in the past like a one year shock the negative scenario the contribution rates remained level this was after the negative scenario that's the message that come out of those it that you built up that curb on that provides protection against the medium contribution with that, the last slide in here on page 21 we put in a zero percent return for the current fiscal year because we understand current returns for this year are zero so we held that projection it is enough to eliminate the projected supplemental cola rate in the

baseline with that we'll take questions and have the live model in monikers to consider other scenarios. >> i'd like to point out the news for the city is there is an $80 million reduction in employer tricked for the budget part of this we've benefit signaling to the mayors budget office they expected it but there is roughly based on payroll it is - well on page 6 and well, that's for the system as a whole not only the city but the employer reduction is $83 million with the kaurgsz. >> so for budget are purposes this is good news the fwe 22.8 percent rate didn't provide

relief for the actively employees the point of relief is 22.5 but if we go forwarded the 19.2 will provide the relief in the fiscal year for the actual employees but the trigger point for relief is 22 that is 5 so we're very close to it but not achieving it this year but projected to reach that point if not more relieve for the fiscal year and so the current chart with the zero percent of the fiscal year 2015 the employee rate doctors from 10 point to two points lower and questions and commissioner driscoll. >> not a trigger but the appendix for this report will be

based on barnes this plan and two it was talked about they have extra cash for the budget unexcelling if they want to hypotheses the money we can get the 22.5 for that. >> we anticipate the city will continue to be interested in prepaying which they did for the first time this year but this is the first time we're provided what we're estimating banls the projected based salary growth with the payment is after cost sharing i'll say the city has a different approach to determine the cost sharing we do ours we believe is well, we know it's based on actual payroll but in my event their taking advantage of the fact they can give us the money on july 1st

and receive a discount of what they what have paid paycheck to paycheck. >> this goes into effect in july. >> there are union communicating that directly to - every mark this will be february i send a letter out to the mayors board of supervisors and the labor and all interested parties now and then you've identified a contribution rate of 22.8 and the impact on actually employees is a follows the bands of wages covered wages generally speaking folks who make less than $50,000 arriving will adjust it our cip and they pay no additional contributions folks that make $10,150,000 make

one level the contributions than folks over $100,000 make additional contributions it's communicated to all the labor organizations as well as the city. >> just to labor not to individuals. >> it's an engagement in 9 newsletter and i'm concerned about the 20 hundred will not get it. >> it will be on our website. >> make sure that - >> pardon. >> people don't check your website. >> we have historic news last night in this meeting hopefully folks will have an increased interest in the website. >> any other questions. >> we advertise free money. >> no give a ways but - >> i have one do you run stress test when you distribute it do

you use zero for 2015 and don't one average return for that the past years don't do it now but anchorage in the return for the past 20 years. >> the past 10 years and 20 years average. >> commissioners. >> what our return was we'll see how it goes. >> what zero for the first year. >> yeah. correct. >> great. >> chair will entertain the motion to adopt the actuary funding results accommodations on item 12 seeing none, public comment is closed all in favor, say i. passes unanimously call item 13.

>> item 13 action of the adaptation employees contribution. >> we'll accept the report as presented. >> open up for public comment on item 13. >> seeing none, public comment is closed. any questions on this all in favor, say i. >> i. >> passes unanimously thank you very much item number 14 please. commissioner driscoll. >> you want to call the item. >> this was what two year i show is this was a two year budgeted this year is a continuation so we made no significant changes and affirmed the last items were yet to be

filled and the budget hirings there are still online do we call him chief executive officer he made a positive report about the management the audit letter in glijdz glitches a positive report and the review on the captured commitment that was reviewed and the numbers were there more and more merchandise are trying to stay awe from the soft issues. >> any questions commissioners. >> seeing none i'll corp 15. >> the comment decision item

only thank you very much item 16. >> discussion item update on the economic interests and other filing requirements. >> it's that time again those are die by april 21st and yourselves must be filed electronically we've provide you all the information related to getting those filed trop by april 1st and do a followup reminder as also the city attorney staff we're available to help folks if you have questions on our forms seven hundred. >> great any questions seeing none open up for public comment on item 16 seeing none, public comment is closed thank you jay can you call item 17. >> item 17 an action item approve the interpretation of the term shortage in the sf

