The normal regular meeting of the New Sumer to be each fired apartment pension. Can I get a roll call please? Sure, Brandon Carroll, Brian Fricky. Present. Julie Joyce, Michael Lynn. Present. Matt Martini. Present. We have a quorum. Okay. So, first thing on the agenda, any public comments? Okay. Okay, so next on the agenda, the approval of the minutes from January 9th, 2025, quarterly meeting. Did everybody have a chance to look at those? I do. Move to approve. Second. All in favor? Aye. The minutes have been approved. Okay, any new business by the board? Okay. Nothing there. All right. Assembly reports, grazed to consulting. Scott, you got the floor, sir. All right. That was quick. So one, so a couple things today. So we're going to talk about March 31st. I would imagine that you're more interested in what's actually. I mean, what's happening, what our expectations are going forward with everything's been happening in the market since March 31st. We also have a search, so at the last meeting we were talking about international and whether we should make a change with international, so I brought a search for both the value and the growth manager. We'll see how they compare to the benchmark, which would be the passive option, which I have that as well as other managers. We can decide whether we want to make a change or not. And then we'll talk about options regarding the international manager, regarding the allocation as well. One option that we have is if the managers that we like are the space, whether it's an act of repassive, is just unappealing. We can reduce the weight in there and put the money somewhere else rather than change in managers. It's just, I think, when we think about what's driving the international, I don't put the cart before the horse here, but so international, when you think about their earnings expectations relative to the US, they're not as high, and then you have all of this fluctuation with the value of the dollar. So what's happening with us as a US investor, the return is really the last two quarters, last quarter and this quarter, and probably going to be the quarter rate right now are going to be driven more by the value of the dollar rather than the returns in the market. When the value of the dollar goes down, that's beneficial to us, when the value of the dollar goes up, it's actually negative for international investments. So third quarter last year, the value of the dollar collapsed, which, so that made international the best performer in the portfolio, the fourth quarter, the value went through the roof, right? And so that was the dollar rally, which hurt us, it made it the worst performer. So the returns have been consistent about flap, but it went from up 8%, the down 8%, just because of the value of the dollar. So that's something to think about when earnings, when earnings are, earnings expectations aren't as great, and then you have that extra risk, something to maybe one underweight that. So we'll talk about that in just a moment. Any questions, anything you want me to think about or talk about as I go through the report anything on anybody's mind? All right, I'll jump in. Let's take a look at page four. This is as of March 31st. And as you can see, I mean, I don't think it's any surprise to anybody. Things are bad. It's negative everywhere, right? So, the S&P is down four. You take a look at the Russell 1000 growth down 10, the midcap growth down 7, and the small cap growth down 11, right? So, you know, one of the things we've talked about a lot over the last year and a half, is how concentrated the market is. And especially in the large cap space, there were five or six stocks that were really, really driving the returns of the indices, about 50% of the value of the indices were driven by five or six stocks. And we said that's great when they're going up, but when they're going down it's going to hurt. And that's what's happening right now. They're going down. They're getting, they were going down before the tariff announcement. And since the tariff announcement they've been going down quite a bit, right? So, there's just been really nowhere to hide in any asset class in equities for the quarter. And still that way since the end of the quarter. If we take a look at the next, the different sectors, four sectors were negative, consumer discretionary, down 13.8, technology, down 12.65. That's the five or six docs that we were talking about. So you had seven of the seven of the 11 were positive energy being the most positive up over 10%. So there's a big big difference between the best performer up over 10 and the worst performer down over 13. That's a big difference within within the market. So you know if you're overweight the wrong thing is going to hurt. If you're underweight, the right thing is going to hurt. That's one of the reasons we try to stay diversified, we try to stay sector neutral, we try to pick stocks within sectors rather than making these big sector bets. So I had mentioned what's happening with the value of the dollar. So if you take a look at the next page, page five, the international is actually up for the quarter, 6.86, right? So what happened was the value of the dollar fell during the third quarter. So the value fell in the third quarter last year, up in the fourth quarter, and then down in the first quarter again. And there's been a lot of capitulation in the value of the dollar, which is really driving these returns. And it seems that a lot of the value fluctuations have been based on what the administration is doing. So it's really hard to, it's really hard to handicap that. If we talk about a company that's growing and earnings and Costco and up or down, you know, you can kind of handicap profit of a business. But when the administration comes in and says, we're going to do this or that or the other thing and we have no idea what that's going to be, that can have a really big impact. And then we're taking a look at bonds on the next page. So it was kind of flat from pricing. So if you take a look at this for the cash, it was up about 1%, everything else was up about 2% for the quarter. So that's the value of the bonds went up a little bit, which means rates came down a little bit during this quarter. And again, yesterday, the 10 