TWO. ALL RIGHT. [00:00:02] GOOD AFTERNOON. THIS IS THE DEFERRED COMPENSATION ADVISORY COMMITTEE OF THE EAST BAY REGIONAL PARK DISTRICT. WE ARE MEETING ON THURSDAY, JANUARY 11TH, 2024, BEGINNING AT TWO. OH FOUR ISH. WILL THE RECORDING SECRETARY PLEASE CALL THE ROLL? [Roll Call] SURE. THIS IS CONNIE SWISHER, RECORDING SECRETARY TAKING ROLL. TODAY'S CHAIR WILL BE DEBORAH SPALDING. PRESENT. MONICA ALVAREZ PRESENT. PETE BOLIN. HERE. AND ALTERNATE WOULD BE GRANT BOYLAN. HERE. GREAT. THIS MEETING IS BEING HELD PURSUANT TO THE BROWN ACT. WE ARE PROVIDING LIVE VIDEO AND AUDIO STREAMING. MEMBERS OF THE PUBLIC WISHING TO MAKE A PUBLIC COMMENT CAN DO SO IN THE FOLLOWING WAYS. WAYS. LIVE IN PERSON OR VIA THE ZOOM MEETING BY SUBMITTING AN EMAIL OR BY LEAVING A VOICEMAIL. THIS INFORMATION IS NOTED ON THE AGENDA LOCATED AT THE PARK DISTRICT WEBSITE. EB PARKS. ORG. IF THERE ARE NO FURTHER QUESTIONS, WE CAN PROCEED. ALL RIGHT. THANK YOU. CONNIE. ALL RIGHT. SO THE FIRST ITEM ON OUR AGENDA TODAY IS APPROVAL OF MINUTES. [Approval of Minutes] IS THERE ANY PUBLIC COMMENT ON THIS ITEM? NO. ALL RIGHT. HAS EVERYONE HAD A CHANCE TO REVIEW THE MINUTES? YES. ALL RIGHT. DOES ANYONE WANT TO MOVE? SO MOVED. ALL RIGHT. DO WE HAVE A SECOND? I SECOND. ALL RIGHT. MOVED BY PETER AND SECONDED BY MONICA SELES. AND ALL IN FAVOR? AYE. ALL RIGHT NEXT ITEM ON THE AGENDA IS PUBLIC COMMENTS ON ITEMS, NOT ON THE AGENDA. NO PUBLIC COMMENTS TODAY. OKAY, GREAT. ALL RIGHT. ITEM FOUR ACTION ITEMS. WE HAVE NO ACTION ITEMS TODAY, SO EVERYTHING IS INFORMATIONAL. ALL RIGHT. WE ARE ROLLING THROUGH THIS. VERY GOOD. SO WE'RE MOVING ON TO ITEM FIVE WHICH IS INFORMATIONAL ITEMS. [Informational Items] SO, OUR FIRST ITEM UNDER INFORMATIONAL ITEMS IS LETTER A PROPOSED INVESTMENT POLICY STATEMENT PROPOSED EMPOWER FUND LINEUP AND DISCUSSION OF TIMELINE FOR TRANSITION. SO, I'LL START OFF BY TALKING US THROUGH OUR INVESTMENT POLICY STATEMENT, WHICH WHERE'S MY COPY HERE. SO, YOU ALL, I BELIEVE, HAVE A HARD COPY OF THIS IN FRONT OF YOU. SO, I'M GOING TO START OUT WITH THE PREAMBLE. SO, THIS WAS REVIEWED BY THE DEFERRED COMP ADVISORY COMMITTEE AT OUR LAST MEETING IN, I BELIEVE IT WAS NOVEMBER. AND AT THE SAME TIME THAT WE BROUGHT IT TO THE THAT I BROUGHT IT TO THE DEFERRED COMP ADVISORY COMMITTEE WAS ALSO PROVIDED TO LEGAL. AND SO, IT WAS BEING REVIEWED BY BOTH AT THE SAME TIME. AND SO, IN AND WE ALSO WERE WORKING THROUGH SOME THINGS WITH OR. NO, I GUESS WE HAVEN'T. ANYHOW. SO, BOTH WE GOT EDITS BACK FROM THE DEFERRED COMP ADVISORY COMMITTEE AND SENT THIS OUT TO GENERAL COUNSEL. AND WE JUST RECENTLY RECEIVED THE EDITS BACK FROM OUR OUTSIDE COUNSEL. AND THERE ARE IT'S QUITE DIFFERENT, THIS VERSION THAT WE GOT BACK. AND SO, I WANT TO WALK THROUGH WHY THIS IS AND THEN ALSO YOU NOTICE IT STILL SAYS DRAFT ON THIS. SO, IT'S ALSO NOT QUITE FINALIZED. SO, THE REASON IT'S VERY DIFFERENT IS THAT WHEN THE OUTSIDE COUNSEL TOOK A LOOK AT THIS, THEY WANTED TO MAKE IT CLEAR THAT THE FIDUCIARY IS THE BOARD AND THAT THE DEFERRED COMP ADVISORY COMMITTEE HAS BEEN VERY CLEAR THAT THEY DO NOT WANT TO HAVE THAT FIDUCIARY RESPONSIBILITY. AND SO WHAT WE HAD DONE AT OUR MEETING WHEN WE REVIEWED IT IN NOVEMBER WAS WE HAD CAREFUL WHAT WE THOUGHT WE HAD DONE IS LIKE CAREFULLY INSERTED HOW THE DEFERRED COMP COMMITTEE WOULD BE AND SERVING IN AN ADVISORY CAPACITY. BUT THE RECOMMENDATION IS THAT WOULD STILL PUT US PUT THE COMMITTEE SORT OF LIKE IN THE LINE OF FIRE, THAT WE WOULD STILL HAVE SOME FIDUCIARY EXPOSURE IF WE WERE ADVISING. AND SO THIS VERSION IS SQUARELY PUTTING THE RESPONSIBILITY ON THE BOARD OF DIRECTORS. SO THAT'S A BIG CHANGE FROM WHAT WE HAD LOOKED AT BEFORE. SO, IT'S ALSO NOW JUST THIS IS AN INFORMATIONAL ITEM, WHEREAS BEFORE WE WERE TAKING ACTION ON IT. BUT IN FACT, IF THIS IS NOT IF THE DEFERRED COMP COMMITTEE IS NOT IN A FIDUCIARY ROLE, THEN WE'RE NOT GOING TO BE, THEN WE CAN'T TAKE ACTION ON THIS ITEM. SO IT'S JUST INFORMATIONAL. AGAIN, IT'S STILL IN DRAFT FORM BECAUSE IT JUST CAME BACK FROM THE OUTSIDE COUNSEL AND WE'RE STILL WORKING THROUGH IT. AND I JUST SENT IT TO BILL TODAY. AND SO THEY NEED TO TAKE IT BACK AND LOOK THROUGH IT THEMSELVES. AND SO, IT'S IN DRAFT FORMAT NOW. BUT HERE IS DO WE KNOW IF THE BOARD HAS SEEN IT SINCE THE CHANGES WERE MADE. [00:05:04] THE BOARD OF DIRECTORS. NO IT JUST CAME BACK TODAY. SO, OH, I SEE. YEAH. SO, THE BOARD WILL BE SEEING IT ON FEBRUARY 6TH AT THE FEBRUARY 6TH BOARD MEETING. SO THAT'S WHERE WE ARE WITH THIS. AND YEAH, WE CAN. BILL AND I HAVE TALKED VERY BRIEFLY ON WHAT SOME OF THE CHANGES ARE. I DON'T KNOW IF ANYONE. I GUESS YOU GUYS HAVEN'T HAD A CHANCE TO LOOK THROUGH IT, BUT IT'S THE FORMAT, LIKE THE LAYOUT OF WHERE THINGS ARE IS THE SAME. BUT YOU'LL SEE, LIKE IF YOU FLIP THE PAGE THREE ROLES AND RESPONSIBILITIES, IT CLEARLY LINES UP WHAT THE BOARD IS. THE BOARD IS A NAMED FIDUCIARY FOR THE PLAN AND IS RESPONSIBLE FOR, AND IT LISTS OUT WHAT THE BOARD'S RESPONSIBILITIES ARE THERE. WOULD IT BE POSSIBLE TO GET A VERSION THAT INDICATED OR HIGHLIGHTED IN SOME WAY THE RECENT CHANGES SINCE THE LAST TIME WE LOOKED AT IT? YES. SO, WE DID NOT PROVIDE A RED LINE COPY BECAUSE IT'S SO THERE'S A LOT OF RED LINE IN IT. BUT WE DO HAVE A RED LINE VERSION. AND ONCE THIS ISN'T IN DRAFT FORM, WE CAN SHARE THAT RED LINE COPY. BUT SINCE IT'S, LIKE, NOT QUITE FULLY BAKED. WE'RE SENDING. WE'RE GIVING YOU A CLEAN ONE BECAUSE IT'S EASIER TO SEE. BUT YEAH. IS THERE ANY WAY YOU CAN EMAIL US ONE BEFORE THE NEXT MEETING? I MEAN, IT'S REALLY HARD TO KNOW WHAT. YES, 100% AGREE. ONCE IT'S NOT IN DRAFT FORM, WE CAN SHARE WHAT THE RED LINE VERSION IS. DOES THAT MEAN ONCE IT'S APPROVED BY THE BOARD? NO, NO, IT'LL BE BEFORE THEN. OKAY. YEAH. SO TRYING TO MAKE IT, LIKE, EASIER TO READ BY GIVING YOU A CLEAN COPY. AND ALSO, UNTIL IT'S, UNTIL IT IS FULLY BAKED. I JUST DON'T WANT PEOPLE TO GO THROUGH WITH TOO MUCH ENERGY TO LIKE, SEE WHAT'S CHANGED SINCE IT'S NOT FINAL. WELL, I UNDERSTAND THAT, AND THAT SEEMS PERFECTLY SENSIBLE, BUT IT WOULD BE GREAT TO GET A COPY WITH THE CHANGES BEFORE THE NEXT MEETING SO WE CAN. YES. SEE WHAT WAS CHANGED. IT'S REALLY HARD TO DO FROM JUST THIS, RIGHT? ALL RIGHT. YEAH, I FEEL LIKE I DON'T WANT TO GET INTO THIS TOO MUCH SINCE AGAIN, IT'S STILL IN DRAFT FORMAT. BUT THERE ARE TWO OTHER UNLESS PEOPLE HAVE QUESTIONS OR WHAT WERE THE MOST SIGNIFICANT CHANGES, CHANGING IT TO HAVE THE BOARD AS THE FIDUCIARY IS THE BIG