we will talk about that. part of that active investments is that we believe in liquidity premium and harvesting premium. liquidity is first. second is some things that curt mentioned total strategic asset allocation we spent most of 2020 with nadc and allen martin to make sure that we understand the risks that we are taking. we understand how much risk we are comfortable to take for the total plan. we increased the risk that we feel we need to take considerably by 10% last year with larger allocations to equities, to growth. so we added to where we felt we can get more returns. we also added to leverage.

with that i will introduce complexity, more risk. we had to build even further risk measurement and monitoring for the total plan. that is the third one. you can see substantial comprehensive reports. we are not going through each page. even that is just a subset of what we do. just to introduce technologies we use and departments that we work with to get this type of report analysis, you met our total portfolio risk partner. we work closely with black stone and wilshire. that is just a sub set what we can do. we cannot show everything.

[ inaudible ] it cannot be shared publicly. we do review on an ongoing basis. risk management is the core of what we do day in and day out. what you see in front of you is the result of all investment teams. there is a touch point for every team member. obviously, brady is our risk analyst put all of it together. all investment team members contributed. many thanks to them and cambridge and abc for reviewing that and adding to the risk analysis. i am going to speak the first part on the performance and risk assessment. chris mentioned the risk tilt that we have and performance was

covered last time. [please stand by]

>> -- knowing, again, that there is justification coming from the number managers that they had. we increased our sales over the last several years to payoff. page 24, performance distribution, let's look right at the bottom right of the portfolio -- of the table that we're referring to. number 27.2 is the accumulative active return over seven years, so public equity portfolio

outperformed the msci equities by 27%. out of that 27%, 17% was due to active selection, and 10% came from stock selection, and some of this selection was driven by our managers, and some of it was driven by us where we put more weight into health care and technology. so we just -- from here, we see that the bulk of the performance came from stock selection, and we can conclude that [indiscernible] till paid

off. you could see that this tilt in public equity portfolios paid off over the longer term. on this health care, if you look at the row that says health care shorter than one year, it doesn't benefit, but the sector tilt benefited us. sector technology, longer term, the portfolio added more than 8% in accumulative outperformance in information technology and #.3% in health care. so overall, you could see that a large part of the

outperformance came from the two sector tilt. and the last number four tilt that are intentional in the total portfolio is our [indiscernible] tilt, and you can see here that throughout all time horizons, our health care and technology outperformed the cambridge and it outperformed our total equity, as well. coming back to the fourth tilt, the fourth tilt is our geographical tilt, and this is the tilt to china.

this is 13.5% or $4.4 billion. we're including our exposure to hong kong and taiwan, and this is a considerable tilt, and we're managing this very closely. as kirk mentioned, we're scheduling an i.c. presentation to cover the investment and market in china. intentional tilt, underwritten very carefully with what we believe are one of the best managers across public and private equity. you can see a lot of it is coming from public and private equity, and most of it, a big

exposure, is coming from private equity and public equity. 27 gives us shorter time frame for china managers. they returned 22.88%, outperforming msci equities, which is our benchmark, as well as the s.m.t. china managers has delivered 14.4%, outperforming cambridge essential benchmark by a wide

margin. so we monitor this tilt and this intentional risk very closely, and the quality of our managers and selection is paying off. so with that, i'll stop and will pass it onto brady who has the trust on the scenario analysis, the key asset of our portfolio and how we continue. so brady, let me know how you want me to proceed. >> [indiscernible] if you want

to jump to page 46. so they've -- and good afternoon, everyone. as ana discussed, we have manageable risk in our portfolio, and one of the ways we assess that is doing a stress test and scenario [indiscernible] and then we'll also be looking at historical scenarios. so, for example, what would happen to our [indiscernible] portfolio as it exists today in the case of a [indiscernible] environment. we are running all of these out of the platform that ana mentioned earlier, but i'd like to mention it's just one subset

of stress and scenario modelling that we do, and they monitor press closely, so i think it should show where we have relativities and where we do not. so jumping into the single market factors, [indiscernible] we are most sensitive to equity drawdowns in the equity heavy portfolio. e.m. currency, we'll be talking about that, as well. another quick note is we have adjusted our privates from this

