[00:00:09] Speaker 1 + overlapping voice · overlapping voices
We're ready.
[00:00:10] Speaker 2
We are ready. I, uh,
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[00:00:18] Attribution uncertain
Um,
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[00:00:27] Speaker 2 + overlapping voice
we have a quorum.
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[00:01:35] Speaker 6 · Unclear audio
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[00:01:37] Speaker 6
Good morning everyone. Good to see everybody. As I usually do, I just ask you to flip a couple of slides to page... Your
[00:01:45] Speaker 6 · Unclear audio
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[00:01:45] Attribution uncertain
We
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[00:01:49] Speaker 6
Sorry. Good morning.
[00:01:51] No voice detected
Good morning.
[00:01:52] Speaker 6
As I usually do, I ask you to flip to page four for me, which is the economic overview page, just to give a perspective on what this quarter captured. And obviously, we're looking for the prior months here. Speak up.
[00:02:08] Speaker 3
A little
[00:02:09] Speaker 6
closer?
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[00:02:14] Speaker 6
Hello? Okay. Must be user error. Sorry. So, maybe not. It keeps going in and out.
[00:02:24] Speaker 4
Right?
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[00:02:36] Speaker 6
Okay. Great. So, if you look at slide four, page four, in the upper left-hand corner of the page, the top line there shows GDP growth.
[00:02:46] Attribution uncertain
And
[00:02:46] Speaker 6
obviously, we are slowing down a bit, right? For the prior quarter, you see 2.6. And then right now, we're annualizing at kind of a lower pace than ‸ that. The question is whether or not we will go into a recession. And even though the Fed officially says that we're not going to go into a recession, the odd thing is that the economists that work at the Fed believe we will go into a recession by the second half of this year. And it looks like we possibly might, but still, it's not 100% yet. But what that means for now is that until things clear up, there are going to be some volatile moments in the markets. However, unemployment is improving. As you see here, it's ‸ 3.5. At least when the report was created after this, it
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[00:03:40] Speaker 6
CPI also is improving.
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[00:03:52] Speaker 6
9%. And the Fed's long-term perspective on it, though, is close to 2%. So we still have a gap there yet, which is why the Fed, as you see here, raised interest rates again during this quarter. And they also raised it again after this quarter. So we came from a position of short-term interest rates being negligible, 0 to 25 basis points. Now
[00:04:16] Speaker 6 · Unclear audio
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[00:04:18] Speaker 6
So they raised interest rates 10 times to get to that level. That's a pretty rapid pace of raising interest rates. It looks like now we may be pausing. However, we shall see. And the reasons for the pause is, number one, as you may recall, during this past quarter, there was some challenges with some regional banks. Silicon Valley Bank, Signature Bank are the two big ones that you probably have heard about. And because of that, there
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[00:04:50] Speaker 6
If there's less lending, there's less business growth, so potentially may slow down the economy. So we'll have to see the effects of that. More current, of course, is what you can't get away from when you look at the TV or when you read the paper, is whether or not we're going to potentially default on our debt.
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[00:05:14] Speaker 6
trying to increase the amount of money that the U.S. can borrow. And there's a stalemate between what is being presented by the House and what the White House is willing to negotiate with. And, of course, the Treasury came out and said that potentially we would run out of money by June 1st. We shall see what happens. The
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[00:05:39] Speaker 6
No, I'm sorry, 12 years ago in 2011, where the U.S. debt actually did
[00:05:45] Attribution uncertain
the
[00:05:46] Speaker 6 + overlapping voice
U.S. credit rating actually was lowered because we went into the same type of situation. So there's a lot of posturing, but at some point, we will have a budget that is passed, and we will borrow more money again. But right now, it is causing a little bit of volatility. However, having said that, the past quarter
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[00:06:12] Speaker 6 + overlapping voice · overlapping voices
row I highlight for you is the S&P 500, and that represents primarily large-cap stocks. That was up 7.5% for the quarter, better than mid-cap stocks and small-cap stocks. International return, similarly to domestic large-cap. In fact, it was a little bit better. The only place that we did have a negative return for the quarter of the major asset classes that we look at was real estate. Real estate was down 3%, while bonds were up about 3%. And the real estate decline, as you know, is something that we had talked about, and it is going to still work its way through the system. We
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[00:06:58] Speaker 6 + overlapping voice
have been embedded, and hopefully
[00:06:59] Speaker 6 + overlapping voice · Machine re-recognized
we'll
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[00:07:00] Speaker 6 + overlapping voice
have a turnaround. But now, if you look at the training 12 months, every single one of the major asset classes actually had a negative number in front of it. So it was a very difficult 12 months in the markets overall. The only other point I'll hit on here is in the bottom left-hand corner of the page. There was a dramatic difference if you were growth compared to core, compared to value, and large compared to mid compared to small. So you ‸ see large-cap growth was up over 14%, yet small-cap value actually was slightly down.
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[00:07:47] Speaker 6 + overlapping voice
or Apple or Nvidia, Meta, those are the types of stocks that did quite well. If I could ask you to flip to page 7 for me, and this is where we get our snapshot of different returns across varying periods. So we see here that the
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[00:08:11] Speaker 6 + overlapping voice
middle of the pack. It's actually pretty in line with our shadow index, slightly behind the policy index. It does bring the
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[00:08:23] Speaker 6 + overlapping voice
again, that's actually kind of similar to the shadow, but
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[00:08:32] Speaker 6 + overlapping voice
are top third or top quartile numbers. And again, all of those returns are pretty similar to the shadow index, a little bit behind the policy index. Primarily, it's because we do have a little bit of cash that did give us a little bit of drag.
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[00:08:48] Speaker 6 + overlapping voice · Machine re-recognized
had
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[00:08:48] Speaker 6 + overlapping voice
a little bit of under-performance relative to the policy index. A little overweight to real estate and a little ‸ overweight to cash. So, coming down the first column, and that's just a highlight for us that what the returns generated in each of the components. So equities, large cap equity was a little bit behind.
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[00:09:10] Speaker 6 + overlapping voice
International equities also a little bit ahead. And then we had real estate, of course, which ‸ was slightly negative, fixed income, slightly positive. So nothing dramatically above or below. And that's why the combined portfolio was in line with the shadow index.
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[00:09:33] Speaker 6
had about 38% large cap, 18% mid cap, 10% international. And then the balance was either real estate, fixed income or ‸ cash. So, when you look at it at a high level, nothing overly aggressive about the portfolio, right? So you're looking roughly about 65, 35% equity risk versus fixed income-like risk.
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[00:10:04] Speaker 6
On the right-hand corner of the page shows that we
[00:10:06] Speaker 6 · Machine re-recognized
start
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[00:10:06] Speaker 6
the portfolio off at just north of $23 million. But
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[00:10:10] Speaker 6
contributions, positive income, and positive capital gains, which is why we
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[00:10:20] Speaker 6
And
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[00:10:22] Speaker 6
pictorial depiction of the fund over the long period that we have here. And that dark line shows what the corpus has done. The dotted hash line is actually the blended assumption rate. So we're a little bit behind the blended assumption rate. And then the dotted line at the bottom is the cash flow line. So
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[00:10:43] Speaker 6
The positive is that, again, over the long term, this portfolio has increased. It's gone to the northeast. It's not a smooth ride, as we understand, but it does consistently go up over time, which is good. And even
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[00:11:06] Speaker 6
which is why we are where we are today. Page 9, just to see officially the asset allocation relative to our target. So
[00:11:17] Attribution uncertain
we
[00:11:17] Speaker 6
have
[00:11:17] Attribution uncertain
a little bit within
[00:11:17] Speaker 6
guidelines, a little bit over, a little under allocated in certain pieces, but again, all within guidelines there. And then page
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[00:11:30] Speaker 6
to the components that we just saw a moment ago on page 7 and breaks out the two large cap managers. So as you know, we have large cap growth, large cap value.
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[00:11:45] Speaker 6
They were in line with the benchmark, top third of the universe. Over the long term, they've been a little bit behind the benchmark now because primarily they did have a little bit of underperformance, obviously, for the past year. But over time, they should bounce back. Brandywine was a little bit under for the quarter, but they've done nicely over the long term. The Hardman-Johnston had a nice quarter as we saw a moment ago. And then of course, Richmond Capital,
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[00:12:14] Speaker 6
you recall, their performance isn't going to rank particularly good all the time because they're so conservative. And the universe we compare them to is more broad in scope versus what their allocation is. So nothing too exciting. Just basic blocking and tackling. Good performance overall. Not spectacular. Not horrible. But I would expect that we will see some volatility from where we are today, at least through the early part of June. I wouldn't be surprised if the portfolio declines slightly, but hopefully we'll be right around what the ‸ assumption rate is for ‸ fiscal year. So with that, I'm happy to address any questions that you might have.
[00:13:04] Speaker 4
Mr.
[00:13:06] No voice detected
Zimmerman.
[00:13:06] Speaker 1
Mr. Zimmerman.
[00:13:09] Speaker 4
Is it time for us to think about pulling
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[00:13:39] Speaker 3 · Unclear audio
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[00:13:40] Speaker 3
for some time. Well,
[00:13:41] Attribution uncertain
I
[00:13:41] Speaker 3
think it, isn't that cash going out for drop payments now?
[00:13:44] No voice detected
Mr.
[00:13:45] Attribution uncertain
Zimmerman.
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[00:13:48] Speaker 6 + overlapping voice · overlapping voices
coming up. Yeah.
[00:13:50] Speaker 3
Mr. Zimmerman. So
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[00:13:55] Speaker 6
Mr. Zimmerman. Yes. Although the R&D
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[00:14:01] Speaker 6
It's a fair question, but we, that's the primary reason why we raised a little bit of cash is because we had a couple of drops coming up.
