We are not in a position where some public Pension Plans are paying out 5 . We have a better illiquidity for that. The payoff for that return is on page 19 of the cambridge report. There is a powerful positive cash flow driver when you start in year 2 2022. I wanted to explain the rationale for the strategy. I will turn it over to the board for questions. This is not an action item. Is there Public Comment . I have been coming to meetings over two years and listened to the mum bow jumbo. All of the people are all active money managers. How communevehowhow come there e from vanguards, price. You get more information over the long. I just told you that vanguard, s p 500 in the last 30 years, less than 1 of the s p 500. My recommendation is start inviting passive money managers, and i think your outlook on investing will change. That concludes item nine. Item 10. We are probably going to lose a quorum in 55 minute, we have nine action items pending and five nonaction items pending. I would recommend starting with items 16 and 18. Okay. Is that okay to standby for several minutes . Thank you. There are several action items with deferred comp. We will do that Committee Report subsequently. Lets go to item 13. Action item. Approval of proposed revisions to the sfdcp loan policy. May i ask a question please . Go ahead. These items are all presented to us are living documents, correct . Yes. Okay. The existing policy we from time to time can. It is a living document, as living documents they can be amended at any meeting . Correct. Therefore, what i want to do is in the interest of time which is going any of the living documents i move we approve the living documents as submitted and with the provision that at any time they can be amended should they need to be amended. That is just for the interest of time since we have nine documents to get through. Did you make a motion to accept item 13 or not . Yes. I will make a motion. I will second. This item was recommended by the committee. Motion is made and seconded. Board questions . Public comment. Those in favor of adopting item 13. Say aye. We will go to item 15. Advisory services and managed accounts have long been considered. In 2009 the plan entered into an agreement to offer a computerized advisorvis. It was never executed. A lot of change over the last years. Participants are moving from a to b accumulation and people are living longer than expected. The adoption of the accounts has been rising. They are showing retirees are better served when given advice on draw down strategies. We expect to provide the services to voya. The proposed recordkeeping fee is dependent on offering the services. Everyone would benefit from lower pricing along with an additional level of services. Option Services Include professional account management and participant Investment Advice at no additional cost. The details are before you. It should be noted the managed accounts pricing offered is the most competitive in the industry to date. Staff worked closely with voya for those in goal maker. This is designed specifically for the plan by financial engi engines called future ready model portfolios, which are targeted funds that are passive making it a low priced portfolio problem. They are here to walk through the Advisory Services with the board and highlight the plan experience. Also here is the head of Financial EnginesResearch Group to answer any questions specific to the methodology that powers the service. I would like to ask the president if he would like the full or abbreviated version. Abbreviated. Very good. Bryan merrick, Relationship Manager of voya financial. I will defer to my colleague peter to walk us through. Thank you. All of the services we provide are for participants. We accept fiduciary status for delivering the services. What that means is the only reason we have to make a recommendation to them for specific funds is because it is in their best interests. We provide Investment Advice as a 321 service, professional management as a 338 service and both of those services we are doing making recommendations strictly in your participants best interests. To the next slide you can see on the left of the services we are providing. They fall under the heading of guidance, education, advice, professional management. Professional management being our name for a fee based managed account. We also provide Additional Services for individuals who are nearing retirement, specifically, for those entitle to Social Security benefits. We provide guidance that helps them figure out a specific claiming and filing strategy not only for the employee but also for a spouse, if there is a spouse. That way they can maximize their Social Security benefits for the entire household. We also provide de accumulation strategies through managed account service designed to retain participants assets in the 457 after they have retired in order to maintain the scale you have built with the fund that you have in the plan and we provide a monthly paycheck out of the assets that they have in the 457. In addition, we provide comprehensive reporting to the plan about all of the services that we offer. Next slide, please. You mentioned the partnership with Financial Engines. We have been in partnership with Financial Engines as our method sub advisor for two decades. We led many innovations in the industry. Financial industry provides the method for what we provide. It provides a consistent experience, whether they receive a personal evaluation in the mail or online or call to speak with one of our Investment Advisers or meet with a plan representative. They receive a consistent experience in the recommendations they receive. Next slide. Financial engines also powers the key function of our participant website called my orange money. This is a