platform to better align with our empirical track records of private through these solutions. ana, if we could jump to the next slide. so looking here, in this case, we looked at if the [indiscernible] would rise up 40%. now, we looked at that number, and the rest of these number in the market factor stresses because they're between two and three standard deviations between what we like to expect normally. that's meaningful drawdown, and it's one that we'd normally see. it's not something [indiscernible] that is way out there, and it's quite likely to

happen, and so we are not stretching too far. if we look at what's going on with publics here, that's sort of what you'd expect. private and real assets, about 40%, and then, about 26%. ana, could we jump to page 52? so here's the emerging market's currency index. it tracks the currency exposure of the constituents of the e.m. equity index. so the implication there that

whatever is in the equity index, china now makes up 35% of the total index, and emerging asia as a whole is a vast majority, so it's a really, really heavy part of the index. as ana just mentioned, our china exposure is a meaningful and important overweight in our portfolio. so the way that you can read or sensitivity is sensitivity to our china overweight. you can see that in our public equity book, which would be down 26% in the case of a 26% e.m. currency drawdown.

the way to read this is one way to see our sensitivity to china. so i think from here, we can jump down to our historical stress tests. yes. here, we look at what would happen to our current portfolio given recently correlations between s.f. classes and significant scenarios between light tech melt down and the g.r.c., the subprime crisis because we have a [indiscernible] and because egfc, we think this is a perfect storm. so here, we can see the

portfolio. we see we have a lot of equity in our growth portfolio [indiscernible] public equity is drawn down nearly 30%, as well, because it's a growth equity that's in that portfolio, and here, we see that we have a small bounce from public fixed income. we don't know exactly where correlations would be in a situation like this, but for what it's worth in this case, we had a little bit of benefit from diversefication. so again, i think this is probably what we would think of, just a worst case scenario, and we do have another

[indiscernible] that runs another stress test but actually uses forward looking assumptions, and they're in a worse case scenario that actually lined up really closely with this. in that, public equities would be down about 50%, public and private would be down about 33%, and our total portfolio would be down about 33%. the thing i'd like to emphasize here is it feels quite painful to look at that 33% drawdown, but this 'em -- empirically did happen, and it's about as bad as what we are thinking

through. with timeline, i don't know if ana had anything to add or if there are any questions. >> this is what we've prepared? we're standing by if you have any questions. we know it's been a long meeting. >> any questions of any commissioners? >> i have two sets of questions. let's start with this last chart. if there were another incident like the subprime, and there were another significant drawdown, in your estimate, the other large tool here is the liquidity -- i feel what you call the liquidity plan, where you've broken-down the assets and the highly so-called liquid and illiquid. if this scenario were to cure, what is our challenge in terms of liquidity? will we be okay?

>> yeah. >> that's a good question, and we certainly look at the drawdown in conjection with liquidity, and we likened the analysis, if you'll remember, with a haircut, a haircut knowing that there could be drawdown from the assets that we would like to use in the liquidity pool. so our liquidity analysis includes stress tests on the m.a.e. of the liquidity pool that we'll be drawing. i think this is also interesting. we're okay now. the one thing that we need to

be careful of is -- for example, two or three years, and most of the pension obligations will be coming from the fund if that happens at the time of this market stress is going to be quite challenging, as we also outlined in the liquidity presentation last month. >> the bottom line or answer to your question, commissioner driscoll, is yes. with the haircut [indiscernible] the scenarios we actually are actually [indiscernible] than what we presented here, but the answer is we're able to handle these scenarios presented today as presented in september will

[indiscernible]. >> perhaps i is could have brought that liquidity report to show that with all the things that we're trying to achieve with the issue of return [indiscernible] i want to reconcile those two numbers. >> very good question. [indiscernible] actually, the volatility that was actually realized by the fund. >> ana, you cut out for a

moment. just to confirm, slide 16 is what's been realized, correct? >> right. >> all right. that's what's important. this issue is if our goal is one of these returns is 7.8%. i'm going to kind of have to go over very quickly today the informal survey that was done of us last year about what our risk tolerance is as a board. if we want to achieve a great rate of return by drives contributions and our funding ratio, we have to decide where we're going to take the risk, given we must maintain liquidity at a certain level. it's going to push us into the more volatile public equity areas, which is then very successful for us, as well.

