uplift and empower district 11. career working for sfusd legal equity department severing children and families. with friends i started delivere meals to people in need throughout san francisco each month. director of housing development for neighborhood, i work to provide service to some of san francisco most vulnerable residents. working on affordable housing development project and policies with community members all the city, including district 11. i worked on the renovation and preservation of housing insuring over 300 units of housing stayed affordable e san francisco. i worked directly with our law enforcement agencies to create safe communities and community processes for conflict. i worked to preserve our neighborhood senior centers as board chair of southwest community organization creating service offerings tayloring to tpopulation and diverse culture. opened and managed the covid

hub bridging community organizations neighbors and cityparv the neighborhood with access and inclusion. worked as lij slateive aid to district 1labor, land use, park and rec, small business and constituent issue. i understand why district 11 forgotten but my lived and professional experience allows me to be ready day one to support community members and work with colleagues to create a better san franciscyou. ej jones, candidate for district 11 supervisor.

president heldfond you may the retirement meeting of august 14, 2024. >> roll call, please.i? >> present. >> president thomas. >> present. >> president heldfond. >> present.isco. >> present. >> bridges. >> present. >> thank you, quorum, mr. president. >> thank you, let's apologize number one for the noi. and if anyone wants a good humor about this vocation, to r wamo in the summer garage right

across that alley.you read it b all the horns went off. >> yeah. >> anyhow, let's do the next one. >> item number 2, communications. we welcome the public participation during public comment period. there will be an for general public comment at this meeting and there will be an opportunity to comment on each discussion or action item on the agenda.ent is limited to two minutes. public comment will be taken in-person and remotely by call-in. we will take public comment first by people attending the meeting in-person and then remotely. comments are opportunitie speak are available by phone by calli 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 up, to be on speaker line. speak slowly and clearly and please note the city policies prohibit harassing conduct against the employees and others during public meetings and winot be tolerated. more over public comment is permitted only matters within the jurisdiction of this body and we thr joing us. >> thank you. next item, please. >> item number 3 general publ a reminder that public comment is limited to two minutes. do we have any in-person public comment? on this item? seeing none, moderator, do we have any callers 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 public comment please. >> thank you do we have any in-person public commt in this item? seeing none, moderator are there any callers on the line? >> 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 seedfar say aye. >> aye. >> those opposed say nay. motion passes.nexttem, but firs

let me first of all, this is--commissioner, you're here, ? okay. go ahead. i really just want to mmd the continued record of attendance of all the commissioners on so fa 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. >> move to adopt the consent calendar. >> second. ok, madam secretary, want to have--. >> i have one question. >> sure. >> the travel request starts

the 11th which is a board meeting day, i just plan on being here today? >> yes. >> thank you. >> public comment. >> do we have any in-person comment on the line? seeing none, any callers on the line? >> madam secretary, there are no callers on the queue. >> no callers, yellow light is closeds. >> those in favor? say aye. >> aye. >> those opposed? motion passes. >> next item, vacancy on retirement board and approve proposed selection schedule. co standard operating procedure agenda item and it is an action

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

>> we need a motion and a >>cond. >> second? >> second. >> is that a motion to declare the vacancy? >> yes. >> thank you. >> okay, public comment please? >> do we have any inst on this ? seeing none, moderator are there any callers on the line? >> madam secretary there are no callers on theue >> thank you, hearing no callers, public comment is now closed. >> okay, it's been moved and second those in favor say aye. >> aye. >> those opposed say nay. >> item number 7, discussion item, chief executive ofce >> commissioners in a moment i'll turn it over to karen to go through the member services dashboard. fiwanted to highlight a

couple of items, the forward calendar that appears in your materials now goes through june of 2025. i've been working ththe various committee chairs to calendar the committee meeting, we're in the process of finalizing the dates for our next board meeting, er 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 r that impact firefighters and with respect to drop will appear on the ballot in november. and unlts there are any questi r

