Good morning, Patrick. Good morning, Anesta. Morning. Good morning. All right. Good morning. Uh we'll call the call the pension board meeting to order this morning at 10:01.
Miss Kyle, will you take roll please? Certainly. Present present here. Present. Great. So, everybody had a Let's move on to the
approval of last meetings minutes. Anybody had a chance to review the meeting meeting minutes? I made motion to approve. I second. A motion by Mr. Lindy to approve the minutes and a second by Mr. Sugan. All in favor? I
motion passed. Up next, Mr. Madan, Capitol City. Good morning, sir. Good morning. Can everybody hear me? Yes, we have uh the packet in front of you and if you can put that up on the screen, please. We'll start with the
report for the second quarter and if you page down to the policy review. So, this page is simply to show that the pension fund is within the core operating range.
Um, your policy has an operating range around it that I'm allowed to roam around in and I am within the range on all asset classes and also the equity is at 72% which is underneath the cap of
75. So those two things are within compliance. Um, if you'll note that large cap equities is up at 38.9% close to the the top of the range. That's that's because that's where the
growth is in large US companies. International and small cap are underweight at the expense of large cap being overweight. Small cap is very much underweight because of a slowing economy. Although that's starting to
change as interest rates come down. the rest of the asset classes are pretty much neutral. Um, and so any questions on the pol on the policy? If no questions, we can go into account
performance for the second quarter. So this is through June. If you look at the latest quarter, the column that says latest quarter, 9.28% for the latest quarter, second quarter. That's a good number. Um,
and uh, of course, as you know, we had a pullback in equities due to the liberation day tariff announcements, but once negotiations got underway, the stock market took off. In the second
quarter, growth was better and um, so you're seeing a rally at 9.28 um 10.28 28 on the equity side, three and a half for the high yield bonds, 1% on cash. So, an outstanding second
quarter to make up for the disappointing first quarter. Um, so the year is shaping up to be okay. Um, whereas back in March and April, things were looking a little bleak. Um, any questions on the
performance? Just to show you July's performance. If you go on to the next page, page five, um July was a good month. So calendar year to date, the equity side is up right at 8%. My equities were up 8.3,
the high yield bonds 5.4 for the year, two and a half on cash. So July was a good month. um you want to page um down to the charts and then I'll turn it over to Burgess just um
just to look at growth for a minute. Um our business partner Goldman Sachs has a growth forecast. We like Goldman. They have a lot of sharp people in their office up in Manhattan. And so they're as of econ the their forecast as of
inauguration day was two 2.4% growth. But then the tariffs kicked in and caused growth to fall to 1.3 this year. And so the second half of this year growth is slowing. We already have seen that from several other economic
forecasters where growth is slowing down. Um however next year um there's not not much change between their forecast as of inauguration day and then after the tariff. So next year we should return to trend growth which tends to be
about two and a half. Um page down to the next chart please. We can look at there. There we go. The effective tariff rate is at 16%
which is high. Historically it's been higher back in 1930. Um however it tends to be coming down as of late although every week things change. So um companies seem to be absorbing the
tariffs not all of them. Uh if you have a product that's uh shoes or metal or aluminum most likely that product price is going to go up. We page down to the next chart please on um
on earnings growth. This looks at earnings growth versus consensus. The the dots are the actuals and the bars are the forecast. So over the past several quarters, earnings have been good. They've been
exceeding consensus. And so you see in the first quarter of 2025, 12% earnings growth versus a 6% forecast. This is what has caused the market to go up more than anything is that growth exceeded
expectations. Next chart, please. The last chart actually second to the last chart. This is important. 33% of the S&P 500 index is made up of seven companies. If you take the top 15 largest companies
in the stock market, they make up 40% of our stock market. Just weight by weight. Okay. So for instance, Netflix is now the 15th largest company in America, right behind Visa. And so
these companies fortunately are good companies. They're growing. Um this year the only two that have stumbled have been Apple and Tesla. The rest of them are have have had outstanding growth. So the growth in your pension fund is coming from a handful of really good
large companies. That's what's driving it. um for the most part. The next chart and the last chart just talks about artificial uh artificial intelligence and the difference it has made in
earnings per share growth. On the left hand growth before you apply the benefits from artificial intelligence and the right hand side is growth after. So you can see most every sector of our economy is being affected by artificial
intelligence. This is the year where companies are spending on equipment to build out the infrastructure for artificial intelligence. Next year is when you'll really see AI being rolled out. So chat GPT is an example where
people pay a fee to get access to chat GPT and companies use it but they pay a higher fee. So that's just one small example. A driverless car is another example. Um and then if we go on to the summary, which is just a few um points
from Capitol City. I won't repeat all of them, but it's just pretty much what I talked about. We're we're looking about looking at two rate cuts this year, probably one in September. Tariffs have reduced growth. Equity valuations are high and they're distorted by the
meggaap tech companies and artificial intelligence spending is good. If we go on to uh scroll down to the asset allocation and then I'll I'll be done. So this is on page 14 the equity side.
