Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. We have a forum with three trustees. President, I'll go ahead and roll call Jim daily. And Quarry Hayward from confirmed. A public comment. We're not moving along to the approval of the June 10, 2024 quarterly meeting minutes. I'll do I'll make a motion to you need to make motion approval. Yeah, I'll make a motion to approve the June 10 minutes. That's the motion. A discussion. approve the June 10 minutes. That's the motion. Any discussion? No in favor? All right. Motion passes. Next, we have an update on trustee turns. So, I think you have the round is 100-2025 budget. Which page number is that on on here? On this on our scroll thing? I looked at the emails earlier. Page 9 or 7? Okay. That might be easier to see somebody wants to see it. Yep, you have to see it. Do you want to read about your agreement? So as far as the budget goes, this is a exercise we do over a year based on the state requirement. We try to come up with numbers based on historical data and what was projected for the future. This is not a number we're trying to get to. This is just a estimate of the cost coming up. So basically, columns that we think are going to be higher will increase, column that could be lower, will decrease if we need to, and some of them are the same. It's like this year we actually decreased our budget estimate $1,500. So it doesn't have to be where we increase it every year. We see that we've maybe overestimated something in trying to put a little bit of a cushion. We can go backwards if we need to. We just try to make sure that we keep that cushion. If we do go over the total, not one line item, we get half a meeting with state. So we'd rather not do that. So we try to keep reasonable number but with the cushion built in so that we don't and then obviously just for emphasis like if the whatever doesn't get expanded just stays in the pension trust fund for benefits. Yeah so this isn't like there's not like a separate part of money that set aside that says this is the budget It's really just us reporting to you the plan sponsor in the state that we don't want to exceed those amount You know that that's kind of what we anticipate to spend, but it's not like it's an Actual separate Yeah, it comes out we were just Saying we don't intend to spend more than that extra attention funds to these incentives. Yes, exactly. It is in spent and the money remains to be spent later. Yeah. Budget guys. I know. I'm sorry. Yeah, this is not like a normal government budget. This is more, again, with a normal government budget, if you don't use it, if you lose it, this is not like that. And again, it's not like a separate part of money. We just pay invoices as super fired. What's the average of percentage of the budget usually takes up the pension? 0.5% 1%. That's tough to say and it really varies from playing to playing the fact. I was in a meeting recently where the attorney said they feel like that was even a good gauge of expenses. So it really does vary. Because I know some pension, the value is going way up compared to the cost of the budget. I think Doug said years ago, it's like 0.1. It's going pretty good. Yeah. Yeah, yours aren't particularly high and as choice-ated, you know, it did decrease. So unless you have further questions, you would be looking for a motion to approve the proposed budget as presented. I'll make a motion approve. Opposed budget? I'll second. Right. That's for you today, Corey. Okay, then we have the proposed 2025 meeting date. Let you cover that. We need to take a formal vote on that. Oh, I'm sorry. yes, I'm sorry. It's been a full day here. Thank you for appointing that out. Any discussion? All in favor? Hi. Perfect. No, I just want to make sure we don't have to go get ourselves in trouble. Administrative, ameliorator. Yeah. Thank you. So as far as the proposed meeting dates go 2025, we based on the proposal I gave you we did find today that there's going to be a venue issue here with the chambers for the September 8 meeting that's going to have to move to September 15. Obviously we're a little ways out but these are dates that we tried to do the best we can. We've got venue issues and consultant attorneys, so we're trying to get ahead of time so we can all make our schedule. So, and also as far as the date goes, David Blair had asked me to see if I'm moving your time from 4 p.m. to 11.30 in the morning. That's still something you guys want to do. That has been okay by the town as far as the chamber. I also did move up the general at 10.30. When does that take effect? So we would have that. We would have the 11. to take effect from there. If everybody's okay with that. David did ask her. I don't know if he's going to be supporting it to be asked. We're really good with it. Yeah. And we're really okay go with it. Yeah. Everybody's okay with the dates? Yeah. Okay. So, and then we'll obviously choose the one date September 15th. We'll make that note. And then we'll make the note that it's now 1130. 