i ask the questions this way to make sure we as a board understand the differences between risk and volatility and how the demand to maintain volatility will be accomplished. what do we really -- do we have a common understanding of what we mean what we say risk. our staff is going out to execute and achieve with all the tools and tactical controls they have, we'll understand what they're doing, and at the same time, we can tell city hall hey, look, we're ready for some drastic times before we start selling off assets that we don't want to sell. so that's a long winded question before i try to figure

out if there's a way to show the small improvement after so we can see how we're on track and managing the risk, not just the excellent results over the last 20 orthat's been particularly on those charts on pages 28 and 29. thank you. >> the other thing that you'll see on the risk side, there's annual presentations by each asset class, and they present a lot of [indiscernible]. >> i'm going to take back to comment back to another subject based on some comments on china

and our exposures there. i think the comment i made before about the i.c. maybe being moved from the 17, i think the last couple presentations, china keeps coming up, and as an educated board, we have advisors that we bring in. so president casciato, as we've just been suggesting, let's work the other item around that and hold investment to the 17 but possibly find a date -- clerk -- you have somebody presenting, right? >> right. and look, we can be understanding and be flexible here. we have some speakers arranged

for the 17. that said, our intent for the investment committee on the 17 is not for it to be super super lengthy. their schedules are just limited, but we can find a time. >> we can do it, right? we can find it for the 17? >> yeah, i think we can if we commit our day to that. >> okay. >> our time that day. i would like to keep it on the 17. >> yeah, because that's the purpose of the i.c. is to give the board members what is

topical and clinical and relevant to our success. >> let's see how many we can get commitment to. >> just plan on doing the china for the i.c. on the 17, okay? >> sounds good. >> okay. sorry for that. >> no, that was excellent. we need to do that. >> but great presentation, brady. >> chairman casciato, before you leave this topic? >> yes? >> i did want to advise the challenge -- and i advise a lot of public funds. the challenge is to be able to achieve the actuarial rates that you have to amortize the liability. you have to understand the risks you want to take and the

effect on the portfolio is. this is very much state of the art, because for most plans, integrating public and private assets, you have the staff that can get beyond the numbers and break this down into the kind of levers you pull, so i did want to add, from my standpoint as an advisor, this type of analysis is as strong as any i've seen, and it's critical in this environment. you can't do what you want to do without taking risks, but the risks you want to take need to be really monitored rigorously as staff has done here. >> thank you, alan. appreciate it. any questions of alan? again, at this point, let's take public comment and we'll move the agenda as time is running short. >> clerk: thank you. a reminder to any callers to

press star, three to be added to the queue. moderator, do we have any callers in the queue? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. hearing no callers, public comment is now closed. president casciato? >> let's take item 11. >> clerk: item 11, discussion item, chief investment officer report. >> thank you, president casciato. i will be brief here. a lot of what i would otherwise state is written here. what we covered in july and august that the markets were at a bit of an inflection point, and we saw volatility in the market because of covid and the

on going regulatory events in china to potential budget showdowns, and the potential advising inflation and interest rates. later on in the c.i.o. report, i won't go through it here, one of the more notable events was the fed decision that they would begin tapering, which is the first step in reducing monetary stimulus. the effect will be dependent on inflation measures and unemployment measures, both of which the markets are beginning to focus on, so those will be two things that everyone participating in the markets will focus on. given that there was a downturn in the market, sfers was down

an estimated 85 basis points for the month. for the quarter and for the fiscal year, we estimate sfers' assets to be up about 4%, and what has been true for quite sometime [indiscernible] notably, that 3% for the quarter is ahead of a 60-30-10 portfolio and a 60-40 portfolio. counter year-to-date, sfers is up an estimated 18.1%, again, led by private equity, and again, comfortably ahead of a 60-30-10 portfolio and a 60-40

portfolio. sfers assets at the end of the quarter are estimated about 36.1 billion. so quickly, in terms of an update on board approved investments, at its meeting on june 9, retirement board approved up to 50 million to [indiscernible]. the fund is classified at a venture capital investment within sfers venture portfolio. next up, sfers allocated 40 million to be invested in [indiscernible] closed on september 21, 2021. these investments will be classified also as venture capital within sfers' private

