ky president heldfond you may begin the retirement meeting of >> roll call, please. >> gandhi? >> present. >> president thomas. >> present.resident heldfond. >> present. >> driscoll. >> present. >> bridges. >> present. >> thank you, quorum, mr. president. >> thank you, let's apologize number one for the noise. and if anyone wants a good humor about this vocation, you need to read what happens to wamo in the summer garage right

across that alley.read it becau all the horns went off. >> yeah. >> anyhow, let's do the next e.■c >> item number 2, communications. we wepublic participation during public comment period. there will be opportunity for general public comment at this meeting and there will be an opportunity each discussion or action item on the agenda. each comment is limited to two minutes. public comment will be taken in-person and remotely by ca-i we will take public comment first by the meeting in-person and then remotely. comments are portunits speak during the comment period are available by phone by calling 415-665-0001 access code 2620, then pound and pound

again. connect that you will get the meeting discussions and you will be in listening mode only. when your item of interest comes ess star-3 to be on speaker line. speak slowly and clearly and turn down your computer.the cit against the employees and others during public meetings and will not be tolerated. more over public comment ■is permitted only matters within the jurisdiction of this body and we for joining us. >> thank you. next item, please. >> item number 3 genel public comment. a reminder that public comment is limited t minutes. do we have any in-person public comment? on t2h■)his item? seeing none, moderator, do we have ancallers on the line?

>> madam secretary there are no callers on the queue. >> thank you, hearing no furred callers, public comment is now closed. >> next item please. >> item number 4, action item minutes of july 10, 2024 retirement board meeting. >> move to adopt the minutes of july 10th meeting. >> second. >> thank you very much. and we'll call for >> thank you do we have any in this item? seeing none, moderator >> madam secretary, there are no callers in the queue. >> thank you, hearing no callers, public comment is now closed. >> okay. so it's been moved and seconded, all !those in favor say aye. >> aye. >> those

motion passes. next item, but first of all, let me first of all, this is--commissioner, you're here, i thought you weren't? okay. go ahead. i really just want to commend the continued record of attendance of all commissioners on so and it makes it makes it easier to conduct our business and i really appreciate it. okay. so let's call the next item. >> thank you, item number 5, action item consent calendar. adopt the consent calendar. >> okay, madam secretary, you want to have--. >> sure.

>> the travel request arts on the 11th which is a board meeting day, i just plan on being here today? >> yes. >> thank you. >> public comment. >> do rcwe have any in-person comment on the line? seeing none, any callers on the line?are no callers on the queue. >> no callers, yellow light is closeds. >> those in for? say aye. >> aye. >> those opposed? motion passes.next item, vacanc proposed selection schedule. >> commissioners, this is a standard operating procedure agenda item and it is an action

item so commissioner o'connor's term expires february 20th, 2025, as part of the standard process, the board needs to declare this upcoming vacancy and approved a draft election schedule that will be shared and finalized with the election team. we've put in the materials straightforward but happy to address any questions that you may have.■ >> any questions or comments?■c reference, i will be happy. we appreciate and your dedication to being a good commissioner. okay.

okay, this is an action item. >> we need a motion and a second. >> >> second? >> second. >> is that a motion to declare the vacancy? >> yes. >> thank you. >> okay, public comment please? >> do we have any -person public comment on this item? seeing none, moderator are there any caers on the line? >> madam secretary there are no callers on the q. >> thank you, hearing no callers, public comment is now closed. >> okay, it's been moved and second those in favor say e.>> . >> those opposed say nay. >> item number 7, discussion item, chief executive officers report. >> commissioners in a moment through the member services o

dashboard. first i wanted to highlight a couple of items, the forward calendar that appears materials now goes through june of 2025. i've been working the various committee j0chairs to calendar the committee meeting, we're in the process of finalizing the dates for our next board meeting, there be the committee chair reports where we'll set out the exact dates as well as the topics to be covered for the year. my final comment before i turn it over to karen, i'm pretty sure that you're well aware of, but all the three charter proposal that impact firefightersd with respect to drop will appear on the ballot in november.

and unlts there are any questions, i will turn it over to karen. >> having this, this was my first go-around as a commissioner in terms of getting, having the number of ballot measures that we were given. we were asked to do what we do. product, so thank staff for stepping up when we're asked to do what we do and also the commissioners understand how much work goes into just seeming, hey, can and. that's all i have to say. continue.