year had about a 60% basis point move, which is about 15%. So that's a really big move in bonds in a day, which has a lot, a huge impact on the portfolio when they're returns. What's all this mean for the portfolio? If we take a look at the quarter, down about 1%, close to the benchmark at 0.8, so it's about 10 basis points difference. Over the long term, the portfolio has been a low volatility portfolio. You know, I always point to that standard deviation. If you look right at the bottom of the page there, the standard deviation of equities are between 15 and 20. Your portfolio is about half of that. Your benchmark for your portfolio is about half of that, and then your actual portfolio is even less than that. And so that's a function of the managers that we've selected, all very, very low volatility managers. That's also further demonstrated if you look at your upcapturing, your downcapture, it's in the 90s when the market goes up, it goes up about 92% of what the market does. When the market goes down, it goes down about 91% of what the market does. So you put all that together on a risk adjusted basis you actually have a positive alpha which means when you take risk into account You're beating your benchmarks Next page is how we're allocated so I showed you how how badly equities have done if you take a look're a little overweight equities. So that is a big part of why the portfolio underperformed the benchmark a little bit, being overweight the asset classes that did the worst. Large cap growth was down one of the worst and that's one of the ones that were a little bit overweight. If you take a look at fixed income, we're slightly underweight. We are overweight cash. And where that's really helped us in recent quarters, as you saw for the quarter, cash was actually one of the lower performers. I won't say worse, it's still a good number, but it was about half of everything else in bonds. So the things that have really helped us in past quarters, being overweight equities, being overweight cash hurt us there in this quarter. Any questions on marketing economy before I get to the managers? And I can, if you would like, I can transition to the summary page. Perfect, great. So if we take a look, we can take a look at the returns. If you take a look all the way to the right of the page, anything that's in green means it's superior to its benchmark on a risk adjusted basis. That's a positive alpha. So with Vanguard, the passive index, the passive is always going to have a slight, just slightly negative alpha, because it's the same risk with just a tiny less return because of the fees. So that's always going to be slightly, it's always going to be right about there, the international growth. That's why we're doing a search right now, and then of course real estate. We understand the problem in real estate, but that's an illiquid asset. We have a request to get in, we just haven't, we're still doing that. So everything else is fine. Most of your managers, if you look at the green, the first, the first column there, the green means they have a higher return. If you look at the green under standard deviation, that means they have a lower risk. If they have a lower return and a higher risk, that's what gets you to that red. That's bad. You gotta have value somewhere, either by mitigating risk or by enhancing return. Any questions? When's it gonna end? When's it gonna end? Well, if you remember at the administration come in and I don't know what else are going to, well, this is what I think. And this is unencumbered by any facts or knowledge. And so, I think that's what I think is the most important thing to do. And I think that's the most important thing to do. And I think that's the most important thing to do. And I think that's this is what I think and this is I'm unencumbered by any facts or knowledge and so Trump said he was going to do a couple things he said he was going to fix he said he was going to fix trade agreements say he's going to fix the border he said he's going to lower taxes he the border. I think everybody was happy with that. He's doing this trade agreement. I think most people believe and they're not going to tell you what they're doing because they're not going to show everybody their cards, right? But for a very long time, we've had these upside down trade agreements where our country was being taxed, but we we weren't taxing them. And so they had a huge advantage, right? And so, we're where our country was being taxed, but we weren't taxing them. And so they had a huge advantage, right? And so what was happening is they were the low cost producer, so they knew they could add taxes to us, and still be the low cost producer, right? So I think that, and obviously, and so that's one thing, the other thing says World War II, we gave other countries an advantage to help them rebuild in Asia, and Europe, and everywhere else. All those trade agreements are still in place. Well, Trump will say, we're not going to do that anymore. It's going to be reciprocal. If you're going to tax us, we're going to tax you. We're going to let the chips fall where they may. If you're the low cost producer without helping, then that's great. And if you're not, then that's great too. And so I think what that's going to do is it's going to rejigger the workforce. You know, if because of taxes, Canada is the low-cost producer in farm goods because American goods cost so much more because they tax us. Well, if all the taxes are removed, then our farmers are gonna get a bump from that. So their farmers may come over here, or vice versa. We don't know, there's gonna be economic mobility, probably. And then that's if everything goes to neutral, I would imagine that what's happening right now is they're figuring, okay, there's going to be some things we can't reduce all the tariffs, right? There's going to be, whether it may be it's a national security issue or something like that. But I also think that, you know, I think it's interesting that all of these, we say, Okay're going to drop all these reciprocal tariffs except for China. And Trump has stated that he's very upset with China. For the COVID thing, for fentanyl, for the theft of intellectual property. So I'm not sure if this has a different play, other than