We would like to welcome Ms. Hipson to our board. We hope she will be a vital part of it. And we understand that she already has done her homework. So thank you. We needed an approval for the minutes. Motion to approve the minutes. I second. All those in favor? Aye. Motion passes. New business. Oh, I'm sorry. You're also present. Jeremy. Brett. I'm sorry. Brett. Brad. Brett. Chatter chick. Kajaki. Kajaki. Kajaki. Kajaki. Okay. I think you later have been more than I think. I still can't say. And Jeremy, thank you for being here. All right, new business. You got it. Okay. All right, ratification of invoices. Yes. Is there any chance you're on the minutes? Yeah, I probably am. Hold on. I'm going the wrong. There is the. In our. The. Where is it?'t. No, that's it. Oh, okay, thank you. Okay, approval, review approval of the 2024 actual orrial valuation. Right, and I'm gonna get your actual oracha car on the phone here and you're gonna go through that report with your phone. You know, I'm doing a job. I bet you do. Hey Chuck, good morning. I'm here with the North Plain Beach Board and they are ready for you to take them to their valuation report. All right. Good morning everybody. Good morning. Good morning. I'm assuming you guys have a copy of the October 1 24. Act for a report is proud of you. You don't necessarily have to hold on, but I'll point to on the relevant pages when we get there. I'll start out with the evaluation as of, it was done as I took a 124. So obviously it doesn't reflect anything that happened with absent for otherwise since that date. That's good. That's good. Yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah, yeah into the current this whole year so anyway this report is used to determine the contribution requirement from the city, not from the current year, but for the next following fiscal year. So this report determines the required contribution for the 25-26 fiscal year. And the current year contribution requirement, which we'll talk about in a minute, was based on October 1, 23, valuation reports. For the record, there were no planned changes with what to hear. Just as our reminder, last year's report did reflect the bump up incentives. I guess we can call it the restoration of benefits to the one actively employed participant who was hired by the February 1st of 2013. So the line lines are flexed. It was first collected in Lancer's valuation. Also just to touch on assumption, there are no assumptions changes here for this report. So all these assumptions are the same as when they last. Yeah, you could stay see this. Is there a question? No, we're just trying to get you louder. Sorry, it's hard because I can't tell if anybody's saying anything because of where these phones work. No, here you clearly have that shot. Okay, okay, good. All right, so just as a reminder again, we are still using the 7 and a quarter percent interest rate assumption. I think the board changed that back in 21. So I remember right. So everything is the same as far as assumptions go. I'm going to skip the data part of the report. There wasn't anything too exciting in that part. I want to go right to the assets. So if you turn to Table 2B as in Boy, this is a market value of assets. It's page, Romanian rule 2-2. In my report, I don't know if you guys have the pages renumbered sometimes for some of the meetings, the meeting packets will have the pages will be renumbered. I think they're there, Chuck. Yeah, we're there. So market value is a 10124 was $22.17 million. What I want to point out though is we have an employer contribution receivable of $388,500. That was the remaining contribution that was due for last year. And I'm touched on that for more than just a minute. And so it had not been made as of the date of this report to my knowledge. So, you know, that's a receivable. I had to add that in. And I said in just another minute or so, we'll talk about that a little bit more. Our return on assets, if you want to turn one page to table two seats, you'll see a 10-year history there at the bottom of your returns, both on market value. That thing called actual value is sometimes it's the same as market. Sometimes it's a little bit different. It just depends on whether we have an advanced employer or contribution or not. At the moment, as of 10124, we do not. So it's pretty much the actual value is the same, at least at that point in time, is the same as market value. Over time, though, for the 10 years on market, we've averaged just a little above 8%, which is great. Obviously, that last year's return of 21% helped really help to boost that up. Our soon-to-turn for the same period was 7.3. So over the last 10 years, we have beat by what about three quarters of a percent or better, we have beat our assumed return on average. Let's go all the way back up to table one A, which is minimum required contribution. This will be table 1 over 1-1 in the report. Let me start before I get to this year's contribution