equity portfolio. next at its meeting on february 10, 2021, the retirement board approved in closed session an investment up to $25 million in cbs-1lp, the investment of 25 million in cbc-s-1. it's classified as a coinvestment, the first with cbc group. two more. at its september 8 meeting in 2021, the board approved total investment of 12 million classified as a venture capital investment within sfers private equity portfolio. and finally, at the meeting in -- on august 11, 2021, the

retirement board approved in closed session an investment up to 50 million in hcp studio fund lp and up to 60 million in studio fund sfers. 50 million to hcp closed on september 3, 2021, and it's sfers' first investment with hackman capital partners. two more items, one of which we've discussed, but i will turn my attention to personnel. i noticed in august we posted for a senior portfolio position and buyout equity. we began interviewing for those positions last week, and we'll have more next week, and we are pleased with the candidate pool. in addition, we are taking our first steps towards the career

steps and additional resources, and we're excited to begun we're posting for manager positions and these positions are new and effectively serve as second in charge within the respective assess classes, so we're extraordinarily grateful to all of the work that went into each of these positions by our director, jay huish. we're grateful for your efforts here, and we're grateful for the support that we've had from the board of supervisors and the mayor, as well. this is a big undertaking, and i know there's a sense of urgency among all of us to get this done, but we need to get it done the right way. it's going to be an effort

among staff. there's going to be about ten of us doing all the interviewing, so in addition to our day jobs, we'll be doing a lot of interviewing over the next several months. since we're hiring a number of positions over the next several months, there's a risk of cannibalisation, and finally, you've met some of our investment -- additional members of our investment staff. adding six new people to a group of 20 today is a real cultural challenge, so we'll make sure that these people have the technical skills, but it's important that they fit culturally, so bear with us as we go through this process as we're super, super excited. lastly, and we've acknowledged

it already, we have scheduled our next investment committee meeting on november 17, during which we'll focus on the investment regulatory changes going on in china. we'll be joined by the cofounding partner of asia alternatives and a global strategist for jpmorgan inside strategy team, so that brings both a public market and private market perspective. so i'll pause there and answer any questions the board may have. >> any questions? hearing none, public comment, please. >> clerk: thank you. callers, if you haven't already done so, please press star, three to enter the queue.

operator, do we have any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. >> we'll go to the deferred compensation calendar, and since we always put this at the end of the calendar, next month, let's give them a break and put them at the beginning of the calendar. item 12? >> clerk: item 12, discussion item, sfdcp committee report. >> thank you, madam secretary, mr. president. the committee report stands submitted unless there are any questions from the board members. >> any questions from the board? public comment, please. >> clerk: thank you. moderator, do we have any callers on the line in. >> operator: madam secretary,

there are no callers on the line. >> clerk: thank you. hearing no calls, public comment is closed. president casciato? >> item 13, please. >> item 13, discussion item, sfdcp monthly report. >> thank you very much. that will be a nice change next month. it'll be our quarterly report, so that will be a nice one. i will be brief in my comments. i'm aware of the hour. first is the stable value crediting rate, which has increased to 1.71%. this crediting rate is guaranteed for the entire q-4 and will reset for q-1 this year. they will value wholes just under 1 billion and is the most conservative fund in the

lineup. as of august 31, the fund is just shy of 5 billion, and you can find the fund performance in the attachment activity report starting on slide 10 in the item 13 materials. as a reminder, the plan is 100% contribution dollars that employees have made to complement their pension retirement. sfdcp funds are chosen to be liquid. shifting gears, october is national retirement security month. as you may recall, the plan usually conducted a seminar at the main library, and it tends to result in standing room only. since the pandemic, all seminars have been virtual, and

we have seen an uptick in webinar attendance. to date, nearly half of the stainless steel travel mugs have been awarded, leaving around 50 more for early entrants. you can see the criteria before you in slide 3 and the prizes on page 4. in fact, the whole presentation deck has been prepared so that the whole board has an avid glance board at the actual activities campaign. this is also our first prize raffle approach, so i anticipate some learning from this maiden voyage. we also announced our first woman planning and retirement seminar, which launches soon.