tariffs, and other than free trade. If it has some kind of punishment factor to it, I don't know the answer to that. So, but I do believe that all of this is negotiating tools. And I do believe that at the end of the day, it's going to level the play in field. Now I don't know if that's going to be good or bad level in the play in field, but I do think it's going to level the play in field. Now, I don't know if that's going to be good or bad level in the play in field, but I do think it's going to level the play in field. So, I think it's going to be very rocky until we get to that answer. You have, I saw where one broker-chalc increased the probability of a recession this year to 70 percent. And then I also saw one, well, this was yesterday. So I don't know what's going on. I mean, I know what's going on today with the market, but I haven't heard anything. One of them said that they removed the probability. They brought it down because they said, hey, everything's after yesterday when he said, oh, everything's going to be fine now. So no one knows. And when no one knows, that's uncertainty, uncertainty brings volatility. As we've seen, I mean, this is remarkable times we live in right now. 3,000 point move. And here's one of the things you're not seeing too. There was one day where the market was down like 1700 points and then it came back up and finished up like 50 points. Oh, river. That's. That's a 3,000 point swing when you look at inner day. So that's just, and what I don't understand is what new information is coming out that causes these big wild swing. I mean, I understand why the market went down for five days and understand what went up yesterday. I'm not real sure why it's going down so much today. I've been driving, I haven't heard the news, but has there been anything new and significant? Or is it just... I have been working all day too. Can't even off day, anything happened. Is that all in the market? No, nothing worth mentioning. That's looking now. So with all that being said, you know, we're, I don't know if we say, well, Scott, let's reposition to where, from where? If we would have repositioned today Thursday, if we would have repositioned Tuesday because we were panicking because the market's going down, we would have missed out on a 3000 point game. If yesterday we said, hey,, the markets going everything's fine, let's load up. We would have been down at thousand points. So, you know, I think, and I've said this before, I think in volatile times, it's always best to stick to your long-term targets, right? Get closer to your targets. We're pretty close. If we, I just want to refer to page 9 real quick. We're underweight international by about half and where that underweight is, we're little overweight, the mid value and smid growth. So instead, by about 50%, so that's a 2% overweight in each of those those because of the 2% overweight in each of those. Everything else is pretty dog on close. When you look at large cap growth, the target's 15, we're 15.7 and 16.2 for value. So, there's not really any big bets going on here. We're pretty dog on close and we're a little overweight cash. And I can't even say, hey, let's get into bonds because bonds are moving as dramatically as stocks right now. I mean, it's not that nothing's safe except cash. Say it again. And that makes you move. Yeah, I it on cash. Yeah, I mean, yeah, we're at half weight, we're overweight cash. So the, the, the smids that we're overweight by 2%, we're the same overweight in cash. So we're overweight cash by 2%. Brian, you got any wisdom? Not now. I agree with what you're saying. It's just waiting in. Yeah, in a volatile market like this, it's like if you want to make trades, you're running the risk of trying to catch a falling knife. Fair handed. Yeah. Yeah. I think we have to rely on our positions that we placed when we went a little defensive, when we went right back a year ago, a little over. Well, yeah, that's one of the thing, you know, I mean, that's one of the things when the market had them 20% back to back years. I'm so, hey, man, this is the time to get to fit. Now, you never know what it's going to be. You never know what that black swan event is going to be, but there's always going to be something. And that's why I call it black swan. You don going to be. You never know what that black swan event is going to be. But there's always going to be something. And that's why I call it a black swan. You don't see it. You don't record. It just shows up. Last quarter, it was deep seek. This quarter, it's these tariffs. And there could be a tweet tomorrow that, hey, we're up 5,000 points. The news yesterday was the second best day in history for the NASDAQ. That was the news yesterday. The three days before that it was down thousands of points and today it's not that. It's... So... Yeah. It's a wild ride. It is a wild ride now. I can't... Did you see the movie, the big short? You know, you didn't see a movie? This guy's a financial advisor, and he makes some trades, and the market is working against him, and he really believes he's right. And the phones ring in, and people are, I'm going to sue you, I'm going to sue you. And he's laying in his office in the fetal position. That's why I feel like now. This is just awful. I don't know which way to go. So, you know, we stick to the plan. You know, we do, we do, we do the things that have always gotten us through this in the past and just it's like preparing for a hurricane in Florida. It's gonna stink for a short period of time, but you prepare properly, then you know, you'll get out relatively unscathed is the hope. That is the hope. That's the hope. I have any questions on the portfolio performance. So then the next two things are if we take a look at the next book, there's two pages, these two pages right in the very front. Let's start with international value. Now, I think Todd's done fantastic, right? So when we look at them, their return since inception is 10.66 versus the benchmark of eight. They have a higher return over every single time frame. They're up captures 107, they're down captures 94. But we did say that hey, is there anything else since we're doing a search for the growth, let's do one. Let's just bring the information for the value to either, you