requirement. Let's talk about last year and last year this year and then we'll talk about next year's contribution requirement. Last year's contribution requirement was actually over $400,000. The city did have an advanced contribution credit going into last year, and this is again for the 2324 fiscal year. I believe it was about $93,000. But the city did not make any deposits, at least not that I'm aware of, last year. So I reduced the required cost fee for last year by that advanced contribution credit. But that left a balance due of $388,500. I did put a paragraph in the cover letter if you want to kind of read about it a little bit more. that basically the state requires the city to pay interest on the past due contribution for last year up to the date of deposit. So in the cover letter, I actually, and I'll give you what the number is, that I calculated. If the city deposits that amount for last year, the remaining amount for last year, on April 1st of this year, then the deposit amount would be 431,506, which includes the 388.5 of the contribution shortfall plus $43,000, $6 in interest. That interest, by the way, is calculated and has to be calculated at the 7 and a quarter percent valuation interest rate. And it is calculated starting October 2nd. The Constitution will actually do October 1st of 23. And we don't usually worry about it if the Constitution comes in during the year or... Stockton, can you hold one second? Yeah. We have a question. Yes. From January 1st, will that interest go up to 9% or no of this year? No. No, I calculate that interest of sending that the city makes this deposit on April 1st. So it includes interest on April 1st. Okay. Yeah. I just didn't know I was going to be at the new rate at 9.09 or whatever that is. Okay. I don't know what the 9.09 is. I'm not familiar with it. Okay. Are you trying to... No, we're really... I'm not sure what that is. What is the diarst? I thought in Florida it was increasing but I could be wrong. On January 1st. So, OK. I know we're here, though. But you may have. All right, go ahead, Chef. It's not aware of that. I'm not aware of that. I mean, we have to ask, I guess, the attorney's probably is a word of anything like that. I'm not aware of any requirement that we charge, you know, 9% plus starting January 1 on a past due contribution. As far as I know, the rule is still the values and the strength, which is 7 and a quarter percent. But anyway, that's my knowledge, that's the situation. So we're going to talk about three different years when we talk about contribution this morning. So first of all, for last fiscal year, though again, the remaining deposit with answers is 4.31.506, assuming that deposit is made on April 1st or around April 1st. I'm not going to clip it with whether it's a couple days before after. But anyway, so that's that. Now, the current plan here also has the contribution requirement. This would have been based on the 23-actural report. Our current fiscal year requirement, which of course is not passed due at this point, because we're still in the middle of this year, but it is 415,283. So I just want to point that out to make sure that the city and everybody understands that there's the $400,000 plus of past new contribution with interest. Then we've got another $415,000 to $8,000 to do for this year that does not reflect any extra interest charges. But obviously that will happen if we go after the close this year. And then on table 1A you'll see for 2526 the countries will part of drop dramatically to 62,309. I suspect assuming things continue to go well. I suspect that maybe after next year we'll be back to a situation where we're going to zero employer contribution, but I can't guarantee that. And it is entirely dependent primarily on what the investments, how the investments do. We sort of live or die with these plans of this point, especially a frozen plan like this one. The demographics don't usually impact things too much from year to year. It's almost always the investments that are driving the bus. So, you know, whether the city has a country's climate beyond the 25, 26th, this year, how much that would be is going to depend pretty much on, you know, what the asset performance is. But, well, in part of the 26, 27 year old, 10,000 points between now and the end of this coming September, because that will be based on the 25 actual value issue. So that's the three different years of deposit requirements. The other thing I was going to point out just for your information. So if you look at table one-E, this is our present value of a crude benefits. But I have a question, Chuck. Chuck? Yes. I have a question. Yes, sir. The city contribution part, our plan is not gaining people, it's losing people so shouldn't that be a non-entities now? Well, it depends. And that gets to what I was just talking about with the investment returns. So the contribution requirement prior to, for valuations before this one, we had, you know, the year, I think