[00:14:07] Speaker 1
And
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[00:14:08] Speaker 1
that we'd raise the money at our terms. Not all of a sudden we got to have it. So, yeah,
[00:14:12] Attribution uncertain
exactly.
[00:14:14] Speaker 6
Yeah.
[00:14:15] Speaker 4
When is it? How much are you going to disperse in the next quarter? Do
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[00:14:28] Speaker 3 + overlapping voice · overlapping voices
Yeah.
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[00:14:31] Speaker 1
I'm just giving you a ballpark, but that's what I thought was 1.2 is going to be distributed over a three month period or so.
[00:14:40] Speaker 5 + overlapping voice · overlapping voices · Machine re-recognized
What
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[00:14:40] Speaker 1 + overlapping voice · overlapping voices
do you show Mr. Floyd? Do you have anything?
[00:14:43] Speaker 5 + overlapping voice
Oh, no, I don't know. Oh, okay. I saw you. I was just looking to see when this battered him, but it looks like that. I'm
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[00:14:54] Speaker 5 + overlapping voice
Did it already come out?
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[00:14:59] Speaker 5
Well, this is as of March 31st.
[00:15:02] Speaker 6
Was there an April one?
[00:15:04] Speaker 5 + overlapping voice · overlapping voices
In other words, 997 in cash, if we rolled out 310 for him, that 997 today might be less. Right. That would be after March 31st. Okay.
[00:15:15] Speaker 1 + overlapping voice
And then
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[00:15:17] Speaker 1 + overlapping voice · overlapping voices
And
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[00:15:20] Speaker 3 + overlapping voice · overlapping voices
Not
[00:15:20] Speaker 3 + overlapping voice · Machine re-recognized
until
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[00:15:20] Speaker 3 + overlapping voice
next, Shane.
[00:15:22] Speaker 1 + overlapping voice · overlapping voices
Shane, yeah. He's
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[00:15:23] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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[00:15:25] Speaker 3 + overlapping voice · overlapping voices
Okay. The rollover went.
[00:15:27] Speaker 6
Yeah. When we had prior discussions, we were talking about like about 400,000 ish coming out in April. And then we talked about another potential two more drops coming soon thereafter. So that's why we had built up a little cash going into it, especially because we knew the markets were going to be a little volatile anyway. Didn't hurt to have the cash. But we suspect that this money as long as the drops go through, it will be gone within the next couple of quarters.
[00:15:49] Speaker 3
So
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meeting.
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[00:16:03] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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[00:16:10] Speaker 1
So a little bit under, just under one point.
[00:16:13] Speaker 6
So we're probably close to $600,000 in cash. Yeah.
[00:16:18] Speaker 1
But still it's a valid point what you said about checking with Richmond.
[00:16:21] Speaker 4
Yeah. And maybe at the next meeting we can ask Richmond to come in and tell us, you know, I'm eager to go into fixed, to return to our normal investment.
[00:16:39] Speaker 4 · Machine re-recognized
Now, the problem is that we got our money stuck in real estate and it looks like
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[00:16:46] Speaker 4 · Unclear audio
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[00:16:48] Speaker 4 · Machine re-recognized
a long time coming before we can get any out.
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[00:16:51] Speaker 1 · Machine re-recognized
Well, the queue here is listed on
[00:16:53] Speaker 1 · Unclear audio
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[00:16:55] Speaker 1
Yeah,
[00:16:55] Speaker 4
but anyway, if I would like to ask Richmond ‸ Sounds
[00:17:01] Speaker 1
great. any Any objection by the members of the board? Sounds great. Mr.
[00:17:07] Speaker 1 · Unclear audio
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[00:17:09] Speaker 6 + overlapping voice · overlapping voices
‸ Absolutely, yes. Thank
[00:17:10] Speaker 6 + overlapping voice · Unclear audio
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[00:17:10] Speaker 1 + overlapping voice · Unclear audio
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[00:17:18] Speaker 1 + overlapping voice · overlapping voices
of questions, Dave. uh ‸ I was at a board meeting last week, and they were talking about when their financial advisors spoke, he said that the the bank that failed in California was because a bunch of investors got together and said, let's make a call
[00:17:33] Speaker 1 + overlapping voice · Unclear audio
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[00:17:38] Speaker 1 + overlapping voice
was just the fact that they saw a chance that they may lose money, and so they
[00:17:41] Speaker 1 + overlapping voice · Unclear audio
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[00:17:46] Speaker 1 + overlapping voice
let me give you a little bit
[00:17:47] Speaker 6 + overlapping voice · overlapping voices
more background to that. So that
[00:17:50] Speaker 1 + overlapping voice · overlapping voices
may be a very
[00:17:50] Speaker 6
high
[00:17:51] Speaker 1
level
[00:17:51] Speaker 6 + overlapping voice · overlapping voices
way of explaining it. Okay.
[00:17:53] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
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[00:17:56] Speaker 6 + overlapping voice
depositors that leave the money in your bank. right All of us have money in banks. And the way that banks work is that they take all these deposits, and for the benefit of getting those deposits, they give you a small amount of money, an interest rate. And then what they do is they take that money, and then they loan that money at a higher interest rate. And that differential is what they make, their interest income. Well, what happened with Silicon Valley Bank, number one, there was a run on the bank, meaning that people did take their money out, which is all well and good as long as you have the ‸ money to pay it out.
[00:18:28] Speaker 6 + overlapping voice · Unclear audio
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[00:18:33] Speaker 6 + overlapping voice
took the money that was given to them, and then they invested the money in longer term debt. The problem with doing that, though, is that the longer term debt went down in value. And
[00:18:45] Speaker 6 + overlapping voice · Unclear audio
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[00:18:49] Speaker 1 + overlapping voice · overlapping voices
there we go
[00:18:49] Speaker 6
they didn't have enough money. They became insolvent. They didn't have enough money to pay back people. So that was a little bit unusual because most banks do not take that type of risk. Even though it's all invested in Treasury bonds, notes, they still they still took duration risk. Duration meaning how
[00:19:10] Speaker 1
long that
[00:19:10] Speaker 6
debt is going to last relative to it being immediately needed. Again, most of the time, banks operate normally, and that's not a concern. But it's just like a wonderful life, the movie, right? You had ‸ a
[00:19:25] Attribution uncertain
uh
[00:19:25] Speaker 6
run on the bank, and then the bank goes belly up.
[00:19:28] Speaker 1
Okay.
[00:19:28] Speaker 1 · Unclear audio
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[00:19:34] Speaker 1
to lose more than what they wanted to lose, so they
[00:19:36] Speaker 1 · Unclear audio
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[00:19:40] Speaker 1
them, so there's like a run on them.
[00:19:42] Speaker 6 + overlapping voice · overlapping voices
Yes. Okay. Yes. Okay.
[00:19:46] Speaker 1 + overlapping voice
And so right now with Intercontinental, and i read their memos, we've seen that we have no exposure there.
[00:19:53] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:19:55] Speaker 1 + overlapping voice
we're just in the queue to get our money, but they're also going to be one of those who go feel the effect of this for the next two or three years. so
[00:20:00] Speaker 6 + overlapping voice · overlapping voices
Yes. Yes. But that's a symptom of the entire real estate environment. Right. All real estate managers are feeling the same thing. But what I will highlight is that even though we are seeing some negative returns right now, our long-term returns on real estate is still quite good. uh The
[00:20:21] Speaker 6 + overlapping voice · Unclear audio
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[00:20:24] Speaker 6 + overlapping voice
page 10, and you look at Intercontinental's return for the past five years. I can't say uh inception
[00:20:31] Speaker 6 + overlapping voice · Machine re-recognized
to date
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[00:20:31] Speaker 6 + overlapping voice · overlapping voices
because the return there is from June of 2016, and the following line for Richmond is March of 2013. So the best apples to apples comparison is a five-year number, right? If you look at five years,
[00:20:45] Speaker 6 + overlapping voice · Unclear audio
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[00:20:50] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
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[00:20:52] Speaker 6 + overlapping voice
you see there's a gap there. So we made that differential by moving some money to real estate, and
[00:20:58] Speaker 6 + overlapping voice · Unclear audio
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[00:21:02] Speaker 6 + overlapping voice
returns that we're feeling right now. So obviously, as we put
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[00:21:09] Speaker 6 + overlapping voice
but there still will be a delta or differential between what we made with real estate and with fixed income.
[00:21:18] Speaker 1
we're
[00:21:19] Speaker 1 · Unclear audio
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[00:21:22] Speaker 1
have since October 1 till now, how much our plan is up or down October 1 when we open the books for the new year?
[00:21:30] Speaker 6
uh
[00:21:31] Speaker 6 · Unclear audio
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[00:21:34] Speaker 1
but I wanted to make sure that was correct.
[00:21:36] Speaker 6 + overlapping voice · overlapping voices
You mean in terms of the return or dollars? uh
[00:21:38] Speaker 1 + overlapping voice · overlapping voices
No, sir. Our actual value. of our our
[00:21:41] Speaker 6 + overlapping voice · overlapping voices
Okay. So I'm gonna ‸ have to look that up. I don't have it that's okay offhand.
[00:21:46] Speaker 1 + overlapping voice · overlapping voices
Yeah. So we are up almost
[00:21:50] Speaker 1 + overlapping voice · Unclear audio
[unclear audio]
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[00:21:50] Speaker 1 + overlapping voice
mil, but we still have this final quarter to go through.
[00:21:54] Speaker 6
Yes.
[00:21:55] Speaker 1 · Machine re-recognized
I
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[00:21:56] Speaker 1
had ‸ my calculations. so
[00:21:59] Speaker 6 + overlapping voice · overlapping voices
I'm
[00:22:00] Speaker 1 + overlapping voice · overlapping voices
looking at exposure for the city's cost That's what I'm thinking of.
