Presented and quorum is present. And can you call the next item. Thank you item number 2, communications. We welcome the publics participation. During Public Comment period. There will be an opportunity for general Public Comment at the meeting after closed session and an opportunity to comment on each discussion or action item on the agenda. Each comment is limited to 2 minutes. Public comment will be take place be inperson and remotely by call in. For each item the board will take the comments from people inperson and during the Public Comment time is available by calling. Public comment callin 4156550001 access code 2663 414 9768 when connected hear the meeting discussions but will be muted and listening mode added to the speaker line. Best practices are to call from a quiet location, speak clearly and slowly, and turn down your television, radio, or computer. Please noted city policies with local policies dont permit harassment and only on matter within the jurisdiction and thank you for joining us. Thank you. Next item call the next item, please. 3. Closed session. Public comment on closed session items. Okay. Were going to go into closed session and then um lets leave open and move into we have an estimated timeframe . Shouldnt take that long. In closed session all right. Item . President heldfond we are now recording and back to open session. Roll call. Xhoifldz 1230i68dz present. President heldfond present. 123i68dz. Board member driscoll we have quorum is present and motion for disclosing or not in closed session. Not to disclose. Second and moved and seconded. All in favor, say aye. Aye. Opposed . Okay. So call for Public Comment. Any inperson Public Comment on this item seeing none. Callers if you have not done so press star three. Thats where were at no callers on the line Public Comment is closed. Next item, please. May address the retirement board now. Public comment is limited to two minutes per speaker unless the chair specifies a different time. It is limit to two minutes. Two inperson callers requests ill call. Anyone has Public Comment on this item please stand up to the podium. Any general Public Comment [off mic. ] no item 4 general Public Comment. Seeing none, inperson Public Comment on this item callers. Please press star three to be added to the queue pod rapport any callers. Madam secretary no callers on the line seeing none, Public Comment is closed. And item 14. Sorry my fault go ahead. Okay. Next item, please. 5. Action item approval of the minutes of the november 8, 2023, retirement Board Meeting. Move to approve the minutes. Second. Moved and seconded. All in favor, say aye. Aye. Um, we should have a Public Comment on that first before the roll call. Public comment please. Do we have any in house Public Comment on this item . Seeing none, any callers . Madam secretary no callers. Thank you. Hearing no one Public Comment is closed. Public comment is closed. Moved and all in favor, say aye. Aye. Opposed . Next item, please. 6 action item consent agenda. Second. Second. Okay. Do we have Public Comment please. Any in house Public Comment on this item . Moderate any callers on the line. Madam secretary we have no callers on the line. Thank you. A Public Comment is closed. I motion to convoy all in favor, say aye. Aye. Opposed . Next item, please. 7. Action item schedule of 2024 retirement Board Meetings. Comblirgsz comment on that i want to remind everybody when you speak make sure to take our microphone off mute means no right on that red is on mute in action item just a practice typically the board in december sets the schedule for um, the following calendar year and wherewith we are the board had approved an 11 00 a. M. Second wednesday Board Meeting there the 5 that is through june so the practice provides you the opportunity should you choose to formally approve a schedule that is again, the second wednesday of every month starting at 11 00 a. M. For the full calendars year of 2024. There you have it. So possession and mr. President so questions here on december with the vote is there june 12th; is that correct . The board previously approved it there june the vote today, if you so choose for the whole calendar year of december. I guess my concern with that is we our physical year there june 30th and we vet and may change over. So why are we voting for july to december is my question . Im sorry best practice. We could. Just if we wanted to change this because new information we can change this thats right. Correct this allows us to do to continue with the schedule without making a special meeting and starting at 11 is a special meeting or if you other option to that approve it today and revisit it in march or sometime later on but with another lead. Time for the team to prepare it. If we approve this we can still meet. In light of that id like to move to adopt the recommendation. The whole thing is sufficiency. Going as plan is easier to do it change it or than start. Public comment. I second the motion. laughter. thank you. Any Public Comment on this item. Seeing none, reminder to any callers to please touch star three to be in the cure moderator my callers. No callers. Hearing no one Public Comment is closed. Been moved and been moved and all in favor, say aye. Aye. Opposed . Next item. 9. Action item approve executive director and Actuarial Services coordinator performance evaluation policies. Skipped an item. A. 8. 