CHANGE. YEAH. SO THAT PART I WAS POINTING OUT ON PAGE THREE WHERE IT SAYS ROLES AND RESPONSIBILITIES. THE BOARD IS IDENTIFIED THERE AS THE FIDUCIARY. YEAH. AND I WOULD SAY FROM MY READ THROUGH IT, THAT'S THE BIGGEST CHANGE. IT'S A MORE ROBUST IPPS. SO, THERE'S A LOT MORE EXPLANATION OF THINGS THAT WE HAD IN THE OTHER ONE. I DON'T SEE ANYTHING OUT OF THE ORDINARY, I WOULD SAY. NOTHING JUMPED OUT OF THE PAGE. THERE'S A COUPLE OF LITTLE THINGS. THERE'S A COUPLE OF REFERENCES TO ERISA. BUT IT'S SIMILAR TO ERISA. SO THAT I THINK WILL JUST KIND OF, I WON'T SAY DEBATE, MAKE SURE THAT THAT IS APPROPRIATE FOR A PUBLIC PLAN. A COUPLE OF MONITORING STATISTICS. THIS MENTIONS BATTING AVERAGE AND INFORMATION RATIO, WHICH WASN'T IN THE OTHER THE OTHER IPS, THEY'RE FAIRLY COMMON. I NEED TO JUST DOUBLE CHECK THAT. THAT'S SOMETHING THAT WE CAN TRACK IN OUR PERFORMANCE SOFTWARE. AND PROXY VOTING IS MENTIONED HERE. SO THERE'S A FEW THINGS LIKE THAT. IT'S NOT TO THE LEVEL OF WHO'S THE NAME FIDUCIARY. THAT'S AGAIN THE BIG CHANGE. BUT I THINK THAT WE'LL KIND OF FLESH OUT THOSE FEW LITTLE DETAILS. AND THEN IT'LL BE IN THE IF YOU CALL FINAL FORM NOT DRAFT FORM WHERE WE CAN SEND IT OUT. BUT YEAH, IN TERMS OF THIS COMMITTEE'S RESPONSIBILITIES, WHAT ARE THE MAJOR CHANGES? I THINK WHAT DEB POINTED OUT WAS THE CHANGING OF THE FIDUCIARY RESPONSIBILITY, WHICH WAS SOMETHING THAT WE ALL SPOKE OF, NOT WANTING IT TO BE ON THE ADVISORY COMMITTEE. SO THAT'S THE PRIMARY ONE. YEAH, THAT'S THE BIG ONE. IS THAT, IS THAT ANSWERING YOUR QUESTION? I FEEL LIKE YOU'RE ASKING. WELL, WE WE'VE NEVER REALLY THIS COMMITTEE HAS NEVER REALLY HAD FIDUCIARY RESPONSIBILITY THAT I'M AWARE OF. SO, WHAT ARE THE OTHER CHANGES THAT WERE MADE, THE SIGNIFICANT ONES TO THIS COMMITTEE'S RESPONSIBILITY IN THIS VERSUS THE PREVIOUS [00:10:07] DRAFT, I GUESS, IS WHAT MY QUESTION IS. YEAH, SO THE PREVIOUS THE PREVIOUS DRAFT, I DON'T KNOW IF YOU REMEMBER, BUT WE WENT THROUGH AND WE PUT IN THE DEFERRED COMP ADVISORY COMMITTEE AS AN ADVISOR TO THE BOARD ON MANY THINGS THROUGHOUT. AND THAT'S NOW THERE'S NO THERE'S NO REFERENCE OF THE DEFERRED COMP ADVISORY COMMITTEE ADVISING ON INVESTMENTS IN THIS VERSION. SO THAT'S A BIG CHANGE. DOES THAT MAKE SENSE? YEAH. I'M A LITTLE FUZZY ON WHAT THE ACTUAL FUNCTION OF THE COMMITTEE MOVING FORWARD IS GOING TO BE. WELL, I THINK THAT'S BEEN THE QUESTION FOR OVER A YEAR NOW. EVEN BEFORE THE LAST TIME WE APPROVED THE ADVISORY BYLAWS. WHAT EXACTLY IS OUR ROLE? SO, I THINK THAT WE SHOULD TAKE SEPARATE FROM HERE. YEAH, YEAH. BECAUSE THIS IS REALLY ABOUT THE PLAN ITSELF. AND WE WANTED TO POINT OUT THAT THE BOARD IS, IN FACT, THE FIDUCIARY. YEAH. YEAH, I THINK THAT'S I MEAN, AS FAR AS ANSWERING YOUR QUESTION, THAT'S THE BIG CHANGE. SO THE DEFERRED COMP ADVISORY COMMITTEE IS NOT GOING TO HAVE THAT ADVISORY ROLE ON INVESTMENTS, BECAUSE IT DOES PUT US IN A FIDUCIARY RESPONSIBILITY. SO THAT'S THE BIG CHANGE. AND THEN AS FAR AS WHAT'S THE ROLE OF THE DEFERRED COMP ADVISORY COMMITTEE. THAT WE NEED TO FLESH OUT. SO, IS IT JUST INVESTMENTS THAT WE CAN'T ADVISE ABOUT, OR ARE THERE OTHER THINGS AS WELL? FEEL LIKE THAT'S A QUESTION THAT'S BEYOND MY CAPACITY TO ANSWER. BUT I MEAN, I THINK FIDUCIARY RESPONSIBILITY, CERTAINLY WE WOULD HAVE IT IF WE WERE ADVISING ON INVESTMENTS. IT SEEMS THAT THAT'S WHAT, THAT'S WHAT WE NEED TO STAY AWAY FROM FOR SURE. WELL, IT'LL BE GOOD TO SEE THE CHANGES THAT WILL SHED SOME LIGHT ON IT. ALL RIGHT. OKAY, SO NEXT ON THE AGENDA. WE HAVE THE EMPOWER FUND LINEUP. SO AGAIN, THIS IS A DRAFT. AND IT'S RATHER SMALL, BUT I'LL HAND THIS OUT. IS IT ONE? YEAH. JUST ONE PAGE. YEAH. EXTRA COPIES FOR. SO ON THE LEFT SIDE. AND THIS IS VERY SMALL, BUT HOPEFULLY YOU GUYS CAN SEE IT ALL RIGHT. ON THE LEFT SIDE ARE THE CURRENT INVESTMENTS WITH MISSION SQUARE AND THE MORNINGSTAR CATEGORY, THE EXPENSE RATIO AND THEN TOTAL PLAN ASSETS. AND THEN THE NEXT CATEGORY COST IS SHOWING BASED ON THE EXPENSE RATIO AND THE TOTAL PLAN ASSETS. HOW MUCH IS BEING PAID IN FEES THROUGH MISSION SQUARE. AND THEN ON THE RIGHT SIDE ARE THE PROPOSED FUNDS THAT WOULD MATCH UP. SO, IF YOU READ ACROSS, I GUESS JUST TAKING THE FIRST ONE MSC CASH MANAGEMENT FUND R5 THAT IS GOING TO MAP TO GUARANTEED INCOME FUND. IS THAT RIGHT? IT IS. OKAY. AND SO THERE IS NO EXPENSE RATIO ON THAT FUND. AND THAT'S WHY THERE'S NO COST IN THAT FINAL CATEGORY. IS THAT RIGHT? OKAY. CORRECT. DO WE KNOW HOW THE GUARANTEED RATES COMPARE BETWEEN MISSION SQUARE AND EMPOWER FROM THE EMPLOYEE POINT OF VIEW, OR FROM THE PARTICIPANT POINT OF VIEW? SO ON. THE PLUS FUND I THINK IS VERY CLOSE. NOT. I'M SURE THE CURRENT RATE ON THE PLUS. THE CURRENT RATE ON THE GUARANTEED INCOME FUND IS 3.35%. SO, I THINK THAT SHOULD BE PRETTY CLOSE TO THE PLUS FUND, MAYBE A LITTLE BETTER. THE CASH MANAGEMENT FUND, WHICH I THINK IS A MONEY MARKET FUND. THE MONEY MARKET FUND SHOULD BE PAYING MORE THAN THAT RIGHT NOW BECAUSE OF THE BIG INCREASE WE'VE SEEN IN RATES HISTORICALLY. AND WHAT I'LL CALL A NORMAL RATE ENVIRONMENT THAT WILL PAY LESS THAN THE GUARANTEED. WE'RE IN A LITTLE BIT OF A WE'RE A LITTLE BIT OF AN ODD TIME AS FAR AS MONEY MARKET RATES GO RIGHT NOW BUT THEY'RE EXTREMELY HIGH. BUT YEAH, ONCE WE GET SETTLED BACK TO A MORE NORMAL ENVIRONMENT, THE GUARANTEED INCOME FUND WILL PAY HIGHER THAN. [00:15:08] WAS THAT YOUR QUESTION? OH. THAT'S HELPFUL. YEAH. THANK YOU. ABSOLUTELY. YEAH. AND JUST BACKGROUND ON THE LINEUP. SO I PUT THE LINEUP TOGETHER, YOU KNOW, I STARTED WITH WHAT YOU, WHAT YOU'VE GOT NOW THE LEFT SIDE OF THE PAGE AND, AND TRIED TO MIMIC BUT, BUT PROVIDE KIND OF THE SAME ASSET CLASSES WITH THE GOAL OF REDUCING THE NUMBER OF FUNDS, YOU KNOW, IF THERE'S, IF THERE'S A COUPLE OF THINGS WE'VE SEEN OVER THE PAST, YOU KNOW, PROBABLY 7 OR 8 YEARS, IT IS MAKING THINGS LESS EXPENSIVE FOR PARTICIPANTS AND MAKING THINGS EASIER FOR PARTICIPANTS. SO NORMALLY THE WAY WE SEE THAT DONE IS, IS REDUCING THE NUMBER OF OPTIONS, STILL ENOUGH OPTIONS THAT THEY CAN CREATE A ASSET ALLOCATION OR PORTFOLIO THAT HITS ALL OF THE ALL OF THE POINTS ON THE INVESTMENT SPECTRUM, THE RISK RETURN SPECTRUM, BUT NOT TOO MANY OPTIONS THAT THEY KIND OF BECOME OVERWHELMED WITH CHOICES, RIGHT? I IDEALLY, I LIKE TO AVOID GIVING PARTICIPANTS AN EXTRA STEP. YOU KNOW, IF THEY DO EVERYTHING WE ASK THEM TO AND REALLY TAKE A LITTLE BIT OF TIME AND LOOK AT THE ALLOCATION AND SAY, OKAY, I'VE GONE THROUGH THE EDUCATION STEPS AND I THINK I