[00:22:02] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:22:07] Speaker 6 · Unclear audio
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[00:22:08] Speaker 6
just shy of 23 million.
[00:22:10] Speaker 6 · Unclear audio
[unclear audio]
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[00:22:10] Speaker 1 + overlapping voice · overlapping voices
Okay. And now we're
[00:22:12] Speaker 1 + overlapping voice · Unclear audio
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[00:22:14] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
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[00:22:18] Speaker 6 + overlapping voice
all
[00:22:18] Speaker 1
right so their projection on their on their their projection of how much they had to shore up is still about what they had planned on anyway in their budget. So, good. Thank you for that information. Anybody else for Mr.
[00:22:32] Speaker 1 · Unclear audio
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[00:22:38] Speaker 1
Lee, anything else for us?
[00:22:40] Speaker 2
No, I was just gonna
[00:22:40] Speaker 2 · Unclear audio
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[00:22:44] Speaker 2
have him on for the next meeting. But he was paid out in April.
[00:22:46] Speaker 1 + overlapping voice · overlapping voices
April. Okay.
[00:22:47] Speaker 3
And
[00:22:48] Speaker 2 + overlapping voice · overlapping voices
then I don't have,
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[00:22:50] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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[00:22:52] Speaker 3 + overlapping voice · overlapping voices
Did you say proctor? But there's two in the draw but oh okay.
[00:22:57] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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[00:22:59] Speaker 2
Okay. So.
[00:23:00] Speaker 1 + overlapping voice · overlapping voices
Unless they had that moment at work. You know how that goes.
[00:23:04] Speaker 3 + overlapping voice · overlapping voices
I do. okay I've
[00:23:06] Speaker 1 + overlapping voice · overlapping voices
seen a couple of those lately. So,
[00:23:07] Speaker 3 + overlapping voice · overlapping voices
you know, while we're talking about it, I guess there's a couple ‸ people. We were because we got brought up to us the other day. about Well, I guess we can bring this up later when we're talking to
[00:23:15] Attribution uncertain
you
[00:23:15] Speaker 3 + overlapping voice · overlapping voices
about it. About some people that left and they didn't get returned to the stuff, but. I'll bring it up to you. Okay. Under
[00:23:20] Speaker 1 + overlapping voice · overlapping voices
admin. Yeah. ‸ Anything else? Mr. Lee? No, that was it. Thank you ‸ very much. Any other questions for Mr. Lee? You
[00:23:28] Speaker 3 + overlapping voice
know, just curiosity. We were talking about this the other day. You
[00:23:30] Speaker 3 + overlapping voice · Unclear audio
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[00:23:32] Speaker 3 + overlapping voice · overlapping voices
discussing how like maybe the yen or maybe Chinese currency is trying to become the world backup currency instead of the dollar. Sure. What do you, what do you, have you looked into that?
[00:23:46] Speaker 6 + overlapping voice
There's no danger of that happening yet. uh The dollar still is the reserve currency of the world. Reserve
[00:23:51] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
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[00:23:53] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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[00:23:54] Speaker 3 + overlapping voice · overlapping voices
something major that I was watching that. If that happens, then we're going to get our debt called. ‸ Yeah.
[00:23:58] Speaker 6
Well, I think the challenge is that people still aren't comfortable accepting the word of Chinese companies as to what their financial statements are. Right. ‸ So you just don't know sometimes what you're buying into, number one. Number two, you have a government there that effectively can say, I don't want you to be in business anymore and you shut down. ‸ So until that type of environment changes, I don't think that you could have the yuan as the default currency or a reserve currency of the world.
[00:24:30] Speaker 6 · Unclear audio
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[00:24:33] Speaker 1 · Unclear audio
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[00:24:34] Speaker 1
did have one more thing for you, Mr. Lee. This occurred last night on the national news. Last week, there was a fake photo that came out and it showed a bombing near the Pentagon and the stock market reacted to
[00:24:44] Speaker 6 + overlapping voice · Unclear audio
[unclear audio]
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[00:24:50] Speaker 1 + overlapping voice
vulnerable to one of those types of of of of reaction by the market?
[00:24:54] Speaker 6
Yeah. So uh I was at a conference in Michigan just before I came here. And
[00:24:58] Speaker 6 · Unclear audio
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[00:25:04] Speaker 6
intelligence, AI. We live in a very interconnected world. One of the things that is a downside of that is information is instantaneously available and it becomes instantaneously incorporated into trading. If you have computers or quantitative strategies that take all these different inputs and they then trade on that information, as you know, you have markets all around the world so that can constantly trade, you're going to have that type of reflex reaction until information then gets verified and vetted. So unfortunately, you will see more of that. I think the greater challenge is that you have AI, which is starting to mimic what reality is. right And the question is, can you decipher what is real versus what is created? That's going to be the next challenge. well
[00:26:02] Speaker 1
this was my explanation that was given to me was that that
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[00:26:13] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:26:16] Speaker 1 + overlapping voice · overlapping voices
and then had to regain that money. Absolutely.
[00:26:18] Speaker 6 + overlapping voice
But that happens with anything.
[00:26:20] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
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[00:26:24] Speaker 6 + overlapping voice
um before
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[00:26:32] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:26:32] Speaker 6 + overlapping voice
then you then trade it based on that. it
[00:26:34] Speaker 6 + overlapping voice · Unclear audio
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[00:26:36] Speaker 6 + overlapping voice · overlapping voices
a little bit slower because obviously people still had to write out actual tickets. right uh Trading
[00:26:41] Speaker 6 + overlapping voice · Unclear audio
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[00:26:46] Speaker 6 + overlapping voice
But if there is a way, will, there will be a way to try to snicker people. And that's what happened.
[00:26:52] Speaker 1 + overlapping voice
So that it really did occur. And it's probably something they're going to
[00:26:55] Speaker 1 + overlapping voice · Machine re-recognized
deal
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[00:26:55] Speaker 1 + overlapping voice · overlapping voices
with the rest of the time. ‸ Absolutely.
[00:26:57] Speaker 6 + overlapping voice · overlapping voices
All
[00:26:58] Speaker 1
right. Thank you very much.
[00:26:59] Speaker 6
You're welcome.
[00:27:00] Speaker 1 + overlapping voice · overlapping voices
Kind of sad. All right. uh Who wants to give the explanation on the intercontinental correspondence? ‸ We have three pages of correspondence from internet from intercontinental. You want to give that Mr. Floyd? Yeah.
[00:27:16] Speaker 5 + overlapping voice
I think we actually already discussed it mostly. uh
[00:27:18] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
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[00:27:22] Speaker 5 + overlapping voice
queue. So yeah it's pretty straightforward. Silicon Valley Bank, they just notified you, then notified followed up you know to say everything worked as planned. And then
[00:27:31] Speaker 5 + overlapping voice · Unclear audio
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[00:27:36] Speaker 5 + overlapping voice
right now.
[00:27:36] Speaker 1
All right. And it was on our agenda. That's
[00:27:38] Speaker 1 · Unclear audio
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[00:27:41] Speaker 1
the intercontinental information. Well, now anything else, Mr. Lee?
[00:27:44] Speaker 6 + overlapping voice · overlapping voices
uh If it's okay, I have a conference call.
[00:27:49] Speaker 4
I want to explain the the letter we got about withdrawal. all
[00:27:57] Speaker 1
the queue?
[00:27:59] Speaker 4
I can do it.
[00:28:00] Speaker 6
All right, thank you. I'm just opening up, yeah.
[00:28:02] Speaker 5
Yeah, so if you yeah so notice of redemption queue. I mean, effectively, intercontinental, uh for the first time, had a redemption request that exceeded their cash on hand. So in that case, what they do is they set up a queue. So if you wanted to pull your cash or pull your investment out of intercontinental, uh then they're setting cash aside to do that. And so you can see in the second paragraph of that letter,
[00:28:30] Speaker 5 · Unclear audio
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[00:28:35] Speaker 5
the outstanding redemption
[00:28:36] Speaker 5 · Unclear audio
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[00:28:44] Speaker 5
But what they can't do is they're not going to rush out to market and sell properties at a lower value, like a fire sale, in order to raise cash and pay off investors. uh I mean,
[00:28:56] Speaker 5 · Unclear audio
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[00:28:58] Speaker 5
of any real estate investment, uh unless you do like a REIT, which you can trade uh like a, ‸ you know, yeah, you trade on the open market, you know. But so when we have a direct investment like this, that means it's always going to happen.
[00:29:14] Speaker 4
How much did we receive from intercontinental? I
[00:29:20] Speaker 4 · Unclear audio
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[00:29:24] Speaker 6
uh Let me see. I know that most of our clients received a very small amount of money.
[00:29:51] Speaker 5
Would
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[00:30:03] Speaker 6 · Unclear audio
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[00:30:04] Speaker 6 · Machine re-recognized
showing
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[00:30:04] Speaker 6 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:30:04–00:30:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:04] Speaker 6 · Machine re-recognized
now. That's a negative number. I
Flag: the recognized words and the detected speech do not line up · 00:30:04–00:30:07 · gap filled by a machine re-reading (not checked by a person)
[00:30:07] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; the machine readings disagree here · 00:30:07–00:30:07 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:07] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:30:07] Speaker 6 + overlapping voice · overlapping voices · Machine re-recognized
be
Flag: the recognized words and the detected speech do not line up · 00:30:07–00:30:07 · gap filled by a machine re-reading (not checked by a person)
[00:30:07] Speaker 6 + overlapping voice · Unclear audio
[unclear audio]
Flag: flagged by the automatic checks · 00:30:07–00:30:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:08] Speaker 2 · Unclear audio
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[00:30:10] Speaker 6 · Unclear audio
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[00:30:12] No voice detected · Unclear audio
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Flag: the recognized words and the detected speech do not line up; the machine readings disagree here · 00:30:12–00:30:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:13] Speaker 6 · Unclear audio
[unclear audio — 0:02]
[00:30:16] Speaker 6 · Machine re-recognized
It would probably be against the fees, that's why.