8. Discussion item Personnel Committee report. Board member oconnor if you want to add anything to the report it is in the material. No nothing. Other than great teamwork by the personnel and tried to have transparency and thats why we started this vehicular board for discussion. Any comments Public Comment please. Thank you. Do we have any inperson Public Comment on this item. Seeing none, moderator any callers on the line . Madam secretary no callers our this line. Thank you Public Comment is closed. Madam secretary next item. 9. Action item approve executive director and Actuarial Services coordinator performance evaluation policies. Commissioners the policies that you see before you were approved by the Personnel Committee to bring to the board for your full approval and two policies here one sunlight executive director performance valuation in a self investment with the continue the and wanted to incorporate into the policy and like the ac require performances policy we dont have so and developed the corridor policy to be consistent with the executive director policy and the Personnel Committee had reviewed this. Commissioners any questions . If not, we can have a motion please. Move to approve the revision. Second. Okay. Its been made motion been made Public Comment please. Any inperson Public Comment on this item . Seeing none, reminder to callers please press star three to be entered into the queue. Moderator any callers on the line. Madam secretary no callers offender on the line thank you, Public Comment is closed. Thank you for the guidance of getting in Personnel Committee fired up again in the motion moved and seconded. All in favor, say aye. Aye. Opposed . Okay. Next item please. 10. Discussion item chief executive officers report. Two items to update the board on here first, ill encourage you to review the training opportunities that is sponsored in the materials additional training items not included previously so take a look at that and southerly reach out to us, and, secondly, own a legal matter. I wanted to share some good news regarding a classaction lawsuit that our City Attorney discussed in april the system has been a defendant in the carol verse is city and county of San Francisco the retirement board and sfers to end in the Supreme Court alleging age determination and with the disability benefits and following the trail the court issued a final decision in the favor of the city the court held number one, the chapter are made of by years and didnt direction and two the city didnt in have a contractual obliteration and the retirement physical did not violate the formal has not age of hiring that is good news and certainly we are available if you have any questions. Any questions . Ask that the report. Thats the report. laughter. thank you. Public comment please. Do we have any inperson Public Comment on this item and seeing none, moderator any callers on the line. Madam secretary no callers on the line. We have the quorum; right . Moved and seconded. All in favor, say aye. Aye. And building there is of a discussion item only. This was a sdpugs item only so no need to vote. Okay. gavel gavel can i background noise. in coordination with unintelligible . Okay. So. Okay. Call the next item. Next item and now on item 12; right . And 11 and give me one second. Were going to do the unusual. Okay. 11 and 12 and well do the 12 and youre sitting down and well grab some lunch and bring it in and wait patiently for unintelligible . Okay. Lets do call item 11. 11. Deferred Compensation Plan calendar action item investment fee update. Good morning, commissioners can you hear me. Okay . All right. Thank you. Thank you very much for your time today, we only have two items on the calendar as indicated is an action item. To move the remaining northern index funds to a new low cost class we are asked to index funds bottle lowest cost. Cip share class and since then at the request of staff northern costs will reduce those for the next funds we have with them a Bond Index Fund and smith cappa memory you see reflected on the screen so demonstrate the lower pricing all as a result greg is here to provide more details and greg can you provide additional context. Good afternoon it is pretty straightforward continues to be an ongoing evaluation with all your services for invest managers we press the button and get lower confidence so Northern Trust is adding two more funds to the list to be approved today and table reminds you of with we approved the dollars and those are an annualized number how much the assets applies and a footnote we didnt do calculation but i asked to custom dates building will be a point one base for those assuming all those get approved for today. Very straightforward. I want to say to make a point the savings stays with the members participating not the fund it is each individual gets to save the money . Correct bell ringing okay. Questions . Motion is in order please. Except the fees recommendation changes. Got it. Call for Public Comment. Im sorry who was seconding any Public Comment on this item . Thank you hearing no one moderator any callers on the line . Madam secretary there are no callers on the like that. Thank you, microphone feedback Public Comment is closed. Been moved and all in favor, say aye. Aye. Opposed . Thank you. Next item, please. 