[00:00:02] Speaker 1
Okay, now we can go.
[00:00:15] No voice detected
Hello?
[00:00:17] Speaker 2
Hello.
[00:00:18] No voice detected
Okay, are you there now?
[00:00:19] Speaker 2
Gotcha. Yes, very good, thanks.
[00:00:21] No voice detected · Unclear audio
[unclear audio — 0:03]
Flag: the recognized words and the detected speech do not line up · 00:00:21–00:00:24 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:25] Speaker 2
Okay.
[00:00:28] Speaker 1 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:00:28–00:00:43 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:00:38] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:00:39] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[00:00:41] Attribution uncertain · Unclear audio
[unclear audio]
[00:00:41] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[00:00:47] No voice detected
Okay.
[00:00:47] Speaker 3
Okay. Okay.
[00:01:17] Speaker 3 · Machine re-recognized
I am.
Flag: the recognized words and the detected speech do not line up · 00:01:17–00:01:19 · gap filled by a machine re-reading (not checked by a person)
[00:01:18] Speaker 1 · Machine re-recognized
Perfect timing.
[00:01:19] Speaker 1
That's
[00:01:20] Speaker 3
fashionably late.
[00:01:24] Speaker 3 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:01:24–00:01:37 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:01:33] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[00:01:36] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:01:37] Speaker 4
don't. That's okay.
[00:01:39] Speaker 4 · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:01:39–00:01:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:01:41] Speaker 3 + overlapping voice · Unclear audio
[unclear audio]
[00:01:41] Speaker 3 + overlapping voice · overlapping voices
head phone. I'll
[00:01:42] Speaker 3 + 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; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:01:42–00:03:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:01:43] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:01:43] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:01:46] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[00:01:48] Attribution uncertain · Unclear audio
[unclear audio]
[00:01:49] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:01:50] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:01:51] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:01:55] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:01:57] No voice detected · Unclear audio
[unclear audio]
[00:01:57] Speaker 3 · Unclear audio
[unclear audio]
[00:01:58] No voice detected · Unclear audio
[unclear audio]
[00:01:58] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:01:59] No voice detected · Unclear audio
[unclear audio — 0:08]
[00:02:07] Attribution uncertain · Unclear audio
[unclear audio]
[00:02:07] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:02:18] Speaker 1 · Unclear audio
[unclear audio — 0:03]
[00:02:23] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:02:24] Attribution uncertain · Unclear audio
[unclear audio — 0:03]
[00:02:27] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:02:29] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:07]
[00:02:43] Speaker 3 · Unclear audio
[unclear audio — 0:26]
[00:03:10] Speaker 3
And the reason we take a measure is because when we come up with an opinion on funding requirements every year.
[00:03:18] Speaker 3 · Unclear audio
[unclear audio — 0:02]
Flag: the machine readings disagree here · 00:03:18–00:03:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:03:22] Speaker 3 · Unclear audio
[unclear audio — 1:53]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:03:22–00:05:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:15] Speaker 3 · Unclear audio
[unclear audio — 0:01]
Flag: flagged by the automatic checks · 00:05:15–00:05:16 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:16] Speaker 3
And
[00:05:17] Speaker 3 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 00:05:16–00:05:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:23] Speaker 3
Fiscal 21 was a very positive return. We had a big
[00:05:27] Speaker 3 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:05:26–00:05:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:32] Speaker 3
And theoretically, the city's cost ‸ have fluctuated a lot from one year to the next. One year dropping way down ‸ the following year, going way up. With smoothing, though, We just phase in investment gains and losses.
[00:05:48] Speaker 3 · Unclear audio
[unclear audio — 0:07]
Flag: a language review questioned the wording · 00:05:48–00:05:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:05:55] Speaker 3
more retiree mortality, more retirees passing away than we had expected, really in total over the last decade, has put the plan in an overfunded status. We feed the assumptions for investment return and life expectancy in total over the last decade. So that's why we're in a position now of only having to reimburse the administrative expenses. I do think that this will stay the course, probably for the next two valuations because of the smoothing. My hunch is three years from now, let's fast forward to May of 2026 when I'm here, and I do expect the city will have a contribution greater than the administrative expense.
[00:06:43] Speaker 3 · Unclear audio
[unclear audio — 0:13]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:06:43–00:06:56 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:06:57] Speaker 3 · Unclear audio
[unclear audio — 2:21]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:06:57–00:09:18 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:18] Speaker 3 · Unclear audio
[unclear audio — 0:09]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:09:18–00:09:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:27] Speaker 3
pay for every future check you have So over the next...
[00:09:31] Attribution uncertain · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:09:31–00:10:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:09:31] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 1:11]
[00:10:42] Speaker 3 + overlapping voice
Also, We
[00:10:45] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:08]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:10:44–00:12:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:10:55] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:10:57] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 1:29]
[00:12:26] Speaker 3 + overlapping voice
You can see that bar all the way at the right. You're
[00:12:29] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:02]
Flag: the recognizer flagged its own output · 00:12:29–00:12:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:31] Speaker 3 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:12:31–00:12:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:32] Attribution uncertain · Unclear audio
[unclear audio]
[00:12:32] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:12:35] Speaker 3
Going back a decade ago, you were in the 70s. So there's been really good improvement. This
[00:12:43] Speaker 3 · Unclear audio
[unclear audio — 0:14]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:12:42–00:12:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:12:57] Speaker 3
Because two things, you were getting investment performance that was greatly, much greater than the assumption. You had a really good decade worth of returns that almost every one of those years was better than the assumption at
[00:13:12] Attribution uncertain
the
[00:13:12] Speaker 3
time. And you had more retirees pass away than expected during the last decade.
[00:13:19] Speaker 3 · Unclear audio
[unclear audio — 0:06]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:13:19–00:13:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:26] Speaker 3 · Unclear audio
[unclear audio — 0:25]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:13:26–00:14:55 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:13:52] Speaker 1 · Unclear audio
[unclear audio — 0:11]
[00:14:03] Speaker 3 · Unclear audio
[unclear audio — 0:09]
[00:14:12] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
[00:14:16] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:24]
[00:14:41] No voice detected · Unclear audio
[unclear audio]
[00:14:41] Speaker 3 · Unclear audio
[unclear audio — 0:14]
[00:14:55] Speaker 3
$10,000 extra.