>> you have before dashboard hopefully it's mostly self explanatory. there were a couple of items i . our online webinars have been extremely successful. one consistent piece of feedback we've received is that we do for most people to be able to attend but many people have ked if we could actually regard them and have them online. and beginning inwe plan to regard them and then posting them.hopefully we'll ha feedback with the next that we have recorded and measure whether we get anybody taking a look at them in the off hours.

the other item that i want today highlight is you may notice that we processed over 200 benefits last month between an those are our high, high very intensive retirement time and we are finalizing, i mean that's a lot to have over 350 retirements processes. and i wanted to highlight and thank the staff during this time of year because it's extremely busy, we get a lot of requests, you can see that in june we processed 262 benefits.

other than that, i'm happy to ■. how much time before the actual life and when we go online. >> for the web nazer? >> yeah. >> i don't know the answer to thatet i will know better when they start to record them, they have not begun recording yet. they're getting ready to do that beginning in september. and it will be probably be the most welatto do anytime. i assume that, from information.

the webinar are pretty standard, we're providing. again, the text is not really changing. so they should be there for a long period ofsx we're changing the text. >> like a good library. >> i don't know that.

>> often times speakers see themselves doing it they realize, hey i can improve figure out if the audience understood what they were trying to say. >> and i appreciate that it cant be a learning tool for staff. >> thank you. >> questions? okay. let's call for public comment. >> thank you, do we have any inperson public comment on this item? seeing none, a reminder to any callers to please press star-3 to be asked to be added to the speaker line. moderator are there any callers on the line? >> madam secretary, there are no callers on the queue.> thank public comment is now closed. >> next item please. number 8, discussion item, annual review of security lending program for the fiscal year, ending june 30, 2024.

>> review for the lending program for the fiscal year just de i'm joined by alba mart ins, who oversees efforts. the security lending effort is largely a public market focus program.

we work closely with our risk team and to ella will cover the bulk of toy's da we're also joined by mike.you f he took an early flight from the east coast to join us. security lending program and talk a little bit t industry trends. before i hand it over to he will a ella, a few highlights ella will cover in detail. our lending program is designed to again ella will return a return or how much we've earned the last couple of years. we earn that return in other words, fixed income. the cash that we get, highly

risk controlled again we talk about that. we design a ■rprogram so it's flexible so if we have back in order to loan the proxies. and it's a potential source of liquidity. so i want to highlight that, with that i'll turn it over to ella and mike for an update. >> thank you, and good morning, board members. i'll start off by covering why we have a lending program. then discuss what the securities program entails and how it is structured at first. i'll ask mike to highlight market trends over the year and then provide the board with an update of security lending program for the fiscal year-ending june 30th, 2024. in terms of why we have a secity lending program, as kirk mentioned it allows first

to allow incremental return in a risk-controlled manner. in terms of how we do that, str collect your attention to three. this representative sfers as investor investing in debt securities.oe far right of this diagram we have participant and these parties want to bar o some of the securities. sfers lends the barors in excha bar as kirk mentioned, the cash collateral is reinvested and managed in manner with guidelines similar to the market fund.

melon peorwoare the inter media between the lenders first and borrowers and they also manage the collateral pool and page 4, we covered some of this already borrowing fee that borrow as well as the income from the reinvestment of the cash collateral pool. the factors that impact revenue, the overall amount of assets sfers has available to lend and how much demand there is for those assets. this metric is a expressed at a utilization percentage.■c relative to lendable assets. the drivers of demand interest rates, spreads, borrowing fees, and market structure elements like volatility and

in terms of potential riskses, we address some period of time mitigaters in next page but there is a risk that the borrower might default. there is a risk that the securities that are lent ar" called in the timely fashion. they're related to the page 3 that covers the borrowing of the securities. the next risk is related to the bottom lag of the diagram thre t these assets are invested and as with any investment there is a risk of loss. to address these risks, that's i am primented a lending program with a couple of key features listed on page 5. toad or default and potential non deliveries of securities, first as a indemnification clause.

to address the investment risk related to sfers collateral reinvestment program, firstly, fully segregated account and secondly, as mentioned that account managed guidelines which are consistent for a money market fund. other noteworthy features of this program, include controls around proxy voting. sfers has the right to stop lending securities or recall securities if we think it ■imay impact our ability to vote proxies.feature is the cash release credit facilities. to borrow reinvestment account up to certain limits. this facilities is additional tool of sfers framework. it was not used during ar 2024.

now page 7, i i will ask mike to discuss high level marketing trends. >> thanks alo and alo had mentioned a few things that factor into revenue. buzz when we look into the program and market wide, there were a few major drivers there. one was volatility and the other interest rate environment. so as alo mentio■>ned, a number of good portion of the revenue, is derived from investing that cash collateral income type fund. credit interest rates have been up the last couple of years, a change from the pandemic era but we've been seeing, we have been seeing consistent rate hikes throughout the course of the fiscal year. so what that really serves to

do program and as we went through the last fiscal year, you had going into the december calendar year-end, a lot of wall street participant looking shore up financing for the calendar year turn and what that served to the spread that were generated by investing the cash collateral. once we got through 131 and we got into 2024, you began to see mark paicipant start to go price the expectations that rates will come down at the beginning of this year orext so that had an impact on tam pg of revenue available to be earned. throughout the course of the year around the globe, most have been up, it's been a really strong year what that do

our business and volatility is a good in our business why somebody would want to borrow securities because of that volatility. so seeing that, broadly there was not much so demand was in certain pockets of equity securities, certain industry that have been in demand for a while. we listed a few here. electric vehicles is one. certainly the meme stocks phenomenal has come and gone through the year. as that happens, continues to impact certain names. so you see it in cerin pockets, but the headline level, volatility is low which is great for the low assets but the lending environment, it limits the ability money for yo. and then, when you think about what we do for sfers specifically, you have a very large allocation to u.s.