it was 21-22, when we actually had a negative return, that brought back. I think we did have a year when the contribution had dropped to zero, but then we did have restoration of benefits to that one individual. That was going to be a big deal. It only added, I think it was like $160,000,000 of projected liability, which in the big scene of things is not. Individual that that wasn't a particularly big deal that only added I think it was like 160 maybe $200,000 of projected liability which in the big scene of things is not that much But it's really that asset performance that has and and the contribution requirement is sort of in a rier in other words Because of that one-year delay and the application of evaluation results So you're not seeing the reduction due to the good investments last year, for example, you won't see that until the 25-26. So next year, right? Conspiracy required. Okay, thank you. Yes, sir. So if you look at the bottom of Table 1E, you'll see on a crude benefit basis, we're just over 100% funded. So the contributions are now that does that 100% reflect the past two contributions are I've included the past two contributions have an asset. So if I had not included that as an asset, we wouldn't be 100.16% funded. But assuming the city makes the contribution that required, we are just over 100% funded on a crude benefit basis. So that's why I said the expectation is within another year and a half, the contribution of private should disappear. Unless we have adverse experience with the investment returns terms again and that's because we're we're we're funding our funding right now after this year is really for this one participant who's well there's there's four participants who are still recruiting benefits but the one in particular who had benefits restored so we're funding for that that sort of that last little piece that we're funding for. Those individuals are, I think, at least three of the four of them, I think, are eligible to retire right now, or at least they're all very, very close to being able to retire. So anyway, the funding that we have is up through this year is really to cover what's happened in the past. And then the extra contribution next year is really for the last little bit of benefit of the cruel that we expect for the four actively working folks, as well as we have an administrative expense load that is also part of the funding requirement of the plan. But like I said before, my expectation, if things go as planned, is that beyond next year, I believe our Constitution should go back to zero or at least be something very, very low. We should, this current year should be the last year that we see, you know, the multiple hundreds of thousands of dollars of Constitution of Parliament, but I want to caution everybody everybody, make sure we're all on the same page. If we have another year and we have an asset loss or we fall way below our soon return, then it is very possible that we could see a contribution or a crime again. Because even if you have a plan that's frozen, even if a plan that consists only of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of the position of 100% funded or overfunded that's just retirees, but if you have an investment year that's bad enough, then that in that case the city could end up having to make another contribution. So the only time that we can say that the game is truly over is when our last retiree has passed away and we've paid all the benefits out of the plan that we're, you know, we have no more participants to receive benefits. So until then, the city is always sort of going to be at risk to some degree of having to make a transition. But the expectation is that in another year or so, we should be done with contribution to this plan. Now, let me ask you a question. When the plan is totally done, there should be a zero balance, right? Well, likely when the plan is totally done, there will be a positive balance of assets because if there was a zero balance, I mean, we're not going to be able to nail it right down to the, because we don't know when someone's, when that last person will pass away. How long now? So we'll ask how assets can reserve to pay their benefit, you know, for whatever their remaining life expectancy is. Once they pass away though, there's likely to be some residual assets in the plan. And that's only my understanding is assets would reverse the city. If you were a private sector plan that would not be true. There's likely to be some residual assets in the plan. And at that point, my understanding is the assets would have worked back to the city. If you were a private sector plan that would not be true, but most of the assets would be subject to a 90% X-I tax. But you're not covered by that rule. You don't have to worry about that. For public sector funds, once the last participant has been paid out and we have no more beneficiaries of the trust, then the trust will be dissolved and any balance of the trust will