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Thank you. Okay.

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here.

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I'll make motion to approve the minutes from the previous meeting.

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in favor.

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Aye.

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Aye. Aye. Motion.

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So we can go to Mitchell. Mitchell. All right.

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Mitchell,

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you're up.

[00:01:42] Speaker 5 + overlapping voice · overlapping voices

All right. Can everyone hear me? Yes. Great. Okay. So I passed out two things. Our quarterly report. Yes. Go ahead.

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If we could. Since Mitchell has some data, you know, we're going to have the valuation and as you know, we're in conjunction with the valuation, we have to receive our consultant's recommendation about the declaration of return. Our

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So we need this recommendation if that is a reasonable return for this year, the upcoming year, the next several years and over the long term.

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Okay.

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So Mitchell, if you could do that first, then when they do that later in the agenda, we'll already have your

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recommendations.

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[00:02:26] Speaker 5

Sure. Absolutely. So seven and a quarter is certainly obtainable for the longer term. It's going to be tough sledding to achieve that this year.

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So, um, you'll see in your report, your long term numbers are still well over that. Uh, despite the, this, uh, current,

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obviously,

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quarter of your fiscal year. So again, it'll be tough sledding this year, but certainly longer term, we think, uh, seven and a quarter is certainly obtainable.

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The first one, our quarterly report, we'll start there and then a little different. I'll hop over to, uh, this handout, which is an executive summary. Uh, so it's going to highlight a little more in depth, what's going on with the markets, how that's impacted, uh, the portfolio and, uh, some specific managers that have underperformed and, uh,

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a

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few recommendations that we have.

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report. And so here, I just want to highlight, uh, you can see at the very top, essentially there was nowhere to hide in the markets. Everything was down for the first quarter. Uh, and that's continued, uh, into May. And so you can see the very top of page two.

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commodity index, other than that, uh, really everything has pulled back bonds, stocks, uh, growth in particular has, uh, had poor performance since December of last year. Uh,

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done a little bit better, but still have not been able to mitigate, uh, losses in that as we're seeing, um, large cap value year to date down about 10%, uh, large cap growth,

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uh,

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down over 20%, uh, for the current year to date period.

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Uh,

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if we hop over to page four, uh, to update how the plan did for the quarter. Uh, so the first bullet there, uh, we had a loss of 1.9 million, which was 4.6%, uh, slightly behind our strategic model, which is down 3.7. Uh, the reason for the underperformance I'll get into in the executive summary, but, uh, our active manager is underperforming. So, uh, large cap growth, uh, international, and then our, uh, convertible bond fund also underperforming. Uh, if we go to the next bullet for the fiscal year to date, so the first two quarters of the fiscal year, uh, we're down 318,000 or about 0.7%. Again, slightly behind the strategic model, uh, due to those active managers. And then for the quarter and the, uh, fiscal year to date period, uh, the best performer has been your private real estate. So that's really been the only positive area, uh, with the exception of global infrastructure, that's also been up. So, uh, you can see those first two bullets, private real estate up, uh, uh, the combination of our

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Uh,

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year.

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Uh,

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large cap value

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has

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also done well for the fiscal year to

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And then for the one year period, uh, still positive returns 1.7 million in investment gains up 4.8%. Uh,

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and

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again, just slightly trailing the strategic model because some of the underperformance of the active managers, uh, if we go out longer term, uh, down towards the bottom third from the bottom for the past five years, uh,

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still earned just under 15 million in investment gains.

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And that ranks in the top 35th percentile of, of other public pension funds. Uh, last bullet there, uh, we did raise some money, uh, 60,000 from fidelity 500 index fund and 60,000 from the Vanguard intermediate term bond fund in March. Uh, that's well, it's a small amount.

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has been beneficial as both those, uh, have pulled back in the current quarter, uh, April 1 through May.

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has questions, we can jump into the executive summary and that'll kind of highlights, uh, a little more in depth what's going on in the markets. And then some of those, uh, funds like voy a large cap growth and American funds Europe Pacific that have underperformed, um, any questions on the performance report. All right. So we'll hop over, uh, the page 2 of the executive summary. Uh, so I hope this instills a little bit of, uh, or alleviates a little bit of the worry, uh, going on the market. So this is going back to 1980 and on an annual basis, uh, we've averaged about a pullback of 14% in the market every single year. Uh, that's currently where we're at. Uh, the market's been down as much as a little over 19% year to date. Uh, we've, uh, rebounded about 6% from the bottom.

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So, uh, certainly while it's painful to go through, it's not unheard of.

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the pandemic. Uh, the markets were down about 34% and then actually finished positive 16% for the year. Uh, our ex, we

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zero, uh, and ‸ have a bounce off the bottom, which we're already starting to see over the past week or so.

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just highlighting one of the major factors impacting the market has obviously been the, uh, conflict between Russia and Ukraine. Uh, historically when we've had geopolitical events, uh, they certainly spooked the market, uh, the first day they're announced. And then if they're prolonged, uh, we can see draw downs

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[00:08:35] Speaker 5 + overlapping voice

Uh, but historically, uh, once those are resolved and should we get any sort of resolution between Russia and Ukraine, we should see a significant recovery in the market. So historically, the average recovery period from a pullback due to a geopolitical event is about 43 days. Uh, but that's a little skewed by some of the, uh, uh, former, uh, geopolitical events back when technology and news didn't travel as fast as they do now. So if you look at, uh, when North Korea invaded South Korea and Pearl Harbor, uh, those recoveries were significantly longer. But again, they didn't have the expedited news that we have today. So any kind of conflict resolution could be a huge catalyst to the markets going forward should have a big impact on inflation. Uh, from a commodity standpoint, from oil standpoint, as well as food,

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uh,

[00:09:28] Speaker 5

Russia and Ukraine both have significant impacts on the wheat market. And so any kind of resolution there should help with the recovery and rebound markets pretty, pretty quickly, uh, from that point. Uh, the next page again, touching on inflation, which I just highlighted. Uh, we have seen hopefully a top in inflation. So, uh, this shows through March, we did just get an update for April, uh, that

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Those have been down for, uh, the past three months. Um, new vehicles slightly up, uh, oil was gas was actually down in March. I'd expect that to be back up in April.

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Uh, but again, if we get any sort of resolution, uh, in Russia and Ukraine, uh, we should see that commodity price, uh, start to come back down. Uh,

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get back into the world, uh, our consumption exceeded our production. And so we still haven't caught up to, uh, consumption as of 2022. Uh, the expectation is that we will by the end of the year. Uh, but you can see in the bottom left-hand corner, uh, we're still slowly, steadily increasing the rig, the active rig count in the U.S.

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now. Uh, we had nearly 2000 rigs active, uh, as of right now, we're still under the 800, uh, number. So, uh, there's not a huge incentive for oil companies to put more rigs online, uh, just because of some of the regulations and blowback that they've gotten, uh, from the clean energy, um, pushed by this administration. Uh, they're already hitting record profits, so it's, they don't need additional record profits. And so it's been a slower process than we'd like to see. But hopefully if we continue to get more active rigs online and any sort of resolution between Russian and Ukraine, that'll help, um, bring more supply on the market and bring the cost down. Um, any questions there? And then page six, um, because we're in this inflationary environment, the only option the Fed has had to combat it is to raise interest rates. And so what that does is it tightens credit, uh, suppresses demand a little bit and helps fight inflation.

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chart shows, uh, the black line there, uh, where interest rates on treasuries going from three months to 30 year treasuries, uh, as of the end of last year. And you can see above that, that blue line, that's where we're at as of the end of April. And so across the board, we've seen,

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uh, all the way to

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The Fed has only bumped,

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Uh, so they made a move of 25 basis points in March, 50 basis points in May.

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in that 7 to 8% range. They're going to keep raising interest rates until, uh, we see inflation get back closer to 4%, which is, uh, in that historical average range.

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Uh,

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uh, again, this just highlights, uh, past rate hike cycles that the Fed has, uh, undergone. Uh, there's been 6, uh, the current one that we're in is, uh, most closely, um, related to in terms of how

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to July 1984.

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just below 10%. Uh, right now we're about 10.4% since the start of this rate hiking cycle.

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[00:13:48] Speaker 5

that quite a bit, but, uh, that's really going to be a big catalyst for not only reducing inflation. But hopefully boosting markets going forward. Uh, and then we can hop over to, I'll skip over the next two pages that just kind of touches on the tough environment we've seen in fixed income. Uh, but if we flip over to page 11, we'll get into some of the manager analysis. So the first one

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And to start with, uh, we'll highlight that, uh, large cap in general has just been a tough market for active managers, especially growth to outperform. Uh, you can see here, this is just a highlight of, uh.

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Uh,

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how often the index is outperformed, uh, more than 50% of active managers. And so as of December 31st, 2021, you can see about 75% of active managers underperform the benchmark in the large cap growth space. Uh,

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index, there's a huge

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weighting

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uh, at the top to a lot of big tech firms. Uh, specifically

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holdings. And if

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Amazon to, to end March was at, uh, nearly 57 times earnings.

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times earnings.

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times earnings. Uh, that's actually come down to about 17 times earnings. And so these high flying high valuation stocks have really pulled back, uh, since the end of March. Uh, Tesla is down about 30% and the video is down about 40% on a year to date basis. And so while those were huge winners in 2021, a lot of active managers didn't hold them, uh, and lost out in 2021. They're benefiting now as they've rolled over in 2022. And so, uh, we actually saw for the first quarter, uh, Voy a large cap growth

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outperformed

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the benchmark, uh, the Russell 1000 growth, uh, for the first quarter. Uh, they're trailing, uh, for the second quarter to date. Uh, but hoping they can outperform, especially in a volatile market. And so if you go to page 14, uh, this kind of highlights where they're at. So, uh, they're underweight tech, uh, which is a good position to be in right now

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as tech's

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been selling off.

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Uh, they did have an overweight to Amazon and Nvidia, uh, which.

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So the quarter beginning April 1st, uh, but

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also didn't have any weightings to meta platforms, which is Facebook or Home Depot, which is really sold off, uh, in the current environment. So Facebook sold off

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[00:16:42] Speaker 5

to, uh, how ads are able to be tracked within their, uh, apps provided on their iOS, uh, store. And so, uh, the estimate has been that that's going to cost Facebook anywhere from eight to $10 billion in revenue on an annual basis. So, uh, Facebook sold off based on that news. Fortunately, boy,

[00:17:01] Speaker 5 · Machine re-recognized

I

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[00:17:01] Speaker 5

didn't hold them

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Flag: a language review questioned the wording · 00:17:02–00:17:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:17:05] Speaker 5

Uh, there's an expectation that the housing market may slow down and people spend less to renovate their homes to sell them. So, uh, Home Depot has sold off in the recent months based on ‸ that. Um, so we did see a positive, um, outperformance for

[00:17:19] Speaker 5 · Unclear audio

[unclear audio — 0:02]

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[00:17:21] Speaker 5

We'll see how they hold up the second quarter. Uh, but as of right now, we'd like to, uh, keep our investment there. And then over the next quarter or so, uh, it may be a good opportunity to reduce some exposure there and add a index fund allocation. So typically when markets soar, which we would expect any kind of positive news to cause markets to rebound significantly, the index outperforms. And so, uh, while we, we're still seeing volatility right now, we think that the active manager will be a benefit. But as we see a recovery start to happen and markets rebound, uh, that's when we'd start to, we'd like to start rebalancing into an index fund.

