MINUTES OF THE CITY OF SARASOTA POLICE OFFICERS' PENSION PLAN BOARD OF TRUSTEES REGULAR MEETING DECEMBER 9, 2022 Present: Vice Chair Johnathan Todd, Trustee Ronnie K. Baty, Trustee Joseph Jody" Hudgins. Others: Attorney Scott Christiansen, Senior Pension Analyst Anthony Ferrer, and Pension Specialist Peter Gottlieb. Absent: Chair Demetri Konstantopoulos and Secretary/Treasurer Shayla Griggs. 1. CALL MEETING TO ORDER: Presenter(s): Vice Chair Todd. Vice Chair Todd called the regular meeting of the Police Officers' Pension Plan (Plan) Board of Trustees to order at 8:15 a.m. 2. PLEDGE OF ALLEGIANCE: Presenter(s): Vice Chair Todd. Vice Chair Todd led the Board and those in attendance in the Pledge of Allegiance. 3. PLEDGE OF CIVILITY: Presenter(s): Vice Chair Todd. Vice Chair Todd stated for the record, "We may disagree, but we will be respectful of one another. We will direct all comments to issues. We will not engage in personal attacks." 4. ROLL CALL:. Presenter: Senior Pension Analyst Ferrer. Senior Pension Analyst Ferrer called roll. Chair Konstantopoulos and Secretary/Treasurer Griggs were not present and Senior Pension Analyst Ferrer noted that Chair Konstantopoulos and Secretary Treasurer Griggs will seek excused absences at the January 2023 meeting of the Board of Trustees. 5. PUBLIC INPUT: None. 6. APPROVAL OF MINUTES: 6.1. Approval Re: Minutes of thel Police Officers' Pension Plan Board of Trustees Regular Meeting of October 21, 2022. Presenter(s): Vice Chair Todd. Trustee Hudgins made a motion to approve the minutes of the Regular Meeting of October 21, 2022; Trustee Baty seconded the motion. The motion carried unanimously (3-0). Book 1 Page 316 12-09-2022 8:15 a.m. Book 1 Page 317 12-09-2022 8:15 a.m. 7. RETIREMENT REQUEST(S): 7.1. Approval Re: DROP Retirement Request of Casey Gile. Presenter(s): Anthony Ferrer, Senior Pension Analyst. Senior Pension Analyst Ferrer stated that Officer Gile requests to enter the DROP effective October 1, 2022, with 20.02 years of service; he elected the 100% to Joint Annuitant option. Trustee Baty made a motion to approve Officer Gile's request to enter the DROP effective October 1, 2022; Trustee Hudgins seconded the motion. The motion carried unanimously (3-0). 8. INVESTMENT PERFORMANCE REVIEW: 8.1. Presentation and Discussion Re: Advent Capital, Investment Performance Summary for Period Ending October 31, 2022. Presenter(s): David Hulme, Co-Portfolio Manager on the Balanced Convertible Strategies, Advent Capital. David Hulme of Advent Capital appeared before the Board telephonically and introduced himself. Mr. Hulme briefly discussed the pages of the materials titled Firm Update, noting the Plan is invested in Advent's largest strategy. Regarding the 2022 Market Environment, he stated that historically high inflation, rising interest rates, falling equity prices, and widening credit spreads have caused significant disruption in the convertible asset class. Regarding Convertible Performance, he noted convertibles have had leading returns and, because they did not decline to the same extent as their underlying stocks, also provided downside protection. Mr. Hulme anticipates more reasonable returns in the near future, which is historically common after sizable drawdowns. He discussed the Convertible Market Update, noting strong issuances in 2020 and 2021; although issuances in the first half of calendar year 2022 were more modest, they have increased in the second half of the year, with 10 in the month of November. Addressing the Balanced Strategy section of the materials, Mr. Hulme discussed Advent Capital's Investment Philosophy and Investment Strategy, the Portfolio Management Team noting Harini Chundu has joined as an Associate Portfolio Manager, and briefly discussed the slide titled A Global Research Team. Turning to the Portfolio Review, Mr. Hulme reviewed the Portfolio Characteristics, Sector Diversification, Top Ten Holdings, and Performance Summary, noting the portfolio rebounded slightly in November for a better year-to-date oerformance than indicated, and that the Plan has funded the allocation to convertibles out ofb bonds, which has further helped performance. He reviewed the Year-to-Date Performance Attribution and asserted there is room for rebounds in the Media, Financials, and Technology sectors. On the Composite Risk/Return Characteristics, Mr. Hulme noted the return since inception remains strong and it has been better than equity markets on a risk-adjusted basis; he also noted the strategy has captured 86% of the upside and only 55% of the downside since inception. Mr. Hulme discussed Advent's Market Outlook. Regarding Inflation, he asserted world-wide central banks' efforts to curb inflation through raising interest rates have reduced commodity and housing prices, and that bond and equity markets will react positively to moderate inflation. On the Economy, he stated that while it is currently strong, he expects it to slow over the next 12 months as impacts from interest rate hikes are felt. Additionally, Earnings Estimates will likely decline due to higher labor costs and slowing revenues, although convertibles tend to be secular and less sensitive to economic slowdowns. Increasing borrowing costs have significantly slowed Issuances, however, because convertibles are able to borrow at lower interest rates, Advent anticipates a busy year in 2023. The Board had no questions for Mr. Hulme and thanked him for his presentation. 