Why are we trying to stop them? Before you start? I knew it. Well, you're tired. Oh, you know what? Where are you coming from? At La La. Going to something. Go for it. Go for it. Go for it. I'm going to get some coffee. Thank you start a friend of a word from us. This is what they do. We're doing a quick. And you know, you know, you're going to be very excited. I'm well on yourself. We can rebound. And that's. Which you pronounce. It is all four letters. You know, you're. You're me. Did I get the right? Yes. Okay. Yes. Unless I'm in trouble to know. Then there's no It was very hard. You took a vacation to Austin? Oh, it's transcribing. That's a time. I feel like now I was going to be a part of the time. Right. Right. You know, it's a time. It's a time. It's a time. It's a time. It's a time. It's a time. the book? Yeah. Good. You know this is my man. That's right. This is her piece. Okay. That's a death. Great. You're going to be a good girl. You're going to gonna follow that. No. I'm gonna flip it on. I'm gonna flip it on. You ready to get started? Yeah, and I'll watch the chart. Let me just make sure we don't have to. Okay. No, let me take a moment. All right. Well, let's go ahead and get started. Oh, I think there's a pretty nice that you mentioned you would have for us if you knew. Yeah, so there were several places around the table. This is an interesting one. But we need to do what it was said to have her in the game. Yeah. I think there's I'll go over one of the one of the one of the one of the one of the one of the one of the one of the one of the one of the one of the one of the one of the one of the one of the one of the I have some colleagues. Yeah, because there we have that. What. What. Okay. Now I'm going to go forward. All right. Welcome everyone to our first. Minus feels like well, so first in a month of the school year. So it's like a new year. I don't know. Welcome. like well as the first you know month of the school year so it's like a new year or you know we're in September so welcome we'll do the introduction but first I think we need to do roll call I have a call roll of the hand board members so after I say your name is say here and if you don't say anything, then I'll assume you're okay. Darling is absent. Bonnie, here, Marshall, my fan, here, Matt, Nate, and here. Thank you, David. And now go right into the next agenda, David. Yes, okay. So next on the agenda is the Rural Trustee Appendance of Cruel. Okay, so next on the agenda is the REC450 attendance approval, although I don't think we have any virtual trustee in attendance at the moment. Not yet, so we won't use that hold and enjoy some probably interrupt and call for which. We can come back to that. All right. Item number three, virtual 10D, for those on home. All right. Well, let's go ahead and go around and do introductions. So I'm Connie River. I'm the chair of every time before. I'm the three vice chair of the time. What that Parker retirement or trustchair of the time award. That's Parker, the chairman for Trustee from the Greensboro. Marshall Jarrett, retirement board trustee, resident of the city of Baltimore. Dan Jackson, retirement board trustee, just by the council of Whitney. Very nice, very institutional. The investment consulted. Debra Mons, client full full manager with Mission Square retirement. Steve Sherman also with Mission Square retirement. And to my guy, what in the retirement plan special is also with Mission Square retirement. Kristen, my co-false church city public school staff member. But our own city of false church trustee. No, that in the south of the town I position manager and resources staff in the book. So the best are plan administrator and you have Karen Balow offline. RCFO, right. Karen is the only one we have online right now. And it's Steve's online, but he's also in person. Yes. All right. Well, again, welcome everyone. We wanted to provide some. Well, first of all, welcome, Megan. It's nice to see you. Thank you. So, take away into the staffing update. We just wanted to let more board know that Sherry Davis' sentence moved on to another opportunity and time with family. And in our transition period, it made it is kindly coming back and supporting us at the meeting, but also focusing. That's important. It's not warm important in our work with our retirees, both in projections and investment planning and setting up all the work that we do in the U.S. Bank with the date of second balance so she needs to enter so I can approve. So, we're keeping taken very busy because she's built us have the elevator of that position. And we are working to we being the city and HR for filling positions. Recently, they have a great opportunity that a 10th employee, we have a great benefit background. Chris is going to go permanent in October and so that he's actually been doing some of this for with no song, maybe, and stuff. So that would be great. And then I just wanted to get that the HR director position still but again, and you know, we've had the main meeting, he and Steve Mason stepping down, and we'd also talk about that. So that's sort of where we are in HR. All the primary stuff is getting done, but some of the stuff like getting new administrators report just before the meeting is a little bit just been time. The airport came to prior time to get the local stuff. We'll do it. It's a team work, but just wanted to give everybody a look. Understandable. And we are sorry to have shared we but like I said I have to have you here like that. I'm sure it's all coming back. We were in the chat that failed to introduction so as you walk in, Robert, would you like to introduce? Robert, well, Segal, consulting, actuary. He is the city with their pension and op-app valuations. Before we move on to that, next item, the other housekeeping item is setting the motion maker for the meeting and looking at you Marshall. You're the motion maker today. I agree with you. Thank you. What's the one agreed to be the seconder for today? Thank you, sir. Thank you, Matt. We really enjoyed it. Thank you. Very good. I'm sending you any positions. No positions and while you've trapped about another. Anybody by the way, I'll let you know. Next, we have the review and approval of the draft minutes or last meeting. All of you received the minutes from the May 9, 24th and advance. So give you a moment to address any concerns. What other ones? I have to ask the coffee that I've done. Yes, I'm ready to thank the budget. Yes. All we've approved of the bank guy, 2024 minutes has reached. Perfect. So she has a committee for the second half of the college. Yes, partial? Yes. Okay. Yes, that? Yes. Deep? Yes. And here. Yes. And try to guess. Thank you. We have a meeting so sweet on our IT team up against the room. So now they're in the ceiling and we don't have to have it go, microphone please. It's very nice. Is that a list guide is that everything you stay, you're being caught. So know what sides. If you have a side, it will be caught. It will be found in a little bit clarification. Yeah. All right, so we're going to move on now. I need to agenda that was actually Mary, but we're going to go ahead and have Stephen Kevin actually go ahead first, because they are traveling here from long distances and are going to be much for you to go to that. I think you'd like you to be safe. Isht still going to be a long ride. That's a lot of time. We'll have you darmin then. And then we'll come on to you here. So, I'm going to stop sharing. So it's okay. Thank you. Pleasure to see you all again. I know it's been six months, it's been a short, I think, since Kevin and I were here last time, I believe. But we do have some new information prepared to share those walls in your face. For those of you who don't know me, I think we'll get to you in a little bit. This is Anne Pune, she is your local retirement plant specialist. So I believe last time we spoke about who actually does on the work of me with your participants. Here she is. If you haven't seen me yet, I'll just speak a little bit later on to what she actually does and how she interacts with your participants. I'm going to go to the water. Everyone knows and loves answering them. I get to spray them regularly by employers that have shared their leaves. So I sent out a stand version of this presentation previously with why I'm sharing this bit more interactive and live. So what you saw was kind of like screenshots essentially or a PDF is generated. But what we're looking at here is a tool that we use called visual analytics, which essentially gives an overview of the plan as well as some participant trends. And really kind of what's happening with the plan over a time period snapshot. And you can see that as a big enough degree. So the data we're looking at is as at the end of August, so sub-dates monthly, so this is only about 13-day old data. So as of 831, the total balance across all your accounts was $3.3 million with 700 and two participants. Now you do see that it does include a lot of duplicates between the 457 and the 401. This is just overall total number of accounts not breaking out via the individuals, but you do see how it is broken out down here. You see the vast majority of the assets is held within the 47, you know, 32 and a half million ish of the 33.3. And if you look, it's just kind of a rolling time shot from January 2017 to August about six, six, seven years. We do see how participant balances have grown, how the plan balance has grown, over time it's increased quite a bit. And more importantly, if you look at the bottom, what we then see is the actual number of participants. I think this is the much better reflection of what's actually happening with the plan. Because this shows that the number of people that are enrolling is really growing and engaging. That thing's a great test for the dance plan. I was in conjunction with the city to promote the plan to get out there to enroll people in the plan. And you see from 2021, we have 309 people in the 457. We're right now, it's over 413. So again, I think it's great where there's being done here outside to get people engaged, to get people enrolled in the plan to start stating to really set themselves up for that successful retirement. And again, as you'll know, I would ask when I will speak to, you know, what those meetings look like with your employees when she's up. As I go through this, if you have any questions or any of you want us to look at a bit great and tough, please feel free to ask. So this really shows where those assets are held and then to go by age group here. But we see as your single largest chunk of assets, about 3.7% here, is held by people over 60s, with the next largest chunk, being by people that are over 70. So fully 60% or almost 62% of your total assets are held by people that are potentially either approach retirement or angry retirement. And for a plan health staff, when we look at this, we see a lot of opportunities for additional education in terms of bigger retirement seminars, webinars meetings, things that we can be doing in terms of making sure that people are aware of all their options are, when they separate from service, that they don't think that they potentially have to roll their money out or go to an outside provider, because what we do find within public sectors, people think, this is my plan while I'm working. Now, this is my city of Ballsturch plan. And I retire from the city of Ballsturch plant. And I retire from the city of Ballsturch, I have to go to Schwab down the street at where Jones, you know, a Maritrade, whatever it might be. And well, no, that's not the case. People can maintain their assets here within this plan, two and three retirees, and still have great assets to not only Antoinette, but our certified financial planners to all of our website resources to everything that mission square offers. So we're doing this a great opportunity for some additional education that we can be dealing to really make sure we ever reaching this the 61% of of plan assets. And looking a little bit. Yeah. So glad. Do you have any data on the participation rate of the eligible employees active employees in the city, what percentage of chosen take advantage of the election? So we can do a quick calculation, what is the eligible employee in the population? About 260 eligible for to stay in active employees in the 47. And then we have an additional to the target is to be considered after. Do you have a young and active versus retirement? Do you do a ton of later slide? Oh, okay. But I'll give you two so we can write as a few minutes to three. And you said in 200. In 2016. In 2016? Okay. So the rest of the math got here will be able to do a quick math. I know. I'm approaching. two-sexy. Okay, so we're going to massacre here. We'll be able to do a quick massacre. I'm sorry, I'm sorry. We talked about, we have quite a bit of the assets and we suspect our people who are, you know, a lot of working for the city, so they're retired. So we talk about this decumulation period as opposed to the accumulation period and sounds like you've got some education online. How, so an entwinner I think meeting with people who are sort of in that phase of decumulation and what are we doing to help? Because that, you know, what I read and what I'm hearing is that it's the part now that is getting more focus is the decimulation and helping people understand, okay, how do I manage this money long time? So we do keep in touch with those that are retired, they'll reach out, we still schedule those one-on-one meetings. And when I meet with folks that are getting close to retire, or when we do our free retirement meetings, I do stress that you do not have to roll those assets out. You can maintain them or keep them here with the city for as long as you like with no fee, and yet count. So they are made aware. So we're trying to retain those assets. Yeah. And then, you know, if we give the, I can do a personal outreach through a list of retirees and make sure we can follow up and make sure that they know what their options are while in retirement. Cause that is the goal. As Steve stole my thunder. We do help folks to improve retirement. So yes, we still have that that personal touch after they have separated from them. Is there education around okay now? I need to figure out how to draw down my let's call it $100,000 that I have sent out. How do I manage that with the final date? No, wait. Yes. So in between management and assisting with that, we also have a team of certified financial planners, which we'll speak to a little bit later. But the way we kind of look at things is, we'd be separated roles. So for some of this year, an on-statement for an active, you know, just what's my balance, rate return to beneficiaries, what am I investments, Antl enough? We have certified financial planners, then I'm going to do webinars and seminars, but also individual consultations. They answer the off-statement questions. So you're going to take questions about drawdown. We have sessions on social security optimization, health care costs, retirement, and estate planning. Because you're correct exactly, the industry for years have done a great job of telling people to save money. Then people retire worth a million dollars, and they have no idea what to do. Or how to make sure that that lets. So I think the industry is doing a better job of focusing on those, you know, the spending strategies to your point, well, you know, what you actually do with it now and how my success went through my retirement because retirement can be 30 years for a lot of people. I make sure that you spend wisely and you actually be successful through that time period. So yes, and there's obviously a lot more I think that as a country, as an industry, we can be doing. Thank you. So, in that previous pie chart, we basically took each asset class, or each age demographic, and kind of split it out into terms of one investment behavior they're doing, and looked at here, this center bar graph. What we see is it over the course of people's careers, the most important thing to really look at is kind of the growth of this purple-ish bar. And that is... Can you scroll down so we can see what's on the bottom axis? Sure, sir. So what you see is, again, that purple, which represents the plus fund, which was the fund that you kept to utilize and to keep our stable value fund, which is really kind of like a cornerstone of a lot of people's retirement, because it's very conservative. It doesn't have any market exposure, so people can protect some of those assets that they work hard to save. And then you also see a reduction in exposure to some of these valid apps, allocation funds, but still maintaining some US stock exposure obviously, which Kevin wants to speak to much more eloquently than I can. So people still have some growth to keep pace with inflation, but also are working to be more conservative and protect some of their assets, which is that what we want to see as things, as people progress through their careers. This shows in its 100 chains of blue, which they would change. It used to be multicolored and they went to all blue for some genius reason. But basically what we look at here is the large of the box is the more assets in that particular fund, whereas the darker the blue, going from kind of this really light gray to dark blue, represents the number of participants that have exposure to that particular fund. So you see your two largest ones, particularly as this index fund, what you got to have 109 participants that you can read that little pop-up, that have some exposure to this fund, so it's the largest not only by participant count, but also it represents about 15.7% or about 5, and a quarter million of your total assets. So that is definitely fund is being used and you know what happens when it meets with people and they look at their allocation and what funds are invested in. There's all sorts of different count-related and tools that she can run to help people analyze where they're at, you at, what they should potentially