Process, that was in 1922. I can tell you that the recall finest hour was that it solved in 59, we think of 57 as the end of that. But 59 was the money. And im going to disagree with david and with others. I think the recalls of doris alan were exactly what you want to recall those for. Those two officials switched from republican to democrat, or independent allowed willie brown to remain speaker as republicans won majority. Thats a First Political betrayal. Youre voting for the candidate but youre also voting for the candidate to support a party. And its never been more important who dp s going to be in control. Who is going to be the speaker . Who is going to have control of the committees. So that official switch that vote and, and basically deprive, the reason you voted for them that they are comma democrat they would have lost. To at least have another shot of that person have a date on whether that person should survive or not. Ill agree. And ill also say, i dont live in San Francisco so i dont know about the recall. Well the sentiment was justified because they got required signatures but to talk about big money including big money put in the removal side, that certainly tilted the odds. Again, i think that to my own values and again i have no horse in that race but i think, the recall is when you recall somebody because you dont like what theyve been doing even though what youve been doing is perfectly legal. He had an approach beinger he was elected with that approach. And thats what he did. As with, i think with the gray davis deficit, i think there is a larger context there. Which was the perception was the crime is exploding in San Francisco. And again, the sense was that the d. A. Was not attentive to them, and underlining. As you talked to people in the aftermath, the end goal is right result was, what happened. Youre not wrong, you didnt commit a crime. But in the context the perception of crime in San Francisco, it makes sense. I have one. Senator marshal black recalled in 1913 for mal feasence in office for funds. That works. Also, you have one. Great with it. L. A. Is in political free hall and our city hall is in complete mess. Others will resigned from city council and others will not. Its the amendment in that tampering with the citizen redistricting, but there is no other tool. So youre effort of los angeles is dealing with that. Im not sure of my opinion just yet. But theyll give a number of tools and theyre all inperfect. But looking at this reform as were talking about today is needed. Okay, so if you all david, kind of alluded to the scenario. But if you have control to change the recall election laws in california to improve the purpose and the outcome, how would you fix it . I will start. I mean, i have some agency here. Again, i have a constitution amendment as constitution which ill reintroduce. We didnt get to it last year because there were a lot of other things in the ballot that were thought to be. But my amendment is narrow and what ifng is attainable notwithstanding other things that we may do. But if you get too ambitious, it may get challenging. I would, two things that come to mind. One we already discussed and the other one gets kind of dicey. But the first one is to get rid of the second vote. Its a nobrainer. The way it works right now, you know this, it take place a place of the governor can get far fewer votes than the governor to have to stay in power. Thats cacamami and it sets up this haounl, in the davis campaign, like 135 people, cast and character too. And somebody could have won that race with 18 if it was not for schwarzenegger. And the other thing, and this is a dicey one. Would i come up with a list of things as reasons for the recall. I know, im stepping on toes here, thats okay. You know breaking the law, obviously would be first and for most. Now after that, it gets dicey. What kind of ethical lapse . John but i would want to have, just because i dont like the person, to me is not good enough reason. It just isnt. You live with that until the next election. But i believe to joshs point in the trustee model, not what we call the delicate model. Thats the other one. I want to have a set of reasons so that in my mind back to yolandas question about the abuse, those would be the abuses, breaking the law and something of that. And larry, the elections and constitution limits and we had a series of meetings to talk about these things. And as we worked through that item, it was going to be impossible to articulate that was agreed upon. So even though, we can all agree on that, its a very hard thing to legislate. Can i go . Yup. Recapping what i mentioned before, i would look it at it from a perspective it would be difficult to get the voters to agree on the constitutional. Justifiably skeptical at self dealing. I would assume that no constitution amendment is possible. Particularly things like contribution limits, reporting and my number one thing that i first thing that i would do is clarify the procedure to be a replacement candidate. Its been a problem twice for two separate secretary of state and the newsom recall. The fact that they had dis gression is a problem, its a gap in the law that is easy to fix in that it only takes a statutory change that would be a low hanging fruit. So let me clarify, one route is to get the constitution change and that requires a vote. And josh newman referred to this earlier, why is that so difficult . Is there no appetite in sacramento to make shes changes that people have suggested in sacramento . I guess, ill answer. I think if youre an elected member, whether you realize or not, part of your consideration like could that happen to me . And if youre gut is no, its not the highest and priority. And all legislation takes a lot of work. So to clarify, what it takes to get a, unlimited ballot. It first requires twothirds vote on both sides of the legislature, not an easy thing. Its really kind the work factor, the amount of political will. And to davids point, one of the reasons that we dont make that change, its about the bottom half of the recall. That everybody to la res point is messed up. So youre making a messed up thing a little bit better. So for rest of us, polling shows that there is support, certainly there was suppose coming out of the newsom election of the elimination of the second question. The question is it worth our while to move it through legislature to the ballot. This