8.2. Presentation and Discussion Re: Garcia Hamilton, Investment Performance Summary for Period Ending September 30, 2022. Presenter(s): Janna Hamilton, Partner; Jeffrey Detwiler, Partner, Portfolio Manager; Garcia Hamilton. Jeffrey Detwiler appeared before the Board and introduced himself; he stated that Ms. Hamilton was unable to attend. Mr. Detwiler noted that despite a negative year for investments, the firm is expanding. It has approximately $1.8 Billion which has not been funded yet, which takes the firm's assets to approximately $18 Billion. Garcia Hamilton promoted Connie Davis from Analyst to Partner effective next year. Turning to the 3Q 2022 Performance, Mr. Detwiler noted the worst trailing 12-month period in the history of the bond market, although the portfolio outperformed the index by 180 basis points over that timeframe. He asserted that the market may have reached an inflection point on September 30, 2022, as since that date, the index is up 4.18% and the portfolio is up 5.41%, increasing its performance year-to-date over the benchmark by 300 basis points. Mr. Detwiler discussed the recent trend of rising interest rates and why Garcia Hamilton believes that rates will soon decline. He reviewed the page of the materials titled, Measuring the Market Impact from the Federal Reserve and Government Stimulus, which demonstrates a history of strong growth correlates to higher yields. He discussed the History of Fiscal Stimulus and compared the recent amount of fiscal stimulus provided during the COVID-19 pandemic to that during World War II. Regarding the page titled, Fiscal Tightening, Mr. Detwiler stated that federal stimulus is ending, which will slow both the economy and ease inflationary pressures. He noted that, on the page titled, Money Supply Long Term Growth, when the money supply grows over several years at a rate of more than 6%, the economy has been expanding, and that negative growth provides deflationary pressures; he suggested the recent negative money supply growth indicates falling yields in the near future. Regarding thej page titled Rate Hikes Priced Into the Market - 12 Months Forward, Mr. Detwiler asserted the markets were not adequately warned the Federal Reserve (Fed) would raise interest rates; this lack of preparation caused a significant shift in market positioning, however future rate hikes are now priced into current values. To the page titled, Leading Economic Indicators Signaling a Recession, Mr. Detwiler stated that if the economy is not already in a recession, it will be soon; further, both businesses and consumers have negative outlooks for the economy which may further indicate a contraction. He noted a positive correlation between home prices and the number of prospective homebuyers; as the number of prospective homebuyers decreased, home prices fell soon after. This decline in home prices suggests a rollover in the Consumer Price Index (CPI). Mr. Detwiler discussed how supply chain issues are resolving, and inventories, which had fallen during the COVID-19 pandemic, have surpassed their pre-COVID-19 levels which may provide additional deflationary pressures. Regarding the page titled, Average Option Adjusted Spreads, Mr. Detwiler noted corporate spreads havè widened some but have more room to spread further; Garcia Hamilton has cautiously increased its exposure to the corporate sector. On the page titled, MBS Index - Statistics, Mr. Detwiler asserted agency- backed Mortgage-Backed Securities (MBSs) currently offer the most opportunity. The column tiled Yield- to-Worst (YTW) shows the current YTW is the highest since 2007. Noting 3 straight years of negative returns, as well as the lowest dollar price since 2000, Mr. Detwiler explained that when a borrower pays off their mortgage early, whichi is common when a borrower experiences an event such as a divorce, relocation, or death of a spouse, they frequently payoff the loan, and the portfolio receives a payoff in the amount of 100% of each dollar invested when it only paid 85.33% of that dollar. He concluded his presentation by discussing Risk Tools, explaining how the firm has adjusted the portfolio across changing environments through the last year. He asserted yield rates and rates of inflation are both peaking and will come down, and that the yield curve will remain inverted because long-term interest rates have peaked. They see investment opportunities in mortgages and anticipate an opportunity in corporates in the near-term. The Board thanked Mr. Detwiler for his presentation. 