. >> my name is john stenson. i am a 44 year member of our pension fund. i understand that you have reduced the rate on our pension fund asset from seven-point 5% and seven-point 4%. based on this, i cast low liquidity. the rates for retention should be at least 10% not seven-point 4%. you should be able to get a 7.4% from a low cost, moderate risk index fund, or a 60-40 balance fund. they need only to invest in three assets. stocks, bonds, real estate his, you only need of localized investment in these three asset classes. those of you who don't know what it is, it is somebody that believes in the investment philosophy of the late jack bogle who started the mutual fund. let me give you the past ten year returns of an investment in stocks, bonds, and real estate. ten year annual returns, 15.7%. vanguard 60-40, balanced fund, ten year return, 11.07%. vanguard of real estate index, ten year return, 18.17%. average return of these three funds is 15%, the management for these funds are less than half of 1%. asked misconduct poker, if you average seven-point 4%

. >> my name's john stenson.'m a 44-year member of our pension fund, and one of the reasons that the vast majority of pension funds are underfunded is because they are overdiversified in high-risk, alternative investments. if you want better returns, i recommend you sell all of your alternative investments and just invest in stocks, bonds, and real estate. a combination of stocks, bonds, and real estate has provided average returns for the past 100 years of 7.5% to 11%. i would like to give you the returns for the past ten years of a simple investment, 60-40, 60% stocks, 40% bonds from three large investment companies. this one, vanguard, ten-year performance, stocks and bonds balanced. annual returns, 11.2%. t. rowe price, ten-year returns, 11.4%. fidelity balance funds ten-year returns, 12.33%. and i'd also like to point out vanguard, the management fee is less than one-quarter of a percent. ask mr. coker how much in the last ten years our pension fund is paid in management performance and consultant fees. and