realtime income gap analysis looking at an individual participants Retirement Income forecast. The reason this is important is we are modeling the income forecast based on their Actual Holdings in the 457 and outside accounts they may have and any pension information that has been provided for us. I would like to move adoption of this staff recommendation of this item. Is there a second . I will second the item. Any board questions . The phrase professional management is your label for that service . It is for the managed account service. Okay. That is a change i have to get used to the knew terminology. There is still some confusion what that means to members. Thank you for mentioning the accumulation we want to focus on the 5,000 plus retired members who are participants. In terms of the account management where you are acting as fid door air re, that is only over the phone, correct, not in the person . No, it can be over the phone or in person. We are training the local representatives to deliver the service as we would our individual Investment Advisers over the phone. They will use the same workstation our advisers use over the phone in order to deliver the advice. A participant can receive Investment Advice in person and your representative will act as fid door air reon their behalf. Yes. The future ready model if a member sits down with the retirement counselor that is no charge, correct . Correct. The only time there is an additional fee is when a participant gives us discretion over management of their investment. I am anxious to see how you are doing it. I will call for Public Comment. Motion is made and seconded all those in favor say aye. That concludes item 15. Item 16 depends on. We have several items to go. Item 16 requires future actions. They depend on the economic assumptions. I would say this is certainly something we could push and continue to another meeting. There is no urgency to make the decision today, although there is a recommendation from the consulting act air re. The consultant traveled from out of town. Lets do 16 quickly. Item 2019 economic assumptions review. Good afternoon. Ann harper is here. I will let her get started. For the sake of time i will not go through the entire presentation unless the Board Members want me to do so. Assume that we have all read it. Great. Lets start out on page 5. We have a question. Can you specifically focus on what the impact is of moving. I didnt hear the last part. Moving . Moving the discount rate or the current rate. You want to move it to reduce it to 7. 25, correct . Is that your recommendation . Our recommendation is that you could consider moving it to 7. 25. 7. 4 is reasonable. If you move it to 7. 25. I would like to hear what are the specific impacts of moves it to 7. 25 . I know you support that. That is your recommendation. Give us the specific impacts. How are we going to benefit from it . I think we should clarify what the recommendation is. The recommendation is from the Service Coordinator to maintain 7. 4 and if you read the presentation and report, it basically is recommending that it is reasonable to stay at 7. 4 and asking the board to consider going to 7. 25. I believe ann does have the Economic Impact on contribution rates or cost if we went from 7. 4 to 7. 25. We dont have that at this time. We could bring that at a later time if you want to consider that. The biggest impact of reducing the rate to the plan and the cost is that you are discounting the liabilities at a lower rate. The liabilities will increase which will result in an increase to the cost of the contribution rates. When you said what do we benefit from doing that . When you lower the discount rate you will have a higher percentage of meeting the target goal than you would at 7. 4 . As a point of reference last year we lowered the rate from 7. 5 to 7. 4 that increased liabilities just under 300 million and increased the employer contribution rate 1. 01 as an addendum. I make a motion to maintain the rate at 7. 4 . Can i ask one question . Go ahead. There are three assumptions. You have the floor. The employee contribution goes down if the assumption rate goes down or goes up . Employer contribution rate. What about employee . Cost sharing would potential she trigger a increase. This will not cost a trigger point. Go ahead. A lot of people answering. It could potentially trigger another level of cost sharing but we dont have those numbers. I think you clarified the answer that president driscoll said. For this we anticipate if you went to 7. 25 it would trigger just an additional contribution requirement from the city and not from the employees because of the way the cost sharing is structured. We are in an area where it has to be a wide swing before there is a increase or decrease in employee cost sharing provisions. There are three assumptions. No change to the economic assumptions. Is that correct. That is the action item. We are waiting for a motion. One, two, three. I make a motion to maintain all three. Is there a second . We have to vote . On each of them. You can vote to stay where we are at with all three of them. What is the motion on the table . Adopt all three economic assumptions which is know change. I second that item. Any further board comments or questions . Public comment . I will call the question. All those in favor of the motion say aye. Opposed. That concludes item 16. I appreciate staff sending a note to us the other day asking whether we had any questions in advance. It gives credibility to the fact there is a lot of water we dont have to swim through. Thank you. There are several policies in terms of reference changes. Undue influence might have the immediate effect. Before we go back to the private credit portfolio, i am watching the clock. I dont want to lose quorum. Would