[00:15:00] Speaker 3 · Unclear audio
[unclear audio — 1:06]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:15:00–00:16:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:16:06] Speaker 3 · Unclear audio
[unclear audio — 0:16]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:16:06–00:16:48 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:16:22] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:03]
[00:16:25] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:16:27] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[00:16:30] Speaker 3 · Unclear audio
[unclear audio — 0:18]
[00:16:49] Speaker 3
And then it's covered. It's already done.
[00:16:51] Speaker 3 · Unclear audio
[unclear audio — 0:10]
Flag: the recognizer flagged its own output · 00:16:51–00:17:01 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:03] Speaker 3
And it might help actually reduce the 200 that I think is due. Maybe it'll be lower by that. So any questions other than that?
[00:17:14] Speaker 4
Doug,
[00:17:16] Attribution uncertain
I
[00:17:16] Speaker 4 · Unclear audio
[unclear audio — 0:07]
Flag: a language review questioned the wording · 00:17:14–00:17:22 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:22] Speaker 4
7, the notes that I have from Tim was that the plan was to lower 10 basis points a year to get to 6.5%. And I don't see any other notes. We've
[00:17:37] Speaker 4 · Unclear audio
[unclear audio — 0:03]
Flag: a language review questioned the wording · 00:17:37–00:17:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:41] Speaker 4
Was there a decision to stop at 6.7 in this given interest rate environment, given the fact that we're paying? I
[00:17:47] Attribution uncertain
think the board is coming
[00:17:47] Speaker 4 · Unclear audio
[unclear audio — 0:07]
Flag: the recognizer flagged its own output; a language review questioned the wording · 00:17:47–00:17:54 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:17:54] Speaker 3
I
[00:17:55] Speaker 3 · Unclear audio
[unclear audio — 0:15]
Flag: the recognizer flagged its own output · 00:17:54–00:18:09 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:18:10] Speaker 3 · Unclear audio
[unclear audio — 0:59]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:18:09–00:19:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:19:10] No voice detected · Unclear audio
[unclear audio — 0:08]
[00:19:19] Speaker 4 · Unclear audio
[unclear audio]
[00:19:19] Attribution uncertain · Unclear audio
[unclear audio — 0:01]
[00:19:19] Speaker 1 + overlapping voice · Unclear audio
[unclear audio]
[00:19:20] Speaker 1 + overlapping voice · overlapping voices
Okay, who's making the motion? Okay, Sherry? Okay, thank you, Sherry. Okay, and then the next motion, just so I'm clear, is going to be to incrementally reduce the assumed rate of return from 6.7 to 6.6 in the 23 valuation and 6.5 in the 24 valuation.
[00:20:03] No voice detected
Okay,
[00:20:04] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 00:20:03–00:20:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:05] No voice detected · Unclear audio
[unclear audio — 0:08]
[00:20:12] Speaker 1 · Unclear audio
[unclear audio — 0:07]
[00:20:19] Attribution uncertain
next
[00:20:19] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:20:20] Attribution uncertain · Unclear audio
[unclear audio]
[00:20:20] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[00:20:22] Attribution uncertain · Unclear audio
[unclear audio]
[00:20:22] Speaker 1 · Unclear audio
[unclear audio — 0:09]
[00:20:32] Speaker 4 · Unclear audio
[unclear audio]
[00:20:32] Speaker 4
So, and this is going to be weird, right, because you just approved the lowering, but for
[00:20:38] Speaker 4 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:20:37–00:20:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:43] Speaker 4
you want to make a declaration that's the same as what Doug is going to ‸ submit. So,
[00:20:48] Speaker 4 · Unclear audio
[unclear audio — 0:05]
Flag: a language review questioned the wording · 00:20:47–00:20:52 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:20:53] Speaker 4
rate of
[00:20:53] Speaker 4 · Machine re-recognized
turn
Flag: words were replaced by a machine repair · 00:20:53–00:20:53 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:20:53] Speaker 4
for the next year, the next several years, and a long term thereafter. That's the language that the state wants. Even though you just voted to lower in the future. ‸ Doug, am I stating ‸ that correctly? We
[00:21:06] Speaker 4 · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output; numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:21:05–00:21:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:21:06] Speaker 3 · Unclear audio
[unclear audio — 0:02]
[00:21:09] No voice detected · Unclear audio
[unclear audio]
[00:21:09] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:21:10] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:10] No voice detected · Unclear audio
[unclear audio]
[00:21:10] Speaker 3 · Unclear audio
[unclear audio]
[00:21:12] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:21:13] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:13] Speaker 1 · Unclear audio
[unclear audio]
[00:21:14] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:14] Speaker 1 · Unclear audio
[unclear audio]
[00:21:14] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:14] Speaker 1 · Unclear audio
[unclear audio]
[00:21:14] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:21:15] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:15] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[00:21:15] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:16] Speaker 3 · Unclear audio
[unclear audio]
[00:21:16] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:16] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[00:21:17] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:17] Speaker 1 + overlapping voice
We're
[00:21:18] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:18]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 00:21:17–00:21:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:21:36] Attribution uncertain · Unclear audio
[unclear audio]
[00:21:36] Speaker 1 + overlapping voice · Unclear audio
[unclear audio]
[00:21:40] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:09]
Flag: the recognizer flagged its own output · 00:21:36–00:21:49 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:21:51] Speaker 1 + overlapping voice
And
[00:21:51] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:37]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 00:21:51–00:23:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:22:29] Speaker 4 · Unclear audio
[unclear audio — 0:37]
[00:23:09] Speaker 4
Also
[00:23:10] Speaker 4 · Unclear audio
[unclear audio — 0:07]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:23:10–00:23:17 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:17] Speaker 4
interest rates are much different than they had
[00:23:20] Speaker 4 · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 00:23:20–00:23:20 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:21] Speaker 4
The last time we did an asset allocation study was 2018, and we reduced our fixed income at that time,
[00:23:27] Speaker 4 · Unclear audio
[unclear audio]
Flag: the machine readings disagree here · 00:23:27–00:23:27 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:27] Speaker 4
really low. We added some money to our real estate allocation, and we added some allocation to some other areas.