It's worth 10,920,291. That does not include the infrastructure or the private real estate. your equities are at 62% but it's higher if you include the infrastructure and private real estate. So it's a definitely a moderate growth
portfolio. The next page over are the index funds lowcost effective use of um of uh index fund management from Vanguard and Fidelity. Um really that that completes my comments. Any questions?
Hey Dwayne, it's Patrick. Patrick, do you have a question? Yeah, I just wondered if he had the fiscal year to date through July. I heard him mention the calendar.
His his question was, do you have the fiscal year to date? Oh, yes, I do. Yes, I do. On the equity side, the fiscal year to date up everything right in that number. Ju just the equity. Hold on. I have
Patrick just wait for me to give you my number to I've got I've got I've got the equity side at 7.12 fiscal year to date. That's just the equities. But
okay. Thank you. I would accept a motion if you if there's not any questions. Make a motion to accept the capital city report. Uh a motion by Ken Suggen to accept the report. I second the motion to accept the report
and a second by Mr. Romero. All in favor? I. Motion passed unanimous. Thank you, sir. Up next, Mr. Burgess. Good morning. Good morning, sir. I think so.
Um, so my report's a little little different. Uh you it's got a cover on it that says it's on BCA and it's in your packet. It's great to be here today. Thanks for coming.
Um do you have a report? Yeah. Okay. Uh the first two pages I'll just mention briefly but really doesn't affect you guys but
you're in this industry and I thought you'd like to know what's happening around you. So all of the with respect to your assets um I mean with the exception of pri private real estate everything in your portfolio is marked to market.
There's a every day there are buyers and sellers. So you have liquidity, right? Liquidity. Um, but there was a notion about 15 years ago, uh, that gee was whiz, if you just in invested in companies that
weren't in the market bouncing around every day, they're private equities, you could avoid all this li not liability, volatility, and uh, be, you know, more confident about the future, not worried about market trends. And uh this
approach was uh has been the darling approach for college big college foundations. Harvard decided here $23 billion of their 53 billion in private Yale all the big University
of Florida, Florida State, all these plans around the country pension plans as well as foundations and endowments have been big investors in private equity. Now we have taken the position uh for the last three years, four years
um to stay away from private equity and our my a lot of pressure from larger clients we have to get into that space. We took the position that it got too big too fast because of low interest rates
and that this euphoria because of the lack of price discovery that the worst time to be buying into private equity was when everything was overpriced and no one really knew how overpriced it was. Well, turns out we
were right. And this graph shows this um relative growth, cumulative growth of the S&P 500 versus the private equity index. If you go back to 2009, you can see that's a long time ago, you can see that private equity is actually
underperformed. But not only is that underperformed, but the fees associated with private equity have been enormous. We're talking 2% 2 and a half% big big fees. You should have been a PE guy. Uh you'd be retired
that sold. Uh but um because the dilemma is that the the the companies that run these private equity shops, they're run by a general partner and the general partner sets the pricing of all the underlying
companies, which is the NAV, net asset value. So it's like you taking a test but grading your own paper. What would you give yourself? Right. Huh. A 100%. There you go. Yeah. And that's what these guys have done for
years and it's now finally I think more and more people are are concerned about I've been concerned about it for years. Harvard. Wow. They got a lot of money, right? They just borrowed 500 uh
thousand dollars to make payroll. They their money so much of their money is locked up in these funds they can't get access to it. But anyway, the the next page um you should know that you're by and large all
of your securities here are highly regulated uh by by laws that have been around for many many years. SEC. Uh but our opinion here, our recommendation is that the industry begin to
become more focused on uh quarterly third-party independent valuations of these pees. I don't know if it's going to happen, but it's something that ultimately has to happen in order to clean up the industry. What do you think of that? Would you agree? He agrees.