is not the kind of thing worth and the money in the yes dot. So thats important to consider also. When its part of a larger cycle. I get that. I would get if there is a stand out feature it was the clown car of the replacement candidates that you saw in gray davis and gavin newsom. And eliminating that is something that the laej slate youre can do with a simple majority. Making a comparative point here, its easier to do that its a lower majority and something that the legislature can do on its own without going to the voters. Ill carry that legislation. I think i might, and it will be interesting to see how it goes. But lets connect afterwards. I would love to. And i would be in the position of supporting something. One is eliminate the second question and that moots the issue that im raising but that requires the two votes, i see that the lower percentage phone call that they can do with a simple majority. And you can spin it as were fixing the recall you will never see a clown car in california again. Go ahead. So limb tating the second question, may not solve the problem that you want to solve. So, what i would suggest is instead a snap election. That is what happens in other places. When you have that first question, youre still requiring that elect official get 50 . Which now youre not requiring them run off you sort of. But generally not required to get 50 . Youre first thats who wins. A snap and thats what feels very odd about the recalls, that you have that and then you have the second question when the candidate does not need the second election. So snap election is much more like what we have in our regular election. Is it a second type of perform that idaho has which i call queen of the hill; that you not only need to knock out the person. Have the yes but vote has to top the vote that that person won when they won office for the first time. So it does not look like a small amount of voters voting. It has to beat that vote. So thats a way to deal with them. The other thing, is just the signatures, you switch the signature requirement for what we currently have which is voter turn out. So you need 12 of voter turn out for the governor and this is not for everyone. In l. A. This does not count because they already have. You turn it to voters which would increase the signature requirement and make it much harder and at the same time, not make it based on the last election. So its more of a straight line. So again, that is something that josh that we considered in committee and it was again, the consensus was that received by voters is kind of a big switch. Sounds like youre up to something. So not a bad idea. I will say of the snap election, i think most of your idea, i think thats a terrible idea. And what na is likely to do is fewer unnecessary recall elections. You can likely see that is a vote of no confidence and you can see that happening all the time. Why wouldnt it, its easier to do it this way instead of a snap election. In the snap election, you have it and the candidate does not have to have 50 . So if its running against somebody else. That new candidate, the person who wants to taikds the oftens leads to that race that the regular candidate get under 50 . To larrys point earlier, why have them all the time . Just because somebody can get the signatures does not mean you should. But its, basically the same match is happening. The question is what is the requirement of that elected official to stay in office . They need 50 or could they get less . And thats what would happen in the election. Plus the official will have on what a real election is. We saw this with gavin newsom when gavin was running, it was a tough place. There was gavin newsom, and he has somebody who will be the replacement. Removed but im going to be defaced by larry elder. Why did he have to do that in the first place. Larry made that point very well, which is get elected in the year 2018, you have not done anything wrong. Why should you have to run a special election against larry elder if you have not done anything wrong. Why would that not increase the incentive to continual be look to snap election. Why would it be than the recall recall. Im not sure how its different than the recall as it currently exist or recall with just. I think its about the incentive structure around the recall and what makes it more or less likely that it its going to happen. And again, the original intent was there was some sort of threshold standard for suitability, fitness for office. If its simply about politics, that runs counter to our expectation from election to election. But thats how it runs now. Does that elect official have a right. It should not be the same we should revert to somebody that is more sensible to instigate. So im going to go to jamarah now if you can fix this at the snap of a finger you can give 500 to a candidate and say here, im all andeverybody else play the rules. And josh can you get your point a moment ago . I hope so. Different answer for what you would do to fix this . Just snap elections, treat it for what it is, it is a political event. Thats what we see here. Or at the very least, do something to make it that queen of the hill process, that they dont have to get 50 , has a higher standard threshold to survive than they do in a regular election. Okay. . Fm there is another question from audience in San Francisco how have contribution limits changed . Does that also require an amendment to the charter . Does anybody know . I think it does. I think it does, but you can do that, local vote. Local initiative, yeah. There was another question about changing recall procedures in San Francisco and the answer is the same. San francisco is a charter city and they can go from 0 recalls to wide amendment of town in the rail and anybody in between. And i think its a simple majority. Thats something that we have discussed but simple majority. And another question, does the current election recall have any affects on candidate considering running for political office. Does it keep good people from running because of this notion that you may be facing a recall shortly after you get elected im sure well be speculating. Im going to say yeah, absolutely, i think you get people who are maybe more hesitant to say, i dont want to get in the dogfight that is politics all the time. If i may make that person angry or if i have to make a really tough call like during covid. So and it a tracks