[00:23:37] Speaker 4 · Unclear audio
[unclear audio — 0:01]
Flag: words only one machine reading has (possibly not said); the recognizer flagged its own output · 00:23:37–00:23:39 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:38] Attribution uncertain · Unclear audio
[unclear audio]
[00:23:38] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:23:39] Attribution uncertain · Unclear audio
[unclear audio]
[00:23:39] Speaker 4 · Unclear audio
[unclear audio]
[00:23:40] Speaker 4
I do believe, given that we're now back,
[00:23:42] Speaker 4 · Machine re-recognized
and
Flag: words were replaced by a machine repair · 00:23:42–00:23:43 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[00:23:43] Speaker 4
rates are much higher than they were,
[00:23:45] Speaker 4 · Unclear audio
[unclear audio — 0:12]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:23:45–00:23:57 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:23:57] Speaker 4
kind of the cash flow needs in our demographics, certainly to support that.
[00:24:03] Speaker 4 · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:03–00:24:06 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:06] Speaker 4
uses some
[00:24:07] Speaker 4 · Unclear audio
[unclear audio — 0:08]
Flag: numbers, amounts, negation or names differ between the machine readings; a language review questioned the wording · 00:24:07–00:24:21 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:15] Attribution uncertain · Unclear audio
[unclear audio]
[00:24:15] Speaker 4 · Unclear audio
[unclear audio]
[00:24:17] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:24:19] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[00:24:24] Speaker 4 + overlapping voice
‸ But I'll talk about, you know, with minus
[00:24:26] Speaker 4 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings · 00:24:26–00:24:30 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:30] Speaker 4 + overlapping voice
to report that this fiscal year so far has been a good one. So we're off a couple
[00:24:34] Speaker 4 + overlapping voice · Unclear audio
[unclear audio — 0:08]
Flag: flagged by the automatic checks; the machine readings disagree here · 00:24:34–00:24:42 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:43] Speaker 4 + overlapping voice · Machine re-recognized
So you can see for the quarter,
Flag: the recognized words and the detected speech do not line up · 00:24:43–00:24:46 · gap filled by a machine re-reading (not checked by a person)
[00:24:46] Speaker 4 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 00:24:46–00:24:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:47] Speaker 4 + overlapping voice · Machine re-recognized
of the investment performance reviews were
Flag: the recognized words and the detected speech do not line up · 00:24:46–00:24:49 · gap filled by a machine re-reading (not checked by a person)
[00:24:49] Speaker 4 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 00:24:49–00:24:51 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:24:58] Speaker 4 + overlapping voice · Unclear audio
[unclear audio — 0:29]
Flag: the recognizer flagged its own output; 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 · 00:24:58–00:37:32 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:25:28] Attribution uncertain · Unclear audio
[unclear audio]
[00:25:28] Speaker 4 · Unclear audio
[unclear audio — 0:14]
[00:25:42] Attribution uncertain · Unclear audio
[unclear audio]
[00:25:42] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:25:43] Attribution uncertain · Unclear audio
[unclear audio]
[00:25:43] Speaker 4 · Unclear audio
[unclear audio — 0:12]
[00:25:56] No voice detected · Unclear audio
[unclear audio]
[00:25:56] Attribution uncertain · Unclear audio
[unclear audio — 0:01]
[00:25:57] No voice detected · Unclear audio
[unclear audio — 0:03]
[00:26:00] Speaker 4 · Unclear audio
[unclear audio — 0:09]
[00:26:09] Attribution uncertain · Unclear audio
[unclear audio]
[00:26:09] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:54]
[00:27:03] Attribution uncertain · Unclear audio
[unclear audio]
[00:27:03] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:54]
[00:27:57] Attribution uncertain · Unclear audio
[unclear audio]
[00:27:57] Speaker 4 · Unclear audio
[unclear audio — 0:40]
[00:28:36] Attribution uncertain · Unclear audio
[unclear audio]
[00:28:36] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[00:28:37] Attribution uncertain · Unclear audio
[unclear audio]
[00:28:37] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:12]
[00:28:49] Attribution uncertain · Unclear audio
[unclear audio]
[00:28:49] Speaker 4 · Unclear audio
[unclear audio — 0:04]
[00:28:53] Attribution uncertain · Unclear audio
[unclear audio]
[00:28:53] Speaker 4 · Unclear audio
[unclear audio — 0:18]
[00:29:13] Attribution uncertain · Unclear audio
[unclear audio]
[00:29:13] Speaker 4 · Unclear audio
[unclear audio — 0:15]
[00:29:29] Attribution uncertain · Unclear audio
[unclear audio]
[00:29:29] Speaker 4 · Unclear audio
[unclear audio — 0:04]
[00:29:32] Attribution uncertain · Unclear audio
[unclear audio]
[00:29:32] Speaker 4 · Unclear audio
[unclear audio]
[00:29:32] Attribution uncertain · Unclear audio
[unclear audio]
[00:29:32] Speaker 4 · Unclear audio
[unclear audio — 0:45]
[00:30:18] Attribution uncertain · Unclear audio
[unclear audio]
[00:30:18] Speaker 4 · Unclear audio
[unclear audio — 0:44]
[00:31:02] Attribution uncertain · Unclear audio
[unclear audio]
[00:31:02] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:16]
[00:31:19] Attribution uncertain · Unclear audio
[unclear audio]
[00:31:19] Speaker 4 · Unclear audio
[unclear audio — 0:03]
[00:31:21] Attribution uncertain · Unclear audio
[unclear audio]
[00:31:21] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:31:32] No voice detected · Unclear audio