1130th, yeah. Okay. So then we have the Adual Service Provider Review. This year, currently, up would be your actuary, which is Foster and foster. This is something that you all I've discussed annually. You have one service provider each year that you review. I don't know if there's any discussion on that. I have a very special one. It was. It was all so pretty happy. There you are. Are you guys happy with them? Yeah. I guess I'm just on my second meeting bed, but I'm really glad you're doing good. You guys always part of good servers. Okay. So that takes care of that. Next we have reports. Oh, yeah, yeah, help me with the audits financial audit We do have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we have a time when we I'm going to be talking that items help. I think that after shortly, we're excited to see whether or not you can go ask your activated, right? So, we'll take that for the next time I'm in. I'm sure you're ready. Somewhere down the line, we'll go to the check-it letter, saying, maybe, this is not true, or you're just saying, this time we'll retire, you'd be younger, and we'll show you an alternative. number and number of shoulder and high-resolution and number of c-resolution and number of that option. Second and final thing is just, say I'm going to bid our C-L-1-9 as for the next one on the time. Option is going to be a different role. We have a nearer rate of room and we can't have room for the next one. We'll be fine. So that's what that is. Other than that, we're growing. So it's password. You guys do what else you guys do as far as changes what? We have a We have a We have a We have a We have a We have a We have a We have a We have a We have a We have a We have a We have a We have a I'm going to make your election change. We're going to make your election change. We're going to make your election change. We're going to make your election change. We're going to make your election change. We're going to make your election change. We're going to make your election change. We're going to make your election change. We're going to make your election change. We're going to make your election change. We're going to make your election change. over fresh money where your is this is that no cost to the planet all We're still there. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. We're available. Thank you. John, Richard. I'm going to go to the other side. So, I have a million to nine. So, I have a million to nine. So, I have a million to nine. So, we are having a million to five million. So, I have a million to nine. for the back. So I'm going to go to the back. And people will be there. I think today, it's in the right place. So they will have to do something. So they will have to do something. So they will have to do something. So they will have to do something. So they will make it. So they will have to do something. So they will have to do something. and to The I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. I'm going to go to the next room. to the to I'm going to say that we made a massive swing. And this moment on the word is said, eventually the problem is made with the best sound. And this one says, I'm going to do a little bit of black eyes as well. We're still hanging in there and we will do this. It's fun to have a little more rain and the sun will be in there and talk about it. So we're going to set it to the shadow and then we'll set it to the sky. We can do this to the sky. the So, going're going to say that we're going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be going to be of Of course with AI you need how you connect to the chips. So morning, I have an old line tech company because they do the gorilla glass, the glass and the raw phones and all the TV's. But they've also got this great fiber system they think they're going to just make an AI. So it's kind of a conservative way to been served a little bit. Most other names are about the same since last vote. So let's look at my report calls. Last page, that's all everybody goes. So this fiscal year we're up 28.7% through Friday. That's a good idea. We're trying 28.7% through Friday. That's a big problem now. We're trying to do 7% every year. We're never going to do 7% of that last fiscal year. 15, before that, a mega 15. Right now we have a four-year smooth at seven change. Been that year, four years ago, that little drop. We'll pick up this year, so your smooth brother, you can go ahead and do that. We have, you see our common stocks, 35, market 33, the Dow 25, and our market 20. So our stocks, I've always worked that way to win. Our fixed income 12, fixed income market, we That's a lot of land. It's happening that way. And of course our asset allocation here. In this plan, kind of made a conscious decision. I always push the edge of 75% of 75% of stocks do better, it's in bonds and cash. And I'm trying to put it all in terms of money. It's been a kind of strategy mentality. It's really helped this plan. The museum dollar terms, we started this year at 19 million to 271. The appreciation is 5 million, 180, plus some interest in income of 345. So it's a good 5.4 million. That's big. And then some fees. And then the bottom box is, I hate to say, isn't it? This is a great story. We were hired at 3.9 million when he's coming in and out in and out but really just the tune, the tune of, in a two million, just in. Look at the appreciation. 