Tommy Blair here William Stanley pres and Joseph Smith here he on the fire side AJ Anderson pres leam here Michelle I'm here Dean here Brian here all here all present all right moving on to public comment is there anybody that has a comment i' like to speak all right moving on to the just review the minutes or vote to approve the minutes no don't confir just approve them everybody's looked at them all right has everybody looked at them all right motion to approve second second Jose sm all in favor I to accept a motion to accept the minutes second second I'm first ran second guys got speak up a little bit and who second it ran okay all in favor I I all right moving on to expenses [Applause] paid we're just voting to approve them correct yes has everybody reviewed them yes yes any questions no motion to approve show move second all in favor I have any questions motion to accept motion to accept by AJ I'll second it all in favor I all right moving on to Salem trust looks like we need signed agreement with Argent for both plans right I have those documents here so when we finish and these what you guys approved back in January so I I did have a question on those has Pedro reviewed and approved those as well I hi yes good uh good afternoon everyone yes so this is the this is the final uh agreement that we have prepared um with uh with arent okay thank you Pedro for clarifying yes ma'am all right moving on to anybody have anything to say about that all right uh moving on on to anco quarterly report hi Carrie good afternoon thanks for the time and actually we are coming to you as Mariner today for the first time so we just made that transition April 1 um I'm actually surprised we closed on time but we did I um pleasantly surprised so officially we are Mariner I think you'll notice the cover of your book looks different but that's really kind of the only thing it's still the same exhibits on the inside uh obviously I'm still your person and so it's it's really very much business as usual um so I think just kind of jumping into March 3 first and then I do have a a bit of an update for you as well um on page three is where our typical Market environment information begins um and while you flip there I'll just say you know it was a very good quarter um Equity markets were up very strongly if you look at the top right chart there on page three the S&P was up north of 10 1 12% mid and small caps also positive kind of in the neighborhood of 5 to eight and a half per. so very good kind of equity market performance I think there's a few different things going on here one of which is economists had been forecasting a recession for a long time after that you know fed kind of undertook their hike cycle that really didn't ever come through um also what you saw at the end of 2023 was the FED shifting their language from potentially entertaining more hikes to very likely they would look at you know if if whether or not Cuts were warranted in 2024 Equity markets really liked that and so you see that kind of coming through in the numbers there it was still a very kind of Technology on quarter so you know Nidia that name associated with semiconductor chips continues to really kind of knock the lights out of the park and names like Microsoft um Amazon you know continue to perform very strongly meta formerly Facebook you did see a little bit of kind of dispersion in those magnificent 7even though Apple did pull back a little bit Tesla did pull back a little bit so some of that is is a good sign of the beginnings of Market broadening but we do have kind of a long way to go in that regard it's really still those kind of Mega Cap Technology names that are responsible for a large portion of the performance that we've seen um nonetheless very good as I mentioned performance domestically within equities um overseas markets and gray on the middle of that page also positive so you see the all country up a little bit less than 5% um the epha or developed markets up almost six and Emerging Markets up about 2.4 um I think the US really kind of led the way kind of coming out of covid and continues to do so obviously Europe had their own challenges with the situation in in the Ukraine and energy supplies but there's some green shoots coming out of Europe as well their GDP number for the first quarter just came out um and essentially it had been lackluster and pretty flat um up until now the the this past quarter it was kind of one and a halfish percent so signs that things are kind of moving in the right direction a lot of that coming from kind of good tourism um but again the US has kind of continued to leave the lead the way as compared to overseas markets um within fixed income in the bottom third of our graph there you see in green slightly negative numbers the aggregate the full aggregate was down a little bit less than a% for the quarter and what you saw there if we flip to our yield curve page which is at the bottom of page 10 you can kind of see it for yourselves there on the bottom right um but you know the market is very hyperfocused on what the fed's going to do where the inflation numbers are coming in um and though we've made great strides in getting inflation down it's still kind of in that low to mid threes per year-over-year increase the FED would like to see that at two and so rates did tick up a little bit we went from kind of the yellow line there at the end of December to where the blue line is at the end end of March so you can see rates did