[unclear audio]
[00:31:32] Speaker 4 · Unclear audio
[unclear audio — 0:02]
[00:31:34] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:31:35] Speaker 3 + overlapping voice · overlapping voices · Unclear audio
[unclear audio]
[00:31:35] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:57]
[00:32:33] Attribution uncertain · Unclear audio
[unclear audio]
[00:32:33] Speaker 4 · Unclear audio
[unclear audio — 0:41]
[00:33:14] Attribution uncertain · Unclear audio
[unclear audio]
[00:33:14] Speaker 4 · Unclear audio
[unclear audio — 0:21]
[00:33:35] Attribution uncertain · Unclear audio
[unclear audio]
[00:33:35] Speaker 4 · Unclear audio
[unclear audio — 0:36]
[00:34:11] Attribution uncertain · Unclear audio
[unclear audio]
[00:34:11] Speaker 4 · Unclear audio
[unclear audio — 0:20]
[00:34:31] Attribution uncertain · Unclear audio
[unclear audio]
[00:34:32] Speaker 4 · Unclear audio
[unclear audio — 0:02]
[00:34:33] Attribution uncertain · Unclear audio
[unclear audio]
[00:34:33] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:23]
[00:34:56] Attribution uncertain · Unclear audio
[unclear audio]
[00:34:56] Speaker 4 · Unclear audio
[unclear audio — 0:27]
[00:35:23] Attribution uncertain · Unclear audio
[unclear audio]
[00:35:23] Speaker 4 · Unclear audio
[unclear audio — 0:18]
[00:35:42] Attribution uncertain · Unclear audio
[unclear audio]
[00:35:42] Speaker 4 · Unclear audio
[unclear audio — 0:19]
[00:36:01] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:01] Speaker 4 · Unclear audio
[unclear audio — 0:05]
[00:36:07] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:07] Speaker 4 · Unclear audio
[unclear audio]
[00:36:07] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:07] Speaker 4 · Unclear audio
[unclear audio]
[00:36:07] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:07] Speaker 4 · Unclear audio
[unclear audio — 0:02]
[00:36:09] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:09] Speaker 4 · Unclear audio
[unclear audio — 0:03]
[00:36:13] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:13] Speaker 4 · Unclear audio
[unclear audio — 0:10]
[00:36:23] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:23] Speaker 4 · Unclear audio
[unclear audio — 0:31]
[00:36:54] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:54] Speaker 4 · Unclear audio
[unclear audio]
[00:36:54] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:54] Speaker 4 · Unclear audio
[unclear audio]
[00:36:54] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:54] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:36:55] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:55] Speaker 4 · Unclear audio
[unclear audio — 0:02]
[00:36:57] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:57] Speaker 4 · Unclear audio
[unclear audio]
[00:36:57] Attribution uncertain · Unclear audio
[unclear audio]
[00:36:57] Speaker 4 · Unclear audio
[unclear audio — 0:30]
[00:37:27] Attribution uncertain · Unclear audio
[unclear audio]
[00:37:27] Speaker 4 · Unclear audio
[unclear audio — 0:05]
[00:37:32] Attribution uncertain · Unclear audio
[unclear audio]
[00:37:32] Speaker 4 · Unclear audio
[unclear audio]
[00:37:33] Speaker 4 · Unclear audio
[unclear audio — 0:02]
Flag: the machine readings disagree here · 00:37:33–00:37:34 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:35] Speaker 4
We're very, very close.
[00:37:36] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output; 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 · 00:37:36–00:55:41 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:37:36] Speaker 4 · Unclear audio
[unclear audio]
[00:37:36] Attribution uncertain · Unclear audio
[unclear audio]
[00:37:36] Speaker 4 · Unclear audio
[unclear audio — 0:03]
[00:37:43] No voice detected · Unclear audio
[unclear audio]
[00:37:44] Speaker 4 · Unclear audio
[unclear audio — 0:46]
[00:38:29] Attribution uncertain · Unclear audio
[unclear audio]
[00:38:30] Speaker 4 · Unclear audio
[unclear audio — 0:29]
[00:38:59] Attribution uncertain · Unclear audio
[unclear audio]
[00:38:59] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:25]
[00:39:24] Attribution uncertain · Unclear audio
[unclear audio]
[00:39:24] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:39:25] Attribution uncertain · Unclear audio
[unclear audio]
[00:39:26] Speaker 4 · Unclear audio
[unclear audio — 0:08]
[00:39:33] Attribution uncertain · Unclear audio
[unclear audio]
[00:39:33] Speaker 4 · Unclear audio
[unclear audio — 0:32]
[00:40:05] Attribution uncertain · Unclear audio
[unclear audio]
[00:40:05] Speaker 4 · Unclear audio
[unclear audio — 0:14]
[00:40:19] Attribution uncertain · Unclear audio
[unclear audio]
[00:40:19] Speaker 4 · Unclear audio
[unclear audio]
[00:40:19] Attribution uncertain · Unclear audio
[unclear audio]
[00:40:20] Speaker 4 · Unclear audio
[unclear audio — 0:21]
[00:40:41] Attribution uncertain · Unclear audio
[unclear audio]
[00:40:41] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 1:05]
[00:41:46] Attribution uncertain · Unclear audio
[unclear audio]
[00:41:46] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:51]
[00:42:37] Attribution uncertain · Unclear audio
[unclear audio]
[00:42:37] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:07]
[00:42:45] Attribution uncertain · Unclear audio
[unclear audio]
[00:42:45] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:23]
[00:43:08] Attribution uncertain · Unclear audio
[unclear audio]
[00:43:08] Speaker 4 · Unclear audio
[unclear audio — 0:04]
[00:43:11] Attribution uncertain · Unclear audio
[unclear audio]
[00:43:11] Speaker 4 · Unclear audio
[unclear audio — 0:02]
[00:43:13] Attribution uncertain · Unclear audio
[unclear audio]
[00:43:13] Speaker 4 · Unclear audio
[unclear audio — 0:40]
[00:43:53] Attribution uncertain · Unclear audio
[unclear audio]
[00:43:53] Speaker 4 · Unclear audio