18 million. The value is 14, it's around 17 million. So we need to notice, always ringing our hands for 17 meters of all the potential landmines We're going to be facing what the Fed does here this week. We've got a lot of money. We've got 25, 50. We're a big proponent of 50. We think we're surprised. We've raised some $0 to 500 bases. We've really hasn't been any damage. Nothing's really been the same. Yes, employment slowed over. The earnings were OK. Not as great as it could be. It's been pretty resilient. Is listing over a little bit? The United States made a place to invest. Global capital is all over the world. It might still come in here. It's the best environment. It's not the only China, it's not the Latin America, it's not the only Japan, Germany. Europe? It's the United States. So, believe it or not, the US is still a pretty solid place to be asked to come. We've kept that. We're always on the mindset that eventually something will break. That will be too late to lower rates and kind of see the terms out. We're going to find out probably in the next six months how strong the economy is. I hope a 50-day-seat point comes, cut comes, we don't think about it. At least it's a signal, right? Direction. The baddest village in the situation. Right now we're doing that, so that's the baddest situation. But, two years. Questions or comments? Great job. All right. So I'll be quick since you all just know the great returns there, but I'll put some charts around those numbers there. So if you go to page 4 of my book. So in the upper right hand corner of page 4, you can see there the red and the blue bars. And basically for our portfolio, we had more of the names that were in the red bars. You can see that yes, the market is overall positive but those large tech names are really outperformed where there's a big group of names in the blue that are actually negative for the quarter and barely positive for the year. So again great stock selection from Malcolm David. If you go to page 6 in the upper left hand corner. So these are of those those large names and I just checked mark the ones that were in David's portfolio here That I've had those outsized returns and it's the Microsoft Apple NVIDIA Amazon Eli Lilly You know so five of the best names you know are Significant in your portfolio with David, which is why the equity part is doing so well. Then if you flip forward several pages to 12 and 13. So here you'll see that the pie charts, as David mentioned many years ago, this board, iteration of the board made a decision that equity is outperforming three at every four years. And if we can handle the down years, that we're gonna be better off when we have, you know, essentially our foot on the gas. And, you know, so we make sure that on any given quarter, we're kind of at that 75% threshold. And, you know, very easily from the pie charts, you can see that. And then, you know, David gave you the updated value as well. So tremendous growth, and we do have those bad years occasionally. We understand, and we don't get scared, and you know, it just, I know, are a long-term strategy, which has been working for, you know, well over a decade there. Page 14, another way just visually to see, you know, in any given quarter, if we're at a compliance, outside of those purple shaded areas. The red triangles show up, and we know that we need to rebound, but that is not the case as David mentioned in 10 days before our trading fiscal years earlier. Another good visual on page 15 is just the growth of this portfolio continuing to reach out to new highs. So the blue line is the value, and then the gray is the dollars in cents, the net cash flow. So tremendous growth from the investments on the stocks and the bonds. Page 16, we like to compare us to other pension plans, not only the city, the state, and the country, but this board has made a decision. Yes, we'll have more equities, but we're going to keep it very, very simple than that. We believe that the stocks in general will get us where we want to go. We'll have some bonds for diversification, but we do not have things like real estate for a lot of other plans. So far, the last couple of years, not having that real estate has been another big reason why we ranked so high. You know the other board has real estate which helped out you know 2022 when the stocks and the bonds of the fan but more recently even though they're managers doing well on a relative basis still negative returns you know so a lot of pension plans on your size that are in the state have about 10% in real estate and are seeing somewhere between negative 10 to 20 for this current fiscal year. So not having that is also why you guys are number one. But always good just to see how we are relative to the other. Page 17 bottom line just shows you the cash flow for this current fiscal year. We started at 19.6 and then all the money's in and