an e-mail campaign to nearly 24,000 active participants in also underway, with the first one last week and the second one sent yesterday. open rates have been normal, but conversion rates, when a reader clicks a link, has been strong, about 5.5%. you can view these on slide 7, and lastly, our five-minute videos can be found on sfdcp.org. finally, what i would like to highlight is our partnership with other city departments in helping us promote national finance security month. the month of october is, by design, as employees are in a benefit state of mind due to health services open enrollment. the plan has been blessed with steadfast supporters and partners such as safety, d.p.w., and h.s.h., but this

year, we've also been fortunate to have the city administrator, p.u.c., department of human resources, to spread the word through their own e-mail, newsletter, or webpages. i look forward to continuing interdepartmental support. that concludes my update for this month. i am happy to answer any questions regarding the plan. >> any questions of diane? hearing none, public comment, please? >> clerk: thank you. a reminder to callers to press star, three to be added to the queue. moderator, are there any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. hearing no callers, public comment is now closed. >> okay. thank you very much. diane, thank you very much. see you later in the afternoon. >> thank you.

>> okay. administration calendar, item number 14. >> clerk: item number 14, discussion item, personnel committee report. >> okay. since commissioner stansbury is not here, we'll just accept it as submitted. public comment, please. >> clerk: okay. public comment, please. moderator, are there any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: okay. public comment is closed. >> item 15. >> clerk: item 15, discussion item, 2021 review of economic assumptions negative sign yo tests. >> thank you very much. i do ask commissioners to ask questions at any time leading up to the november meeting, and bill, do you have the -- there

we go. thank you. >> good afternoon, commissioners. given the hour, i'll move through this very quickly. let me know if there are any questions. we had presented information back at the august meeting. the updates here first in terms of the projections [indiscernible] which added to about $1 billion in assets compared to these finer projections, so we're looking at slightly better results and slightly higher funded status endings projections. in our august meeting, we had recommended reduction in the discount rate and looked at three alternatives. the commissioners asked for some information about what would happen in some negative investment scenarios, and so

that's the primary information in this presentation. we did review the information from the august meeting that led to that recommendation. we had also included in our recommendation some changes to the amortization schedules in different situations, so we put together this -- these quick summaries in each of the situations. normally, we have the baseline news investment returns equal to the discount rate. since we are comparing four different discount rates, and we didn't want the investment

return to cause variations, we just picked a round number, 7%, to use for all of the discount rate scenarios, and so there's -- you're not going to read anything in particular here. we just wanted to make sure we had an apples to apples comparison. the members contribution rate after cost sharing and funder contribution rate after cost sharing. the member rate is a different scale than the employer rate, so they're not directly comparable, so looking at these, make sure you take that into account. we did put the before cost sharing line on here for the member rates, and you can see whether they're getting adjustments added to their

sharing rate. [indiscernible] with the retiree health care trust fund contributions, special contribution we talked about last time that only applies to the city. this is the negative scenario. i'm just going to jump through these and get to our conclusions, and then take questions. the lower the discount rate, the higher the contributions, and that causes assets to accumulate to larger amounts. in terms of funding ratio, in the baseline scenarios, all of them are above 100% at all discount rates, and the negative scenarios, they drop below 100.

none of the scenarios got above 11.2%, which is what it is right now. so with the good investment returns, we're going to see that go down, and even with these negative scenarios, it doesn't go back up. with that, i'll take questions

[indiscernible]. >> thank you. any questions of bill? >> i have one question of bill. >> go ahead. >> months ago, it was, when you made a recommendation of the discount rate the board should use, which we did not, has kyron changed the discount rate -- as our consulting actuary, have you decided in any way to change what the recommended discount rate was that you told us a couple months ago? >> no, we haven't made any change to our recommendation.