NEED 10% IN IN LARGE CAP GROWTH. I DON'T WANT TO GIVE THEM AN EXTRA STEP OF I'VE GOT THREE LARGE CAP GROWTH FUNDS, OKAY. WHAT'S THE DIFFERENCE BETWEEN THE THREE. SO I TRY TO KEEP ONE IN EVERY MAJOR CATEGORY JUST TO KIND OF MAKE IT EASIER. SO WHEN YOU COME DOWN THE LIST ON THE RIGHT, YOU'LL SEE SOME OF THE NAMES REPEATED. IT'S JUST A MATTER OF, HEY, YOU KNOW, THE I'M TRYING TO THINK OF. SEE A COUPLE OF THEM ARE CLOSE TOGETHER. YOU KNOW, I THINK I THINK THERE WAS A FEW LARGE CAP VALUE FUNDS. THE MISSION SQUARE EQUITY INCOME FUND, KIND OF IN THE MIDDLE OF THE PAGE. THAT'S GOING TO PUTNAM. LARGE VALUE. THE BLACKROCK EQUITY DIVIDEND A LITTLE FARTHER DOWN IS GOING TO PUT PUTNAM LARGE CAP VALUE. WE'RE JUST KIND OF CONSOLIDATING THE LINEUP A LITTLE BIT. SO, I THINK IT'LL BE EASIER FROM THAT STANDPOINT FOR PARTICIPANTS. THE OTHER HEADLINE TO THAT, I GUESS IF YOU LOOK AT THE BOTTOM OF THE PAGE FROM AN EXPENSE STANDPOINT, IT'S A IT'S A COUPLE OF HUNDRED THOUSAND DOLLARS LESS THAN WHAT THEY'RE PAYING NOW IN INVESTMENT EXPENSE RATIO. NOW, A PART OF THAT IS THE GUARANTEED INCOME FUND IS A SPREAD FUND, RIGHT. IT DOESN'T HAVE AN EXPLICIT EXPENSE RATIO. IT'S GOT A GUARANTEED RATE. SO IF YOU ADD THAT BACK WHAT THEY'RE PAYING NOW, YOU KNOW THAT IT'S ABOUT $120,000 IN COST SAVINGS SOMEWHERE IN THAT BALLPARK. I THINK. SO CERTAINLY, SAVINGS FROM WHERE THEY ARE NOW. A SIMPLER LINEUP AS FAR AS NUMBER OF, OF FUNDS. BUT I THINK STILL A REALLY ROBUST LINEUP. AND THIS IS THE DRAFT. SO I KNOW WE HAD GONE BACK AND ADDED AN ESG FUND. IF THERE'S SOMETHING YOU THINK THEY WILL WANT MORE AROUND THAT WE CAN CERTAINLY DO THAT. I ADDED THE ESG FUND THAT I ADDED IS AT THE AT THE BOTTOM. IT'S THE CALVERT INTERNATIONAL RESPONSIBLE INDEX. IT'S LISTED AT THE BOTTOM. IT'S ALSO LISTED PROBABLY 9 OR 10 FUNDS ABOVE THAT. THE PARNASSUS CORE EQUITY FUND THAT'S IN THE PLAN NOW IS AN ESG FUND. SO, ASSETS WOULD MAP TO THAT. I USED AN INDEX FUND LESS FROM A COST STANDPOINT. WITH THE ESG A LOT OF TIMES ESG MEANS SORRY, CAN I INTERRUPT YOU? JUST THE ESG IS ENVIRONMENTAL, SOCIAL AND GOVERNANCE. THANK YOU. WHAT USED TO BE CALLED SOCIALLY RESPONSIBLE FUNDS NOW HAS THE ESG MONIKER. SORRY. OH, NO. IT'S THAT'S A LITTLE DIFFERENT FOR EVERYBODY HOW EVERYBODY DEFINES THAT. RIGHT. SO I ALWAYS SUGGEST IF YOU'RE GOING TO HAVE THAT AS A CORE FUND IN THE LINEUP, I WOULD TAKE THE INDEX ROUTE. AND THAT WAY IT'S EASY TO TRACK. YOU KNOW, OUR, OUR MONITORING IS GOING TO BE IS IT IS THE PERFORMANCE OF THE FUND TRACKING THAT THAT THAT CALVERT ESG INDEX THE ISSUE WITH, WITH ESG FUNDS IN MY MIND IS IT ADDS IT ADDS A MONITORING CRITERIA. THAT'S NOT JUST INVESTMENTS. RIGHT. WITH ANYTHING ELSE, WE HAVE CERTAIN WE'RE GOING TO LOOK AT PERFORMANCE, WE'RE GOING TO LOOK AT RISK MEASURES AND THINGS ALONG THAT LINE WITH A ESG OR A SOCIALLY RESPONSIBLE FUND. IT KIND OF ADDS A DIFFERENT LAYER TO THAT. SO THAT'S WHY I ALWAYS SUGGEST THE INDEX. GREAT. SO, DO YOU HAVE A NOTION ROUGHLY WHAT THE MISSION [00:20:07] SQUARE NUMBER OF OPTIONS WILL BE COMPARED TO THE EMPOWER NUMBER OF OPTIONS? I THINK THE MISSION SQUARE, WE WERE AT ABOUT 44 NOW, IF I REMEMBER RIGHT, AND I THINK WE ENDED AT 27 OR 28. SO STILL A REALLY ROBUST LINEUP. IT HITS ALL OF THE CATEGORIES, BUT JUST WE'VE TAKEN THAT OPPORTUNITY TO KIND OF ELIMINATE SOME OF THE REDUNDANCY IN SOME OF THE CATEGORIES. QUICK QUESTION WAS, WAS THE INVESTMENT RECOMMENDATION BASED ON INVESTMENT IMPROVEMENTS OR WAS IT BASED ON PARTICIPANT INFORMATION? SO IF YOU SAW MAJORITY OF OUR PARTICIPANTS WERE IN THIS TYPE OF FUND, YOU LOOKED FOR SOMETHING EQUIVALENT, BUT MAYBE THE OTHER ONES THAT WEREN'T BEING USED. WE DIDN'T WE DIDN'T FIND A MATCHING I DON'T THINK I HAD NUMBER OF PARTICIPANTS. I HAD ASSETS, THE ASSETS THAT WERE THERE. SO SO FUNDS THAT FUNDS THAT HAD A LOT OF ASSETS. IF THEY WERE REALLY GOOD PERFORMING FUNDS, I TRIED TO KEEP THEM. OTHER THAN THAT, IT'S MORE FROM AN INVESTMENT STANDPOINT, RIGHT? SO IF THERE WAS A FUND THAT, YOU KNOW, MAYBE IT WAS A 2- OR 3-STAR FUND FOR MORNINGSTAR AND I KNOW, HEY, THIS THIS FUND AND THIS CATEGORY HAS BEEN A BETTER PERFORMER. IT'S BEEN REALLY CONSISTENT. I TOOK THE OPPORTUNITY TO MAKE THAT CHANGE. THERE WAS ONE FUND I WAS TELLING DEB BEFORE THIS THE AMG TIME SQUARE FUND, WHICH IS IN THE LINEUP NOW KIND OF TOWARDS THE MIDDLE OF THE PAGE, MSC, AMG, TIMES SQUARE THAT FUNDS THE FUND IS CLOSED AND AMG WOULD NOT ALLOW US TO MAP IT OVER. SO FOR THAT ONE YOU'LL SEE THE TOUCHSTONE MID-CAP GROWTH FUND. TOUCHSTONE. THAT MID CAP FUND IS A REALLY GOOD FUND, REALLY CONSISTENT PERFORMER. I THINK IT'S FOUR STARS FROM MORNINGSTAR CURRENTLY. WE DID HAVE THAT ONE INSTANCE WHERE THERE WAS A FUND THAT THAT JUST COULDN'T COME OVER. NOW TO SOMEWHAT GET AROUND THAT. WHEN WE PUT TOGETHER, WHEN I PUT TOGETHER THE LINEUP, ORIGINALLY THERE WERE 3 OR 4 OPPORTUNITIES TO USE ONE OF OUR INSTITUTIONAL SEPARATE ACCOUNTS. SO IF YOU SEE ON THE LEFT SIDE OF THE PAGE, THE FIRST PROBABLY 20 OR MORE FUNDS, IF YOU LOOK UNDER WHERE IT SAYS MORNINGSTAR CATEGORY, IT STARTS WITH US. SA, THOSE ARE SEPARATE ACCOUNTS WITH MISSION SQUARE. NOW WE HAVE THE SAME TYPE OF SEPARATE ACCOUNT THAT WE INHERITED WITH THE WITH THROUGH PRUDENTIAL ACQUISITION LAST YEAR. SO IT'S JUST REALLY IT'S AN OPPORTUNITY TO GIVE YOU OR GIVE PARTICIPANTS ESSENTIALLY THE SAME FUND. SO IT'S THE SAME MANAGER, SAME INVESTMENT PROCESS, JUST IN A LESS EXPENSIVE VEHICLE. SO THERE WILL BE 3 OR 4 FUNDS. LET ME BACK UP. I'M SORRY. SO I MENTIONED THAT THAT WAS PART OF THE PRUDENTIAL ACQUISITION. PRUDENTIAL HAD A PLATFORM OF ABOUT 110 OR SO OF THESE SEPARATE ACCOUNTS, AND THEY'VE BEEN UP FOR UP AND RUNNING FOR 30 YEARS PLUS THEY ARE ALL MOVING. THAT ENTIRE PLATFORM IS MOVING OVER TO OUR RECORD KEEPING SYSTEM ON MARCH 31ST. SO WE'RE IN A LITTLE BIT OF A PERIOD WHERE WE CAN'T ADD THEM. SO A LITTLE LATER THIS YEAR, ONCE ASSETS ARE TRANSFERRED, THE PLAN IS UP AND RUNNING AND EVERYTHING, WE'LL COME BACK AND WE CAN MAKE THOSE CHANGES IF THE BOARD WANTS TO AND IT'LL JUST PROVIDE A LITTLE BIT MORE COST SAVINGS FOR PARTICIPANTS. WE JUST IDEALLY WE'D LOVE TO JUST DO IT NOW AT TRANSITION. THE TIMING JUST DIDN'T WORK OUT TO DO THAT. SO YEAH, WE'RE EXCITED ABOUT THE SEPARATE ACCOUNTS. WE THAT'S SOMETHING THAT WE'RE GROWING TO US. IT'S KIND OF A WIN RIGHT. IT'S THE SAME ESSENTIALLY THE SAME FUND THAT PARTICIPANTS HAVE NOW JUST A LESS EXPENSIVE VERSION OF IT. SO WE'RE TRYING TO NOT ONLY