[unclear audio — 0:26]
[00:44:19] Attribution uncertain · Unclear audio
[unclear audio]
[00:44:19] Speaker 4 · Unclear audio
[unclear audio — 0:03]
[00:44:22] Attribution uncertain · Unclear audio
[unclear audio]
[00:44:22] Speaker 4 · Unclear audio
[unclear audio — 1:38]
[00:46:00] Attribution uncertain · Unclear audio
[unclear audio]
[00:46:00] Speaker 4 · Unclear audio
[unclear audio — 0:05]
[00:46:05] Attribution uncertain · Unclear audio
[unclear audio]
[00:46:05] Speaker 4 · Unclear audio
[unclear audio — 0:03]
[00:46:08] Attribution uncertain · Unclear audio
[unclear audio]
[00:46:08] Speaker 4 · Unclear audio
[unclear audio — 0:10]
[00:46:17] Attribution uncertain · Unclear audio
[unclear audio]
[00:46:17] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:24]
[00:46:42] Attribution uncertain · Unclear audio
[unclear audio]
[00:46:42] Speaker 4 · Unclear audio
[unclear audio — 0:19]
[00:47:01] No voice detected · Unclear audio
[unclear audio]
[00:47:01] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 3:03]
[00:50:05] Attribution uncertain · Unclear audio
[unclear audio]
[00:50:05] Speaker 4 · Unclear audio
[unclear audio — 0:36]
[00:50:41] Attribution uncertain · Unclear audio
[unclear audio]
[00:50:41] Speaker 4 · Unclear audio
[unclear audio — 0:06]
[00:50:47] Attribution uncertain · Unclear audio
[unclear audio — 0:01]
[00:50:48] Speaker 4 · Unclear audio
[unclear audio — 0:45]
[00:51:33] Attribution uncertain · Unclear audio
[unclear audio]
[00:51:33] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:16]
[00:51:49] Attribution uncertain · Unclear audio
[unclear audio]
[00:51:49] Speaker 4 · Unclear audio
[unclear audio]
[00:51:49] Attribution uncertain · Unclear audio
[unclear audio]
[00:51:49] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:51:51] Attribution uncertain · Unclear audio
[unclear audio]
[00:51:51] No voice detected · Unclear audio
[unclear audio]
[00:51:51] Speaker 4 · Unclear audio
[unclear audio — 0:23]
[00:52:14] Attribution uncertain · Unclear audio
[unclear audio]
[00:52:14] Speaker 4 · Unclear audio
[unclear audio — 0:01]
[00:52:15] Attribution uncertain · Unclear audio
[unclear audio]
[00:52:15] Speaker 4 · Unclear audio
[unclear audio — 1:02]
[00:53:17] Attribution uncertain · Unclear audio
[unclear audio]
[00:53:17] Speaker 4 · Unclear audio
[unclear audio — 0:18]
[00:53:35] Attribution uncertain · Unclear audio
[unclear audio]
[00:53:35] Speaker 4 · Unclear audio
[unclear audio — 0:11]
[00:53:46] Attribution uncertain · Unclear audio
[unclear audio]
[00:53:46] Speaker 4 · Unclear audio
[unclear audio — 0:08]
[00:53:54] Attribution uncertain · Unclear audio
[unclear audio]
[00:53:54] Speaker 4 · Unclear audio
[unclear audio]
[00:53:54] Attribution uncertain · Unclear audio
[unclear audio]
[00:53:54] Speaker 4 · Unclear audio
[unclear audio — 0:40]
[00:54:36] No voice detected · Unclear audio
[unclear audio — 0:06]
[00:54:42] Speaker 4 · Unclear audio
[unclear audio — 0:19]
[00:55:07] No voice detected · Unclear audio
[unclear audio — 0:01]
[00:55:08] Speaker 4 · Unclear audio
[unclear audio — 0:34]
[00:55:44] Speaker 4
Maybe I didn't spend enough time initially talking about that. But,
[00:55:49] Speaker 4 · Unclear audio
[unclear audio — 0:04]
Flag: the recognizer flagged its own output · 00:55:49–00:55:53 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:54] Attribution uncertain · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 00:55:54–00:55:59 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:55:54] Speaker 4 · Unclear audio
[unclear audio — 0:05]
[00:56:06] No voice detected · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output; 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 · 00:56:06–01:06:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[00:56:07] Speaker 4 · Unclear audio
[unclear audio — 0:24]
[00:56:31] No voice detected · Unclear audio
[unclear audio — 0:05]
[00:56:35] Speaker 4 · Unclear audio
[unclear audio — 0:07]
[00:56:43] Attribution uncertain · Unclear audio
[unclear audio — 0:01]
[00:56:44] Speaker 4 · Unclear audio
[unclear audio — 0:06]
[00:56:50] Attribution uncertain · Unclear audio
[unclear audio]
[00:56:50] Speaker 4 · Unclear audio
[unclear audio — 0:07]
[00:57:00] No voice detected · Unclear audio
[unclear audio]
[00:57:01] Speaker 4 · Unclear audio
[unclear audio — 0:22]
[00:57:29] No voice detected · Unclear audio
[unclear audio]
[00:57:30] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:20]
[00:57:50] Attribution uncertain · Unclear audio
[unclear audio]
[00:57:50] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:54]
[00:58:49] Speaker 1 · Unclear audio
[unclear audio — 0:05]
[00:58:57] Speaker 4 · Unclear audio
[unclear audio — 0:40]
[00:59:41] Speaker 1 · Unclear audio
[unclear audio — 0:04]
[00:59:45] Speaker 4 · Unclear audio
[unclear audio — 0:11]
[00:59:57] Attribution uncertain · Unclear audio
[unclear audio]
[00:59:57] Speaker 4 · Unclear audio
[unclear audio — 0:16]
[01:00:13] No voice detected · Unclear audio
[unclear audio — 0:21]
[01:00:56] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:37]
[01:01:34] No voice detected · Unclear audio
[unclear audio]
[01:01:34] Attribution uncertain · Unclear audio
[unclear audio]
[01:01:34] No voice detected · Unclear audio
[unclear audio — 0:07]
[01:01:42] Speaker 3 · Unclear audio
[unclear audio — 0:01]
[01:01:42] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:04]
[01:01:57] Speaker 1 · Unclear audio
[unclear audio — 0:08]
[01:02:42] No voice detected · Unclear audio
[unclear audio — 0:03]
[01:03:07] Speaker 4 · Unclear audio
[unclear audio — 0:04]
[01:03:12] Speaker 1 · Unclear audio
[unclear audio — 0:03]
[01:03:15] Attribution uncertain · Unclear audio
[unclear audio]
[01:03:16] Speaker 1 · Unclear audio
[unclear audio — 0:14]
[01:03:29] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