[00:18:02] Speaker 5 · Unclear audio

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[00:18:09] Speaker 5

little bit away from Voya and into a Russell 1000 growth index fund. And so I'll bring that likely next meeting I'll bring you that option. It's very low cost. It covers,

[00:18:19] Speaker 5 · Unclear audio

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[00:18:29] Speaker 5

to rebound. Any questions on that?

[00:18:38] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:18:38] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:18:40] Speaker 5 + overlapping voice

Yeah, so.

[00:18:40] Speaker 1 + overlapping voice · overlapping voices

That you'll be late possibly making a recommendation to the next meeting to make a change anyhow? Is that what?

[00:18:47] Speaker 5 + overlapping voice · overlapping voices

Yes, yeah. So we're not going to fully divest from Voya. Okay. Um, but we would just add a compliment there in the index. So, uh. But we're

[00:18:56] Speaker 1 + overlapping voice · overlapping voices

aware of this situation.

[00:18:57] Speaker 5 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 00:18:57–00:18:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:18:58] Speaker 5

So what she's referring to is Voya announced that they're actually, uh, buying, um, Allianz GI's U.S. business. So, uh, their distribution for mutual funds and their investment team. So it's not going to have

[00:19:10] Speaker 5 · Unclear audio

[unclear audio — 0:03]

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[00:19:13] Speaker 5

It's not going to change any of the, uh, investment managers or analyst on this product. Um, it's just going to add to the depth of their research teams and, uh, add some other diversifying, uh, funds outside of us, uh, equities that Allianz, uh, provide. So, uh, no issues there. We don't have any issues with it. We got the same,

[00:19:33] Speaker 5 · Unclear audio

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[00:19:35] Speaker 5

And so we reviewed it Burgess and I, and we don't have any issues with it. Um. Yeah. And if we go to, uh, if you flip over to page, uh, 18, the last thing I'll touch on for Voya again, the recommendation to add an index option in the next coming quarter, uh, is related to just how well the index has done and how hard it's been to outperform by active managers. So on page 18, you'll see at the very bottom, the Russell 1000 growth index. If you look at the quarter, the one year, two year, three year,

[00:20:06] Speaker 5 · Unclear audio

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[00:20:08] Speaker 5

year periods, they've essentially been a top 25%, uh, percentile or better performer versus active managers. So if you look at the going back 10 years, they've ranked them the top 11th percentile as just the index fund, uh, versus active manager. So it's outperformed nearly 90% of active managers. So, uh, while we'd still like to have a piece of active management in large cap growth, uh, we think on a recovery, the index is probably going to outperform active managers. And so it would be an opportunity time to rebalance into that. So, uh, ‸ we'll look at next quarter or the quarter after, uh, diversifying a little bit away from Voya and into the index fund. Uh,

[00:20:50] Speaker 5 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:20:50–00:20:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:20:54] Speaker 5

small cap value. Uh, we've already made some moves there. So historically, we only had an allocation to small cap value. Uh, we moved half that allocation over to small cap ‸ growth.

[00:21:05] Speaker 5 · Unclear audio

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[00:21:10] Speaker 5

done very well. It's outperformed its benchmark. Uh, unfortunately, small cap growth has also been down.

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[00:21:21] Speaker 5

done better

[00:21:22] Speaker 5 · Unclear audio

[unclear audio]

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[00:21:22] Speaker 5

down markets. Uh, the reason it underperformed, uh, this period was just. Poor sector weightings and poor security selection. So, uh, from a sector

[00:21:31] Speaker 5 · Machine re-recognized

weighting

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[00:21:31] Speaker 5

standpoint. Uh, they anticipated that, uh, coming out of the pandemic, a lot of businesses that had high capex exposure and would benefit from more consumer spending. Uh, we're going to do well.

[00:21:45] Speaker 5 · Unclear audio

[unclear audio]

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[00:21:46] Speaker 5 · Unclear audio

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[00:21:50] Speaker 5

areas like, um, that tend to be a little more volatile. So on the energy side, oil, uh, exploration and production, um, as well as, uh, materials companies, specifically those related to, uh, commodities and metals.

[00:22:05] Speaker 5 · Unclear audio

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[00:22:12] Speaker 5

gain significantly when you bet with them and they're down, uh, you lose significantly. And so those

[00:22:17] Speaker 5 · Machine re-recognized

happen

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[00:22:17] Speaker 5

to be up and they didn't have exposure to them, uh, especially metals and upstream oil and gas production. Uh, so

[00:22:23] Speaker 5 · Unclear audio

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[00:22:31] Speaker 5 · Unclear audio

[unclear audio]

[00:22:31] Speaker 5

to roll over in December of last year. And so that hurt their portfolio as well.

[00:22:37] Attribution uncertain

Um,

[00:22:37] Speaker 5

historically, if you go to the next page, page 20, when we look at their rolling five year numbers, whenever the market's been flat to down, they've historically outperformed. Uh, this quarter was, uh, one of the exceptions, uh, page 21. They underperformed for the quarter, uh, but again, longer term, their 15 year number and since inception, they've outperformed the benchmark. Uh, if you go to page. Uh, 22. You'll see again, most of these down periods they've outperformed. Uh, they've held up better than their

[00:23:09] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:23:09–00:23:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:23:12] Speaker 5

the only other time they underperformed their benchmark was in 2008, which again was a pretty significantly volatile market. Uh,

[00:23:20] Attribution uncertain

a

[00:23:21] Speaker 5

little outside the norms. Uh, and then if we flip over to page 23, uh, just to highlight again, if you go all the way to the far right longer term, uh,

[00:23:30] Speaker 5 · Unclear audio

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[00:23:36] Speaker 5

the 15 years. And since inception, uh, so we think this is a one off for the quarter. Uh, and so we'd expect them to rebound. Um, we'll continue monitoring them, but, uh, no recommendation to make a ‸ change there, uh, right now.

[00:23:50] Speaker 3 · Unclear audio

[unclear audio]

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[00:23:51] Speaker 5 · Unclear audio

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[00:23:54] Speaker 5

American funds Europe Pacific, your international manager. Uh, so. We've actually gotten a few questions from, uh, from other boards about why are we even invested in international? It's been quite, uh, some time, uh, since international

[00:24:09] Speaker 5 · Machine re-recognized

has

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[00:24:09] Speaker 5

outperformed, uh, domestic markets. So, if you look at page 24,

[00:24:14] Speaker 5 · Unclear audio

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[00:24:18] Speaker 5

S. has outperformed, uh, international markets, uh, to the tune of about 275%. Uh, fortunately,

[00:24:25] Speaker 5 · Unclear audio

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[00:24:30] Speaker 5

Most of your peers

[00:24:31] Speaker 5 · Unclear audio

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[00:24:34] Speaker 5

Uh, we have a target of 12,

[00:24:36] Speaker 5 · Unclear audio

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[00:24:38] Speaker 5

Uh, so we don't want to make a change there, uh, in terms of.

[00:24:43] Speaker 5 · Unclear audio

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Flag: a language review questioned the wording · 00:24:43–00:24:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:24:46] Speaker 5

From evaluation standpoint, international has actually never looked more attractive. Uh, you can see here, especially compared to the U. S. Uh, even considering the pullback we've seen in the past few months, international is still, uh, still. Severely undervalued compared to the U. S. And compared to its long-term averages. So, uh, there's quite a bit of value there. Um, the best example of that would be Boeing and Airbus. There's only two companies in the world that manufacture airplanes. It's those two. Uh, Boeing is, uh, domiciled here in the U. S. Airbus is domiciled internationally. There's a huge discount to Airbus compared to Boeing simply because it's domiciled in an international market. So there's plenty of examples.

[00:25:30] Attribution uncertain

Uh,

[00:25:30] Speaker 5 · Unclear audio

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[00:25:34] Speaker 5

that's discounted relative to its, uh, U. S. Peers. Uh, so we do think there's some opportunities there. Uh, so we're not recommending reducing it, uh, any more exposure to international. We think that 10% range is, uh, is a good area to be in right now. Um, and

[00:25:50] Speaker 5 · Unclear audio

[unclear audio — 0:02]

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[00:25:53] Speaker 5

uh, we may even see international outperform, uh, in the short term.

[00:25:57] Attribution uncertain

And

[00:25:57] Speaker 5

so, uh, no recommendation to make a change there, uh, specifically to American funds, why it's underperformed for the quarter. Uh,

[00:26:04] Attribution uncertain

if

[00:26:04] Speaker 5

you go to page 26,

[00:26:05] Attribution uncertain

uh,

[00:26:06] Speaker 5

again, it's just been an unfavorable environment for growth. Uh, if you look at the bottom of this page, uh, where it. What hurt itself was its sector allocation. So it was underweight to financials, uh, which hurt financials energy, uh, were two of, uh, three sectors that were positive for the quarter. So it was underweight financials and where it had exposure to financials was within European banks, uh, that suffered because of their exposure to, uh, Russian to Russia. So, uh, not only was it underweight to a sector that did well, where it did have exposure, it was to a poor performing part of that sector. So that hurt the performance. And then they also had an overweight to tech, which again, sold off, um, for the quarter and

[00:26:52] Speaker 5 · Unclear audio

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[00:26:53] Speaker 5

in their portfolio, uh, specifically two names that hurt them. The, the biggest detractor from their portfolio, uh, was Shopify. Uh, that's a Canadian e-commerce company. They provide a lot of the, uh, uh, website and, uh, online data for, um, retailers. And so the expectation, uh, this quarter was that as the world gets back to a more normal shoppers return to stores and stuff and do less shopping online that that would their, uh, company would suffer. And so they sold off by about 51% for the quarter. Um, historically for the past five years,

[00:27:32] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:27:32–00:27:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:27:32] Attribution uncertain

a

[00:27:33] Speaker 5 · Unclear audio

[unclear audio — 0:03]

[00:27:36] Speaker 5

And so, uh, while it's been a big winner for Euro Pacific, uh, for the past five years, it hurt them, uh, this year, uh, specifically for the, for the past quarter. So again, that caused some of the underperformance for them, the longer term. If you go to the last page, the very back page 30,

[00:27:54] Attribution uncertain

uh,

[00:27:55] Speaker 5

longer term, we certainly don't have an issue with American funds here Pacific. Uh, we think that they're going to rebound and recover from this. Uh, if you look at their five, 10, 15, 20 year, uh, rankings and returns, they've always outperformed the benchmark and

[00:28:09] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:28:09–00:28:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:13] Speaker 5

So, uh, again, we don't have any issues with them. Uh, it's certainly a tough quarter, uh, and tough past 12 months, but we think they can rebound and benefit from some of this volatility that they're seeing right now. And so, uh, one other thing I'll mention about them, they did have,

[00:28:28] Speaker 5 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:28:28–00:28:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:28:33] Speaker 5

they did have five, um, they were invested in five stocks that were Russian companies. Uh, as of right now,

[00:28:40] Speaker 5 · Unclear audio

[unclear audio — 0:05]

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[00:28:45] Speaker 5

uh, simply because the Russian markets haven't been trading, so they can't get a fair value on them. Uh, if the Russian markets open back up, we'd likely see some sort of valuation there. So ‸ some of this performance, uh, may be overdone just because they're simply taking the

[00:29:01] Speaker 5 · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:29:01–00:29:05 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:05] Speaker 5

exposure to. So

[00:29:06] Speaker 5 · Unclear audio

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Flag: a language review questioned the wording · 00:29:06–00:29:10 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:29:10] Speaker 5

be valued at zero. So we should see a little bit of a pop from, from that, but, uh, just wanted to kind of highlight that for you and give you an update on their exposure to Russia. So, um, uh, with that, I'll conclude my report.

