They see fit. Okay. So the mandatory so those that are being hit with the mandatory withdrawal, i know theres interest theres interest about how to take those mandatory withdrawals and invest them in other other lack of a better word other investments, so i think thats something we may want to talk about. Maybe mr. Collins is in the audience, and maybe we should talk about a couple of the unions that are interested in that, in passing other information. So its something we should be thinking about because i know there is a lot of concern about it, and before we get a lot of questions and the mandatory withdrawal is the age 70. 5 restriction. Its r. M. D. , required mandatory distribution. But its not retirement, and you have to start withdrawing at 70. 5. Yeah, we can look at something about that. Im throwing it out here in Public Session because its a concern. Its on several minds, and first, i want to make sure were getting the best Accurate Information at the moment that we have, and then possibly some food for thought that we can do something that people will feel comfortable with for the future. And i think with the rollout of the professional Management Services thats being offered, that will be a really Great Service for a retiree to talk about drawdown strategies, so that would be a Good Opportunity to talk about r. M. D. And where they can put that. So im hoping with this information, retirees will have some more information and better information on how they can drawdown, and i believe well offer that. And well continue to keep really good record of the legislation. We know the legislation is in the senate and can identify it by its bill number so people can look at the senate and people can pick it out. Its just legislation that may or may not get passed. We certainly can track t it, but yeah, we can track it. How much is going to the senate nowadays, theyre on vacation. Two things. Be careful. When they do these types of amendments, they leave out the 457s. Two, i think what youre driving at, commissioner, when its a major withdrawal, when its a roll, or when its a loan. Theres different tack sheets if its a deferred comp or if its your 457 or roth 457. Its not allornothing. Some people want to roll it to an i. R. A. So they can avoid taxes as well as use the money. So i think its one of the things thats listed for the deferred Comp Committee to work on. As for anticipating what the federal governments going to do, please dont ask us to do that, but well make amendments once they change the law. But the r. I. A. Adjustment, theyve been working on that for four or five years and it has not occurred that. The reason i ask and its really important is because rumors begin to fester. The rumor mill leads people to make bad decisions or decisions, but its on record now. Everything is on schedule, we are still targeting september 3 as the golive date. Until then, every participant, even those with an international address were mailed a copy of the transition guide, which is attached for you in your material. This guide is a great reference document, and sorry. The computers not working. The guide is a great reference document for participants to learn about the file. Participants without internet were also mailed an internet copy, and can be found on sfdcp. Org. Attendance at the meetings were good . People have been happy to share the news on the internet and their news letters . In fact weve been partnered to be featured in the sfers state mailing. I would love to have you take a look at that. The sfers annual mailing is a sixmonth process and goes to around 36,000 employees . It includes a cover letter from executive director huish and personalized pension information. So while the sfdcb insert was requested later in the process, we are very pleased to deliver on this. This may well be the first direct mail to roughly 20,000 eligible about the sfdcb. So we look forward to tracking progress on this and well report out on trends as they surface. That concludes my report. More questions . I have one question. Your statement about the Stable Value Fund had dropped to 28. 2 of the total, correct . Thats right. On one sense, its a verifiable piece of information, but if were trying to make an assessment about how the members are investing their money, okay . No further questions. Is there Public Comment . That concludes item 11. Thank you. The collection item, approval of that is because the incredible amount of work that the governance [inaudible] for him to really continue to educate the new Governance Committee on what to do before i asked him to step on or give up that seat so i can put another Committee Member on. So to clarify, you have yourself as the chair of the Governance Committee, but thats pending winding down so youll be acting chair until we wind no, no, hes just on the committee. Oh, okay. On the committee. Its written. Im just sharing that. Motion has been made and seconded. If theres no further questions, ill call for Public Comment. No Public Comment. All in favor . That was made by casciato and seconded by stansbury. That takes us to item 13. Item 13, travel expense report for the Quarter Ended june 30, 2019. This report is for the end of the fiscal year or budget aend year, and we finished the year with a total breakout. We dont have a yeartodate breakout, but we have budgets we still have about 370,000 that will stay in the trust for an expended fiscal year 2018 and 2019. We can answer any questions related to the travel expense report. Any further