government bowhich as alo mentioned there regulatory reasons why participants want to borrow those lity that we ha things that sfers allows us to do, we were able to ortunities. so when you think of the sfers as■?sethat was a big driver just generally. so those are the main points in terms of where and how the i'll take it o. >> thanks, mike. there will be six billion time the demand and utilization rate.

on the ■77npool of assets, 24 evenly split between income earned from the borrowing fee and reinvestment revenue. on basis the pool of assets that were loaned about 24 basis points as i mentioned. relative to the pool of assets available for lending, sfers earned 5 basis tsng to page 8, the year over year trend of ear were lower than last ut in line with the historical and expected ranges. on page 9, we drill into of thi. the overall suitization of 20

percent was lower than prior years and in particular a dip ring the first quarter was rallying markets which subdued market volatility and therefore demand for securities. the table on this page breaks down the pr

on page 10, we break down program on asset clause basis. the top driver of returns was the earnings on lending securi. our treasury had a high utilization rate of almost 60 percent. the other top earn■wer■ was equ bucket. even though they had a wer utilization rate than u.s. corporate debt, we had more securities to lend, leading it to be the number 2 contributor this year. on page 11, we see the monthly trend and spreads. as mike mentioned, here we see start ining january as market t of 2024 and repurpose facility.

summlooking at the program. basis points and the net return on the pool of asset loaned was 24 basis points. on page 13, we provided a review of the collateral pool. backing up the 1.6 billion as of end june of 30, 2024, we held 1.7 billion dollars collateral. it was evenly split between cash and non cash. the overall pool is x and a half percent above collateralized.to page 14, here review reinvestment aspect collateral review.

this portfolio is yielding a 5.5 percent and conservative manner, the details credit quality and maturity profile are listed on this page.■j the 5.5 percent yield that this reinvestment is earning, we see the trend on page 50.little bit during the year, the yield on overall reinvestment portfolio decrease came down as the beginning of 2024 because of tighter spreads. that concludes the first program update portion. i will now hand it back to mike to discuss updates from melon. >> so the regulatory environment is a big driver of our business both creating opportunities and forcing us to run our business better to respond to . and there were a couple of major ones that we've be

lookering at over the last year and going forward and regulatory initiatives. so a major one that just came into affect this summer was dtc's move one-day settlement cycle here in u.s. which means if you sell a stock tomorrow. well if i have that on loan to somebody that sort of complicates things. so we undertook a number of initiative to see both improve our technologye our tools as well as link up with some vair yes firms for to* make us better anand allow us to better. so that means is sells an asset that i very rarely do i have

for a borrower and ask for that back. i have more of those assets in my program have them available.; so we don't have to call on the. so what that serves to do is ■ maintain the transparency that is security lending program should have to sfers and to your investment managers. that happened in may and we saw minimum impact to date on it and think that really speaks to the things that i just mentioned. another major change that we're preparing for coming in 2026, will be the mandatory clearing of u.s. treasury securities. so in an effort to make the market safer and improve liquidity in the market which is massive, the fcc proposed a rule in december that all trading and government securities would have bhto be

cleared.things that we do. so you're already have done l the hard work legally speaking in terms of updating the ■program d to allow us to continue trading. so beyond that, there are a ■3 number of other tools that we're building up for lenders to help withbeen a major area o focus for us. it's something that we knew was coming and prepared for and this team has understood that as well. and ready for this change for a number of years now. a third major one is fcc rule 10c1 a, it's actually

just delayed ag that is coming that will increase transparency into the security lending market. what it■.■v willly do is put the obligation on p to report a number of data points related to trading activities everyday in an effort to increase market transpancy. in the eurozone, we already do something like that again. so this is something that we're that's something that we will continue to do with no impact to your investment program. so those are some of the biggest things that we've had going on.happy to answer any questions that any of the >> just as a review for the board, today we have discussed

why sfers has the securities lending program, the mechanics of our program including the drivers of revenues and risk. market trends and update from our custodian and provided an update on the performance of sfers program.over to the board >> are there any questions? i have one. are these changes that we're facing? are we do to expect commencerate fee rate increases on the next renewal of our arrangement? >> nothing that we've discussed will warrant that, sfers team has been a great partner and we've been able to do a number of things that has helped investment staff and things like that. that's not something that i'm