That's good. All right. Um, let me jump to Patrick's question and I'll get do the summary on page eight. So, if you roll everything together, the assets in the plan, which are valued at
about 11.6 6 million at the end of June fiscal year to date. So that's performance from October one last year through June was 5.3%. However, since then equities have continued to go up
and I would guess that the cumulative returns now are in the close to 7%. Pretty good. Thank you, purges. Huh? You said I said thank you. Thank you. You're welcome, Patrick. And
if Patrick's happy, I'm happy. We'll see what happens. We still have a month and I don't know what about five trading weeks left uh in your fiscal year. Um, just to have some fun here, what do
you what are what would be a catalyst that would bring that would cause the stock market to go up even more between now and the end of the year, end of September? What do you think? Lower lower interest rate. That's one.
Everybody weigh in on this. What else should be a catalyst? Huh? I can't hear. Tariff agreements. Yeah, I think that's right. Uh, so
um, sorry. Yeah, global trade, the uncertainty about global trade due to tariffs has certainly uh been a concern and all right, so talked about tariffs, we've talked about lowering interest
rates. What else? I already gave my answer. Anybody else want to throw in? What would be good for the economy? What would be good for future expectations? Earnings. Yeah, that's what we kind of forget about, but but uh as was alluded to earlier,
earnings have been coming in pretty darn good. And if earnings continue to be uh very good or exceed expectations, that'll be a nice support, if not a tailwind, for for equity valuations. All right.
So on page five of the summary remarks, you all have received this in advance of the meeting and have looked at it carefully. Right. Correct. All right. But I would say this if kind
of the big picture here, this plan continues to be run very efficiently. uh you have a very good uh team behind the scenes. You don't see all the things that have been going on, but you're you're in mostly index funds. You're in
the right asset classes. The fees are really under under control. You're uh uh expense ratio here is well well below your peer group. Um the one-year return here all in
everything together was about 11.4% similar to the uh strategic model and you ranked in the top 38th percentile which is very good. uh international uh was the best performer uh for the year and this is uh
something we haven't seen in a long long time. Uh followed by convertible bonds and conspir um combines a lot of I would say sort of valueoriented assets into a area that we
call infrastructure. Utility companies are a good example uh that you get your hands around and with AI the projections of the demand for electric electricity growth in the United States is about 15% growth over
the next five seven years and it hasn't grown at all in the last 25 years because of efficiency. Um but this these would massive investments going in anticipating that
people more and more people are going to use search engines and so forth to drive decision making and processes. Um they have to be powered up. So u utility companies are making these
big investments. Uh they're planning on uh making more money. They're going to be selling more electrons. And that's one reason why utilities are very attractive. We have tried uh over the years to keep this program
simple and I I must confess that my colleagues uh have over overly complicated the asset allocations for these plans. They put in too much stuff. private equity, private credit, hedge funds,
you know, commodity funds. They just they just loaded up all these things with the notion of you're you're better if you diversify with more junk. But the way I look at it is when you do all that stuff, it's like on a hike with a backpack. You're just loading up more
rocks in the back and you slow down. You can't go as fast as everybody else and the fees are high. You've avoided all that here. Finally, on page 15, if you look at the strategic model as
defined in the footnote, this gives you a history of each of these sentences represents the uh asset allocation in the model from a certain date forward until the next date where it changes again, so
forth. This goes all the way back to July of 199 of 1992. So this is the footnote on page 15. That's not the right one on the slide there. Keep going.
There you go. See that? All that big paragraph there under footnote one. That's the history of this how these allocation ships pivots
going all the way back to 92. It's a long time. So, we've been we've been careful here over the years to try to give you the right direction, keep you out of trouble. And um it appears we've been steady on an upward trajectory.