river back specifically. That's my understanding. Okay. Thank you. Yes, sir. All right. Any other questions about the evaluation? I know you guys are probably hoping it will be a little bit better, but I guess my positive stand on a positive note is I think things will get better from a contribution standpoint in the very near future. Well, thank you, Noah, we appreciate your optimism. I try to be optimistic. Well, I don't know if you guys, you certainly there's no no requirement for you to do that at this foreign meeting, but this report technically is a draft until such time as the pension board officially are formally accepted. Then and only then does it become essentially the invoice to the city for the requisite contribution amount. So I don't know if you guys are inclined to do that at today's meeting, but if you are, I guess, a motion be in order to accept the actual evaluation as presented. Do we want to? Accept it. Yeah. Motion is their motion. One of you too. I make a motion to accept the actual actualization. Motion to second. All those in favor. Hi. Hi. Motion carries. All right. Thank you very much for that. So now that you've accepted, we have 60 days to get this filed with the state. There is a retirement. We do that electronically. And Lisa in my office usually takes care of that within a few days of approval. There is one last housekeeping item before I conclude my report. And Jeremy, I don't know if you are the attorney wants to give them the motion, but you have to, there's a separate requirement that the state has that requires the board to approve that seven and a quarter percent interest assumption that was a part of the valuation and just approved. The seven and a quarter percent has to be separately approved. It's just a housekeeping thing. But anyway, the Jeremy, Kenyra, the attorney, give them the motion for that if they're inclined to do that. You know, the correct... Yeah, I can do it all the time. Chuck, you said you got to write the other. Yeah, I can do it all the time. You said you got to write the other day, but I'll still do it. Yeah, that Jeremy was not a demeaning the other day. He wasn't able to make it, and I was able to actually get it out. But I never feel like I get it right. Yeah, so as Chuck alluded to, this is just, you're essentially just restating that 7 and a quarter percent of assumed rate, not changing anything. This is just kind of a busy work item. So the motion is to approve. I'm just saying to your spectator return at 7.25% for the next year, the next several years in a long term there. Second. No, no, he can't make it. Motion to approve. Motion to approve. Motion to approve. 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. Bye-bye. Okay now we do the ratification of invoice of payments. Everybody have a chance to look at the invoices? I have. Any questions? I do not have any questions. All right. Motion to approve the invoice payments as stated. Second the motion. All those in favor? Aye bills are paid. Right. Ratification of retirement and lumpstone payments. You have one. Jerry Smith. Mm-hmm. Is moved into retirement and got his first payments. My face got. 1900. Nice. Nice. So certainly you wanted a proof that what you had in the issue is a question. Motion to ratify the retirement lump sum payments. Jerry, you said Smith. No. Good. Aye. Second. All those in favor? Aye. Aye. Passes. Quarterly investment returns December 31, 2024. Okay. I didn't want to talk about talk Chuck's balloon. He's a little more awesome. Probably are just as often as of the last couple of weeks, I'll go in the dollar and vouch for you to send the order first. You started the quarter with $21.7 million and you had $10,000 in cost. And earnings, we did see a market sell off, as we've kind of already discussed a little bit. The down 417,000, you had 437,000 in distributions paid out. 13,000 in change in expenses. So you're ending balance for the quarter. It was $20,919,629.54. I missed the footnote about tariffs. Is that? Because that wasn't an issue in the December quarter. That was a different issue. And I'll touch on that momentarily. Just any dollar or counting related questions before I do the investments. I do. No, okay. Raggedy? No, better off. Okay. If you do want to take a look just at the numbers that I'll reference here page 74. I just have one question. We're going to keep the international equity 21%. Yes. Currently we have no target allocation changes, no strategy changes. Obviously we're relying, especially over the last few months, the December quarter, and certainly over the last couple of weeks, we're relying heavily on our individual portfolio managers to make wise stock selections. But from a- Right, because those are still the cities that surround 11 to 15, that's what I was wondering. No, currently that's not going to change. I will tell you, although I don't believe 21%, I don't believe it's at 21%. But it's going 21%. And less it just got skewed for the