14:02The ordinance seeks to add a partial lump-sum distribution option of 5, 10, 15, and 20%, which would be paid under the standard or optional forms specified in the retirement plan. This proposal is currently pending an impact statement, which, once completed, will be presented to the city council for approval. The commission aims to expedite this process to implement the new options swiftly.

05:50Concurrently, a comprehensive financial report was presented, detailing the performance of various investment portfolios. The report noted that while the overall plan was slightly down for the quarter, the diversification into international markets and alternative investments like global infrastructure helped mitigate losses. The report emphasized the importance of maintaining a diversified portfolio, especially given the recent underperformance of major U.S. companies known as the “magnificent seven.”