Yeah, that's a win. Yeah. Um I don't really recommend any changes here u you know behind the scenes. There's always discussions about tweaks here and there, but I think everything's
pretty straightforward right now. any uh any questions about anything while we're all here together. If you want to buy an electric car, I know they're really popular here. Um
I read yet last night that if the The contract is to buy the car is signed before the end of September. It counts. You get the credit tax credit. You may may not take delivery
till next July 26, but as long as that contract is signed as of before the end of September, you get the tax credit. So you can sell your 250. Go ahead and put your contra down. Can
you pull that thing with a with a uh truck? Tesla truck. Yeah. I'm sorry. Your RV. Would you pull it with a electric? Yeah. Okay. I think so. Yeah. All right. Anything else? No, sir.
Okay. Thank you. Anybody have any questions for Mr. Burgess? No questions. Accept the motion. Make a motion to accept the BCA report. Uh, a motion by second. A motion by Ken Sugen to accept the BCA
report and a second by Mr. Lindy. All in favor? I. Motion passed unanimously. Thank you, sir. You're welcome. On to Miss Parish. Hi, good morning everyone. Morning ma'am. I have a few items for you. Um, I can
kind of see the screen. And I'm not sure if these can be put up, but you might have them um in your materials. The first is the memo um on entities that boycott Israel. This was a new bill that the Florida House passed uh effective
July 1st of this year um which amended a statute that um basically says that in addition to the scrutinized companies that funds are not able to invest in, they are going to add this entities that
boycott Israel list um to that list of um like I said entities that we cannot um invest in. this responsibility will really fall to the consultant to inform the investment managers um that moving forward we need to keep an eye out. I'm
not sure um I took a look at the list. I wasn't really familiar with any of those companies that were on there. Of course, your consultant would be much more familiar. Um the statute also says that in any agreement moving forward, there
has to be um language that says that um if we find out that a company has been put on this list that we can terminate that agreement um at no cost to the fund. Uh we think that this could become um a politicized tool in the future. So
we're really trying to um adhere to the requirements in this um statute moving forward. So, we will um and I'm not sure if Burgess has done it already, but update the investment policy statement to include this information. Can may I make a comment on that? We've
already sent sent out the memo. Okay. We took the same Yes. template that's on the screen and did a blast to every client, every manager, right? Uh in our universe that we work with. So, it's it's been done.
Great. Thank you. Um, okay. The next item that I have is, um, we have the ordinance for the partial lumpsum option. Um, and we also have the or I guess Patrick maybe will
discuss, but we have the no impact letter um that was requested by all of the funds to accompany this ordinance that basically will say by offering this um these options as um payment forms, it's not going to cost the fund any
money. And we were waiting on that um at the last meeting. So with approval, this should be able to move forward um to be put in front of the city council. We'll have an option to look more closely at this during the workshop and
ask any questions that come up. Okay, great. Um, okay. Next is an updated summary plan description. So, the SPD is something that's helpful to the members, kind of a summary of the plan in, you
know, plain language, um, that can hopefully answer any questions that arise. This was mostly housekeeping issues, updating the administrator, um, board members, things of that nature. Nothing really major in terms of
updates, but just um making sure that everything in here is accurate um in terms of who's on the board, etc. So, I have a question on that. I believe I seen
something with a multiplier in there that was off. Okay, let me see if I can find it. I looked at it. See if I can uh search for that. It has said the wrong numbers for the multiplier. Okay.
See if I can find what page that was on. Okay. Let me let me look as well. Page three. Yeah, you have it set at 3.29, which we would love. It's not that currently. That must be I'm sure that's a typo.
But that was it. Where do we see 3.3 amount normal retirement? Did you see it? Yep. Second paragraph under that bold heading. Three points. Oh, I'm looking at
a lease. Maybe that's why I uh I'm not seeing it as you are. Okay. I will. It can still be approved um with um revisions or it can come back at the next meeting. That's that's up to you.
And then when that revision's made, we just get a new copy. Correct. I'll make um a a clean copy which doesn't have the strikeouts just so it's it's easier to read. But like I said, it can be approved with those with that revision or it can come back to the
next meeting um if you would like to see it before approval with that change. Well, maybe we want to say that it's 3.22 effective October 1, 2025.