people that by nature love a fight. I dont know that thats the group that we want in politics because its a lot what we have. There is a lot of reasons not to run for office. A lot. Thats why i was i admire those that do. Does this really change the paradine . I dont think so. And what the othersed are, not only to win and putting the coalition that puts together. I dont know if this changes, but its a reason that you may add to all the others. Also in the context of where we are anytime somebody says, if i give you 10 Million Dollars can you overturn that outcome . And the answer for recalls is more likely than not, i can make a good shot it. So thats a troubling question, more for other actors in the civic space. I suspect not . I suspect as larry said, there is a lot of reasons not to run. Much with anything else, there is a lot going on in our process that will make you not want to be in office so recalls is a low on the list compared to whatever things there is. I can say josh as a member of elected community, youre right. It is low in the list but larnler environment and it makes it less likely that more people will stand. If you think about, my sense is, when a person runs for office, that person has a healthy ego. I think i can do some good. I think i can make things better. And if you have that kind of mentality, i dont think really into your head its going to head, that they may recall me. I can vouch for that as a guy that was recalled, me of all people . My goodness, that could never happen to me. Definitely right. Okay, so our final question, given the current parent of how recall elections are being used and at what rate, do you think that were on a trend to see more or fewer elections in california in why. David made a point early on and i want ed to jump on it because it was so intriguing. You talked about a large number of them in the last few years, correct. Yeah, im going to share my screen and i can show you what i mean. So josh and i reviewed all california recalls from inception and we put it based on qualified success at the ballot and the graph im showing you right now, shows it parsed by office. And it does not matter how you look at it when its parsed by office or qualifying versus successful or you look at the overall. The overall its hard to get away from the take away that recalls are periodic. Theyre more popular in some time period than in others. And right now is the most popular time for recalls all the time. But its, its one of those, right . Yeah. The data does not show that there is a lean or progressive, there is spikes and peeks and values. It depends on the time. Yes, and they cannot forget. My point is, this is were in a era where people distrust government more than other eras. And this is one of those moments in history, the last 1012 years where skepticism and conspiracy theories and all of these things are abundant. Thats when youre going to see these numbers go up. People are already angry or to use the words, pissed off about so many things. And hopefully there will be another period where things calm down and when they calm down, they will not be so mad. I hope youre right about that. And the davie show was unqualified recall. It was unfiled versus qualified, so we, we both and obviously filed there is going to be a lot more. As i mentioned before, you know, to the extent that the impulse is there, the mood is there. To the professors point. Its the ones that dont qualify that have the most negative impact. And large, youre some, elected to a school board and you find it after waiting period, say the 0 days, you make a vote and there is an issue and now youre the rubt of recall. Thats a nightmare for anybody who thought i would be a productive participant. And i think thats a problem. And to be fair the recall is used more in the local level. The more successful to local level. Its been on local level in American History. Theyre a local level, theyre not partisan. Theyre, almost always about issues like the school board should recombine cools. You fire the superintendent, taxes, road repair. Right now solar reforms are popular in michigan and midwest. So people who are opposed to those are facing recalls. So theyre very policy base. Now one area that we saw a lot of recall attempts last year and the year before, did not succeed at all was covid restrictions, covid policies. And you can say in many ways, thats bad but in other fashion, it was the biggest change in a policy in our lifetime, and possibly in American History for most voters. So that a lot of people were opposed and okay, they got a chance to say their say and they found out they were wrong. And maybe gave those elected officials, some benefit that hey, okay, i survived this and they tried it and failed and look what happened. There is also a proxy for the kind of politics as well. Just about the policy. But it was, it was not, it was, in idaho thats where most a lot of them were at. They were in places where it was not a democrat versus a republican. I appreciate it. In california it was largely driven where the politics correlate to the policy position. In california, they did not make arguably and newsom, but yeah. But nationwide, this was an issue. One thing that you should consider is just the recall blows up in your face. These elected officials, senator newman is unusual as the only state legislature who is recalled and reran and won that position. But it happens all the time in the local level and it happens where he lekted official does better, the first governor lin fraser 19 21, gets elected senator a year later. Diane feinstein faces a recall and on the list for a vice president. One of the reasons weve seen a lot of recalls in california from 94 to now the state has had a huge shift. The state is not a republican state as it was once was. Now its blue and getting much much bluer. So this is a push back, we saw in in 2019, the republicans decide today make their focus the recall. They said were going to teach democrats, and the democrats had arollout and joe biden was the first to win colorado by double digits. So it does not work in your voters a lot of time. They generally have idea and they will punish you if you use them. I think the business of politics just to live in the real world right now. Consultants are like life insurance, you should do this new thing, its going to get you what you want and recall in the current context, theyre also the