8.3. Presentation and Discussion Re: Burgess Chambers & Associates, Quarterly Investment Performance Review for Period Ending September 30, 2022. Presenter(s): Larry M. Cole, Executive Vice President, Burgess Chambers & Associates. Book 1 Page 318 12-09-2022 8:15 a.m. Book 1 Page 319 12-09-2022 8:15 a.m. Larry Cole of Burgess Chambers and Associates (BCA) appeared before the Board and introduced himself. Mr. Cole distributed additional materials titled, Historical Equity Returns and Fixed Income and noted this has been the worst fiscal year he's ever reported to the Board. Referencing the Historical Equity Returns page of the materials, he explained the grey bars are the returns for each specific years, and the red dots are the lowest points in down years; he stated that while the market has had negative retuming years and 2022 was amongst the worst, they are to be expected. He noted that in the years immediately following significant down periods, the market typically rebounded which is an argument for leaving asset allocations unchanged. Turning to the Fixed Income page, Mr. Cole noted that when the equity market dropped, the bond market had typically offset equity's negative returns but failed to do sO in 2022 and instead compounded the losses. He stated that quarter-to-date, the portfolio is up approximately 8%. Mr. Cole asserted that aggressive Fed actions to combat inflation with higher interest rates and the conflict in Ukraine which impacted world food supplies, compounded by high energy and labor costs, were the cause of the market's poor performance in 2022. He discussed the shrinking gap between the CPI and the Producers Price Index (PPI), noting the PPI was just released at 7.4% when it was expected to be 7.2%; the core PPI, which removes food and energy prices, came in at 6.2% when it was expected to be 5.9%. The CPI will be announced in the next week and is expected to be approximately 6.5%. While the gap between the CPI and PPI is shrinking, the PPI has been higher than forecasted. He compared the current inflation environment to the early 1980s when the Fed increased the Fed Funds Rate by only 50%; in 2022, the Fed increased the Fed Funds Rate from approximately 0.18% to 4.5%, which is an approximate 2300% increase, and resulted in the abysmal market performance in 2022. He discussed how the global market shut-down and restart due to the COVID-19 pandemic increased consumer spending capacity but limited supply, which drove inflation upward. As the interest rate yield curve remains inverted, he anticipates an economic contraction but would not speculate as to whether the economy would experience a recession. Turning to the presentation materials, Mr. Cole discussed the Quarterly Market Summary, noting an approximate 8% increase quarter-to-date. He stated there were no compliance issues as of September 30, 2022. He reviewed the Investment Performance - Net, Actual VS. Target Asset Allocation, noting the weighting in Domestic Equities hurt the portfolio. He explained that the underweight in international equities aided performance; while there are attractive valuations in that sector, there is also too much risk due to the instability caused by the conflict in Ukraine to justify more investment. The infrastructure sector is currently up approximately 5.1% to date. While convertibles performed as expected, they perform in a mid- cap growth universe which failed to provide the cushion it historically had. Although Private Real Estate performed well in 2022, it had a negative return in the last quarter due to falling occupancy rates in the office space subsector; the real estate sector comprises approximately 9.5% of the current portfolio. Mr. Cole is hopeful the industrial and multi-family sectors will offset down performance in the office sector. He is not recommending any changes as the redemption queue is currently 1 year; by the time any funds were received, the sector may be outperforming again. Regarding fixed income, Mr. Cole asserted rates willl likely remain increased during 2023 which will give ample opportunity to invest in the asset class if desired. Mr. Cole discussed the Asset Allocation & Performance Gross, noting Mellon is up approximately 13% quarter-to-date and Granite is up approximately 8% quarter-to-date, although Allspring is struggling with its 1-year return, as the market is currently favoring value more than growth stocks. He stated that Franklin Templeton has a history of significantly underperforming its benchmark followed and by strong outperformance which has not been seen this cycle; he recommends monitoring that firm for the time being as changing fund managers in a down market brings additional risk. American Funds/EuroPacific is up approximately 16% for the year, although it has not added any value to the portfolio. This could be viewed as an indication to liquidate the holding or an opportunity to overweight it in anticipation of a period