to karen. >> having this, this was my first go-around as a commissioner in terms of getting, havingthe number of ballot measures that we were given. we were 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 tand into just seeming, hey, can you do this? and. that's all i have to say. continue. >> you have before you the

dashboard hopefully it's mostly self explanatory. there were a couple of items i want our online webinars have been extremely successful. one consistent ec feedback we've received is that we do them at noon time for most people to be able to attend but many people have asked if could actually regard them and have them online. and beginning in septwe plan to regard them and then posting them. so hopefully we'll have feedback with the next quarter have recorded and measure whether we get anybody taking a look at them in the off hours. the other item that want

today highlight is you may notice thatprocessed over 200 benefits last month between may and june. those are our high, high very intensive retirement time of the year. and we are finalizing, i mean that'sa t to have over 350 d i wanted to highlight and thank the staff during this time of year cause 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 take any questions. how much time beforeactu life and when we go online. >> for the web nazer? >> yeah. >> i don't know the answer to that yet.will know better when start to record them, they have not begun recording yet. they're getting ready to do that begin i and it will be probably be the most well attended. we're going to 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 of less we're changing the text. >> like a good library.■( >> i don't know that. >> times speakers see

themselves doing it with a complex subject. they realize, hey i can improve one trying to figure out if the audience understood what they were trying to say. >> and i appreciate that it can. >> thank you. >> any other comments, questions? okay. let's call for public comment. >> thank you, do have any inperson public comment on this item? seeing none, a reminder to any tostar-3be asked to be added to speaker line. moderator are there any callers on the line? >> madam secretary, there are no callers on the queue. hearing no calls, public comment is now closed. >> next item please. >> item number 8, discussion item, annual review of security lending prthe fiscal year, ending june 30, 2024.

>> we'll view for the lending program for the fiscal year just ended in june. i'm joined by alba mart ins, who oversees efforts. the security lending effort is largely a public market focus program.closely with our risk

team and monitoring the program. ella will cover the bulk of today's update.e also joined by. mike, thank you for joining us, he took an the east coast to join us. security lending program and talk a little bit about industry ts. before i hand it over to he will a ella, a few highlights which ella will cover in detail. our custodian, the security generate an incremental return, 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, ghroed ag about that.

we design a program so it's flexible so if we have securitim back in order to loan the proxies. and it's a potential source of liquidity.want to highlight tha with that i'll turn it over to ella and mike for an update. >> thank you, kirk good morning, board members. i'll start off by covering why we have a lending program. then discuss what the ■,■ftails and how it is structured at first. i'll ask mike to highlight market trends over the with an update of security lending program for the fiscal in terms of why we have a 4. security lending program, as kirk mentioned it first

to allow incremental return in a risk-controlled manner. in terms of how we do that, and the structure at sfers, i'll collect your attention to three. this representative sfers as investor investing in debt securities. on the far right of this diagram we have participant and these parties want to bar o some of the secie sfers lends the securities for the barors in exchange for a bar borrower fee. as kirk mentioned, the cash collateral is reinvested and managed in a conservative manner with guidelines similar to the market fund.

melon performs two roles in this process. they are the inter mediate between the lenders first and borrowers and they also manage and page 4, we covered some of this already. but the course are the 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 assets sfers has available to lend and how much demand there is for those assets. this metric a expressed at a utilization percentage. relative to lendable assets. the drivers of demand interest rates, spreads, borrowing fees, and market structure elements like volatility and vithnment. in terms of potential riskses,

we address some period of time mitigaters in the but there is a risk that the borrower might default. there is a risk that the securities that are lent are not 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 three, the reinvestment pool. these assets are invested and as with any investment there is a risk of loss. to address theseisi am primente program with a couple of key features listed on page 5. toll address the borrow 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 in a managed account and secondly, as mentioned that account managed under conservative guidelines which are consistent for a money market fund. feures this program, include the controls around proxy voting. nding securities or recall securities if we think it may impact our ability to vote proxies.onal feature is the cash release credit facilities. this credit facilities allows to borrow from the reinvestment. this facilities is additional tool of sfers framework. it was not used during year 2024. now page 7, i i will ask mike