[01:03:32] Attribution uncertain · Unclear audio
[unclear audio]
[01:03:32] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:05]
[01:03:39] Speaker 1 · Unclear audio
[unclear audio]
[01:03:40] Attribution uncertain · Unclear audio
[unclear audio]
[01:03:40] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[01:03:45] Speaker 4 · Unclear audio
[unclear audio — 0:09]
[01:03:55] Attribution uncertain · Unclear audio
[unclear audio]
[01:03:55] Speaker 4 · Unclear audio
[unclear audio — 0:24]
[01:04:19] Attribution uncertain · Unclear audio
[unclear audio]
[01:04:19] Speaker 4 · Unclear audio
[unclear audio — 0:13]
[01:04:32] Attribution uncertain · Unclear audio
[unclear audio]
[01:04:32] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:06]
[01:04:39] Attribution uncertain · Unclear audio
[unclear audio]
[01:04:39] Speaker 4 · Unclear audio
[unclear audio — 0:06]
[01:04:44] Attribution uncertain · Unclear audio
[unclear audio]
[01:04:44] Speaker 4 · Unclear audio
[unclear audio — 0:06]
[01:04:50] Attribution uncertain · Unclear audio
[unclear audio]
[01:04:51] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:06]
[01:04:57] Attribution uncertain · Unclear audio
[unclear audio]
[01:04:57] Speaker 4 · Unclear audio
[unclear audio — 0:02]
[01:04:59] Attribution uncertain · Unclear audio
[unclear audio]
[01:04:59] Speaker 4 · Unclear audio
[unclear audio — 0:26]
[01:05:25] Attribution uncertain · Unclear audio
[unclear audio]
[01:05:26] Speaker 4 · Unclear audio
[unclear audio]
[01:05:26] Speaker 3 · Unclear audio
[unclear audio]
[01:05:28] Speaker 4 · Unclear audio
[unclear audio — 0:09]
[01:05:36] Attribution uncertain · Unclear audio
[unclear audio]
[01:05:36] Speaker 4 · Unclear audio
[unclear audio — 0:04]
[01:05:41] Attribution uncertain · Unclear audio
[unclear audio]
[01:05:41] Speaker 4 · Unclear audio
[unclear audio — 0:05]
[01:06:05] Speaker 1 · Unclear audio
[unclear audio — 0:07]
[01:06:11] Attribution uncertain · Unclear audio
[unclear audio — 0:08]
[01:06:19] Speaker 4 · Unclear audio
[unclear audio]
[01:06:19] Attribution uncertain · Unclear audio
[unclear audio]
[01:06:19] Speaker 4 · Unclear audio
[unclear audio — 0:06]
[01:06:27] Speaker 1
Could you just text them to me or email them to me? Sure. I'll,
[01:06:31] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 01:06:31–01:06:33 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:06:32] Attribution uncertain
outline
[01:06:32] Speaker 1 · Unclear audio
[unclear audio — 0:01]
[01:06:34] Speaker 1
Thank
[01:06:34] Speaker 1 · Unclear audio
[unclear audio — 0:01]
Flag: the recognizer flagged its own output · 01:06:34–01:06:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:06:35] Speaker 1
We
[01:06:35] Speaker 1 · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 01:06:35–01:06:35 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:06:36] Speaker 1
So I'll be getting whatever documents you need for signature.
[01:06:42] Speaker 1 · Unclear audio
[unclear audio — 0:04]
Flag: a language review questioned the wording · 01:06:42–01:06:46 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:06:46] Speaker 1
individual managers?
[01:06:47] Attribution uncertain
Will
[01:06:47] Speaker 1 + overlapping voice · overlapping voices
there be managers signatures? No, so
[01:06:49] Speaker 4 + overlapping voice
we exist in government. We mostly, we
[01:06:53] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:07]
Flag: numbers, amounts, negation or names differ between the machine readings · 01:06:52–01:07:00 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:00] Speaker 4 + overlapping voice · overlapping voices
so
[01:07:00] Speaker 1 + overlapping voice · overlapping voices
you'll give me the directions.
[01:07:02] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: the machine readings disagree here · 01:07:02–01:07:31 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:10] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:08]
[01:07:18] Speaker 1 · Unclear audio
[unclear audio — 0:04]
[01:07:22] Speaker 4 · Unclear audio
[unclear audio — 0:09]
[01:07:31] Attribution uncertain · Unclear audio
[unclear audio]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:07:31–01:08:14 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:07:31] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:43]
[01:08:16] Speaker 4 + overlapping voice · Unclear audio
[unclear audio — 0:04]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 01:08:16–01:08:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:08:20] Attribution uncertain · Unclear audio
[unclear audio]
[01:08:20] Speaker 4 · Unclear audio
[unclear audio — 0:16]
[01:08:36] Attribution uncertain · Unclear audio
[unclear audio]
[01:08:36] Speaker 4 · Unclear audio
[unclear audio]
[01:08:37] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:02]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output · 01:08:37–01:08:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:08:40] Speaker 1 + overlapping voice · Unclear audio
[unclear audio]
Flag: the recognizer flagged its own output · 01:08:40–01:08:40 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:08:40] Speaker 1 + overlapping voice · Unclear audio
[unclear audio — 0:01]
Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; a language review questioned the wording · 01:08:40–01:09:25 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:08:41] Speaker 4 · Unclear audio
[unclear audio — 0:06]
[01:08:59] Speaker 1 · Unclear audio
[unclear audio — 0:04]
[01:09:05] No voice detected · Unclear audio
[unclear audio — 0:04]
[01:09:23] Speaker 1 · Unclear audio
[unclear audio — 0:02]
[01:09:25] Attribution uncertain · Unclear audio
[unclear audio]
[01:09:25] Speaker 1 · Unclear audio
[unclear audio]
[01:09:26] Speaker 1
Included in that, will that be by letter of direction?