out. The fees, the expenses to operate, the income from our dividends and our interest on the bonds, appreciation of a $4.5 million. This book's shown over 24 and continuing to reach our new highs with the next one that we give with only 10 trading days left here. And then, page 18, you guys already saw the numbers, but this might be the first time here that the last decade since we kind of made that decision to kind of be simple, but have more equities. In the parentheses, you all can see where you all rank relative to all the pensions. I don't only in Florida, but also the country. And I know at least these are percentile rankings, but I know I'm almost positive for this fiscal year. You are clearly number one at all. So the other number ones, if we're not number one, we're right there at the top, but ranking number one, you can see there across all of mine. So we know on any given quarter, it's not always going to be great as David's portfolio is so far this fiscal year. But we know that we're going to be out three out of every four years. Let's have more equities in bonds, make sense, and then let's have a good manager to pick not only the stocks, but also the bonds. And that's what we've done here the last decade. And yeah, maybe every other year we have a bad year. We know individually we might trail the market, we might beat it like we are this year. But when you add it all up, you don't get scared. You see the long term, these are the results that no one else can not have. So if you go 1, 3, 5, 7, 10, you can see there in the parentheses all along. So just remember the snapshot here, because it's not always this-or-ozy. But it's a good time to have a quick meeting here. And even if we stray a little bit, we know that this is a long term right here. I should always just bring this look back. And even if we have a negative year in the markets, it definitely won't work. Just keep on going on what y'all do. And that is all I have for my favorite comments. Has it been 10 years? Yeah. I've been 10 years since we kind of changed around. Ah, yeah. Since we made a concerto network, I know there was some contention before with my predecessor. That's just different philosophies, right? Oh, yeah. Yeah. We know who was living here. So you know, you got the right end of that. So but yeah that's all I have unless there's any questions. Thank you very times. What do you see for the remainder of the year with the you know election years as far as? Yeah like just like David said as long as we get you know the fed chairman says something crazy it's's 230 on Wednesday. If we could just slide right into 930, that'd be great. I think around to this election, there's always a lot of noise. But the further you get away from it, it doesn't really matter. All the market likes is that they don't like surprises. So in regards to my comment at 230, if it's 0.25% they cut, but the market is expecting a percent cut before the end of the year. So I think if that is what is hinted, then we should have no surprises. And then around the election, there's no empirical data of if one party wins, it makes it do, the market does better or not. And the further time period to go out, you get to those historical averages where the questions are kind of, they're rather, sorry. I think, yeah, that's a, no action. It's just the media's good at us, getting us all fired up around this time of year, every four years. And after it's all over, the noise kind of settles down. We get back to business. And it's always for you all focusing on the long-term plan. Or being at that noise is negative, and it hurts us on a quarter to put, you know, occasionally. It's okay. You know, we don't get to do it in a naked, you know, a rash change. All right. Thank you. All right. Thank you. Thank you. That is cool. What about the BRICS thing, where the partnership with the Chinese and the Russians are going to take the dollar off the standard currency? You think you guys, you're like, I think you see some of the minis out there. Me, that's like more scary than who's the president or not, because if the current dollar goes off the trading currency, then a whole bunch of dominos would fall. I'm going to trust the players who go right now and get left ready and then shine. So we're going to listen to them. Maybe it'll be something that happens. Maybe it'll be something that happens. This is nice. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. So I have a couple of things on my end of the agenda. I know we're under some time constraints and there was a confusion on my end, so we didn't get everything over to Troy and Sierra until recently. But we did update the Share Plan and the travel policy as well as the drop policy with respect to the discussion we had at the last meeting. Essentially again just for purposes of recapping for the share plan policy, we made the changes allowing or clarifying rather as a better term that drop participants are eligible for continued shares. Also that how the interest is going to be calculated based on our actual requirements of the last meeting. And then similarly for the for the drop as well. Specifically for the share plan we did to see you guys are aware, we did kind of add as well the portion about distributions are only eligible upon retirement, you know, reaching normal retirement age or early retirement and the separation of service. So you have to have both, right? The later of, I guess, is the better way to phrase it. So for those members who are deferred vested, right? So they're still waiting for their benefit. While the share plan monies are there, they will continue to earn interest, but no further actual shares will be allocated, right? So they'll just receive the interest as everybody else does, but no further allocations of the actual wait to review the previous and so he's present. I know he had some things that he had brought up on these two policies at the last meeting. Just a thought. Entirely up to you, I just wanted to point that out. What was that? Word against it. Word. I don't know, he just wanted, he wanted to review the language and make sure it was very clear based on some other language issues that I come up in the comments. When would they just for the you and for people? When would that interest calculation be allocated? Is that after our next meeting anyway? Yeah. Is it? It's done annually and conjunct evaluation report is usually when they actually do the calculations. So that would be after we their next meeting December right. Right. If you wait until the next year, you're not going to have to wait. If anybody's potential being allocated interest or not. Correct. Usually we get the share plan statements. I would say early calendar year. So that's fine. January March. Correct. Usually we get the share plan statements. I would say early calendar year. So And and just to be clear, I believe that we're we're not really changing the ways we've done it. We're just we're just clarifying it and making sure it's explicitly clear. Yeah, so I think the actually would still proceed and we would just have this done. But kind of like I think actually I want to brought that up for the people that have shares of the share plan they will get interest even if they were forced to leave the city fire department. They would still get the interest earnings allocation but they wouldn't get new shares in the way correct? Correct. Okay. Yeah. I think that's provided provided that they're vested and that they they haven't taken out their their contributions yes and if they take out their contributions then they can take out that whole piece and reinvest it somewhere else correct no if they if they remove their contributions and they essentially forfeit their share allocation They can if they can't you can't have you can't have both right the refund of contributions I think it's actually may have helped me they can do a roll out if when they do that right and Then they would just be out of it whatever their balance at the time they could roll out of that plan and do it somewhere else With the refund of contributions, but if they take the refund and they can't take their share plan. Okay, as long as my only concern was for somebody that, to me, it was bad to leave it locked in there for years and they get no interest. As long as they have the possibility to get interest. That's right. No, that's not the case. They do get the interest. Just as everybody else does, right? The net earnings, the net interest, right? Net of cost. But so yes, they get it. Everybody gets that. So that's the dress. Yes, sir. So if you like to table it, so your next meeting just so everybody has an opportunity to review it and go through it, that's perfectly fine. Again, I don't think it's going to matter. Again, we're not changing the way that we've done things. We're just clarifying and memorializing so that it's very clear. Yeah, you guys want to see what's in the next one? Everybody see. Yeah, I'll take that might be the best. Okay. Perfect. And this, again, I know we discussed it at the last meeting. It's the travel policy, which really just kind of, again, goes back to what we're discussing at the last meeting using the GSA rates for the particular venue, right? And those are set forth, right? It's annually. And then also including just actual cost for hotel rooms and things like that. You need us to vote for that or something? Or you just? Oh, we should table that one where David's president as well. That one is pretty. It's up to you guys. That one, you can either approve it or you can table it. I don't think it's that's not your discretion. What happened? We're not seeing it. We're right now, Pedro. Can you maybe reset not to us Pedro? Sure. We could put it in the next packet. It really does it. Is there anything? Me, that's a reasonable thing. As long as you guys are comfortable. I think that actually helps for people that were to go because the city's rate for meals is very small and if somebody went to something in Orlando, then that would just allow them to get a little bit more for them if they went to something and Orlando, then that would just allow them to get a little bit more per-dem if they went to