to discuss levemarketing trends. >> thanks alo and alo had d few factor into revenue. buzz when we look back into the program and market wide, there were a s there. one was volatility and the other interest rate environment. so as alo mentionea number of good portion of the revenue, is derived from investing cash collateral income type fund. credit interest rates have been up the last couple of years, a change from themic era but we've been seeing, we have been seeing consistent rate hikes throughout the course of the fiscal year.what that reall do is raise the ceiling in the

program and as we went through the last fiscal year, you had i calendar year-end, a lot of wall street participant looking to shore up financing for the calendar year turn and what that served to do is widen the spread that were generated by investing the cashol once we got through 131 and we got into 2024, you began to see market participant start to go price the expectations that rates will come down at the beginning of this year or next year. that had an impact on tam down on the spreads and amount of revenue available to be earned. throug t year around the globe, most have been up, it's been a rkets but what that does for

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

mentioned there are regulatory reasons why participants want to borrow those and the capability that we have and the things that sfers to do, we were able to take advantage of a lot of opportunities. so when you think of the sfers was a big driver just generally. so those are the main points in terms of where and how the revenue came from, i'll it back over to alo. >> thanks, mike. there will be six billion time the d ilization rate.

on the pool of assets, 24 basis points net. evenly split between income earned borrowing fee and reinvestment revenue. on the net basis 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 points net. moving to page 8, e the year over year trend of earnings from the program. the earnings of 2.8 million were lower than last in line with the historical and expected ranges. on page 9, we drill into the slight decle the overall suitization of 20 percent was lower than prior

years and in particular a dip during the was driven as mike mentioned by the rallying markets which subdued market volatility and mand for . the table on this page breaks down the program by quarter. on page 10, we break down th program on asset clause basis. the top driver of returns was u. securities.n lending our treasury had a high utilization rate of almost 60 percent. the other top earner was equity bucket. even though they had a lower utilization rate than u.s. corporate debt, we had more securities to lend, it to be the number 2 contributor this year. trend and spreads. the as mike mentioned, here we see the spreads begin to go decline

start ining january as market began to the course of 2024 and repurpose facility. on page again a monthly summary, this time looking 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 of june of 30, 2024, we hedollars collateral. it was evenly split between cash and non cash. the overall pool is six and a half percent above

collateralized. moving to 14, here is a review of the reinvestment aspect of this portfolio is yielding a 5.5 and conservative manner, the details credit quality and maturity profile are listed on this page. the 5.5 percent yield that this reinvestment is earning, we see the trend on page 50. while base rates moved bit during the year, the yield on the overall reinvestment portfolio decrease came down as the bebecause 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 our business both creating opportunities and forcing us to run our business better to respond to s regulators around the world. and there were a couple of major ones that we've been lookering at over the last year and going forward and regulatory initiatives.one that into affect this summer was dtc's move settlement cycle here in u.s. which means if you sell a stock today you have to deliver it tomorrow. well if i have that on loan to somebody thsort of complicates things. so we undertook a number of initiative to see both improve our technology, improve our toolas well as link up with some vair yes firms for to* make us better and faster and

allow us to so that means is sells an asset that is out online. i very rarely do i have to ask for a borrower and ask for that back. i have moof those assets in my program have them available. so we don't have to call on the borrows fos jority. so what that serves to do is maintain the transparency that is security lending program should have to to your investment managers. that happened in may and we saw minimum impact to date on it and i really speaks to the things that i just mentioned. another major change that we're coming in 2026, will be the mandatory clearing

of u.s. treasury securities. soin an effort to make the market safer and improve liquidity in the market which rule in december that all ed a trading and government securities would have to be cleared. that pathat we do. so you're already have done the hard work legally speaking in terms of updating the program and to allow to continue trading. so beyond that, there are a number of other tools that we're building up for lenders to help with the transition.th' focus for us. it's something that we knew was