considering at this point. >> thank you. you list two leads.e werethere any such losses in the portfolio run by jp?■é >> of bny? >> i didn't ask you, i asked tim. >> second question. those dollars are better than soft dollars, thank you for helping run the program, thank you tony melon, how many of your time during the year, on average is applied to this program? >> over the course of a quarter about four hours. >> good. n.and i would say few othe hour watch what

you're doing, about four a week? >> four a quarter. >> thank you. >> thank you for this presentation.6fan and the returns and the way bny melon manages their program is well done being the largest custodian. i want to go back to the collateralization, is that because of the international piece? i'm curious why you have the big buffer there. >> i'll ■=■90 >> it represents a position by conservative. >> right but i'm surprised, it was posted.

they don't normally post. >> it's dictated by the assets that we're taking in as collateral.a risk, we ask for more because we're with converting u.s. dollars into euro to replace and then there is also depending on the, ■q's we're taking in securities as collateral and whenrisk of the we're looking atwe'll start to start 107, 110, 112, things like that. >> exactly, that's what i want today know. and what would ation would be? >> that's not something, that's not what our program does. >> what would be your form for clad racing. >> speaking for sfers, it's

euros and sterling and equity securities listed, ets of the same sort and this is not like some sort of leverage, they're very well understood very liquid names. government bonds, u.s. and other g-20 nations. the most developed and certain types of high g■ira corporate. so what that really serves to do is create a number ■0of more outlets, pledging preferred by borrowers by a number of reasons. it's beneficial, that's th line they want to line up first of our securities and you're at the front of it. >> okay. and then, on 10c which i've been following a lot on the transparency issue, is our main, the i guess, the u.s. the u.s. arm of securities lending, are they focusing on it,

or are they working to help establish what that should look like? >> absolutely. so bny has a number of our senior leaders like rma and things like that and yeah, we've been having a seat at the table in terms of shaping this. we wanted make sure, it's something that we're doing in europe and it's something that we think it's sensible and important but we wanted to make sure that our program sort of view, we want to make sure we're providing meaningful things. the security lending market, they're different types of players that get charged differently because of w and what they are and the risk. so it's not just like buying and selling the security where you want to pay as little as you can so some of the initial requirements in the rus seem a bit ownerous and some has changed. but clearing the transparency

and giving regulators that look is a great goal and we think that's where the rules ended up. >> and it keeps changing, that's why i ask. >> yeah. >> and in the past year, did you experience any borrowed default or any problems, not in the sfers problem in your overall program? >> no. and we do review borrows from time to time has a credit limit that is determined outside and hathe bank wide of ■■limitations and, we d? eliminate borrowers from the program. if they're not borrowing, why do we keep underwriting them t in terms of default or something, no, we have not had anything like that. >> and subjected to the annual review? >> it's much more frequent than that, but yeah. it's a quarter review.

it's a daily review, we have credit professionals that are seeing these things. they see these things as they come in. so yeah, that is something that we're frequently concerned with. ultimately, if you look at the way the sfers is writtethese are my risk. and so, there is a lost institutional thought put into the risk management because our obligation to observe any sort of impacts from the borrower default. it important for all the regulators to make sure that there is a lot of money on the balance shee. >> thank you so much, it's a great program. and the team at sfers has done a great job naging, so thank you. >> any other questions? comments?

thank you very much, we appreciate your help and partnership. do you want to )6caúwllext it. >> public comment. >> public comment, sorry. >> do we have any in-house public comment? seeing none, moderator $are there any callers? >> madam secretary, there are no callers on the line. >> thank you, hearing no callers, public comment is now closed. >> okay, before ■owe call the next item, how is the next item a shorteit let's do item 9. call the next item. >> next item is placement policy litigation policy. >> commissioners as you know, we continue to review all of our policies and make sure that

they ar as required by the policy itself. so what s a review of the and the placement account policy.■din the materials the current policy and a red line sorry, a red line to the existing policy dñ■sand a clean line version that we're looking for your approval on. these policies are dated, so i first updated to our current for bat and the red line that you see is the change of the words but change of putting to a new format because that would be difficult. we just wa for the record. the changes that you see two po update and be conscurrent polic. in particular on the litigation policy, we wanted clarify the

role of city attorney and securities evaluation council and that's consistent with how we've been operating for quite sometime. we are also making a change or proposing a change tothe threshold for claims from 5 million to 4 million. it will be evaluated. we think this is a reasonable threshold, we don't want to miss out on opportunities that may not require significant work where wean and by lowering we have the opportunity to review and discuss and discuss forward. again, that is really, lowering thon our opportunity with a recognition of ■>using our time efficiently. and then on the private placement policy, really there,x the changes to reflect current titles, the fact that we have

