work. we have all 28 of them that signed. that is remarkable and very impressive. thank you for coming here today. ramone and mike, and operating engineers, and the other mike. i should clarify we are targeting regional higher. that is what we've been doing. we have been doing only that because it is a regional project because we of east bay and santa clara as our partners, so we have been doing that in doing that quite well, and we can continue to do that when we get our updates. thank you. [applause] supervisor kim: one last comment. thank you to the carpenters and laborers for pushing for the harmony letter. it is something that i strongly support. i was educated through that

through the treasure island development agreement. is there a motion? motion to move. there is a second. all in favor? any opposed? all right. the motion passes unanimously. [applause] can we please call item no. 8? >> approving a resolution of intention to initiate the process of direct a contract in with the california public employees retirement system to continue providing retirement benefits to employees of tjpa , and the resolution authorizing the employer pick up of employee contributions. >> we contacted with local government services to provide benefits, medical and retirement benefits, but now that we have grown, we are working to zero we

save money and be as cost- effective as possible. we now have the ability to adjust contractor rep we wiconth calpers, and that it does all it really is. we save money now and now have -- the long route to go through a middle person. supervisor kim: any questions on this item? director risk iesiskin: the actl numbers seem to be somewhere out of line with where the rest of the city and state are headed in terms of generosity, and i do

not know if in this action here or affirming or establishing those, and i recognize the difference between existing employees and prospective employees, but 2% of 55 based on a one-year final year compensation and 7% pickup seem to beat very far out of line -- seem to be very far out of line with where this is -- were the city is going. and i do not know if this is the action -- >> the action is allowing us to enter into an agreement to negotiate various benefits, but we're very unlike any other entity. we are stopped at 13, managing thousands of employees, contractors, consultants, professional service workers. we're very different from other agencies or other state

entities in that respect so sara, maybe you can add more to that. >> we're bringing this recommendation to you, largely because we have identified cost savings. once the implementation has taken place, there should be several thousand dollars savings per month. we want this transition to be seamless to the employees, so this is merely taking all of the existing benefits and exactly as they are currently offered, and transferring them over to a new contract. i certainly understand that the city, hundreds and thousands of employees, there are certainly a large pension obligations and health-care operations for retirees, but we're talking about a staff of 13 people that were hired with the expectation

of this benefit. as an employer with less than 100 members, we're going to be in the pool with all look the other employe years with less than 100 employees that offer the same benefit, 2% at 55 pulo. as we're making employer contemplate -- contributions, there is no contemplation. there is no unfunded liability for tgpa. they have what they call a side fund, which is the equivalent of a planned unfunded liability. they have the option of paying that out in a lump sum one-time payment. it is projected to be under $3,500.

so we certainly would pay that off in a 1-1 some benefit. that would make the employer rate cut down by a couple hundreds of a percent from 10.3 to 10.2 something. and so again, i certainly understand the concerns and issues that bombards your agency with thousands of employees and looking at future obligations are going through, but i would hope that in making a recommendation as management for an opportunity to save money that we would not be asking employees to reduce their benefits that they expected to receive when there were hired. >> if an entity have less than 100 employees, you would be a part of the same pool that we are part of. it is because we only have 13 people. that is the difference. it's an francisco have 100 or less, they would be part of the sample. >> just to clarify, i did try to

distinguish between existing and prospective employees. there are rights that the current employes have for that reason alone that maybe something that we would want to contemplate a dressing, although it is being done at somewhat for city employees. and but i want to understand how this pool works. because we are part of this pool, we have no ability to do other than 2% at 55 or cinko and final year compensation with the employer picking up the 7%? >> you would be part of another pool offering a different level of benefit. >> does such a pull exist? there are pulls at 2% at 60, but you cannot be partly in the 2% at 55 pool for your career employee and 2% at 60 pool for

future employees. all employees are required to have five years to end test. >> we do not anticipate having more than one or two more employees. we have been operating with less than 13 cents 2003. we are now it 2011. we would potentially bring on one or two more people and a construction manager, and that is it. we do not anticipate bringing on anymore. >> wouldn't the reforms that are being offered plan for members for future employees apply to future employees? >> we will be members of the system. >> anything they do would apply to us. >> is there any other questions or comments?