[00:29:25] Speaker 5 · Unclear audio

[unclear audio — 0:02]

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[00:29:27] Speaker 5

but,

[00:29:27] Speaker 5 · Unclear audio

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[00:29:30] Speaker 5

And so, uh, ‸ wanted to update you on that.

[00:29:36] Speaker 2

Thank you, Mitchell. Yeah.

[00:29:37] Speaker 5 + overlapping voice · overlapping voices

And then any, any questions? Yes.

[00:29:41] Attribution uncertain

I

[00:29:41] Speaker 1

said, I, unless there are questions, I know we wanted to get you out of here so you could get to your next meeting.

[00:29:46] Speaker 5

Yeah. Yeah. And I appreciate that. Thank you. They, uh, they assigned us another meeting for a, uh, Miami FOP, uh, asked us to present, to provide them some investment advice. And so unfortunately they bumped it up to two from three. Uh, so I'm a little handcuffed with that, but, um, uh,

[00:30:04] Speaker 3

yeah,

[00:30:07] Speaker 5 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:30:07–00:30:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:08] Speaker 5

So I've got a tripod set up. I hope no one thinks I'm doing a tick tock dance.

[00:30:12] Attribution uncertain

Uh,

[00:30:15] Speaker 1 + overlapping voice · overlapping voices

we've got the cops watching. Yeah.

[00:30:18] Speaker 5 + overlapping voice

Yeah. Again, um, are there any questions or anything? And I think. The, uh, the other recommendation, uh, one last recommendation I'll have is I would like to raise some cash, um, for this quarter, um, in anticipation of rebalancing.

[00:30:33] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 00:30:33–00:30:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:30:40] Speaker 5 + overlapping voice · overlapping voices

our intermediate term bond funds to the Vanguard intermediate term bond fund and Vanguard intermediate term, uh, investment grade bond fund. And another 300,000 from, uh, Westwood large cap value. We're slightly overweight, uh, large cap value right now. Um, and so I'd like to take a little bit. Off the table there.

[00:31:00] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:31:00–00:31:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:01] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

[00:31:04] Speaker 5 + overlapping voice

our total cash, uh, as of Monday to about 1.2 million in the fund. So about 3% of the portfolio. And then, uh, with that anticipating

[00:31:16] Speaker 5 + overlapping voice · Machine re-recognized

rebalancing

Flag: words were replaced by a machine repair · 00:31:16–00:31:16 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:31:17] Speaker 5 + overlapping voice

into the large cap growth index fund. Uh, and potentially looking at some other areas like, um,

[00:31:23] Attribution uncertain

uh,

[00:31:24] Speaker 5 + overlapping voice

global infrastructure that's done well.

[00:31:26] Speaker 5 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:31:26–00:31:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:30] Speaker 5 + overlapping voice · overlapping voices

terms of, uh, raising that cash now and then being ready, uh, for the next quarter to do some rebalancing. So

[00:31:37] Speaker 1 + overlapping voice · overlapping voices

you want a motion to approve. Yes.

[00:31:40] Speaker 1 + overlapping voice · Unclear audio

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[00:31:43] Speaker 5

Yeah, I'll draft the, um.

[00:31:45] Speaker 1 + overlapping voice · overlapping voices

Whatever. Trade or. Yeah. Okay.

[00:31:48] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

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Flag: a language review questioned the wording · 00:31:48–00:31:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:31:53] Speaker 1

So we'll move a motion to approve, um, raising the cash, 300,000 from the two intermediate funds and 300,000 from Westwood for ongoing expenses and authorized execution of the documents.

[00:32:08] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:32:08–00:32:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:08] Speaker 1 · Unclear audio

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[00:32:10] Speaker 2 · Unclear audio

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[00:32:11] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:32:13] Speaker 2 · Unclear audio

[unclear audio — 0:02]

[00:32:15] Speaker 2

Okay.

[00:32:15] Attribution uncertain · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:32:15–00:32:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:15] Speaker 1 · Unclear audio

[unclear audio]

[00:32:16] Speaker 1

that? Casey?

[00:32:16] Speaker 2 + overlapping voice · overlapping voices

Me. Okay. And I'll second Casey. Okay. All in favor? Aye.

[00:32:24] Speaker 2 + overlapping voice · Unclear audio

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Flag: the machine readings disagree here · 00:32:24–00:32:25 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:32:26] Speaker 2 + overlapping voice · overlapping voices

Will

[00:32:26] Speaker 1 + overlapping voice · overlapping voices

that be coming fairly quickly, Mitchell? Or I guess, uh. Yes. I'll, uh, I'll get

[00:32:30] Speaker 5 + overlapping voice · overlapping voices

it to you tomorrow. Oh,

[00:32:31] Speaker 1 + overlapping voice · overlapping voices

okay.

[00:32:31] Speaker 5 + overlapping voice · overlapping voices

Um, yeah. And then we can, uh, submit that either Friday or, uh, to start next week. There's no rush on it.

[00:32:38] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: the machine readings disagree here · 00:32:38–00:32:41 · unresolved: the words are not shown (unclear audio); listen to the recording

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

[unclear audio]

[00:32:42] Speaker 2

I would think

[00:32:43] Speaker 2 · Machine re-recognized

he's probably going to be out

Flag: words were replaced by a machine repair · 00:32:43–00:32:44 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:32:44] Speaker 2

for the rest of the week.

[00:32:45] Speaker 1

Okay. Um, can any authorized signer, any two authorized signers, I guess?

[00:32:52] Speaker 5 + overlapping voice · overlapping voices

Yeah, as long as the custodian and us would have

[00:32:55] Speaker 5 + overlapping voice · overlapping voices · Machine re-recognized

their...

Flag: words were replaced by a machine repair · 00:32:55–00:32:55 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:32:57] Speaker 5 + overlapping voice

Yeah, that's completely fine. ‸ Again,

[00:32:58] Speaker 1 + overlapping voice · overlapping voices

there's.

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

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:33:00–00:33:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:04] Speaker 1 + overlapping voice

Okay.

[00:33:05] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 00:33:05–00:33:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:06] Speaker 1 + overlapping voice

And what I do is I just email it to you,

[00:33:09] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:33:09–00:33:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:09] Speaker 1 + overlapping voice · overlapping voices

it out and sign

[00:33:10] Attribution uncertain

it.

[00:33:10] Speaker 1 + overlapping voice · overlapping voices

Okay. Perfect. All right. Yeah,

[00:33:10] Speaker 5 + overlapping voice · overlapping voices

there's no rush on this. Um, so we can. Okay. You know, it doesn't have to get done Friday.

[00:33:14] Attribution uncertain

It

[00:33:14] Speaker 5

can get done next week or whenever.

[00:33:16] Speaker 5 · Unclear audio

[unclear audio — 0:03]

Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:33:16–00:33:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:19] Speaker 1 · Unclear audio

[unclear audio — 0:05]

[00:33:24] Speaker 5

Sure. Yeah.

[00:33:25] Speaker 5 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:33:25–00:33:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:27] Speaker 5

So you can update it.

[00:33:28] Speaker 2

Thank you. All right.

[00:33:30] Speaker 2 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:33:30–00:33:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:31] Speaker 5 · Unclear audio

[unclear audio]

[00:33:32] Speaker 2 · Unclear audio

[unclear audio — 0:02]

[00:33:35] Speaker 5 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:33:35–00:33:38 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:33:38] Speaker 5 + overlapping voice

So.

[00:33:40] Speaker 2

All right.

[00:33:41] Attribution uncertain

Go

[00:33:41] Speaker 2

for yours.

[00:33:42] Speaker 4

All right. Come up there front and center here.

[00:33:52] No voice detected · Unclear audio

[unclear audio — 0:09]

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 · 00:33:52–00:34:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:03] Speaker 4

It is different by the way. Everyone's allowed trust me to remember the password we used to have and that won't work.

[00:34:09] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:09–00:34:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:12] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:34:12–00:34:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:14] Speaker 4 · Machine re-recognized

436-022.

Flag: the recognized words and the detected speech do not line up · 00:34:14–00:34:17 · gap filled by a machine re-reading (not checked by a person)

[00:34:21] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:34:21–00:34:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:22] Speaker 4 · Machine re-recognized

Yep. All

Flag: the recognized words and the detected speech do not line up · 00:34:21–00:34:22 · gap filled by a machine re-reading (not checked by a person)

[00:34:22] Speaker 4 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:34:22–00:34:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:23] Speaker 4 · Machine re-recognized

So this part should actually, although I have a couple of things to discuss today, one should go fairly quickly unless there's a lot of questions.

Flag: the recognized words and the detected speech do not line up · 00:34:23–00:34:33 · gap filled by a machine re-reading (not checked by a person)

[00:34:35] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:35–00:34:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:37] Speaker 4

experience this last year. You beat your assumption clearly on the investment return.

[00:34:43] Attribution uncertain · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:34:43–00:34:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:43] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:34:44] Attribution uncertain · Unclear audio

[unclear audio]

[00:34:44] Speaker 4 · Unclear audio

[unclear audio]

[00:34:44] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:44–00:34:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:47] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:34:47–00:34:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:52] Speaker 4

And luckily, not luckily, it's like just by design, we smooth assets.

[00:34:57] Speaker 1 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:34:57–00:34:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:34:58] Speaker 4 + overlapping voice · overlapping voices

It will be once this

[00:35:00] Speaker 4 + overlapping voice · Machine re-recognized

report is

Flag: words were replaced by a machine repair · 00:35:00–00:35:00 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

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

approved. Oh,

[00:35:01] Speaker 1 + overlapping voice · overlapping voices

okay.

[00:35:01] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:35:01–00:35:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:03] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

[00:35:04] Speaker 1 + overlapping voice

Okay.

[00:35:06] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:35:06–00:35:09 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:09] Speaker 1 + overlapping voice · overlapping voices

‸ Yes. Yeah, one of the approved.

[00:35:11] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:35:11–00:35:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:11] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:02]

[00:35:13] Attribution uncertain · Unclear audio

[unclear audio]

[00:35:13] Speaker 4 · Unclear audio

[unclear audio — 0:01]

[00:35:16] Speaker 4

Looking at the summary page here, you can see the

[00:35:20] Speaker 4 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:35:20–00:35:20 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:20] Speaker 4

requirement went up from 14.69 to 16.42. The only reason it went up is because this report does lower the assumption.