of outperformance; Mr. Cole would not provide a recommendation for further action. Global Infrastructure is down 2% for the year and protected the portfolio. He noted that Lazard hedges against foreign currency fluctuations against the US Dollar which enabled it to outperform Cohen & Steers which does not hedge. Regarding JP Morgan, Mr. Cole reiterated the positive year, but that there are concerns with office space. To Trustee Hudgins' question, Mr. Cole noted that the real estate funds appraise their properties and capitalization rates internally on a quarterly basis and externally on an annual basis. Mr. Cole noted that the real estate fund managers advised that sales are coming in at 2% to 3% higher than their appraised values. Mr. Cole noted that as of September 30, 2022, the 3 Year ROR was 13.8% per year; the 4 Year ROR was 12.4%, and the 5 Year ROR was 12.5%. Trustee Hudgins reiterated that it was important to focus on how well the portfolio performed against the 3- and 5-year assumed rate of return, and the shorter rates of return were of less importance. Mr. Cole agreed and recalled a conversation with the Plan's actuary, who advised that a single year would not have a significant impact on the overall valuation as the gains or losses would be smoothed over time. He referred to the Fiscal Year Rates of Return page of the materials and noted the overall performance was not as detrimental as the last year suggests. He further recommended no changes to the portfolio, which he asserted is well-positioned to achieve a 6.5% return, if not better. The Board thanked Mr. Cole for his presentation. 9. UNFINISHED BUSINESS: None. 10. NEW BUSINESS: 10.1. Presentation and Discussion Re: Change in Actuarial Assumption for September 30, 2022 Valuation. Presenter(s): Peter Strong, FSA, EA, MAAA, FCA, Gabriel Roeder Smith & Company. Peter Strong of Gabriel, Roeder, Smith & Company (GRS) appeared before the Board telephonically and introduced himself. Mr. Strong explained that Pension Administration informed him that active Police Officers will receive, at some point during the Fiscal Year ending September 30, 2023, an across-the-board pay increase due to inflation, with an average increase being approximately 10%, in addition to their regular merit increases. He recommends the Board consider approving a 1-year increase in the inflation component of the salary assumption used to compute the Plan's actuarial valuation. He clarified that the salary assumption has an inflation component, which is approximately 2.3%, and a merit component, which is a schedule based on rank and service; the merit component ranges from approximately 8.5% for an officer with 1 year of service, to 2.8% for an officer with 20 years of service. He recommends temporarily increasing only the inflation component up to 10% and leaving the merit component as previously stated. He noted that the merit assumption may be sufficient to cover some of the inflation increase, and therefore the Board may consider some amount less than 10%. Mr. Strong explained that, if the Board were to increase the inflation component of the salary assumption to 10% for 1 year, and return to 2.3% in the following year, he estimated the City's employer contribution would increase by approximately $550,000 to $560,000. A temporary 7.7% increase in the inflation assumption would increase the City's employer contribution by $275,000 to $300,000. If the Board were to keep the inflation component of the salary assumption at 2.3%, then the actual salaries paid will be higher than the assumed salaries, and the next year's valuation will reflect an experience loss which will then require an increase in the required City's employer contributions the following year. He recommended the Board consider increasing the salary assumption sO that the City may begin to gradually pay the increased employer contributions sooner than later. He cautioned that if the actual increases are less than the assumed increases, it is possible for the Plan to have an experience gain; to minimize the impact of the salary increases and minimize the possibility of an experience gain, he recommends the Board consider temporarily increasing the inflation component by 4%. Senior Pension Plans Analyst Ferrer stated that the general wage increase began with pay earned on November 30, 2022, was not retroactive, and was based on rank, and seniority within rank. He and Pension Plans Administrator Debra Martin estimated 10% was a fair estimation of the overall average increase. To Attorney, Christiansen's question, Mr. Strong explained that the actuarial impact of the investment losses experienced in 2022 will have a muted impact on the Plan valuation for Fiscal Year Ending September 30, 2022 because of the smoothing of gains and losses over time and would likely only impact the employer Book 1 Page 320 12-09-2022 8:15 a.m. Book 1 Page 321 12-09-2022 8:15 a.m. contribution rate for the next year in the amount of $200,000 to $300,000, although thei impacts will increase over the ensuing years until the losses are fully recognized. To Trustee Hudgins' question, Senior Pension Analyst Ferrer stated that an average 10% increase was a conservative estimate of the median average of the expectation. Mr. Strong acknowledged that, as a whole, Police Officers will receive other increases beyond 10%, as there will be promotions and step increases, and those should be captured by the merit assumption component, which he recommends leaving unchanged. As clarified by Mr. Strong, Trustee Hudgins made a motion to increase the rate of inflation component of the salary assumption used in the actuarial valuation of the Plan from 2.3% to 6% for a period of 1 year only. Trustee Baty seconded the motion. The motion carried unanimously (3-0). 10.2. Presentation and Discussion Re: Robbins, Geller, Rudman & Dowd, Rent-the-Runway Complaint. Presenter(s): Robert Robbins, Partner; Laura Stein, Of Counsel; Robbins, Geller, Rudman & Dowd. Robert Robbins and Laura Stein of Robbins, Geller, Rudman & Dowd (RGRD) appeared before the Board and introduced themselves. Attorney Stein noted that RGRD has provided securities monitoring for the Plan based on the legal theory, fraud-on-the-market, and potential cases do not reflect on the advice provided by fund managers or investment consultants. She explained their reporting process and noted that if there were to be an affirmative action in the matter, RGRD would provide regular updates to the Board. She stated that as a passive claimant, the Plan has received over $200,000 in prior litigations, and there are no new cases, other than regarding RGRD, which may involve the Plan. She provided an overview of RGRD's clientele. Attorney Robins explained the Rent-the-Runway (RTR) complaint, noting it is filed in the Eastern District of New York, and is an investor action brought by RGRD. He explained that RTR, which rents designer clothing to a subscription-based client list, issued an initial public offering (IPO) in October 2021 at $21 per share; it raised approximately $350 Million which it used to pay off existing debt. In its prospectus, RTR presented itself as a rapidly growing company which survived the COVID-19 shutdown and asserted would have low marketing costs. In December 2021, RTR reported its subscriber list was decelerating, it had outsized losses, the operational efficiencies described in its prospectus and registration statement were under severe pressure, and its marketing costs had increased ten-fold. RTR's Chief Financial Officer then advised that the pressures on operational efficiencies and increased marketing costs were anticipated and planned. The negative description of RTR's circumstances has continued into 2022; its stock value is currently 90% less than at its initial offering. He later noted that in September 2022, RTR suffered a significant stock drop, announced a restructuring in which it reduced its staff by 25%, and reduced its financial guidance going forward. Attorney Robbins explained that the proposed litigation would be under the Securities Act of 1933 (1933 Act) which offers additional protections to investors at IPOS. The standard of evidence under the 1933 Act is not fraud, but negligence and strict liability. RGRD asks the Board to consider moving to be appointed as lead plaintiff in the case, which would not entitle the Plan to a greater portion of any award but would allow the Plan and its attorneys to control the litigation. The Plan suffered approximately $90,000 in losses out of $102,000 invested as a result of RTR and was amongst the most sizeable losses of RGRD's clients. Attorney Robbins described the different claims available under the litigation; as the Plan purchased approximately 2,700 shares of RTR stock at $21 per share at the IPO, it may assert the losses were directly attributable to the IPO price and false statements in the offering documents. He noted, to Mr. Cole's question, that Franklin Templeton was the fund manager which purchased the stock, but that a fund manager would not have any knowledge at the time of purchase that RTR would dramatically change its descriptions. To Attorney Christiansen's questions, Attorney Robbins stated that the purpose of litigation is only to recover investors' losses, and not to put RTR out of business as it should have directors' liability insurance. He reiterated that the benefit to the Plan of being lead plaintiff is that the Plan and its counsel would drive the litigation instead of being a passive participant in the class. Attorneys Robbins and Stein clarified that RGRD has other institutional clients with comparable losses from RTR which could file for lead plaintiff, but only 1 is considering it to date. If multiple parties sought lead plaintiff and agreed, they could file a joint motion for lead plaintiff. She noted that when an institutional client is lead plaintiff and prevails, awards have been greater for the entire class