Flag: the recognized words and the detected speech do not line up · 00:30:16–00:30:22 · gap filled by a machine re-reading (not checked by a person)
[00:30:21] Speaker 2 · Machine re-recognized
We've
[00:30:22] Speaker 2 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:22–00:30:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:24] Speaker 2 · Machine re-recognized
April.
Flag: the recognized words and the detected speech do not line up · 00:30:24–00:30:24 · gap filled by a machine re-reading (not checked by a person)
[00:30:25] No voice detected
so
[00:30:26] Speaker 6
that's the that's the amount of
[00:30:27] Speaker 6 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:30:27–00:30:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:30] Speaker 4 · Unclear audio
[unclear audio — 0:12]
[00:30:44] Speaker 4
How big is
[00:30:45] Speaker 4 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:45–00:30:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:46] Speaker 6 · Unclear audio
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[00:30:48] Speaker 4 · Unclear audio
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[00:30:54] Speaker 6 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:30:55] Speaker 6 + overlapping voice · overlapping voices
what's going to happen is that it's
[00:30:59] Speaker 6 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:30:58–00:30:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:30:59] Speaker 6 + overlapping voice
not concerning because what will happen is that once real estate starts coming back, people will take them a queue request and then cancel the queue request.
[00:31:07] Speaker 4
Right.
[00:31:08] Speaker 4 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up · 00:31:07–00:31:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:10] No voice detected · Unclear audio
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[00:31:11] Speaker 6 · Unclear audio
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[00:31:15] No voice detected · Unclear audio
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[00:31:16] Speaker 4 · Unclear audio
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[00:31:18] Speaker 4 · Unclear audio
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[00:31:20] No voice detected · Unclear audio
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[00:31:20] Speaker 4 · Unclear audio
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[00:31:21] No voice detected · Unclear audio
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[00:31:21] Speaker 4 · Unclear audio
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[00:31:22] No voice detected · Unclear audio
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[00:31:27] Speaker 6 · Unclear audio
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[00:31:28] No voice detected · Unclear audio
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[00:31:30] Speaker 6 · Unclear audio
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[00:31:31] Speaker 5 + overlapping voice · overlapping voices
Pro rata. Yeah. It's pro rata. so i'm just
[00:31:35] Speaker 4 + overlapping voice · overlapping voices
asking you I'm
[00:31:36] Attribution uncertain
just asking you to
[00:31:36] Speaker 5 + overlapping voice · overlapping voices
ask you to do
[00:31:37] Speaker 4 + overlapping voice · overlapping voices
I understand the process. Yes. So
[00:31:40] Speaker 4 + overlapping voice · Unclear audio
[unclear audio — 0:10]
Flag: a language review questioned the wording · 00:31:39–00:31:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:50] Speaker 4 + overlapping voice
to cash in the whole thing.
[00:31:51] Speaker 6 + overlapping voice · overlapping voices
Yes. Although, although again,
[00:31:53] Attribution uncertain
i'm
[00:31:53] Speaker 6 + overlapping voice · overlapping voices
not
[00:31:54] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:31:53–00:31:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:31:54] Speaker 6 + overlapping voice · overlapping voices
right. ‸ But again, we're
[00:31:56] Speaker 4
arguing that says no, we don't want to do that.
[00:31:58] Speaker 6
‸ right. ‸ No, no, ‸ we're going to be a drop in the bucket relative to what the queue is anyway. So our pro rata share is still not going to move a dramatic amount. Right.
[00:32:06] Speaker 6 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:32:06–00:32:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:10] Speaker 6
million dollars that are on the redemption queue, we're ‸ small percentage of the redemption queue. And therefore, we'll only get a small percentage back anyway. what
[00:32:17] Speaker 4 · Unclear audio
[unclear audio — 0:04]
Flag: words only one machine reading has (possibly not said) · 00:32:16–00:32:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:20] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:32:21] Speaker 5 + overlapping voice · overlapping voices
out of 700.
[00:32:22] Speaker 4
If
[00:32:23] Speaker 4 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:32:22–00:32:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:27] No voice detected · Unclear audio
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[00:32:32] Speaker 6 · Unclear audio
[unclear audio]
[00:32:32] Speaker 6 · Unclear audio
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Flag: a language review questioned the wording · 00:32:32–00:32:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:32] Speaker 6
than that, but still
[00:32:33] Speaker 6 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:33–00:32:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:33] Attribution uncertain · Unclear audio
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[00:32:33] Speaker 6 · Unclear audio
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[00:32:36] Speaker 4 · Unclear audio
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[00:32:39] Speaker 6 · Unclear audio
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[00:32:42] Speaker 6
negotiate the queue in order to gain the queue in order to get more money. Right. ‸ Okay.
[00:32:48] No voice detected
I just wanted
[00:32:49] Speaker 4
to understand.
[00:32:50] Speaker 6 + overlapping voice · overlapping voices
Absolutely. yeah yes Yes.
[00:32:52] Speaker 4
So
[00:32:53] Speaker 4 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:32:53–00:32:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:32:56] Speaker 4
if we get that much every quarter.
[00:33:00] Speaker 6
we should We should accept and acknowledge it. uh Content, I think it may be a wrong word because we're not happy that we're obviously not getting back the money, but we accept it. It's part ‸ the process. We understand it. And we believe that
[00:33:14] Speaker 6 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:33:14–00:33:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:33:16] Speaker 6
And at some point ‸ time, we also hopefully will just cancel our request. yeah Yeah. But good question.
[00:33:26] Speaker 1
All right. Anything else for Mr. Lee or Mr. Floyd concerning our investments? You want to set the date of the next meeting while David's still
[00:33:34] Speaker 5 + overlapping voice · overlapping voices
here because he's going to go.
[00:33:35] Speaker 6 + overlapping voice · overlapping voices
I have a conference call. Okay. i have to jump on
[00:33:39] Speaker 1 + overlapping voice · overlapping voices
oh that's right. You're set up next door. Yes. Yes.
[00:33:41] Speaker 6 + overlapping voice · overlapping voices
Yeah. I know it's a little bit out of order, but if you all wouldn't mind.
[00:33:45] Speaker 1 + overlapping voice · overlapping voices
‸ is usually when we do it.
[00:33:47] Speaker 6
Yes.
[00:33:47] Speaker 1
And what looks good for y'all?
[00:34:00] Speaker 5 + overlapping voice · overlapping voices
‸ You want to keep the same week? Week about the
[00:34:02] Speaker 1 + overlapping voice · overlapping voices
21st roughly? for the second week? Third or ‸ last week's what we usually do. Whatever works for you guys as well.
[00:34:08] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:08–00:34:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:08] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:34:12] Speaker 1
‸ Monday the 21st? Works for me. Monday the 21st? No. Margie? Not
[00:34:17] Speaker 1 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:17–00:34:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:17] No voice detected
much.
[00:34:18] Speaker 2
that might be that Yeah, that's fine. What
[00:34:21] Speaker 3 + overlapping voice · overlapping voices
about, I mean, we're oh ‸ she just said that's fine oh
[00:34:24] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:34:24–00:34:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:24] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:34:26] Speaker 2 + overlapping voice · overlapping voices
on. shift
[00:34:26] Speaker 1 + overlapping voice · overlapping voices
they're
[00:34:27] Speaker 5
on
[00:34:27] Speaker 5 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:27–00:34:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:33] No voice detected · Unclear audio
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[00:34:36] Speaker 6
23rd.
[00:34:37] Speaker 6 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:34:36–00:34:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:37] Speaker 6
good for
[00:34:38] Speaker 6 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:38–00:34:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:34:38] Speaker 1 · Unclear audio
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[00:34:40] Speaker 4 · Unclear audio
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[00:34:41] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
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[00:34:43] Speaker 4 · Unclear audio
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[00:34:44] Speaker 1 · Unclear audio
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[00:34:45] Speaker 3 · Unclear audio
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[00:34:48] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:34:49] Speaker 1 + overlapping voice · overlapping voices
‸ I'll be there. ‸ you need
[00:34:50] Speaker 3 + overlapping voice · overlapping voices
to call in your secretary first. All right. Thank you.
[00:34:56] Speaker 6
the
[00:34:56] Speaker 6 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:34:56–00:35:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:35:00] Speaker 1 · Unclear audio
[unclear audio — 0:03]
[00:35:04] Speaker 1
In this chambers at 9
[00:35:05] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:35:05–00:35:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:35:07] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:35:07] Speaker 1 · Unclear audio
[unclear audio]
[00:35:08] Speaker 6 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:35:09] Speaker 6 + overlapping voice · overlapping voices
understood.
[00:35:10] Speaker 1 + overlapping voice · overlapping voices
You told us last meeting you had this coming up. So we
[00:35:12] Speaker 6 + overlapping voice · overlapping voices
appreciate the flexibility. uh
[00:35:14] Speaker 6 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:35:14–00:35:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:35:16] Speaker 6 + overlapping voice · overlapping voices
you need me. All right. Thanks again. Thank you.
[00:35:19] Speaker 3 + overlapping voice · overlapping voices
all right Take care.
[00:35:23] Speaker 1
okay perfect
[00:35:38] No voice detected
okay thank
[00:35:39] Attribution uncertain
you
[00:35:39] Speaker 5
Mr.
[00:35:40] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:35:39–00:35:43 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:35:43] Speaker 5
looking at the agenda, the first item on the agenda is the status of medical review for disability recipients. We're down to one. It's.