[00:35:30] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:35:30–00:35:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:31] Attribution uncertain · Unclear audio

[unclear audio]

[00:35:31] Speaker 4 · Unclear audio

[unclear audio]

[00:35:32] Speaker 4 · Unclear audio

[unclear audio — 0:04]

Flag: the recognizer flagged its own output · 00:35:32–00:35:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:37] Speaker 4

Had we not smoothed, we would have fully recognized the 21 plus percent return.

[00:35:42] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output; a language review questioned the wording · 00:35:42–00:35:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:45] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: the recognizer flagged its own output · 00:35:45–00:35:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:47] Speaker 4

and didn't cost us anything because it was offset by the great investment change. But then when I come back next year,

[00:35:54] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:35:54–00:35:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:35:58] Speaker 4

Because we know we're not going to, I can't say we don't know, but if you ask me of that money, I find a way to borrow money and say we're not going to get seven and a quarter this year. Okay. These plans are just not going to happen. But that's fine. And I'm going to, when I finish up my presentation of this report in like two minutes, I'll show you why, you know, a one year event is not an issue. So when we come back next year, I don't expect a big change in that 16.42 because of smoothing. Last year's return, that 21 plus was about 14 percentage points above what we expected. So you can actually pay an actual negative return this year, probably

[00:36:47] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:36:47–00:36:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:48] Speaker 4

and your smooth will still be above your assumption.

[00:36:53] Speaker 4 · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:36:53–00:36:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:36:55] Attribution uncertain · Unclear audio

[unclear audio]

[00:36:55] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[00:36:56] Speaker 4 + overlapping voice

I don't think your four-year smooth is going to be horrible when I come back next year. So that's a very nice thing about smoothing. It just takes the rough edges on it. It reduces volatility. So remember the city's contribution requirement is payable

[00:37:13] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:04]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:37:13–00:37:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:18] Speaker 4 + overlapping voice

following the valuation date.

[00:37:19] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:37:19–00:37:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:22] Speaker 4 + overlapping voice

the city will need to do

[00:37:24] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:37:24–00:37:27 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:27] Speaker 4 + overlapping voice

So the city's going to have to figure out some dollar estimate. I can do that here, because looking at payroll, and I'm going to say about $550,000 to $600,000 or so. For comparison,

[00:37:43] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:37:43–00:37:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:37:46] Speaker 4 + overlapping voice

So I do think that this year's requirement is going to be less than last year's requirement. The only other note on this page is near the bottom. It's for the city's purpose.

[00:38:00] Speaker 4 + overlapping voice · Machine re-recognized

They did overpay. They over contributed, which is common. And so we've reserved that.

Flag: the recognized words and the detected speech do not line up · 00:38:00–00:38:07 · gap filled by a machine re-reading (not checked by a person)

[00:38:07] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: the machine readings disagree here · 00:38:07–00:38:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:11] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 00:38:11–00:38:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:12] Speaker 4 + overlapping voice · Machine re-recognized

a

Flag: the recognized words and the detected speech do not line up · 00:38:12–00:38:12 · gap filled by a machine re-reading (not checked by a person)

[00:38:12] Speaker 4 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:38:12–00:38:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:13] Speaker 4 + overlapping voice · Machine re-recognized

It's a second footnote on the bottom of the

Flag: the recognized words and the detected speech do not line up · 00:38:13–00:38:16 · gap filled by a machine re-reading (not checked by a person)

[00:38:16] Speaker 4 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:38:16–00:38:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:16] Speaker 4 + overlapping voice · overlapping voices · Machine re-recognized

can

Flag: the recognized words and the detected speech do not line up · 00:38:16–00:38:17 · gap filled by a machine re-reading (not checked by a person)

[00:38:16] Speaker 1 + overlapping voice · overlapping voices · Machine re-recognized

apply

[00:38:17] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:38:17–00:38:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:38:18] Speaker 1 + overlapping voice

if they want?

[00:38:19] Speaker 4

Yes, that is correct.

[00:38:21] Speaker 1 + overlapping voice · overlapping voices

And that's usually what they do, right?

[00:38:22] Speaker 4

Yes. My guess is they're probably going to overestimate a little bit, which is a good thing. It's better to have a little extra rather than asking for more to catch up.

[00:38:34] Speaker 1

When you said it would be about $550,000 to $600,000 based on current payroll, is that the 10-1-22 deposit?

[00:38:43] Attribution uncertain

Yes.

[00:38:45] Speaker 4 + overlapping voice · overlapping voices

That's just my guess based on...

[00:38:48] Speaker 1

‸ I think they coordinate with you on that as I recall.

[00:38:52] Speaker 4 + overlapping voice · overlapping voices

Sometimes I get questions, yes. So aside from what I've covered so far on this page, I've gone over the funding requirements and why they went up and the favorable experience that caused it to go up less than it would have. Do you have any other questions on this page before I jump over to a couple of others? So far so good? All right. If you jump over to page 8, we've already alluded to it.

[00:39:24] No voice detected

But just

[00:39:25] Speaker 4

a reminder, when

[00:39:26] No voice detected · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:39:26–00:39:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:39:28] Speaker 4 · Unclear audio

[unclear audio — 0:12]

[00:39:40] Speaker 4

the builder age 18. And your plan remains in very good shape. As

[00:39:51] Attribution uncertain

you

[00:39:51] Speaker 4

can see, there's been some ups and downs there. But look at the range on the left.

[00:39:57] No voice detected · Unclear audio

[unclear audio]

Flag: a language review questioned the wording · 00:39:57–00:40:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:39:58] Speaker 4 · Unclear audio

[unclear audio — 0:06]

[00:40:03] Speaker 4

in 2015. But remember, we started to lower the assumption at that point. To get us down to this.

[00:40:08] Speaker 4 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:40:08–00:40:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:09] Speaker 2 · Unclear audio

[unclear audio — 0:03]

[00:40:12] Speaker 2

Or lowered the... Mortality

[00:40:14] Speaker 4

rate. Yeah,

[00:40:16] Attribution uncertain

the

[00:40:16] Speaker 4

mortality assumption came in around that time, which caused a little bit of an increase. The city passed an ordinance to comply with the statutory limitations on pensionable pay.

[00:40:32] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 00:40:32–00:40:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:35] Speaker 4

So there's been some moving parts along the way.

[00:40:38] Attribution uncertain

But

[00:40:38] Speaker 4

if you look since... It looks like since 2014, we'll call it the last 7 to 8 years, you've been at 90 plus percent of your

[00:40:49] Speaker 4 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:40:49–00:40:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:40:50] Speaker 4

status. You've been tracking 100. So your plan is in very good shape. It's well funded. And we'll need to resume the discussion on lowering the investment return assumption. Maybe beginning next year, we'll

[00:41:03] Speaker 4 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:41:03–00:41:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:04] Speaker 4

that back around. Again, you guys have done a good job lowering it to this point. But I want to see what

[00:41:10] No voice detected · Unclear audio

[unclear audio — 0:06]

Flag: the recognized words and the detected speech do not line up · 00:41:10–00:41:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:17] Speaker 4

And just so you have an understanding of their pattern, they went from 7.2 to 7. And then 7 to 6.8

[00:41:26] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:41:26–00:41:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:29] Speaker 4

points a year.

[00:41:30] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a possible machine repair could not be placed · 00:41:30–00:41:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:31] Speaker 4

still recommending further. We'll see what happens this next October. But don't be surprised if I come back with the next valuation next year and say we need to start thinking again about getting in the 7 or even lower range.

[00:41:46] Speaker 4 · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:41:46–00:41:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:41:53] Speaker 4

So I've covered really all I need to in this report. Your favorable experience, and that's the city's contribution requirement. An update on the city's prepaid contribution and your

[00:42:05] Speaker 4 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:42:05–00:42:06 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:06] Speaker 4

status. But I'd be happy to answer questions if you have them. There

[00:42:16] Speaker 1

are no questions. What the action we need from the board is the approval of the 2021 valuation. ‸ And then we'll deal with the Declaration of Returns.

[00:42:31] Speaker 2 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 00:42:31–00:42:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:33] Speaker 3

I'll second.

[00:42:36] Speaker 2 + overlapping voice

We have

[00:42:37] Speaker 2 + 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 · 00:42:37–00:42:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:42:43] Speaker 2 + overlapping voice

Any opposed? Motion carried.

[00:42:47] Speaker 1 · Unclear audio

[unclear audio — 0:24]

Flag: the recognizer flagged its own output; a language review questioned the wording · 00:42:47–00:43:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:13] Speaker 1

As you noted, I had asked Mitchell to talk about the declaration of returns. This is our statutory requirement that in conjunction with your acceptance of the valuation, we declare the expected returns for the next year, over the next several years, and the long term thereafter. The consultant has confirmed that the 7.25% while we may not reach it right now is still a reasonable assumption.

[00:43:39] Speaker 1 · Unclear audio

[unclear audio — 0:08]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:43:39–00:43:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:49] Speaker 3

I'll make a motion.

[00:43:52] Speaker 2 · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:43:52–00:44:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:43:59] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[00:43:59] Speaker 2 · Unclear audio

[unclear audio — 0:02]

[00:44:10] Speaker 1 · Unclear audio

[unclear audio — 0:02]

[00:44:12] Attribution uncertain · Unclear audio

[unclear audio]

[00:44:12] Speaker 1 · Unclear audio

[unclear audio — 0:01]

[00:44:12] Speaker 3 · Unclear audio

[unclear audio — 0:01]

[00:44:14] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

[00:44:17] Speaker 1 + overlapping voice · overlapping voices

Okay, Doug. You want to do your fee increasing?

[00:44:22] Speaker 4

Yeah, let's get that out of the way pretty quickly. There is a

[00:44:27] Speaker 4 · Unclear audio

[unclear audio — 0:03]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:44:27–00:44:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:30] No voice detected · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up · 00:44:30–00:44:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:35] Attribution uncertain · Unclear audio

[unclear audio]

[00:44:35] No voice detected · Unclear audio

[unclear audio — 0:04]

Flag: the recognized words and the detected speech do not line up · 00:44:35–00:44:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:44:39] Speaker 4

increase.

[00:44:40] No voice detected

We have been going to

[00:44:40] Speaker 4

all of our clients with this. Clearly, with inflation, with the costs going up, ‸ we're trying, we know it's not bragging, we know we have the best

[00:44:53] Speaker 4 · Machine re-recognized

actuaries

Flag: words were replaced by a machine repair · 00:44:53–00:44:53 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:44:53] Speaker 4

in our firm. And we're trying to retain them and recruit for continuing to grow

[00:45:01] Speaker 4 · Machine re-recognized

we're

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[00:45:02] Speaker 4

acquiring other actuarial firms around the country. Our bread and butter is municipal.

[00:45:11] No voice detected

And

[00:45:11] Speaker 4

we've been happy to be your actuary.

[00:45:13] Speaker 4 · Machine re-recognized

I looked and I, as I get older, I realized that we picked up some of these

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[00:45:22] Speaker 4 · Machine re-recognized

I was still in high school.

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[00:45:38] Speaker 4

been along for the ride all these years. If you look at the second page of our fee letter, the top chart is what I'll focus on. I'm not going to go into all the leads.