coming and prepared for this team has understood that as well. and has been ready for this change for a number of years now. a third major is fcc rule 10c1 which is a, it's actually just delayed again indefinitely, but it is a that is coming that will increase transparency into the security lending market. what it will essentially do ob to report a number of data points related to the activities everyday in an effort to increase market transparency. in the eurozone, we already something like that again. so this is something that we're doing for sfers again and that's something that we will continue to do with no impact oa so those are some of the

biggest things that we've had i'm happy to answer any questions that any of the commissioners would ve >> just as a review for the board, today we have discussed why sfers has the securities ra of our program including the drivers of revenues and risk. we discussed specific features, mad update from our custodian and provided an update on performance of sfers program.may turn it over for any questions? >> 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? >> 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. >> the of the page four, you list two leads. were there su losses in the portfolio run by jp? >> of bny? >> i didn't ask you, i asked tim. >> the answer is no. >> second question. those dollars are than soft dollars, thank you for helping run the program, thank

you tony melon, how many of your tiduring 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 other hours, kirk has to watch what you're doing, about four a week? >> four a quarter. >> thank you for this presentation. >> of course i'm a fan and the returns and the way bny melon manages their program is very well done being the largest custodian. back to the collateralization, is that because of l piece? i'm curious why you have the

g >> i'll take a stab. >> it represents position by this board, over conservative. >> right but i'm surprised, it was posted. they n't normally post. >> it's dictated by the assets that we're taking in as collateral. as wh there is a risk, we ask for more because we're dealing with converting u.s. dollars into euro to replace and there is also depending on the, if it's we're taking in securities as collateral and when we look ris we're looking at, we'll start to start 107, 110, 112, things that. >> exactly, that's what i want today know. and what would that

collateralizationld >> 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 d equity securities listed, ets of the same sort and this is not like some sort of leverage, they're very well undevery liquid names. government bonds, u.s. and other g-20 nations. the most developed economies in e and certain types of high grade corporate. so what that really serves to do is create a number of more outlets, pledging preferred by borrowers by a number of reasons. it's beneficial, th'sli they wa of our securities and you're at the front of it. >> okay. and then, on 10c which i've

been foinon the transparency issue, is our main, the i guess, the u.s. the u.s. arm of seti are they focusing in establishing any papers on it, esblish 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 want, 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 thour program sort of view, we want to make sure that we're providing meaningful things. the security lending rktypes of players that get charged differently because of who and what they are and the risk. so it's not just buying

and selling the security where you want to pay as little as you can so some of the initial requirements in the rules 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 overall program? >> no. and we do review borrows from time to time and each has a credit limit that is determined outside and that's a the bank wide of limitations and, we do eliminate borrowers from the program. if they're not borrowing, why

do we keep underwriting them but 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. ita daily review, we have credit professionals that are seeing these things. they see these things as they come in. yeah, that is something that we're frequently concerned with. ultimately, if you look at the way the sfers is written, these are my risk. and so, there is a lost institutional thought put into the risk management because it's r obligation to observe any sort of impacts from the borrower default. it's important for all the regulators to make sure that there is a lot of money on the balance sheet ide s for

that purpose. >> thank you so much, it's a great program. and the team at sfers has done a great job managing, so thank you. >> any other questions? comments? thyou very much, we appreciate your help and partnership. >> public comment.l next item■oa >> public comment, sorry. >> do we have any in-house public comment? seeing none, moderator there any callers? >> madam secretary, there are no callers on the line. >> thank you, hearing no callers, public comment is now closed. >> okay, before we ll the next item, how is the next item a shorter item?