current investment delegation. happy to go through with more details. >> i ha a it concerns litigation that is goes beyond the, the expertise of the city attorney. and who makes the call when we need to find outside counsel and alike. >> well, for the reason that we expertise or we don't have as much as some external counsel, we do outside counsel monitoring the portfolio and making recommendations to us about when it may be more appropriate to participate as lead counsel. and szwe evaluate that internal before we bring in any board to participate reokay, so you, run

again, in terms of, you have securities litigation counsel that you, the city attorney's office arranges and it's outside the city tonser office. >> that's correct. we have four firms, they do not charge anything toring and they the attention to the city attorney's office. >> okay, you answered any question. >> okay. >> any questions?l+ comments? >> does not look like you've got one. >> i just want to make sure, you obviously understood her answers, they will decide who the attorney will be, not us. >> okay, it's always been a bone to pi. >> yes, express beyond this issue, a lot but i got what i needed to know.

>> i was going to make a motion to adopt. >> okay. >> both policies for security litigation and placement agent.. >> second. thanks for concluding the red line von thank you. >> thank you. >> okay. let's have public comment, please. >> thank you, do we have any in-person public comment on this item? seeing none, moderator, are there any callers on the line? >> madam secretary, there are no callers on the line. >> thank you, hearing no calls, public comment is now closed. >> commissioner thomas. >> i just wanted to echo tracy driscoll's comment s.

>> it's been moved and seconded all those in favor say aye. >> aye. >> those opposed. motion passes. caus while we gosomething and e of you. let's take, let's take 15 minutes,n■ed in closed session

commitment of 75 million to resurge enter technology partner. we commit35to that fund and it closed on july 31, 2024. this isa buy out within the pe portfolio. next, for the tres opportunity six under delegated authority we invested 75 million in the opportunity fund.stment closed 29, this is a credit opportunities investment within our private credit portfolio. and it was not in the original posted materials, but because it just closed but wanted to verbally provide the update on credit solutions 3 at the board meeting onéyjune 12, 2024. the board approved in closed session an investment of up to

75 million to the fund closed on 7th within sfers portfolio. that's what i the cia reports and happy to address any questions. >> thank you. the recognitions the staff got are tremendous it makes, i always said that having the staff that we have from top to bottom makes any job as a director or commissioner much and i can only thank everybody for their effort and everything they do. >> i want to echo commissioner's comments. i cannot say that i'm surprised

that we received accolades. our staff has contí■dd impress me every time i've had to go and deal with other organizaonsand go to a training and understand how much work it put into every meeting that we have or have to. while i'm proud, i'm not surprised. >> any further comments or questions? okay, let's call the next item. public comment. >> thank you, do we have any in-person public comment on this item? >> sanchez, protect our benefits as it's important for us to acknowledge when there accolades coming to 100, city good. so ■hcongratulations on everybo here and staff. i think it's importan■qto acknowledge because that's, we

watch when you're doing things to address when we think you're doing thin ■ç■othat ank you. >> thank you, commissioner. >> thank you do we have further in-house puic seeing none, moderator, do we have any callers on the line? >> madam secretary, there are no callers on the line. >> thank you, hearing no callers, public comment is now closed. >> next item please. >> thank you, item numb■xer 11 discussion item, san francisco differed compensation plan quarterly planned review. >> thank you, ms. armanino. >> and you come bearing gifts. [laughter], >> good afternoon, commissioners, president heldfond, thank you so much for today we're presenting the quarterly update where we drill four pillars of the plan whh

includes investment operations and record keepers. up next is operations, its guar crediting rate for 3.14 for the third quarter. stable value is ■kcoerr capitol vehicle for conservative investeter and holds almost a billion. our le value investment manager has a 5-year contract with the june of next year. as much the plan is search proc consultant and the timeline aclythe memo before you. can we move the next page. you can see that there.i'm plea to the next page.i'm pleased to operating ahead of schedule and are potentially inviting

semifinalist to present at the october dcc meeting galyard also published a quarter upda that's been included in your materials for reference t.highlights the market outlook, inflation forecast and key economic indicators. and speaking of markets, i've t some key insides into last quarter's performance as well as the last current market. if we can fast forward to the quarterly update which is at the end of this memo please. thank you so much. good afterno be doing the update in since we have through june in front of you, there is a lot of some of is more of the same

growth continues to be the top performing fund, and i'm looking at the year to date performance just over 20 percent.■+a themeatic perspecti that's the largest area. your 7 active managers, 5 are out performers their benchmark some by considerable margin. one is even with it one is under performsinand that's the real estate fund and that process is well as under way on implementation basis. so big picture ain, small cap ÷yand international paled which is a theme that we've seen. the bond market yosee the active core manager up 12

points. we'll see the third quarter, the bond market has bounced back and up over 3 percent on a page bujust as a reminder, volatility does happen. i know everybody is paying attention to inflation, doing. sometimes you see that forecast pretty quicin the changes and in the stock and largely i'll finish range between 3 and a half percent and almost almost 10 percent for the longer dated funds and they're all either or above their benchmark. so pause is any questions. a questio?