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[00:45:52] Speaker 4

That top chart are all the different items we

[00:45:55] Speaker 4 · Machine re-recognized

bill

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[00:45:55] Speaker 4

for.

[00:45:57] Speaker 4 · Unclear audio

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[00:46:01] Speaker 4

that's the last time that we really asked for a piece ‸ increase on things that we've always

[00:46:06] Speaker 4 · Unclear audio

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[00:46:06] Speaker 4 · Machine re-recognized

for, like refunds or drop statements,

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[00:46:13] Speaker 4 · Machine re-recognized

Other things that are more recent,

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[00:46:16] Speaker 4 · Machine re-recognized

2014 and 2017, came into existence of

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[00:46:22] Speaker 4 · Machine re-recognized

like GASB 6768, legislative action, and so on. So here's the request, and now that you know the background and why we're asking and where it came from, the request is under

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[00:46:36] Speaker 4 · Unclear audio

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[00:46:38] Speaker 4

you approve this,

[00:46:39] Speaker 4 · Unclear audio

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[00:46:45] Speaker 4

And my best estimate is we would end up billing you about $2,000 more in that first year than

[00:46:53] Speaker 4 · Machine re-recognized

we are currently

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[00:46:54] Speaker 4

billing. ‸ From there, so we don't have to come back with this letter in future years, we would ask that ‸ following year after that, that the increases would go up according to consumer price index. So roll forward one more October, October 1st, 2023, and the billing for that year would be this proposed

[00:47:17] Speaker 4 · Unclear audio

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[00:47:17] Speaker 4

column with the consumer price index measured on June 30th of 23,

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[00:47:25] Speaker 4

We would, everything we would bill is on a fiscal basis.

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[00:47:31] Speaker 4

which is used most often for any kind of COLA improvements with governmental pension plans. So that would be the request. That way we can, like I said, we're trying to retain and recruit the best talent, and they will say like pay increases.

[00:47:51] Speaker 4 · Unclear audio

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[00:47:58] Speaker 4

and ‸ I'll turn it over to you to ask questions. It's not everything on here is billed every year. Some items are billed fairly infrequently, like the impact statement, that only gets billed if the city passes an ordinance.

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[00:48:21] Speaker 4 · Machine re-recognized

do

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[00:48:21] Speaker 4

special projects. If

[00:48:23] Attribution uncertain

you

[00:48:23] Speaker 4

don't have

[00:48:23] Speaker 4 · Machine re-recognized

me do special projects, then

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[00:48:25] Speaker 4

the hourly rates don't have

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[00:48:35] Speaker 2

I don't think it's that much of a

[00:48:38] Speaker 2 · Machine re-recognized

raise,

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[00:48:38] Speaker 2

to be honest with you, from where I'm currently at.

[00:48:42] No voice detected

I

[00:48:43] Speaker 2

don't have

[00:48:43] No voice detected

a

[00:48:43] Speaker 2

problem with any of these fees. I think they're reasonable, especially for the service we've been provided.

[00:48:51] No voice detected

‸ So

[00:48:51] Speaker 2

I think that's fair.

[00:48:58] Speaker 1

What we would need if the board wishes to approve is a motion to approve the fee schedule, including an annual adjustment based on the CPI of the preceding June, beginning October 1 of 2023, an authorization for the attorney to prepare any required documents for execution by the chairman.

[00:49:19] Speaker 4

And I will move one amendment to that, but I'll let that motion be made.

[00:49:23] Attribution uncertain

And

[00:49:23] Speaker 4

then I'll

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[00:49:23] Speaker 4

one amendment.

[00:49:25] Speaker 1 · Unclear audio

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[00:49:27] Speaker 1

No. Okay.

[00:49:30] Speaker 6

We'll prepare an appropriate addendum to the contract reflecting this.

[00:49:36] Speaker 1

Okay, thank you.

[00:49:37] No voice detected

I'll make the motion to

[00:49:38] Speaker 2

approve

[00:49:39] No voice detected

the schedule

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[00:49:41] Speaker 2 + overlapping voice · overlapping voices

Second. Thank you. All in favor? Aye.

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[00:49:53] Speaker 4

here, is under the annual report. Do you see that? About the middle of that chart. I put a typo in there. The current is 3,500. The proposed would be 3,750.

[00:50:06] Speaker 1 + overlapping voice · overlapping voices

What does it say on there?

[00:50:07] Speaker 4 + overlapping voice · overlapping voices

3,500 under both. Sheila, I will send a revised out. That's what we'll sign? Okay,

[00:50:16] Speaker 1 + overlapping voice · overlapping voices

so it should be 3,750.

[00:50:18] Speaker 4 · Unclear audio

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[00:50:22] Speaker 1

Yeah, okay. Just send that to, okay. And for, if you'll send it to the attorney too, so when he prepares

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[00:50:32] Speaker 1

Okay.

[00:50:34] Speaker 4

All right. Thank you very much. I really appreciate it.

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[00:50:43] Speaker 4

Thank you very much.

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[00:51:15] Speaker 1

that he had done for the cost.

[00:51:17] Attribution uncertain

It

[00:51:17] Speaker 1

was $132,000, I think, at that time.

[00:51:20] Speaker 4

Yes.

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[00:51:28] Speaker 1

input. And then

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[00:51:32] Speaker 1

we're going to discuss the strategy for how to present it to the city.

[00:51:38] Speaker 4

Just as a reminder, this

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[00:51:43] Speaker 4

So if we do an impact statement, if we get the city to agree to amend the ordinance, we have to do a formal impact statement. We have to update it to the 21. It'll

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[00:51:55] Speaker 4

materially,

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[00:52:04] Speaker 1 + overlapping voice · overlapping voices

‸ We had talked about it in the great scheme of things. And that certainly compared to some of the ‸ COLA things that we were talking about. And when I sent out the agenda, I did get two inquiries from city officials, the finance director, and the administrative

[00:52:19] Speaker 1 + overlapping voice · Machine re-recognized

service

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[00:52:20] Speaker 1 + overlapping voice

just saying,

[00:52:20] Speaker 1 + overlapping voice · Unclear audio

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[00:52:28] Speaker 1 + overlapping voice

that's the least expensive that could be considered by the board. So I guess, Doug, what you're saying, if we proceed with an ordinance, a formal impact statement would be prepared, right? ‸ But it would be similar cost.

[00:52:43] Speaker 2

Yes.

[00:52:44] Speaker 1

Okay.

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[00:52:52] Speaker 1 · Machine re-recognized

at

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[00:52:53] Speaker 1

our last meeting, and I'll ask Attorney Klausner to help me here if I misspeak,

[00:52:59] Attribution uncertain · Unclear audio

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[00:53:01] Speaker 1 + overlapping voice

might approach it, since ‸ this is solely for retirees, and since they are not represented by the union, that

[00:53:09] Speaker 1 + overlapping voice · Machine re-recognized

he

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[00:53:09] Speaker 1 + overlapping voice · overlapping voices

might consider sending a letter of request to the city, at least to try, you know, that it wouldn't have to be something that would be negotiated. And I don't think it would lose anything by doing that. They might say that they want to agree with the

[00:53:28] Speaker 3

union.

[00:53:30] Speaker 1

One of the things

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[00:53:34] Speaker 1

you know,

[00:53:35] Speaker 1 · Unclear audio

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[00:53:37] Speaker 1

and I told Doug, I said,

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[00:53:41] Attribution uncertain · Unclear audio

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[00:53:41] Speaker 1 · Unclear audio

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[00:53:41] Speaker 1

And I've worked for, as you know, when I was younger,

[00:53:45] Attribution uncertain

I

[00:53:45] Speaker 1 + overlapping voice

worked for 12

[00:53:46] Speaker 1 + overlapping voice · Machine re-recognized

clans

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[00:53:46] Speaker 1 + overlapping voice

and I never went into 15 years without a benefit improvement. And he said that sometime, I guess early 07, there was something about people

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

way back, right, That something had to be done to ensure a certain amount of benefit. I don't think they have anybody now that's affected her own. And then he mentioned the holiday pay issue. I don't really consider that a benefit improvement. I consider that a correction to an issue because we always have had that as a pensionable, and, you know, we went through quite a bit of issues, and we got that

[00:54:28] Speaker 1 + overlapping voice · Machine re-recognized

reinstated.

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

So I, you know, I certainly wouldn't deal

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[00:54:35] Speaker 1 + overlapping voice

it, but that was, and the people who are here are aware of that. That was a correction to an issue. So I think, and it's certainly

[00:54:44] Speaker 1 + overlapping voice · Unclear audio

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[00:54:45] Speaker 1 + overlapping voice · overlapping voices

decision, but I've done a lot of this strategy stuff, but with the attorney, I think that's significant to mention, that this plan, which has been so critically managed, and you have made changes, correctly come on, Doug, in the assumptions that have actually reduced the city's cost over the years,

[00:55:06] Speaker 2 + overlapping voice · overlapping voices

right? The city's annual contribution was up to 32% a couple ‸ years ago.

[00:55:11] Speaker 1

Yeah, and you've adopted assumptions, right, Doug? I mean, I'm correct in that, that we've done that, but there have been some things that they've done that have actually reduced the city's cost.

[00:55:23] Speaker 4 + overlapping voice · overlapping voices

Yes, the choice of methods and assumptions have kept your plan at 90 plus percent funded for almost a decade.

[00:55:32] Speaker 1 + overlapping voice

Yeah, I mean, so I think that when the attorney does prepare the letter

[00:55:36] Speaker 1 + overlapping voice · Machine re-recognized

or

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[00:55:37] Speaker 1 + overlapping voice

whatever approach to the city, I think that needs to be pointed out because with certain other pension plans in the city,

[00:55:45] Speaker 1 + overlapping voice · Unclear audio

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[00:55:45] Speaker 1 + overlapping voice

that's not correct.

[00:55:47] Speaker 1 + overlapping voice · Unclear audio

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[00:55:52] Speaker 1 + overlapping voice

member contribution is a pretty hefty contribution.

[00:55:56] Speaker 1 + overlapping voice · Unclear audio

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

and they have a built-in cohort, you know, and so I think those kind of things need to be included in anything of how prudently managed, how well funded,

[00:56:14] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[00:56:22] Speaker 1 + overlapping voice

You know, I think we have a good basis and $132,000 in the great scheme is really, I don't know what percentage, you know, I'm not good at math that is of the total cost, but in the technical terms, it ain't much. Right.

[00:56:38] Speaker 3 + overlapping voice · overlapping voices

You know,

[00:56:39] Speaker 1

so, but I guess the thing would be for the attorney if that's a reasonable approach for the attorney's office to prepare, you know, a letter of approach to the city.

[00:56:51] Speaker 2

Well, I'm also hearing, and I don't know if Doug has an opinion on this or not, I'm hearing

[00:56:55] No voice detected

some other FRS, I think, ‸ raising

[00:56:59] Speaker 2

their drop to eight years.

[00:57:02] Speaker 4

Yes.

[00:57:03] Speaker 2

I don't know if that's something, you know, I guess because of retention, they're allowing it up to eight years now, so I don't know how that would, if that's something we need to look at as well.