[00:35:49] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:35:49–00:35:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:35:52] Speaker 5
you know, frankly, my recommendation the board is. That we just let it go for this time. I mean, we've had interactions with Miss Nelson, not necessarily related to this. uh you know So we know that she's still around. We know that her situation hasn't particularly changed. To me, that's sufficient.
[00:36:08] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:36:08–00:36:12 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:36:12] Speaker 5
still disabled, you know that they're not gaming the system. I don't think we have any reason to believe that of her. ‸ And I think we all know why we probably haven't heard from her, even though I haven't independently verified that. uh So my recommendation would be that, all right, we call it good for this round. And then in 12 to 18 months, we'll start all over again. Do it for everybody.
[00:36:33] Speaker 1
okay
[00:36:34] Speaker 5
um
[00:36:35] Speaker 5 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:36:34–00:36:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:36:40] Speaker 5
uh Margie put that in your packet. uh So you'll
[00:36:44] Speaker 5 · Unclear audio
[unclear audio — 0:06]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:36:44–00:36:50 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:36:50] Speaker 5
credited under the retainer versus the flat fee billed. So just so everybody understands the way that works, this goes back to August of 2000. So we're approaching 23 years of history here. uh But going back to August of 2000, we have billed you a flat fee, right? So attendance at meetings, legal work, say for litigation. That's the only thing that is billed separately. And litigation's over on the right. Fees billed outside the retainer.
[00:37:20] Speaker 1
Right.
[00:37:20] Speaker 5
But all your other legal work is covered under the flat fee. So going
[00:37:25] Speaker 5 · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:37:24–00:37:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:31] Speaker 5
on a monthly basis, your flat fee has been 1561 And the fees bill would have been 1450
[00:37:40] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:37:38–00:37:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:44] Speaker 5
from what
[00:37:44] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:37:44–00:37:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:46] Speaker 5
past three years. I mean, 2021
[00:37:48] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:37:47–00:37:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:51] Speaker 5
if we were billing on an hourly basis. So it's
[00:37:54] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:37:53–00:37:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:56] Speaker 5
and revert back into your favor. But we just want to you know always keep you informed of how that budget billing process goes.
[00:38:04] Speaker 1 + overlapping voice
Thank you. Any questions for Mr. Floyd on this?
[00:38:08] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:38:07–00:38:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:12] Speaker 1 + overlapping voice · overlapping voices
Yeah, my drop funds? I wish. I know. I look at the
[00:38:16] Speaker 5 + overlapping voice · overlapping voices
drop payouts. I'm like, yeah
[00:38:18] Speaker 3 + overlapping voice · overlapping voices
Law school. Was that really a good choice? No. Just kidding.
[00:38:22] Speaker 5
uh I
[00:38:24] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:38:24–00:38:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:26] Speaker 5
you know, we
[00:38:27] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:38:27–00:38:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:38:30] Speaker 5
I don't think we need to rehash any of that. We talked primarily about HB3. That did go through. uh So we're not going to be able to use any ESG, environmental, social, governance considerations, in making our investment choices. I don't think we need to go through that again. What I gave you here are some is a little summary of tax law changes. So these are federal uh internal revenue code changes that do apply to the fund. This is a summary of what might impact you as a public sector. As you might imagine, when we're talking about federal changes, the impact on the public sector is sort of minimal. uh There are a lot more impacts on private sector pension funds, for example. But there are some impacts on your public sector. So I kind of highlighted those here. Some of them are will probably never affect us, but they could. But some of them do have direct impact. We'll start with the RMDs. So required minimum distributions. Right now, the required minimum distributions begin at 72. That goes up to 73 or went up, I should say, to 73 January 1st. And in 2032, January 1 of 2033, to be precise, it's going to go up to 75. So what
[00:39:45] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:39:45–00:39:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:39:48] Speaker 5
Because when you leave, you've got to do something with your drop money. You
[00:39:51] Speaker 5 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:39:51–00:39:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:39:56] Speaker 5
money here,
[00:39:56] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:39:56–00:39:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:39:59] Speaker 5
You could see an impact in this fund if we have a like
[00:40:01] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:40:01–00:40:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:40:03] Speaker 5
and they never come back and claim the money. We got to start paying out. You know, all of this money is tax deferred. And eventually Uncle Sam says, hey, you can't just leave that money tax sheltered forever. you got to start taking ‸ at some point because I need a little piece of that. So that's effectively what it is. Probably won't have any impact on this fund. Very rare chance that it could. But
[00:40:22] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:40:22–00:40:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:40:23] Speaker 1 · Unclear audio
[unclear audio — 0:06]
[00:40:29] Speaker 1
what happens with that?
[00:40:30] Speaker 5
Same. Yeah, got to take the money.
[00:40:32] Speaker 1 + overlapping voice · overlapping voices
Okay, so do we have to pay the taxes on that then? Well,
[00:40:35] Speaker 5 + overlapping voice
we don't pay
[00:40:35] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:40:35–00:40:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:40:36] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:40:38] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:40:39] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:40:40] Speaker 1 + overlapping voice
funds were not distributed. And it's within our plan.
[00:40:43] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:40:43–00:40:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:40:43] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:40:45] Speaker 5 + overlapping voice · overlapping voices
And then we don't get to keep the money. Okay. Okay. That's what I
[00:40:48] Attribution uncertain
mean
[00:40:48] Speaker 1 + overlapping voice · overlapping voices
I didn't know whether it fell back into I know it's not.
[00:40:50] Speaker 5 + overlapping voice
we
[00:40:50] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:40:50–00:40:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:40:53] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:06]
Flag: a language review questioned the wording · 00:40:53–00:40:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:40:58] Speaker 5 + overlapping voice · overlapping voices
there's going to be family somewhere. Right. you know And so to the extent the estate finds family, you know they're going to go down children, then they'll go up parents, grandparents, then they go sideways. And if they still haven't found anybody, then they go sideways and down, then sideways and up. okay You know, there's an entire, if you look through estate planning, there's an ‸ entire tree that you follow. Okay. You know, uh so eventually they're gonna ‸ find somebody somewhere, even if it's your long lost fifth cousin, 18 times removed, like, hey, here's some money for you. We would always owe the money to the estate, but we don't pay taxes. When we do pay it out, the person who sees it's gonna ‸ have to pay income tax. That's what Uncle Sam wants. Okay. uh The next part is over
[00:41:40] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:41:40–00:41:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:41:42] Speaker 5 + overlapping voice
uh So they give you a lot more flexibility with ‸ regard to whether or not you're going to actually pursue an over equipment you know I mean, I'm sorry, an over payment over
[00:41:51] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:41:50–00:41:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:41:52] Speaker 5 + overlapping voice
and recruitment you know And we've had this situation before where we've had some over payments and you know you look at it and you say, okay, look, we'll make an effort to try to recover the money. But if they're small amounts, you're not going to throw good money after bad because you don't get to recoup, for example, attorney's fees that you incur chasing collection efforts against ‸ somebody who owes you money. So that's always been a balancing test for the board of trustees. How far are we going to go? And they actually modified the law to say, you really don't have to go that far. If you determine, you know, that maybe if the overpayment was your fault and you decide, you know what, it's our bad, send a letter. If they don't respond, you
[00:42:32] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:42:32–00:42:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:42:35] Speaker 5 + overlapping voice · overlapping voices
it go. ‸ you'll have greater discretion as fiduciaries to do that. If you overpay somebody who is continuing to receive a benefit, you can self-help. Like you can reduce their future monthly payments. And they put restrictions on that, how much you can reduce their payments. And if you overpay somebody who has died and the money's going to a beneficiary, then you have to pursue that separately. So if we had a firefighter who passed away and we overpaid the firefighter and now the beneficiary is collecting
[00:43:05] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:06]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:43:05–00:43:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:43:11] Speaker 5 + overlapping voice
So what we paid to the firefighter is not the obligation of the beneficiary. We can't self-help out of the beneficiary's benefit.
[00:43:19] Speaker 1 + overlapping voice · overlapping voices
We
[00:43:20] Speaker 5
can still sue them if
[00:43:22] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:43:21–00:43:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:43:24] Speaker 5
benefit because they're not the ones that were at fault. You know, it's like when, if, if I kept a secret credit card and died and, you know, visa or MasterCard or whoever goes to my wife and goes, Hey, he racked up all these charges, ‸ us money. And she's like, oh I had no knowledge. And legitimately she had no knowledge. I did it all on my own. They can't hold her responsible for that debt. Sort of the same concept.
[00:43:47] Speaker 5 · Unclear audio
[unclear audio — 0:08]
Flag: a language review questioned the wording; numbers, amounts, negation or names differ between the machine readings · 00:43:47–00:43:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:43:55] Speaker 5
I should say
[00:43:55] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:43:55–00:43:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:43:59] Speaker 5
monies by your required minimum distribution date, you got hit ‸ with an excise tax of 50 They
[00:44:06] Speaker 5 · Machine re-recognized
reduce
Flag: words were replaced by a machine repair · 00:44:06–00:44:06 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:44:06] Speaker 5
that to 25. And if you self-correct within two years, that can go down to 10. the
[00:44:12] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:44:11–00:44:13 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:13] Speaker 5
to
[00:44:13] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:44:13–00:44:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:15] Speaker 5
it in here because you could see
[00:44:16] Speaker 5 · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:44:16–00:44:19 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:19] Speaker 5
you got to take that money by your required minimum distribution date. And if you don't, you could get hit with that excise tax.
[00:44:28] Speaker 1 + overlapping voice · overlapping voices
Yeah. ‸ What's nice is the fact is they rolled the age back. You don't have to take as early. You don't have to pay taxes early. But, and the downfall is when you do pay the taxes, you could pay more taxes because
[00:44:38] Speaker 1 + overlapping voice · Machine re-recognized
it was
Flag: words were replaced by a machine repair · 00:44:38–00:44:39 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:44:39] Speaker 1 + overlapping voice · overlapping voices
less taxes back here.