know, reinforce the decision that you've made. And if you take a look, they've actually outperformed on a net basis over every timeframe with return. And they're doing it with about the same risk. So to put a fine point on this, I don't think we need to change time. So, okay. That's your international manager. Your international value manager. The one that gives us a little consternation is the next one. This is BNY. And so if we take a look at them, they're every statistic is wrong. We've had them since 22. We haven't had them for very long. But they have a lower return. They have a higher risk. They have an up capture, which below 100, and a down capture that's. Right? So I said, okay, is there anything out there that is doing better? And I found a few, depending on time frame. So if you look all the way to the right, what you're going to see is the MSCIE fee. That's the appropriate benchmark. Okay. And if you take a look at BNY, Scott, what you're going to see is for the one year, the three year, the five year, they've all underperformed. Now, we haven't had a five years. We haven't even had a three. But over every time frame, they've underperformed. And a lot of it has to do with that last year, right? So any time you have a bad year, it then reflects in all of your other numbers, right? If you take a look at all of these managers over the three year period, which includes 22, right? That was the year the market was down, all of them have a negative number. Your benchmark did not. Right? It was actually more stable. But then if you look at it over longer periods of time, let's say the 10-year number, Clearbridge and Genescent, handily, are doing better than the benchmark. Right? If you take a look at the one year, Clearbridge is seven and a half versus benchmark of 3.8. Genison is 10.1 versus the benchmark of 3.8. The three year number, again, which is includes that bad year. You see that both of those managers underperformed. But then on the five year Clear Bridge, 5.0, these are net numbers, 507 versus 473, Geneson 864 versus 473, and then Clearbridge on the 10 year, 819 versus 520, and Geneson 986 versus 520. One of the things that this board is always leaned into is going with the low risk manager. As I demonstrated, and that's why I pointed that out when first started talking. Your benchmark is X and you have your benchmark risk is X and you have you have less than that. If you notice these two managers that are out performing the benchmark have more risk, but you're getting paid for it. So both of these we're talking about a 5% position in the portfolio actually 2.5% right now, but the benchmark is 5%. So if you're going to take a risk in the portfolio, you know this is the space you would want to do it. You wouldn't want to do it with something that's 30 or 40% of your portfolio. You want to do it on the margins. Did you have Genescent before? I think you had Genescent in the large cap space. OK. Yeah, Genescent has several different mandates. Both of them are all four of them, actually, are on our focus group. So the question is, I think this is what it comes down to. B and Y is underperforming everything. Do you want to go for a manager, you have an active manager that's picking stocks and has historically had a higher return with a little higher risk on a net basis, a higher return, or would you prefer to go to a passive option? Any input? What's the face guy you know my bias? Yeah. And I'm not going to lie to you. I'm very conservative with things, especially like you're just talking right now about, we don't know what day to day, what's going to change, and what's going going on and I'm looking even at your numbers here at the international market numbers were way down so I don't know I mean I've always been more concerned of those steady growth slow easy. Well and BNY if you look okay so if you look at BNY over a 10 year number your, you're a currency. So that's a different route. So BNY over a 10-year number is higher than the benchmark with lower risk. That's why you have it now. That was the exact justification for getting it. Recognizing that in short-term periods there's going to be a difference in performance, but your long-term investors are literally into perpetuity. So we looked at the long-term numbers and we said, look, this has the lowest risk, it's lower than the benchmark, and you have a better return over the long-term. But I know there's been discussions, and we haven't had it for very long. We've only had it for, since 22, so 2 and a half years. And so, you know, so, you know, I want to just kind of remind everyone of why we have it for that low risk and for the long-term performance. But it's, you know, for the one-year number, they were underperformed by 10 percentage points. Now the 10-year number includes that. So it's not different from, I mean, that's included in the calculation for the 10-year number where they're still outperforming. But, you know, I just wanna make sure that we recognize what we have and if we wanna stick with the low risk steady-eddy, recognizing there's gonna be different periods, that's your low risk producer and on a net basis has a higher return. If you want to, if the next step would be if you want to increase risk a little bit, that would be the benchmark, which would give you a lower return over the longer period. And then if you want to increase risk a little bit more, that would give you these other two active managers that have a higher return. So this is low risk. Then you have the benchmark risk which is in the middle and then you have other managers that have a little higher risk, a little higher return. Do you have the numbers following this last quarter for clear- This is through the 31st.st said you have anything that references the the circus show that we just went through these last this last quarter and how that's going to impact these. Um because really what here's what I'm looking at for B and Y right there at the five year term which is pretty much. What we've been yo-yoing against leaving it leaving the 10 year in since inception below. We're a 4-6-7 for them versus versus the end. It's 4-2-8 actually because the 4-2-8 is the net. Sorry, so 4-2-8 versus a 4-7-3. So really in that time frame that we've been bouncing