let's do item 9. call the next item. licy litigation policy. >> commissioners as you know, we continue to review all of our policies and make sure that they are currently d and reviewed as required by the policy itself. so what you see before you today is a review of the securities litigation policy and the placement account policy. we've included in the materials the current policy and a red line sorry, a red line to the existing policy and a clean line version that we're looking for your approval on. 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 not of putting it into a new format because that would be difficult. we just wanted to state

for the record. the changes that you see in these two policies are to update and be consistent with our current policy approach. in particular on the litigation policy, we wanted clarify the role securities evaluation council and that's consistent with how we've been operating for e we are also making a change or proposing a change to lower the threshold for claims 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 we can make moned by opportunity to review and discuss and discuss how we want to move forward. again, that is really, lowering the thresholsed on our

opportunity with a recognition of using our time efficiently. and then onthe private placement policy, really there, the changes to reflect current titles, the fact that we current investment delegation. happy to go through with more details. >> i have a question. it concerns responsibility and securities litigation that is goes beyond the, the expertise of the city attorney. and who makes the call when we need find outside counsel and alike. >> well, for the reason that we don't have thor we don't have a 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 we evaluate that internally before we bring in any proposals to the board to participate more actively.okay, again, in terms of, yohave securities litigation counsel that you, the city attorney's office arranges it's outside the city tonser office. >> that's correct. we have four firms, they do not charge anything for that theybr the attention to the city attorney's office. >> okay, you answered any question. >> okay. >> any questions?comments? >> does not look like you've got one. >> i just want to make sure, you obviously understood he answers, they will decide who

the attorney will be, not us. >> right. >> okay, it's always been a . >> 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 o. >> stll a second. >> second. >> thanks for concluding the red line version. thank you. >> thank you. >> okay. ve plic comment, please. >> thank you, 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.

>> commissioner thomas. >> i just wanted to echo tracy driscoll's comment s.>> 's been all those in favor say aye. >> aye. >> those opposed. motion passes. can we bare with while we go grab something and eat in front of you. let's take, take 15 minutes,ry ra proved in closed

commitment of 75 million to resurge enter technology partner. we committed 35 to fund and it closed on july 31, 2024. this is a buy out within the pe portfolio. next, for the tres opportunity six under delegated authority we invested 75 million in the opportunity fund. closed on jul 29, this is a credit opportunities investment within our private credit portfolio. and it was not in original posted materials, but because

it just closed but wanted to verbally provide the up■r■ñda credit solutions 3 at the board meeting on june 12, 2024. the board approved in closed session an investment of up to 75 million, our investment to 75 million to the fund closed on july 7th within sfers portfolio. that's what i had for the cia reports and happy to address any questions. >> thank you. the recognitions the staff got are tremendous it makes, i alwasa staff that we have from top to bottom makes any job as a director orcommissioner much easier.

and i can only thank every efrt they do. >> i want to echo commissioner's comments. i cannot say that i'm surprised that we received accolades. our staff has continued to impress me every time i've had to go and deal with other organizations and go to a training and understand how much work it is put into every meeting that we have or deonhave to do. while i'm proud, i'm not surprised. >> any commts 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 it's important for us to acknowledge when there is

accolades coming to sfers, got 100, city good. so congratulations on everybody here and staff. i think it's important to cause that's, we watch when you're doing things you don't like and we do have to address when we think you're doing things are very good. thank you. >> thank you, commissioner. >> thank you for your comment. do we have further in-house public comment? 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 number discussion item, san francisco differed compensation plan quarterly planned review. >> thank you, a >> and you come bearing gifts.