pick up a little bit um you know anticipating that maybe it would be a little bit longer before the FED does cut kind of waiting to see those inflation numbers again get kind of closer to that Target of 2% that the FED would like to see over the long term um any questions on the economics piece before we flip into your individual pension plans um okay so hearing none um I will flip in your books to 13 um and first I've got the the police book up so I'll speak to yours first but on that page 13 you see our our kind of rolling 10-year graph there um and you can see for police your pension fund was up about 18 to about $18.3 million um with that 10year return there in the bottom you know 7.2% annualized over the last 10 years and keep in mind that's what that very challenging fiscal 2022 when really everything was down um in the teens we're still kind of in that you know 7 perish a little bit north of 7% which is a good level to be um then on the fire side very similarly that page 13 you can see your pension up about 18 about 18.4 million at the end of the quarter um very similar trajectory obviously over the last 10 years and again at about 7 and a quarter over the last 10 years as well um looking at asset allocation and police I'll start with you on 14 so looking at kind of the overall fund from the 10,000 F foot view uh on the police side um about 52% of your assets were in domestic Equity at the end of the quarter about 155% was in international Equity just shy of 14% was in domestic fixed income um a little north of 4% was in global fixed about 125% was in real estate um and you had a little bit of cash as well less than 2% for kind of you know expenses Etc Etc um and then on the fire side um I just close out on myself okay pardon me I managed to close out of one of my books here let's see of course my computer's crashing let's see here yeah let me see if I can get this real quick and if not I may take a paper copy thank you okay and on the fire side my apologies for the delay there um from an asset allocation standpoint about 52% in domestic equity for you all um I had fire up and I'm confusing myself okay I think I toggled back and forth to the wrong books let's see here uh police I think I read you fires so what I just read 52% domestic Equity uh 15.5 International Equity almost 14 in domestic fixed a little over four in global fixed 12 A2 for real estate and a little bit of cash uh less than 2% um that was actually on the fire side so my apologies for the confusion on the police side about 50 and a half% of the assets in domestic Equity obviously very similar just shy of 15% um of the Assets in international Equity roughly 16% in domestic fixed income little north of four in global fixed income about 12.6 in real estate and a little bit less than 2% in cash as well on your side and just looking at that kind of from a range and Target standpoint in each book we'll go to 19c and for each of your two plans you'll see you know when we look at the ranges for each of the asset classes that kind of gray space the triangles are all green and all pretty close to the Target lines so you are within your investment policy parameters for both plans um you can see on the fire side we're slightly more overweight kind of domestic Equity um a little bit underweight fixed income and a little bit underweight real estate um on the police side we're a little closer to Target and domestic Equity um domestic fixed income as well but also understate under excuse me weight there in real estate um getting into the performance for the end of the quarter and again I'll start with fire here so overall for the fire plan um you all were up just about 5.8% um the policy index was up about 5.1 uh we actually saw most of your managers really performing very well for the quarter which I was really glad to see um on a fiscal year-to dat standpoint it puts you at right about 133% again you know very good place to be get roughly the halfway point uh there um and then just kind of high level I'll I'll flip over um to the police side uh you are 5.4 for the quarter again that Benchmark up about 5.1 um and about 12 a half on the fiscal um as well so very good kind of double digit numbers for both plans really happy about that um on the police side um just due to kind of allocations and cash raises you have a little bit less in kind of that growth segment than they do on the Fire side accounting for the for the little bit of a difference there um but really very you know very good numbers for both of you um just kind of digging into the segments overall um each fund Slightly North of 10% for Equity overall both us and overseas the policy index was up there kind of closer to nine so within domestic Equity both funds up around 11% um fire Slightly North of that the index um up about 10 so on this you know continuing kind growthy environment that we've seen um with that pullback in kind of apple and Tesla a little bit you know you see all spring um coming through you know north of 145% for them um also that kind of good climate for growth and good selection also benefiting Touchstone which was up um north of 10% over the index which was up about 9 and a half on the value side for both funds um brandy wine kind of those that low PE Focus that they have really across most of their sector lifted them up over 11% the value index was up nine and that was a nice offset to Vanguard Equity income which had a good absolute return of almost 8% but did lag a little bit some