quarter. So this is quarter end. We rebalance at the end of every month. So let me go back. You are correct. So that would be, that would be it's gotten a little off. It's target. And so that would have been rebounds back at the end. No, it's a little fairly aggressive for us in the year. That's a little high, although we do have a slightly higher international allocation. I want to say for a year in the 70% equity, I want to say it's maybe 18, 19% the the target. That was actually changed. That was a strategy change that was made. Give or take two years or so ago. Essentially what are, we have an advisory committee that works with the investment consultant over this fund. The conclusion they came to when they did make that change is that given the run-up and excellent performance of your US large cap that essentially they felt that it kind of reached maybe a little higher limit didn't have as much room to continue to grow as the international market where the pricing was much better even though it was experiencing very good gains as well over the prior handful of years. They felt like there was some more opportunity there. So not only is there more opportunity in the international market, but if you've kind of hit where you think you're getting really close to as far as a stock price can go, you're also actually taking on more volatility by staying in that space too. So, you don't necessarily see as much opportunity, but also if you're at that higher price point, you would expect there could be more fluctuation in pricing. And so that was the reason that changed. It was, I don't quote me on this, maybe about a 3% allocation change where we took 3% of our target from the large cap and moved it into the Internet. And I only ask because I know at the state we were prohibited from going that high in international. I mean- Okay. But I guess that leads me to my other question since this is my first meeting. Sure. And perhaps, Frank and Anzer, will do I need to get certified or go through a course as a fiduciary or anything? You don't have to, you will have to file a form one, which unless you came from a board that you already had to file a form one. Not currently. Okay, so you will need to file a form one within the next 30 days. And be sworn in. Right. I mean, I'm not sure what the city's policy is. Oh, I think she's just good to go. But I don't know. But as regards to education, you are expected as a trustee to get education. That doesn't mean you have to formally go to like something like the FPPTA or something like that. It was required in my other. Okay, yeah. Some boards require you to go to a school or something like that. You certainly can. Board would have to. Yeah, or they could authorize. You could come to the board and request going to the FPPTA or something like that. That's not far. No one on the board has that. No one on the board. have anybody with any certifications on this? No CPP tier, anything like that. No. But you're certainly well within your right, obviously, to request the board to authorize you to go or anything like that. But the most important thing is getting the form one filed obviously. I just see as a as a best practice when we're responsible for you know 20 plus million here. Yeah. I have a risk reduction. No, no, I mean, look like I said, I'm all four boards encouraging for trustees to go to schools or educational things. Just some do, some don't. Some it's a monetary thing, and others they do so. Or we just push all risks to you. That's fine too. Yeah, well I mean, and you know, you do get some education obviously by attending the meetings and things like that in three year profession, but um, or you could go to sleep. Yeah. As long as it's not, it's so far that only the form one is the only thing required of me. Correct, we don't have a board right. We don't have a board policy, this is, Stacy has to get certified of the FPPTA or something like that. We did in Davy. Certainly for our financial director. Correct, we don't have a board, right? We don't have a board policy. This is, Stacy has to get certified of the FPPTA or something like that. We did in Davey. Certainly for our financial director, yes, for Bill. Sorry for the board, the board did not have to. The pension board. Correct, but he did. Yeah. Okay. Jeremy, a question on the foreign again, based on the climate out there right now. how reactive are we to that? We're not. Again, there's two different levels there's the strategy level overriding investment policy that we're not reacting to. That again then goes back to what I said before where this is where we rely on our managers to make good stock selections And so we expect that they're absolutely monitoring this more closely and making any decisions that they see necessary. But from a strategy, everything we do, and I know this is the most boring statement in the world, and I hate saying it, but it's just true. So I have to repeat it because I get questions like this all the