[laughter] >> good te commissioners, president heldfond, thank you so much for being here. today we're presenting the quarterly update where we drill down on the four pillars of the plan which includes investment operations . up next is operations, increased its guarantee crediting rate for 3.14 for third quarter. stable value is considered r capitol vehicle for investeter holds almost a billion. our stable value investment manager has a 5-year contract with the plan that of next year. as much the plan is undergoing a search process with our consultant and the timeline enprovided in the memo before you. can we move to the next page.

you can see that there. i'm plto say, when we get to the next page. i'm pleased to say that we are operating ahead of schedule and are potentially inviting semifinalist to present at the october dcc meeting galyard also published a quarter update that's been included in your materials for reference t.highlights market outlook, inflation forecast and key economic indicators. and speaking of markets, i've asked our to provide some key insides into last quarter's performance as well as the last current market. ifforward to the quarterly update which is at the end of this memo please.

i'll be doing the update in september meeting but since we have through june in front of you, there is a lot of gos tote. some of is more of the same, growth continues to be the top performing fund, and i'm the year to date performance just over 20 percent. from a themeatic perspective, your 7 active managers, 5 are out performers their benchmark some by considerable margin. one is even with it and that. one is under performing and that's the real estate fund. and that process is well as under way on implementation

basis. so big picture again, stocks small cap and international paled which is a theme that we've seen. the bond market you'll active core manager up 12 basis points. we'll see the third quarter, the bond und back and up over 3 percent on a page but just as a reminder, volatility does happen. i know everybody is paying attention to inflation, the feds are doing. sometimes you see that forecast pretty quick in the changes and in the stock and largely i'll finish by the funds. range between 3 and a half percent and almost almost 10 the longer dated funds and they're all either or

above their benchmark. so pause therthere is any questions. >> any questions? >> if there is no questions, i would like to move to the pillar, which is marketing. launching a targeted direct mail campaign. goto page 5 in my memo. this is where we can see more details in the targeted method. we included 5 different versions, which was defined for the five separate cohorts. gust, it was dropped in july and received in early august and a follow-up email was sent this week. detas on page 4 and we've included samples in the back.

we launched a new webinar and h distribution. the webinar highlights the estimate of healthcare cost and retirement such probability of long term care needs but dental insurance is not covered by benefits and how retire before medicare eligibility. also attached is a sample of mailing that drops in august, this is a very affective communication channel for us as there is always a spike tivity after members receive this statement. and finally, i'm pleased to announce that our theme for retirement security wi be be your own influencer. so with the rise of social media, we thought this approach

woulwell with our prospects. some samples have been provided for reference, if you move to page 6, you can see preview of what that will look like nrsm will continue through the september and the plwill be featured at the benefit fares that are held throughout the city. board members have been provided a e le games as well as the gift that participant may choose from after attending our annual in-person seminar at ma library on october 16th at noon. so we look forward to meeting our prospects there and everybody will be prepared to answer questions and enrolled onsite. if there are no questions on marketing, i would like to move on to at on the operations front, on

july 19th, not even three weeks ago, irs issued new and final proposed for required distributions, rmds. this will take place and will be ext year. the regulations do impact us governmental dc plans and helps clarify when our t and their ben eficiaries must take their distributions. until then, interpreted by secure one and two and pension have a reasonable standard for compliance. speak ing of the rmds, rmd will be based on rteiay with specific ages detailed for those born in 1959 and beforehand. the rmd rules vary by type. for instance, you can be a

surviving spouse or child or other individuals or state. there is a 25 percent ex sighs tax that--excise tax this. was duction from the prior 50 percent tax and they're lowering it down to 25, it could be further retoda10 pe actions are made with due time. 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 informed. we are also coordinating across departments to implement the new catch up limits for january 2025, ver i believe 60 catch up where if you're between ages 60, 621, 62

have a higher catch up amount verse being 50 but that catch up goes away once 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 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 our reco k voya has been our record keeper since 2015, under a 5-year contract that ends this month with the option of three

one-year extension.th plan to e contract by one year due to siv. they have provided a fee schedule with service levels guarantee which continue to ngo vant us. voya has recently upgraded their dashboard, their participate dashboard on website to enhance the financial planning experience. those improvement include inter account i have, ne interactive, education models for life events, a better ue, user experience. as stated, here to provide the