of their pharmaceutical names names like fizer are trailing a little bit as kind of some of the boosters are are kind of uh backing off a little bit and so uh that was a little bit of a drag there but really again because collectively the managers did well it did kind of carry performance very nicely um when we look at the intern ational segment that segment in total was up over 7% um the international index was up closer to five so again on the growth side europacific um up almost 7 and a half% a few themes you're probably tired of hearing me talk about one of course is semiconductors but also kind of air travel names like kind of saffron and other um aircraft related names overseas also did very well um and so kind of luxury and in some cases luxury goods makers continue to do well well and then even on the value side DFA you see there um also up almost seven over the value index which was up closer to five it was a very good quarter for Japanese equities which have been depressed really for decades um the the Japanese government passed some kind of corporate reform for shareholders that's viewed as very favorable and and Bank of Japan also lifted um interest rates out of negative territory and so both of those were very good for Japanese equities and that fund is a little bit overweight there so that was a nice lift um as I mentioned within fixed income it was a slightly negative quarter you can see for both funds you basically were flat against the index which was down about 1% um you have Dodge and Cox both of you on the domestic fixed income side um this is a manager that has kind of shortened a little bit their interest rate exposure but they also use a lot of corporate Securities and it was a very good quarter for corporate credit so you see them down about 30 basis points but again the index was down about 80 um and then on the global fixed income side uh also kind of running a little bit short there uh benefited pinco up 92 basis points um last but not least and you know the real estate segment continues to see some pain there you can see ASB down about 7even the index down about 2.2 the lon share of that continues to be write Downs on office properties because they have such a concentration in uh Washington DC in San Francisco Isco according to their latest commentary they think where prices are now it's likely they can probably sell and exit and move on um but if you all will recall we did submit full liquidations there at the last meeting and so taking you through a little bit of our recent history about five quarters ago we had decided to take a $250,000 distribution and so to date since then we've gotten about 50,000 of that back obviously as of last meeting we have fully liquidated hopefully if we do see the FED cut and interest rates do come down some that will help to breathe some life and bring some transactions back to real estate um but so you know those full redemptions were submitted after last quarter so we are in the queue for the entirety of that piece so that 50,000 accounts a part of this drop in the real estate value is that correct the 50,000 is actually cash we've gotten back we've gotten about 11 or or 12,000 back every quarter since we submitted our 250,000 distribution what you see in the negatives is actually just the values continuing to be written down they were able to sell a few assets I mean very kind of small um a a piece of retail and a small piece of office that was worth like $12 million so they're getting a little bit of cash flow but obviously not a lot right now we do think valuations will settle in the next couple quarters we're getting very close to kind of where private Market transactions are actually happening from a pricing standpoint so that should mean there shouldn't be a lot more pain to be felt I think we're getting there um but it will be you know it's going to be a little while I think before we've we totally kind of work our way out of that piece um and then for each fund I I did bring you an update as of actually yesterday so on the fire side um you all are just Slightly North of 18 million as of print on the police side about 17.9 million so a little bit below where we were at March 31st probably a couple perent left um April was a pretty significant kind of selloff in equity markets the S&P was down about 4% because again markets continue to be hyperfocused on kind of the uh the inflation situation and fed speak and when they're going to cut but we actually recovered you know somewhat probably half of what we lost so far in May we've actually been been pretty strongly up so likely you're still double digits on the fiscal we probably gave back a couple of percent through yesterday but likely still double digits on the fiscal year and I'm happy to answer any questions that you all might have what do you all anticipate the market doing for the next few months so election year usually means just heightened volatility I think um you know if the FED does cut I think that's going to be a positive thing um but typically right around election time you just continue to see kind of more volatility typically that calms down afterwards and certainly hope that that's the case um but I mean equities I think are pretty fairly valued at this Point um what I hope to see is kind of that that um participation of you know kind of that uh the narrow leadership continuing to broaden because I think there's a lot of underloved uh equities out there so I'd like to continue to kind of see