fund new toy. That political consultant and Campaign Managers have. Thats where the industry is shifted. And you can see there is a industry, thats where they have it in california. And sometimes they storm the capitol but there is a lot of new money to be made so its a very much a market. So taking a free market so to speak, so right now now, its a cash grab and somebody is going for it. I never have seen consultant have so much fun with the ex tense. Again, yes or no question from you. You may have Different Reasons but do you think this trend is going to continue . Are we going to have a low. No i think the consultants will get bored and they will look newsom where he crushed it, its just going to benefit my enemy. No matter what they still get paid and they dont get bored of money, so yeah. Ill answer, i think if we can make some sensible reform you decrease a reform. And if we dont do that, the collective mind as a memory of sorts. And swaoel see if we see in 12 to 13 years. And somebody will say we should have solved this problem last time. Given the skepticism about public official, government, political process that exist at such a high level right now, the willingness to break any rule, any law to be satisfied, i think this will continue. I think it will because it is a way of venting and i dont think, a lot of logic goes into that. Its building a need to make things right that is so wrong. So sing as long as were in this period, it will continue. Any kind of changes and i think changes are hard to make in this period too. Jamarah. I already said yes. You already said yes. No for one, it start today slip from 2012, to 2011, now it seems less recalls nationwide. 2018, there were none in california that was first time. So i dont know that its really on that rise except for what happened through covid a lot of anger. But on the other hand, i think it will go up, not so much because its canteen manager, just the ease of it, thats been a major role in the recall, easier to get things on the ballot and organize people. And easier to get people upset, just social media, all of that has made it simpler process that not going to be affected by small or even large changes to the law except malfeasence stand art. Theyre here to stay because people have that option. Okay, we have three minutes my final thoughts, i dont have anymore questions, anything you want to share before we end. Ill volunteer the Constitution Center resource to help senator newman draft what we discussed. I also agree with point strike while the iron is hot. And im concerned that there is a paralysis of choice. There is a number of recall measures that have been floating from last year or so. And because there is one or two none of them are going to gather consensus for a majority. So the if the senator is able to build his flag on one thing, i would be happy to be part of that. Ill take you up on that offer. What is the worse that can happen, i will get recalled. I will defend you in public. Thank you. Any final thoughts, thank you all very much on behalf of the Bar Association of San Francisco. Youve been amazing so many different perspective and very deep back grounds and various for Different Reasons and it did make for a very rich qualificationer. I think weve educated a lot of people on how this, how this works a lot of us dont understand it, we just see it pop up on a ballot. And we truly appreciate you all and thank you very much. Thank you. Thank you to all of our guests who listened to this conversation this evening. Have a good evening. Bye. Good morning and welcome at this time retirement Board Meeting held in hybrid format in person and live on sfgovtv before we begin i like to reminds all attending the mote nothing person today all health and safety protocols must be adhereed all times. Failing to adhere in cooperation with the requirements, in the interests of everyones health and safety. Hand sanitize everybody stations are available throughout the building and each elevator and masks upon request at the front desk. Roll call. Commissioner bridges. She will be in late. She is running late. Commissioner driscoll. Present. Commissioner gandhi. Front. Commissioner heldfond. Here commissioner safai will arrive and commissioner stansbury is absent. And commissioner tumlin. Present. Commissioner thomas, present. We have a quorum. First item, please. Thank you. Item 2 communications. Welcome publics participation during comment periods. Will be an opportunity for general Public Comment after closed session. There will be an opportunity to comment on each discussion or action item on the agenda. Each community is limited to 2 minutes. Comment will be taken in sxrn remote by video or call in. For each item will take comment first from people in person. And then for people remote. Comments or opportunity to speak during Public Comment period are available via phone by calling 4156550001. Access code 2481 662 8756. Connected you will hear the meeting discussions but muted and in listening mode only. When your item come up press star 3 to be added to the queue. Best practices call from a quiet location, speak clearly and slowly. Note that policies with federal, state and local law prohibits harassing conduct against City Employees and others during Public Meetings and not be to the ritted. Public comment is per mistod matters went jurisdiction of the meeting body. Thank you for joining us. Thank you, ma dad secretary call the next item. Thank you. Item 3 action item. Rehave you and approval of october 2022, board resolution to continue to meet in person with some members attending remet for 30 days pursuant to california code section 54953e. Okay. Action item is to adopt october 22 resolution recommending the retirement board mote in person with some possibly remote for the next 30 days. To adopt this [inaudible] state legislation codified Government Code Section por95e. Ab361ful including the state and city remain im sorry according the city and city remain in a state of emergency due to the pandemic and conducting moltings. Retirement board and committed in person without allowing certain members to attends remote with [inaudible] risk to the [inaudible] if certain attendsise [inaudible] covid19. And providing all meetings of the retirement board and committees provide an opportunity for members of the public to address the body and otherwise occur in a manner that projects the constitutional