quarterly review which dives a deeper to customer trends. mr. bucking, would you like to? >> yes, and thank you commissioners for your time. i'll go to page of the quarterly report so thank you. just, as trying to have done the qulaters, 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 quarter. wise grow as well as you heard from greg who is calinmarket activity has benefit thed the plan.he owth w significant as the last quarter, the growth of point 2 pe this can be on slide six as well as you look at cash

the activity of new participants, have resulted and i should say decrease has resulted. if we skip forward to slide 26, just wanted touch briefly with regard call center activity. we have seen the few quarters increase wait times as people were calling into the call center.seen that decrease this quarterback to what are averseconds. that's due to a manner where we have changed our out reach, so we believe some of the steps that we have taken have resolved the calls coming the resulted on increased answered times as well. and then on slide 28 just a brief comment with regard to counsel ak sifity, remains

strong, dipped a little bit in nedue to vacation time that went across the whole team but as far as the numbers go from annual perspect of our goals at this point of the year and expect to reach our goals as we close the second ha with that, i'll answer any questions that you may have for us. one, i just want to make icatio 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 pursuant to the board. i cannot remember if we voted

v >> the, the authority to extend the contract resides with me, we did discuss it in the dcc. remember the discussion. okay. thank you. >> any other questions? are you done? >> yes, that concludes my report. >> very concise, thank you. and thanks for the gift bag. >> they were well thought through by the staff so i hope you enjoy. >> they don't match the swear. >>--sweater. >> very well thought through. >> okay, do we need do public comment. >> thank you, do we have any in-person public comment on this item? seeing none, moderator are

there any callers on t l >> madam secretary, there are no callers on the queue. >> thank you, public comment is now closed. >> next ipl >> 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 ort in different area? or was it moved? i might just have missed it. >> it should be >> okay. >> i didn't see it in the agenda. >> i didn't see it either. >> we'll get it to every one. >> on september 25th, i know staff is doing a lot of work.

going is going ahead very well. so hopefully we'll have attdan. you will not be there? >> any ordfurthe. >> motion to adjourn then. >> can we get public comment. >> do we have any in-person public comment on this item?ein there any callers? >> madam secretary, there are no callers on the line. >> thank you, alls public comment is now closed. >> next item. >> item number 13 adjournment. >> thank you. thank you every one.

as latinos we unified in some ways and incredibly diverse in others and this exhibit really is an exploration of nuance in how we present those ideas.

♪♪ our debts are not for a piece ad how his whole family served in the army and it's a long familyt look at us as foreigners, we have been here and we are part of america, you know, and we h to reinforce that. i have been cure rating here for we started with a table top, candle, flowers, and a picture e it was the monna lisa. >> the most tradition

as it relates to the show is idea of making offering. in traditiicanon alters, you see food, candy, drinks, cigarettes, the things that the person that the offerings where being made to can take with them into the next word, the next life. >> keeps uoncts to the people who have passed and because family is so important to us, that community dynamic makes i makes it visible and it humanizes it and makes it present again. ♪♪ back in '71, i wanted to do something with ritual, ceremony and history and you know i talked to my partner ross about the research and we opened and it hit a cord and people

it. >> i think the line between engaging everyone with our culture and appropriating it. i think it goes back to asking people to bring what it means to honor the dead, and so for us it's not asking us to make mexicanf they are not mexican, it's really to share and expand our vision of what it means to honor the dead. >> people are very respectful. i can show you this year alone okay if we come, we are hawaiiit or asian or we are this. what should we wear? what do you we do? >> they say oh, you know, we want a four day of the dead and.