>> if there is no questions, i would like to move to pillar, which is marketing. launching a targeted direct mail campaign.to page 5 in my m. this is where we can see more details in the targeted method. we included ■y5 different versions, which was defined for the five separate cohorts. this was received in early august, it was dropped in july and received in early august a this week.on page 4 and we've included samples in the back. we launched a new webinar worki distribution. the webinar highlights the estimate of healthcare cost and retirementsuch as the probability of long term care

needs but dental insurance is not covered by benefits and how costs are also higher if you retire before medicar attached is a sample of sfers benefit statement mailing that drops in august, this is a very affective communication channel for us as there is always a spike in activity after members receive this statement. and finally, i'm pleased to announce that our theme for retirement security month will be be your own influencer. so with the rise of social media, we thought this approach would sonate■!■8■ well with our prospects. some samples have been provided for reference, if you move to page 6, you quick preview of what that will look

like nrsm will continue through the september and the plan will be featured at the benefit fares that are held throughout the city. board members have been provided a ■■psample of these games as well as the gift that after attending our annual in-person seminar the main library on october 16th at noon. so we look forward to meeting our participants and prospects there and everybody will be prepared to answer questions 0n and enrolled onsite. if there are no questions on marketing, i would like to move on to operations. on the front, on july 19th, not even three weeks> ago, the irs issued new and final proposed ■sfor required distributions, rmds. this will take place and will be ñ7affective january 1, next year. the regulations do impact us

governmental dc plans and helps clarify when asour participant and their ben eficiaries must take their distributions.0 until then, interpreted by secure one and two and have a reasonable standard for compliance. speak ing of the rmds, rmd will be based on their birthday with specific ages detailed for those born in 1959 and beforehand. the beneficiary rmd rules vary by type. for instance, you can be a surviving spouse or child or other individuals or state. there is a new 25 percent ex sighs tax that--excise tax thiswas reduction from the prior 50 percent tax and

they're lowering it down to 25, it could be further reduce today 10 percent if corrective actions are made with due time. the dsfbp are work to go align with these regulation sxz planned amendment required by december of 2029. for 2024, roth assets were excluded from the requirement and roth participants were all we are also coordinating across departments to implement the new catch up limits for january 2025, this includes the ver i believe 60 catch up where if you're between ages 60, 621, 62 and 63 you have a higher catch up amount verse being 50 but that catch up goes away once you turn 64. so these changes require a lot

of pay roll calculations and data programming so that we're making sure that we're at the right age so that people don't get stuck with over contributions. if there is no questions on operations, i can move on to the last pillar which is the record keeper and then i'll turn to bishop who is from ñour record keeper. voya has been our ór■nrecord ke since 2015, under a 5-year contract that ends this month with the of three one-year extension. they plan to extend our voya's comprehensive tools. they have provided a fee ■3

schedule with service levels guarantee which continue to making our partnership add vant us.■"=aya has recently upg their dashboard, their participate dashboard on our website to enhance the financial planning expience., those improvement include inter account i have, new interactive, education models for life events, a better ue, user experience.stated, here to quarterly review which dives li trends. mr. bucking, would yoke >> yes, and thank you commissioners for your time. i'llgo to page 4 of the quarterly report so thank you.

just, as trying to have done the last four quarters, i would like to highlight the participant, we have seen growth within the plan over the last two years, and the numbers have increased again. and another increase of 1.29 percent within the plan of the assets, like wise grow as well as you heard from greg who is calinmarket activity has benefit thed the plan.as not as significant as the last quarter, the growth of point 2 percent. this can be on slide six as well as you look at cash flow, the activity of new participants, have resulted i should say decrease has resulted.slide 26,

just wanted touch briefly with regard to the call center activity. we have seen the few quarters increase wait times as people were calling into the call center. we have seen that decrease this quarterback to what are historical averages, at 21 seconds. that's due to a manner where we have changed our out reach, of resolved the calls coming in from the first call have resulted on increased answered times as well. and then on slide 28 brief comment with regard to counsel ak sifity, remains strong, dipped a little bit in june, due to vacation time that went across the whole team but as far as the numbers go from annual dyperspective, we're ahe of our goals at this point of the year and expect to reach

our goals as we close the second of the terms. with that, i'll answer any questions that u >> i have two questions. one, i just want to 3e the word finalist by the interviews, does that mean two or three or one. >> semifinalist. >> thank you, i look forward to reading the piece when they become available. that was done pursuacannot reme >> the, the authority to extend the contract resides with me, we did discuss it in t d >> i remember the discussion. okay. thank you.