be looking at to make sure again that they are successful and they are saving enough to get two and three that retirement that they're looking for. As I mentioned, there's that plus fund, which is gonna have a big stable value fund, holding just a little under four million, or just about a little under 12% of total assets, and again, 84 people invest in that plus fund. But one other thing that's always kind of interesting, at least to me to look at is whatever the next vintage or target aid fund is, which is coming up next year in 2025. And we see this 59 people that are in that and target aid fund. And if you're familiar with the target dates, that means that some point of people decided, 2025 might be my year to retire. And we think that the previous pie chart showing all those people in their 50s and 60s, that's probably them. So when we look at this from an education standpoint, one of the great opportunities is we can identify who these 59 people are. We can do target outreach to them. We can start saying, hey, I'm a 10 seminar offered by our CFP's on, you know, draw down spending heads and retirement and social security health care costs. Just ways to really target the messaging to make sure we are reaching all of these demographics and really providing the appropriate education because somebody who's 25 and just starting to doesn't care about social security optimization. You know, we can set that out to them all day, the odds of them attending that webinar, probably minimum. Now, we can set that out to them all day at the odds of them attending that webinar, probably a minimum. But somebody who's 63 thinking of retiring in the next couple of years, that's probably very interesting to them. So again, this is ways that we are doing different ways that we can do a conjunction with your HR or Tim as well as Antoinette to really make sure that messaging is going to the appropriate people that it's relevant to what they want to learn and what they want to hear. So the previous question of participant status and if we just filter out by the 457 here. As of August, you have 235 active contributing employees to need the 457. And you're setting us the population eligible to 60. That's right. It is crazy. It's $235.26. $335.26. He's a high percentage. We're five percent. I'm three percent. Three percent. That's five. That's five. That's five. That's five. That's five. That's five. That's why I agree, Kevin. Not a big percent. Okay, yeah. So I mean, it's an extremely high participation rate. If you're familiar with the NANDF, from the National Association of Environmental Defined, something, something association, the National average for a voluntary 457, which is around 48 to 52%. So I think the fact that you have an incredibly high participation rate is great. I think obviously it goes to, I think it fact that you have an incredibly high just patient rate is great. I think obviously it goes to, I think it's in false shirts though, well, city and the country's. Hello, Dan, that's all. Yeah. That's a pleasure to be here. Hello, Dan. Hello. Yeah, okay. But I guess the point is, you know, people have, I think you're building to save more, potentially in some other cities that we might deal with where you know, they might be less and kill them. That might not be able to save. So I think that is partially in conjunction with just the demographics is that people educated area people understand the importance of of saving and working towards retirement. And then may have been like that. So as well, that definitely. So you look at the specifically by dark blue active contributing, right? Correct. I filtered out by just showing 47 data. And if you have a road rid of shows, and contributing to your phone. Yeah. And you also have then separated from service 166. And Janine is great. People are still maintaining their assets with the plan, which again is exactly what you want to see. It does our great number of benefits to doing so, for instance, every individual just then gets the benefits of the fee reduction. They just went into place with a new term earlier this year. So every single person is basically priced as an institutional investor, as if they have 33.3 known about it. They get that economic scale. If they roll out and take the money down the street all of a sudden they are a retail investor. You know you take your 500 grand down the road, you're now $500,000 investor versus the 33 million dollar investor. So there's a lot of great reasons why people shouldn't be keeping the money in the plan, especially once they separate. And as well as your plant health, obviously, we talked about a lot last year. The benefits of that for just, you know, plant growth, asset retention, everything else that goes into that. I know there was a question I was sent in advance about this slide that I was able to research a little bit. But if we're just looking at money in versus money out, we see total contributions in Rollins. So for a year today, it's been about a million dollars in contributions that have come in. Then we've had some Rollins. Again, great test points to the work Antoinette has done of about $444,000. So Rollins inflows this year about 1.4. That's why I ran on track to probably exceed last year to hope for the years about 1.7. When we look at outflows, and again, I can scroll down to apologize for that. Seeing where the money is going out to, the biggest chunk this year is this $1.5 million. They went out and rolled out. I think the question, I believe, caught you opposed it. So I was able to look that up. So there were two very large roll outs. And I'm not aware if these people separated, I don't have the names. But so there was one that was $849,000. It was an alum's sub roll up. And another was $ 374,000. So that work there is over a million dollars and just two people. So and again, these people might have had outside advisors or family members, you know, people have, my son works down the street for broker well, you know, we can't help people with that. People who their assets, where they choose to. But your point of is this a trend or something that's abnormal? It happens. Sometimes somebody retires and takes their $150,000 dollars in the free use of what they want. We can tell them the benefits all day long, but they choose to roll it out then. It is what it is. Yes, if you knock out those two then this number would actually much, much lower for the year. The other question I had asked was around, well, the word I used was normalized in some of the data. So, you know, because you're giving dollars, but, amazing, freezing. So, like, is there a way to show this as a percent of compensation or is there any other ways to show this data other than dollars? So the other way we would be able to show it as like percent comp will be a reaction at salary data. Further entire workforce, which we don't have access to. So that's otherwise we just know a dollar contribution not whether something sends in, you know, $20 or $200. But we have no idea what percentage ed is from a contribution rate. But I don't know, Antsman, how would you meet with people to give any insight into contribution rates with the new behavior? Most people increased by dollar amounts that usually doing percentages. But assume, and a lot of people do once they get those raises, they do increase it. But most people are doing that. That's not percentages. So we, we, and we don't use iOS relation or anything. Thank you. Thank you. This essentially just graphing that out. The cash flow ends over us. You know, we've had a of years of positives this year again kind of an abnormality at this point just because of this two large outflows, who knows what might happen over the next four months in the data change so it can be offset with some big roll-ins, can't be a handsomer. So they kind of turn the cash flow around, but this is kind of again in complete data snapshot just up through August of where we're at. And then looking at loans from the plans, what there is, that we see again here so far a year today, we've had about $20,000 in loans go out versus about almost 25 being repaid. So people are using loans to great feature to have as long as it's not used and will be used. But overall it's pretty pretty full amounts of loans outstanding for planning the process. And are we able to get this by number of people or is it only by asset? So I don't have that. I did see that question. I didn't have a chance to look up so I was out with her different client today during the day, but I believe there is a way we can find out a number of loans. Sure. I mean, just. I think it's also helping tell a story if we know how many people are the percentage of our population. Using the loan future being able to know. OK. Yeah, we definitely did that data for you. But I just don't have access to a participant level data at this point. So before I go on to the next segment, and this is kind of the end of this particular presentation or there any questions or anything you want me to highlight Quebec to. Right, Ash, my turn. I have to see it. I'll do the same thing. I'm so curious. So I was really the data and participant trends now got to look a little bit more about. How we get there like what the education plan looks like. And this is really again what Antwan does on a daily basis. You know, we kind of put together framework in the plan, but when push comes to shove, she's the one on site, and even with your employees traveling around, you know, and people to make smart decisions. So you can tell us as a presentation created by marketing. So it's lost words. But essentially, to core what we're looking at to do from a field education standpoint here is, we look at your plan, like we just did. We identify with the key areas are and then we identify strategies. It's kind of moved people through these little tear drops of starting with the education, promoting the distinction and savings, looking at it from my entire financial wellness standpoint, which we'll get to in a second, with the end-of-the-goal and goal then of retaining those plan assets to help plan health, as well as helping support people post-employment. So that's kind of the flow that we look at and internally from our side of things versus what somebody is marking particularly. All right, you're up. Okay, so I've met with a few of you in the room. So when I am on site, I do a very deep dive when it comes to retirement planning. So we talk about, there's different calculators that I use and we kind of plug in numbers and go over retirement numbers and I put all those pieces together adding in social security pension benefits and any other outside assets that are participant where you're employee might have so that they can get a holistic view of what retirement is going to look like for them. I encourage them to do that at least on a yearly basis and for those that are getting closer to retirement or if they're saying, oh, I turn on my go next year, then we'll probably need a couple of times in a year because we talk about other options as far as rolling over like lead time because they don't want to get that text, that big tax hit. So that is a benefit to help them to increase that balance before leaving and also not, you know, not get a kick with those additional taxes. So I go, I provide, you know, all my stuff is just on-site education and support. So if a participant has an issue with anything, I am there to help them resolve that issue. And also we talk about investments and what what work for them as far as where they are in their career. So someone that's newly coming in and you guys have had an influx of higher reason. That's why your your moments are up because each time I'm on site, I'm meeting with a lot of new people. And we're rolling them in that match definitely does help to get those in moments. But we also talk about the different investment options in the plan and what works for them. So we go over so many aspects of it. So I like folks to walk out of the room having a full understanding of their benefits and how they can utilize them. Yes, sir. We ask you question about your distribution options. Yes. Yes, sir. They asked you question about your distribution options. Yes. And retiring employees set up a month withdrawal. They can set up monthly quarterly semi-annual annually. They can start and stop those withdrawals at any time. They can take partial lump sum withdrawals out on top of that. So they're never limited to the access to their money. And second question, will you be dropped at the request of the employee, can we request federal and state income cash? So federal and state will come out automatically. So when they log into their account and they go into request any money, they can kind of model what it's gonna look like and at the bottom it will tell them how much federal taxes will be without and what state taxes will be without and they gives them that bottom line that. It's it's a really great like at the new technology we have is awesome if you've not had a chance to look in and dig in but yeah it's great. It gives them all the information they need. I'm okay. So you said on the monthly and quarterly and such, that's like you set it up and it just continues to. So that's correct. They can up a little banking information so it can be directly deposited until checking her savings account of their choice. But they don't have to come to you every month and, oh, no. So today, yep, right through the account access, they can go in and request the money. Well, also auto do RMDs, a requirement minimum distributions. Because otherwise people get that pretty significant penalty. So usually each year for people at that point, I think we're moving up to November now, we'll just essentially auto process what the R&D will be. So a lot of times, you will just get a check in the mail. Like, why did I get this check permission squared? But it is the R&D for the year if they haven't actually taken it. That's another bit would leave the money here is that we monitor that. So we'll notify the participant. Well, we will wait for them to reply and respond because we don't want them to get hit with that 25% penalty, which has been low. It was 50% so now it's 25% and the R&D age has been pushed up to start an e-curing. And have people able to say to you, no, I don't want to take the R&D because I'm taking it from another source? No. So they're going to have to take it from, so if they have accounts in various places and they're going to have to take the R&Ds wherever they do have those accounts, now if an employee or person is still working in their 73, they don't have to take the R&D. But if they are retired or separated from service, they will have to take it. I'm gonna open that, I think. Yeah. So one of the calculators that I use is a retirement readiness, it's an income gap and analyze analysis calculated and provides a readiness score. So what a person first loves them, they'll see their MI on track score. And sometimes that score is a little shocking, it's low. But once we meet and we add information like pension and social security, then they'll give a new score and it'll show them how prepared they are and reaching out their probability score for reaching their retirement goal. And then there's some other tools that we use where we actually go in and we play in their annual salary, their amount that they're contributing, and we can bring in a lot of other accounts if they have outside investments or we can put in the pension from the city. And this will tell us if they need to increase contributions, the age that they chose to retire is that a good age, and also one is a good time for them to take social security. So that's another option that we do. And then also, as Steve said, the certified financial planners are available for folks that wanna discuss things like the state planning, Medicare, Social Security, College to Wishing, things like that. We also have the mobile app. So if you guys are not aware, if you're on the go and don't have a laptop or a desktop or you're on an iPad, you can download the mobile app on your phone. And you can see your account there. Also, we have text access. So let's say the market went up a whole lot one day and you can text ROR and you'll get that new rate of return. There's a whole menu item of things that you can text and you can get that. So that's another item that's accessible for you guys. So, I think that I've left out there Steve. Good. All right. One thing I did also want to highlight the talk a lot about the CFP research through financial planners in terms of what they can do for a paration retirement. They work with everybody. At the slide, they'll show a bit further on. In terms of what they can do for approaching retirement. They work with everybody, that the slide they'll show a bit further on. In terms of like webinars and things, they can be mentioned some of the ones who do have social security, state climate, health care costs. They also do ones that are more relevant to a younger workforce. Paying down student loan debt is obviously huge issue in this country, you know, saving for your first house, you know, child costs, those sorts of things. So it's a whole gamut of webinars and seminars that the CFP's do, which really are relevant to people in every place stage, which is great. So from just an engagement standpoint, one of the new things we rolled out this year is kind of these quarterly themes and how these themes all tie together. So we're currently in Q3 where you can see what these kind of previous ones where we started the year with financial wellness, Q2 was retirement plan next, it has an opportunities, currently investing focus on the future and coming up at the end of the year, secure your retirement, celebrate your savings. And while these are the overarching themes or the goal-based programs, what ties into it is everything that goes along with it. So like from a marketing-based perspective and participant communication perspective, it's all themed around these things. You see the