appointing a fiduciary or del kuwaiting fiduciary responsibilities to someone is in itself a fiduciary act which means you should exercise the high degree of care in making that appointment or delegation of duty. that is important because we do appoint and delegate much of your duty to staff. examples of fudz are the board and committees. -- fiduciaries are board and committees. members of the board and investment and benefit staff who are the discretionary authority over the management of the plan and investment managers who make investment decisions for the plan. and the most important is the settler. in this case, it's the city of san francisco who creates the plan. laws that establish the pension plan and authorizes the creation of compensation plan. record-keepers who generally act in ministerial ways only. attorneys, auditors and consults. you're experts but not making fiduciary duty but providing you advice on certain matters so you can in turn make the discretionary judgment. applicable california and city law, i think we're all aware that your fiduciary authority flows from th