[01:09:31] Speaker 4
Yes, I'll write a letter of direction.
[01:09:34] Speaker 1
Okay. ‸ And I'll get it to this. Okay. Okay, if you don't mind emailing me all those figures.
[01:09:43] Attribution uncertain
Okay,
[01:09:43] Speaker 1 + overlapping voice · overlapping voices
I'd appreciate it. Thank you. Well, thank you, Brian.
[01:09:47] Speaker 4 + overlapping voice · overlapping voices
‸ I appreciate your time. ‸ We'll
[01:09:48] Speaker 4 + overlapping voice · Machine re-recognized
extend the
Flag: words were replaced by a machine repair · 01:09:48–01:09:48 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[01:09:48] Speaker 4 + overlapping voice
discussion record.
[01:09:49] Speaker 4 + overlapping voice · Unclear audio
[unclear audio — 0:08]
Flag: the machine readings disagree here · 01:09:49–01:10:10 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:09:57] Speaker 1 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:03]
[01:10:01] Speaker 4 + overlapping voice · overlapping voices · Unclear audio
[unclear audio — 0:01]
[01:10:02] Speaker 3 · Unclear audio
[unclear audio]
[01:10:09] Speaker 4 · Unclear audio
[unclear audio — 0:02]
[01:10:11] Speaker 4 · Unclear audio
[unclear audio — 0:01]
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[01:10:12] Attribution uncertain
I
[01:10:12] Speaker 4
appreciate
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[01:10:13] Speaker 4 · Unclear audio
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[01:10:14] Attribution uncertain
All
[01:10:14] No voice detected
right.
[01:10:15] Attribution uncertain
Thank
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you.
[01:10:20] Speaker 2
Very ‸ good. I'm on. Good afternoon, everyone. I will try to keep it somewhat brief.
[01:10:24] Attribution uncertain
I
[01:10:25] Speaker 2
know you've been here for a while. In your... Can
[01:10:28] Speaker 2 · Unclear audio
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[01:10:29] Speaker 2
Yes.
[01:10:30] No voice detected
Yes. We can hear you fine.
[01:10:31] Speaker 2
Okay, good. Very, very good. So you have some memos in your packet. The first is that Secure Act 2 memo. And there's really one main takeaway on that. And that has to do with regard to the age
[01:10:43] Speaker 2 · Machine re-recognized
at
Flag: words were replaced by a machine repair · 01:10:43–01:10:43 · machine repair: words replaced where two further machine readings agreed (not checked by a person)
[01:10:43] Speaker 2
which you first have to take a required minimum distribution from a retirement plan. The
[01:10:49] Speaker 2 · Unclear audio
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[01:10:53] Speaker 2
It was raised from 70 and a half to age 72. And
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[01:11:02] Speaker 2
of last year. So the RMD age is now going up to 73. And that
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[01:11:11] Speaker 2
In years to come, it will go up to 74, but not until January 1st, 2030. And
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[01:11:26] Speaker 2
2033. I took a look at the city code provisions with regards to the plan to see if we needed to amend it at all to
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[01:11:37] Speaker 2
in that the age,
[01:11:39] No voice detected
the
[01:11:39] Speaker 2
specific age for required minimum distributions is not in the code, then I do not see the need for any revised ordinance at this time. So that is the takeaway on that Secure Act 2 memo. Don't know if you have any questions. Take a brief pause and then proceed forward. Any questions? Hearing none. You
[01:12:07] Speaker 2 · Unclear audio
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[01:12:10] Speaker 2
office
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[01:12:15] Speaker 2
It's just really a cautionary memo. We
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[01:12:21] Speaker 2
the pension fund administrator was actually embezzling from the pension fund. And the way that he did it was he was pretty much responsible for ‸ the total administration of the planning, including making the benefit payments through the city software, which is not something that we do. And what he was doing in North Miami was rather than when members died, rather than shutting off the benefits, he diverted those benefits to one of six bank accounts that he had established in his own name. So he's basically not reporting the debts. He was doing the death checks, but he was not reporting the results of the death checks to to the trustees. So really, we're not in that situation. As you know, we have regions, they make payments, you know, Sheila provides them the information and you
[01:13:15] Attribution uncertain
know,
[01:13:15] Speaker 2
you have the internal control there. And then Sheila, if you just want to mention the follow up you did with regard to the
[01:13:22] Speaker 2 · Machine re-recognized
death
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[01:13:22] Speaker 2
checks that we do as a fund.
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The
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognizer flagged its own output; the recognized words and the detected speech do not line up; a language review questioned the wording · 01:13:25–01:14:15 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:13:29] Speaker 1 · Unclear audio
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[01:14:08] Attribution uncertain · Unclear audio
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[01:14:17] Speaker 2
Yeah, the individual down in North Miami, I mean, he had been a long time employee of the city.