rights. Others and members of public attending in person [inaudible] have a motion, please . So moved. Second. And [inaudible]. Commissioner thomas and seconded by commissioner [inaudible]. [inaudible]. Take Public Comment. Please. Thank you we have no in person Public Comment at this time. Moderator, callers if you have not done so press star 3 to be added to the queue. Please continue to wait until the system indicates you have been unmuted. Do we have callers on the line. You have no callers on the line thank you. Public comment is closed. Okay. Motion made by commissioner thomas and seconded by commissioner driscoll. Have a roll call vote. Thank you. Commissioner driscoll. Aye. Commissioner gandhi. Aye. Commissioner held fond. Aye. And mr. Thomas. Aye. Motion passes. Will take a second here. And im going to speak for the board and im nobody is deserving on this. With the governoror talk with the relaxation of pandemic. The board extend thanks and gratitude to staff who cio and her staff and [inaudible] unfortunate and it does change the way we work butt upon point is upon the retirement system has functioned, prospered and except for a few glifrners normal and expected above and beyond expectation of the Board Members. Thank you. I assume you can extend that to the team. Okay. At it time the board will move to a closed session item 4a and a conference with Legal Council on pending litigation. And now go ahead. We ask for a vote to go in closed session. Dom we have a vote on that last item. We did. It is i pending litigation wey need to take a vote to board to invoke the Attorney Client privilege and then go to closed session. Okay. We will take a vote for Attorney Client privilege to go in closed session for the litigation discussion. So moved. Second. This includes 4b the investment items for closed session. From the closed session to closed session, yes. Thank you, joe. So we have a motion to include 4a and 4b. Can we take Public Comment, please. Thank you, no in person comment at this time. Reminder to callers to press star 3. Do we have callers . We have no callers on the line thank you, Public Comment is now closed. Okay. We have a motion made by commissioner thomas and seconded by commissioner driscoll. And roll call, please. Thank you, commissioner driscoll. Aye. Mr. Gandhi. Aye. Mr. Heldfond. Aye commissioner thomas. Aye thank you motion passes. Everybody we will wave the open session and move to closed session were now open for Public Comment. A motion first. Can i have a motion weather to disclose our closed session a and b versions. I move we vote back in open session and in the disclose what was discuss in the a or b. Second. Call the roll. We do Public Comment first and we have no in person public at the moment. Moderator do we have callers on the line . We have one caller on the line. Thank you, caller state your name. Hi. Good afternoon im sascha kraun work with active community together. Thank you. Im sascha kraun and the state policy manager an initial nonprofit dedicated improving the lives of african immigrants in the United States we support voter rights we are here to talk about the affects of your investment in the cim group. Board invested 931 Million Dollars in cim a company stopped to make a prefer with actions mistreated workers in alexander, very well via. In 20 between the cim bought southern towers home to hard working families seeking a better life and known as a safe haven Blue Collar Workers find Affordable Housing that change when cim bought the compledge cim claims they are community focused, actions made it clear they would contribute to the displacement of work class families than provide stable and safe housing. Other lonned lords stopped fileinglyi verifications cim filed 500 properties bought with federal upon funds cim violated federal law. Despite. Tenanters facing maintenance issues and rent increases. Ir bring this to your attention you have a duty to your pensioners to invest their money responsibly. With the violations of behavior im asking to you consider weather your investment is in line with your duties for public. Wheys trust you with their money. We ask you dont invest with them in the fufrment thank you for your time thank you. Do we have further callers. We have one more caller on the line. Thank you. Caller, state your name. Good afternoon im [inaudible] in professional 21 i applied for disability retirement. [inaudible] [echo] decision on my application i did notice in the past 12 months only 75 applications that i received a hearing not including [inaudible]. Thats an average of 6 a month. Something over 3 years. According to a june 12 Department Director [inaudible]. Regarding disability application process, i should have received my readiness 7 months ago. According to that statement when i received that deal or [inaudible] did in the add weight until the hearing officer makes a decision even if i receive this deal i would not receive the decision until month 25 i suspect i will not receive it soon. Over 2 years before a decision. My question is how many retirement applications are in the queue and 6 applications a month to a hearing officer [inaudible] number of applications submitted each month. Do more need to be hired. Thank you thats all i have to say. Thank you. Caller. Moderator are there further callers . No further callers, Public Comment is closed. Vote is in order as to disclosure. It seconded. Commissioner bridges. Aye. Commissioner driscoll. Aye. Commissioner gandhi. Aye. Commissioner heldfond. Aye. Commissioner thomas. Aye. Thank you we have 5, motion passes. Okay. Item 5 now, right . Yes. General Public Comment. [no audio] we have know [inaudible] herrer winer for general Public Comment. [inaudible] [inaudible] transparency and accountability shelter by the layers of limited Liability Corporation in addition there is regulation, can avoid responsibility in the case of environmental disasters. [inaudible] returns, there sift risk of break down of the investments out kroi and with our portfolio suffering. If that [inaudible] was seen to scrutiny appropriate divestments and counter balance equityys stake hold and components. As a beneficiary this is a constructive comment. [inaudible]. Okay. Thank you. We dont have any in person public at this time of callers if you have in the done so, press star 3. Are there callers on the line . There are no callers on the line thank you. Public comment is closed. For