MATCH THOSE, THOSE FUNDS TO THOSE SEPARATE ACCOUNTS NOW, BUT WE ARE GOING BACK TO ASSET MANAGERS AND SAYING, HEY, WE'D LOVE TO DO MORE OF THESE. YOU KNOW, WHEREVER WE CAN SAVE PARTICIPANTS COSTS. THAT'S A THAT'S A PLUS, YOU KNOW, IN OUR MIND. SO SO THAT 110 I THINK WILL PROBABLY GROW HOPEFULLY EXPONENTIALLY OVER THE NEXT SEVERAL YEARS. THANK YOU. THAT WAS. VERY HELPFUL FOR ME. ANYONE HAVE ANY OTHER QUESTIONS ON THE LINEUP? YEAH. WHEN IS THIS LINEUP? WHEN IS IT GOING TO BE SOLIDIFIED? IS THAT LIKE WAY DOWN THE FUTURE IN THE NEXT COUPLE OF WEEKS? [00:25:04] I WOULD SAY PROBABLY VERY SOON. SO I THINK YOU'VE GOT THE PLAN SPONSOR THE BOARD. I'M ASSUMING THE BOARD NOW HAS TO SIGN OFF ON IT OFFICIALLY. SO THAT LIST IS IN PLACE. THAT HAS TO BE DONE FEBRUARY 6TH TO GO TO THE BOARD. YEAH. I DO LIKE THAT A LOT OF THE TARGET DATE FUNDS FOR OUR EMPLOYEES THAT SIMPLIFIES THINGS AND CUTS EXPENSES, WHICH HELPS PEOPLE THAT DON'T WANT TO ACTIVELY MANAGE THEIR, THEIR PORTFOLIO HELP A LOT. ABSOLUTELY. I DID NOTICE ON QUITE A FEW OF THE GROWTH FUNDS THAT TRANSFER OVER THE EXPENSE RATIO ACTUALLY WENT UP WITH THE LIKE THE LARGE CAP, THE EMPOWER LARGE CAP. TOUCHSTONE MIDCAP OR. YEAH, TOUCHSTONE MIDCAP GROWTH. THE EXPENSE RATIO WENT UP ON EVERY SINGLE ONE OF THOSE TRANSITIONS. THE TOUCHSTONE WILL BE REPLACED WITH AN ISA. AND ACTUALLY, WE HAVE AN ISA VERSION OF THAT AMG TIMES SQUARE FUND THAT WE CAN'T USE THE FUND. WE CAN USE THE ISA IF WE AND THAT WILL. SO THAT WILL BE LESS WE ARE STARTING ISAS FOR PUTNAM VALUE. AND I THINK THE EMPOWER LARGE GROWTH WAS A FEW BASIS POINTS HIGHER, BUT THE PERFORMANCE WAS CONSIDERABLY BETTER. YEAH. AND IS THERE MAYBE I'M MISSING IT. IS THERE LIKE A TOTAL INDEX FUND IN THIS DRAFT OR. SO LIKE A RUSSELL 3000 INDEX. THERE ISN'T, BUT THERE COULD BE IF YOU GUYS WANT IT. SO, I MATCHED UP. YEAH, I THINK I MATCHED UP THE INDEXES THAT YOU HAD. SO, I THINK SMALL MID AND S&P 500. THERE'S A TOTAL INTERNATIONAL STOCK. I'M JUST THINKING LIKE EQUIVALENT OF LIKE A VTI OR A TOTAL STOCK MARKET FUND. BUT YEAH. SO, SO IF WE WANTED TO ADD, SAY THE VANGUARD TOTAL STOCK MARKET NO PROBLEM. WE CAN STILL DO THAT OKAY. THAT'S SOMETHING YOU WANT TO. I KNOW THIS IS AN OFFICIAL CAPACITY, BUT I CAN ADD IT. IS THAT SOMETHING? SOUNDS. THAT SOUNDS. YEAH, I CAN ADD THAT. YEAH. I THINK THERE'S OTHER PEOPLE WHO WOULD BE INTERESTED IN HAVING THAT. THAT'S GREAT. AND IDEALLY, LIKE I SAID, WE'LL BE MAKING A CHANGE FROM A FEW OF THESE TO AN ISA VERSION LATER THIS YEAR. SO IF YOU GET FEEDBACK FROM PARTICIPANTS, HEY, I'D LIKE TO SEE THIS. WE CAN TAKE AN OPPORTUNITY TO ADD IT THEN TOO, BECAUSE THAT WOULD BE A THAT WOULD BE A FUN CHANGE. OKAY. AND THEN MOVING ON THE FUTURE, SAY A COUPLE YEARS DOWN THE ROAD, ARE WE ABLE TO MAKE CHANGES TO THIS, THE FUND LINEUP OR. YEAH. YEAH. SO IT'S NOT A GROUP ANNUITY CONTRACT. SO IT'S NOT A SET LINEUP. IF YOU GUYS SAY, HEY, YOU KNOW, THIS IS STILL TOO MANY FUNDS, LET'S REDUCE IT MORE OR WE'RE GETTING FEEDBACK FROM PARTICIPANTS. THEY DO WANT MORE FUNDS. ABSOLUTELY. WE CAN CONSTRUCT THAT. HOWEVER, HOWEVER YOU GUYS SEE FIT. OKAY. THANK YOU. YEAH, I KNOW THE BEST PRACTICE IS NOT TO CHANGE TOO OFTEN, SO WE WOULDN'T WANT TO BE, LIKE, ON A DIME, BUT YEAH. THIS GIVES US MORE ABILITY TO BE FLEXIBLE WITH WHAT PEOPLE AT THE DISTRICT WANT THAN WE HAD WITH MISSION SQUARE. SO. THAT WAS SOMETHING THAT WE WERE EXCITED ABOUT FOR THE FOR THE SWITCH. ANY OTHER QUESTIONS? I THINK, YOU KNOW, KIND OF JUMPING ONTO YOUR POINT ABOUT LIKE, WHAT IS THE CUTOFF FOR MAKING CHANGES? IT COMES TO THE NEXT PART OF OUR AGENDA, WHICH IS THE TIMING OF WHERE WE ARE WITH THE TRANSITION. SO, THE BOARD OF DIRECTORS. SO, THE NEXT STEPS ARE THE BOARD OF DIRECTORS WILL RECEIVE THE IPS AND THE FUND LINE UP ON FEBRUARY 6TH OF THEIR FEBRUARY 6TH MEETING. AND THEN CORRECT ME IF I GET ANY OF THE DATES WRONG. THEN THERE'S A BLACKOUT PERIOD, I BELIEVE FEBRUARY 21ST. AND WHEN PARTICIPANTS CAN NO LONGER MAKE ANY CHANGES TO THEIR INVESTMENTS AND DURING THAT TIME, EMPOWER AND MISSION SQUARE ARE WORKING TOGETHER TO GET READY FOR THE TRANSITION. THE TRANSITION WILL HAPPEN ON THE 29TH. AND THEN MARCH 1ST IS WHEN WE ARE OFFICIALLY SWITCHED OVER. BUT I BELIEVE THE DATE THAT PEOPLE CAN ACCESS THEIR ACCOUNTS IS LIKE A COUPLE DAYS LATER. IS THAT RIGHT? I THINK SO, YEAH. WE RECONCILE EVERYTHING, MAKE SURE IT'S SET AND GO LIVE DATE. YEAH. SO THAT'S THE TIMING OF THE TRANSITION. EMPOWER ON THEIR SIDE IS WORKING ON SOME BROCHURES THAT ARE GOING TO BE GOING OUT TO PARTICIPANTS. AND THEN WE'VE STARTED SENDING OUT INFORMATION FROM THE BENEFITS AND FINANCE SIDE, STARTING TO SEND OUT EMAILS. [00:30:08] AND I THINK YOU HAVE IT ON THE BENEFITS SHAREPOINT PORTAL. YES, I DO. SO, WE'RE TRYING TO IT SUDDENLY LIKE IT WENT FROM BEING SEEMINGLY MANY MONTHS IN THE FUTURE TO BEING LIKE, OKAY, IT'S HAPPENING VERY SOON. YEAH. AND PEOPLE ARE FINDING OUT ABOUT IT, I THINK, THROUGH VARIOUS VENUES. I ALSO WANT TO POINT OUT TO DEB'S POINT, EVEN THOUGH THERE'S THAT BLACKOUT PERIOD DEDUCTIONS ARE GOING TO CONTINUE. YEAH. THANK YOU. IT'S JUST THAT INVESTMENT CHANGES CAN'T OCCUR. SO YEAH, THERE'S NOT GOING TO BE AN EFFECT TO AN EMPLOYEES TAXABLE CONTRIBUTIONS OR NONTAXABLE. A GREAT POINT. ANY OTHER QUESTIONS ON THE TIMING? SPEAKING OF LISTENING. SO THAT'S THAT IS ALL I HAD TO SHARE FOR ITEM A5A ARE MOVING ON TO OH SHOULD I? ARE THERE ANY PUBLIC COMMENTS? NO. DO I THINK I HAVE TO DO THAT ON EACH OF THESE ITEMS? OKAY. NEXT ITEM ON OUR AGENDA IS OUR 2024 DRAFT WORK PLAN. I THINK THAT WAS THE MEADOW. MEADOW? MEADOW HAD PUT THAT TO THE NEXT MEETING. OKAY. ALL RIGHT. AND WERE THERE ANY PUBLIC COMMENTS ON THAT ITEM? NO. OKAY. ALL RIGHT. MOVING ON TO FIVE C PARTICIPATION DATA. SO WE HAVE THAT PARTICIPATION DATA IN OUR PACKAGE I BELIEVE BEGINNING ON MAYBE THE FIFTH PAGE OF THE PACKET. PAGE. IT'S GOT PARTICIPATION RATE. SO TAKING IT FROM THE TOP, YOU'VE GOT INFORMATION FROM AUGUST, OCTOBER, NOVEMBER AND DECEMBER. WE HAVE THE EMPLOYEE COUNT AND THEN PLAN PARTICIPATION INVESTMENT BALANCES AND THEN PLAN PARTICIPATION RATE. AND THEN ON THE RIGHT-HAND SIDE WE HAVE A BREAKDOWN BY BARGAINING GROUP OR REPRESENTATION, I GUESS YOU'D SAY. ANY QUESTIONS? DO WE KNOW WHAT THE ASTERISK REPRESENTS? OH, THAT'S WHEN WE STARTED. UNTIL WE DECIDED TO GO JUST PEOPLE THAT ARE ACTUALLY CONTRIBUTING VERSUS EVERYBODY. THAT'S JUST EVERYBODY IN THE PLAN VERSUS. GOT IT. OKAY. SO THAT'S JUST NOTING THAT IT'S A