[00:44:40] Speaker 5 + overlapping voice · overlapping voices
so It's true. Well, it
[00:44:42] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:44:42–00:44:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:44] Speaker 5 + overlapping voice
‸ They created a retirement savings lost and found. So this will look like
[00:44:49] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:44:49–00:44:50 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:50] Speaker 5 + overlapping voice
a lot like Florida. You
[00:44:51] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:44:50–00:44:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:44:52] Speaker 5 + overlapping voice
can go check to see if you have any money. They're going to create one for retirement savings. You know, we'll see. The Department
[00:45:00] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:45:00–00:45:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:01] Speaker 5 + overlapping voice
to be charged with setting up this website where you could go enter your information. And if we do have a participant that we lose contact with, we should register them on that website. And say, Hey, so and so was a firefighter here. Vested deferred benefit. We never heard from them again. You know, go to this website
[00:45:21] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:45:21–00:45:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:23] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[00:45:25] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:45:26] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
[00:45:30] Speaker 5 · Unclear audio
[unclear audio — 0:01]
[00:45:31] Speaker 5
earlier.
[00:45:32] Speaker 3 + overlapping voice · overlapping voices
yeah
[00:45:32] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the recognized words and the detected speech do not line up; a language review questioned the wording; numbers, amounts, negation or names differ between the machine readings · 00:45:32–00:45:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:33] No voice detected · Unclear audio
[unclear audio — 0:02]
[00:45:35] Speaker 5 · Unclear audio
[unclear audio — 0:01]
[00:45:36] Speaker 5
refund of contributions. Yeah. I mean, that, that would be. So
[00:45:39] Speaker 3
that might be something that that would fall under too.
[00:45:41] Speaker 5 + overlapping voice · overlapping voices
Yep. Absolutely. uh Dollar limit on mandatory distributions. So right now, if somebody has a benefit with a present
[00:45:49] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:45:49–00:45:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:52] Speaker 5 + overlapping voice
That number goes
[00:45:53] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:45:53–00:45:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:45:57] Speaker 5 + overlapping voice
fund, probably not really likely to see.
[00:45:59] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:45:59–00:46:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:46:03] Speaker 5 + overlapping voice
a firefighter with the, let's say
[00:46:06] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:46:06–00:46:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:46:09] Speaker 5 + overlapping voice
to that 10 years and passed away, the
[00:46:12] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:46:11–00:46:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:46:17] Speaker 5 + overlapping voice
that case, we're not going to pay them over the months. We're
[00:46:20] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:46:19–00:46:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:46:23] Speaker 5 + overlapping voice · Machine re-recognized
Expansion of employee compliance. This is just legalese. It's technical, but if we're not in compliance with the Internal Revenue Code, they opened up a measure for you to self-correct. And as long as you amend and come into compliance, then they're going to leave you alone. Exclusion of disability benefits. This will affect firefighters. Note, this does not begin until December 31, 2026, years beginning after that date.
Flag: the recognized words and the detected speech do not line up · 00:46:23–00:46:49 · gap filled by a machine re-reading (not checked by a person)
[00:46:49] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:46:49–00:46:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:46:52] Speaker 5 + overlapping voice · overlapping voices
a service connected disability benefit will be able to continue to deduct that disability benefit from their gross income even after they reach normal retirement age. ‸ So that used to convert. When you reach normal retirement age, now you get taxed on it because now it's more like your pension benefit. But we're not going to do that anymore after January 1 of 2027 the next one will impact you all not necessarily this fund but it'll impact you as firefighters.
[00:47:17] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:07]
Flag: a language review questioned the wording · 00:47:17–00:47:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:24] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:47:24–00:47:28 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:28] Speaker 5 + overlapping voice
from that plan to your health insurance provider in retirement, and that
[00:47:33] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:47:33–00:47:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:35] Speaker 5 + overlapping voice
Now, you no longer have that direct pay requirement. So you can take money out of the 457, and you can pay your health insurance premiums just out of your personal checking account, and then when you do ‸ your taxes, you could exclude the three
[00:47:50] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:47:50–00:47:50 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:50] Speaker 5 + overlapping voice
gross income.
[00:47:51] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:47:51–00:47:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:55] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: words the first reading may have missed · 00:47:55–00:47:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:47:56] Speaker 3 · Unclear audio
[unclear audio — 0:04]
[00:47:59] Speaker 5 + overlapping voice · overlapping voices
Because you had to put in the claim form. The payment had to be issued directly to the provider. It is a real pain. That is now alleviated.
[00:48:09] Speaker 3 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:48:09–00:48:14 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:48:10] Speaker 5 · Unclear audio
[unclear audio — 0:05]
[00:48:15] Speaker 5
next one also starts January 1st, 2023, and that expands the exemption from the early withdrawal penalty. So right now, if you take an early withdrawal from a qualified plan, you get a 10 excise tax added. There's an exemption from that for firefighters that if you had, if you were age 50, so normally it'd be 59 and a half for firefighter. Well, first responders, but your firefighters, so yeah it was age 50. Now it's going to be 25 years of service with the employer sponsoring the plan
[00:48:43] Speaker 3 + overlapping voice · overlapping voices
or
[00:48:43] Speaker 5
age 50.
[00:48:47] No voice detected · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:48:47–00:48:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:48:48] Speaker 3 · Unclear audio
[unclear audio]
[00:48:48] Attribution uncertain · Unclear audio
[unclear audio — 0:07]
[00:48:55] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:02]
[00:48:58] Speaker 5 + overlapping voice
service with the city then you will no longer
[00:49:00] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:49:00–00:49:03 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:49:01] Attribution uncertain
You
[00:49:01] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:02]
[00:49:03] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:49:03–00:49:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:49:05] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:49:06] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:49:06] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:49:07] Speaker 5 + overlapping voice · overlapping voices
is I
[00:49:07] Speaker 3 + overlapping voice · overlapping voices
was like I didn't even realize that one. yeah Well,
[00:49:11] Speaker 5
yeah, it used to be a problem because if you didn't take the money when you left, then you
[00:49:14] Speaker 5 · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:49:14–00:49:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:49:16] Speaker 5
And that's ‸ you know can be a long time for a firefighter.
[00:49:18] Speaker 3
yeah
[00:49:18] Speaker 5
And then the last one is just a requirement. we will not affect us, but you're required to issue a paper statement at least once every three years. Well,
[00:49:28] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:49:28–00:49:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:49:29] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:49:30] Speaker 5 · Unclear audio
[unclear audio — 0:03]
[00:49:33] Speaker 5
a lot of people have gone to electronic statements. You got to issue at least one in paper every three years so that this it says secure act 2.0 just just FYI this was passed December 24th so some of these things took effect January 1st but it was part of the omnibus bill the huge bill that was passed last minute at the end of the year. This is just one little part of it, but it's the part that affects you so I thought you might like to know and outside of that I don't have anything further all
[00:50:03] Speaker 4
right
[00:50:03] Speaker 1
anything from mr. floyd mr.
[00:50:06] Attribution uncertain
‸ mr.
[00:50:07] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: a possible machine repair could not be placed · 00:50:06–00:50:14 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:50:07] Attribution uncertain
lane
[00:50:08] Speaker 1 · Unclear audio
[unclear audio — 0:06]
[00:50:14] Speaker 1
go to item c of reports and that'll be mr. adcock
[00:50:18] Speaker 2 + overlapping voice · overlapping voices
I don't have anything other than the warrants and the benefit approvals. Okay.
[00:50:23] Speaker 1 + overlapping voice
All right. We'll get those approvals in just a moment. And while we still have her here, are there two individuals? ‸ you know their names that
[00:50:30] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:50:30–00:50:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:50:32] Speaker 1 + overlapping voice · overlapping voices
They can
[00:50:32] Speaker 2 + overlapping voice · overlapping voices
just contact our office I mean if you know that I
[00:50:34] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:50:34–00:50:38 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:50:35] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:50:35] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:50:37] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:50:38] Speaker 3 + overlapping voice · overlapping voices
they were only there he was I said I'm great it's
[00:50:41] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:50:40–00:50:43 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:50:42] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:50:43] Speaker 2
don't understand it's
[00:50:45] Speaker 3 + overlapping voice · overlapping voices
all it's a mess
[00:50:46] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: a language review questioned the wording · 00:50:46–00:50:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:50:48] Speaker 3 + overlapping voice
through to find all her stuff she
[00:50:51] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:50:50–00:50:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:50:53] Speaker 3 + overlapping voice
I didn't know about it they
[00:50:54] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:50:54–00:50:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:50:56] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:50:58] Speaker 2 + overlapping voice
city sends us. Well,
[00:50:59] Speaker 3 + overlapping voice · overlapping voices
they're that's what the problem was right there. They said that the city is not sending stuff correctly sometimes to you guys. So
[00:51:05] Speaker 2 + overlapping voice
that that could be a problem yeah I mean
[00:51:06] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:51:06–00:51:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:51:09] Speaker 2 + overlapping voice · overlapping voices
Yeah. But the member has to call and fill out paperwork if they want to refund their
[00:51:13] Speaker 3 + overlapping voice · overlapping voices
contributions yeah well so then well
[00:51:15] Speaker 5
they ‸ I mean to be clear if we owe somebody money, we will pay them. oh yeah. you know it's not like any
[00:51:21] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:51:21–00:51:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:51:28] No voice detected · Unclear audio
[unclear audio]
[00:51:28] Speaker 2 + overlapping voice · Unclear audio
[unclear audio — 0:02]
[00:51:30] Speaker 2 + overlapping voice · overlapping voices
the city and the city would direct them to, you here, go for health insurance or, you know, whatever, pension, ‸ And they, the member should call us and fill
[00:51:41] Speaker 3 + overlapping voice · overlapping voices
out paperwork.