what has happened are paper cuts, it's so hybrid. it has spread to mexico from the bay area. we have influence on a lot of pe, i'm proud of it. >> a lot of they don't represent we represent a lot of cultures with a lot of different perspectives and >> i can see the city changes and it's scary. >> when we first started a lot of people freaked out we were a cult and things like that, but we went out of our way to also make it educational through outreach and that i why we started doing the prosession in 1979. >> as someone who grew up

attending the yearly processions and who has seen them change incrementally every year into now, i feel in many ways that the cat is out of the bag and there is noutting the genie back into the bottle in how the wider public accesses the day of the dead. >> i have been through thr genef children who were brought to the procession when they were very young that are now bring their children or grandchildren. >> in the '80s, the processions were just kind of electric. families with their homemade visuals walking down the street in san francisco. personal and e rooted in kind of a family practice of a very strong cultural practice. kind of is wd

it has gone off in many different directions but i will always love the early days ine o intimate and sofa millial. >> our goal is to a part of the culture that was a part that we could invite others to join in there there by where wep us rescue it also. that's w it unique. >> you have to know how to approach this changing situation, it's exhausting and i have seen how it has affected ev what's happening in mission and the relationship with the police, well it's it's relevant that people think

about it that day of the dead is not just sugar skulls and paper flowers and candles, but it's become a nondenominational tradition that people celebrate. >> our culture is about color and family and if that is not present in your life, there is just no meaning to it you know? >> we have artists aslack and brown people that are in direct danger of the direct policies of the trump administration and i think how each of the artists interesting.d so that cal the commonyou.

rking at an airport and i love it is busy all the time. >> we want an those i'll be an s is a venture if i 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 specialityarket locally friendly products this market local flavors this is the best. >> can get a little tour. >> absolutely (laughter) ♪♪ ♪♪ >> so first on ourtour. >> we have the clock we like to call it. >> this is coordinating it is >> what about the customer presence. >> we like to the permanent

farther i love the cappuccino and you have to go to multiple ac for the cupcakes the cup a cakes from kari's people want to he they're longing phone call for one thing in one spot in you know anything about san francisco the cheese 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 lute. >> this is autumn. >> thank you, thank you and there's a lot of personal touch. >> i seeancisco. >> it's very hands on. >> what's the most popular items. >> this is quite fresh jotting this is the

chronicle special a bowl of coc farther. >> and speakingrinks 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 in the airport are great shikz it up. and then we're going garnish it with olives.

and some lime and a fresh stalk ofselly. right on. >> we 5 o'clock. >> (music). >> co-founder. we started in 2008 and with the intent of making the ice cream with grown up flavors and with like and with tons of accessible freshens and so we this is - many people will like it and other people will like you my name is my husband we're the owners of

you won't see ice cream in san francisco and reay fishing that we are always going together and we - we the job opportunity for high school students and i hired them every year >> fun community hubble in san francisco is my district i hope we can keep that going for many years. >> and i'mer the owner of ice cream and in san sunset in since 1955 we have a vast of flavors liar choke flavors more than three hundred flavors available and i the owner of the ice cream. and my aunt used

to take us out to ice cream all the time and what can i do why not bring this ice cream shop and (unintelligible) joy a banana split or a great environment for peoplecome and enjoy. >> we're the ordinances of the hometown and our new locations in pinkalley when i finished law school we should open up a st and, and, and made everybody from scrap the first ice cream shop any ice cream we do culture background and a lot of interaction and we're fortunate w feedback and serve to the king

of ending and also >> (music). >> my name is - my business name is mexican america. >> i started my business a year e process was a year ago by business by waving (background noise.) about $1,000 and also guided me there the who process. (background noise.) that was helpful i was already

paying the construction and other fees for the restaurant the city we put together to honor my city and comes with (unintelligible) on the (background noise.) and. >> and some go with ebbs and eggs (unintelligible) and a side of roadways and beans. and be able - have my rur in the district of the mission is such an amazing i grew up the mission area and respect to school around here and so i was able to come in as establish any restaurant here

(background noise.) really a feels like >> hello, and thank you to the san francisco league of women voters forviting me today. my name is aaron peskin the president of heboard of supervisors and running to be the next mayor of the city. i love san francisco spent most of my adult life working to make it i fought to secure hundreds of millions of dollars for affordable housing, pass rent protection laws to evictions and reduce crime with real community policing in