[00:57:15] Speaker 4 · Unclear audio

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[00:57:19] Speaker 4

you know, that they want to retain some of the senior talent. because you know with drop, most ordinances are written that when you're at the end of the drop participation, period, you have to leave employment, You have to leave the city. ‸ And a lot of cities are like, oh, well, we want to keep these people, Is there a way to do that? Well, I think that happened around the state, which is why FRS increased the participation period, So it made it easy for other cities to do the same thing since most of the time, actuaries have the opinion that that does not have an additional cost.

[00:57:56] Speaker 2

Right.

[00:57:57] Speaker 4

You can do it cost free.

[00:57:59] Speaker 2 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 00:57:59–00:58:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:03] Speaker 2

check, would that be a time to, ‸ if that's something the board wants to even look at.

[00:58:11] Speaker 1 + overlapping voice · overlapping voices

To eight years, did you say? Yeah. Well, since it's, I mean, it's up to y'all, but since it's cost neutral, that doesn't require...

[00:58:22] Speaker 4 + overlapping voice · overlapping voices

The drop extension? Yeah. You would want to include the language, though.

[00:58:27] Speaker 1 + overlapping voice

Okay, but it does...

[00:58:28] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:58:28–00:58:29 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:29] Speaker 1 + overlapping voice · overlapping voices

That portion

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

alone will have no impact. Yeah.

[00:58:33] Speaker 1 + overlapping voice

‸ If that's the board's desire to make that request, the fewer times

[00:58:39] Speaker 1 + overlapping voice · Machine re-recognized

we

Flag: words were replaced by a machine repair · 00:58:39–00:58:40 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:58:40] Speaker 1 + overlapping voice

approach the city

[00:58:41] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:58:41–00:58:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:41] Speaker 1 + overlapping voice · overlapping voices

Right.

[00:58:42] Speaker 2

So that's why I was thinking all of it at one time.

[00:58:44] Speaker 1

Right.

[00:58:47] Speaker 2 + overlapping voice

‸ So,

[00:58:47] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:05]

Flag: a language review questioned the wording · 00:58:47–00:58:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:58:54] Speaker 6

Yes. Yeah, the legislature passed it.

[00:58:57] Speaker 6 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 00:58:57–00:58:58 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:02] No voice detected

Is that a

[00:59:03] Speaker 2

motion that...

[00:59:05] Speaker 1

Well, if what you want to do is to, you know, ask the attorney to prepare, you know, and the way we've done this is, you know, like a letter from the city manager, outlining what we're, you know, requesting, ‸ and if it's a voice to say, you know, to include those

[00:59:27] Speaker 1 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 00:59:27–00:59:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:28] Speaker 1

and to increase the drop participation period to eight years. Now, on that, does that affect the people who are currently involved, or is it only prospective,

[00:59:40] No voice detected

Mr.

[00:59:41] Speaker 1 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 00:59:41–00:59:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[00:59:42] Speaker 6

That's up to you. I mean, the FRS's bill extended the drop

[00:59:48] Speaker 6 · Machine re-recognized

from

Flag: words were replaced by a machine repair · 00:59:48–00:59:48 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[00:59:48] Speaker 6

people who are currently there. So if you're, like, you're four in the drop and you're going to have to leave at six, now you get to stay to eight. So, requesting an extension of the drop I think would be intended, unless you tell me otherwise, I would think it'd be intended to apply to your current group of drop participants. Now, that one, on that issue, because it would be applying to people who are still in the bargaining unit,

[01:00:26] Speaker 6 · Unclear audio

[unclear audio — 0:04]

Flag: a language review questioned the wording · 01:00:26–01:00:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:00:31] Speaker 6

It does not have, because it doesn't have an actuarial impact, arguably, it is not a mandatory subject for collective bargaining. There's actually a case that involved

[01:00:45] Speaker 6 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:00:45–01:00:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:00:49] Speaker 6

where the city reduced its contribution to the pension plan in light of an actuarial valuation, and the union filed an unfair labor practice saying, well, wait a minute, you're cutting the amount of money you're putting in our pension, and the court ultimately held that because it didn't have an actuarial impact on the system, ‸ the city wasn't required to bargain of whether it had to put in more money than it needed to. So there is that precedent that's out there. The only complaint I've ever heard with regard to extensions of drop is if somebody's waiting for the person who's coming to the end of drop

[01:01:29] Speaker 6 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:01:29–01:01:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:01:32] Speaker 6

and then that creates some upward mobility,

[01:01:35] Speaker 6 · Unclear audio

[unclear audio — 0:09]

Flag: a language review questioned the wording · 01:01:35–01:01:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:01:43] Speaker 6

the stripes on or the bars and with

[01:01:47] Speaker 6 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:01:47–01:01:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:01:47] Attribution uncertain · Unclear audio

[unclear audio]

[01:01:47] Speaker 6 · Machine re-recognized

that more senior worker. So in an abundance of caution, I would recommend that the union be asked to waive bargaining over that subject in return for the extension of the drop, which quite frankly is a significant benefit to plan members. The one thing I've covered in my old age

Flag: the recognized words and the detected speech do not line up · 01:01:47–01:02:12 · gap filled by a machine re-reading (not checked by a person)

[01:02:12] No voice detected · Unclear audio

[unclear audio]

Flag: the recognized words and the detected speech do not line up · 01:02:12–01:02:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:12] Speaker 6 · Unclear audio

[unclear audio]

[01:02:13] Speaker 6 · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:02:13–01:02:14 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:14] Speaker 6

lucky, you get old. And so all of our members that will be fortunate enough to make it to drop eligibility, the ability to shelter an additional three years of your pension benefit will be a tremendous economic advantage.

[01:02:35] Speaker 6 · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 01:02:35–01:02:40 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:02:40] Speaker 6

to recommending that current retirees receive a 13th check until they reach COLA eligibility. Because that addresses people who are currently not active employees, there is no obligation to bargain. Now the question is whether or not you want this to apply to future workers when they get to that spot. With regard to that group, meaning people who are currently employed but not yet retired, ‸ would have the right to bargain over that if it chose. Again, if it waives bargaining over because ‸ it's a gimme, I mean it's a new benefit, then I think that would probably be an advisable course of action for them. But there's clearly a distinction between people who are currently retired and people who are working.

[01:03:39] Speaker 1 · Unclear audio

[unclear audio — 0:04]

Flag: words only one machine reading has (possibly not said) · 01:03:39–01:03:44 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:44] No voice detected · Unclear audio

[unclear audio]

[01:03:45] Speaker 6 · Unclear audio

[unclear audio — 0:07]

Flag: a language review questioned the wording · 01:03:45–01:03:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:52] Speaker 6

the current crop of people we have that are retired but are not yet, the

[01:03:56] Speaker 6 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:03:56–01:03:57 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:03:57] Speaker 6

at 65, is that right?

[01:03:59] Speaker 2

Yes.

[01:04:00] No voice detected

Right.

[01:04:01] Speaker 6

That, you know, whatever that crop of people is, that's who this benefit would be limited to. If it's intended to look forward in the future to people who are currently retired, ‸ there

[01:04:14] Attribution uncertain

would

[01:04:14] Speaker 6

really be quite an estimate on that. The actuary would be working with well, the average age at time of retirement is X, and we assume that a certain number go out at one age and a certain number of people go out at a later age, he really, he, despite his significant skills that I have great respect for, would be much more in the guessing category than he is knowing what his current crop of people is for whom this 132,000 is just, it's just a defined sum of money that would be set aside.

[01:04:52] Speaker 6 · Unclear audio

[unclear audio — 0:09]

Flag: a language review questioned the wording · 01:04:52–01:05:00 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:00] Speaker 6

check benefit be limited to people who, as of the effective date of that ordinance, are retired and not yet otherwise eligible for a COLA.

[01:05:11] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: a language review questioned the wording · 01:05:11–01:05:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:13] Speaker 4

Our study factored in current retirees and future. You did factor in the future.

[01:05:20] Speaker 6 + overlapping voice · overlapping voices

‸ So that

[01:05:21] Speaker 6 + 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 · 01:05:21–01:05:22 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:24] Speaker 4 + overlapping voice · overlapping voices

there's a note in the study that the current retirees we would assume would get their first increase

[01:05:31] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:03]

Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings · 01:05:31–01:05:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:34] Speaker 4 + overlapping voice

upcoming fiscal year after passage of the ordinance. Everybody, remember,

[01:05:40] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: the recognizer flagged its own output · 01:05:40–01:05:41 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:41] Speaker 4 + overlapping voice

in COLA payment status yet, it's to tie them over to the first COLA.

[01:05:45] Speaker 4 + overlapping voice · Unclear audio

[unclear audio — 0:07]

Flag: the recognizer flagged its own output; a language review questioned the wording · 01:05:45–01:05:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:05:52] Speaker 4 + overlapping voice

year, they get a bump. They get ‸ their first 13th check, and then every year until they hit 64, they get it. They hit 65, they get the COLA. The 13th check goes away.

[01:06:04] Speaker 1

That's what I thought we had said, ‸ that it would be a benefit for those currently retired, like Casey, not yet 65, and drops because they're retirees, and future.

[01:06:20] Speaker 6

Oh, in looking at your letter, you anticipated your $132,000 cost looks, is forward-looking, not just to the currently known eligible group, but to what we expect will be a future eligible group going forward. Yes. Okay.

[01:06:40] Speaker 6 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:06:40–01:06:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:06:46] Speaker 1 · Unclear audio

[unclear audio — 0:02]

[01:06:48] Speaker 1

that raises the question to me, too, then, since it is prospective for current people who might retire, does that then, I understand we could still ask for a waiver of bargaining since it would be a benefit that's no cost to the members, but we probably would have to approach the end,

[01:07:07] No voice detected

right?

[01:07:08] Speaker 6

You know what, I would recommend it. I believe in certainty, and I, because pension, according to the Florida Supreme Court decision in 1981

[01:07:22] Speaker 6 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:07:22–01:07:28 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:28] Speaker 6

a mandatory subject

[01:07:29] Speaker 6 · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:07:29–01:07:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:34] Speaker 6

in 2017 in the city of Miami case, that I would recommend that as part of the ordinance process that the union be asked to just waive bargaining over that issue.

[01:07:47] Speaker 6 · Unclear audio

[unclear audio — 0:01]

Flag: words only one machine reading has (possibly not said); the recognized words and the detected speech do not line up; a language review questioned the wording · 01:07:47–01:08:03 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:07:48] Attribution uncertain · Unclear audio

[unclear audio]

[01:07:48] No voice detected · Unclear audio

[unclear audio]

[01:07:49] Speaker 1 · Unclear audio

[unclear audio — 0:02]

[01:07:50] Attribution uncertain · Unclear audio

[unclear audio]

[01:07:50] Speaker 1 · Unclear audio

[unclear audio — 0:08]

[01:07:59] No voice detected · Unclear audio

[unclear audio — 0:04]

[01:08:03] Speaker 6

Correct.

[01:08:03] Speaker 6 · Unclear audio

[unclear audio — 0:09]

Flag: a language review questioned the wording · 01:08:03–01:08:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:12] Speaker 6

bargaining is a good idea.

[01:08:16] Speaker 6 · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:08:16–01:08:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:24] Speaker 6

And in a really long prior life ago, I worked in the Miami Police Department.