>> any other questions? are you done? >> yes, that concludes my report. >> very coise, thank you. and thanks for the gift bag. >> they were very very well thought through by the staff so i >> they don't match the swear. >>--sweater. >> very well thought through. >> okay, do we need to do public comment. >> thank you, do we have any in-person public comment on this item? seeing none, moderator are ther? >> madam secretary, there are >> thank you, public comment is now closed. >> next item please. >> item number 12, discussion item retirement board member good of the order.

>> quick question, when i was looking through, i think i might be confused but the schedule of trainings that in the ceo or is that in different area? or was it moved?might just have. >> it should be in the ceo. >> okay. >> i didn't see it in the agenda. >> i didn't see either. >> we'll get it to everyne. >> on septembei know staff is doing a lot of work. going is going ahead very well. so hopefully we'll have 100 percent attendance. you will not be there?

>> anfurther of the order. >> motion to adjourn then. >> can we get public comment. >> do we have any in-person public comment on this item? seeing none, moderator are there any callers? >> madam secretary, there are no callers on the line. >> thank you, hearing no calls public comment is now closed. >> next item. >> item number 13 adjournment. >> thank you. thank you every one.ñ'■ma

[♪♪♪] [♪ >> so i grew up in cambridg massachusetts and i was very fortunate to meet my future wi while we were both attending graduate school planning. so this is her hometown. so, we fell in love and moved to her city. [♪♪♪] [♪♪♪] >> i was introduced to this part of town while working on a is

running for mayor. i was one of the organizers out here and i met the people and i fell in love with them in the neighborhood. so it also was a place in the city that at the time that i could afford to buy a home and i wanted to own my own home. this is where weke many people neighborhood and we started our family andhere we are going to be. i mean we are the part■; of san francisco. it's the two neighborhoods with m of 18. everybody likes to talk about how not family-friendly, there are not a lot of children and milies. we have predominately single family homes. as i sa,id, people move here to buy their first home, maybe wit5 mui members or multiple families in the same home and they laid down their

[♪♪♪] >> it's different because again, we have little small storefronts. we don't have light industrial space or space where you can build high-rises or large office buildings. so the tech boomill never hit our neighborhood in that way when it comes to jobs. >> turk, cheddar, avocado, lettuce and mayo, and little bit of mustard. that's my usual. >> mike is the owner, born and bred in the neighborhod. the drugstore forever. he saved his money and opened s we're always going to support home grown and he spent generations living in this

part of town, focusing on the family, and the vibe is great and people feel at home. it's like a community gathering spot. >> this is the part of the city a lot of mom and pop businesses, a lot of family run businesses. there is a conversation on whether starbucks would come in. i think there are some people that would embrace that. i think there are others that would prefer t to be. i think we moved beyond that conversation. i think where wenow, we really want to enhance and embrace a encourage the businesses and small businesses that we have here. f a mom and pop style business. i think at the end of the day, what we're really trying to do is encourage and embrace the diversity and enhance that

diversity of businesses we already have. we're the only supervisor in the city that has a permanent district office ■x folks use cafes or use offis or d■=ifferent places, bue money and open up a spot that we could pay for. i'm very fortunate to have that. >> hi, good to see you. just wanted to say hi, hi to the owner, see how doing. everything okay? >> yeah. >> good. >> we spend the entire day in the district so we■ can talk to constituents and talk to small you guys could be out here. this is like a commercial the streets and it madeon a significant impact as you can

see. what an improvement it has made to have you guysut here. >> for sure. significantly diverse neighborhood and population. so i think that's the richness of the mission and it always has been. it's what made me fall in love with this neigh love it so much. . >> neighborhood in san francisco are also diverse and fascist as the people that inhabitable nor

supervisor peskin will give us a tour and icentrodu is to what think of i i his fav district 5 e 3 is in the northwest surrounded by the san francisco bay the district is the boosting chinatown oarembar fisherman's wharf exhibit no. north beach telegraph hill and part of union square. >> all of san francisco district are remarkable i'm honored and delighted to represent really whereas the most intact district got a chinatown, north beach fisherman's wharf russian hill and■& knob hill an the northwest waterfront some of the most wealthier and inning e

impoverished people in san francisco obgyn siding it is exists a bunch of tight-knit neighborhoods people know he each other by name a wonderful placed physically and socially to be all of the neighborhoods north beach and chinatown the i try to be out in the community as much as and i think, being a the cafe■ñ eatin at the neighborhood lunch place people come up and talk to you, you never have time alone but really it is fun hi, i'm one the owners and is ch efer to cafe trees as a the living room of north beach most of the clients are local and living up the hill come and meet with each other

just the way the united states been since xk1956 opposed by th grandfather a big people person people people coming since the day we opened. >> it is of is first place on the west that that exposito 6 years ago but anyone was doing that starbuck's exists and it created a really welcoming pot. it is truly a legacy business but more import at the take care of their community my father from it was formally italy a fisherman and that town was a big part of sank and combart in the evening that tradition they brought this to the cafe so many characters around here everything has

incredible stories by famous folks last week the cafe that paul carr tennessee take care from the jefferson starship hung out the cafe are the famous poet lawrence william getty and jack herb m■an go hung out. >> they work worked at a play he had his typewriter i wish i were here back there it there's a lot of moving parts the meeting spot rich in culture and artists and musicians epic people would talk with you