You know, just because it changes, that's probably why there was a typo. Okay. So effective. It definitely looks pretty nice. Yeah. So just as a housekeeping issue or a question I have uh we're in contract
negotiations now and part of part of that negotiation seems to be that um the union is negotiating negotiating for a fixed rate multiplier. Should we wait and and have this revised when we hear saves you some extra work?
We we certainly can. Um especially if you know it's we think it's going to be in the near future, which hopefully it will be. Yes, ma'am. They I think they plan on buttoning up uh next month and then Oh, okay. Then yes, let's put this back on the agenda um for the next meeting
and hopefully we will have that information and then we'll be good to go moving forward. um assuming that they come to that fixed rate agreement and that would be something that Miss Py or Miss Virginia would get to you, Mr. Yes. Yes. And I can make a note to ask about
that as well. Okay, my last item. Um we are trying to go through all of our clients and make sure we are kind of streamlining um our processes. I did not find any um procedures or operating rules in my
materials. Um I did include a sample that was recently completed for Okaloosa Island Fire to just kind of give you an idea of what could be put together for the fund. Um certainly good practice to
have somewhere you can look um and operating rules and procedures that should be followed to keep things consistent. I don't think this would be a huge um undertaking. We do have a way to someone who would assist um moving
your information and kind of putting it into this format if that's something that you were interested in. So I just wanted to give you um an example to look at. It just makes a little bit easier if you have something in front of you. If there are procedures that I am
unaware of, happy to of course take a look at those, but I didn't see any. Um I'm not sure that Jill had any, but again, you may have more information on that. But if this question Sure.
Um I guess Miss Kyle, this would question be for you, Miss Kyle. How do how do these rules? Have you had a chance to review these? And how do these procedures line up with consensus? Every plan should have these operating
rules and procedures with them. We do not currently have any for this plan and I think it would be very helpful and important for clarification on rules and procedures for the plan to have Anna um draft something like this for the plan.
And it's it shouldn't be that expensive. Correct, Anna? It it shouldn't. Most of the work is already done. It would really be taking a look at um and again, if if there's nothing in place, then we sort of have a a good guide to look at. But a lot of it
is going to be pretty consistent information on public records, government in the sunshine, committee meetings, minutes, all of that is really going to be standard across the board. um that it could change on you know board makeup things like that but I
don't think it will be a huge expense most of the work is already done but it is helpful and I will always look at it when I'm doing a disability and there's a denial I take a look at this and see things like how many days do they have to respond um certain things like that
so we want to be able to keep that consistent um you know not change it up depending on the situation and if the board follows this then we're you know hopefully going to run into less problems um in the future. But again, most of this work is already done. If
there are things that upon further review, you know, you want to change it and make it 45 days instead of 30, things like that are not a problem. This is your recommendation, Miss Parish? It is. It is. I mean, it's something all
the funds should have. Um, it just really keeps the process streamlined. You don't want to treat one member one way and and one the other way. We just, you know, you really open up the board um to some issues there. And then this would become part of the ordinance. would just become part of the
doesn't become part of the ordinance but you do have authority um under the plan document in the ordinance to adopt um policies and procedures to facilitate the plan. So well within your authority um to have these rules and then that way
if something changes and we want to make a change in one of these rules you can just do it at a meeting. It's not something that has to go through the city council because you're not changing the plan. So, this really accompanies the plan, but nothing will change um
with the council or anything like that. Great. We have to vote on a draft for this or what's um there would just be a motion to allow me to um get these set up for you. So,
just authorizing me to to do the work. Anybody have any other questions for discussion before we before we vote? I would accept a motion uh to have Miss Parish draft uh rules and regulations
procedures rule. Make I'll make a motion for Miss Parish to draft operating rules and procedures for the pension. A motion by Mr. Sugden. I second the motion. A second by Mr. Romero. All in favor? I I motion passed unanimous.