since we grabbed them just a couple of years ago and then just beyond. There's really more where I'd be looking at versus some of these other years that we didn't have them. It doesn't really impact me too much. So what does clear bridge and genesis look like taking into this next quarter? You know, what kind of impact or do you know if there's gonna, how that's gonna work with their numbers if we go five years. So you're seeing as of 3.30, as of five days ago, what's the five year number? Right. I can't think that it would be much different because what we're talking about is a 90 day difference. I mean, it might be pretty different for the one year number but not for the five or 10 year number. Okay. I can tell you a little bit about Clearbridge. So Clearbridge, one of the things that they do is, so they have, so most managers invest a specific way and they kind of stick to their knitting. Genison is an example of that. Genison focuses a little more on momentum, on growthier type things, or looking for things that are really gonna get up-ing. Well, if momentum is out of favor, genison is not going to be in favor, right? And they're not gonna change. They're gonna stick to their knitting and they're gonna stay there. Clear bridge, they manage your money three different ways. They have what they call a core portfolio, a momentum portfolio, and a defensive portfolio. If momentum's in favor, so the core portfolio is about 50%. The momentum in the defensive are about 25 each. If momentum's in favor, they'll overweight momentum. If defense is in favor, they'll overweight defense. The problem where I've seen clear bridge underperform, and it works out well for them over time. Where I've seen them underperform is where there's a lot of capitulation in the market. And the momentum in favor, the overwhip momentum, and then value comes in favor. Well, now they're underweight value. And then they go to value and then it's, you know, and then it, now those things don't happen very often. Usually the market gets on a trend and it kind of stays there. But it does happen and you need to know that if you decide to go with Clearbridge. But so they're a little bit different than some of these other managers. Harding lovners, more of a, they just, they look for high quality, not necessarily, you know, super growthy. different than some of these other managers. Harding lovners, more of a, they just, they look for high quality, not necessarily, you know, super growthy. You know, when you think about in the growth space, you've got like, you've got an average. Genison is going to be over here, little above average. Harding lovner is going to be right in the middle, and then Clearbridge is going to, Clearbridge is going to make decisions on where to be. That's why if you take a look at Genesis and that has the absolute highest risk of 22, I mean it's, gosh, the benchmark is 17, that's 25% more risk than the benchmark. But you also have a lot more than 25% in return, right? So it's okay because you have a positive alpha. You're getting paid for the risk you're taking. So, guess the question is, do we move? Stay higher risk or? I would go with the benchmark. The index. If I'm looking at things right on the one three and five year, the index is better than the other active managers on a net basis. No, no. I said if I'm looking at it, right? Right. So 473 for the benchmark. Queer bridge is a little higher than Geneson would be higher for the five. And then on the one, so the three year number number, you're absolutely right. And the three-year number is the only number where the active managers are not superior. Oh, okay. Yeah. To me right now, where we're at currently, seems a and is going to end up resulting in something that looks very similar to the numbers in the three year. So they're losing a lot more at that point and since the volatility to me if I understand correctly is uncertain us going to a more aggressive manager at this point would make any sense because we're not gonna know when the bottom is, right? So I'm kind of where you are. And I'm not saying that we don't need to do something. I'm not sure right now to move to a riskier manager, especially in the international space, is a good idea. No. No. I'm not saying maybe six months from now, but there has been There has been underperformance, and I want as a fiduciary, we got to say, well, why'd you do this? Well, this is the lowest volatility thing, and it's a really volatile market. That's why we're staying. But we did consider it, and at a different time, we may change. Right. I always, I'm sorry. Hello, Bill Brittitz. As you said, I always struggle with longer term performance, 5-10-year average and a performance I remember years ago. Oh, God. The Fidelity Magellan Fund, Peter Lynch, had what, a 15-year track record of beating the S&P, and then he left. And the Magellan still had favorable long-term track records because his prior performance was propping up poor short-term performance. So that's where I would tend to look more towards the shorter term. I'm not saying quarterly or yearly, but three-year, five-year, as as opposed to 10 year. That's just my bias. No, I agree with that. And so when you look at these, there's only, I mean, the short term and the long term, it's just the three year number. And that was an anomaly of a year, right? So that was, that was, you know, you can, I hate to say you can throw that out because you could almost throw out the last two years, two, 20% a year, two years in a row. That's kind of an outlier as well. So, you know, it's just been crazy. But I agree with you. I think that, and I'm, and I'm, one of the things that I do, which I also have if you'd like to pursue this further, is we have the annual returns? Because now you can see how it does consistently. To Brian's point, you could have a manager that eight years in a row has bad returns. Let's say a little bit lower, but then have one really good outsized year and now it lakes there one three five and ten look great. Are the reverses true? Yep. So understanding that that's why I mean these are the averages but I also bring the annual returns and you say okay if seven out of ten times it outperforms and that's a pretty good bet in up markets and down markets right