the record, commissioner safai joined us we are on item 6. Wrap it up and go and take a break at 1 oclock commissioner thomas [inaudible] at lunch at 1 00 that was what requested. But it is a bit late. We could request we break at 1 oclock we have a call waiting to jump on at lunch. Okay. That is late but we can try to accommodate that we will not do this every time. The one time. Okay we have a quorum commissioner thomas. Okay. Lets finish this item do item 6. Im item 6 action item. The september 15, 2022 retirement Board Meeting. Motion on that . I move adoption of the minutes as submitted. Second. Moved and seconded. You want to have Public Comment. Thank you. We have no in person Public Comment. A reminder to press story 3. Moderator, do we have callers . There are no callers on the line thank you. Public comment is closed. Get a vote on the motion. Yes, commissioner bridges. Aye. Commissioner driscoll. Aye. Commissioner gandhi. Aye. Commissioner heldfond. Aye. President safai. Aye. Commissioner thomas. Aye. Thank you we have 6 ayes motion passes. Now im passing the gavel to president safai on item 7. Thank you. This is an action item [inaudible] consent calendar. Move to approve. Move to approve by commissioner safai is there a second. Seconded by gandhi. We got a second, thank you. Madam secretary. Lets take Public Comment. In person first and open up the lines thank you. We have no in person public at the moment. Approximate press story 3 to be added in the queue. We have no callers on the line. Thank you. Public comment is closed. Public comment is closed. Madam secretary, a motion made and seconded we will take a vote. Commissioner bridge the, aye. Commissioner driscoll. Aye. Commissioner gandhi. Aye. Commissioner heldfond. Aye. President safai. Aye. Commissioner thomas. Aye. Thank you, weave have 6 ayes motion passes. Great. Um item 8 is also an action item recommendation to issue request for proposals general v. Consulting service. A motion . I can there is a presentation looks like. Who will. . Thank you. Good afternoon, commissioners. The african [inaudible] request for [inaudible] proposal rfp for general Investment Consulting service the retirement board is authorizeed retain consultants to serve as advisor to the bond. The scope of the rfp for general Investment Consulting service we use the total Fund Investment policy [inaudible] including Plan Investment governors, liability studies, capitol market research. Risk management framework, planning and investment policy development, implementation and oversight. Second, supporting including quarter low performance reporting to the board. And evaluation of the chart, implementation analysis of the chart. Third, training, education to the board. Including the month low Board Meetings. The process in 20 then and awarded 3 Year Contract which will expire the end of this year. You have been provided a draft of the rfp. The scope of engagement is in tact after review was first [inaudible] cio Alison Romano and head of investment operations we add a few questions to the rfp. If approved we plan to issue the rfp on november first with a dead line to submit response on december 15th. The semi finalist will present to the board in the beginning of the next year. With that id like to give a recommendation on issue it for the general consultant Investment Services to the board. Any questions from commissioners. I have a procedural question since there are you 2rfps. Not about yet roles are split but will there be 2 sets of interviews . One consultant is board interview. And it is other wife board for the Public Markets we dont plan to bring it to the board because it is staff consultants. Any other questions. No. I have no problem proposing that thank you. Anyone else other questions . Any comments . I add [inaudible] project difficult to understand]. Position to get the service you need that [inaudible] the course business we do this the cycle of existing contracts and the key points. Great. Is there a motion . Motion to adopt rfp for general Investment Consultant service. Second. Motion made by commissioner heldfond. Lets take Public Comment. Thank you other we have no in person Public Comment at this time. Press star 3 to be added to the queue. Do we have callers . [inaudible] i want to make a question besides the question about the significant change in our process. I saw a couple times and you did in the say anything. Excuse me for not. I had a comment not a question. [inaudible]. Great. Will we called Public Comment we take Public Comment and come back to you. Thank you, do we have callers in the line. We have one caller on the line. Thank you. Caller state your name. Caller, are you there . Looks like we lost our caller. Thank you. Hearing no further callers, Public Comment is closed. I have a comment. Commissioner driscoll you had a comment . Yes. Perhaps not clear on this change in the process. Splitting the role of the general consultants in 2 roles and leading to 2 consultants i have no problem that was explained to me. The issue the staff was there for only i could approximate the consultant work in the manager selection issue. Is one change. The our Investment Policies there was significant can changes made the left time this contract was approved granted the board approved it after some debate. The changes were written by staff. Of the boardo consultant of the working relationship was changed. All minor changes yet significant. But if the board over 18 months ago was a discussion about trying to change the decision make process the delegation to staff. The committee worked on this for months it never got to the board because of something that happened here almost 18 months ago. Thats what this issue is right in the middle of. I have a problem delegating the selection issue to the staff by letting them pick their consultant without the board participating at all. Therefore, the fact the semi finalist picked for us fineful we interview but they will only pick their own consultant the board be relying on. That change was not sunrise when this was spliened to me. There were until we decide how well dealtigate the Staff Investment decisions we should not do that. Commissioner driscoll if i can add one comment. This is the [inaudible] the wave staff is operating with private [inaudible] and so returning weave staff reviews and we issued an rfp18 months ago and for all private efforts equity and assets. And that