>> i made a motion. supervisor kim: there has been a motion in the second. we have a motion on the floor, and that has been seconded. all in favor? any opposed? cnn, at this motion passes. -- seeing none, this motion passes. can we get an update on that next month? how long to you anticipate the negotiation to last? to go there is actually a formal laid out process. the next step will be after this meeting. we will have you signed the resolution of contention that just passed. we send that to calpers. there is an election to join the system, even though they are already in it. and then there is a final resolution we will bring to you in december when we will also

bring the required program resolution. >> thank you. item #9. >> item #9 is the annual review of for policy and a price " -- approval of minor changes to the policy in conformance with california state government code. >> i work for policy for investments was originally approved -- reoriginally approvd in 2006. we did the review back and they come up the state's commission on debt and investments, they are little behind in getting their annual updates up, so by adopting their annual update for 2011 at this time, and then getting ourselves on their annual schedule for 2012, we will look at the investment policy again next fall. that will line up better with their schedules. the updates they released in 2011 are fairly minor in nature.

they change their ratings of different investments you are allowed to invest in as a public agency. they also took away some of the previous restrictions they have in place on percentage of portfolio. that is the reason why i wanted to incorporate the june -- the changes sooner rather than later. the main restriction they had was limiting 10% of your portfolio to being held in a bank account. that often required a lot of transferring back and forth. this offers more flexibility and a little bit of more cash flow flexibility. i can answer any more questions. supervisor kim: can you talk in more detail about the portfolio? >> we keep the cash we need for short-term obligations and -- in our checking account, and the ballots in the city and county

school. we do not invest ourselves in any other instruments at this time. when we need a transfer, we work with the comptroller's office on taking it out of the pooled account. we do have trust the accounts set up for the time when we start collecting tax increment proceeds and when there are land sale proceeds. we direct the trustee to invest per the permitted investments, because safety and liquidity are the primary objectives. we're currently instructing them to invest in treasuries, and i foresee that will probably be our instruction for quite some time, unless the market drastically changes. supervisor kim: any questions or comments? is there a motion needed for this item? second by director ortiz.

all in favor? any opposed? this motion passes. >> item 10 is approving the minutes of the october 13 meeting. supervisor kim: any amendments needed for the minutes? >> motion to approve. supervisor kim: all in favor? the motion passes. and any other announcements? >> that does conclude your agenda for the day. supervisor kim: any other announcements? seeing none, we are adjourned.

>> i am the director of visual arts programming at intersection for the arts. intersection for the arts is

based in san francisco and has always been an organization that looks at larger social political issues through the lens of practice, and we are here today at our exhibition of "chico and chang." the original inspiration was drawn from a restaurant chain in new york city. half of their menu is -- what struck me was the graphic pictures and a man in a hat on a rig truck carrying take that time is containers and in the black sea to representation of a mexican guy wearing a sombrero and caring a somali horn. it struck me that these two large, very subversive complex cultures could be boiled down to such simple representations. chico and chang primarily looks

at four topic areas. one of the man was is whose stories are being told and how. one of the artisans in the show has created an amazing body of work working with young adults calling themselves the dreamers. another piece of the exhibition talks about whose stories of exhibition are actually being told. one artist created a magnificent sculpture that sits right in the center of the exhibition. >> these pieces are the physical manifestation of a narrative of a child in memory. an important family friend give us a dining table, very important, and we are excited about it. my little brother and i were 11, 14. we were realizing that they were kind of hand prints everywhere on the bottom where no one would really see, and it became this kind of a weakening of what

child labor is. it was almost like an exercise to show a stranger that feeling we had at that moment. >> the second thing the exhibition covers is how the allocation is defined, a great example on the theme, sculpture called mexicali culture. another bay area artist who has done residencies in china and also to what, mexico. where immigrant communities really helped define how businesses look of a business' sign age and interior decoration, her sculptural piece kind of mismatches the two communities together, creating this wonderful, fantastical future look at what the present

is today. first topic is where we can see where the two communities are intersecting and where they start colliding. teresa fernandez did a sculptural installation, utilizing the ubiquitous blue, white, and read patterns of a rayon bag that many communities used to transport laundry and laundromats to buy groceries and such. she created a little installation kind of mucking up the interior of a household, covering up as many objects that are familiar to the i and the fabric. fourth area of investigation that the exhibition looks at is the larger concerns of the asian and latin communities intersecting with popular cultur one best example -- when he's exemplified is what you see when you enter into the culture.

>> this piece refers to restaurants in tijuana. when you are driving, to speak chinese and you read chinese characters. you see these signs. i was trying to play with the idea of what you see and the direction you read. when you start mixing these different groups of people, different cultures, i like the idea. you can comment on somebody else's culture or someone else's understanding about culture. >> one of the hopes we have for visitors is that they go away taking a better understanding with the broadest and the breadth of issues impacting both the asian and latin communities

here in california and how they spell out into the larger fabric of the communities we live and work in.