we think that you should use your recommendation rate at least to 7.2. >> fine. this incredible year that we just had. in fact, our funding ratio has jumped up so high, you had not changed what you recommended our discount rate? >> not from our august meeting. >> right. in terms of how you got to that 7.2 number several months ago. >> right. >> thank you. >> thank you. any questions of bill? bill, if i could just ask you

if there's a possibility if maybe there could be -- maybe you could work on a one-pager sort of a one-page graph of the discount rate of how it works as if it were being presented to the public in order our members can clearly understand how it's working and when it moves up and when it moves down? is that a possibility, maybe some type of schematic? >> yeah, we can work on something. >> maybe we can talk offline about it. >> yeah, we can talk offline about what it mean. >> and as jeanette talked about, we will bring this back

as an action item for the november board meeting for the board to make a decision. kyron is only recommending a change in the return assumption. they are leaving the rest of the assumption where they're at, so this was in preparation of being brought back next month, and then maybe result of that decision, we could probably something for the public to show the impact of the action that the board took, however, kyron is recommending that it be lowered to, at least what bill said, 7.2, and maybe we could work on something we could put on the board's website to explain the action on employees as well as employers. >> good. thank you. yeah, let's talk offline about that. maybe a nice picture would be

helpful. appreciate it. any further questions of anybody? public comment, please. >> clerk: callers, if you have not already done so, please press star, three to be added to the queue. moderator, do you have any callers on the line? >> operator: madam secretary, there are no callers on the line. >> clerk: thank you. hearing no calls, public comment is closed. president casciato? >> clerk: item 16, discussion item, executive director's report. >> commissioners, i'll keep this brief. we an update on our office

reopening, and we anticipate bringing everybody back to the office at least on a part-time basis on november 1, and we are making sure that we have enough safety supplies and cleaning supplies and protective equipment to make sure that everybody feels protected. we have very few folks in our department who have not yet reported that they've been vaccinated, but the city, as you understand, has been dealing with this on a larger basis with some of the larger departments. the final issue that i will bring up, and it's a discussion that i've had with a number of board members, what the city is focusing on now in their labor negotiations, and i believe there was a request from labor, is there be an inspection of

all of the city facilities where you would have staff return to work to make sure that they have proper circulation or ventilation and those types of safety issues that are being raised by staff returning to work. and i will say, since we leased this building, the department of real estate has done the assessment for our floors? we have raised concerns of even prepandemic, that there's certain times and certain areas in our department that seem to have a lack of air circulation? it's a closed building. we certainly can't open any windows, so i wanted to alert the board that this is a consideration that we will continue to have each month as we will determine when we return safely to live in-person board meetings with all the board members present, and so i

will keep you updated as to where you're at with that. so i just wanted to notify the board that the city real estate's request is looking at the air circulation in every area of the city where staff would be assigned to work. with that, i'll be happy to answer any questions. >> any questions of jay? jay, just one comment. i heard an interview this morning regarding jean frazier at citigroup, and she's wrestling with all of these same types of issues, and it's quite innovative, what she's planning, so it might be worth looking at her remake of citigroup in these post pandemic times. >> okay. thank you.

>> yeah, it was interesting. if there's no questions -- joe, go ahead. >> one question. >> okay. >> yeah. jay, i know the building owners contract with the janitorial service to do all the daily cleaning. i'm just wondering, do you think they're as thorough and complete and appropriate for all of our staff at sfers, but whether we want to go back over ourselves and wipe down with a very powerful disinfectant? >> we, as part of the safety provisions provided by the city over the pandemic, have the lysol wipes and materials that we can wipe down common areas, kitchen machines, and other areas, so the protocol for staff returning as it stands

right now on november 1, is we would urge people to wipe those areas down before you use it so you don't count on someone wiping it down after they used it. the cleaning services, we have, over a couple of incidents over the pandemic, have requested they come in and do a deep cleaning for certain areas where we believe there may have been someone come in who was either exposed or had some exposure to covid. and currently, the thinking is, they have these machines that will come in and sanitize areas similar to what they use in airports, but the science i don't believe supports that that is really the danger of contracting it from surfaces. that being said, we're still going to have, you know, the plexiglass protective barriers in the member services area,

we'll have it here -- when i say here on the sixth floor, not really in the office, but on the sixth floor in the reception area, we'll have it around darlene's area in the board room because eventually, we will have the public coming back to in-person board meetings, and we cannot, at least currently, require them to be vaccinated in order to attend a board meeting. [please stand by]

>> board evaluation survey. we are in arrears on it, correct? >> we haven't done one for two years. >> we need to get that done. if the committee is having trouble, go with two. >> right. supervisor safai is chair. commissioners ghandi and bridges are on the committee. we can proceed. we have some other governance agenda issues friend friending