CHANGE FROM THE. SO THE AUGUST NUMBER IS LIKE KIND OF A DIFFERENT NUMBER. SO JUST SAYING IT'S LIKE NOT APPLES TO APPLES RIGHT. OKAY. SO LIKE ACTIVE PARTICIPANTS I'LL MAKE SURE THAT'S ASTERISKS INCLUDED DOWNSTAIRS ON THE BOTTOM OF THIS. YES. OKAY, COOL. SO, IT'S NOT THAT IT DROPPED. FROM AUGUST NECESSARILY. IT'S JUST WE'RE JUST SHOWING ACTIVE PARTICIPANTS, WHICH IS DIFFERENT FROM LIKE THERE COULD BE PEOPLE WHO WERE CONTRIBUTING DURING THE YEAR BUT AREN'T AT THAT EXACT MONTH. THAT'S THE DIFFERENCE. RIGHT. OKAY. ANNUAL THING OF THAT AS WELL. I THINK EVERY YEAR. OKAY. OKAY. ANY QUESTIONS? FOR COMMENTS ON PARTICIPATION RATES. ANY PUBLIC COMMENTS ON THAT ITEM? I'M GOING TO ASSUME THERE WERE NOT ANY NO PUBLIC COMMENTS ON THAT ITEM? NO. OKAY. NO. ALL RIGHT. SO, ITEM FIVE E DEFERRED COMPENSATION ADVISORY COMMITTEE, BUDGET PLANNING, ADMINISTRATIVE ALLOWANCE ACCOUNT. I THINK WE'LL MOVE THAT TO THE NEXT MEETING. I'M SORRY. WHAT DID WE DECIDE TO DO ABOUT THE SURVEY? YEAH, WE SKIPPED ONE. OH, SO SORRY I SKIPPED E. ALL RIGHT. YEAH, FIVE D SURVEY. I DID NOT MEAN TO SKIP THAT. OKAY. SO THAT IS ALSO IN OUR PACKET. TURN TO THE NEXT PAGE. OKAY. SO, WE'VE REVIEWED THIS SURVEY. [00:35:03] I BELIEVE IF I'M MISREMEMBERING AND ARE WE READY TO SEND IT OUT? IS THAT WHERE WE WHERE DID WE LEAVE THINGS? I DON'T RECALL SEEING THIS LATEST VERSION BEFORE. DOES ANYBODY ELSE. DID WE LOOK AT THAT AT A MEETING? WHAT WAS THE LAST MEETING? BECAUSE WE DIDN'T GET TO IT. AND OKAY, BASICALLY IN THE MEETING BEFORE. SEPTEMBER. YOU GUYS WENT OVER IT IN THE RED IS WHAT YOU ADDED I SEE OKAY THAT CHANCE WITH MY MEMORY TOO. GOOD. ALL RIGHT. SO, WE SHOULD PROBABLY GO OVER REVIEW IT ONE MORE TIME. ALL RIGHT. SO TAKING IT FROM THE TOP THEN I GUESS I'LL LET PEOPLE READ IT ON THERE. MAYBE WE SHOULD READ IT OUT LOUD. WELL, WHEN WERE WE THINKING OF SENDING THIS OUT? I THINK ORIGINALLY OUR GOAL WAS TO SEND IT BEFORE THE TRANSITION. WE ARE NOW IN JANUARY, SO I THINK IT'S PROBABLY IF WE WANT TO SEND IT BEFORE EMPOWER TAKES IT TAKES IT OVER, THEN WE WOULD HAVE TO SEND IT OUT BY NEXT MONTH, WHICH IS TWO WEEKS AWAY. AND I DON'T KNOW HOW REASONABLE THAT WOULD BE. WE'VE PREVIOUSLY ASKED IN MISSION SQUARE HAS SENT THESE OUT. THEY'VE CREATED THE THE ACTUAL QUESTIONNAIRE AND PROVIDED US A LINK FOR ACTIVE EMPLOYEES. AND THEN THEY MAILED OUT NOTICES TO RETIREES. SO IT'S JUST NOT GIVING US ENOUGH TIME IN ORDER TO COORDINATE ALL THAT. WELL, IT'S OUR BASIC PURPOSE HERE. I MEAN, IN A WAY, IT WOULD BE INTERESTING TO GET IT IF WE COULD GET IT OUT EVEN CLOSE TO THE DATE. TO COMPARE PEOPLE'S SATISFACTION WITH THE SERVICE PROVIDED BY THE TWO COMPANIES WOULD CERTAINLY BE USEFUL INFORMATION, DO YOU THINK? SEND IT OUT AS SOON AS WE CAN SO THAT WE CAN GET THE COMPARATIVE INFORMATION AGAIN. ARE THERE? I'M TRYING TO REMEMBER IF THERE ARE QUESTIONS THAT RELATE TO THAT ON HERE. NOW. SORRY I WASN'T HERE FOR THE LAST MEETING. IS THE POINT OF THIS SURVEY TO GAUGE SATISFACTION BEFORE AND AFTER OR IS IT TO. FIGURE OUT HOW WE CAN GET MORE EMPLOYEES TO CONTRIBUTE TO THE PLAN. THAT'S THE I MEAN, I THINK ULTIMATELY, LIKE ORIGINALLY, WE WERE TRYING TO GET AT THAT QUESTION. AND THEN BECAUSE WE WERE GOING THROUGH THE TRANSITION, WE HAD THE THOUGHT OF LIKE, WELL, WE WOULD HAVE DATA FROM IF WE SENT IT OUT BEFORE WE TRANSITIONED, WE WOULD HAVE DATA FROM BEFORE AND AFTER, AND THEN WE COULD SEE HOW WE'RE DOING. BUT YOU'RE RIGHT. LIKE THE THE INTENT IS TO LIKE FIND OUT WHY PEOPLE AREN'T PARTICIPATING AND THEN USE THAT DATA TO GET THEM TO PARTICIPATE. WE COULD CERTAINLY DO BOTH OF THOSE THINGS, I WOULD HOPE. I ALSO LOOK AT IT FROM THE POINT OF EMPOWER. THEY COULD GET THIS DATA AND SEE. THE EMPLOYEES WANT EDUCATION. IS THAT SOMETHING THAT THE MASSES WANT? BECAUSE IF THEY DON'T, THEN WE DON'T NEED A SCHEDULE. TEN DIFFERENT SESSIONS OF, YOU KNOW, EDUCATION. YEAH. JUST KIND OF DEPENDS ON. YEAH. YEAH. NO, I THINK IT'S. THIS WILL BE USEFUL TO US. EVEN IF WE DON'T GET IT OUT BEFORE. YEAH. IT'S NOT ESSENTIAL THAT IT THAT IT GET OUT BEFORE THE TRANSITION. IF IT CAME OUT WITHIN A MONTH, CERTAINLY THE TRANSITION, IT WOULD BE. PEOPLE WOULD BE. YEAH. WOULDN'T HAVE FORGOTTEN. WE'D STILL BE ABLE TO DO A COMPARISON A YEAR FROM NOW, RIGHT? AND CERTAINLY, ALL YOU KNOW, WE SHOULD GO AFTER BOTH OF THOSE GOALS. THEY'RE BOTH IMPORTANT THINGS. I THINK ULTIMATELY, AS THE ADVISORY COMMITTEE, OUR GOAL IS TO FIND WAYS TO IMPROVE PARTICIPATION AND ADDRESS WHAT CONCERNS THEY HAVE. SO, YOU KNOW, IT'S NOT LIKE THEY'RE GOING TO IF THEY WRITE ON THE EVALUATION, WE DON'T LIKE EMPOWER, WE'RE GOING TO SWITCH. SO, IT REALLY IS NOT GOING TO MAKE A DIFFERENCE. REALLY OUR GOAL SHOULD BE WHAT CAN WE DO TO IMPROVE THE PROGRAM ITSELF. SO YEAH, IF WE CAN WAIT TILL AFTER THE TRANSITION. WELL, I WOULD THINK AN IMPORTANT QUESTION IS HOW THEY FEEL ABOUT WHAT. YOU CAN'T IGNORE HOW THEY FEEL ABOUT THE FIRM THAT'S PROVIDING THE SERVICE. THAT'S CERTAINLY AN IMPORTANT PART OF THE PLAN. YOU CAN'T TOTALLY IGNORE THAT. NO, I DON'T SAY THAT THE WHOLE SURVEY SHOULD FOCUS ON IT, BUT THERE OUGHT TO BE AT LEAST A COUPLE OF QUESTIONS THAT GIVE PEOPLE AN OPPORTUNITY TO COMMENT ON THAT. [00:40:02] SO YOU'RE THINKING, WAIT UNTIL SO I BECAUSE I THINK YOU'RE SAYING WAIT. AND THEN PETE, I THINK YOU'RE SAYING WAIT AND GIVE PEOPLE A PLACE TO SAY LIKE, HOW ARE YOU FEELING ABOUT EMPOWER? I'M I WOULD LIKE MAYBE THERE I HAVEN'T HAD A CHANCE TO READ THIS CAREFULLY, BUT THERE OUGHT TO BE A QUESTION. I THINK WE SHOULD GET IT OUT FAIRLY SOON WITHIN THE NEXT COUPLE OF MONTHS. AND THERE OUGHT TO BE A QUESTION ON HOW PEOPLE FEEL ABOUT THE SERVICES PROVIDED, FIRST BY MISSION SQUARE AND THEN BY EMPOWER. SO WE COULD SEE, YEAH, THEY'RE JUST NOT GOING TO HAVE HAD ENOUGH TIME TO WELL, I MEAN, IF WE DO IT IN A COUPLE OF MONTHS. NO, NO. YEAH. IT'S WE CAN'T EXPECT THEM TO COMMENT ON EMPOWER IN THIS ONE THAT WE'RE SENDING OUT NOW. BUT IF WE HAD THIS ONE NOW ASKING AT LEAST A COUPLE OF THOSE QUESTIONS, THEN WHEN WE DID IT AGAIN A YEAR FROM NOW, WE'D HAVE SOME BASIS FOR COMPARISON. WHAT'S THE WHAT'S AN EXAMPLE OF A QUESTION WE COULD ADD? WELL, BASICALLY SOMETHING TO THE EFFECT OF HOW DO YOU HOW DO YOU FEEL THE MISSION SQUARE IN THIS CASE FOR THIS ONE, AND IT WOULD BE IN POWER FOR THE NEXT ONE IF WE GET IT OUT, LIKE, HAS IT MET YOUR EDUCATIONAL NEEDS? HOW HAVE THEY YOU KNOW. HOW'S THE CONTACT IS HOW DO YOU FEEL ABOUT THE CONTACT PERSON? I ASSUME THERE'LL BE A CONTACT PERSON