that be out of order . It kind of stands alone. It is part of the report from the 2016 retreat, and we have worked with it and refined it through the Government Committee we propose the board can consider it. Item 20. Review approval of the undue influence policy. Have all members read this . It is general Good Government and good ethics. It was discussed thoroughly. Any further board questions before the motion . I would move to adopt. I will second. Any further board questions . Questions from the public . Very good policy well written. Thank you. Those in favor of adopting undue influence policy. Aye. Passed unanimously. With that lets go back to conclude the cambridge, good presentation. Could we consider item 25, the benefit adjustment. Yes, i forgot the name of the individual. Request for industrial disability pensions adjustment from 50 to 55 timothy j donavon. The motion is made to make the changes and seconded. Any board questions . Public comment . Call the question. Those in favor of making the adjustment say aye. Opposed. Okay. Back to the report on private credit. Number 10. Discussion item. Private credit portfolio update. About a year andahalf ago the board approved private credit as asset class. Performance has been very strong. We have significantly under weighted direct lending where we have concerns and emphasized under writing in unique and special strategies and those paid off. We will ask curt to further introduce the item and then we can make comments. Quickly. First private credit is a new asset class. It is relatively new for the entire investment industry. Not particularly well defined. I will do a little bit of thoughts how we categorize it. It is quite appealing. We think it is a great opportunity set. It has the potential for strong risk adjusted returning uncorrelated with Everything Else we do in the plan. It has a real Downside Protection element to it largely because of the floating rate element associated with private credit and if control and influence with private credit. It is not well defined. It is very broad. We divide it into three categories. Capital preservation. Subject investment subjected we have been investing informally beginning in 2008 the board adopted 10 at the end of 2017. As we it is here we are 18 months into the private Credit Program. It calls for 700 to 750 million committed each year to get up to the 10 in the next two to three years. As noted, earlier we have made a decision to migrate some of the credit oriented positions in the private equity portfolio to private credit. Approximately 100 million of asset value and 140 million total. We have 850 million invested or 3. 4 of plan assets invested. Quickly, the narrative behind private credit is that the banks world wide have pulled back from lending. Private pools of capital stepped in to provide flexible financing. I hate this word but there is frosting in certain elements of the market. We are under writing this as critical and manager selection is key. Good afternoon. 2018 was a very busy year for the private credit portfolio. We received 775 million worth of commitments, 250 was closed earlier. A 10. 1 net return. We are in year two of the 10 of private credit and expect to get there by 2022. A few comments. We do plan to include three separate accounts in the portfolio. One of which we received approval for in 2018 and closed this year. We plan to come back with the second recommendation by year end and the third by early next year. We are building out the private Credit Program during the later stages of the credit cycle. We recognize the growth of certain sectors of the market, direct lending in particular. It is one of the main strategies where you can scale up significantly to achieve the target sooner. We have given a deterioration in pricing and loan structuring. We focus on managers that exhibit competitive advantages and by focusing on managers who demontrated their work out. It is the next downturn when it beginning. We look at the strategies that distribute high current income and are unkorel lated. We provide additional Downside Protection. With that said i will turn it over to cambridge. Thank you. I will in the interest of time introduce my colleague,ed to, who leads the todd. He is dedicated to the private credit team and working with us and i will turn it over to him to discuss the market environment and we have been positioning the private credit portfolio and opportunity set in light of that. Thank you. Page 2 of the deck. Thank you. It is always a pressure to come and visit and talk private credit. On slide two, we will highlight a couple themes that are important going forward, particularly as you work on your program. That is currently the excesses in the market which we refer too as the faultiness and the opportunities they pro havent. This is slide two. This is the proportion of new issued loans in the u. S. Market. Very briefly. Very briefly this demonstrates the lack of creditor rights in loan structures over the past 14 years. It is shorthand for rising risk. If you dont have credit or rights as a lender it is a risky loan. If you think about the market trading at 6 or 4 over treasurers in the past year, that is rich pricing. We see excesses relative to return. Next slide please. How are they do finding the light . Back in the day it used to refer to maintenance only covenants. Loan structures that prohibited the incurrence of additional debt. Now it referred to that and some loans dont have covenants at all. Are they saying no covenants or interest . I see your point. Okay. In general, the strictest definition of covenant light is incurrence only restrictions. No maintenance. No need to maintain a leverage level or fixed charge coverage level, none of what you would normally think in alone you would find in