time, especially in a volatile market like we're in right now. The strategy is built and this should be any pension plan. I would hope that any pension plan would give you a similar response. The strategies are built with very long-term horizons in mind. The absolute shortest would be five plus years. If you're gonna make a strategic decision, a strategic change, you should be doing it with the mindset that at least over the next five years or so, this makes sense. If you're looking at the next few months, even really next year or two, and you're making strategic decisions based on that, I would question how sound that is. So right now, there's nothing happening that we think is, okay, the market's now going to look very different over the next handful of years, and we need to adjust accordingly. We would see this as market cycles. Markets go up, markets go down. What you never know is what's going to cause the market to go down. I mean, if you look back over time, it's almost impossible. You can't predict COVID was going to happen. You know, six months ago, three months ago, even when truck was elected, he certainly had talked about tariffs so long, but we didn't know what they were going to look like. You don't have this crystal ball. If you did, you wouldn't have down markets because you could adjust, right? The financial crisis, oh, eight, oh, not, right. Couldn't decisions are not made. They're made to absorb and go through these down markets, taking the least possible pain. We can. Right. We want to capture the most we can of the upside and the least we can of the downside. But to do, but you do that trying to strike a balance. And so that's, again, I know it's a boring answer, but it's really the only answer. Thank you. So. And just to kind of touch on what did hurt the market in the December quarter was actually more that inflation was staying higher, longer than expected. Again, a topic we've talked about ad nauseam. Labor market was continuing to be strong was strong and so the Fed even though they we had we had our three rate cuts and rates had come down the Fed essentially in December came out said we're done. Things are not progressing in the manner that we expected and so you know the betting markets probably had four to six rate cuts at least five or six rate cuts baked in for this year, six months ago. Now it's one or two at best. And that's even looking more at the, although I guess if the market, you know, if the economy really starts to take a dive from tariffs and things we've seen over the last couple weeks, that story may story may reverse it. I don't know if it'll make a. We may see rate cuts again. So it's kind of that weird conundrum where the better the economy is, the less likely we're going to see rate cuts. If you start to see kind of some possible issues, which we are starting to see now, we're starting to see signs of some potential economic growth, some GDP, the GDP slowing down a little bit. Certainly over the last couple of weeks of markets really taking a big hit with tariffs and what that looks like. Everybody's still trying to figure out what this means, right? How long is it going to last? What's the actual impact? Because it's not just, you slap a 25% tariff on something, it doesn't mean the price necessarily goes up 25%. It may, it may not. Or is it in an industry or sector where there's a lot of competition? Maybe the company's forced to eat the majority of that tariff and only pass on a little bit. If you're, you kind of have a monopoly or a very little competition, you can pass maybe all, you know, the majority of that along to the consumer. So there's a lot to be waited through, but certainly in the interim, it's hurt the market. And of course, the fund is absorbing that hit right now. And so for this fiscal year we're in, we're certainly sitting in negative territory for the year, but that goes back to where we trust the investment policy over the long term. I'll stop there, certainly if you have any more questions. Well, I was reading the papers the day about the real estate market. What's your forecast? Well, as of a couple months ago, it was actually very positive. Yeah, no. You know, most certainly our real estate manager had, you know, they felt like they had gone through the bottom. They'd hit the trough, the low spot. I think over the next few years their outlook was something more 6, 7, 8% type returns that they'd weathered the worst of it. Now, I haven't talked to them in the last few weeks, so I don't know if anything that's happening right now. I don't know if it'll hurt the real estate market or not. I think it has to hang around longer because usually what you'll see in the real estate portfolio is a lag. So for instance, when COVID hit, everything got killed. Well real estate had a positive year because the write downs and the impacts from that year didn't happen to the following year. Everything else rebounded the following year. Real estate was down for