that's a pretty good bet. But it sounds to me like we want to hold Pat right now with the lowest risk manager out there. Here that I'm kind of leading with you going towards the index just to. Well this is why this is three six months. This is why I've always been partial to the index because now I don't have to be concerned about what the manager is going to do and historically active managers underperform over time. So trying to continue to guess which ones are going to outperform, I just keep it simple, keep it low cost, and stick with passive. Thanks, and we can readdress this. Three. I just keep it simple, keep it low cost, and stick with passive. Thanks, so we can readdress this in three, six months, and next meeting if something changes in the market also, I mean, we're gonna get a little bit more stability, I guess, as the word I looked before. Wait, are you saying you wanna go to passive now, or are you saying you wanna wait and go to passive in three to six months? And I'm completely indifferent. I'm just trying to get an action here. I'm not here. I'm just trying to get an action here. I'm just trying to get an action here. I'm just trying to get an action here. I'm just trying to get an action here. I'm just trying to get an action here. I'm just trying to get an action here. I'm just trying to get an action here. I'm just trying to get an action here. I'm just trying to get an action out of here. Where's it going to it now? And then re-approach this subject if we start seeing some more stuff. I would do it now simply because of what's going on. Nobody knows what the rules of the game are. So it's very tough to make any informed choices. So just stick with the index for better or worse. Right. And then we can reevaluate once the dust settles and smoke clears, we know what the rules of... There's no cost to doing any of that. Okay. So I mean right now, the recovery on BNY is still under performing the recovery of the index, and the index didn't lose as much as that, in the big Exactly. I mean it seems like a no-brainer on that regard Even though long-term, you know when we made that move, you know, we knew it was gonna be slow out of the gate But yep, we didn't know that this was coming either And there's always gonna be something right's always going to be something. And we have enough active managers and some of our other sectors and other allocations that they've worked well. So I think the two toughest sectors is international and large cap growth. And so you already have passive and large cap growth. And this will be the other. Your other managers are pretty, this one, you know, that's, this, and this is why we did this. So, so I need a motion. Yes. A motion to move the end. Why am Walter Scott, international growth, and move it to the index. So moved. So the second. Second. All in favor. Aye. Motion passes. So now I'm going to assume that because Todd, which is continuing to outperform long term short term, that we're not going to take action at this point, but they'll stay on our radar screen. Yes. Yes. Works for me. Good. Perfect. I've got my marks and orders. No other. I'm sorry, who was the second on that? Martini. Okay. Sorry, I'll be moving the active international growth the passive and we will That's that's the only action item, okay, and that concludes my prepared remarks. Thank you awesome. Thank you Okay, right along here. Next is up is Pedro. You run the line a minute ago. Pedro, are you there? Pedro? Oh, Pedro. That's his thing there. OK. No text. OK. Oh, he says running to the restroom. Oh, right back. OK. OK, we'll move forward a little bit. Then anybody have anything for the old business? Bring up. No. Good? OK, so warrant number 35 for rat ratification and the invoice payments came through all of our bills. I'm going to find them here. I have them. Anyway. And the Fund Activity Report, the period of January 3rd, 2025, did everybody have a chance to see the warrant for ratification and the invoice for payments? And I'll be having to go over. Did you get the copies of those? I did look them over. I looked them over. I was trying to find them into this here. It's usually not in this one. Let me go back out. I think that's the same one. Scott, while they're reviewing that, do you mind just sending me the exact place all of us? We have a lot of work to do. and Scott will they're reviewing that do you might just sending me the exact place all the various motion some of the exact motion uh... it was just made so the rest of the chance so I get it correct what am I doing here? I'm all over the police so I'm all over the police. So I think all we need to do is just approve it. I'm just trying to make sure they're up here. Yes, so we have the warrant for ratification, one of the 35 and the new invoices for our payment for approval. Do I have the motion to approve? So moved. Second. Second. All in favor? Hi. Hi. Hi. Hi. Hi. Hi. Hi. Hi. Hi. Hi. Hi as well. Yes, okay and back in the restroom Pedro I Could go on and okay, it's good. It's all you try perfect all right So moving on to the staff reports the end report update Your end report was submitted to the state on April 8th. We usually get the numbers back in mid August, letting us know what the plan is going to receive from the state, which obviously is important to the plan, the actuary, and the town, and all that. So just letting you know that has been handled by us, and we'll report back to you in mid August. Okay. Nothing else on that. Then just moving on to educational opportunities. FPVTA's 41st Annual Conference is coming up June 22, through the 25th at the Omni Champions Gate Orlando. We have a new process coming out for classes. We're going to create a, I guess, an email that we're going to send and it's going to ask questions. Some people do the CPPT and sometimes we get credit, we get like a discount last year. They offer a discount if we did it all at one time. So we're trying to save you the most money and also streamline what we do because I'll send it to the analyst. The analyst will sign you up for the class and then send you the email of where the hotel is and what the code is. But there's a second step that that CPPT, you know, we're going back and forth and as we grow as a company, we wanna streamline it and