the coug in the l. This is what appears to be healthy credit fundamental goes to justify the structures. According to the lsta, these indicators which in the top is interest coverage to your point are probably about half a turn lower due to ebidta adjustments that are in the market. The lowergraph is leverage and according to the lsda who has looked at what would happen to the leverage points leverage points. Things arent as rosie as they might appear in the broad markets. These are examples of excess. These excesses are trickled into the alternative space. The last two were broad markets. But the excesses found the way to the alternative space, particularly direct lending, the most prom menent of the private mom strategies. These are the direct lending funds on the lower right. This excess, this frothiness under opinions the lengthy negotiations we had inputting together. They were such because we strifed to impose parameters to protect us from these excesses and narrow parameters available. For example, limiting the proportion of covenant light loans that would be permitted. Next slide please. I will take you through some of the broader indicators and excesses to identify the opportunities. Here is the excess right here in the top left hand slide. This is the total loan issuance over the past 18 years. It is growing. We have had two peaks that have been greater than the gfc peak in the past 7 years. That is in the u. S. Same type of dynamic in europe which is in the lower lefthand corner. You can see on the righthand side yields coming down systematically. Next slide please. All that new issue has a swelling in the top left handgraph. As a result we see opportunities in the top right hand. The blue shaded portion is the proportion of triple b credit in the market today. That is investment grade. The orange is the high yield market. As you can see a downgrade in a small portion of the triple ps will create opportunities in dislocation in the high yield market. You can expect to see Credit Opportunities and distress managers that capitalize in that coming to you in the near future. We see stability on the bottom half of the graph with pricing on the index and low proportion of distressed issuers in the lower right. Finally, we see the graph that really highlights the low pricing of risk. I think during the private equity presentation you were asked about the returns. This shows you. They were getting 20 net and above at the time. Something that isnt in here but supports that we are working on a white paper to track the performance of private equity and credit. Our evidence suggests in the years leading up to the credit it does a good job of familiaring because of Downside Protection our colleagues mentioned. Where are the opportunities . Slide 8. A question. I am surprised by the drop in the interest coverage ratio. It is down around 2 versus what it was years before. Meanwhile what we saw the private markets presentation on private equity, we looked at the volt u volume of buyouts. Is that driven by the fact people making loans has changed and is no longer banks with fidc regulations with those that had no regulations is that driving all of this covenant lack of restrictions . So the direct helping space is a comment product. I am going to switch. Direct lending is a comment product. Jelly to the private equity peanut butter. The more dry powder you have. It is the dry powder on the side line. Direct lending caters to that. With the rise in i think the third slide, slide four of the deck, shows the competition for those lending opportunities. In all of these entities making these loans previously for the big banks that had regulations. Thank you. Skipping because there is a Silver Lining in all of this. We are over to the opportunities presented or will be presenting themselves as a result of these excesses. We will transition from excess side to the opportunity side. Look at slide 8. This is buyout multiples. I believe our colleagues noted they have been at 10 times for a long period of time. As you can see leverage is a key component there. If it ever rises and if the ebidta adjustments come home, there will be opportunities for the credit funds to play an Important Role in the portfolio. Slide 9. We look at liquidity. Opportunity and distressed funds make money when they provide liquidity when there isnt any. Currently we see very little evidence of price support in the markets. Upper left hand dealer inventories. It shows that dealers are less able to make markets to provide liquidity to asset owners and that provides opportunities. Top right. You see the growth inflows of mutule funds. They are ever increasing. We anticipate there to be in shakeout as well. Lower lefthand corner is a widely used indicator of liquidity in the markets, that is probing a new bottom for the past year or so. Low right hand column shows our distressed benchmark and our Credit Opportunities benchmarks and how they performed relative to periods of high lick identity. That is where liquidity where the orange be line spikes. On on page 10. Talk about fundamental weakness and opportunity. Upper left handgraph is from the bureau of economic affairs. The orange line is nonresidential fixed investment. Nonreal estate. As you can see, profitability is flat lining, and yet investment continues. This suggests that the corporate sector is investing in negative projects and the green line shows burning of the cash. That is the different between profit annette fixed investment. That is financed by lentors. Le lenders. When the line kicks below the zero, it means lenders are increasing lending and loosening standards. It takes above zero to tighten the standards. There appears to be a trend of banks tightening credit standards making liquidity less availability. On the righthand