than when an individual is lead plaintiff. Further, all litigation costs are contingent upon an award. The Plan would bear no costs if an award was not made. To Trustee Hudgins' question, Attorney Stein noted there have been no Securities Exchange Commission (SEC) actions against RTR to date, however CNBC may soon profile the company which would bring more attention to the matter. She and Attomey Robbins noted that the SEC has been slow to take actions due to staffing and caseload issues. Trustee Hudgins asked to review the contract between the Plan and RGRD before approving any motions sO that Board understands all aspects of engagement. Attorney Christiansen noted that being lead plaintiff would not entitle the Plan to any greater portion of any award than if it were a passive participant in the class. Trustee Hudgins noted that being lead plaintiff could be a significant burden to staff at a difficult time of the year, and if there is no opportunity to recover costs for staff time, it may be disadvantageous to be lead plaintiff. Vice Chair Todd agreed. To Vice Chair Todd's question, Attorney Stein advised they would send their contract to Attorney Christiansen for review quickly and would also work to minimize any necessary staff involvement, which would mostly consist of documenting the Plan's purchase of the stock, and oversight to the litigation. She noted that these cases typically take several years and impacts to staff would be incremental over time. Attorney Christiansen explained that the Merrill Lynch litigation was labor intensive for staff, however in this case, the staff burden would amount to documenting the terms of the stock purchase. Trustee Hudgins added that he would also like Mr. Cole and Franklin Templeton to discuss their opinions on the matter. Attorney Robbins advised that, under the applicable federal statute, there is an opportunity at the end of litigation for lead plaintiff to request a service award to compensate for staff's time and efforts. He cautioned that any award under this provision would be solely at the judge's discretion. To Attorney Christiansen's question, Attorney Robbins advised the filing deadline is January 13, 2023. As the next Board Meeting is scheduled for. January 27, 2023, Trustee Hudgins suggested a special meeting could be convened sO that the Board may review the contract to understand all aspects of the agreement before agreeing to filing for lead plaintiff. Senior Pension Analyst Ferrer and the Board discussed potential dates for a proposed special meeting. The Board and Attorney Christiansen informally concurred that January 9, 2023 may work for all parties however Pension Administration may find an alternate date. The Board agreed that RGRD and Mr. Cole would be able to participate virtually in any special meeting. 11. ATTORNEY MATTERS: Attorney Christiansen noted that Trustee Baty's seat expires on January 31, 2023; as he is elected by a majority vote of the remaining 4 trustees yet only 2 of those other trustees were present at the meeting, he requested this item be placed on the January 27, 2023 meeting agenda. As BCA's quarterly report has been issued, Pension Administrator must file Pension Letter 2 to the City Commission. Attorney Christiansen provided an update on the Patrick disability hearing. The treating physician ordered the additional testing requested by the Independent Medical Examining (IME) physician; Attorney Book 1 Page 322 12-09-2022 8:15 a.m. Book 1 Page 323 12-09-2022 8:15 a.m. Christiansen received the additional testing results and forwarded them to the IME physician for review with ar request to update the opinion. 12. OTHER MATTERS: 12.1. Presentation and Discussion Re: Administrative Budget Expense Report, July 1, 2022, through September 30, 2022. Presenter(s): Anthony Ferrer, Senior Pension Analyst. Senior Pension Analyst Ferrer presented the Administrative Budget Expense Report showing actual expenses for Fiscal Year ending September 30, 2022. He advised the Board that, at the January 27, 2023 meeting, Pension Administration will request an adjustment for salaries in the budget for Fiscal Year ending September 30, 2023, which was approved in 2022, prior to the City issuing across-the-board raises for inflation. He also noted that Pension Administration would prepare Pension Letter 2 to submit the Fiscal Year 2022 investment performance report to the City Commission. Trustee Hudgins made a motion to accept the Administrative Budget Expense Report as of September 30, 2022; Trustee Baty seconded the motion. The motion carried unanimously (3-0). 12.2. Presentation and Discussion Re: Check Register, July 1, 2022 through September 30, 2022. Presenter(s): Anthony Ferrer, Senior Pension Analyst. Senior Pension Analyst Ferrer presented the Check Register for informational purposes. The Board had no questions. 13. ADJORN. Vice Chair Todd adjourned the meeting at 9:53 a.m. - 5616 Chair Demetri Konstantopoulos SécretanyTrasure Shayla Griggs