something if they chose to submit it. So, I'm fine either way. I think we just want to see the policy. Yeah, let's look at it first. It's probably been a deal. I don't know if anybody's going to travel between now and December. I really don't think so either. They do have one thing I think I saw in the In somebody email that you guys division over tire they have one and Daytona be sure is that's free That nobody would need hotels for was that you guys Yeah, I'll be want to mention that one because that would be like a convenient cost effective way To go to one of them because it's just right up the road in Daytona It's free if that's a good one that you guys like, but should be under the agenda. Yeah. Well, I'll be a travel policy to the next agenda. We'll get that copy from Pedro and get that out into the next one. So I said sit over to you guys to Troy and Sierra. But I think I don't know if I heard maybe I think you guys are going to table it until the next meeting, I believe. Yeah, we're going to we're going to wait until the next meeting so everybody gets a chance to review that. Sure. Okay. And then the update on the proposed ordinance, I think I'm not sure if you guys received a copy, but at the last, I believe on September 9th, the ordinance with the enhanced multiplier was passed by the city. So that has been enacted or approved by council as of the, as of September 9. Is it two? Two. That's right. I was going to say second reading. Yeah, I was going to say second reading hasn't taken place. Yeah, it's past first reading. The second reading is, uh, I think that's next month, early October, I think. Yeah. Okay. And really, that's, I think, the last item is the the Mariner Agreement, which I believe has been finalized as well. And that's been not certain if it's been fully executed, but it's been finalized and sent around for signatures. So that's been taken care of as well. And again, remember this is, initially you had assigned the agreement from ANCO to Mariner. And then it was based on our recommendation. We had advised that we were going to essentially repaper all of the agreements with former ANCO clients. And so once the merger took place, we've done that. And so that's essentially the same agreement that we had before. A little bit more improved with some language that was required or added based on some requirements in the statutes. But otherwise everything is in order and with the board's normal conditions. Hey, Dr. Dereau, do you have any—so our chair is in here today? I think it's perfectly fun. Hey, Drow, do you have any, so our chair is in here today. Do you have any issue with the dollar trustee citing the Mariner Agreement? No, I don't. I don't think, I mean, I don't think we have anything specific, but I think it's perfectly fun. Awesome. Thank you. Do we need a motion to approve the Mariner Agreement? Sorry, you you broke up here. Do you want a motion to approve that Mariner Agreement? Yeah, sure. Why not? I think I thought we had already done it, but it's fine. We could just have a based on your attorney's recommendation approving the agreement and the execution thereof. Yeah, you could just say so moves. You could say so moves. Yeah. There's a second. Yeah, you could just say so moves. You could say so moves, yes. 30 seconds. I do. Any discussion? On favor? All right. Hey, Dr. Do you have anything else? Um, no, no, that's it. That's all I had for my report. Thank you, everyone. Thank you everyone. Hey, my old business. Hey, the consent agenda. So as a reminder, that's going to include warrant number 102 and 103 in the fund activity report for the period of June 4 through September 9. You can plan items for discussion if you like or go ahead and approve the consent agenda as one item. And those are like the invoices like around page 76 and such. Yeah. And they're all pretty typical, right? Like, sounds every time. If there's anything that's outside of the scope of a contract, we'll bring that to board approval first. Somewhere in the next slide, 58.79. And then there's the fun next year of your report, which is a member of Payton and Skipch again, those are just typical processing, I think out of the ordinary. Any questions? Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. Okay. All right, next up we have the staff report. So the first thing we have is the update on the subway play description. So as we talked about with the ordinance amendment, there's about to be a change. So our team is holding off on the summary play description to update just so that way it doesn't become immediately outdated. So once that amendment is adopted, then we'll go ahead and update the SPB, which will hopefully be on the next agenda for approval. Next we have the up to on state monies and I'll let try to take over from here. So the state monies were last year received was 181,284. This year received is 265,077, estimated increase of 84,000. and then the update on the disability affidavits. So as far as the affidavits for disability, William Daly has given you address and suspected which was found back soon. David Newell, second