we wanna make sure we get you every discount that we can. So we're just gonna have an email, we're preparing it now. So anybody that wants to go to that class in June, please email me now, I'm making a list. Once we get the form sent out, I'm going to send you an email and this way you can just fill it out and you'll be set. This one is the big one. If you want to go to this, you want to sign up as soon as it opens. So basically in the next couple of weeks, if possible, let me know. We want to get you signed up pretty quick because that hotel fills up fairly quick. And they usually will give a secondary hotel if that does fill up that they will recommend people going to. Okay. All right. Other than that, I don't have anything else. Pedro, you there? Okay, all right, can go to, I don't know if you've looked over while we're waiting for Pedro. I believe he's going to go over the summary plan description. Yes. Yeah. Okay, that's on page 134 of 162. There's any questions that you want to review right now, so you can ask Pedro, and maybe that'll help us move along. You can see the red line version. I do have a clean version, actually. Is it on the back of those things I sent you to sign? I may have just put the single page document. That should be it. It's just a single page document. Okay. If you approve as is, then I'll need you to sign that as well. Okay. Instead of printing out the whole thing, I'm just going to scan it in and attach it to the document. And then if I have any questions about the plan, who is written? Probably going to be a Pedro question, but because I was absent the last two, I did try to follow through the minutes as far as the, where did I just read it? So the hours actually worked in excess on page two of the hours, about midway down that paragraph. It says the hours actually worked in excess of 2912. Hi, Pedro. Can you hear me? I don't think you're volume low. Yes, I'm sorry, my mute was on. You're just sir. No problem. So we just went ahead and finished everything else up on the agenda. Nothing specific came up that they need to address you for. I don't believe. I've moved them on to your section and we just had them reviewing the SPD to see if there's any questions since that's on the operator review. I'll address you for it, I'll believe. I've moved them on to your section and we just had them reviewing the SPD to see if there's any questions since that's on the open order review. I'll let you take over with your comments. Okay, with respects to you, I'm sorry, Troy, I think I missed it. Did you want me to go over the changes? Are you set the cost? No, no, that missed it. Did you want me to go over the changes? Or you said the cost? No, no, that's it. I was just asked them for the changes. If there are good with the changes, then we can go and approve that. If they have any questions, they can go and ask you. Oh, I'm sorry. OK. So the trustees are apologize. I stepped out to go to the rest room. do you, were you able to see the track changes and did you have any questions or anything or did you want me to go over the rest room and did you? Were you able to see the track changes and did you have any questions or anything? Or did you want me to go over something specifically? I mean, I can go over each one, but I doubt you guys, anybody wants that? Hey, Dr. I did have a, this is Matt. So probably about this time last year, there was a question. I think it was actually the meeting you missed and we had Mr. Sugarman step in and in your place. But we had talked about the way that it was worded and the conflict that was with the personal leave not counting as hours worked but not being backed out of the total of 300 hours that they get for overtime because that's part of the 29 the 29 12 right? Yeah, I have a yeah, I have a vague recollection of everything. Yeah, gotcha perfect So as I read these new changes here, I think it's the same language that we probably saw previous but when it says up to 300 hours or I'm sorry about midway down fire it's going to be actually yeah about midway down the new language it says the hours actually worked in excess of 29 12 hours or included in the pinchable salary up to the 300 hours. Will this ordinance self adjust if there's any change in any of the contractual language that Designates what would be considered hours work the not hours work or does that is that gonna have to come back and go for another adjustment so so Yet to so no it will not automatically update is the first answer answer response. If there is a new bargaining agreement to change something, then we will draft an ordinance amendment would be required. And so once that is enacted by the city, then we would update the board can update this SPD. We're supposed to do it every two years. We can do it more frequently if we like, but that would be the process. So we would revise this summary plan description. You know, you'd have it at a meeting and we'd go through the same process, you'd review it and potentially approve it. And that would be that. But first, the first step would be to your point, would have to amend the ordinance the ordinance is what controls this is just okay. Got you Our our version of the of the ordinance essentially understood okay Did you have any other questions about it and? May maybe for Heather. I don't know if you might know this When they when they use PL on their checks when they get PL on their checks, does that have pension pulled from it? No. No, no PL in the city is productive. Okay. So it does not include any of that pension contribution. Okay. Perfect. Any other questions? I don't know. We're going to have to get back in there. We're going to get back in there. We're going to get back in there. We're going to get back in there. We're going to get back in there. We're going to get back in there. We're going to get back in there. We're going to get back in there. We're going to get back in there. We're going to get back in there. We're going to be contracted. That's my question. Yeah, that's usually how it goes. Okay, do I have a motion to accept the updated summary plan description? As it's written so moved I'll second the second all in favor. I Motion passes So just give me a whenever you can try Updated copy with this with just all the language