financial wellness center, the mobile app, news layers, emails, and workshops, appointments that are done, the webinars, they all tie into these themes. So in addition to the other topics that we mentioned, these thematic quarterly-based units are really focused on each of these things next year. They form new topics. And for instance, I think October is sacred national, sacred retirement month. That would be a big push. There'll be lots of promotional materials going out, things like that with webinars, links, and scheduled stallion from programs that we're doing. So again with that engaging perspective, we've kind of really streamlined how we do it used to be. You know, in Aschemy I would do this and another rep on my team would do this and it was not cohesive. So in the past couple of years we've really as a corporation to a streamlined approach, which is great because that it's much more easier to support from a corporate level in terms of resources and what's directed out there. And then again, next year, it'll be four new quarterly themes that will be going out to everybody. And examples of some of the things you might be seeing, but again, to email, say, you know, why make sure your contact information is correct. You know, if I dense these that, all sorts of things, for the importance of keeping your account up to date, what can Antsman have to do for you? We now have these QR codes, where people can scan it, it'll go directly to Antsman's scheduler or link. So if you use a printed post and so on, like I want to make an appointment, this sounds good. Q.R. Codal taking right to the league on his podium. He's like, oh, Antsman will be here. Next month on Tuesday, at 10.30, great, getting an appointment. Again, he sort of links here as well. Questions that it might come up. So his ways kind of drive action. This kind of main objective of all is to move a person to action. His education as well as you know take the steps and do what needs to be done. And for the city again kind of looking at everything we bring together here what this all is, but for a plan is again these one-on-one meetings, group seminars which Antsman ad does. The financial planning support we've already mentioned the CIPs I'll show a bit more in a second. The retirement wellness center, financial wellness center, has all these different tools and resources on our website. People can get to as well as calculators, videos, articles, and then lastly, supported by corporate marketing, which is a communication plan delivered via targeting messaging, because again, we want to make sure that, somebody who's 65 is receiving emails about paying off student loan debt, and someone who's 25 is receiving receiving emails about paying off student loan debt. And so on who's 25 as in receiving health care costs in return. You know, neither one of those will be particularly relevant or worthwhile. So it will be much more focused and targeted in how it's a living investment. I mentioned the financial wellness center. But again, we've been on it yet. It's a great spot within our website. We have all sorts of articles about topics. Again, you see debt management, savings, college tuition, over a hundred different tools and resources, including the calculators like Antoinette mentioned, different tutorials. And it's all housed in one convenient location accessible again, your website or your phone. So it's a great resource that we offer for all of your participants. New this year, again, we've kind of expanded the CIP program where now it is available to all participants, which is great. And you see kind of the different levels of certified financial planning and what is offered. But any participant from $1 through $1 million, and meet with a CIP, have a virtual consultation, communication on all these different topics. And then as people accumulate more assets, which usually means people are progressing further into their career, they can get, you know, a dedicated see of people professionals, exclusive webinars, and initial personalized financial plans, which if you go to the outside market and get a financial plan, is usually well over a thousand dollars from a certified financial planner. And those are, you know, free at certain balance levels, or levels or here less than $100, $100,000. It's a few about $175, which half the time can be weighed. But again, so it's a great resource, it's very valuable here for anyone who wants to see or join any of the webinars. When you click on that, it has the full schedule with everything that's coming up that our sort of financial planners are offered. And that is me. I'm from New England. Here, go ahead. I will just hit a few slides because I want to be cognizant of time. If you want to, I can drive a quick forward and move them easier. This slide is really just showing some of the information that you saw before looking at the assets. If we look at the top chart, you can see a comparison of your asset base stratified by age group last year versus this year. So assets up across the board, you know, a combination of let's see what we've touched on before. Contributions are a versus last year. And also, you know, a lot of market action, you know, the SP 500's up about 25% versus last year. So a combination of both contribution as well as market action, kind of driving up assets across all of your participant bases. Steve got it alluded to before, but you do have a lot of assets in the over 50 group, kind of about 8% of your asset base. View factors kind of driving that. Typically, the more seasoned employees tend to be more highly compensated, which means they can contribute more. They've been investing for longer, so obviously the domestic tends to be bigger. And if you ever see that kind of magic of compounding interest kind of slides, are those graphs, are you see that? How can you stick it back kind of happened? That tends to happen about 25 or 30 years. So someone that has been working for, you know, 50 or 60 years old, they're the ones that are starting to really get the magic of that compounding interest effect. So the fact is seeing that that the the concentration of assets in that 50 plus age cohort. There's a few different factors that are causing that. That's fairly normal. See across various plans. Can I ask you a question or make a comment? Please. When I saw this earlier, the number of participants went up from 372 to 409. The year-to-date contributions went down. Yeah, so I think what that may be a third of you too is if we look at the bottom chart and see if it talked about the two big participants that so you may have some more seasoned employees that may have retired over the past year. And I'm looking at the bottom chart there that we can see that the 60 to 69 contributions went down and then the 70 plus contributions also, I'm assuming that there may be some people that were tired is my speculation, but I can't go for sure. Right. But that's my speculation. That makes sense. Thanks, Kevin, do a quick hint of rough. Yes. So one of our trustees, Charlie, just logged in and said we need to have a motion to bring him in. He was going to go ahead and go, hi, Charlie. Welcome to the stage. We'll go ahead and go back to the motion because Charlie is participating in our local needs today and so I'm going to go ahead and read the motion and then back things like it. So I move that the retirement board approve electronic remote participation by Charlie Collier in today's meeting because he is unable to attend due to a temporary or permanent disability or other medical condition that prevents the members's physical attendance. Perfect. Most of the has been mentioned seconded. I'll call the roll. Very probable. Sorry. Charlie, can you for the record unmute and confirm that you're participating remotely from medical reason? Sorry, but we have to do it for state code. Yeah, can you. Just stay at his location. Okay. Thank you, Charlie. If you comment. Okay, thank you. Okay. So I'm going to call the book now. Try to leave an abstain episodes. Okay, thank you. Okay, so I'm gonna call the vote now. Try the event of staying up to use. And Connie, yes. Marshall, yes. My fan, yes. Matt, yes. Nate, yes. And her. Yes. Thank you very much, motion passes. Good to. Welcome. Would you like the joins of the table? Here is a chair. I don't know. I don't need to put it on. You can't tell that for them. Things out there for you anyway. I don't know. No additions received by six. Right? I know that's a lot of things. I know that's a lot of things. I know that's a lot of things. I know that's a lot of things. I know that's a lot of things. I know that's a lot of things. I know that's a lot of things. I know that's a lot of things. I know that's a lot of things. I know that's a lot of things. I know that's two types of funds. One are kind of balanced, are tardy date funds. So, you know, funds that are actually allocating diversified asset classes for them within the funds themselves. So if you say, I've been a plan to retire in 2050, and then the funds says, okay, well, I'm going to put the X percentage of US stocks, X percentage of international stocks, X percentage of bonds. Then S could be a close of retirement, and it shows from stocks to bonds, and kind of, you know, even risk the portfolio for them. The other big concentration we see is in US stocks. So it's roughly about a 40% to 40% of the mix, and slightly tilted more, it's really more 41 to 39% of the mix towards the target day slash asset allocation mix versus US stock mix in terms of how participants are engaging. So the way that I think about it is about almost half your participants want the funds to kind of do the asset allocation for them of those that want to make their own asset allocation, most of them are using majority stocks for their primary investments, which is perfectly fun. That's just kind of how people are engaging with the funds. And the idea is you want to have a diverse black investment menu, obviously, because you have participants that fill comfortable make-match decisions. But for those that don't, you have options also that are available for them to use as well. So we kind of fill that up. I'm not talking. We look within the stock allocation. On the left side there, we can see the historical returns and for the past 10 years or so, the historical returns. And for the past 10 years or so, you can see large cap growth stocks have really outperformed the rest of the US stock market. And I'm focusing on stock markets, that's where most participants are actually investing with the end stocks. And if you look at where the investment allocation is, it tends to gravitate towards that as well, which is not surprising, even though every fact sheet you see and certain areas can feel free to chime in if you disagree can always ask performance no guarantee of future performance. Yeah, when people tend to invest, the first thing to look at is a historical performance and they tend to bet on whatever has been working. And so this is what I see across a lot of plans where people are studying on March Cap US gross stocks. And really we've had several sets of financial crisis. We really have this pretty consistent out performance by March Cap US gross stocks. We've used that situation where you was kind of see kind of more of a cycle, growth without performance, and you have some value of performance, but it's been pretty consistent growth out performance for real assistance of financial crisis. Some small interruptions there, but not like it's been prior to the financial crisis, really. And so you do see that. And I'll just jump ahead a little bit, it's kind of about some of the dynamics that are actually kind of dropped causing that. If you were talking a couple of years ago, some of you might have heard some things, you know, talking about the Fang stocks, which back then it was like Facebook, Amazon, Apple, Netflix and Google. Now to talk about Magnificent 7. We have a situation now with a more concentration in the indices. And so if you look at the chart here on the left, we show all the performance from the indices. It's kind of hard to see, but the blue bar is going up 4.3% is US large gap stocks, and then you see the green bar emerging market stocks. I just said I index I'm sorry my coffee is bed bar off so I'm very good here. So you kind of see there's some kind of sloppiness in the market here starting in the second quarter but you see some of these these indices that are performing well are itch really being driven by just a few companies. So the emerging market index is really being driven by Taiwan's semiconductor, which comprises almost 15% of that index. And that's all being driven by the AI team right now. So, the companies that actually design AI chips use them to actually manufacture it. And so, that's one of these behemoth companies that's doing the interview. Yeah, it's really driving that. And then when you look at the SAP 500, the Magnumson 7 is really driving that. And did you help further illustrate that? This shows kind of the earnings growth of the Magnumson 7 versus the rest of the SB 500. And so, you know, the magnifs in seven, I listed there on the right, you have Nvidia, Microsoft, Google decided to re-change your name just because it won't be difficult. And so now they're alphabet, you have Amazon, Facebook did the same, changing the meta, Apple and Tesla. The blue bars show the earnings growth of the max 7. The light blue is the rest of the S&P 500 excluding Magnificent 7. And so what this chart is trying to show is if you look over the past year, you know, 2023, Magnificent 7's earnings grew by 53%. Now these are all monster size companies to begin with. And their profits, you know, I'm saying profits loosely, not profits, but earnings grew by 53%. If you take the rest of the SP 500 minus them, flat profit growth, no profit growth for the other 490, 490, 3 or whatever. So these seven companies are really driving the S&P 500. And so to kind of get your sense of scale, I tried to trigger out how that, because I don't think people have a full appreciation for how big these guys are. And so I kind of been on this one. At the beginning of the year, in the video, it was more of $1.2 trillion, which is crazy because we didn't just talk about a company in Trillets, but in the video, what you used to just make, we used to think about them as making video cards for gaming. And then they started doing, they started using those chips for mining Bitcoin and now they're big into AI processing and actually doing the data centers for AI. $1.2 trillion, two months later, they increased in value by another trillion dollars. Normally, companies from doubling in value in two months, that's more kind of penny stock land. Here, you have a trillion dollar company doubling value in two months. It's just kind of wrapped your mind around the stock, what that actually means. If we took the amount of value that it increased in two months and we took that cash of just the increase, we could actually buy the entire company of Coca Cola, Wells Fargo, McDonald's, AT&T, the Nike and Target. We could buy all those companies in cash to have cash with them. And so that's just one of the max up. So you can kind of understand how just these companies can actually move the entire thing. So it's not one of the things that wouldn't be proper, trying to sell a bubble. Because once again, their profits are growing through 50%, 50% their paying money in some ways. But you have a few companies that are actually driving these indices in this environment right now. And so that's kind of what it looks kind of dynamic. They're seeing in the markets. Did you say what the percentage was of the S and P 500, 5%? I think it's somewhere in the ballpark of 30, was it 38, 39%? It's about 36% in weight. And it's about 60% of the return. That's a good idea. I'll take the full way here. Kind of to careful. You need to search. That's fascinating information. How do you use that information with Antoinette and advising carbon plant casers? Well, I don't advise on that. I don't have that support. That's a full question. I can't say it. It's a stress-making question. How does it translate to the employee on the ground when they come in to talk to you about advice? Well, when they come in and we start discussing the funds that they're going to go into, we decide the way we decide is where they are. So I'm not going to put someone who is retiring and that's 60, 70 years old completely in a growth fund because if that does decide if they have less time to recover. Now those that are coming in that are younger or those in the 40s, maybe in the 50s, that want to possibly diversify. So let's say someone's in a target date fund and they don't want to be in a target date. They want to actually diversify their assets within the plan. Then we can talk about adding growth, whether it's going to be large growth, maybe cat growth, small growth, what they want to incorporate some value in there. But let me tell you, large cat growths are out there, so a lot of people look at the fun performance as best of the first thing they go to, and they say, I want to be in that fund. of the requirements is best of first thing they go to and they say I want to be in that fund. Here is news. And in fairness, if you were in large gap growth this year, you've got good returns and so that's paid off and it's conducted so fairly consistency whether as I showed before for the past three, four, five years obviously trees on brood of the sky at some point that will be mean reversion but when it happens you know no one knows and so that's one of those kind of things. Does it answer the question? Yes, unfortunately I wonder that I'm just thinking now, would that give advice with that push you to advise our employees to be more conservative and diverse about perhaps into debt instruments rather than in stockings? Well, I was the most young folks. They don't need debt instruments right now. Like, if you're in your early 20s or in your 30s and you have you know 10 or more years to