request, came back under river bowl. So board can direct us to try this one more time. You know, if you like, and then as far as Quigory Sweats goes, he had a doctor appointment, and there's a waiting note, says the PA is going to reach out to the Board of attorneys to see if this is acceptable. Once I guess, the PA's notes are ready. So it looks like the only one that we're really not hearing back from is David Bluel. I don't know if anybody has any information on where he may be located or anything like that. But that's the only one that we have no response and elective. So I was getting it back. So the other two should be back soon. So if anybody knows anything about David, and he's not getting anything back, it's his mail back under Liverpool. We definitely don't have to leave information. Anybody notice anything about David? Not getting any feedback. It's just mail back on the list of all the government military information. No address. What happens if he doesn't respond back? So we can, at Board Director, we can send him a final notice. That will say, if you don't return this form by the next meeting, there will be a hearing by the Board of Trustees to determine a suspension of your benefit. Did you want us to do that by tweeting down the next meeting, or do you want us to just give this one more shot, and then after the next meeting, you can direct us to the next meeting. We did send the original mailing one May 2nd, and this is going to come into light. Yeah, let's go to one more, and then everybody will be here to make that. Go one more. Yeah. OK. And we'll also try to give them a call maybe. Maybe that'll be helpful. I'll give them a minute. OK. And then of course, we have the educational opportunity. So I've discussed earlier. There's the Division of Retirement 53 Annual Police Officers and Firefighters Pension Conference in November. That's going to be a day to go to meet shores. Again, no costs for register. So you can go online and register yourselves. And then lastly, not only agenda, but there's the fiduciary liability policy is expiring soon. So we would need a motion to approve the renewal of the policy. The city does go ahead and get quotes for all of the plans because it's cheaper for them to do it that way. So there was no change in the premium, premiums saying the same for same coverage. So again, unless you have any questions, we'd be looking for a motion to renew approved the renewal of the fiduciary liability. Yeah, I'll make that motion. So again, Any discussion? Own favorite? All right. Great. Then we have trustee reports, discussion and actions or anything. I wanted to add. action or anything before the tab. With us, I'm going to such a great return. And then the funding of our plan. What's the funding rate of our plan now? Is it over 100 again or? That's something Doug's going to have to tell us when he comes in for the valuation report. So what I'm looking forward to is as these numbers come out open maybe before it be a little proactive is what kind of pension improvements can we make or suggestions for the over funding that way. What I do is it's a liability to be overfunded to a certain extent. So I don't know if that's nice. From the accounting standpoint it's not a liability. I don't want to confuse term-asset with liability. Liability would be if you were under funded by 60%. That's when if you only had a 60% funding level, that would be a risk that participants just for a clarification of why I was kind of like yeah, yeah, it's not a lie. You guys are great. I think it was probably be more productive conversation. That's not a negative. No, not a negative. Just somebody else that's not going to be able to possibly, don't want somebody to watch this meeting and say, oh, I think there are things that happen once you reach 100% funded that maybe impact like state money. Hey, Drow, do you know Op-Hand what the impact is of being over 100% funded? What the impact would be, you mean? Yeah. So 100% funding for purposes of the Florida statute has a very specific definition and essentially what it requires is that all current assets are sufficient to fund current and future liability. So if the plan is fully funded based on that definition and there's a little bit more specific than that, but the actuary would obviously confirm that. Then the consequence or the result is that your state money should cease. And then at whatever point you're no longer 100% funded or fully funded rather, then the money would begin again, right? Would turn on again, so to speak. But in my experience, I've never seen a plan, even one that was overfunded actually loses premium tax dollar distribution, just because they typically don't stay 100% or fully funded because of actual experience. That time passes, things happen. You know, market returns, people live longer die longer die sooner etc so but that would be a result ultimately 30-something else I'm going to make a motion of the chair. Second. All right. All right. Thank you guys. All right, everybody. I will. If anybody's going to be at the conference next week, I'll see you or at the state.