[01:08:28] No voice detected · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:08:28–01:08:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:29] Speaker 6 · Unclear audio

[unclear audio — 0:01]

[01:08:30] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:01]

[01:08:31] Speaker 1 + overlapping voice

You know, I'm just still amazed at how cheap

[01:08:39] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:08:39–01:08:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:08:39] Speaker 1 + overlapping voice

is, and I use the term the least expensive when I talk to the city. Right. But I think, too, though, that there should be some language about, you know, the things y'all have done that have benefited the city, and that there have been no benefit improvements, you know, to speak of.

[01:09:01] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:09:01–01:09:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:09:07] Speaker 1 + overlapping voice · overlapping voices

Yes, 07. It must have been like before I've stolen it, because

[01:09:10] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:09:10–01:09:12 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:09:13] Speaker 1 + overlapping voice

So I guess what we would need at this point, if we want to proceed, would be the direction from the board asking the attorney to prepare

[01:09:23] No voice detected

a

[01:09:24] No voice detected · Machine re-recognized

response

Flag: words were replaced by a machine repair · 01:09:24–01:09:24 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:09:24] No voice detected

to the city manager.

[01:09:27] Speaker 6

I'm fine. Would you all like to read that before it goes to the city?

[01:09:32] Speaker 1

Yeah. If you would send it to me, and I can forward it to the trustees and to Doug, and the best of it I will.

[01:09:40] Speaker 6

Perfect. And just remember, trustees, when you get the draft, feel free to call me with any questions. Just don't talk to each other outside of the meeting.

[01:09:52] Speaker 6 · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording · 01:09:52–01:09:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:09:56] No voice detected

Okay, so this

[01:09:57] Speaker 1

someone want to make a motion to authorize the attorney to prepare a draft letter for consideration of this benefit or improvement by the city, or the two benefits,

[01:10:10] Attribution uncertain

the

[01:10:10] Speaker 1

drop and

[01:10:11] No voice detected

the.

[01:10:11] Speaker 6 + overlapping voice

The two improvements, correct?

[01:10:13] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:03]

Flag: a language review questioned the wording · 01:10:13–01:10:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:10:17] No voice detected

Yes. I'll

[01:10:18] Attribution uncertain

make

[01:10:18] No voice detected

a motion.

[01:10:18] Speaker 3

I'll second.

[01:10:19] No voice detected

All in favor?

[01:10:20] Speaker 3

Aye.

[01:10:21] No voice detected

Any opposed?

[01:10:22] No voice detected · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 01:10:22–01:10:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:10:26] Speaker 1 · Machine re-recognized

Okay, so that was Pat and Paul. Doug, I'll keep you in the loop

Flag: the recognized words and the detected speech do not line up · 01:10:26–01:10:39 · gap filled by a machine re-reading (not checked by a person)

[01:10:39] Speaker 1 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:10:39–01:10:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:10:41] Speaker 3 · Machine re-recognized

Okay. Pat, could I ask a question?

Flag: the recognized words and the detected speech do not line up · 01:10:41–01:10:47 · gap filled by a machine re-reading (not checked by a person)

[01:10:47] Speaker 2 · Machine re-recognized

Sure,

[01:10:47] Speaker 2 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:10:47–01:10:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:10:49] Speaker 3 · Machine re-recognized

I'm assuming this letter will go to

Flag: the recognized words and the detected speech do not line up · 01:10:49–01:10:52 · gap filled by a machine re-reading (not checked by a person)

[01:10:52] Speaker 3 · Unclear audio

[unclear audio — 0:10]

Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:10:52–01:11:02 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:11:02] Speaker 3

a council

[01:11:03] Speaker 1 · Unclear audio

[unclear audio — 0:29]

Flag: the machine readings disagree here · 01:11:03–01:11:32 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:11:32] No voice detected · Unclear audio

[unclear audio — 0:01]

[01:11:32] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 01:11:32–01:11:33 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:11:33] Speaker 4 · Unclear audio

[unclear audio — 0:01]

Flag: the machine readings disagree here · 01:11:33–01:11:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:11:34] Attribution uncertain · Unclear audio

[unclear audio]

[01:11:34] Speaker 1 · Unclear audio

[unclear audio — 0:09]

[01:11:43] No voice detected · Unclear audio

[unclear audio]

[01:11:43] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:03]

[01:11:46] Speaker 3 + overlapping voice

in the future.

[01:11:46] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:01]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:11:46–01:11:47 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:11:47] Speaker 3 + overlapping voice

Yeah,

[01:11:49] Speaker 3 + overlapping voice · Unclear audio

[unclear audio — 0:06]

Flag: a language review questioned the wording · 01:11:49–01:11:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:11:54] Speaker 3 + overlapping voice

uh the uh fire uh actuary at the time was Ward Foster, got up and spoke.

[01:12:06] 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 · 01:12:06–01:12:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:11] Speaker 3 + overlapping voice · overlapping voices

So they gave the presentation. And during that meeting that was said by the mayor at the time, well, if we give it to the fire, we need to give it to all three plans. So that's how the drop was provided to all three plans. So my recommendation would be if we could have representation from our the board's attorney and also the actuary sure to get up and speak in front of council. Because I think that's helpful ‸ in uh given the council, um feeling better about the situation, you know hearing from those folks.

[01:12:50] Speaker 6

that's

[01:12:50] Attribution uncertain

what i'll

[01:12:50] Speaker 6

make sure that I will come.

[01:12:51] Speaker 6 · Unclear audio

[unclear audio]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:12:51–01:12:52 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:52] Speaker 6

So

[01:12:53] Speaker 1

I just will

[01:12:53] No voice detected

add

[01:12:54] Speaker 1 + overlapping voice

that that uh

[01:12:55] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:02]

Flag: a language review questioned the wording; numbers, amounts, negation or names differ between the machine readings · 01:12:55–01:12:56 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:12:56] Speaker 1 + overlapping voice · overlapping voices

which I think is a good idea. At such time, assuming everything goes like we want to, that the attorney and the actuary would actually be present at the meeting. As as you all might, and if you if you are, uh for purposes of uh

[01:13:11] Speaker 1 + overlapping voice · Machine re-recognized

the

Flag: words were replaced by a machine repair · 01:13:11–01:13:13 · machine repair: words replaced where two further machine readings agreed (not checked by a person)

[01:13:13] Speaker 1 + overlapping voice

meeting notice, if there's going to be more than one trustee here, I just do a notice that there's a meeting at which one or more trustee or trustees may be present. So yeah But we're, as you know, things don't move quickly right So, but, you know, that's a good idea. So, um well, we have the authorization then to for asking the attorney to prepare the draft letter. And as soon as we get it, you

[01:13:39] Attribution uncertain

know

[01:13:39] Speaker 1 + overlapping voice

separate it, you know,

[01:13:40] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:13:40–01:13:45 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:13:45] Speaker 1 + overlapping voice

you think might be helpful. And, you know, y'all are here. So if you have ideas,

[01:13:51] Speaker 1 + overlapping voice · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:13:51–01:13:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:13:51] Speaker 1 + overlapping voice

strategy that I haven't touched on, you know, uh I

[01:13:55] Speaker 1 + 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 · 01:13:55–01:14:01 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:01] Speaker 1 + overlapping voice

um you know, what my the issues on

[01:14:04] Speaker 1 + overlapping voice · Unclear audio

[unclear audio — 0:05]

Flag: numbers, amounts, negation or names differ between the machine readings · 01:14:04–01:14:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:08] Speaker 1 + overlapping voice

is here. And I met with him as you know, several times. So

[01:14:11] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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Flag: a language review questioned the wording · 01:14:11–01:14:13 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:13] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

[unclear audio]

[01:14:13] Speaker 2 + overlapping voice

um But

[01:14:16] Speaker 1 + overlapping voice · overlapping voices

we're a ways away from

[01:14:17] Speaker 2 + overlapping voice · overlapping voices

‸ Yeah. Okay.

[01:14:19] Speaker 1

Well, I think that uh we'll just wait to hear from you then,

[01:14:25] Speaker 1 · Unclear audio

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Flag: a language review questioned the wording · 01:14:25–01:14:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:26] Speaker 1

on that,

[01:14:27] No voice detected

okay?

[01:14:27] Speaker 6

Not a problem. I know exactly what needs to be done. ‸ And

[01:14:31] Speaker 6 · Unclear audio

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Flag: a language review questioned the wording · 01:14:31–01:14:34 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:33] Speaker 3 · Unclear audio

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[01:14:34] Speaker 1

uh I guess you were going to let them know about the

[01:14:38] Speaker 1 · Unclear audio

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Flag: a language review questioned the wording · 01:14:38–01:14:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:14:39] Speaker 1

being extended and stuff.

[01:14:41] Speaker 6

Correct. that was That was my, that's the only thing that happened in the legislature, well, a lot happened in the legislature. But it was the only thing that happened in the legislature that bears directly on this fund. Interestingly enough, they did pass a statute which requires better record keeping for firefighters about their pre-entry physical uh ‸ status. And it requires that those records be kept for five years after retirement. um They did not pass a similar requirement for police officers that I am aware of, because this amendment was made to Chapter 633 Florida Statutes, which is the fire certification statute. I think it, that the purpose behind that piece of legislation was related large to the fire ‸ cancer presumption bill that was adopted a couple of years ago. And that is still being litigated as to whether that was intended to be retroactive. Did you have to have a uh physical that said you were cancer free at the time of hire in the same way that, um that for our police officers, they had to have a clean EKG uh at the time of hire uh in order to get the heart bill presumption if, you know, they were unfortunate enough to become disabled

[01:16:06] Speaker 6 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording; words the first reading may have missed · 01:16:06–01:16:17 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:16:08] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[01:16:15] Speaker 6 · Unclear audio

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[01:16:16] Speaker 1 · Unclear audio

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[01:16:17] Speaker 1

you have to keep the permanent... uh

[01:16:19] Attribution uncertain · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:16:19–01:16:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:16:19] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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[01:16:22] Speaker 6 · Unclear audio

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[01:16:26] Speaker 6

a typical case legislatively. Whenever... The one thing that turns over faster than people changing their socks in the legislature is staff, particularly in bill writing, um which is the equivalent of company punishment in the Army. uh And, and so they turn staff over there very quickly. And one of the problems in bill drafting, not just in

[01:16:49] Speaker 6 · Unclear audio

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Flag: a language review questioned the wording · 01:16:49–01:16:51 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:16:51] Speaker 6

it was that way in Congress, and it's that way in

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[01:16:58] Speaker 6

um Somebody who gets assigned to draft a bill doesn't bother to look and see what anybody else did before them. And so you end up with inconsistencies such as

[01:17:09] Speaker 6 · Unclear audio

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Flag: a language review questioned the wording · 01:17:09–01:17:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:17:15] Speaker 6

provisions on on archiving of records, you have to keep medical stuff, personnel files for 75 years.