work, you probably don't even need that but someone who is closer to retirement, yeah we do edit that in there. We do talk about that in those because you know the market may drop so that we can have some kind of, I don't want to say cover, but they're not going to feel that drop as much as someone who has office role for them. But you know, it's kind of like that. And Kevin, can you, can you, can you, can you, can you, can you, can you, can you, can you, can you, can you, can you, can you, can you, can you, can you, to your perspective of how we don't advise but educate so to speak. We do offer a threaten which the city has not adopted is run by morning star. Well you offer it in morning star. It's like the managed accounts program which is essentially a, a robot advisor service to run by morning star where it will actually monitor and quarterly rebalance peoples, portfolio for them based on their individual goals. So they would sit down, dance, and now you punch in a ton of pieces of information, you know, family, blah, blah, blah, goals for retirement, business program, runs like that. You can play the Monte Carlo simulations 500 and some different calculations on future market conditions and says, hey, for this point in time, this is what your portfolio is best suited to get return while some minimizing risk. And then each order, they'll basically do it all over again and kind of automatically adjust the participants portfolio for them. So it's a way that people can be, you know, how many average funds does it put people into? Well, it'll take to be pretty well diversified. So it's going to look, think of it almost like your own customized targetate fund. The thing about a targetate fund is it's using one factor when I expect to retire. But if I'm planning to retire in the 2040 and so is Bill Gates' son, we have very different circumstances. And there's other factors, obviously, that would impact kind of what we should be investing in. And so this would take into account my spouses assets. Do we have any children? If I have five children, somebody else is single. We have different circumstances. So a manager account solution can take into account all these other different factors, which may impact what that allocation should really look like and make my, so I think a bit like target aid fund is like going to a restaurant you can have a seat and then they'll bring out the appetizer, you know, you're protein, you're veg and all that. But a restaurant can only do so much. The manager comes from a rock'm your own personal chef. Who can understand if you're vegan or if you have, you know, maybe sort of gluten allergy or anything like that, is really catered specifically to you, customized to you. And so the nice thing about the manager count thing is that it's kind of kind of helped to remove the emotional frame works that when the market does dip 30%, and people that we all tend as humans to think that we're very risk-seeking when the market's up 30%, mark 25% like it's been over past year. We think we're really good with risk. I'm fine with risk. And when we see our $200,000 portfolio dropped to $120,000 in a year. So we realized we were not quite as risked seeking as we thought we were. We're not as comfortable as we thought we were. When we see that much money disappear, you know, in a few months. And so sometimes we're not very good at really gazing our home and managing counts is a very nice solution. For those, for that's had to reason because it kind of just tries to understand what's the actual goal that builds a portfolio is trying to achieve that goal. And it just rebalances based on that sort of thing and helps to remove some of that emotional thing that can happen that we're not very good at all that's available. Yes, it now. So that is about any other questions for Kevin myself or Antoinette. We apologize for running late past our walk of time. Just one question for Antoinette. Antoinette would need with our employees on your checklist, you routinely call attention, the person that designated to be the beneficiary of their fund together to be viewed. Yes, so if they don't have a beneficiary, as soon as I go into the account, it'll pop up. And I'll make sure by the end of my discussion, that's one thing that we make sure we update. I make sure that their contact information is correct as well because now with the two factor authentication, it's easier if someone has their mobile number instead of like an email or work email because they don't always have access to it when there's, when a personal phone, so we update that information. So it's easier for them to get that information so that they can log into their account. Yes, we do make sure we update all of that information. A few technical questions. Very detailed. Okay. This is more about capability. A few technical questions. Very detailed. Let's go. Okay. This is more about capability. Okay. So now I'm just secured 2.0. There's the ability to have an emergency savings account, domestic abuse distribution. Is that something that mission squared has the capability to do? For the domestic, yes. That's like the distribution for victims of. The domestic abuse. Yes, yes. So that's a capability. Yes. Business plan, access to that capability, or in other words, could the City of Falls Church offer that? Yeah I believe so I'm pretty sure I will double check on that. That's optional I believe so. Okay I'm the investment guy but I'll double check. What about the emergency savings accounts? So there's such a million. What about the emergency savings account? So there's that you can build yours. These are all new things that come in. Yeah, I think that is coming in when they put in the the 457 rule. Is that one of the, I know these things that are forthcoming. And I know with secure two point, oh, there were some things that was supposed to take place last year. What are you before? So we're off here. And then they delayed some other stuff to be, I think in 2020, you see the 2025 or 2020, 2026, I think that's on the point. But I know what you're referring to, but I don't know if they come this past that for the nouns to be cure-added, but we'll double check it. Okay. So, yeah. So under the secure 2.0, I wasn't sure 457 plans are eligible for this option, but you can now start to create a separate account for people that's in emergency savings account. Employees can still match those accounts, but what it does is it helps people build up the sort of emergency things, because you hear the statistics about lots of people if they had a one-time like a lot of the other ones. I think that's what I think we are people is going that as well among the spots that we do. So I just pulled up our our website we have a guide to secure to point out. I just kind of scrolled through to it hasn't broken out by year. So the penalty free withdrawals for individuals in case of domestic use as an optional provision it went into effect the end of last year, 2023. I'm not sure if you'll be done to that or not. I don't believe so. So I'll go ahead and run that. Can you add that to our full list? We're actually going to go ahead and guess. The emergency state is counting to individual account plans. Is that what you're referring to? So the most recent thing that we have here says on the request says optional, but then in principle says a guidance needs to determine whether this provision is available to governmental plans. So I think it was the cures that passed it. But like as an industry, you're awaiting on the DOL, the IRS kind of provide that guidance. So I think that's kind of a maybe at this point. And I think once the industry gets more guidance, the government on that will have more firm answer. That's not something that has been mentioned yet in terms of any of the ways to speak to its plans. I think we're just waiting to kind of hold it better on that one. A few more of these similar capability kind of technical questions. And in part, I'm asking these questions because if you don't have these capabilities, I'm sort of voicing my support for you to see those. Well, I believe in terms of the capability on that, we do advocate for what you're doing that. Okay. Yeah, no, I also was in short, but was 47s were eligible. What? You mean? Yeah, I'm just a security point now. There's this retirement clearing house that's being created. That's a few years out. It allows sort of an auto-portability if an employee is from one employer to another sort of ports their accounts so that they don't have to have an account over here and account over here and account over here. Again, this is still in the future, but is that something that mission squared is considering? And if not, just draw my encouragement? I'm sure it will be as optional. It means listed as our employer guide. And then it also says that the DOL has been directed to issue further guidance and conduct studies related to this exemption. So I think that's, again, one of those things that we're waiting on, I think, I'm sure. If it's part of the secure, essentially, mandate for the industry to do, or to at least make it optional to people. So I think that we don't have a choice, essentially, in terms of if we will have the capability to do it. I think government has essentially said that these are provisions that the law is changing, figure out how to do it. That was part of the reason why the Iraq catch up going on, but the Iraq catch up for which it was supposed to be going to affect last year, got delayed three years because nobody was ready for that. Like that was supposed to be a mandatory thing effective the end of 2023 and the entire industry was in no way prepared nor more employers prepared to adopt it and fix it. So that's why it got delayed. So I think a lot of these things the timeframe might say, you know, 2023, 2024, but we're all still waiting for the government's kind of for the IRS and DOL to catch up with what Congress passes. Okay, and then the last question is around, right now for Boeing Com people, if they make a contribution to like a retirement plan on their tax returns, they can request the Savers, right it? That's great, but In a few years it'll be a Savers match that can be directed if a planning administrator has the capability to accept that match. And so is that something that mission square is planning to implement that capability? That's a few years out. Again, I think the Partist Secure Act, it's essentially a... It's now a mandate for a plan administrator. Well, someone's gone made it for plan administrators, but for us, the right-of-keeping side, I believe that we have to have at least the ability to offer it if a plan sponsor decides to elect it. So for our technical standpoint, if you ask me if we have the capability to do so, as I understand it having the capability from the right of keeping standpoint isn't really optional. Because if you as our client and plant sponsor decide that's what you want to do, I don't think we can sit here like, I'm sorry, we don't have the ability to do it. As the law changes. Yeah, I'm not sure if it's optional or not. I mean, that one is still. But the thing is, it can be optional for you, but for us to have the technical capability to do it on our record people. But I hope that's what I'm saying. I don't need that aspect is optional. It's essentially telling us as an industry book. You now need to all fields of abilities. Right. We have lots of things we're gonna to get to do down to. Thank you. And if you have for those secure questions, we have an entire micro site. It's linked to our homepage. We'll let you employ your guide with webinars that we do. We offer a regular series of webinars. It is, yeah, mission sq.org. And then you just go to, like, there's like almost a growing banner. You'll see a secure 2.01 employers needs to know. And now take right to the microsite with us links that you scroll down to pre-recorded webinars to a caliburized view of all information provisions to videos. There's everything that we have about secure online. Hi, Will, be checking it out. Other questions or on machine square? Yes. All right. Well, thank you so much for coming. Thank you. I'm so glad to be coming. So, a long distance and preparing this very helpful presentation. As always, we appreciate you having us and appreciate Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Okay, switching gears. Mary. She is. Okay. So I will go over the all plans report. So. Are you afraid for copies? You want to follow along. Okay, so I'll do a very quick market overview. We should swear to the SELVET agents. Thank you. Thank you for that. So, page three. So this is all information ending June 30th. The chart on the top right is what the major indices did for the quarter ending June. And you can see there the blue bars are US equity. The first three barge are S of P 500 all cap and large cap and you can see their positive returns between three to four percent positive. The two on the left there in blue were those also big cap and muscle small cap. So, big cap and small cap, this is about three-quick big percent, maybe that's in the one. Thank you all. Thanks. I'm sorry to see. The bars in the middle there, the gold yellows are international. And you can see there, the very long bar there is five percent% that's a hurting markets. The emerging markets did well this quarter. If you call the last year quarters of merger market was negative, but this quarter was positive probably because of China and Taiwan that helped the emerging markets. And the broad market international which is the darks are global which is the all country world XUS, it was 1%. Developed markets was slightly negative, but with the emerging markets combined, you can develop markets. That's how you get to that 1%. Fixed income was basically flat. That's the, I don't know whether we're in the pink bars there, you can barely see them. So this was all through July and August, for the most part, was positive numbers ranging from positive one to positive two. I would say 2% was the average in most of the indices. The strongest number was for Russell 2000 was a positive 10% in the month of July. So even though it was negative for the quarter, July was positive 10% and then August it was basically flat. But for the most part, most of the indices were about positive 2%. So July and August were positive and we'll see how September is going. If you recall the first couple of days, the first eight days of August, there was a big drop. There was a, for a few reasons that happened, but the markets have recovered from that. So where you were at the end of December, excuse me, Bob June, and where we are today, domestic equity is a little bit higher, international is a little bit higher. Fixed income is actually much higher than where you're at the end of June. So returns overall have been a trending're at the end of June. So returns overall have been attending positive since the end of June. And you know two mission scores comments about the magnificent seven, the magnificent seven, as they showed are you know seven names that are that are very overweighted in the benchmark. And as we said it's about 30% of the benchmark. We did a quick analysis and if you're interested in charts like email to you, we did the return from end of December, so January 1st to June 30th. The six-month return for the S&P 500 was like 35%. Let's just say that. If you take out just the seven names out of that, the return for the S&P 500 was like 35% let's just say that. If you take out just the seven names out of that, the return for the S&P 500 would be an 8%. So that is how much they are impacting that index. So you know, just to be mindful is, and those seven names are pretty much tech oriented, they fall pretty much in the tech sector. So, and the market's dropped, think, about a week and a half ago, because the video had some, they were in the news and the video dropped quite a bit. And when the video dropped, the video is the largest name in the index, the S&P 500 dropped. So at the end of the day, when you hear the news, S&P was down, that was partly because of the video. So just so that you're aware that those seven names are so heavily weighted that if any one of those all set up all those as a group and follow me, that's really going to impact that S&P 500 benchmark. We see that concentration. It's happened before the nifty 50 quite some time ago and then right before the tech bubble burst there was some names there, but this is this concentration is probably a little bit more than we've seen in the past. So how long will it continue? Kind of what mission is course that we don't know because you know a year ago most of us would have said that you know it can't continue and it's continued for another year. So I think that the whole AI, a lot of those companies are kind of growing with the AI. So as long as AI is kind of in the infancy right now, so as long as AI continues to grow and grow and grow, I think those stocks are probably going to be doing well for at least within your terms, with my guess. The bottom page three is 12 months ending June. You can see here, again, to what mission SCR said, some of the returns are having very strong. The Blue bars are US equity. As S&P 500 for 12 months ending June was a positive 24.6%. So really strong returns. Mid-campus 12% small cap was 10%. So strong double digit returns. International, generally a matter of when you were developed or emerging markets you got roughly the same returns, which is about 11.5 to 12%. And then fixed incomes or your returns are arranged. I'd say the average is about 2% there. The sector that did the best there was the bottom one in pink, corporate investment grade. So high quality corporates do the best for the year. And then the black bar on the bottom there, the three-month T-bills, a measure of cash. Cash is headed to a 5.5%. So again, if you're bidding the money market, you're getting a 5% return on your cash, which is good. You'll see that in the last. Those are my quick comments on the markets. Are there any questions before