>> i am supervisor melgar. i am the district 7. t to san francisco. my family came whe12 from el salvador during the civil war. this place gave us and an opportunity to thrive, as a mother of three kids who have grown up as city kids, i'm grateful for everything the city has to offer r i have been politically life, government or a non profit worker and i care about the community. i care about pele around me, and i want to make sure that as the world changes around us, other people have the opportunity that my family did.

>> we are back in san important to be out supporting our businesses, supporting our neighbors. first woman to represent the district, believe it or not. i'm the first latina elected to the board of supervisors without an appointment first ever, so i do think that (indiscernible) i want immigrants to be represented, women, have different experiences because that brings richment toink it makes for betting decisions so that■r inspired me to run. district 7 is one of thmost diverse districts in san francisco both in economics and ethnicity. it spans north from golden gate park. it includes all the institutions in the park, the wheel. the music

concourse, mew seem to the south to the daly city boarder and west to the organization. includes the zoo (indiscernible) all those fun things and to 280 oen the east. includes city college, san francisco stat i had ucsf parnassus so very large geographically. it is mostly single family homes, so it is the place where ■e for generations family (indiscernible) nice parks, ke merced, mount davidson. >> this is like a village within the city, so we are very close nit community. we tend to band together and try to support one another and it is a friendly people to have a cup of coffee and check out the park. >>oe southern end of district is vibrant commercial corridor that mostly cater

tuesday the local neighborhoods and the students. as you go further west you have the mall which has some of the best pan asian food offerings in the city. if you haven't been there, it is really fun. as you go up a little bit further, there is west portal aven which is a very old school commercial distrwhe you can still find antique shops and cobbler shops and as well as like more modern restaurants. it is definitely ■z■hopping a full of families on any weekday. >> i'm roger, the coowner or ■! ndiscernible) >> carl, other coowner in west portal. >> we are a been a community institution since it was founded in 1936. we had a little bit of everything. (indiscernible) to gardening or gift buying. >> my entire

experience in san francisco is this community. it is a very small for a big city. the community is caring and connected. >> what makes me excited doing business in is i know it sell well. i grew up hee.knew a lot of customers, parents of friends. it is very comfortable place and feels like home. >> if you go up north, you have the innerpz sunset commercial corridor which has a awesome farmers market ■on weekdays and plethora of restaurants. there is everything you need. >> friendly and safe and (indiscernible) i love they bring their kids with them. they teach them how to use their money, and it is something you dont see in too many markets in other communities. i love to see the kids come d g to you.

it is something different then i see from (indiscernible) >> the ev access to transit in inner sunset and ability to do a lot of shopping on foot, and now the improved biking with jfk closed to cars, and year old who rides her bike. n have a safe place to go and ride bike jz don't have to to worry about traffic. >> graffiti continues that one during the pandemic just got out of control everywhere in the city and i do think that it is hampering our recovery of commercial corridors, so some of the volunteers on west portal avenue, some the merchants got together with interns at our office to do some hands on abatement and we we are doing it once a week and we have a wonderful

neighbor, carrie organizing and storing the paint and supplies in her office on west portal, but this needs re en just a volunteer efforts. >> i'm grateful for the collaboration. we passed legislation at the board and put $4 million in the budget over the next 24 months to help the department of works hire laborers and labor apprentices to abate the graffiti on private property on commercial corridors. i think that for a couple so we can get back up as norm after this awful pandemic. particor budgeting is a pot of money that is available every year fo-3district 7 neighbors to propose projects that v the neighborhood and the district. anyone, any organization in the district can prse's a vote. it

popular vote. we have 14 projects just approved and they span from you ow, a vegetable garden at s middle scho pedestrian safety projects on (indiscernible) it runs the gamut, but it is wonderful because to be in a real way, and then to see the outcome of their energy and work, because the things get improved in front of them. >> i like it is really close to the parecollect parks and ■bunch of businesses as well as a calm feel. it is a very peaceful feel even though it is close to a lot of things. (indiscernible) also not boring. there is stuff to there is lots

to see and experience in 7. [m]

>> design review committee on monday august 19, 2024. it's a beautiful day out there. i would like to call this meeting to order. so let's do the roll call. >> commissioner snare. >> here. >> commissioner brensell. >> here. >> commissioner concerny absent. commissioner rosschild. >> present. >> and commissioner shiota. >> here. >> we have hearing and director sarah hollenbeck and co