was the finalists the rfp was reviewd and approved by the board. And the finalist was presented to the board and accepted by the board. It is no different from Investment Consultants to other classes. And the next item now i can clarify or extend. We did in august of 2020 issued 3rfps for private consultants, it [inaudible] staff did work and came back to the board with recommendations for the given out [inaudible] [echo, hard to understand]. What we propose in the next item is consistent with the private markets by again having staff make a recommendation and the board would approve that recommendation. So the distinction with the 2rfps for the boards consultant we will present semi finalists to the board. For to you interview. But given the Public Market consultant is the staff consultants staff dot work the board has to approve our recommend agsz. There is a distinction that really, really with when we do [inaudible]. It is not the decision is in the deligated to staff. The board will approve those. Between the Public Security market s and private where real estate and assets are done thats a reason i went along with that change. Im trying to avoid staff presenting recommendedations at the board take it or leave it basis which is what this is. Part 2 is not part 1. I understands why you split them but all of the sudden . The board gets to participate in one decision well be department on but not the other one . I would caution that we should stick to the item next 8 and then bring up concerns about other. Item 9. They are connected. Did we get a vote on 8. No. I dont think so. We did get a vote. Im sorry, we are on 8. We need to vote on 8. Gee cant jump ahead in the agenda. Gi thought we had. There was a vote. No, i got i see it. We have comments for item 8. Commissioner driscoll. Other questions . Im speak against part item 9. Or 8 they are split how the cio has been explained the decision one is different than the first. They are connected to me excuse me for speak about them together. Reasoning one of the key component in decision which i have been talking about and trying to improve it as well as everybody else. Okay. So any comments anything you want to add. [inaudible] item 9. Okay. Reupon mind me who made the. Motion by commissioner thomas and seconded by heldfond. Yes. Roll call commissioner bridges. No audio. Aye. Commissioner driscoll. Aye. Commissioner gandhi. Aye. Commissioner heldfond. Aye. President safai aye. Commissioner thomas. Aye. Thank you we have 6, motion passes. Great. Now we are on item 9. Yes. Item 9 action item recommendation to issue a request for proposal rfp for Public Market investing consulting services. Not with standing the objection i will restate what i stated in the prior. As we go through the private market classes in offing 2020 we are recommending the issuance of an rfp for Investment Consulting services for [inaudible]. [inaudible] as described earlier following an rfp process in 2019 awarded a 3 Year Contract. You have been provided a draft of the rfp if approved we plan to issue the rfp on november first if in the earlier with the intent of making a recommendation for the board to approve at our march 2023 Board Meeting. Happy to answer questions or consider comments. Upon any comments or questions. Fi what we are doing is the process we had in place for you the hiring staff for the private markets. We are following the same procedure here for the Public Market consultant and again it will go to the board for approval. Inconsistency with public and private market you can find the inconsistencies and aline it that way that is incomplete. Thats why i recommend the Board Members not go for this until we improve our decisionmaking press started on almost more than 2 years ago. This is the wrong move im against it though i comment staff doing well and getting returns up. I find it inconsistent not consistent. Any additional comments . I dont want to belabor this. I dont understand the inconsistency he is take time to understand what the issue is. You got a promotion. From procedural perspective on a staff based consultant we are consistent with the markets certainly are different thats why we want [inaudible]. Specific to that class. That has the expertise and knowledge. And again, with any decision to hire a consultant of this importance it will go before the board. Thats my point that makes sense to me. [inaudible] commissioner. Why i will make a motion to approve the rfp issuance. I do like to the issues that commissioner driscoll raising. [inaudible] in my mind the systemic issues and they call on the timing for the ceos opinion after the [inaudible] activities and working out our business at in the weeds. So. If the timing issue and hopefully we can address the issues that the commissioner talks about in [inaudible] as we complete our business. Im moving for approval. Move for approval. I have not heard alison [inaudible] [inaudible] and the director did explain this thats what imented her to do. Thanks. My understanding from the presentation that the rfp is a timely in that we need to have a Selection Process so by the end of the year and a new contract in place by next year, correct . That is correct. Okay. Commissioner driscoll given nature having to proceed it seem it is like having a process Going Forward and then a decision before the board seems like at least for practical purposes have something forward is there an alternative that would let us meet this requirement . Thanks commissioner thomas for speaking about something that would work. Compromise it has been my experience the people who are practical are most effective in our business it has to do with making moncompetence getting a great rate of return. I can go forward this is not over. Because it has been discussion over a year and a half trying to improve our process delegating more to staff. And all of the sudden this pop3 up this way. Which was not explained to me. When it was brought up. Keep it moving forward and not about any of the contract deadlines i believe there are 1 year extensions built in. It was supposed to be a possible 5 Year Contract. Yes, keep moving forward we have been going side ways. No reflection on all the nonstop work the directors and officers have been doing. This change the way it was done is a bad signal. And there is a missing piece you saw it and voted on and approved the investment policy was changed. Anyway. Of sorry to gospel