THAT PEOPLE CAN TALK TO. YEAH. REPRESENTATIVE. YEAH. SO, I MEAN, I THINK THOSE ARE SIGNIFICANT QUESTIONS WE ARE AT LEAST BE AWARE OF. I'M NOT SAYING THAT WE'RE NECESSARILY GOING TO CHANGE PROVIDERS ON ACCOUNT OF IT, BUT WE OUGHT TO KNOW HOW PEOPLE FEEL ABOUT IT. NOT ASKING THAT KIND OF QUESTION. I THINK YOU'RE YOU'RE MISSING AN IMPORTANT ELEMENT. SO HOW DID YOU FEEL MISSION SQUARE DID WITH MEETING YOUR NEEDS AS REGARDS TO. AND THEN IT'S GOING TO BE LIKE ONE COULD BE EDUCATION. YEAH, SOMETHING LIKE THAT. AND YOU KNOW, ONE COULD BE ABOUT EDUCATION, ONE COULD BE ABOUT AVAILABILITY. AND THE, THE QUALITY OF THE SERVICE YOU GOT BASICALLY AVAILABILITY OF DOESN'T HAVE TO BE ALL THAT COMPLICATED. YEAH. NO, NO, SORRY. I'M JUST TRYING TO GET NOTES, SO. OKAY. SO HOW DID YOU FEEL MISSION SQUARE DID WITH MEETING YOUR NEEDS? WITH REGARD TO. SO, ONE IS INVESTMENT OPTIONS. YEAR ONE'S INVESTMENT OPTIONS ONE I WOULD THINK WOULD BE THE QUALITY OF THE REPRESENTATIVE, THE SERVICE PROVIDED BY THE REPRESENTATIVE. AND THEN THE REPRESENTATIVE IS THE WELL, THE PERSON THE KIM HAMMOND AND WAS WHAT'S HER WHAT'S HER LIKE TITLE OR ACCOUNT REPRESENTATIVE. REPRESENTATIVE. YEAH. SO BUT I DO WANT TO POINT OUT THESE QUESTIONS. DO WE ALREADY HAVE QUESTIONS IN PLACE THAT ASK THEM WHICH. WELL, IF WE DO, THAT'S GREAT. BUT ONE MORE CATEGORY I THINK OUGHT TO BE ON THERE IS THE QUALITY OF THE AND UNDERSTANDABILITY OF THE WEBSITES, BECAUSE THAT'S HOW A LOT OF STUFF GETS DONE. SO IT WOULD BE USEFUL TO KNOW HOW PEOPLE FEEL ABOUT THAT. I WOULD THINK QUALITY OF WEBSITE. OKAY, WE CAN ADD THAT. BUT WE COULD ALSO ADD A QUESTION ABOUT LIKE AN OPEN ENDED LET THEM SHARE ANY CONCERNS OR YEAH, RECOMMENDATIONS. THAT'S ALWAYS A GOOD IDEA. YEAH. THAT WAY IT'S NOT SUPPORT THAT OKAY. OKAY, SO WE'VE CURRENTLY GOT 12 QUESTIONS, WHICH ISN'T TOO BAD. FEEL TOO OVERWHELMING. AND SO THEN WE'LL ADD ONE MORE. THAT'LL BE SORT OF A MULTI PART. HOW DID YOU FEEL MISSION SQUARE DID. AND MEETING YOUR NEEDS WITH INVESTMENT OPTIONS EDUCATION SERVICE PROVIDED BY THE ACCOUNT REPRESENTATIVE AND THEN QUALITY OF WEBSITE. AND THEN WE'LL HAVE ANOTHER QUESTION THAT WILL BE OPEN ENDED. PLEASE GIVE YOUR ANY OTHER THOUGHTS YOU'D LIKE TO SHARE. THAT SOUNDS VERY GOOD. THAT SOUNDS GOOD. OKAY. ALL RIGHT. SO WE CAN GET LIKE A FINAL PRAYER TO SEND THIS OUT IN THE NEXT MONTH. HOPEFULLY IF I CAN GET A COPY, A FINAL VERSION I'M SURE I CAN WORK WITH. OKAY. AWESOME. THANK YOU. CONNIE. ALL RIGHT. HAS THE MISSION SQUARE BEEN THE ONE I SUPPOSED TO SEND IT OUT TO THE TO THE PARTICIPANTS, AS OPPOSED TO THE DISTRICT IN THE PAST? SO IN THE PAST, WE HERE IN HR SENT NOTICE OF THIS SURVEY AND ADDED THE LINK FOR THE QUESTIONNAIRE THAT MISSION SQUARE [00:45:05] DEVELOPED. SO MISSION SQUARE HAS LIKE THE SURVEY CAPABILITY I SEE AND WE USE THEIR CAPABILITY. BUT IT WAS AN EMAIL SENT BY US. YES. SO, IT WOULD BE SOMETHING ALONG THOSE LINES THIS TIME. OKAY. AND THEN FOR RETIREES THEY WOULD SEND A LETTER AND AN EMAIL IF THEY HAD AN EMAIL ON FILE. WELL, GOING THROUGH THE RETIREE'S ASSOCIATION IS ALWAYS A REALLY GOOD WAY OF DOING THAT. I THINK THEY HAVE A MUCH BETTER LIST THAN THE DISTRICT HAS, IS MY UNDERSTANDING I COULD BE WRONG ABOUT THAT. PROBABLY, YEAH. SO THAT WILL BE THE LAST TIME. SEND IT TO THE RETIREES. I WANT TO SAY WE MIGHT HAVE I DON'T REMEMBER. IT'S BEEN A WHILE. WELL, WHOEVER HAS THE BETTER LEFT. YEAH. OKAY. ALL RIGHT. WERE THERE ANY PUBLIC COMMENTS ON THIS ITEM? NO. DO YOU WANT THIS, THE REVISED ONE TO COME BACK NEXT MONTH? OH, NO. YOU'LL BE. I THINK WE KNOW WE NEED TO GET IT OUT. OKAY. YEAH. OKAY. NO PUBLIC COMMENT. OKAY, COOL. ALL RIGHT. SO THEN NOW WE'RE ON TO LETTER E. SO, 2024, DEFERRED COMP, BUDGET PLANNING, ADMINISTRATIVE ALLOWANCE COUNT. I THINK THAT WE AGAIN MEADOW WOULD WANT TO BE HERE FOR THAT. SO WE'LL BUMP THAT TO OUR NEXT MEETING. FIDUCIARY TRAINING. IS THAT FIDUCIARY TRAINING FOR THIS COMMITTEE? I BELIEVE IT WAS FOR THIS COMMITTEE. AND IT'S WELL, THAT WOULD SEEM TO BE OBVIATED BY. YEAH, IT SEEMS LIKE IT'S NOT NECESSARY. AND WE RAN OUT OF TIME LAST. OKAY. BECAUSE I KNOW EMPOWER WAS GOING TO OPERATE. AND THEN HE. THOUGHT MAYBE WE COULD DO IT WITHIN POWER AND THE. YEAH, I KNOW EMPOWER DOES OFFER FIDUCIARY TRAINING. YEAH. SO MAYBE WE COULD SCHEDULE SOMETHING WITH THE BOARD AND THE DEFERRED COMP COMMITTEE, ALTHOUGH IT'S NOT NEEDED FOR US. I STILL THINK IT'S A NECESSARY TOOL, EVEN IF WE'RE NOT FIDUCIARIES, JUST TO HAVE THAT BACKGROUND. ESPECIALLY IF IT'S OFFERED BY EMPOWERED, BECAUSE THE BOARD WILL WANT IT. AND I DON'T SEE IF WE COULD WE WOULD BENEFIT FROM THE TRAINING. YEAH, EVEN IF WE'RE NOT FIDUCIARIES. YEAH, IT SEEMS GOOD. OKAY, SO I SUPPOSE YOU'D BETTER RUN THAT BY THE LEGAL DEPARTMENT TOO, SINCE IN VIEW OF ALL THE CHANGES THEY MADE. I MEAN, WHAT YOU'RE SAYING SOUNDS LOGICAL, BUT GOD KNOWS WHAT THEY'RE GOING TO SAY ABOUT IT. WE MIGHT AS WELL KNOW SOONER THAN LATER IF THEY HAVE A PROBLEM. OKAY, SO I'LL I GUESS FIND OUT FROM EMPOWER. YOU'RE PROBABLY NOT THE RIGHT PERSON TO ANSWER THAT ONE, BUT WHAT KIND OF TRAININGS ARE AVAILABLE AND HOW WE WOULD GET THOSE SCHEDULED, AND THEN WE'LL FIGURE OUT HOW TO COORDINATE THAT FOR OUR BOARD. AND IF IT MAKES SENSE FOR THE DEFERRED COMP COMMITTEE AS WELL, THEN WE'LL TRY TO GET THAT SCHEDULED. OKAY. ALL RIGHT. LAST ITEM IS THE COMPARISON BETWEEN MISSION SQUARE AND EMPOWER. THIS IS STILL, I THINK IT'S VERY CLOSE TO FINAL, BUT STILL IN DRAFT FORM. SORRY. AND THIS IS SOMETHING THAT WAS SUGGESTED AS LIKE A USEFUL TOOL FOR PEOPLE WHO ARE MEMBERS OF THE PLAN WHO ARE LIKE, WELL, WHAT'S CHANGING? WHAT'S NOT CHANGING? SO WE PUT TOGETHER THIS CHECKLIST. I DON'T KNOW IF YOU WANT TO JUST TAKE A MINUTE AND READ THROUGH IT. I NOTICED PROVIDES A ROTH IRA OPTION THROUGH PAYROLL DEDUCTION. IS THERE A REASON WHY WE'RE NOT DOING THAT? YES. SO EMPOWER DOES NOT OFFER THE ROTH IRA OPTION. AND MAYBE YOU CAN REMIND ME THERE'S A THERE'S A TECHNICAL REASON WHY THAT'S NOT POSSIBLE. THAT MISSION SQUARE HAD THE ABILITY TO OFFER THAT. AND SO OUR DID YOU HAVE DO YOU HAVE ANY INSIGHT INTO THAT? I KNOW KEVIN HAD EXPLAINED IT TO ME. YEAH AND THAT PART, I DON'T KNOW. OKAY. AND SO EMPOWER DOES NOT HAVE THAT ABILITY, BUT I THINK THAT'S SOMETHING MY IMPRESSION IS THAT THAT WAS SOMETHING THAT WAS HAD A FAIRLY GOOD AMOUNT OF USE. [00:50:02] AM I RIGHT ABOUT THAT? DO YOU KNOW THAT IS. YEAH, WE DO. BUT I BELIEVE, IF I'M NOT MISTAKEN, EMPOWER WILL ALLOW YOU TO STILL HAVE