I go into the public specifics? Okay. So I'm going to the follow the agenda. The agenda shows me covering basic police and open first. And then I'm going to talk again, and then I'll go back to the Pol57 and 401. So I will, on page 12, it has information for all the plans. But like I said, I'll focus on the first rate, from this basic OPEC. So page 12 is your market values and cash flows for the quarter. You can see the numbers there, so I'm not going to read them to you. The other thing I'll point out is the net cash flows for the quarter. You can see the numbers there, so I'm not going to read them to you. The other thing I'll point out is the net cash flows for police, basic, and OK, which is the second column from the left. You can see how much money we took out. About 381,000 out of police, about 1.1, 1.2 million out of basic, about 2.4 thousand out of OK. But the column right next to that is you return on investment. So this is what your investment screw for the three months. Though you can see those numbers are significantly higher than what you took out in the most part. So you add value, especially in the police and the basic. And then the OPED just a little bit on what you took out. I think market values are there, you can see them. We did run updated market values as a September 9th, you're just a little bit higher. So for police ending September 9th, you're about 44.7 million compared to the 44.5. Basic year at 135.5 million versus the 134.8 and open to about 21.1 million versus the 20.9. So just a little bit higher that includes the July and August and early September. The returns there are on the far right there but you can see the returns all roughly about the same about just about 1% positive. It's like we've already slightly formed for coming out the claim to rate. Now I'm going to go specifics into police. So if you turn to page 17. Before you do that. Yeah. We look at 14. This is what I just want to point out. I think this is correct Mary. If I'm wrong about this, let me know. When you look at the one year rate of return. So you have H13. I'm going to do 13. Okay. One year rate of return for the police, which is a managed fund 12.47. Correct. The basic 12.39 rate return. O-LIF, which is not managed at all, it's all index funds, return 14.75. So our unmanaged return, which we paid very little, made 2% more over the year than our managed fund for which we paid a lot of money. And I want you all just going forward. You need to keep watching that because we auto constantly make assessments of how we can maximize the rate and return for our employees. Okay. So you are absolutely correct. The op-ed is 100% passive and the 100% passive, but also it doesn't have all the asset classes that the police and the basic have. So some of the asset classes that they don't have have been struggling, for example, real estate has been struggling and so we have some negative returns. So it's a combination of allocation as well as active risk cap. But yet if you want to correct this snapshot of time, one year ending in 2024, the old pad return is about one and a half percent higher than the recent basic. Okay, so going forward to page 17, this is police. This is allocation versus investment policy statement. The basic picture looks exactly the same, very close to this, so I'm going to focus on the police page. So on page 17, this is your allocations of individual investments versus the investment policy. You can see most of the investments, you get the green triangle, so that means you are within range. Most of them are close to that black line, which is target. The overweight, which is FFS growth, which is US large cap growth. The triangle is to the right. And then the fixed income, the two fixed incomes northern are out of range to the left, out of range. There is a request for cash for pension payments, which finances made and we've made the recommendation. So we are taking monies out of the MFS growth to fund the pension payments. And we take the monies out of MFS growth, that red triangle will go to the left within range. And then the two fixed incomes will basically right to the beginning of that gray bar. So we'll automatically do balance when we do that catch request. Same exact thing for basic. Basic has the same picture and we're doing the same thing. Basic also has a robust cash. We're taking the same thing right on an MFS growth. And then the two fixed income management will also be close to investment policy range. So I did want to mention that. And those trades will happen on Monday, and Trustee Marshall, because by four, the next. John Fiber. And then page 19, 2021 is performance. So again, I'm going to focus on police because basic is very similar because you have the same exact investments. So on page 19, second gray bar across the top, reach a second column from the left, the return for the quarter was a positive 0.99. So I'm just going to wrap it to 1% there. And the benchmark or the, excuse me, the rank is 52%. So you're just slightly below median versus all plans. Continue on and looking at the long-term numbers there. You're fiscal year today and one year for this quarter is the same numbers. You can see their return of 12.47, ranking 27. So top four time. And then the three to 15 year, you can see the numbers there of a ranging from three positive, three point seven to positive 9.9. Basically, you are top four tile, top decide, 20 point, 20 point, 20 point three days. The individual investments all performed as expected. There was no real surprises there. And then the individual investments all performed as expected. There was no real surprises there. Just trying to see here. Domestic equity. We feel only one that maybe struggled for the courtes, MFS growth slightly below the benchmark, but versus other large capital managers, 41, everyone else beat the benchmark and was about median for the ranks. International, same thing, to the three beat the benchmark and ranked well. Trans-America slightly below the benchmark, but ranking about median fixed income index type returns and in real estate on the bottom page 20 there you can see one of them under performed the benchmark and then one outperform the one that outperforms the one that says it works less able to more value add so that is still adding some value to the portfolio. One of the things that are actually infrastructure at the, did struggle with this quarter, but long-term returns on all the investments, on a very competitive, or even versus the event market, and over there, we universal that compared to. So I don't have any concerns with any of the individual managers. Are there any questions on the investments? Okay. As I stated, basic is very similar, so I'm going to move forward to Ulta. So if you leave the page 33 is the Althead allocation versus investment policy statement. And here you can see we do have one investment that's out of range that is fixed income. So you will be making a recommendation here to move monies out of fixed income and add those monies to the first four investments. Fidelity, 500, Fidelity, Mid-CAP, Fidelity, SmallCAP, and Fidelity International because all three of those are left of target. And so when we take the monies out of fixed income, the plan is to take monies out of fixed income to get you probably a little bit to the right of your target and the monies that we take on, we will put the vote in that way to those foreign investments to get them basically close to target. I'll get the final numbers to Cindy early next week, but that would be the recommendation that we make for OPEB to get that rebalanced so that you're all pretty much close to targets. So, we'll be confirming questions from Mary, share what we would then entertain the new motion, which is not only annotated, but it's simply because we've discussed what we've had today. And then, in case there are rules, we've had today. And the committee is there a move for short term. My name is Al. I'm going to talk for. Do we need to be clear with clear on what the motion is. Can you just say yes, they could be adopted and negative did not. But so the motion would be to move out of the delivery short term bond index, the dollar amount recommended by mayor and the balance. That close to target and move those funds proportionally into the L&D 500 index, by the L&D mid-CAP, and GARDS small cap. I'm going to show it on page 33. I'll make that motion. Sorry, good. It's been moved and taken it. Paul looked. Charlie, but you're right. I'm going on. He clicks. I'm going to call the. You still with us, Charlie. I will send a text to you all. I will slowly and artistically call the best. That's a no. It's a good thing to try to be in a little more time. So for that motion. Honey, how do you go? Yeah, Marshall, how about you? But then you're both these. Matt. Those. Hey, how about you? Yes. And her. Yes. Okay. And we have Charlie on the line. How about you? Yes. And her? Yes. Okay. And we have Charlie on the line. So I'm gonna have a respondent to my text. So he may be absolutely, but okay. Well we're gonna say Charlie's abstaining. Good. I think that's why I'm, okay. That emotion passes. And we're the motion passes. Very, yeah. One question. The numbers is going to be the proportionate numbers? Yes. So it won't be exact. It won't be exact, but if you look at on page 33, if you look at the column second from the right. If you look at the Vanguard short term bond row, one, two, three, four from the two, the fidelity short term bond, third from the bottom, it says a total to get to target, you need to move 1.8 million out of that fund and then you need to add for Fidelby 500, 659,000 and then Fideldy and MidCalf 152. Those are the numbers we would actually have to move. I probably wouldn't move all that. I probably do maybe about 1.3 million round number and then take that 1.3 million proportionately put it into those four investments. So that's roughly the numbers that you would see. And then lastly on OPEC page 34 there's the performance of the investments. And again, these are all passive. We have domestic equity, international equity, emerging markets and fixed income. And second grade bar across the top is the performance. So for the quarter point nine three very similar to what was on basic police. But ranking 57 so just slightly will read in there. And then one year, a very solid 14.5% ranking 8 and then a 3 to 5 and 7 years you can see top 4 tiles and top death tile between all 4% to 9.1% so strong returns there on those time periods. And here, why do you need any of it? And any of it? I'm not sure that, yes, so I heard a lot of you need to get. It doesn't need to be so. Well, there's also the ones we moved out. I'll have to look into that because you should see. So well, for the fidelity funds, the new fidelity funds, I don't think we will have a full quarter. So that's why you will see NA's there. But for the Van Gurd, Maul Cap, which we still have, you see returns. So I'll have to look into that. So much to your boy, I was trying to compare the basic by fund class and that was going to like large gap, mid gap, small gap. And then I was running into all these NAs, NAs that I was, didn't make it possible. So I think that the very equity stack, what he's doesn't really help because it depends on our large cap, small cap, no creation. Yeah, that's that is all that I had on. So, you took her to agenda. Now, I'll bring the coffee in the food salad. Which is a little eyes for the investment in the community and the content of activity to be able to spend. Right. So we have the investments, we put together some of the fear of its death, showing overall, all the funds, I mean all the plans, about basic open and at least 67 basic points. I did take a look at the service fees compared to last year. So last year we spent about 250,000 on service fees. 2024 fiscal year, we're at 271. So about a 20,000, 22,000 increase. A lot of that is the switch from where we were having calculations done and not in a very good way to now having much more professional service from Robert and his team. So while it was a cost increase, I think the value we got from that increase. is well with it. I'm speaking on behalf of this data because I know you're paying, but that's why I chased the increase to. Yeah, it's definitely in the first line which is the work was seagull before they were 40,000. There was a lot of selling drops, we were dropping sub-girions. There is an increase in some of their US bank, because investments went up and so on. And the service piece for clarity is city staff fills up the top part in the very recent credit for our still-n-down-for-hawks part, the notes based on how around you spend, yes, I mean, the fees that are sort of baked into those funds where we don't really have global managing return versus fees and even looking at total values. So we've been looking very carefully but your correct quality of work has changed in shifting the correct key words and other policies. Any other questions from Mary? Look at the municipalities and counties you represent. You see our total outlay of 0.60s.6 out of the total percentage of investments paid for fees by the City of Calls Church, how do we compare to your other clients? Are we in the top quartile? Are we in the second quartile? Are we in the third quartile? Are we in the fourth quartile? Would be that paying more on the plan? more. So most of the plans that I have do not do not do the fee analysis like you do. So I don't have access to basically that top part. I don't have access to a lot of the fees that they're paying for their outside vendors. I mean I know R.F.E. but like the custodian feet, the extra energy. So I don't get a good summary for the top part. So the only thing that I could say is there is a, a third party vendor that a grand associates that does a fee survey. They did one back in 2019. So last time they did it for us. No, it has talks to all sorts of plans. Corporal plans, municipal, hospital, and the elements, everything. The only thing that I could wean out of that easily was the last line on the top part, the CFC at MIMP, most plans, your size, have a full time administrator. So they're paying a salary, they're paying benefits, some plans have more than one person, you know, have a staff. So the number that they show here is extremely low. Very, very, very low. I mean, you could add a one in front of that number and probably still be probably on the lower end. So I do note that that is pretty much a very low. So that alone, I think, brings your whole total fee down. On the investment side, we've always been very conscious of the investments that you have at the fees that we pay. So I think the average fee on your investments is on the medium to lower end. And then the other fees, I don't yeah, I don't know how like the custodian fees. We did, when we did the custodian search, if I remember correctly, they were US bank speeds were fairly competitive with the other custodians that participated in the search. You know, they were competitive with the responses and then before we did the best in high law for the BAPA, the negotiations that went down from four and a half phases points to two. The current rates on the US bank custody, investment bond to students. So it's been custodially based by well-appeared at the time of the RISP. That's where you go. And Mary did check in with Brennan to see when they do another survey. And we do participate in some of the surveys because then we get all the reports free. So it varies how quick participate. As maybe 25, 26 will do again. Yeah. They haven't done one in one. It's specifically been asking and they said that they were, they had enough people asking for it that they will try to do it again, but I don't know when that new survey could come out. So, Chair, with this, this is an annual review by your Wormland, and it does, I'm glad to hear that we do one of others too, but I think their service fees are where they could, essentially, you know, have places to say fortunately, we do not as we're in this report. But for your work plan, we do review it. And so I would ask consideration for accepting that. It's presented in after questions and. What numbers are helping? Not yet. I asked a question. It's better. It's never 7 on the cloud. It's not going to be. Yeah. but what numbers are helping? Not yet, I asked some questions, but it's number seven on the cloud. It's going to be an idea to go. Can you remind me why we don't allocate some of the city hall switch admin fees to the OK? I think when we first started it, the majority of the work is on the basic and please could not allow it to be due the majority of the work is on the basic and please conduct a lot here to be doing well. But just that work and the best payment, as I was that could pull so we never out of allocated to it. We consider allocating into that from bed. Is that a difficult thing to do? So what do we do? What do we do? What is the service you provide to OPAP? That is, is it similar? Is the, I don't know. Is it the same kind of work that you do in the calculation for retirees? And it's much simpler because we're looking at the health and health and the life insurance of a retiree. Not for O. For O. Yeah, the bills with the law not sure. The benefits premiums are paid for out of the O. So part of the participant administration is helping them administer benefits. The work that we do. I don't know if you could argue it benefits the OPEC, as it does in the case. It's taking money out of the OPEC and benefiting the retiree. It could be entertained, yeah. But I don't know if it really is necessary. Right. So you're saying most of the work that you are really doing that's covering this really goes to the pension. If we allocated it to the open, that might not be quite true to what you're actually doing now. And it's not impossible. It wouldn't change our current accounting purchase order purchasing all the way. We already have the count of them. Melissa does thought it's too. So if it was a more significant rate. Yeah. And generally what we find is basic and places like 75% to 25% so we can, so we can represent this. Yeah, yeah. So it's like a problem not even that, but it's about what a percentage could. And a fair question though, but how we do charge the investments, take hold in US bank, who don't have it, because those are very specific, either investment on oversight or evaluation. So, you can see the city is still fully paying for the next journal third party monitors that we do. We are a part of the small compared to the whole thing that I ask you to wave your arm out the door since we're officially so Thank you. All right. We're going to have our soon. All right. I'm going to accept the language. Accept commission fee reviews. Okay. Thank you. It's kind of that. It's still. It's still to back with us. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes Yes, define contribution. So if you go back to the all plans book, this will be pretty quick as a mission screen to cover most of this. But if you go to page 37, so page 37 starts with the 457 plan. And page 37, problem 38 PDF. Thank you. So this is a pie chart on the right side is the information as of June. And this just breaks it out by assets, asset classes and to what mission square said, for the 457, the two biggest pie pieces are target date fund at 41%. And then the equity individual active funds at 41.6%. So similar to what Michigan Square said. And the next page just shows the active versus passive. And so the active is a blue pie chart. So 78% of the participants assets are in active funds. And then page 39 just shows all the individual investments. It gives you the market values of each fund. I'll see you have an idea of how much each fund has. The most current is would be the second-for-the-left. And then if you turn to page 41, page number 41, this is the 401. Similar picture, but a little bit different. If I can get on the right side, the target date fund is 63.1%. So more of the assets are in the target date funds for this one. And then the next page active, a similar picture to the 457 of 78, 9% is ASS. Thank you. 43 again is all individual investments in the market values and percentages. Page 44 is the summaries of the performance. In the full 457 are all the performance numbers. So page 24 are the target date funds and since 41% of the 457 and 62% of the 401 assets are in the target date funds. This shows you how the target date funds are doing. I know it's hard to see we've edited the other pages, but this page so this will be edited, but it's all green. So that means all these funds are reading or beating the benchmark and meeting or meeting the universe that it's compared to. So all these funds are performing well. So the bulk of the participants' assets are in funds that are performing well. Page 45 and 46 is the same information but we also went back to our old formats. If you go to page 47, we combine them both here and make the shading older better, we will fix that other page, but code is to build a retro fit, go back. So page 47 here are the, the green means that the investment is meaning or exceeding yellow means that it is caution and then red shows that there are some time periods that they are underperforming either benchmark or the universe. So the side by side comparison is on page 48 you want to know how this quarter compared to last quarter. So here we've updated it so if you look at the Q2024 column, you can see the first if you look at oneQ24, the first one was the vendor and you see yellow vendor equity income fund was yellow last quarter, but this quarter is, there's no yellow for that yellow turn to green. So that fund did a little bit better. The next one is MFS growth for four quarters. There are four different items. It has been in the red. And that's probably because of the large calf growth nature of this fund. They are not as overweight in tech and in the 7 magnets and 7 names. So that's why. And that's the story that it's been. If you go down, there's 2Q24, the yellow all spring special vet special small cat value, there are two time periods or two data factors where they turn to yellow and that's basically the five year number. I looked at it, it looked like we dropped a good number per quarter and added a bad quarter, but it's only impacting that five year number, the three year numbers good. So I'm not too concerned about it, but we'll keep an eye on that. The short term number is good, and the seven year number is good. It just seems to be the spying year that seemed to be impacted. You just dropped the wife a little bit for a media. And then American funds, you're Pacific, just there's one more red in there that lots of the long term performance is very good on that so I'm going to say that we will keep it on it, but I'm comfortable with that one. And then Western asset core plus bond fund, you can see there that it does have one more item, which is in the red and I do have that as a discussion point in general. But that is the performance of all these funds for the most current outcomes of the foreign fund as expected. If no concerns, except for that Western asset, plus one. Before I jump into that next item, are there any questions on the investments in the 47411? No, then I will go forward to the next item on the agenda, which is the Western asset management company briefing and recommendation. So. I'll take a step back. I'll refer to received a well-sued notice in August. A well-sued notice is a letter from the SEC, US Security's Next-Jane Commission, notifying a person or a firm, in this case a person that they have been in investigation and planned on this. But conduct an investigation and believe that this person or firm in this case person is in violation of security loss. So that that's where we are. The person who's receiving it but also Western asset leader has also received it. No, well, notice the process on a well to notice is, is once a person or and once an entity receives that, you have 30 days to provide information to the SEC on the reason why you believe that you are not in violation. So they have 30 days to give information to the SEC and then the SEC will review that information, and then they will make a conclusion on whether the person's evaluation or the firm's evaluation or not. The process can be over a year, it depends on the situation. So we don't expect any news for a few quarters. So maybe a year or 18 months from now we might find out. The SEC is very not forthcoming on information when they're doing a review like this. So once the people give that information after 30 days, it's kind of a quiet period and the SEC reviews and just have no idea. And they will simply say it's on the letter saying, you know, you were not found by any violation or you haven't found violation and then the process will continue. So because of that, our firm is recommending that the clients seek another option for the fund that you have for the participants, the one fund, the Western Ask for a Plus Fund fund. And the reason is probably because there's headliners, there's potential of assets flow out and also potential for employees living as well. So with all that uncertainty going on, we're all potentially over the next year. We would feel more comfortable that participants not be in a fund like that. And if everything finds, if everything at the end finds that there was no issue, we could always relook at it once it's all settled. But for this uncertain time period, we'd rather be out of that fund, just to protect assets. So the recommendation is to remove that fund from your own lineup. And then you do have some participants that are in that fund, and I'll give you the numbers in a second, but to move the fund out of the lineup and those participants that are in that fund map them to the fixed income index fund. So the numbers that we have here are, you have 20s for the 457. There are 26 participants out of 409. It might be for 10 or 411. 26 participants, which is about 1.67% of the planned assets. And for the 401, you have 12 participants out of 280, which is about 1.5% of the total plan assets. So the number of participants is low and the actual percentage of assets over the total plan is low, but still want to protect those few participants. So they, and I talked to Mission Square, I was hoping they'd still be here, but I talked to them on the process, but basically it'd be similar to what we did the conversion to the new fun lineup. They would send a communication to participants saying this fund is no longer in the plan and those if you've had this you're going to be mapped to this new fund. And then that's a 30 day notice and then it would happen. timing and they said that if we communicated if they if they could find out by early October they would send out the letters and then by mid-December is when the change would actually occur. We have the obligation to need employees to give them notice so they can make a judgment and we just do this without their participation. Well, that would be what this process is. Is they would be automatically removed out of that fund and automatically Matt to the interest fund. So we give them another support of this and we want to stick with them. Well, they couldn't stick with it because it would be removed from the line up completely. If they wanted that fund, they, if they are in the, what is the program that mission square has where you can select your own funds. And then it's fun. The warning star is not the option. Yeah. Yeah, my brokerage. Yeah, my brokerage. Absolutely. They could. They could. Yeah, theoretically they could. That's one. Here we go right now. OK, we don't have that in there. So right now the retirement board and the sponsor of this plan makes the choices of $5. And we're going to make sure we're left. Make it to choose within your father. I know. Then we'll also like the butt like. OK. One quick question. They get to choose within your fund, I know. And we'll also like the butt like, okay? Well, quick question. Those employees have access to move the funds. Like tonight, they can use the app. Why don't we send a message to them? Think we would notify them issues with this fund? We recommend moving your money break. How quick would they possibly lose money on it? Find that. Got this notice? I don't know. Well, we haven't seen any big uploads of assets yet. I mean, they have lost some clients, but it's on the separate accounts side. This is a mutual fund. As of now, we haven in the core plus space. But I don't believe that that is a process that mission-square can support. I believe that if I can jump in, we also aren't in the business of recommending where the government advice can be. We can have everybody's got to put my size. And we proud her to answer and say a we provide education, not advice. But how much are we communicating? This is happening. Are we explaining the other reason? And we can also educate people that we're closing it for specific reason. And if they wish to move it sooner that they could kind of to your point. But I don't know what the communication is. So we can ask missions for sample communication and then we could have we could review that or you know they can send it to send it. That's what we did during the trial and test. So I saw this sample. You made sure it tailored enough to City of Falls church, but they will not change it significantly in the English language. But there's a point in which they will stop because it's a template letter that they send everybody and has run through the legal. And so anything that has to be done, it has to be run through the legal and we probably might be interested to send more time. So Mary, if we decide to improve this motion tonight, how long will we be before the money is actually drawn from this company? So my understanding is that it would be in December by the time we were vacation because it's a 30 day notice by requirement. So it would be a 30 day notice by requirement. So it'd be a 30 day notice. And then my guess is there would be a quiet time. So there's no trading. And that's about two or three days now. So no trading so that the admission square can make the adjustments on the back and getting that fund transvasse at center. Of course, when we did it the last time, there was a massive new line up at Transfer, but we timed it purposely on the weekend Friday. So the blackout period was on the weekends so everybody was back. Hopefully, as it were, we're not ready. So we can work on that specific timing. And I do wanna rely on vision squares letter because they have the liability in the education piece. If we see some tweaking we can ask them. But we do and I appreciate time you following that out. Well, it seems helpful to our participants. We should not be financial. But it's also a bond is not going to lose money. Correct. Yeah, I mean, not like a stock. Like a stock. Bond and this can go up to now just like stocks. Yeah, just try to just want to be. That was a question. Yeah, I just want to make sure that you do miss. Yeah, so the end of that question that appreciate. Yeah, so there's two parts to a bond. There's an income stream, and then there's evaluation, and evaluation is the price that can go up and down. And then 99% of the time, the income, there's an income stream that you get from the bond. So, similar to real estate, like you saw the real estate, the term was negative for the one fund. Real estate is the same way you get an income stream and then there's evaluation on the property Now there's you're still getting an income stream. So there's some positive Flow positive return there, but the valuation is negative enough that it's Drawing down the whole negative returns the same thing can happen with the bond It's still got that income The bond prices is low enough that you could get negative effects. Well, I think very correctly, I'm all, the Fed has said it's gonna have lower interest rates next week by a quarter of a quarter. And that means that newly issued bonds will have a smaller interest rate. And the bonds in this company already knows if we're saying on, we're actually going to increase in value. So, more like the not, the company's portfolio, and we're actually increasing values in the face of a interest rate cut, my right or not. It depends on the bonds that they're holding. And the trade-offs are... That's my next question for you, because I don't have the fact sheets in front of me. What are the level of assets in the fund? and the trade-offs. That's my next question for you, because I don't have the fact sheets of Grundy, what are the level of assets in the fund? I assume that it's one of the largest funds. I don't know if I have the value. Do you have the number of assets held? I don't have the number of assets held, not a good fact. So I'm not the... So you're both a deputy? No, no, I'm the one that's all on. Yeah, so we own part of it. We believe people. Right, so I believe it's a very large company. It is and has a number of assets. And there's not a worry about the underlying assets. It's the management of it by the company. I think headline risk is the biggest issue. We headline risk. Yeah. That's what you're supposed to say. Yeah, you can. So when the packet Mary did provide the summary comparison chart set. She was looking at and then we also provided just the on asset group breakdown or maybe factor what you all approved. And we like gray or like range. You kind of grayed out to you to see that that's the one should be recommended. The new one. Who's one of the aquifix income? I think the participants still on that slide alone. The participants still have options and fixed income. They still have an active fixed income in dodging cocks. And then they have a passing option with the Delta US fund. So it's not like you're removing the asset close completely. This was a part plus, so it was a little bit more than just to plane the Nell Accord. So think of it like instead of playing coffee was kind of caffeinated or like a shot of espresso. I'll describe this investment. There's a little bit more in this fund. So we are just removing that, but they still have the options in active core and the passive core of fixed income. Was that Western asset? Wasn't that the one that we kept going back with? Yes, on a lot of the way we should have it or not have it. Yeah, yeah. Oh, that's a care for it. We kept going back. Yes, on a lot of the we should have or not have. Yeah. Yeah. But that's a care for. Yes, just a care of 17.2 billion. OK. Yeah. So it's a very large fund. Yeah. And that's even if people come out of it. 10 billion. Something. And then we're going to back these people to the index bond to the index bond. And what's the difference in that? It's obviously the fidelity has a lower expense ratio to correct. So once the participant is mapped to the index fund, if they want to make the option to change to the active dodging cocks they can, they can talk to Antelope to find out what the differences between the two are mapping to the index fund. They get the full market exposure of the fixed income, US fixed income market. But to Mary's point, I think it is prune that we divest, that's why we're doing this fun. I mean, especially, as you mentioned, that that we were a little like, you know, we're back and forth on this fund anyways. Oh, yes. Herb, any questions over discussion? No, I'm good. I keep looking over here because everybody else is here and then everyone's waiting for me. I don't know. Makes an awesome on this. Another question to discussion. All right. You're up, Marshall. All right. I'm moving approval of changing the well-coated core plus fixed income fund WAPSX to fidelity bond index fund fund FXNASX as recommended by Meritor, which is interesting fund. The 450 said we be at the 401 plan. Furthermore, I move the in the four fifty seven and the four of one plans. Furthermore, I move the mission squared form for so to the 30 day required notice. The four fifty seven being in 401 participants that their WAPSX funds will be mapped to FXNAX fidelity funds. Looking. Thank you. will be mapped to fx in a x fidelity. Welcome. Thank you. I will call the vote. And I may give you reports that Charlie might have rejoined the party. The Charlie is the right there. Can you speak out and then I'll call the vote? Thank you, Doug. It looks about you. Mr. Charlie, did you just did it on your edge? So just. Can we unmute him? I'm sorry, I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. I'm sorry. to try it again. Yes, Marshall? Yes. That band? Yes. That? Yes. Big? Yes. And her? Yes. This is Marlborough. And you try, Lee? Anyone new, Charlie? Oh. You're on the side of the, and you changed this. Oh. Sorry, you're still asking. Yeah. You can see you have been trying to leave. Can you unmute your microphone and make an ask for your vote? Here he is. That was Polly. Are you right here? Can you hear me? Can you give a thumbs up or a thumbs down? I can do that. I see. Yeah. I think it has to be allowed to be a terrible good enough problem. I think so. All right. 