you a long explanation, yes. Commissioner thomas i will vote, yes but have not given up on trying to make this work better it is big are than this selecting of a consultant to participate in the Public Security selection of managers. Thank you. I will second. Seconded by commissioner thomas. I will say i think find have follow up and clarification transition in leadership. I think you should engage with the new cio off line. And have further conversation busy that. Sounds like this is a consistent practice in the industry. Previous practices that have been in place within this agency. I continuing is good to have follow up conversations and you can report back to the board and we can have further conversations with. The ceo as well. A motion made by commissioner heldfo and seconded boy commissioner thomas. Roll call vote. Did we do Public Comment. Public comment, please. Thank you. We have no no in person comment at this time. Callers if you have not done so press star 3 to be added to the queue. Moderator do we have callers on the line. There are no callers on the line. Hearing no callers Public Comment is closed. Roll call. Commissioner bridges. Aye. Commissioner driscoll. Aye. Commissioner gandhi. Aye. Commissioner heldfond. Aye. President safai. Aye. Commissioner thomas. Aye. Thank you. We have 6 ayes motion passes. Okay. Next how long do you anticipate your presentation being . I can get it done by 1. Or sooner . Yes. Okay. Try it. Go ahead. Perfect. I will be brief and let me know you have questions. I wanted provide a baptist back drop on the markets. Giving anyone who looks in the newspaper or [inaudible] there is a lot of volatility and i want to provide that back drop with our performance. Panama river, my slide it has been a challenging third quarter. [inaudible] everything is downful of the u. S. Dollar. All Public Markets equity, bonds and commodities were down significant low. The last months were correlated. When we dont see here is a lot of volatility day it day. Market up then down. And this is the time in the marketed where Risk Management is key and that is very important for the next agenda item we talk about our process for Risk Management and the report there. Turning to if this downturn on the next slide this. Is the worse we had in the left 40 years i would say that is market that will be difficult for any pension plan with Public Market exposure that is reality of investing. You will see later when we have done to mitigate some risk. It is negative. The manager survey has funds managers on the market. They are looking in estimating this level become to 2008 and concerned about market liquidity. The survase is an indication the training point people get negative but that is the Market Sentiment thap is out there now and the issue if were Going Forward starting to see evidence coming out in earnings. On the next slide it is not what happen today it is what we expect Going Forward. And the market is expecting flat earnings. Im talking by u. S. , domestic markets. And so far the last week we seen mixed earnings. Financial companies are holding back and reserving more. Some staples are making money because of inflation not because they are selling more product. There are other companies calling with surprises. I think it is an indication things will be volatile. Opportunity for active managers to find opportunity in invest in the right names. I think there will be vol tai chi tillity growing Inflation Expectations of earnings. Given all that, i want to highlight 2 areas invest more than the Public Markets and good indicators. [inaudible] this is slide 5. The u. S. Equity markets are cheap but not super cheap. They are not conspire cheap on cash flow measure and slight low cheaper in earnings measure. Thats where well is debate. The market the risk Going Forward or is there [inaudible] to fall. This is where having good managers is important. The next page the evaluations are relative to fixed income. The bad new system to get [inaudible] it does mean that now have a return to yield in fixed income and there is opportunity in the private space and private investments are [inaudible] as Interest Rates go thumb is a greater yield. [inaudible]. Slide 7. These are estimates with exposure that can get evaluations on an among low basis from the debate as soon as we are down 11. 4 as we and based on the [inaudible]. Had negative performance in Public Markets counter balanced by strong returns by credit. Assets and are last month the return portfolio is delivering to providing reciprocation and has positive returns year to date. Key drivers for performance, are exposure and multifamily of [inaudible]. I mentioned the [inaudible] and the private credit pace and absolute return strategies. [bad audio connection]. And fixed income, merchant market debt exposure. The real picture here is there are not big surprises. The managers and the allocation is in line with when we expect based on the way we designed the portfolio. But it is a Challenging Market absolute perspective given the volatility and down trensdz. That is a quick, one other point a quick market over view. I want to provide the person which were vague september 15 of twoot board approved professional victim up to 75 million allocated. [inaudible]. [inaudible]. The v. 35 million in the [inaudible] 17. 5 million in [inaudible] 3 and 17. 5 million in [inaudible] 3. Hopeful low that [inaudible] in the time frame i welcome questions [inaudible]. Okay. No questions well go on recess until 1 30. Public comment. Why Public Comment on go ahead. We have no in person comment at this time. Press star 3 to be added to the queue do we have callers on the line. We have no callers. Thank you hearing no callers, Public Comment suspect closed. Great. Okay. We will go on recess u president safai. Present. Why commissioner thomas. Present. Why thank you we have a quorum. Great. Item 11, the discussion item. Review for sfers total plan we have a presentation. [inaudible]. Ill try to share. Before i share the presentation i would like to expand many thanks to all staff who are aware of everything this is helping in [inaudible] provided inputs to this presentation. And specific things to president ric lee our Investment Officer and public equity [inaudible] touched almost every [inaudible] and provided support for this review. So i will start sharing. Hopeful low that works. I will start with an over view of [inaudible] risk