side you can see it is to be rising. We will see what happens. If it does rise that will create more stress. Right now the stress is yet to really manifest itself. That is the right handgraph. We expect to see more investing. To slide 11 which really addresses the Specialty Finance market, and this is the hardest to present because the managers frequently target areas of the market that we would normally never think to target. I dont know if anybody here owns a recreational vehicle, but in the top do you . I wanted everyone to laugh. I appreciate the humor. Upper left handgraph shows rise in rv shipment. Look at unemployment in elkhart indiana it is a leading indicator for recession. Historical rv shipments. Do we need this many . You are going to say the baby boomers are moving. Think about it if you have parents who are baby boomers. They probably havent purchased an rv. Have you your parents purchasedn rv . We see managers attacking this that arent normally visible to the naked eye. Upper right hand we see the speaking of auto production, layoffs are starting and in germany as well. They are picking up there and starting here. Lower left hand column. Auto loan delinquencies are rising. We look at managers focusing on auto and consumer loans in the u. S. And europe. We see consumer weakness and canvassing the world to find gps to take advantage in the down market. With that i will turn it back to anita. Just really quickly. On page 13, recap, this is our plan in terms of program construction, a balance of capitalization strategy in terms of risk return as we go down the line from capital preservation to return maximization it is higher return and higher risk as well. We are looking for that balance in order to reach our return target of 8 to 10 for this private credit allocation. We talked about establishing two to three or three approximately separate account managers. These would be larger corpsman gerrylatiocoreylation ships. That was a good 12 month process to evaluate, structure and negotiate and close that commitment. On top of that from beginning of 2018 to the yeartodate, we have committed to 14 different managers and many of those are in the opportunity and return maximization bucket which required a lot more in terms of labor intensity. Pay separate account that is likely to be focused on capital preservation. Those are larger fund recommendations. Coming forward with the actual funds is a opportunity return strategy. Quickly on page 15 how the program is doing. I know we will hit on more detail. As far as focusing on the opportunity and return maximization categories and managers for the program, it has paid off in the shorter term period. The one and three year numbers have really been the outperformers for the private credit outpatient. Overall the highlighted row there is the private credit Portfolio Performance and that beats your benchmark of 50 50 blend plus 150 basis points premium as well as our private credit benchmarks. Lastly to reiterate we ran the models. You saw that in march. We dont have anything to really report back in terms of changes. We continue to remember 750 million annual target commitment pace. I was going to make a couple general comments. If you watched any of the testimony in front of Congress Last week. They did comment lending was a risk concern of theirs in the marketplace. I think echoing some of the cambridge thoughts. The chairman talked about this morning how the leveraged market shifts the risks away from the banks to the private markets. We hear a lot of Interesting Data about what is happening from the private equity managers, and part of it is that ebidta is now a funky number with a lot of adjustments. It sounds like based on between the lines of discussion of cambridge you you guys are trying to establish more disciplined money parameters with the separate accounts you have, which is a critical element of the under writing today. The Competitive Pressures coupled with the number of lenders out there has caused a buyer market in the sense that the private equity sponsors are now when they are approaching financing asking multiple parties to provide the best term shields. It is not just pricing and execution but the lack of covenants. Private equity sponsors are exerting muscle in this current environment. With that said, in a 2 treasury environment everybody is chasing after yield with the idea of rising Interest Rate in this scenario plausible having a floating rate instrument moving up as the yield curve shifts is a critical component of the private credit. I think the approaches is sensible. We will talk about performance. The bottom line is performance in this sector outperforming. I dont want to steal your thunder. I will be very brief and fly through this. Exceptional performance the benchmark over every period in the one year focused on right now 55 of appreciation came from five funds. One of those represented 21 of the appreciation, which was focusing on airline leasing. Also, on this page i want to note the bottom bullet. You may have an older version. It is to say of 22 investments of vintage years 2016 or older, all are valued at costs or above. On slide five the picture we like to show again the value created because money was invested in this sector rather than the benchmarks with the same amount is 104 million. We are jumping all the way over to slide 12. We talked about moving some assets, 17 from the private equity portfolio to private credit. I want to draw your attention to this page that gives metrics on what a hypothetical would look at. The multiple would have increased slightly. I rr decreased slightly. It would have made the portfolio older from 3. 9 years to 5. 