And I will make a note um depending on what the other funds do, any uh work that can be reused would be split of course between um you know the two or three funds depending on who moves forward cuz I assume a lot of that information
will stay consistent with the funds. So that cost would be split as well. Think that is it for me. I we I guess we would be relying on you, Miss Parish, to to kind of keep us straight as far as timelines go, you
know, how things would go and review what you would need to help us through these processes should we have to. For sure. And I would reach out to Kyle. Um, I also will kind of look through the materials and see if I can figure out how things were done previously. So,
I'll try my best on my end to fill it in. Anything else that I would need would be for Kyle. And if I have any questions, I would bring it back to the board um to collectively figure out certain decisions that we want to make uh for these. So, it might be a little
bit of a process, but we'll get it together. Cool. Thank you. Thank you. Next up, Miss Kyle. Good morning. Morning. I have the flyer for the police and fire conference Daytona Beach Shores that's
coming up September 8th. And um I'm encouraging everyone to attend. Um it's free to attend hotel only, but the plan will pay for you to attend. Um, as I was saying to Ken earlier, if I get the
reservation quickly, we can send it right over to the hotel to prepay it for you. When do you need that by? As soon as possible. I'll be back in the office Thursday. If it's sitting there, that will be helpful.
The next is the 2026 upcoming conference list. uh you currently do not belong to FPPPTA, but that is another conference throughout the city and an organization that's very helpful um in training. Their courses are a little more
expensive, but um people do enjoy it. They go through the certification process to become a certified public pension trustee and that is available if the board wishes to join FPPPTA. Um, you
could look at their website online. I have the meeting dates and um I don't know if it made it into the email. If it hasn't, I'm just going through the same schedule that we currently have that it's the Tuesday morning at 10:00
following the same schedule. The only date that's off is that I did not elect a meeting the week of Thanksgiving. So, as this year, it's the first week of December. I don't know if you want to vote on it or you want me to bring it back to um
next meeting to verify because it's not in your packet. But we're following the same schedule. the it just didn't come in the in the packet from she added this, right? This was added in. Yeah, was
added in. I'm okay with voting on it moving forward if it if it's helpful. It would be helpful if you could approve the meeting dates. I have a list here if anyone wants to double check it first.
You want to see it? Oh, it is in your meeting packet. It is. Oh, it is. I'm sorry. It's just not in the overhead. Um, would we like to vote on this? Yeah. I make a motion to accept the meeting dates for 2026. A motion by Ken Sugman for the meeting
dates for 26. I second that motion. And a second by Alex Romero. All in favor? I I thank you. Motion passing. There's a a group of handouts from my company. My boss put them together
talking about giving you an overview again of some of the things we do by the numbers that he's been in business for over 30 years. I'm with the company nine years. and um the assets just for your information. We never you
really do a lot of marketing. So I thought this was a nice piece to have the whose job is it anyway is you only get to see me here and Virginia gets to work with um Ruben in my office. But
these are the people that are behind the scene working on things for accounting and payments and making sure the state reports are sent in. So these are numbers for you all to have and see that there is a whole team just not one
person. The contact list um also highlights a management contact. There is a management hotline if there's something happening that you have questions about
or a trustee comes to you with an issue that you feel is not being solved properly, you can call this management hotline at any time or if you just have a question about operational things if you need be. Um, but that hotline is
there to make sure everyone has someone outside of the administration to go to the management of the company to ask questions about the client service team. We have a dedicated client service person that's
Ruben Verde who um is a wonderful worker and uh Virginia gets to hear too much from him a lot of times. He's always asking the questions because if it doesn't make sense to him, he's not going to put it forward. So, um, he is
back there and and working on your behalf. So, we just wanted to pass out those numbers to you. This is not something that will be published, but it has for your information. The good news is the premium tax money
came in and it shows you what was last year and what you got this year. If anyone's interested in it, if you want to compare what the money looks like to other plans, I brought a copy of the handouts of all the distributions for
the state and I have them up here. How'd we do? I I think you did well going from 68 to uh 87. I think that was a good turn. And that was the last item I have on administration.
Great. So, we're on to the quarterly expenditure report. Yes, sir. You have the um interim reports that are just here for you to review and receive and file.