the following two, a couple of years, right? So I think it depends upon how long this lasts. If things work their way out over the next couple months, it may not end up impacting real state at all because again it it it has time to play out. It's you don't have daily reporting. You don't have those type of things. You get quarterly valuations and again, impacts, economic impacts take a little time to show their way into the real estate. So long-winded answer, say I'm not 100% sure right now, but if the upset market is shorter term, it probably shouldn't have any real negative impact on the real estate portfolio. It doesn't usually. Thank you. Thank you. Okay. Good job, Laura. Do we need to accept your report? You don't. It's informational because it's whether you like it or not. It is what it is. The returns are what they are. Yeah. It'd be nice if we could only accept the good- Oh, I'm sorry. Update on the estate of the cease member. Do a return of contribution. I can take that. That's the Lyndon Bonner estate. In Stacey's just bringing up to speed. We had a former member who passed away and there was an estate open. His name was Lyndon Bonner. And he was, do a refund of his contributions that were in the plan. And we had been going back and forth with his wife's attorney. She was the personal representative of the estate and working on getting the refund of contributions back to the estate. So I'm happy to report that we have everything in order and finalize I want to thank Laura from Jeremy's office. She was a big help. There was a lot of forms they needed to get done. We had a lot of back and forth with Miss Bonner's attorney. They were great to work with. There was just a lot to do regarding the estate. Showing the states to open everything, but it was a lot of work by both sides. but Laura was very helpful. Like I said, we have all the documents in order to have an email from Tim Fisher, and we just needed an authorization of motion by the sides, but Laura was very helpful. Like I said, we have all the documents in order to have an email from Tim Fisher, and we just need an authorization, a motion by the board to authorize the refund of contributions to the estate of Lyndon Bonner. And we can wrap that matter up. Motion to authorize the contributions to the estate of Lyndon Bonner. Second it. All those in favor? Aye. He was a former city manager. I don't know if you know that. No, thank you. I did not. But I do have a question. One of the responsibilities of my CFO and Davie was we as a city had to confirm each year of those receiving money from our pensions who was living, who was alive, or at least make a good faith attempt. Are we obligated to do that in any fashion? We're doing that on your own behalf. Are you still alive letters? Basically. So actually going back to a statement you made not too long ago in the meeting where you're talking about reducing your risk, that actually is what we're doing on your own behalf. As trustees, you've hired us. We're taking the fiduciary responsibility for your investments your day-to-day administration. Bren of course is handling all the work for you. So you have you have put put your faith in us so you you can sit back a little bit and and let us do do the heavy lifting for you. Does that mean you'll take you'll make that payment for us We we are yeah from your fun from the fans funds We are gonna write that check on Laura will send that yeah be careful what you asked for right? All right update on ad hoc cola Brett that that was just gonna be from the city attorney if you remember that's just the annual thing and I think he was going to bring it to the commission as the request regarding the ad hot co uh so I don't have anything to update with that I don't know if it was ever brought to the city commission to discuss but that's just been on the agenda. I don't I don't think that we hurt anything to come out of the level. So you didn't do it yet. OK. All right, so next update on retiree member appointment. Have we gotten anywhere with? No. I think, I mean, on my side, I know Laura's worked tirelessly at this to try to find a fifth trustee. I certainly wouldn't be opposed to you all well. You all bring it to the city to maybe look into opening up the- We'll have trouble feeling available. Changing the composition of the board, yeah, because we've ran through just about about every retiree actually it might be a little reluctant to do that because I've always felt there needs to be a voice for the retiree at the same time this seat's been open for a couple years just to bring up with me we've gone through the last and ask Oh, we've reached out to them and most well all the retirees we've reached out to them multiple times over a couple of years span and either no interest or we had some dual office holding issues. So I mean I guess the other option is if some of those who had the dual office holding weren't on the other position anymore then they could fill the