3 years. There would be changes in industry diversification also. That is all i have. Two comments. Page nine outperform answer of 9 over one year and 5 over five years. These are extraordinary outperform answer. The second comment i was going to make is really due to strategy tilt away from direct lending and more towards Specialty Finance in other areas. We are also further along in the development of this program than just the 3. 4 allocation of nav would indicate. We have 920 million of unfunded commitments. Between those that is 7 . We are probably a little farther along in underwriting because capital is slow to call. Now we will turn it over to the board. Board questions . I have a couple questions. In the sense this is still kind of new. Did every fund manager report to you when there is a default on any of their securities . If they do it is the quarterly report. Not that day. Right. The issue in this new category, i think we should get ready to report that because it goes to the issue of under writing the under writer. I have asked you that several times. You dont like them you dont reup with them. We expect a certain loss ratio. When it is above 2 . I think what is more important than the loss ratio is the recovery. Both to see and david touched on how we include the guidelines with our separate accounts. That is the portfolio from the increasing losses and resulting in the recovery. Add to that. It is something we published today. Precisely on how to look at defaults and i am happy to share that with the commissioners. Defaults can easily be hidden by these managers, not hidden but renegotiated and changed in the Public Markets default are not considered default in the private market. I have a white paper that talks about what to expect from direct lenders when the cycle turns and key identifiers of what behaviors you expect to see. How to track the Portfolio Performance because the faults are harder to find. That is sharing with the world how we track these portfolios. When we are with the opportunity people focus on the distressed debt. Secondly in terms of the benchmark, our risk compared to the benchmark risk, we get a sharp number later. The comparison is great excess return. I am trying to understand risk versus the benchmark. Our portfolio includes distress and the benchmark did not. We would be outperforming. That is something as the program evolved we have to include on the line is this direct component. I think the riskiest pav part we doing quite well. To measure how we are doing. I would expect to see us change the benchmark to include distress in this program. No action item. Public comment. Next year there is a good possibility there will be a world wide recession brought on by a worldwide credit crisis. Therefore if that happens you shouldnt be involved with any High Risk Investments like private credit, private equity, hedge funds. Investment capital in every single recession gravitates towards safety. My recommendation is divest of every High Risk Investment and go towards low risk or moderate risk investments. Okay. I am going to make a general comment about the three presentations. It is a time management issue. Please assume that the board has read what you have submitted. It is great you are doing this anen on the video so members of the plan and stakeholders can see what and how we are doing. Focusing your presentation on what you want us to look at in three reports in over two hours. If we can concentrate that to a more effective approach. That is my request. That concludes this item. I lost track which item we go to next. Committee report. Governance Committee Report to commissioner stansberry. Going back a couple years ago we brought in an outside consultant and had an off site. The board talked about changes. Over the last couple years the committee is working to implement the changes. Unless anybody has any additional questions that is it. No. Some of these things will come up again in the next couple minutes. That concludes item 17. We are on 18 Strategic Plan. Public comment on 17 . No comment. Item 18. Item 18 action item. Presentation and approval of the 20192024 Strategic Plan. We presented to the board the senior staff proposal for a Strategic Plan looking forward for the next five years. We focused on three main goals. Retirement readiness and have enhancing member experiences and Leadership Development and stakeholder engagement. In respect for the boards time i would certainly just ask if there are any questions on any specific sections or if you would prefer i could walk you through. As long as this is a living document, i would move to adopt it. I would ask what periods of time would those be reported on . Quarterly, semiannually or annually . It would be reported on, i think the board policy says at least annually. I would like to see it reported every six months would be good. I would make a motion to adopt this with the six month review. Okay. I have one major question. It is not under finding another minding under mining this. The first part may seem like unnecessary tweaking. For goal five b strategic initiative. To include retirement Boards Development that bullet should be under item four. Those are issues the board needs to develop. I bring it up because when we get to the next item about the governance, the things we adopted at the last retreat and things they lined up for us to do, they go together. Maybe that that was an oversight it was not there. Development is more than just communications. Government and Decision Making go together. If we can amend that i will support the motion. I make that amendment. That is a friendly amendment. Between this and the next item is a lot to be discussed. This is a living document. The buzzword missing from this the word leadership is there, much like the motion about recognizing how well staff has done working for the system for the benefit of the beneficiaries