questions . This is a discussion item only. Correct. Any questions or comments from the public . That concludes item 13. Item 14, executive directors report. Next item, executive directors report. We have attached the june 2019 dashboard. Again, we continue to welcome any comments or requests for Additional Information to be included on this operations dashboard. Ive also attached a copy of the Cost Effective report. Last meeting, i mentioned that there has been an ordinance introduced that would amend the heart trouble and pneumonia presumption for safety members applying for disability benefits or death and lineofduty benefits. As required by the charter, weve basically asked chiron to assess the impact. What we do is go back and look for impact to potential applications that were listed at heart conditions or pneumonia conditions that were denied. As we report, the cost impact its been transferred from the government audit and oversight committee. Theyve been on recess for the month of august. Representatives from the committee will be there when we consider that as well as considered by the full board. Well be notified by the full board when its passed. Just for consideration, i wanted to present that to you. Update on the commendation letter. Were in the process of writing it. There are issues related to having it put in the employees personnel file, but certainly we want to finalize something the retirement board can sign or initially pass or commend the staff for achievements over the past few years, so well have that hopefully at the september Board Meeting. I want to thank everybody who participated i think i want to thank everybody who participated in the executive director performance evaluation as well as the Actuarial Service coordinator. My report was everyone who is here has returned their survey, so thank you very much for that. Just wanted to inform you that the Governance Party indicated they would do a very abbreviated survey to the Board Members. The draft that i saw had four questions on it, and its really searching for priorities of the Board Members of what they would like to look on. I believe that will be distributed within the next week or so, so i would encourage you to take time and return that important input. Well go to the Governance Committee, and certainly president driscoll and i have discussed the potential of having a retreat before the end of the year, and certainly, any kind of priorities that you would like to see the board address, those could be considered as part of an agenda potentially for a retreat. So again, thank you for your participation and we look forward to your continued participation in this annual surveying process. With that, i dont have anything else. I would update you on the per charge, which is the local 261 grievance or charge before the p. R. B. Board. Karen did represent the board at the governance, and there is a settlement that will be proposed at the next september Board Meeting in a closedsession briefing related to that. Ive not seen the draft of the settlement. I have an understanding of at least kwha the attemwhat the a i just wanted to give you a heads up that that will be calendared at the september session Board Meeting. With that, ill be happy to answer any questions. Any questions . Just emphasize one point basically that executive director huish just asked about. If youre asked to make your calendar date available for a possible retreat, which would be an allday affair, please respond because the possibility of getting it scheduled is very difficult. Unless we respond, and we can plan accordingly, we dont know when we can all get together. Yeah. I think the format you mentioned would be two sessions, like a friday afternoon or a saturday morning. We could break it over a tuesday or a wednesday. Its tough to go eight hours straight, but certainly, thats a possibility. We can do that. Location wise, we want to generally get away from this building, but were restricted to holding it in San Francisco. Weve had them in the past at Treasure Island, weve had them at the port, we had them at an Italian Restaurant one year down at the waterfront. Were a small group. Weve had them at the art museum. How many generally, its the board, guest speaker, and facilitators, under 20. Generally, well attended by members of the board but not members of the public. One or two people. What do you need for presentations . Pretty basic. Just an overhead projector my idea is my office. Any Public Comment . That concludes item 14. I believe. Oh, i should say good of the order. Is there anything that anyone else wants to say . I myself would like to congratulate the old san franciscan staff for the excellent returns being announced today, and lets do it again. Motion to adjourn is in order. So moved. Public comment . Meeting adjourned. Thank you. Welcome, everybody. It is such a pleasure to be able to welcome you to our event to commemorate not only the acquisition of 270 turk street and the barcelona apartments, but to recognize the Partnership Among the mayor and city, the San FranciscoHousing Accelerator Fund and others. The barcelona apartment is important, not only because of the accomplishment itself in this building, but also because it represents an important policy direction, and a bigger attempt to address the housing crisis in San Francisco. Please join me in welcoming our mayor and partner, london breed. [applause] thank you, don, and thank you for being an amazing partner in the effort to acquire welding his