We have a listing of the distributions that come from um Capitol City that they provide for us in a timely manner for everyone to take a look at. And then I have the warrant for your
review and approval hopefully. Do we have any questions on the warrant? Just need a motion on that and that will be the end of my remarks. Anybody have any questions about the warrant? I'll make a motion to accept the
warrant. Uh motion by second to accept the warrant. Second and a second by Mr. Lenny. All in favor? I I thank you, sir. Motion approved.
Thanks, Miss Pow. Is there anybody here for public comment? None. Uh I had a question on other business. Um what has been the update or is there an update on the idea of a portal for our members to access? Is
that something that will or will not happen or are we uncertain of that? The website is up and live. The Palaca website is up on the resource centers.com and um apparently there's a new um
payment system, payroll system that has been put through and I have a request into the city to receive payroll information to move forward on that. Cool. Any other business? I've requested Virginia see if she can
pull it up on the web so you all can see it. It's resource centers with ans.com and there up to the top there should be list funds and then it's pension plans and then
down to palatka buyer. Hey Mr. Patrick, while they're working through this, are you going to be available for the workshop through through Zoom? Uh yes. Great. Great. and and we do have our own portal. I
don't know if I've given you guys a quote for it, but ours has a fee to it, but each member would have their own login and they could do benefit calculations. Um, I don't know if that's what you were referring to or you were referring to
the pension resource centers. Is that something that we can get a quote on? Yep. I'll definitely give you a quote between now and the next meeting. That'd be great. This would give them access would give
membership members access to the so they can help make decisions, right? Right. I mean, when you retire now, you get a benefit calculation that shows all your options and they could do that, you know, an
estimate and they could say, "Oh, what if I wanted to retire a year from now?" And it would show them and they could put different joint annuitants in there. Um, it's a really nice piece of software, but like I said, it does have
a cost. So, I will send you a quote and then, you know, maybe when I come to the next time I come there, like in March or whenever I come, I could do a little demonstration. That'd be great. See what the guys think.
But as far as the workshop, um, you know, how are we how are we going to handle that? Well, I think there's going to be an update on the negotiations of the contract is the main thing for the fixed
multiplier. Is that correct? That we're still not finalized. They've still not finalized our contract. So, we're still in negotiations. Still in negotiations, ma'am. But to give the membership um an update of what's going on and where we currently are, we can. Yes, ma'am.
That would be helpful. Thank you, Patrick. I have a question. So, say we negotiate with a city and we set a fixed multiplier for us. Do the retirees have an option to stay where they're at or come with a
fixed multiplier or how does that work? Well, I would think that you would want to make it for all activives and retirees because, you know, part of the issue was the retirees benefits go up and down all
the time and we were trying to avoid that. If you let the retirees stay with the floating rate, it seems you've kind of not accomplished the goal. Right. Right.
Does that answer the question? Yes, it does. So if you take a look at the screen quickly, this is lists the uh trustees list contact information, dates of meetings. Um I put up BCA reports. I can
put up capital city reports also. There's forms on here for retire for active members. They're thinking about retiring if they want to go. Contact information. Um, I'll put the meeting packet up from today now that we finished it. And it's just a a reference
point that it's now electronic for people to go take a look at and see what happened in the past if they're interested in, but yours is the first one that's been completed and is up online. Has Burgess's information on there. Is this where we'll go for our green
sheets for our for our year-to- date plan benefit? you know that everybody that green sheet or that white sheet that paper we get that shows the members we don't put we don't publish them we just send them out once we receive them
um so I can ask if it's something they can put on here but again it would be each member would have to log in with their social security or something and um that's that's more work and money that I don't know if it's worth
understood getting. But if somebody ever needs, I get copies of them all once they're distributed. If somebody needs another copy of it, I could send it to them. And when when are those distributed, Patrick? When's the Yeah,
usually when we do the valuation report. So, um, February maybe. I mean, I can't guarantee exactly when. Thank you. That's all I had. Thank you. Any other business?
I'll accept a motion to adjourn. A motion by Mr. Lenny to a second and a second by Mr. Stern to adjourn. Meeting and we'll be back up at 12:00. That's correct. All right. Well, good to see everybody.
I'll see you at 12 o'clock. Thank you. Appreciate it. We need to sign this one, Miss Coff.