and lines. That's good. So I'll get it out to everybody I will skip it in with your signature on it today Okay, and then I will send you a copy with this with just all the language and lines. Sounds good. So I'll get it out to everybody. I will skip it in with your signature on it today. Okay. And then I will send you the clean version as well as to Pedro's office. All right. Thank you. Get it out to everybody then. Pedro, you're still up. Anything else? Legislative updates? So, legislative updates. There are none. There are none. There is less session, there's maybe about two weeks left, more or less session, maybe a little bit less. So I don't believe anything is going to take place that would affect our plan or municipal plans here in Florida. So no changes on that front. The only change, and it's not really legislative, but the FRS did update their mortality tables. So by statute, we are then required to update ours. So your next valuation, we'll include that, but that's kind of separate in a part. And so legislatively, no changes. The only other item which just want to touch on, remind you of it is that time of the year. So your financial disclosure forms, your form once, are due by July 1. I believe we meet one more time and just before then in June. So it'll be a recorded message. I'll remind you when I get again, but just keep it on your radar. Recall Similar to last year, right? This year you're filing online through the through the portal through the ethics commission portal You would use you know presumably the same email that you were assigned by the clerk and whatever whatever password you set up. So hopefully it'll be a little bit easier this year since you kind of already done it once, but obviously any questions or anything just let me know. Is that open for new? Is that open for renewal right now? Are we able to do that now? Yeah, you can go ahead and yeah, you can go ahead and get a file. It would call, you know, but this is for last calendar year, right? So you're going through December of 24. So you can take care of that now or, you know, really at any point, but definitely by July 1st, please. Gotcha. I'm good. Pedro, you got anything else? No, sir, that's it. That's all I had. Thank you so much. Thank you. Sweet. Anything from the trustees? No discussion? Anything, Heather? You got anything for us? Are you good? I just wanted to double check what you guys were talking about with making changes to ordinance just to make sure I know what's going on but I can get with you that and then the only I Didn't see the update to the SPD But I wanted to I was gonna ask Pedro do we need to consider a full redo like we did on the police one It's a good It's a it's a good question. If you're asking me, yes. I generally prefer to have a clean ordinance version. I know we haven't had one here for a bit. The plan has been amended several times. You know, I would certainly be in favor of it, but obviously I understand it's an extra expense and extra time for the city and kind of going through everything. So that's something that I would defer to the board, maybe in terms of the timing. If not now, though, I would agree. I think at some point, maybe in the next year or two, we take a look at the- you know, defer to the board, maybe in terms of the timing. If not now, though, I would, you know, I would agree. I think at some point, you know, maybe in the next year or two, we, we take a look at that. So maybe we at least. And just for the board, just for the board, I should have started with this. We're talking about a restatement of the ordinance, which is essential if we kind of go back in and, you know, revise, fix typos, move sections around to make it kind of flow a little bit easier. Delete, you know, obsolete, fix typos, move sections around to make it kind of flow a little bit easier, delete, you know, obsolete provisions, update other areas that need correction, things like that. We're not changing anything materially. We're just reorganizing and maybe clarifying and things like that. And maybe what we do, Pedro, is wait until after this negotiation process. That way if there are any changes, then we'll tell that's done and then we can just just check it and see if that's something that the board wants to do. It just makes it clear. Yes. We did it. That's a good one. And it made it so nice that you can read it now without having all the ins and outs. And did we update this and did we forget that and we caught things that Pedro and I both caught things that we thought we had and we didn't and so then cleaning up the summary made that easier too so just a nice process to get it clean for all your people. That sounds good. Yeah, and I agree if we are, yeah, I didn't realize the negotiations were kind of starting or going on now but yes, I would agree with that. I think we should, you know, we wait and see and see what that results in. And then we can, you know, I mean, we still have to kind of, we still have to amend the ordinance and then we could do the restatement, but either way, I think that would be the best approach. All right. Just keep me posted on that. Whenever you want that added to an agenda, let me know on the show that I get it out. I'd like to see what goes on with it. We're back. We're back to the event right now. Yeah, the unions open right now, the contracts that are going to be stocked over so. So we said. Okay, nobody has anything else. Next meeting is on July 10th, 2025, 4 p.m. We're adjourned. I appreciate it. And just so I will go ahead and send out a reminder to the trustees that aren't here to make sure they get that 4-1 done because we won't be back here until July 10th. that aren't here to make sure they get that 4-1 done because we won't be back here until July 10th. They wanted by July 1st, so I will go ahead and send that out and we actually have it. to the trustees that aren't here to make sure they get that 4-1 done because we won't be back here until July 10th It's they want it by July 1st So I will go ahead and send that out and we actually have a document to send out to link you to that form if you don't have it So I'll at least send those to but probably send the whole board once we get that document ready please do Yeah, it's makes it easier to find the link.