40 to sign it. Oh. Oh. There we go. All right. Let's try again. All right, Charlie. Thanks for re-linking. Can you hear us now? Can we hear you? Okay. Thank you. Okay. Charlie, thanks for re-linking. Can you hear us now? Can we hear you? Okay. Thank you. Oh, thanks. Okay. So, Charlie, did you hear the last motion that was called about moving sand globe to the early act index fund? I'm going to get again, Charlie. Do what? Did you hear the last motion that was presented about moving the Western assets from the Fidelity Fund? Did you hear that discussion? I kept it all I had to get up and get some stuff here. I kept it all. It's okay. Well, we just called the vote. So do you want to abstain given that you didn't hear the conversation? Everyone else voted yes, so it doesn't impact the final vote. Yeah. We will maybe. What was that? Yeah. Okay. So, I think since you weren't part of, you weren't provoking the conversation due to some connectivity or other issues, it could have treated you to have stayed from this vote. Yeah. Okay. Thank you. Thank you. Thank you. There was the V1, I got my contribution plan analysis for the schools, the information, my apologies, I'm skipped over that. Kristen, do you want to maybe give a quick introduction to that? Sure. So the school system has a 457, a much like the general government does as well as a 403B, and they're currently with other providers. So we had asked admissions square if they could do an analysis comparing the fees and the offerings that we have with what the general government is offering to its employees through mission square. So I'm in the process of working with the two record key first to collect information. And my plan is to have a summary, hopefully within the next month. A couple of people on the locations of the process this was quite a bit. But we will get a food comparison to give you an idea of how the opportunities are compared to what you had in Mission Square the opportunities are compared to the what you have admission space. And will that be presented at one of the school board meetings or what's the next step on the school side? So on the school side, the first thing we'll do is of course, start with the school board in terms of what that overall looks like. And one of the things that the school is very interested in is if we could use the same investment options as in general government, right? Perhaps by pulling our resources, we could get better fees, or certainly we could get oversight from the retirement board. If you would be willing to do that, if we thought could the same options, so wouldn't add additional work, but would provide that benefit of having that oversight. What do you talk about? Or can we do that? Can we bring them into our tent? That's the sounds we left the question for our city attorney. We can't ourselves. It would be a positive thing for them. And you did the we're for us. We haven't got to the legal stage and the agreement stages of one agreement to bring it how structured which we were letting the fee analysis unfold and see what the school board wants to have. And we'll find a question. How large is your plan compared to the average? To this one. The idea. Um, number of participants I didn't I don't know but the asset size is smaller. Small. Yeah. If I remember correctly. And we have two. We have all the different record keepers currently. It's more complex and a lot more fun. Correct. The reservation. So this was more on information. Just you talked about it like. I don't know once ago when we did the switch here. And so since some some activity we wanted to break. Thank you. Any other we're talking about more. Thank you. And the other questions were Mary. Great. We've been at this for two hours and 15 minutes. We should take a break about 15 minutes ago. Just going to be like, I'm wondering if we take a 10 minute break and I'm back here at 827. I think we've gone through the biggest bulk of the item. We have lots of items that they're much quicker. So if you have one, the members that we have sex and what? We'll be back in about eight months. Now we'll be back in about eight months. According to the going in the right point to let him back. you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you you All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. All right. Number nine, legal services. I'm finishing. That's also finishing up. Okay. So for the legal services RFP, we just want to give the full board an update at the many meeting, you reaffirmed the Marshall and Conning Surveyor Evaluation Committee members on the RFE process. And if we got things done before, the next meeting that they could proceed to approve it, that will still be my ass because it's not ready, but hoping it will be due to the November meeting. RIT was issued, responses have come in. Okay, the YouTube don't even know. So, Sally and I checked references, so that process is done. We're working on the evaluation and in-person review. Hopefully by beginning of October, we will have the recommended for legal services going forward. Because we're still in the RFP process and basically an MVA kind of motto that can't say I'm seeing more specific about who's submitted, and so forth, but the value of which in the finishes is reminder is Connie Marshall, Salad Gelatius, the city attorney and myself. And we had heard of the time before as earlier approval, civil consulting, helping us with their former compliance seemed to draft the R.E.D. and it was very helping. I'm with Walker Hicks, and some work. That's where we are, for the concept. You, Danny? Right. Thank you. Next agenda item is some language that was in the investment policy statement around the contributions for the old heaven. The short version is that through lots of backing form, we come up with language that works. I think there's one additional step that I recommend to me, which is looking at you, Robert, that we add to our Emory for that you presented November, some tracking of contribution amounts. So I can stop there with a short version, or I can give you more details. But I got comfortable that it was meeting the criteria that the retirement board had set out back in February. That's the audience. And then I'm part of the short story, which is that this then will go to council for a pre-adoption of the ICS, because we all would recommend this. The message language was the chair finalizing it, and she's comfortable with health care. I'm wondering why that meaning that you've done? I don't care if it's short version. Yeah, if you're comfortable with it, I'm okay with short version. Yeah. All right, we'll stop there. We'll be right along. All right. The next is regarding the training on International Foundation training. Cindy, you're scheduled to go this year, right? Yes. So you're on the schedule to go this year. Cindy reached out to me and asked if I thought she could go attend virtually. No, our policy right now is that we go with person, but with a shortping in the HR department you know that it's for time of traveling there probably back you helpful that city would not want to occur that so I wanted to bring it to this to the retirement board for me a proven exception that Cindy would have been this falls conference virtually instead of in person. If people uncomfortable with that, we have a motion. I move approval for Cindy, master a plan administrator to attend the conference virtually in 2024 due to pension plans, evaluation and retirement board work requirements in relation to the conference scheduled timing. Yes, I'll second. Thank you. I will call the vote. Thank you. Okay. Sorry. I'll just take it. Honey. Yeah. Eight. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes, Dan, yes, and her and Charlie is a standing. Thank you all very much. All right, the other item on the regarding training. We have our next meeting in October, which is the annual fiduciary training. And in our. In our brand plan, we were thinking we would have our legal appointment done by now, but I just taken a bit longer. And so we asked Ceebel to prepare a VIN to provide the training again, and that VIN was included in the packet, correct? Yes. And I have it on the screen. Okay. The fee they have proposed is the same fee that was in 2021. That is one. 21, okay. It's worth $2,000. We've seen very reasonable to me, but we do need to approve it as a board. Discussion? Um, yes. They will think that it may be part of your. Oh, three pieces of my brief. I didn't recommend that the last. The government board meeting that this training be provided by an interpreter in Google. So I do want to know that the person who is doing the training while not in a legal firm right now doing a legal function at CIGL is in their compliance office and does have legal background? Megan actually worked with us back in, I think it was 2020, she prepared a administrative memo analysis for us to do the English was eligible activities administratively versus sub-work, and that's the basis of our city admin fee. So if I was maybe anticipating your question again, we have a lot legal resources to the table while not quite our new legal services firm. Yes, we were very conscious of your recommendation just with when we are in the RFP process. It did not seem practical to go that round this year but next year that is intact. And under purchasing we did check and we cannot use any practice yet so Okay, let's go left. I'm discussing. So the actual meeting will be this will be the October meeting. This will be the October training. The day is on. The other actual meeting of November. There is a not yes, okay. Yes, October is always intended to be the training that's helped. Right. Sometimes business does make you know, especially when you're changing the whole business square of course, it's definitely lined up, but we will endeavor that to be met. It's not one so sexy. I'm asking because I will need to attend virtually. Okay. What date is that October 10th? September 10th. It's a little bit serious. I'm having a birthday. It could be a Thursday. Yes. The 10th. That's the guy's clock. Yes. The town. Out to attend virtually. Country. Well, it might be good thing that we have some resolutions coming up. So you can create. We have more tomorrow. Yeah. Congratulations about this. It have to be at six o'clock? And I'm thinking. We can I'm six o'clock is fine. No, I think so. One time we had talked about should we move these meetings earlier in the day and when that work 30 plus scheduled? We haven't had a problem with it. Most, I mean, I'm finding it, I would say, which is that one for selfish reasons. Well, those are for deliverers who do do their time, and we all have it, like for the time we can do, we're far enough ahead to provide full public posting requirements. I'm interested in doing it earlier. Good, Bob, have there's controls or should we coordinate with Cindy? We're not sending. Okay. Ready? I am ready. I move approval of the civilgal Training proposal was presented for the quoted price of not to exceed $3,000. Thank you. I'm called to vote. Are you going to be in the motion? No. Okay. Um, it's been moved and seconded. So, the stands. Connie. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. Yes. in virtual meeting resolutions. You all have two in your packet and they have to be I could find separately once remote participation in one's virtual participation. We have adopted these before, a Virginia State Code change. Finally, foot to the better, I'll highlight those few changes. And because of that change, we need to align resolution to the state code. And this is also now required to be annually updated, but we actually have it on the work back and so. We're ahead of the state codes. On the remote participation changes, which I have hot right now. What changed is they refined the physical form requirement. If we have for participant whose participation, participating to the disability or an apple issue. As far as clarifying the definition of caregiver, if the caregiver also isn't on multiple reasons to remove, participate. And that's now better defined. That's like, what is life long, married or adoption or legal life for regard or that's all been into this now. And so the other thing that is helpful, because it does allow the person who's participating for a metaphor, disability, reason to count towards form. If you're doing it for personal reasons, you don't go for form. But before we type, I have the physical form here, this person's going to count. However, we have to make sure that we retain both or not as a virtual ability to participate. So if we have auditory or video stuff that voluntarily or through technology drops from the core health front, but for you all homeless, we never had a forum call, so you probably still be flying physically. So that's what the change for remote participation. So when the other thing is they changed the code to be two meetings a year or 50%. That rarely works for you all if you have five meetings. But for other forms and commissions, who be monthly, it has a number of. Yeah. So I can read that and we can both on the remote like the describe group is there. The motion emotions, we have a purpose. People have questions. I think we're ready to entertain the motions. Okay. I'm going to approve of the seat. I'm sorry for that. I'm going to approve of the participation resolution as presented to allisings of 2024 VA State Code changes. So. Thank you. All the vote. Charlie is going to abstain. Connie. Yes, Marshall. Yes. And then yes. Yes. Thank you. Thank you. Motion cast. And the second motion is for virtual. So the state code allows for some boards and commissions to meet 100% virtual. The retirement board does qualify for that category. As I mentioned, you could have two or up to 50% whichever is greater, but they cannot be conflicted if. And then once again, what took obviously good technology is available. We should use it and it can go for forum to be 100% virtual. But if we lose that audio or video, we could be 100% able to stop and tell the truth. So with that, the resolution pretty much the same as before in the other way or the further the call for process. Questions? I move approval of the all virtual participation resolution has presented to align to 2020 war and the VA state code changes. Certainly. and promote it. So, um, uh, the virtual meeting, um, didn't just repeat the motions of it. Any of the issues voting on? A move approval of the all virtual participation resolution has presented to align with the 2020 or be a state code changes. Now, root, our assistant had state. On, yes, Marshall. Yes. And yes, that. Yes. Late. And hers. Really? I know. So this gives you the option. You do not have it. I know. So you don't have a You don't have a How about So Here Um Um, a time and more big and safe. So Marshall Jarrett, his term has expired, but for City Co, you can continue to serve until we have a replacement for you. Thank you very much for graciously continuing to serve on. Thank you. So be to push please. Absolutely. Another is the highest motivation to find. So Marshall is a City Council appointee, which means that the City Council needs to appoint the next person as well. And as of right now they haven't gotten any applications from eligible people to vote. So please put out your feelers, be great to have someone with a strong legal background, send the word out, send up the bad signal, do whatever you got to do to get a good member on the retirement board. I think that's about it for that. Is there a link to a description or that you can on the piece on the website? There is. The city clerk's also been putting stuff out on social media, which is really great. It posted it on Facebook and Instagram this past week. So yeah, we can get that link to you guys so that you can send it out to everybody. And then anybody is welcome to call me and I'm sure you all also will answer questions. So we resident, yes, we go back on with the ideal, but there's actually no specification for that. That's sort of our desire. And the person does have to attend a board meeting before a counsellor to the point on. So that means there's a October, remember, pretty good, come and still be on the radio stuff here, and celebrate your birthday. Yeah, you're right. Thank you all for the no one in the commercial, but we also do. Allow him to retire as he dissa of interest. Again, thank you. All right. Number 14, this one was originally going to be an action item, following up from your main meeting, but in working with Robert and Steve, we are switching this to a information update. I'm going to do an overview and then proper to pack this something. So there was going to be two pieces where we're going to come back to the proposal. One is to look into the cost implications of changing the disability plan as we talked about last week. Either eliminating it from the plan or changing it to make sure it's secondary and the city's separate disability plan was primary or in or changing the multiplier to 1.7, whereas we changed everything else to two and I think this is a reverse. Yeah, see, I just got