12. Discussion item San Francisco deferred Compensation Plan monthly report. Thank you. Commissioners this is our ongoing monthly report to the full board the attached report is as of lights end of october and covers the Money Movement for the month and Investment Performance as demographic information a 3 were trying to reconcile the data one month lag in commentary for that the gentleman is here to provide it; however, were no december and the market has moved forward i wanted to know youre interested in and in for the we can move on to the next update. Ill move to question to the fellow commissioners. Thank you president heldfond in the fertilize the irs agency nounsdz in november the for your contribution limits the regular contributions have increased by 500 to change for the capture amount the normal limits for 2024 be 23 thousand for those underage 50 and offer limit will be 30,000 5 hundred and special capture a 46 compared to 45 and a flyer for reference and also an interdepartmental email for the 2k3w5i9 keepers for distribution and our contacts across the city including h. R. And dph and many others. Um, we count on their support and hope to continue fair market value good relationships so all employees have maam, benefits and happy to report the cloirnl were invited to attend a meeting by the Comptrollers Office and at that meeting hundreds of payroll officers saw the clournldz one team to help with the recognition and to start the conversation. And payroll plays a Critical Role for the employees of their benefits we concluded a payroll calendar the days the contribution are done from the paychecks a few other remarks i appreciated did boards awareness of how small sfers team we meet the needs of over 34 thousand participants i wanted to acknowledge the hard work and the hurls of four counselors as you can see has joined team and acclimated and chu fluent in chinese is doing inperson meetings on the building and michael and matthew are fluent in spanish we need the is a good bye to jewish last month he moved up to another opportunity and in the process of recruiting the replacement and start a new year with 5 counselors in the field to support our team and finally attached is our quarterly plan review as of september it has been provided for your reference and our Relationship Management is here to talk about a few of slides and answer any questions you may have. Thank you. Commissioners take a few minutes. A couple of things to point out on slide 4 i wanted to point out that is a slight increase in the accounts again for the quarter representing the quarters. And it results in a slight theyre in the off one had the percent and that concludes my presentation. On slide 5 that notes a decrease in plan assets based on the conditions that took place in the quartered and need to report as of yesterday this is up 4. 85 billions and the second highest goals since 2021 and more importantly spend a few minutes if you see that slides there is a rather large number on that slide 42. Million we spent a lot of time looking at that that number and the activities surrounding it and on average i will tell you the plan as averaged role officers over the quarter we expected most of that due the activists and owe changing the accurate rate and thank to the credit union and the also have an angled population as the plan. Further analysis i think that is three hundred over three hundred participants just 60 have threequarters and thats the average of 250 or hire and arbitrary it is when i saw this the assets unintelligible . We have been discussing and well have further discussions in the week for the plans for 2024 and conducted is the 25ishg9d mailings i should say to stay within the plan and additional talk about targeted communications for preretires to determine a certain age level or and or criteria length to target those folks in the plan and clournldz in the plan a talking about the option pertaining in the plan and also from the stand point to keep some level of assets in the plan of this is just a 1,000 keeping that putting that back in the plan as opposed to to closing out their account coughing a call next week with the Leadership Team and the roll i cant imagine many of the role officers are for the staff wed like to quote that in the discussion as well. Happy to discuss any coughing oat questions rear yard distributions and further slides i want to highlight the data and confirm from the roll officers as well [off mic. ] any questions or comments from the board. Thank you. Um, one comment the numbers you covered as diane said coughing when fees are down that participants numbers are up and basically cashing out all good signs but yet this is more of a committee the board has to agree to yet to develop successes with new clients but if youre Mission Helping members to prepare for the financial retirement and especially by your staff and finance and start thinking about what our success for all participants to conclude people that work for the city and not yet joined the department. Any other comments. Okay. Right. This is a discussion item. Well have Public Comment please. Do we have any inperson Public Comment on this item. Seeing none, pod rapport any callers on the line. Madam secretary there are no callers on the line. Thank you hearing none, Public Comment is closed and. Thank you. Do do you want to get food or wait one more hour. Ill be happy to plow through that. Okay. Bring food in here, too. We areback. Resuming open session at that time. Okay. Thank you. Thank you, madam secretary. Lets call item um, rustling of papers. were on item 13. Investment calendar discussion item report on Investment Performance of the Retirement Fund for the Quarter Ended september 30, 2023. Thank you. Sorry we t