retirement. Well, let's do this since we haven't. We can't change it. Yeah, since we have a new member who is our HR director, let her look at the list and see if she can do anything with it. Yeah, I would actually table it to another meeting. Oh, yeah, yeah. I mean, just I think Jeremy just pick it down the road one more time. I mean look we have we have three today. So that's good. And it's you know, so we're in better shape than we have. My other point if we have if we have quorum issues, you know, that's one thing. We don't have quorum. We did. Well, we we we have we had a lot of times with. We're not going to have coronamishes now. No, that'd be great. I mean, it's actually we have in the past that lots of coronamishes. But it's been good lately actually since you got on the board. And it has been better, don't you think? The last I would say chairman, you know, yes, I said since you got on it's Yeah, Jay probably the last year we've had some more active trustees who have Showed up regularly and yeah Greg was always here and then you know since honestly Jason's you got on it's Greg It may help me find a good retirement. I work with you, you know that. Yeah. And then I would just recommend if you find somebody just check with Jeremy's office because Laura's gone down the list. Yeah, Laura could give you the list of exactly the follow-up can be possible. I just think, though, I am, I am just low to remove that spot. You know, the public is going to want that, you know, people most understand why we plan. We close the plan. I mean, yeah, no, it's better to have one on absolutely no question for sure. Yeah, yeah, I'll go all the hospitals that go everywhere. I'll search. I mean, we've had good efforts. We had one retiring used to drive down from. We had one, yeah, we did have one. We had tried it two plus hours north. Yeah, he drove from like, he came to a couple meeting. Viro beat Porte Singh. It was far, but he was committed, you know, he was trying to try two or three minutes. Yeah, and then it was just like, I think he's going to be able to provide all of these. The pay was too good. He didn't want to make the drive, you know? The pay was too good. Okay, reports. Yeah, we're report. Yeah, we're report. No, you know. Okay, reports. Yeah, we're report. No, just I guess I'm sorry. Yeah, just obviously Stacy five or four more and electronically and then reminder to the rest of you. Who will send me that form? I believe your city clerk does or who do you guys get them from you guys get them from the city clerk, right? Yeah, so you'll file it file before July 1st. You have to file within 30. Where does it have to be filed by? You guys have to file it by July 1st. Stacy, you have to file it within 30 days of today. Right. I should, yes. Today, yes. But that'll take take care of your July 1st file for the years, well. But let me just know talking about who gets you the form. It's, I don't know if you've had to do this recently. It's all online now. So there is no form. You've got to. No, I don't know if you've had to do this recently, it's all online now. So there is no form. You've got to. Yeah, no, I had to do it old-fashioned, say here, governor. Yeah, no mallet and I know. So now it's only, they only allow online. So the clerk should set up, they have to give you an email Yeah, put it in the Spoketer as to why I got it. Yeah, yeah, yeah, yeah, yeah, yeah, yeah, maybe she was waiting to the first meeting But now the 30 days from today, so she'll get she'll she'll shop to put I actually spoke to her as to why I hadn't gotten it yet. Okay. Maybe she was waiting for the first meeting, but now the 30 days from today. So she'll get, she'll, she'll have to put your email in the system and you'll need to know which email she's done for you and then you, you log in and then let that go. Then I can put next to my other five, you know, 25 forms. Yeah, yeah, exactly. Trust me. Do you have anything you want to say? No, sir. I'm good. No, I think our role is to, you know, do the best we can. Our population, I think we did that today. And welcome aboard. Yep, welcome. All right. Planned administrators. You have anything? I just want to follow up. I know this was the first time using the new board agenda software. I want to make sure you all got the links, got the information. Do you if you have any questions today, certainly let me know along the way. If you have thoughts, recommendations on how we can improve tweak, we're happy to do it. This is this is new for us. We're very excited. This was great and it makes it easy for you you see and I'll print the agenda. Yeah, very neat very smooth nice Yeah, it's nice. I like it. But whoever doesn't attend we will make a big deal about it I'm okay with that Okay, our next meeting is June 5th is There a motion to adjourn. There's no public. So motion to adjourn. Second. I second as well. Okay, all in favor. I Thank you guys. Thank you for being here. Thank you. See you in June. Great meeting.