[01:14:22] Attribution uncertain
He
[01:14:22] Speaker 2 + overlapping voice
was
[01:14:23] Speaker 2 + overlapping voice · Unclear audio
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[01:14:25] Speaker 2 + overlapping voice · overlapping voices
he was hired in house by the pension fund as the administrator. And he was really the sole individual responsible for the entire operation of the pension fund. So I went over the internal controls that we have with Sheila and we are comfortable with how we conduct business and, you know, administrate the pension fund. So
[01:14:44] Speaker 2 + overlapping voice · Unclear audio
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[01:14:48] Speaker 2 + overlapping voice
regard to internal controls at this point in time. It's really just, as I said, a cautionary tale and memo that we distributed to all of our clients. Any questions or comments on,
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[01:15:05] Speaker 2 + overlapping voice
controls? Very, okay. Very good. Not hearing any legislative update. Briefly, with regard to our ‸ legislative session, House Bill 3 was passed, actually passed and signed by the governor about two weeks ago. And Brad may have some comments on it.
[01:15:25] Attribution uncertain
It
[01:15:25] Speaker 2
provides that with regard to investments, you cannot take into account any environmental, social or governance issues when determining what to invest in. And, you know,
[01:15:36] Attribution uncertain
you
[01:15:36] Speaker 2
have to make your investment choices based solely upon what is going to provide the highest rate of return to the plan. I
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[01:15:46] Speaker 2
I don't think it will have any substantive effect on the investments that we have.
[01:15:52] Speaker 4
Correct. So, you know, as the board and most of our boards, we only take,
[01:15:59] Speaker 4 · Machine re-recognized
what
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[01:16:02] Speaker 4
they talk about pecuniary factors into account when we make changes, right? It's all about risk and return and diversification. And
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[01:16:14] Speaker 4
It's always
[01:16:15] Speaker 4 · Machine re-recognized
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[01:16:15] Speaker 4
how we've operated. So there's going to be no working, no impact to how we operate or any of the investments that we have. And I think Stu will talk about, you're going to have more paperwork that you have to submit along this. And I think
[01:16:30] Speaker 4 · Machine re-recognized
he'll
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[01:16:30] Speaker 4
probably talk about that. In terms of, you know, how we are operating or have operated, it's going to have
[01:16:36] No voice detected
minimum
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[01:16:40] Speaker 2
Yeah,
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[01:16:48] Speaker 2
going to have to file some sort of report with the State Division of Retirement just attesting that we are complying with this new law. We are, as a law firm, in the process of drafting a memo for distribution to all of our clients. I think it's actually going out today, if not tomorrow. So Sheila will get that and distribute it to all of you. We do not yet know what the actual report is going to look like. The Division of Retirement has to engage in what's called rulemaking, and they will basically provide further information in the next several months as to what needs to be in that report. So
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[01:17:33] Speaker 2
‸ make sure that Sheila knows what to do come December of this year. And
[01:17:39] Speaker 2 · Unclear audio
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[01:17:41] Speaker 2
every other year, you're going to have to file that same report, probably in December, probably like December 15th of every other year. But, you know, it
[01:17:50] Attribution uncertain
was
[01:17:50] Speaker 2
signed two weeks ago, takes effect July 1st, 2023. So
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[01:17:59] Speaker 2
investment policy. Brad, we'll make sure you get a copy of the memo also. There's going to need to be a
[01:18:05] Speaker 2 · Unclear audio
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[01:18:06] Speaker 2
the investment ‸ policy also, just basically attesting that we are complying with the provisions of the law as well. And
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[01:18:19] Speaker 2
a statement to the effect that ‸ we're complying with the law, baked into the investment manager agreement. So we are all over what needs to be done, and we'll get you that memo in the next couple of days. And then the next meeting will provide further guidance as to the report and any other requirements that we have to comply with. So that's really the only pension-related bill that came out of the legislative session in Florida this year. So
[01:18:50] Attribution uncertain
that's really,
[01:18:50] Speaker 2 · Unclear audio
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[01:18:55] Speaker 2
Florida. But again, just some more administrative reporting that we're going to have to do in the future, as if we don't have enough yet to report. It's another compliance issue we need to deal with. But other than that, everything pretty much quiet on the plan side, no legal issues pending that you need to be made aware of. So unless you have any further questions or comments, that would conclude the attorney report for this afternoon.
[01:19:25] Attribution uncertain
Thank
[01:19:25] Speaker 2
you.
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[01:19:32] Speaker 1 · Unclear audio
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Flag: the recognizer flagged its own output; a language review questioned the wording · 01:19:51–01:19:59 · unresolved: the words are not shown (unclear audio); listen to the recording
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[01:20:08] Speaker 1 · Unclear audio
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[01:20:14] Speaker 1
What you can do, go into the city clerk and she will
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[01:20:24] Attribution uncertain
And
[01:20:24] Speaker 1
that
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Flag: the recognizer flagged its own output; a language review questioned the wording · 01:20:24–01:20:26 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:20:28] Speaker 1
Carrie
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[01:20:35] Speaker 1
Our
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[01:20:38] Speaker 1
We have the...
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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 · 01:21:01–01:22:50 · unresolved: the words are not shown (unclear audio); listen to the recording
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[01:22:20] Attribution uncertain · Unclear audio
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[01:22:43] Speaker 4 + overlapping voice · Unclear audio
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[01:22:50] Speaker 4 + overlapping voice
but we absolutely do not believe that Bitcoin is an appropriate investment asset class for a pension fund. And
[01:23:02] Speaker 4 + overlapping voice · Unclear audio
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[01:23:07] Speaker 4 + overlapping voice · overlapping voices
But it's certainly not something that...
[01:23:12] Speaker 1 · Unclear audio
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[01:23:13] Speaker 4 · Unclear audio
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[01:23:13] Speaker 4
do it...
[01:23:14] Speaker 1
I'm not.
[01:23:16] Speaker 4
Okay, good. Because you'd have to get a new investment consultant to support that, because we're not going to do that.
[01:23:23] No voice detected · Unclear audio
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Flag: numbers, amounts, negation or names differ between the machine readings; the recognized words and the detected speech do not line up; a language review questioned the wording · 01:23:23–01:23:36 · unresolved: the words are not shown (unclear audio); listen to the recording
[01:23:23] Speaker 4 · Unclear audio
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[01:23:32] Speaker 1 · Unclear audio
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[01:23:36] Speaker 2
Very good. Thank you all. Take care. I'll speak...