-- pending. getting this out to get the results back to the board should be the highest priority. >> okay. are you going to contact him? we can talk offline. >> we will try to get a meeting going over the next couple weeks. >> thank you. >> we should have that survey back for the november board meeting. >> that may be tough. committee meeting going and distributed and responses back. the governance may be pushed to november. certainly before the holidays, yes. >> thank you very much. public comment, please. >> reminder, callers, press star 3 to be added to the queue. >> there are no callers on the

line. >> public comment is now closed. >> thank you very much. item 17. >> item 17 discussion item. retirement board members good of the order. >> any good of the order issues? commissioner bridges, anything? >> nothing for the good of the order. thank you very much. >> okay. >> commissioner ghandi. >> nothing for me as well. >> commissioner driscoll. >> thanks for asking, i made my earlier comments. >> commissioners i don't have anything and i will entertain a motion to adjourn. >> public comment, please. >> callers if you have not done so press star 3 to be added to

the queue. do we have any callers? >> there are no caller on the line. >> public comment is closed. >> thank you very much. this meeting will be adjourned. thank you. >> thank you, mr. president. >> good night everyone.

>> my name is alan schumer. i am a fourth generation san franciscan. in december, this building will be 103 years of age. it is an incredibly rich, rich history. [♪♪♪] >> my core responsibility as city hall historian is to keep the history of this building alive. i am also the tour program manager, and i chair the city advisory commission.

i have two ways of looking at my life. i want it to be -- i wanted to be a fashion designer for the movies, and the other one, a political figure because i had some force from family members, so it was a constant battle between both. i ended up, for many years, doing the fashion, not for the movies, but for for san franciscan his and then in turn, big changes, and now i am here. the work that i do at city hall makes my life a broader, a richer, more fulfilling than if i was doing something in the garment industry. i had the opportunity to develop relationships with my docents.

it is almost like an extended family. i have formed incredible relationships with them, and also some of the people that come to take a tour. she was a dressmaker of the first order. i would go visit her, and it was a special treat. i was a tiny little girl. i would go with my wool coat on and my special little dress because at that period in time, girls did not wear pants. the garment industry had the -- at the time that i was in it and i was a retailer, as well as the designer, was not particularly favourable to women. you will see the predominant designers, owners of huge complexes are huge stores were all male. women were sort of relegated to

a lesser position, so that, you reached a point where it was a difficult to survive and survive financially. there was a woman by the name of diana. she was editor of the bazaar, and evoke, and went on and she was a miraculous individual, but she had something that was a very unique. she classified it as a third i. will lewis brown junior, who was mayor of san francisco, and was the champion of reopening this building on january 5th of 1999. i believe he has not a third eye , but some kind of antenna attached to his head because he had the ability to go through

this building almost on a daily basis during the restoration and corrects everything so that it would appear as it was when it opened in december of 1915. >> the board of supervisors approved that, i signed it into law. jeffrey heller, the city and county of san francisco oh, and and your band of architects a great thing, just a great thing. >> to impart to the history of this building is remarkable. to see a person who comes in with a gloomy look on their face , and all of a sudden you start talking about this building, the gloomy look disappears and a smile registers across their face. with children, and i do mainly all of the children's tours,

that is a totally different feeling because you are imparting knowledge that they have no idea where it came from, how it was developed, and you can start talking about how things were before we had computer screens, cell phones, lake in 1915, the mayor of san francisco used to answer the telephone and he would say, good morning, this is the mayor. >> at times, my clothes make me feel powerful. powerful in a different sense. i am not the biggest person in the world, so therefore, i have to have something that would draw your eye to me. usually i do that through color, or just the simplicity of the

look, or sometimes the complication of the look. i have had people say, do those shoes really match that outfit? retirement to me is a very strange words. i don't really ever want to retire because i would like to be able to impart the knowledge that i have, the knowledge that i have learned and the ongoing honor of working in the people's palace. you want a long-term career, and you truly want to give something to do whatever you do, so long as you know that you are giving to someone or something you're then yourself.

follow your passion and learn how to enrich the feelings along the way.

good morning. and welcome to the country club. and i really want to first of all thank billy and the country club and the whole team for hosting us here today. for those who don't know, the

country club is it one of the core community pillars in the castro for many people