[00:51:41] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:09]
Flag: flagged by the automatic checks · 00:51:41–00:51:50 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:51:51] Speaker 3 + overlapping voice · overlapping voices
‸ There was another person. There was two of them that they told me the other day. And this was all just like coffee table in
[00:51:57] Attribution uncertain
the
[00:51:57] Speaker 3 + overlapping voice · overlapping voices
morning. Well, somebody told me they need
[00:51:59] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:51:58–00:51:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:51:59] Speaker 3 + overlapping voice · overlapping voices
And they kind of caught me
[00:51:59] Speaker 3 + overlapping voice · overlapping voices · Machine re-recognized
off
Flag: words were replaced by a machine repair · 00:51:59–00:52:00 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:52:00] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:00–00:52:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:01] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:52:01] Speaker 2 + overlapping voice
let me know and I can look and see if we
[00:52:05] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:05–00:52:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:05] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:52:09] No voice detected · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:06–00:52:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:09] Speaker 5
you're saying neither one of these would have even been vested. No.
[00:52:13] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:13–00:52:13 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:13] Speaker 2 + overlapping voice · overlapping voices
This
[00:52:14] Speaker 5 + overlapping voice · overlapping voices
would have just been a return of contributions. Okay. And
[00:52:18] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:08]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:52:18–00:52:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:27] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:27–00:52:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:28] Attribution uncertain · Unclear audio
[unclear audio]
[00:52:28] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:03]
[00:52:31] Speaker 3 + overlapping voice · overlapping voices
It was Gomez. Yeah. william gomez that was the other one I think there's so many
[00:52:36] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:52:36–00:52:39 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:39] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 00:52:39–00:52:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:52:40] Attribution uncertain · Unclear audio
[unclear audio]
[00:52:40] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:52:41] Speaker 3 + overlapping voice · overlapping voices
guys know like Hey, over here. save that question We should go to the board and the district office and just check all those meetings okay yeah geez
[00:52:52] Speaker 5
What are you doing? leave them for other departments?
[00:52:53] Speaker 3 + overlapping voice · overlapping voices
Yeah. oh yeah. They just come, get their job. They get a couple.
[00:52:58] Speaker 5
Training, grow.
[00:52:58] Speaker 3 + overlapping voice · overlapping voices
Experience, and then they go get hired wherever they wanted to get hired. It's just been crazy. Thanks. for down like What
[00:53:06] Speaker 3 + overlapping voice · Machine re-recognized
did we
Flag: words were replaced by a machine repair · 00:53:06–00:53:06 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:53:06] Speaker 3 + overlapping voice
say? Eight spots now?
[00:53:12] Speaker 2
‸ So Gomez
[00:53:13] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:53:12–00:53:18 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:13] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:53:15] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:53:17] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:53:18] Speaker 3
his name ‸ but that's what, when I saw these names, I was
[00:53:21] Speaker 3 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:53:21–00:53:23 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:23] Speaker 2
and then
[00:53:29] Speaker 5 + overlapping voice · overlapping voices
‸ firefighters man
[00:53:31] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:53:31–00:53:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:35] Attribution uncertain · Unclear audio
[unclear audio]
[00:53:35] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:53:35] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:53:36] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:53:36–00:53:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:41] Speaker 3 + overlapping voice
was supposed to do. So I could just see him just being like, oh
[00:53:44] Speaker 1
wow,
[00:53:44] Speaker 3 + overlapping voice · overlapping voices
dude, I got money coming. Today's
[00:53:45] Speaker 3 + overlapping voice · overlapping voices · Machine re-recognized
my
Flag: words were replaced by a machine repair · 00:53:45–00:53:45 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:53:45] Speaker 3 + overlapping voice · overlapping voices
last day.
[00:53:46] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output; a language review questioned the wording · 00:53:46–00:53:47 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:47] Attribution uncertain · Unclear audio
[unclear audio]
[00:53:47] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:53:47] Speaker 3 + overlapping voice
‸ my check
[00:53:49] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here; words the first reading may have missed · 00:53:49–00:53:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:53:50] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:53:50] Attribution uncertain · Unclear audio
[unclear audio]
[00:53:50] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:53:51] Speaker 2 + overlapping voice · Unclear audio
[unclear audio]
[00:53:52] Speaker 2 + overlapping voice · overlapping voices
Sometimes the city will send us. um ‸ my money
[00:53:55] Speaker 3 + overlapping voice · overlapping voices
not even now
[00:53:58] Speaker 2
Like if
[00:53:58] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:53:58–00:54:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:00] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:54:02] Speaker 3 + overlapping voice · overlapping voices
I think there's some weird communication breakdown. Well, I think
[00:54:04] Speaker 2 + overlapping voice · overlapping voices
it's, maybe it was. I mean, it seems to be fine right now. They're, uh oh here
[00:54:09] Speaker 2 + overlapping voice · Machine re-recognized
we
Flag: words were replaced by a machine repair · 00:54:09–00:54:15 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:54:09] Speaker 2 + overlapping voice · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:54:09–00:54:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:14] No voice detected · Unclear audio
[unclear audio]
[00:54:15] Speaker 2 + overlapping voice · Unclear audio
[unclear audio]
[00:54:15] Speaker 2 + overlapping voice
just give me one more second,
[00:54:17] Speaker 2 + overlapping voice · Unclear audio
[unclear audio]
Flag: words the first reading may have missed · 00:54:16–00:54:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:23] Speaker 2 + overlapping voice · overlapping voices
So the city usually sends us an email saying, Hey, so and so's last day is whatever. Yeah.
[00:54:27] Speaker 4 + overlapping voice · overlapping voices
I
[00:54:28] Speaker 2 + overlapping voice · overlapping voices
mean, I, I take that. I put that like in a member file, you know, but I don't go reaching out to the people. I mean, they need to contact me and then they'll get so. Well,
[00:54:36] Speaker 5 + overlapping voice · overlapping voices
the other We wouldn't necessarily do that because you can leave your contributions in the plant for five years. And if you come back, you pick up where you left
[00:54:44] Attribution uncertain
off
[00:54:44] Speaker 5
because
[00:54:45] Speaker 5 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:54:44–00:54:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:54:49] Speaker 5
sometimes people will do that especially if you were only here for a little you're talking about a small chunk of change i'll leave it and then if i come back in three years i'll pick up where i left off! yeah
[00:54:59] Speaker 2 + overlapping voice · overlapping voices
So, it doesn't look like Gray was paid out. I did get, I have an email from the city that said that he terminated on October 2021. And then that, so that was it. And he never contacted us to get a refund.
[00:55:11] Speaker 4
So,
[00:55:12] Speaker 4 · Unclear audio
[unclear audio — 0:01]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:55:12–00:55:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:13] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:55:14] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:55:14] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:55:14] Speaker 2 + overlapping voice · Unclear audio
[unclear audio]
[00:55:15] Speaker 2 + overlapping voice · overlapping voices
yeah So, then he would just call our office and we'd get him an application, which is, it's just a two-page name, address. How
[00:55:20] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: a language review questioned the wording · 00:55:20–00:55:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:21] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:06]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:55:21–00:55:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:29] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:55:30] Speaker 5 + overlapping voice · overlapping voices
they were supposed to do. They just they got to come claim the money. yeah
[00:55:36] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: words the first reading may have missed · 00:55:34–00:55:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:37] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:55:37] Speaker 2 + overlapping voice
city doesn't tell them to
[00:55:38] Speaker 2 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:55:38–00:55:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:41] Speaker 3
just wanted to know how the process was anyway because when people leave and they ask me, I'm like, I don't really know. I know they tell you, but.
[00:55:46] Speaker 5
All they get to do is call resource centers.
[00:55:48] Speaker 5 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:55:48–00:55:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:49] No voice detected · Unclear audio
[unclear audio]
[00:55:49] Speaker 3
oh taylor
[00:55:52] Speaker 3 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:55:51–00:55:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:54] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:55:55] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:55:56] Speaker 3
oh okay maybe Maybe a year and a half ago.
[00:56:00] Speaker 5
Is it Morgan Taylor or Taylor Morgan?
[00:56:03] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:03–00:56:05 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:06] Speaker 2 + overlapping voice · overlapping voices
that's all right. Thank you. Yeah.
[00:56:10] Speaker 2 + overlapping voice · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:10–00:56:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:10] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:56:11] Speaker 5 + overlapping voice · overlapping voices
two first names, we, you know, we sympathize.
[00:56:16] Speaker 2
um ‸ Looks like she took her.
[00:56:18] Speaker 2 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:18–00:56:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:19] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:56:20] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:56:20] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:56:21] Speaker 3 + overlapping voice · overlapping voices
talked to
[00:56:21] Attribution uncertain · Unclear audio
[unclear audio]
[00:56:21] Speaker 2 + overlapping voice · overlapping voices
yeah and yeah she took it oh in
[00:56:25] Speaker 2 + overlapping voice · Unclear audio
[unclear audio]
Flag: a language review questioned the wording · 00:56:24–00:56:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:26] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:56:27] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:27–00:56:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:33] Speaker 3 + overlapping voice
‸ Well,
[00:56:33] Speaker 1 + overlapping voice · overlapping voices
you have, you still have your separate board for retirement, right? Do ‸ y'all, y'all have a union, a city board, a union board and a retirement board, right? yes Why don't you just post on there any questions regarding your benefits, contact resource centers. Put their number on there. Well, they
[00:56:48] Speaker 2 + overlapping voice · overlapping voices
should know that anyway. I mean, they get ‸ they,
[00:56:49] Speaker 3 + overlapping voice
most
[00:56:50] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:49–00:56:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:51] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:56:51] Speaker 2 + overlapping voice · overlapping voices
I mean, if we send
[00:56:53] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:56:53–00:56:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:55] Speaker 2 + overlapping voice · overlapping voices
members get the employee benefit statements ‸ it has on there are all our information.