plan sir. >> actually, this is a proposal where we've been asked to look at the definition of shortage which is not defined in the charter or the administrative code we talk about the property laws and form spouses and domestic patrons are eligible to receive monthly benefits when the member becomes eligible to retire for service regardless in the employee continues to work this was a recommendation a they've add to pick up the payment on behalf of the members the gilmore case basically said the member had been responsible for making sure those payment are made if they choose to continue to work and the retirement system mind we'll make an those payments on our on behalf there's an accomodation of a debt if it's unpaid at the

time the member retires a reduction in the members earned benefits and it is very similar to the shortages we normally talk about where folks may reduce contributions and at retirement they must pay those back in order to get a full benefit otherwise they have a reduction based on the missed contribution we'll request the board approve that if approved will allow telephone pole people to use their 468 plans to pay off the debt prior to retirement and we'll be bringing back to you more research to potentially on this up for monthly pretax agreements where they can pay it

back to prepayroll discussions to allow tour transfers and role offers i'll be happy to answer any questions. >> again questions for the executive director. >> i have a couple of questions. >> first i recognize karen i've been working on this for acquit some. thank you for your time and effort and jay and katie as well i think this is an important benefit adjustment that will certainly benefit a lot of members that want the chance to return their retirement back to full states in terms of timeline for someone actually being able to take advantage of this is it ready to go tomorrow or when do you expect. >> once the board praufdz that it will be in effective tomorrow. >> okay.

>> and we will figure out how to announce it folks that have gilmore building department this year's three or four hundred we don't know what state they're close to retirement but do a targeted mailing to the folks there's a new option you you mention on the repayment of the gilmore debt. >> thank you you thank you very much commissioner driscoll. >> you write that letter or have that educational piece in the letter for those how who have come down it has to be written in simple english the gilmore act and the time to pay it off or not pay it off it's

not well understood at all and the motion i'm confused about is that a continental co-change to require or not require a pretax i couldn'tful understand that. >> the qualified plan to qualified the transfer automatically i mean you're from the 457 rolling into to the qualified plan it automatically is pretax dollars and so the way it is becoming a non-taxable event the nature of the funds don't change the remaining issue whether we have pretax deductions into into pca this off. >> it's an advantage but we allow them to do this. >> actually there's a growing debt if i want to start pca

paying that off we have to freeze it at this point but continue there's going to be a tennessee debt at the end of someone's career when they can know the exact dollar this is unusually what people wish they had the phone money and more likely to have a 457 plan so we feel it's important this go forward we'll continue with the pretax issues as to relates to this since we've adapted those rules you can buy certain parental service and other types of concerns not included that the pretax service. >> as we said you'll precede without the pretax.

>> i understand the motion. >> i think it's a great benefit say you indicated someone brought it to us rather than us coming up with that on our own who asked us to look at it. >> actually a number of employees like i said they know it could be a couple of thousand dollars gee would you look at the possibility it been in the works for over a year. >> great now, when we advance advancing money to one it's entitled to it what trick or treat when they pay back what's the trick or treat and the planned interest is at 4 percent. >> is that a impounded rate or on the sum at the end. >> impounded. >> great. >> chair will entertain a

motion. >> i'll move we adapt staffs recommendation. >> open up for public comment on item 17 seeing none, public is closed all in favor, say i. >> i. >> passed unanimously item number 18 please. >> i have two things to report one was lecturer the commission advert went to a sunshine ordinance to defend the retirement board and myself against anchors we violated the shons at your december meeting by not having sufficiently described the action item the allocation items and not having copies of a because of a motion that was a memo dated depress

third i'll say that the person that brought the complaint was mr. patrick shaw and i'm pleased to say that of i don't think how many departments that actually folks that came down the task force found no violation either the lack of notice or the availability of the materials so that was again, we're not going to - we might break the record of how long we were there but historic news i want to make sure that in particular commissioner driscoll is going to hear this i've worked here for 6 years and started a website with with a calculator when i say soft launched we soft

launched to today, we intend to do some more soft testing but sending nos out to the retired employees that, in fact, how they can log on it is will be a secure portal people see their balances and service credits and use those to model our retirement benefits for dates spot future i'll say that i feel confident it is a good circulate it was built and maintained by our actuary it will continue for retirees it is 1099 r season for those of you the tax reporting of their pensions we want to