[01:17:24] Speaker 6 · Unclear audio

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Flag: a language review questioned the wording · 01:17:24–01:17:30 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:17:30] Speaker 6

being kept for five years post retirement So um I understand why they'd want the extra testing on the way in the door. The language about saving it, in my opinion, is superfluous. But I think, again, what motivated it is a lot of retired firefighters made a claim for cancer and tried to relate it back to their employment. And and thus far, a couple of circuit courts have said the bill's retroactive uh

[01:18:02] Speaker 6 · Unclear audio

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Flag: a language review questioned the wording · 01:18:02–01:18:07 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:18:07] Speaker 6

really the motivation there for FIRE was less about Chapter 119 than it was about defending a bunch of workers compensation relates

[01:18:19] No voice detected

okay

[01:18:20] Speaker 6

And fortunately for you, they're all it's all good news. There's nothing else to report.

[01:18:26] No voice detected

thank you mr

[01:18:27] Speaker 6

we have longer When we have long reports, it's not good.

[01:18:32] Speaker 1 + overlapping voice · overlapping voices

The next item, I have my report there. I would mention to you, uh your financial disclosure forms. I don't know if you receive them in the mail. or usually um uh ‸ But I did send an email copy to you just in case you don't get it. And I just remind you, when you complete it, you can turn it in to the city clerk. ‸ she mails it to the supervisor of elections and keeps a coffee here as well. So they're due July 1st. You know I'll be badgering you. So I know you'll take care of it. And I do want to mention, uh

[01:19:07] Speaker 1 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:19:07–01:19:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:11] Speaker 1 + overlapping voice · overlapping voices

so I haven't heard from anyone else.

[01:19:14] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 01:19:14–01:19:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:16] Attribution uncertain · Unclear audio

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[01:19:16] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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[01:19:18] Speaker 1 · Unclear audio

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[01:19:19] Speaker 1

mention,

[01:19:19] Speaker 1 · Unclear audio

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Flag: a language review questioned the wording · 01:19:19–01:19:24 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:24] Speaker 1

uh He said I have several beneficiary forms uh because he's been here so long. And we, uh during the course of talking about that, it's a very good suggestion. I want to send out the pension beneficiary form. That that is for the pension. So even a member who's been here two years,

[01:19:44] Speaker 1 · Unclear audio

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[01:19:45] Speaker 1 · Unclear audio

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Flag: a language review questioned the wording · 01:19:45–01:19:46 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:46] Speaker 1

you know they have a

[01:19:47] Speaker 1 · Unclear audio

[unclear audio]

Flag: the machine readings disagree here · 01:19:47–01:19:48 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:48] Speaker 1

contribution we want to know and

[01:19:50] Speaker 1 · Unclear audio

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Flag: a language review questioned the wording · 01:19:50–01:19:54 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:54] Speaker 1

uh

[01:19:54] Speaker 1 · Unclear audio

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Flag: a language review questioned the wording · 01:19:54–01:19:57 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:19:57] Speaker 6

May I comment on that?

[01:19:59] Speaker 1

Yes.

[01:20:00] Speaker 6 + overlapping voice

uh You know, there is also, we should mention to anyone, if you have gotten a divorce since you last filled out one of these forms,

[01:20:11] Speaker 6 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:20:11–01:20:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:20:19] Speaker 6 + overlapping voice

operation of section 732.0 something anyway it's a probate code and and it is a provision that was adopted in 2012

[01:20:31] Speaker 6 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:20:31–01:20:35 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:20:35] Speaker 6 + overlapping voice

designations. It would eliminate a beneficiary designation for a 457 for any kind of life insurance policy that you might have. So if members have have gotten a divorce, gotten remarried, um had a child, uh that that they really need to pay close attention to keeping their beneficiary forms up to date. We've had a number of circumstances where people have died, and there was no beneficiary eligible. And then it so was, what benefit there was, was payable to the members of state. And then all the relatives started fighting over it and earned up most of the benefit in legal fees. And I know, it's the lawyers never lose. But

[01:21:24] Speaker 6 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:21:24–01:21:26 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:21:26] Speaker 6 + overlapping voice

and

[01:21:27] Speaker 6 + overlapping voice · overlapping voices · Unclear audio

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Flag: words only one machine reading has (possibly not said) · 01:21:27–01:21:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:21:27] Speaker 1 · Unclear audio

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[01:21:28] No voice detected · Unclear audio

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[01:21:28] Speaker 1 + overlapping voice · Unclear audio

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[01:21:31] Speaker 1 + overlapping voice · overlapping voices

we we issued that at that time, that that the divorced spouse could not be a recipient unless the person specifically re-designated uh their divorce person can you

[01:21:44] Speaker 6 + overlapping voice · overlapping voices

Can you send me the form just so I could take a look at it?

[01:21:47] Speaker 1 + overlapping voice · overlapping voices

You may want to update that, but that that's a good suggestion, because people just forget. You know, you know we've had we put it in our summary plan description. We always tell them, you know, and half the time when somebody lets me know, they're already halfway down the road on the divorce, and the attorney wants to know, because there are specific issues about public pension plans in divorce, and we have documents that we send. So, yes, I'll send you that,

[01:22:15] Speaker 1 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:22:15–01:22:18 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:22:16] No voice detected · Unclear audio

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[01:22:18] No voice detected

uh

[01:22:19] Speaker 1

Okay,

[01:22:20] Speaker 6

great.

[01:22:20] Speaker 1

I'll ask you

[01:22:21] No voice detected

to suggest some language,

[01:22:22] Speaker 1 + overlapping voice

you know, for that, that if they are designating a divorce spouse,

[01:22:26] Speaker 1 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:22:26–01:22:31 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:22:31] Speaker 1 + overlapping voice

something. But we'll do that, and then

[01:22:34] Speaker 1 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:22:34–01:22:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:22:37] Speaker 1 + overlapping voice

to the people. And

[01:22:39] Speaker 1 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:22:39–01:22:42 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:22:42] Speaker 1 + overlapping voice · overlapping voices

plan, this doesn't have anything to do with you know the city. But

[01:22:45] Attribution uncertain · Unclear audio

[unclear audio]

[01:22:45] Speaker 1 + overlapping voice · overlapping voices

think it's

[01:22:45] Speaker 2 + overlapping voice · overlapping voices

gonna

[01:22:46] Speaker 4 + overlapping voice · overlapping voices

i think it's gonna obviously,

[01:22:47] Speaker 1 + overlapping voice · overlapping voices

it's gonna ‸ be for the

[01:22:48] Speaker 2 + overlapping voice · overlapping voices

pension plan,

[01:22:49] Speaker 4 + overlapping voice · overlapping voices

correct.

[01:22:49] Speaker 1 + overlapping voice · overlapping voices

And I know the city makes efforts, you know, too. And what happens is people just sort of disregard this, because they just don't think of it. So I'll ask you and, uh well, just you and Bobay, ‸ current members, but to urge the people to do it. uh And I'll get that to you, too, uh to review, uh

[01:23:09] Speaker 1 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:23:09–01:23:15 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:23:10] Speaker 6 · Unclear audio

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[01:23:12] Speaker 1 + overlapping voice · Unclear audio

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[01:23:15] Speaker 1 + overlapping voice

do that, and, uh

[01:23:17] Speaker 1 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:23:17–01:23:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:23:21] Speaker 1 + overlapping voice · overlapping voices

so. Yeah. ‸ Patrick.

[01:23:24] Speaker 3

um on that note, if I'm hearing correctly, you're saying

[01:23:29] Speaker 3 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:23:29–01:23:36 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:23:33] Speaker 2 · Unclear audio

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[01:23:35] Speaker 3 + overlapping voice · overlapping voices · Unclear audio

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[01:23:36] Speaker 3 + overlapping voice

good How hard would it be to provide a copy of their current form to say, here's what we have on file now? Is that too

[01:23:46] Speaker 3 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:23:46–01:24:04 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:23:48] Speaker 1 + overlapping voice · Unclear audio

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[01:24:04] Speaker 1 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:24:04–01:24:11 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:24:11] Speaker 1 + overlapping voice · overlapping voices

what his very good comment, because he had ‸ there. were people right right. Yeah, people, you know, uh I just wouldn't even know how we could get them all. Okay. Especially from like people

[01:24:22] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:24:22–01:24:23 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:24:23] Speaker 1 + overlapping voice · overlapping voices · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:24:23–01:24:26 · unresolved: the words are not shown (unclear audio); listen to the recording

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[01:24:24] Speaker 1 + overlapping voice · Unclear audio

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[01:24:26] Speaker 1 + overlapping voice · overlapping voices

in the best ‸ with the city. I don't know what ‸ city is doing any work when we're getting ready to hit it ‸ okay.

[01:24:32] Speaker 1 + overlapping voice · Unclear audio

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Flag: a language review questioned the wording · 01:24:32–01:24:39 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:24:39] Speaker 1 + overlapping voice

and get everything tied down before I send it to

[01:24:42] Speaker 1 + overlapping voice · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:24:42–01:24:43 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:24:43] Speaker 1 + overlapping voice

let's see here. I was wanting to see if there's anything else in my report that I think these are all informational. Okay. uh Other than that, unless you have questions on my report, the only other item I have is for the approval of our expenses and deposits.

[01:25:05] Speaker 2

‸ I don't have any other questions. Anybody else? Nope. we need a motion for that?

[01:25:09] Speaker 1 + overlapping voice · overlapping voices

‸ Yes.

[01:25:09] Speaker 2

I'll make a motion

[01:25:12] Speaker 2 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:25:12–01:25:16 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:25:13] Speaker 1 · Unclear audio

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[01:25:15] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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[01:25:15] Speaker 1 · Unclear audio

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[01:25:16] Speaker 1

thank you. okay

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Flag: the machine readings disagree here · 01:25:20–01:25:29 · unresolved: the words are not shown (unclear audio); listen to the recording

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Flag: numbers, amounts, negation or names differ between the machine readings · 01:25:35–01:25:37 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:25:37] Speaker 1

We don't have any public here.

[01:25:47] Speaker 1 · Unclear audio

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Flag: a language review questioned the wording · 01:25:47–01:25:50 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:25:50] Speaker 1

before the meeting and I'll get sure

[01:25:52] Speaker 2 + overlapping voice

Yes, ma'am.

[01:25:53] Speaker 2 + overlapping voice · overlapping voices · Unclear audio

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Flag: a language review questioned the wording · 01:25:53–01:25:56 · unresolved: the words are not shown (unclear audio); listen to the recording

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Flag: numbers, amounts, negation or names differ between the machine readings; words only one machine reading has (possibly not said); a language review questioned the wording · 01:26:00–01:26:08 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:26:06] Speaker 6 · Unclear audio

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[01:26:08] Speaker 6

I look forward to seeing you all in person.

[01:26:10] Speaker 3 · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 01:26:10–01:26:19 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:26:11] Attribution uncertain · Unclear audio

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[01:26:19] No voice detected · Unclear audio

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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:26:19–01:26:21 · unresolved: the words are not shown (unclear audio); listen to the recording

[01:26:19] Speaker 6 · Unclear audio

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[01:26:21] No voice detected

and

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Flag: a language review questioned the wording · 01:26:21–01:26:23 · unresolved: the words are not shown (unclear audio); listen to the recording

Police Pension Regular Meeting

The City's record

What the City's record shows

Agenda (the City's wording)

Transcript Partial transcript

Ask about this meeting