all over the safety to keep them permanently affordable. Because we know that having Affordable Housing isnt just about new construction, it is about making sure that we preserve existing Affordable Housing, whether its property that we built under the old redevelopment agency, that are in disrepair, or its buildings like this where we are able to acquire it through our small sight Acquisition Program so that we can keep it permanently affordable. Those are the things that are necessary to make sure that San Francisco is a more affordable place for all san franciscans of all income levels. We have work to do, folks. The good news is that in this particular efforts, they basically kept their eyes open and saw that this was an Incredible Opportunity for the small sight Acquisition Program. In fact, even though we are celebrating 86 units here, we know that number one, we have almost we have acquired almost 300 unit so far through this program, theres another 110 in the pipeline, which is absolutely incredible. I am really excited about the future of this program, but a more excited about the 600 milliondollar Affordable Housing bond on the ballot this november. [applause] because it also provides us with an opportunity to acquire more property. I see randy shot in the back. Thank you for coming. We just open the doors to the bristol hotel. Another incredible site here in the tenderloin, and we will continue to do everything we can to ensure that our residents have a safe, affordable place to come home call home. Nothing makes you feel better than to have a roof over your head, to have that kind of security, to know that you will be able to afford to pay your rent. This is not just about acquiring this building, this is about providing a new home for formerly homeless families, it is about providing wraparound supportive services, because we want to not only house them, we want to keep them housed. We want to make sure that they have a thriving existence while they are living in their homes, so sometimes it is just more than a home, it involves making the place feel like home and creating the kind of community that we know we can when we acquire sites like this. So i am very excited because this is like my favorite thing to do, and i think that we need to spread the word more about so many great things that we are doing to ensure affordability for all of our residents in San Francisco, and so i would like to invite you up to say a few words. He is one of the new residents of this incredible establishment come on up and say a few words. [applause] okay, hello, everyone. My name is richard, and i live here at 270 turk street in this building. It is really nice, yeah. I come from cambodia, and i came here quickly and settled down in this building with my family and i feel comfortable. I am happy in this building. I have some people who are from cambodia that live here in the tenderloin, and i am so grateful for this building, for the new owners, for the tndc. Everything, you know, is close, everything. Im so happy, and i will i am comfortable to live in this building. Thank you for everyone coming for today. Thats all i have today. [applause] thank you so much. Thank you. Rebecca foster from the San FranciscoHousing Accelerator Fund. Thank you. Thank you so much. Stories like yours are why we all do this work. My name is rebecca foster, im the c. E. O. Of the San FranciscoHousing Accelerator Fund and we are a nonprofit housing fund that was formed by the Mayors Office and Community Stakeholders like many of you who are in the room. Our job is to innovate smart approaches to Housing Finance that put public, private and philanthropic money to work to fund Affordable Housing. We were created to support important and ambitious projects just like this one. We are a nonprofit developer like our awesome partners at tndc. We are working every day to protect Affordable Housing, but they dont always have the right funding when they need it. When tndc approached us with this project, we immediately understood its importance. A chance to save 86 units and protect 72 current residents in the heart of the tenderloin in an old, beautiful historic building. We knew that if these residents would be displaced, and many of them are longterm teachers, nurses assistance, technicians, restaurant workers, they would likely not find another home that they could afford in San Francisco. To purchase 270 turk, tndc needed 24 million. About 18 million to buy the building, which is still a lot, and about 6 million for improvements to ensure that the building continues to provide a very safe and healthy place for all of the residents to call home. Our partners in the Mayors Office and the great team there will be able to come through with a longterm with the longterm funding for this building, but they didnt have the funds ready in 60 days at tndc needed to compete with market rate buyers to save this building. Deals that are over 10 million are often nonstarters for most lenders, but at the Housing Accelerator Fund, we pride ourselves in being a creative and flexible lender, and even for us, 24 million is very significant, but we knew how important this was, his we rolled up our sleeves and sprinted to raise 50 million in Additional Capital in a few months, working with the Mayors Office, and then working with the Mayors Office tndc and the department for housing for homelessness and Supportive Housing where we structure the partnership that the mayor referenced that is really the first of its kind so that