that happen but the thing I'm the most confident about would be kind of continued volatility lots of large Mo you know kind of lots of large moves um because it is an election cycle yes I would be happy to oh the the fppa the yes okay so um Debbie's asked me to just kind of keep a look uh out for conferences for you all just educational conferences and so the next one that's coming up is put on by um fppa and it's it's really their Summer Conference it's not quite as curriculum heavy as I think the two the fall school and the winter school that they do but there is obviously some educational content to it that is coming up June 23rd to the 26th it's in Orlando it's at the SeaWorld Renaissance Hotel um and then typically in early October they'll also do a fall school so I'm sure that one will be that first week of October as well that is a little bit more education focused um I tried to kind of pull that one up to verify the location for that and of course my internet's not working really well in here um but I can Circle back with you on that one and then the the division of retirement will typically do one that's free that is the it in the past it has been kind of the last part of September like the last few business days of September yeah they got 22nd the 25th okay did they say that one's in Orlando too I actually haven't gotten an email about that okay so that would be Orlando then yeah that would be Orlando and that's a good one it's it's geared towards police and firefighters and again it is free so really it's just your travel and your time that that one would cost you as well so you said September 22nd uhnd to the 25th okay now the one in June we're not members of it's pretty expensive I think it's expensive even if you are a member it's more expensive if you're not a member but I would say I mean I think the division of retirement one is they do an excellent job in my opinion um so if that September 22nd you know to 25th time frame works for you all that's a really good conference I think they do a great job when will we get information on that I went online today and there's nothing you can't the one for the one that costs a lot of money you can start R the agenda is not ready it's not available yeah but you can't register yet and the one for September you can't even get anything on that one yet so by by our next meeting you may have some yes I would really think so yes that's much closer to to time there is there anything on Mariners that you want to discuss we got something from Sarah somebody um with a form ADV part 2A so that's kind of just an update to our annual reporting and it reflects the fact that we are you know kind of under the Mariner umbrella now I think that the rep papering of the the contract is still going on based on my understanding and I'm sure Pedro will probably talk to you all about that I don't believe that's ready I think it's close but I don't believe that that's ready okay um thank you Carrie thank you all right Pedro you're up [Applause] okay good good afternoon everybody um hopefully you can hear me okay I just uh just wanted to just touch or follow up I guess on the uh on the on the discussion the comment that was just made regarding the contract with Mariner um I believe um we had a we're working on the contract for for several Mutual clients and so I think we're we're kind of just at the last stages of of finalizing that agreement so hopefully that should be ready uh L soon um I know uh we had a call on it uh last week or it was the week before um and I believe that uh that uh Mariner was just making some final revisions um and so we should be uh we should be ready to go with that um hopefully soon so once that's finalized I will forward it over to to Debbie and then she can have each of the chairpersons uh sign off on that uh and then that will be uh that will be the final agreement with uh with uh with our consultant okay okay all right um uh I also wanted to on the police side I wanted to update you I know uh we discussed it briefly at the last meeting and it was really more of just uh just kind of a formalized acceptance of the application but uh there is as you guys are aware there is a a pending disability um and so we're still in the record Gathering process uh I believe we've sent out a third request uh to I think there's two or three different providers who have not yet responded so um we're still working on on finishing up getting all the medical records but once we have that uh when we'll go ahead and as a uh schedule an ime independent medical exam um and and then once we get the final report uh we'll be ready to hold uh a hearing um and so we'll keep you posted in terms of the progress us but um but that's uh that's how we're looking in the next uh in the next few weeks anyway any questions or anything yeah Financial disclosures we have uh one member that's got a question on the on the financial disclosure going online and you want to ask questions we we do form one correct yes sir that's right and it's find out yeah it is it was I was looking at form six I was getting look concerned yes you would you would not be alone um actually so form six is being what Happ you clip out over pass um but I but I do know at least as of now it's being challenged uh because I think kind of to your point uh many folks um exception to to the form as was presented so so that's uh that's in the process but for us for you all for Pion trust uh we continue to file form one form six is only