roll it out in time for folks that says they never got it is online and it is in construction they'll be able to see a direct deposit notice or revised notice for every pension payment with the daily of taxes and building a history that is obama and for active employees you'll see the last statement mailed out in august and building a history of those reporting for folks going forward 0 he's good evening to be a tester we'll get him linked in to make sure he's been, you know on this - yeah. right after it comes up as well surgery is tomorrow for his sister but i'm very pleased i want to recognize that jeanette

obviously had a lot to do with the cooperation of the circulate but helped out with alison you are communication manager and greg lee our it manager to get this to a point we're confident it will be a significant improvement and availability twenty-four hour access to data and secure portal for our employees. >> questions? commissioner driscoll >> i've bat to tested it will this be tested in any way, shape, or form. >> it will not import a calculation you do on the website not import it but it will allow you to key it in not

an actual link. >> right which moved the apprehension that value over to the district of columbia and rite aid to help with the gold maker and everything. >> it's a great step it's taken more than a few months. >> any other questions open up for public comment on item 8 seeing none, public is closed thank you jake item 19. >> discussion item retirement board reports and comments. >> open up for public comment on item 19 seeing none, public comment is closed commissioners any - great, thank you norm could you call our closed session items please. great i'll open up for public comment on the commission going into closed

>> closed sessions with nothing to report opening it up for public comment seeing none, public comment is closed no other business before the commission we'll adjourn. >> wait, wait. >> you've got to report in. >> all in favor, say i. >> i passes unanimously seeing no other business before the commission. >> i have a question the investment staff is very good about excluding into the agenda the results of those commitments when the contractors are done and the reference a couple of sentence the question is what piece of document what about

released to the public to present it into a simple formula. >> the chief executive officer reports on page 2 all the investments that were closed out. >> i understand it by the way, that's a photograph as opposed to the packages so when it is ready for the public. >> commissioner the closed session data can't be disclosed the closed session memo is protected from disclosure. >> i an part of that passes the other test as well that's what i'm trying to get at. >> so staff this is more than what perceive been galileo today

how about through the executive director i could give us example of the reports out commissioners so we can have the sample obviously there will be more detail engineering. >> one the objectives be communicating to people what we're trying to do having to do with the trust issue to show the public the information we can show them without messing up our investments that's whatyou.

>> what do you think about working at an airport and i love it is busy all the time. >> we want it to be an those away was this is a venture if i didn't love it i'll be an accountant. >> we want the experience that is a non-airport experience the negative stigma we're trying to erase that. >> everything is in a bad food

to excite them about the food and they have time to learn about us. >> people are imitated by traveling and the last thing to do is come to a place fill of chaos. >> telling me how the extent of napa a farms came about. >> it was a vision of the airport director he had a suspicion of a really cool gourmet speciality market locally friendly products this market local flavors this is the best. >> can we get a little tour. >> absolutely (laughter) ♪ ♪ >> so first on our tour. >> we have the clock we like to call it. >> this is coordinating it is

made in san francisco. >> what about the customer presence. >> we like to get the permanent farther i love the cappuccino and you have to go to multiple places for the cupcakes the cup a cakes from kari's people want to live here they're longing phone call for one thing in one spot in you know anything about san francisco the cheese the most popular cheesy think a lot of the people from the west coast say so this the real san francisco sour dough and they're curious. >> you find people respond to the idea of organic and absolutely. >> this is autumn. >> thank you, thank you and there's a lot of personal touch. >> i see san francisco. >> it's very hands on.

>> what's the most popular items. >> this is quite surprising our fresh jotting this is the chronicle special a bowl of warm oats and coconut that's mites farther. >> and speaking of drinks tell me again the cocktail scenes is that one, the things your known for . >> the cocktails are fantastic. >> really. >> fresh ingredients we don't have a mixture it to order this is our marcus bloody mayor. >> farmer's market bloody mary the bloody marys in the airport

are great shikz it up. and then we're going to garnish it with olives. and some lime and a fresh stalk of selly. right on. >> we like >> the commission will please come to order and the secretary will call the rolling. >> commissioner pating is stepping in commissioner singer commissioner president chow arrest sdmung sxhashg the second item on the agenda is the