was.
Yeah.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 01:35:17–01:35:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:35:19–01:35:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio — 0:02 ▶]
No, that's okay. So I
haven't refilled them. Well, you have mine and you just call me or email
me.
Tomorrow with all the Oh,
[unclear audio ▶]
Flag: the machine readings disagree here · 01:35:31–01:35:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:35:31–01:35:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:03 ▶]
Flag: a language review questioned the wording · 01:35:32–01:35:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio — 0:09 ▶]
Flag: the recognized words and the detected speech do not line up · 01:35:36–01:35:45 · unresolved: the words are not shown (unclear audio); listen to the recording
What
I do,
I think, I
always have the chairman's side. It's
original. Yeah.
You said the clerk, like, the lighting copy.
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:35:59–01:36:00 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
Yeah.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output · 01:36:01–01:36:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
Yeah, we're going
to take this
[unclear audio — 0:01 ▶]
Flag: the machine readings disagree here · 01:36:05–01:36:06 · unresolved: the words are not shown (unclear audio); listen to the recording
And so what I also, for some reason I wasn't sure that because of me not physically being here but doing my phone, I had him sign or re-sign from last November, okay? And that's for you to put with those minutes. So you'll have it
original.
Flag: words were replaced by a machine repair · 01:36:22–01:36:22 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
If y'all want it.
[unclear audio — 0:01 ▶]
Flag: a language review questioned the wording · 01:36:25–01:36:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
[unclear audio — 0:02 ▶]
I'll email this to you and send it to the bank.
Okay.
And so you can just put, you've got the minutes in your packet so this will just be the last page. And then these I'll take to the city court. This was
from
last,
was this from last meeting? Okay. Well,
I'm not sure if I ever turned an original and
[unclear audio ▶]
Flag: the machine readings disagree here · 01:36:49–01:36:49 · unresolved: the words are not shown (unclear audio); listen to the recording
last fall because I was, because of my knee I was having to attend my friend. I know she has an executor but it may not be an original so I just
did
that. So this is yours.
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:37:02–01:37:04 · unresolved: the words are not shown (unclear audio); listen to the recording
that'll go with your pocket. So we'll take this to her.
And
then,
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:37:12–01:37:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:02 ▶]
Is that okay? Yes.
[unclear audio ▶]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 01:37:16–01:37:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio ▶]
[unclear audio — 0:03 ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
Let me just get all this stuff.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:37:28–01:37:30 · unresolved: the words are not shown (unclear audio); listen to the recording
Yes.
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:37:31–01:37:32 · unresolved: the words are not shown (unclear audio); listen to the recording
Thank you.
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:37:33–01:37:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
keep in touch.
[unclear audio ▶]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:37:36–01:37:38 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:02 ▶]
I will.
Is the grant
[unclear audio ▶]
Flag: the machine readings disagree here · 01:37:41–01:37:41 · unresolved: the words are not shown (unclear audio); listen to the recording
mode, is that your address? Yes, it is. Okay. We'll make sure we keep you on our Christmas list and everything.
Okay. Okay. I know y'all did that very generous contribution.
Yes,
ma'am.
Which I think is a wonderful plan. Please do. Thank you.
‸ Enjoy retirement.
And
if you ever get bored, come be our first public comment for
[unclear audio ▶]
Flag: the machine readings disagree here · 01:38:00–01:38:00 · unresolved: the words are not shown (unclear audio); listen to the recording
Oh, boy. Okay.
[unclear audio — 0:01 ▶]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:38:05–01:38:06 · unresolved: the words are not shown (unclear audio); listen to the recording
Yes, good to
see
you. Nice to see you.
[unclear audio — 0:02 ▶]
Flag: a language review questioned the wording · 01:38:08–01:38:10 · unresolved: the words are not shown (unclear audio); listen to the recording
Yeah, you
as well.
Okay.
[unclear audio ▶]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output; a language review questioned the wording · 01:38:12–01:38:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio — 0:01 ▶]
Everything is. All right,
my
dear. All
right, good to see you.
[unclear audio — 0:01 ▶]
Flag: the recognizer flagged its own output; a language review questioned the wording · 01:38:22–01:38:23 · unresolved: the words are not shown (unclear audio); listen to the recording
Yeah,
right
now.
[unclear audio ▶]
Flag: the machine readings disagree here · 01:38:25–01:38:28 · unresolved: the words are not shown (unclear audio); listen to the recording
[unclear audio — 0:01 ▶]
[unclear audio ▶]
[unclear audio ▶]