for uh publicly elected officials so you know state legislators the governor's office certain cabinet members the Judiciary um and you know obviously certain Council City Council Members mayoral positions at times but not pension board trustees so so we continue to file form one um and and I think I heard Deb mention it but but as we discussed at the last meeting um it it is something where you will file electronically now through the uh State ethics commission through their portal online portal through their website essentially uh you will need to have a username and a password um typically it's the same email address that you've been using or that's registered um and then once you get in once you log in uh it's a fillable PDF you complete it you hit submit and then they'll send essentially a confirmation email um just acknowledging that they that they received it or that you that you filed it or completed filing uh successfully it is still due July 1 um so obviously have any questions I just want to mention it as well just kind of keep it on your radar uh but but if you have any questions you know obviously you can feel free to reach out to me and I'm happy to kind of walk you through it form one was pretty much the same right as it's always form one is yeah form one is the same with the exception of uh if you recall from from prior years you used to be able to complete it using two different methodologies you would be able to either use um a percentage basis so if if it exceeded 10% of your gross annual income or you could use a dollar value uh which was $2,500 threshold of of of gross annual income so the the percentage basis has been removed so now while the form is the same uh there is only really one way one one gauge right to complete it or to disclose and that's the dollar threshold the $2,500 uh of gross annual income um so so the form is the same but but the instructions or how you complete it is a little bit different yeah I guess that's all I wanted hey is there a possibility how do we could get copies of this form from years before do we have that can I get a have your copies no no who has mine you would have to go to the supervisor election so they have them mhm okay the the supervisor elections um should have your prior versions that were filed um although it's either the state ethics commission the supervisor of elections I'm not I'm not certain who the custodian of Records would be because essentially the supervisor elections was a pass through if you guys recall right you would file it with with the uh with the County Supervisor elections and then it would file it with the state ethics commission so um I you used to be able to go on the on the county um on the county website on the County elections website and they used used to be able to pull them there but I'm not certain now uh where they are um so but we did provide a memo with a with kind of a draft um for one um and we can re we can resend that to to you guys um it's so so you can see maybe it doesn't obviously have any of of your information but uh it just has a copy of the form okay and I did also just want to mention a question that I've been getting a lot from from some of my other boards uh and and just to reiterate with you guys I think I mentioned it at the last meeting but you you do not have to include any kind of a value right for for your respective um I'm going to disclosure right in one of those four different categories uh so if you have a Brokers account or um an ownership in a company or another uh Revenue stream you have to disclose right you just have to disclose what it is right you describe it you don't have to disclose that your broker's account is you know $200,000 or or $220,000 or whatever the case may be I just want to mention that in case uh in case there were there were any questions on that thank you P I have a question about the disability uh you were talking about is that what are you referring to the letter that we previously received or the claim um I believe the application sir yes yes yes yes we yes that's right that's correct so so we received the application um just before the last meeting I believe I think there was there maybe was a couple things outstanding the Hippa release form I think might have been outstanding but but yes that's exactly what I'm referring to okay thank you yeah no no problem at all and and just to kind of close the loop on the uh on the most recent legislative session uh I know it was it was uh still going on last time we met but there were no bills uh passed that that would affect our plan I believe with you all uh there had been a bill filed that would have amended or or or revised F FRS with a couple things most notably FL a retirement system most notably would have added uh or reimplemented reinstituted the 3% Cola for for members hired onor after July 1 of 2012 but but that did not pass so my expectation is it will be filed again uh next year but just for for the time being uh no changes uh legislatively that would affect us okay and that is that's all I have all right anybody have anything for Pedro all right well we appreciate your time Pedro oh thank you all for for the accommodation I really appreciate it okay next all right uh next quarterly meeting is August 6th and do I have a motion to does anybody have want to talk about anything or make a motion all right motion to adjourn I make a motion toj all in favor I I any questions second by all in favor thank you sir all right thank