A ROTH IRA, BUT IT WON'T BE THROUGH PAYROLL. AND YOU CAN ALSO STAY WITH MISSION SQUARE. SO THOSE WILL BE THE TWO OPTIONS. THE SAME PLAN THAT THEY HAVE NOW. IT JUST ALSO WILL NOT BE THROUGH PAYROLL. YES. SO, THE MAIN DIFFERENCE IS IN IF NOT THROUGH PAYROLL, I'M NOT UNDERSTANDING. ACH THROUGH THEIR ACCOUNT. I'M SORRY. YOU CAN CONTRIBUTE DIRECTLY BUT IT WOULDN'T COME THROUGH PAYROLL DEDUCTION. YOU WOULD BE, THE EMPLOYEE WOULD MAKE A CONTRIBUTION DIRECTLY FROM THEIR PERSONAL ACCOUNT. I SEE AND THAT WOULD BE TOTALLY ON THEIR OWN. OR WOULD THAT COME THROUGH EMPOWER AT ALL OR THROUGH THE DISTRICT AT ALL? IT WOULD IT BE JUST SOMETHING LIKE THEY CAN CURRENTLY CONTRIBUTE TO A CERTAIN AMOUNT EVERY YEAR TO A ROTH IRA IN ANY EVENT. RIGHT. CORRECT. WOULD IT BE THAT SAME, THAT OPTION? YES. WELL, IF PEOPLE WERE USING THAT WHICH YOU'RE SAYING THEY ARE WOULD BE. THAT WOULD BE NICE IF WE COULD CONTINUE IF THERE WERE A WAY TO CONTINUE IT. OR IS IT OR IS THERE? THAT'S SOMETHING THAT THERE'S NO REASONABLE HOPE OF. I DON'T KNOW IF IT'S BEING WORKED ON OR NOT. I KNOW IT'S NOT AVAILABLE NOW, BUT WE'RE CONSTANTLY LOOKING AT NEW CHANGES ALONG THAT LINE. SO, I'M NOT SAYING IT WOULD BE AVAILABLE IN THE FUTURE. IS THERE ANYTHING YOU'RE NOT? I DON'T THINK THERE'S A NOT THE ROTH 457. NO, NOT THAT ONE. BECAUSE THAT CONTINUES. THAT IS THE REDUCTION. EVERYTHING THIS WOULD BE IF I'M CONTRIBUTING TO A ROTH IRA INDIVIDUALLY AND. I SEE AND THEY COULD STILL DO ROTH CONTRIBUTIONS. IT'S JUST THAT THEY COULDN'T DO IT DIRECTLY INTO AN IRA. BUT THEY COULD DO THAT ON THEIR OWN OUTSIDE, PRESUMABLY IN THE SAME AMOUNT, I WOULD THINK. YEAH. ALL RIGHT. WELL, THAT MAKES IT, I THINK I THINK MISSION SQUARE IS PROBABLY A LITTLE BIT OF THE ANOMALY THERE THAT THEY, THEY HAD. THAT'S WHAT THEY SAID IS THAT MISSION SQUARE WAS UNUSUAL. WELL, IF YOU COULD CHECK INTO IT AND SEE IF THAT'S A POSSIBILITY, THAT WOULD BE GOOD. ALWAYS LOOKING TO IMPROVE STUFF. YEAH. I'M SPEAKING ON BEHALF OF THE PA. I KNOW FOR A FACT THAT MOST OF OUR EMPLOYEES ARE USING JUST THE 457 ROTH. THERE'S VERY FEW, IF I KNOW OF ANY AT ALL THAT DO THE ROTH IRA THROUGH MISSION SQUARE. IT'S THE 457 ROTH IS WHAT IS MORE COMMON. YEAH, THAT'S GOOD TO KNOW. YEAH. AND THEN THERE'S SO THERE'S AN A DOUBLE ASTERISK DOWN BELOW ON THAT, THAT. SO, YOU KNOW, PETE, I'D APPRECIATE YOUR BOTH OF YOU GUYS, YOUR THOUGHTS ON HOW, YOU KNOW, IS THIS WRITTEN CLEARLY FOR PEOPLE WHO DO HAVE THE ROTH IRA SO THAT THEY CAN UNDERSTAND WHAT THEIR OPTIONS ARE? I THINK WE SHOULD WRITE OUT. I'VE ALREADY FORGOTTEN WHAT ACH STANDS FOR, BUT. OH, YEAH, I THINK THAT'S. WE SHOULD DEFINITELY WRITE THAT OUT. AND WE'RE CLEARING HOUSE. BUT WE CAN SAY THROUGH LIKE DIRECT. THANK TO I DON'T KNOW THANK SHOULD PROBABLY DO THE SAME WITH THE SG ABOVE IT. OH, A GOOD POINT. VERY GOOD POINT. WHERE IS IT? I THINK LOOKING AT THIS. WHEN YOU SEE THE ROTH IRA OPTION THROUGH PAYROLL DEDUCTION. WE'LL CONTINUE TO BE OFFERED THROUGH MISSION SQUARE. DOES THAT MEAN UNTIL MARCH 31ST? NO, IT'S GOING TO. WE'RE GOING TO CONTINUE THAT IN CASE PEOPLE WANT TO. CONTINUE IT, RIGHT? OH, EVEN AFTER THE TRANSITION FROM MISSION SQUARE. NO, NO. SO IT WAS MY UNDERSTANDING, DEB, THAT THIS IS WHY THIS IS STILL IN DRAFT FORM. IT WAS MY UNDERSTANDING THAT MISSION SQUARE WOULD ALLOW THEM TO CONTINUE WITH THE MISSION SQUARE ROTH OPTION, BUT IT WOULD HAVE TO BE A DIRECT COORDINATION WITH THE PARTICIPANT, NOT THROUGH PAYROLL DEDUCTION, NOT THROUGH PAYROLL, BECAUSE THAT WOULD REQUIRE A SPECIFIC CONTRACT, WHICH WE DON'T HAVE. GOT IT. GOT IT. OKAY. THANK YOU. THEN. YEAH WE SHOULD. THAT SENTENCE WE SHOULD COULD BE THE DOUBLE ASTERISK ONE COULD BE. YEAH. TURNED INTO ENGLISH. TURNED INTO ENGLISH. IT SHOULD ALSO YOU KNOW PEOPLE HAVE ROTH IRAS AND EMPOWER OFFERS A FIDUCIARY. THEY CAN PROVIDE THAT TRAINING. IF OUR EMPLOYEES WANTED TO ROLL THAT ROTH IRA OVER TO A DIFFERENT OUT OF ACCOUNT AND NOT BE WITH MISSION SQUARE, THEY DON'T LOSE ANY MONEY. THERE'S NO FEES ASSOCIATED. AND THAT'S ALL STUFF THAT THESE EMPLOYEES COULD DO. SO WE DON'T HAVE TO THEY DON'T HAVE TO GO THROUGH AN ACH WITHDRAWAL. AND THAT COULD BE SET UP OR THEY JUST LEAVE IT THERE AS THEY DO AS THEY PLEASED, AND THEY COULD CONTINUE TO MAKE DIRECT PAYMENTS INTO IT IF THEY PLEASE. [00:55:06] I THINK WE CAN WRITE THAT OUT IN 2 OR 3 SENTENCES. SO, IT WAS MORE UNDERSTANDABLE. GET THAT WRITTEN MORE CLEARLY. THANK YOU. ALL RIGHT. VERY GOOD. AND THEN SPELL OUT ESG. THANK YOU. NOW, DO WE NEED AN ESG BOND FUND FOR THE SINGLE ASTERISKS? WELL, ALL THE SURVEYS THAT WE'VE DONE INDICATED THAT THE EMPLOYEES AND PARTICIPANTS REALLY HAD A DESIRE FOR THAT. WOULDN'T YOU AGREE? I THINK THAT'S BEEN VERY CONCERNED. I DON'T KNOW HOW MANY PEOPLE IT IS, BUT IT SEEMS TO ME IT WAS IT WAS PRETTY HIGH. I COULD BE WRONG, BUT I HAVE A DISTINCT RECOLLECTION THAT THAT WAS THE CASE, THAT THAT WAS SOMETHING, YOU KNOW, WHERE A PARK DISTRICT. SO, PEOPLE CARE ABOUT THAT SORT OF THING. THAT WAS MY VERY STRONG IMPRESSION, IN FACT, THAT THAT WAS SOMETHING PEOPLE WANTED. AND I THINK YOU'D INCREASE PARTICIPATION IF YOU DID IT. I CAN ADD A I THOUGHT WE HAD I THOUGHT THERE WAS NO I IMAGINE THAT THAT WAS ON THE LIST. I ADDED THE CALVERT, WHICH IS A. YEAH. SO THE QUESTION IS ADDING A BOND FUND AS WELL. CORRECT? YEAH. OH I'M SORRY, I'M SORRY, IT IS. THE FIDELITY SUSTAINABILITY BOND FUND. THAT'S RIGHT. OH OKAY. GOOD I FORGOT ABOUT THAT. GOOD, GOOD. SO THAT'S ALL RIGHT OKAY. AND WE'RE GOING TO KEEP IT. OKAY. ALL RIGHT. ANY OTHER QUESTIONS OR THOUGHTS ON THIS? I JUST LIKE TO COMMENT THE. YEAH. WHAT IS ON HERE? THE INVESTMENT FEES WILL BE CLEARLY VISIBLE ON STATEMENTS. THAT'S ONE OF THE BIGGEST COMPLAINTS THAT I KNOW I HAD. AND MY FELLOW POA EMPLOYEES. MISSION SQUARE REQUIRED YOU TO GO THROUGH MULTIPLE WINDOWS TO FIND THE FEE SCHEDULE. SO I THINK THIS IS ONE OF THE BIGGEST KIND OF PROS MOVING TOWARDS EMPOWER IS HAVING THE EMPLOYEES BE ABLE TO QUICKLY SEE WHAT THEIR FEE SCHEDULES ARE. WITH EACH STATEMENT. YEAH, THAT CAME UP ON THE SURVEYS A LOT TOO. THAT'S TRUE. YEAH, GOOD I HOPE I HOPE PEOPLE APPRECIATE THAT. WE'LL KNOW IN A COUPLE MONTHS. ALL RIGHT. CAN I ASK A QUESTION ABOUT THE LINK TO EXTERNAL ACCOUNTS? WHAT EXACTLY? SO PEOPLE IF I HAVE INVESTMENTS AT FIDELITY? ACTUALLY, IT'S ALL TYPES OF EXTERNAL ACCOUNTS. SO, SO THE GOAL FOR THE PARTICIPANT WEBSITE IS TO BE KIND OF THE HUB, YOUR FINANCIAL HUB. SO WE HAVE THE ABILITY TO LINK CREDIT CARDS OTHER