[00:56:59] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:56:59–00:57:02 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:00] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:57:02] Speaker 3 + overlapping voice
Yeah. Do you know what happened with the, with this issue with Lori's thing about confirming time and Mark, this might even be a question for you.
[00:57:09] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:57:09–00:57:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:10] Speaker 3 + overlapping voice · overlapping voices
Yeah, we were,
[00:57:11] Speaker 4 + overlapping voice · overlapping voices
um ‸ she's good.
[00:57:12] Speaker 3
So that, so that she ended up being over
[00:57:15] Speaker 3 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:57:15–00:57:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:16] Speaker 2 · Unclear audio
[unclear audio — 0:01]
[00:57:17] Speaker 2
because they, they, uh the ordinance, unless you want to talk to it, the ordinance provides. yeah,
[00:57:21] Speaker 5 + overlapping voice · overlapping voices
I mean, it's not the first time. It's, it's not the first time that we've had to cross this bridge, but I mean,
[00:57:27] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:57:27–00:57:29 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:29] Speaker 5 + overlapping voice
So when you're on unpaid leave of absence, is not a, like, we don't toll that time period. You continue. Now you're not accruing a benefit because you know, when you go, if you went to calculate your AFC, it's
[00:57:43] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:57:43–00:57:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:47] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
[00:57:48] Speaker 3 + overlapping voice · overlapping voices
your benefit didn't increase. So instead
[00:57:50] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:57:49–00:57:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:52] Speaker 3 + overlapping voice
to get, she only got, her
[00:57:53] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:57:53–00:57:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:54] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:57:53–00:57:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:57:55] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:02]
[00:57:57] Speaker 5 + overlapping voice · overlapping voices
so she get 30. For
[00:57:59] Speaker 3 + overlapping voice · overlapping voices
salary. that
[00:58:00] Speaker 5 + overlapping voice · overlapping voices
The AFC that you would multiply that against is not increasing. I
[00:58:04] Speaker 1 + overlapping voice · overlapping voices
got
[00:58:04] Speaker 5
you.
[00:58:04] Speaker 5 · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:58:04–00:58:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:05] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:58:05] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:58:07] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:58:08] Speaker 1 + overlapping voice · overlapping voices
right Her pot still stays the same, whatever was left in there. So
[00:58:11] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:58:11–00:58:11 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:11] Speaker 3 + overlapping voice · overlapping voices
actually ended up getting credited like 10 years in a month then or something.
[00:58:14] Speaker 1
Yeah. she Well,
[00:58:16] Speaker 2 + overlapping voice · overlapping voices
because she was, she was, uh I think March 18th was her 10 years, but we didn't have a final answer for her. And we didn't want her to leave. Right. I
[00:58:24] Speaker 2 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording; words the first reading may have missed · 00:58:24–00:58:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:28] Speaker 5 · Unclear audio
[unclear audio — 0:01]
[00:58:29] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:58:30] Speaker 2 + overlapping voice · overlapping voices
first and then we checked with the city to make sure that they were in agreement with, you know, everyone was on.
[00:58:34] Speaker 3 + overlapping voice · overlapping voices
‸ the breakdown was because they were saying contact you and then
[00:58:37] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:03]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:58:37–00:58:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:40] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:58:40] Speaker 2 + overlapping voice
file. I
[00:58:41] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:58:41–00:58:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:42] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:58:44] Speaker 2 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:58:44] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:58:44] Speaker 5 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:58:46] Speaker 5 + overlapping voice
city to verify the dates. you
[00:58:48] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: words only one machine reading has (possibly not said) · 00:58:48–00:58:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:58:52] Speaker 5 + overlapping voice
out for this time period back here Yeah. Once we verify that, then we do the, okay. That's one, two, three, four. oh yeah. You're over 10 years. okay You're good. okay And it's not the first time that we've had this. So, yeah, no, we
[00:59:11] Speaker 5 + overlapping voice · Unclear audio
[unclear audio — 0:08]
Flag: a language review questioned the wording · 00:59:09–00:59:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:59:19] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:59:20] Speaker 5 + overlapping voice · Unclear audio
[unclear audio]
[00:59:20] Speaker 5 + overlapping voice · overlapping voices
a similar situation.
[00:59:21] Speaker 3
Okay. Cool.
[00:59:23] Speaker 1 + overlapping voice · overlapping voices
All right. We have before ‸ the unfinished business would be the warrants. yes
[00:59:31] Attribution uncertain
warrant
[00:59:31] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:59:31–00:59:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:59:35] Speaker 1 + overlapping voice
Yes. Need
[00:59:38] Speaker 4
a motion.
[00:59:42] Speaker 1
Motion
[00:59:42] Speaker 1 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:59:42–00:59:44 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:59:46] Speaker 1
Any discussion gentlemen? all right Hearing none. All those in favor
[00:59:51] Speaker 4 + overlapping voice · overlapping voices
say aye. ‸ Any
[00:59:53] Speaker 1 + overlapping voice · overlapping voices
opposed say nay. Motion carries.
[00:59:56] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: flagged by the automatic checks; the machine readings disagree here · 00:59:56–01:00:08 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:59:57] Speaker 2 · Unclear audio
[unclear audio — 0:03]
[01:00:01] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[01:00:03] Speaker 1 · Unclear audio
[unclear audio — 0:04]
[01:00:07] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[01:00:08] Speaker 1 · Machine re-recognized
Second by Mr. Madden. Any other discussion?
Flag: the recognized words and the detected speech do not line up · 01:00:08–01:00:11 · gap filled by a machine re-reading (not checked by a person)
[01:00:12] Speaker 1 · Unclear audio
[unclear audio — 0:02]
Flag: flagged by the automatic checks; the machine readings disagree here · 01:00:12–01:00:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:14] Speaker 1 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:00:14–01:00:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:17] Attribution uncertain · Unclear audio
[unclear audio — 0:09]
[01:00:26] Speaker 4
Okay.
[01:00:26] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:05]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:00:26–01:00:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:32] Speaker 3 · Unclear audio
[unclear audio]
[01:00:32] Speaker 1 + overlapping voice · Unclear audio
[unclear audio]
[01:00:32] Speaker 1 + overlapping voice · overlapping voices
already made reservations through? Yeah. Okay, good. Did
[01:00:35] Speaker 3
you see my email
[01:00:36] Speaker 3 · Unclear audio
[unclear audio — 0:06]
Flag: numbers, amounts, negation or names differ between the machine readings; words the first reading may have missed · 01:00:36–01:00:45 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:45] Speaker 2 · Unclear audio
[unclear audio]
[01:00:45] Speaker 3 + overlapping voice · Unclear audio
[unclear audio]
[01:00:46] Speaker 3 + overlapping voice · overlapping voices
we need to like start including taxes in? ‸ the room? because No. Otherwise they they stuck me with the taxes. No.
[01:00:52] Speaker 2
The
[01:00:52] Speaker 2 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 01:00:52–01:00:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:56] Speaker 2 · Unclear audio
[unclear audio — 0:02]
Flag: words only one machine reading has (possibly not said) · 01:00:56–01:00:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:00:58] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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[01:01:00] Speaker 3 + overlapping voice · overlapping voices
not sure what happened
[01:01:00] Speaker 2 + overlapping voice · overlapping voices
with that.
[01:01:01] Speaker 3 + overlapping voice
Okay. Okay. okay but And then they got they
[01:01:03] Speaker 3 + overlapping voice · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 01:01:03–01:01:04 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:04] Speaker 3 + overlapping voice
got us for some fees. It wasn't much money. ‸ like eight
[01:01:07] Speaker 3 + overlapping voice · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:06–01:01:07 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:07] Speaker 3 + overlapping voice · overlapping voices
But it's something like, what in the world? They're like, oh there's a, there's a Orange County fee that didn't get paid on your check. and Did
[01:01:13] Speaker 3 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:01:13–01:01:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:15] Attribution uncertain
a
[01:01:15] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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[01:01:16] Speaker 5 · Unclear audio
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[01:01:19] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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[01:01:21] Speaker 3 + overlapping voice
oh man. i
[01:01:23] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:22–01:01:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:27] Speaker 3 + overlapping voice · overlapping voices
Usually, usually we'll end up buying other stuff on the room thing over there. So by the time we got to
[01:01:31] Speaker 3 + overlapping voice · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:31–01:01:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:34] Speaker 3 + overlapping voice
All
[01:01:35] Speaker 1 + overlapping voice
right. So we're set for the conference. Our next meeting will be
[01:01:39] Speaker 1 + overlapping voice · Unclear audio
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Flag: a language review questioned the wording · 01:01:39–01:01:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:41] Speaker 1 + overlapping voice · overlapping voices
Anything else before the board? Mr. Zimmerman
[01:01:44] Speaker 4
no
[01:01:45] Speaker 1
mr cox mr lang nope mr madden
[01:01:48] Speaker 4
hearing none
[01:01:50] Speaker 1
i'll take a motion for adjournment Motion by Mr. Madden to adjourn. All in
[01:01:57] Speaker 1 · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings · 01:01:57–01:01:58 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:01:57] Speaker 3 · Unclear audio
[unclear audio]
[01:01:59] Speaker 1 · Unclear audio
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Flag: flagged by the automatic checks · 01:01:59–01:02:00 · unresolved: the words are not shown (unclear audio); listen to the recording