overlooked and we paid to fix that. So in looking at that, say you'll identify that they're actually not valuating on the disability, but it's going to do our valuation because we usually have more work to participate. So there's no liability impact or change per second. So it didn't seem approved and I'm saying will propose not doing an analysis because of that. And then so it's a separate discussion if you want it if and wasn't lost. but then we just get to counsel to approve and amend the plan. If you want to change. The pre-retirement to death benefits, we also don't have a proposal this evening for work that we have SQL do initially because they've done a lot of research on pre-retirement death benefits and the recommendation from SEGLE was that they would put that together in November, could put forth some options that you all could consider. And if there was an option that you wanted to do, then we get a cost proposal and they see the analysis all that. First, doing the research, we don't want to cost out many options. And so, um, we're talking to Robert and Ken being traditionally responsible for us. He's not offering that you have to propose or produce a cost for COVID tonight. We could still keep the work going. So part of this, you want to do anything with the disability now, and then we'll bring back some pre-retirement to benefits in November, then we're also using the new evaluation numbers that they did it now. We've been using 2023 and we also could bring this to the people at the back of the sector. I think you've got everything I don't think. Yeah, so I think it makes sense to just get you through some information and about that. And then we can keep because there's no, so the work that you're going to present in November, there's no charge to us as a retirement board. It's only after that discussion that you'll present us with a cost proposal. So. We're good. We've rooted good. Okay. Keep along. Okay. Okay. I didn't know if the water sale proceeds manual to concept started to that. Work plan. All right, so the work plan is before you with some revisions. Most of it is just we delay something into November. It's the ball of the workload and the labor services contract was done. So you had that in the packet. I would know that we were going to bring the IPS support. This meeting for the annual review, one I've read the packet, two of them, so I've done as I said earlier because we haven't got the council, so I would recommend that I'm here as part of the docking this that you move. I guess any review we can look at for meetings. Right now I'm not recommending any changes could be a different place outside of what you've already approved. That's that. is being codified. I do want to highlight that before November, we will do an asset allocation study on the international funds, which was the question Marshall brought up at the last meeting. The full asset allocation study is scheduled for 2025 based on your previous decision to go for a 24 cycle. And then in the packet, but not so much for discussion, I just wanted to flag the information we included with the attorney general, Virginia Attorney General's opinion on ESG for BRS, which is not our plan, but it is a mistake code, so we're monitoring. Not doing anything active with some of the services come to you. Can I say something about that? And I'm glad that Justin is here to hear this. Justin. The Attorney General of Virginia has written a pending VRV about the Italian class and hit the Attorney General says categorically that the VRV plan trustees will not consider any ESG factors in making investment decision. Now, we're going to need a legal opinion from our lawyer about whether or not those are two things. First of all, I used to be a deputy attorney general, Pennsylvania. We wrote an opinion that bound all of the state agencies and had to follow the data pit. We need our lawyer to answer two questions. First of all, does an opinion to a similar agency find us and secondly under Virginia law, and the attorney general writes an opinion we bound. I'll tell you right now, that's the, I'm going to, as a member of this board, I'm really reluctant to consider any ESG factors until my lawyer, my city attorney, tells me that we can. And I worry about our liability if we go forward without that people opinion. That's for all in each of you can make your own decisions. But the opinion is categorical. So anyway, that's all I'm saying. And just to clarify, this is for the Virginia retirement system that covers Virginia state as well as our schools, it's employees. So they are going to be bound by that requirement. And I have put in no more forward to the legal service of RFP. I think right now is fine because we don't have a lot of investment activity and changes that we're doing. You all had already decided that the primary criteria was not ESG. It was participant benefits and returns and so forth. I have also asked in the work order that the size of points you brought up, Marshall, we also looked at the Department of Labor's final regulations on ESG, which does allow it to be a little bit of high-breaker, whereas the Virginia Attorney General said not at all. We are in the state code as a public pension plan, but it's a different part than the Virginia retirement system, but using when the administration does something in one area, it buses for over so. I would say we can be on hold until we get on hold. I didn't read it that I mean I don't know for any, but I didn't read it that I mean I'm no for me, but I didn't read it that no ESG consideration. Is that what it says is no ESG consideration? I thought it was just for you know we have to manage for the beneficiaries. We have, certainly, we must use financial considerations. Yeah, I think we can bootstrap and say that an ESG implication will affect the worth of the stock. But that, that, that, that basis at the bottom, it has to be the financial, the way to return from the company. You click back in and say, I think the opinion permits you to back in and say, looking at this company, and making up a financial determination, these ESG factors actually enhance the value of the stock and make it a better investor. I think that's where we need a legal interpretation. Because if you read just the response, it says it recludes it from facing investment decisions on ESG. Yeah, right. You know, right. But there could be a fund that is an ESG fund. It happens to be excellent and has the best returns. You could choose that one. Who are compared to what? Compared to a non-ESG fund. Yes, but not compared to another ESG. Compared to a non-ESG fund. Okay. Okay. So, I see we put the GOL raise back in your tactics. We had looked out for a while. We showed the turning channels and pinning some of your informed and do you hope? The better way to put it. The manager might be one of those first activity because it worked. And to make it even more complicated, another issue is there might be a supremacy clause issue with regard to a federal regulation. It's not a law. It's not a statute of federal regulation versus a state opinion. So that's another dimension of the issue. So it's pending in the city attorney's work request, fracking the book. We need to pay for it. So that's what we have on the work plan because we have revised the work plan for the future. People's focus time is getting up. Motion maker, chair is done. I move approval of the revised 2024 work plan revision to percentage. Thank you. Thank you. You're safe? Fun? Yes? Marshall? Yes. The band? Yes. Marshall? Yes. The band? Yes. Yeah? Me? Yes. Thank you all. And then for the agenda, the major item is the administrative report, which is the one that attention to all this afternoon, making kindly votes for it and there be some hard shopping around table about the last distribution. I would like to request a moment to short cruise and cruise. We're entering the admissions of the Nizots over by far the committee. Thank you. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. I'm going to start with the first one. Um, people was. Or yeah. And Mariner, we are writing a road of no contract. And the financial advisory services is your next RFDMQ. Okay. I think when we are in an optional one-year removal period, we should have those of the time or two. We need to focus on the time or to, those 1-year exchanges. Not the way the construct doesn't represent the stock, but today, because it includes the full-term flood extensions, I will know for the records neither come increased the rates. It's kind of your life. Yes. I'm going to have to leave meetings with my ladies who kill me. OK. We appreciate you attending and we hope you continue to feel better. Okay, Charlie. I hope you feel better, buddy. Thank you. Thank you. Thank you. Thank you. Thank you all. Any other questions? I don't know. Let's say single was. Are the under the retirement for a policy to you but it will include it. So for a few highlights I think one of the big ones are and we've done a lot of regular work we've already talked about legal services contract. I do want to highlight some of the cybersecurity items because our IT team in the QTO have published some green positive stuff which includes operating our infrastructure. So we're more resilient and mitigate growth not going into details because we have cybersecurity so we don't want to expose the details. There has been another multi-function authentication procedure put in place, so before we were doing it on our remote access, now with a lot of our other online software programs. We have a New Zeke Scaler, the time in the test group, and I love it. People can allow remote access in much easier remote tunnel, but it's also in the future. We're continuing the staff training and continuing to do webinars and read articles. I do want to also highlight that for the legal services RFC, as we did with the US bank now, for any retirement board contracts, we put out for RFCs, we put out or our fees we put out we're making sure those are stronger side-per-security components to it and our purchasing offices now building that up the standard terms and conditions but because we have so much That's the data to Cal State of Germany, confusing our needs. Two knowledge has been approached to integrate any of our systems. Yes. I'm just going to say that I'll let the person with the news thing actually might have been a surprise. Good answer, Nate. Yes, the tests. Yes, there are the tips. You're on it. There are the tips. And we do the best job we can right now to mitigate those attacks. Two knowledge of any two tips, the success. We can say, I have an interest as trustees, and you should ask this question. As you want to have a real detailed dive, I will propose going into play session now or the future meeting. But maybe in a five-minute. All right, but just a little, I can answer the question a little. So that we can say that there's attempts. We haven't verified, haven't been able to verify anything that is penetrated beyond. Sorry, let's go. And in the report also as usual we have activity report. It's really busy still. It's making this experiencing as you took over from Sherry. I won't let it be. We don't have the projections in this chart. Simply because this chart was done after the transfer. I didn't have a chance to pull out the seagull back up to the invoice because when they build us, I know how many projections we did. Just to say the least, if you look at it's 37 without that count, of course, it was 39.4 to report. I can just room for a visit. Only appendix two, because they're also in transition, you'll see we didn't update their standard charts. You're used to seeing, but because the finance office of the Mox-Vivin was literally just finished on a lot of financial payments, so that SEAVO can do their valuation, I'm going to put in an excellent up-to-pt of the chart sheet provided the city can see the contributions investment earnings. And while we're paying out under deductions for benefits and then the administration, which is predominantly the US bank. And the very last line I just wanted to call out due to general attendance of June 30th. This is where the city pays our vendors and their fans and then financial give me an invoice to show what we owe. And then I will authorize it and pay back the city for advancing the census. The plan is to do that. Probably we'll tie it to the open work since we're doing that. But Mary has already given us the recommendation estimates for those dollar amounts. And then Megan did update the training schedule. It didn't have significant changes because the November conference was coming up where the then early April be going and for those hours will mentally increase if you do a lot of training. But Matt and I both did an international foundation webinars that share it, that passed out to everybody. So that's our question. So that is the administrative report under the consent agenda. I do wanna fly the attendants, the schools, new employee orientation and communication. welcome back to the listing teachers. They had a vendor there for the first time this year and so it was a lot of the services that are provided in the school's kindly give us a table for the basic pension plan for all of our employees that are not in the IRS and Chris and I man the table and I provided the flyer in this afternoon to email on the table. We had about 20 folks stop by and they had lots of good questions, didn't have a lot of good understanding so I think it was well worth talking to them and I had a father and another five or ten that says, thank you, but you're not with us. Who down to the BRS table? But it didn't work out really well. We had somebody who's a new boy and we've lived in about three years. I was learning, oh, two more years invested, you know, and young, but you know, started thinking and then another one and then, oh, I don't work for 28 years maybe I would start planning for a summer. Oh yeah let us check. So I think it was well worth it. Oh my plug is a Christian that hopefully do. I'm saying the next year. And then the Water Cell Cruise Seeds administrative manual. And you'll look at that is working really well. What's the knife have no recommended changes to present to you all. Stay going working with it right now. And it seems to work. So I'm excited. I would just recommend for this year, you can complete any agenda that you will approve the ministry of mayoral indigent. When we start, I can give you a few questions. I move approval of the consent agenda, as consent. So true. Thank you very much. There is accents. Honey, yes. Marshall. Yes. Nathan. Yes. Yes. Nate. Yes. Yes. Thanks for having me. All right. Almost done. Other business in the US. And then I just wanted to remind you all of the email. We've had about a month ago that was the city clerk and council are hosting the board's and commission of appreciation. Today, I want to share the help of our. That's this. I hope we all do. Appreciate it. Thanks. I enjoyed sitting enjoy sitting with my family last year. But our, for our acting chair, because for some likes to support. I will say I'll be there for part of it and I have to slip through the background. I'm getting up, making packets. We talk about what we'll ask. I can tell you, I do hope you want to come. It's always fun and good to be anyone to serve a big thing. Other items to discuss? Oh, Cindy, that's very, very excellent. Oh, employees. That's the handouts that we did at the school. So I just gave you all a copy of the we created it quickly for the basic pension plan for this one for the school. So that we have credit to actually share a papers and Chris brought it across the finish point for us. And then we'll. So what given the statement that you've provided employees? Well, that's not the annual statement. Okay. Yeah. That's just a flyer of information. The annual statement actually will have all of the higher date state of birth, go ahead and direct the activity, with a disclaimer at the bottom, as it doesn't include any income increases, or you simply, it's a good, one more degree. This claimer at the bottom is that it doesn't include an income increase in certain years. So this is the first year that Segal issued those and we handed out most of the general governments in person. She was the meeting and we got a lot of people reading and looking at them, which is really positive and the schools. We're talking about different ways current protection. But that's just how the police want to go. Yeah, the police want to go. Did you like one? I made the notes, I don't forget, but yeah, we did it simply because we needed it. School of intention. It doesn't seem like a good thing that have to handle people if they are interested. Before asking all the time, we'll go. Well, we do. What's a number? And this is a nice summary. The employee corner on the website, we have the traditional summary of the SBA, but it's much longer. like that. This is a way there. Maybe when Chris was back from the vacation, like he had a workshop took out the policeman, he had only a long time ago to make that. So we can easily just take out basic and make it just from the school. It might be up the next meeting because I think Chris is out. It of the rest of us. We'll get it. I'm glad you were like it was easy for people to understand. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Other items, questions, discussion items. All right. I move for the journey at 913 p. So come. Second. Call the folks. Honey, yes, partial. Yes. That's an That's That's That's That's That's That's That's That's That's That's That's That's That's That's That's That's That's That's That's I think the only one here is to get a new one. They have had a family. When I talk to them, they just have to get a new one. They have had a family. So it's not too late. Thank you. I could say, I hope you can not go get to the point. Yeah, it works. I'm going to sit down. I'm going to sit down. Thanks. We'll spend the rest of the day. Thank you. Thank you. Thank you. Thank you. It's good to see you too.