INVESTMENT ACCOUNTS ZILLOW TO FOR A ESTIMATE ON YOUR HOME VALUE. ESSENTIALLY ALMOST ANYTHING YOU CAN THINK OF. AND IT'S AN EASY PROCESS, RIGHT? IF YOU'VE GOT, YOU KNOW, ONLINE, IF YOU'VE GOT A DISCOVER CARD AND YOU'VE GOT ONLINE ACCESS TO THAT ON THE PARTICIPANT WEBSITE, YOU'LL JUST CLICK ADD EXTERNAL ACCOUNT AND YOU'LL PUT IN YOUR USERNAME AND PASSWORD, AND IT WILL AUTOMATICALLY CONTACT DISCOVER AND BRING IT IN. IT'LL SHOW YOUR BALANCE. SO THAT WAY WE CAN TAKE A KIND OF A TOTAL PICTURE OF OKAY, WE KNOW THIS IS THESE ARE YOUR ASSETS, YOUR RETIREMENT PLAN, YOUR OTHER INVESTMENT ACCOUNTS THAT YOU'VE TOLD US YOU HAVE. HERE'S YOUR LIABILITIES. SO WE'RE ABLE TO GIVE YOU A REALLY COMPLETE PICTURE ON YOUR NET WORTH AND EVERYTHING ALONG THAT LINE. YEAH. WOULD THAT INCLUDE CALPERS AS WELL. AND I BELIEVE IT INCLUDES CALPERS. I THINK WE ASKED THEM THAT AT THE I THINK DURING THE RFP PROCESS. AND I THINK THE ANSWER WAS YES, BUT WE SHOULD GO BACK AND DOUBLE CHECK THAT. YEAH, I'LL DOUBLE CHECK WITH KEVIN. I'M 84% SURE. YEAH. ESPECIALLY FOR OUR PEPPER FOLKS TO BE ABLE TO SEE THAT. SO YEAH, THAT'D BE AWESOME. GOOD QUESTION. SO WE'LL CLEAN THIS UP. AND THEN WE'RE GOING TO PUT THIS OUT ON THE BENEFITS PORTAL. AND I THINK WE'RE GOING TO DO ANOTHER EMAIL TO EMPLOYEES. PROBABLY. DON'T FORGET, RETIREES CAN ACCESS THE BENEFITS PORTAL. SO WE HAVE TO. YEAH. AND RETIREES. ONE OTHER QUESTION. I THINK DEB, ON THE VERY SECOND TO LAST POINT, ON SITE RETIREMENT PLAN ADVISOR CAN PROVIDE ONE ON ONE ADVICE TO PARTICIPANTS AND ACT AS A FIDUCIARY. DO WE WANT TO EXPLAIN WHAT THAT MEANS? BECAUSE AGAIN, THAT WORD FIDUCIARY COULD BE DANGEROUS. YES. YEAH. [01:00:01] WE CAN CLARIFY THAT. YEAH. PROVIDING INDEPENDENT ADVICE OR SOMETHING. I'LL TRY AND FIND THE AWFUL WAY TO SAY THAT. SO, TRYING TO THINK OF LIKE, YEAH, I GUESS I'LL MAKE THESE EDITS AND THEN I'LL SEND IT TO YOU AGAIN TO YOU GIVE IT A FINAL REVIEW. OKAY. OKAY. ALL RIGHT. IF YOU GUYS THINK OF ANYTHING ELSE YOU WANT TO CHANGE IN THIS, FEEL FREE TO EMAIL IT. OKAY. NEXT. OH. WERE THERE ANY PUBLIC COMMENTS ON THAT ITEM? NO. OKAY. THAT WAS OUR LAST ITEM. OKAY. SO DO WE HAVE ANY ANNOUNCEMENTS? [Announcements] WELL, I HAD REQUESTED THAT WE HAVE ADD TO THIS AGENDA AN UPDATE ON THE STATUS OF THE EMPLOYER MATCH, AND APPARENTLY THERE WAS A SIDE LETTER SIGNED WITH THE UNION, AND I WONDER IF WE COULD PUT THAT ON THE NEXT AGENDA. JUST AN UPDATE ON WHERE WE STAND WITH IT, BECAUSE SOMETHING I GET ASKED ABOUT A LOT AND I'M ALWAYS SAYING I HAVE NO IDEA. I'M HEARING RUMORS THAT AREN'T ALWAYS TRUE. I DON'T BELIEVE IT WOULD MAKE SENSE TO BE ON THE DEFERRED COMP COMMITTEE AGENDA. I KNOW WE'RE WORKING ON AN FAQ THAT'S GOING TO EXPLAIN IT TO THE PEOPLE WHO ARE GETTING THE IS IT A ONETIME THING? ONE TIME THING? YEAH. SO WE'RE WORKING ON A LIKE A FREQUENTLY ASKED QUESTIONS, BUT IT'S JUST GOING TO GO TO THE PEOPLE WHO ARE RECEIVING IT. SO I DON'T THINK IT WOULD MAKE SENSE TO BE ON THE DEFERRED COMP ADVISORY COMMITTEE AGENDA. WELL, IT'S SOMETHING WE'RE GOING TO GET ASKED ABOUT. AND I DON'T HAVE TO WE DON'T I DON'T SEE ANY NEED TO GO INTO DETAILS OR MAKE ARGUMENTS OR ANYTHING, BUT I IT'S SOMETHING I CONSTANTLY GET ASKED ABOUT. AND I'M ALWAYS SAYING I HAVE NO IDEA. IF THERE WAS ANY WAY THAT THERE'S, WE CAN GET ANY KIND OF INFORMATION ON WHAT'S GOING ON WITH THAT AND WHAT'S BEEN AGREED TO, WHAT'S STILL HANGING, WHAT'S BEEN SETTLED, OR IS THE WHOLE ISSUE STILL HANGING? I HAVE ABSOLUTELY NO IDEA. IT'S CERTAINLY A THING THAT NO ONE CAN DENY THAT IT AFFECTS PLANNED PARTICIPATION, WHICH IS CERTAINLY ABSOLUTELY WITHIN OUR PURVIEW. AND JUST SOME REALLY BASIC. WE DON'T NEED TO GO INTO DETAILS OR GET INTO ONE SIDE OR THE OTHER OR ANYTHING, BUT I WOULD LIKE TO BE ABLE TO HAVE SOME KIND OF, AT LEAST BE ABLE TO SAY, HERE IS WHAT I KNOW. JUST THE VERY BASICS OF WHATEVER CAN BE SAID WITHOUT COMPROMISING ANYBODY'S POSITION. I DON'T NEED A WHOLE LOT OF DETAILS OR EXPECT TO GRILL ANYBODY WITH QUESTIONS. BUT. SO, IF WE CAN PUT A SUMMARY TOGETHER. YEAH. OF WHAT? WE KNOW, WHAT WE CAN'T, THERE'S THINGS THAT CAN'T BE DISCUSSED. SO BE IT, YOU KNOW. BUT AT LEAST IF WE HAD SOME KIND OF SOMETHING, I WOULDN'T FEEL LIKE SUCH AN IDIOT EVERY TIME SOMEBODY ASKED ME. RIGHT. I THINK THIS ITEM WAS, WAS DISCUSSED DURING NEGOTIATIONS WITH AFSCME. AND SO, I THINK OUR RESPONSE SHOULD BE, YOU NEED TO GO BACK TO YOUR UNION STEWARDS TO GET THAT INFORMATION, BECAUSE WE WEREN'T INVOLVED IN THAT CONVERSATION. SO, THERE'S IT. NOR WERE WE PART OF THAT DECISION. SO, I THINK OUR RESPONSE SHOULD BE, SPEAK TO YOUR UNION STEWARD. WELL, IS THERE STILL SOME KIND OF PROCESS PENDING WITHIN THE UNION IS I DON'T BELIEVE SO. I BELIEVE IT'S ALL THE SIDE LETTER IS SETTLED. EVERYTHING. WELL, WOULD IT HURT ANYTHING TO KNOW THE BASICS OF THAT? IF IT'S A SETTLED THING. WHY? WHY SHOULD THAT BE A PROBLEM? YEAH, I THINK IT'S JUST NOT PART OF THE DEFERRED COMP ADVISORY COMMITTEE PURVIEW. WELL, IT AFFECTS PLANNED PARTICIPATION, WHICH IS PART OF OUR PURVIEW. SO, I RESPECTFULLY DISAGREE WITH YOU THERE. YES, ESPECIALLY FOR BEING THE, YOU KNOW, THE PLANNED PARTICIPATION PERSON. IF I CAN'T EVEN TELL PEOPLE WHAT'S BEEN AGREED TO OR THE BASICS OF WHAT I NEED THE ACTUAL MONEY AMOUNTS. [01:05:05] BUT RIGHT. AT LEAST JUST YEAH, A LITTLE SOMETHING WOULD BE, I THINK, SOMETHING THIS COMMITTEE OUGHT TO HAVE SOME IDEA ABOUT. YEAH, I BELIEVE YOU HAD YOU HAD REQUESTED THIS ALREADY AND I BELIEVE WE PLENTY OF TIMES. YEAH. YOU A RESPONSE SAYING WE CAN'T TALK ABOUT IT ON THE. IS THAT RIGHT? THAT YOU RECEIVED AN EMAIL RESPONSE SAYING, WE CAN'T TALK ABOUT IT AT THIS MEETING. YEAH. YEAH. SO I THINK THAT'S STILL THE SAME ANSWER. SO, WE CAN'T TALK ABOUT WE CAN'T BRING THE SUBJECT UP AT ALL. NOT EVEN TO HAVE A BASIC. I BELIEVE THAT'LL STILL BE THE IT'LL STILL BE THE SAME ANSWER, I BELIEVE. WELL, IF THE SIDE LETTER HAS BEEN AGREED TO, I DON'T I I'M HEARING THAT'S WHAT YOU SAID AND I GUESS THAT'S I DON'T HAVE ANY OPTIONS TO GO ANY FURTHER WITH IT, BUT I STILL DON'T SEE WHY WE CAN'T KNOW THE BASICS OF WHAT BOTH SIDES HAVE ALREADY AGREED TO, ESPECIALLY IF IT'S A ONE TIME THING. WHY? WHY WOULD THAT? WHO WOULD THAT POSSIBLY HURT? DULY NOTED. WELL, I'VE SAID MY PIECE. YEAH. I APPRECIATE YOUR PERSISTENCE. WERE YOU GOING TO SAY SOMETHING? NO. ALL RIGHT. THANK YOU EVERYBODY. OUR MEETING IS ADJOURNED. WHEN'S OUR NEXT MEETING? SORRY. * This transcript was compiled from uncorrected Closed Captioning.