Agenda
Transcript
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[0:02]
All right, good morning, everybody. It is 940. We do have two brief meetings this morning before our regular meeting starts. And so we're going to call this first of those to order. This is the board of trustees, retiree health insurance trust fund.
[0:19]
And we have one item on our agenda. Is there a motion to adopt our agenda? Commissioner Santas.
[0:25]
Okay, motion is second. Motion was my words, second by his daughters, to adopt our agenda on favor say aye.
[0:32]
Opposed. That motion passes.
[0:37]
The only item on here, E1, is the 2022 Games will retire health insurance trust fund investment policy update.
[0:45]
And so with that, we will recognize you. Welcome.
[0:50]
William Johnson and investment officer for the city, board members, just some background
[0:56]
on this item earlier this year, the board met and requested this staff update the investment
[1:06]
policy statement for this Retiring Health Insurance Trust Fund to restrict investments
[1:10]
and Russian and Belarusian securities. That is the main update in this investment policy statement
[1:18]
in accordance with the board's direction.
[1:21]
There's also an update to the investment rate of return assumption.
[1:27]
We were reducing that from 7.9% to 7.75%.
[1:31]
That's in line with the city's pension plans.
[1:34]
And really, that's a combination of input
[1:40]
from the state division of retirement,
[1:42]
our actuary and our investment managers.
[1:46]
There is sort of a more conservative trend in investment rate return assumptions that the state pushes
[1:52]
on local government plans and this reflects that.
[1:56]
Okay.
[1:57]
Thank you Mr. Johnson.
[1:58]
Please appreciate the update.
[2:00]
Commiturate scientists.
[2:01]
Thank you, Mayor.
[2:02]
I move that we adopt the new policy.
[2:05]
There's a second that we adopt the new policy.
[2:07]
I remember the public here to speak to the side of them.
[2:14]
All right.
[2:14]
that motion passes unanimously with Commission Dr. Walker absent.
[2:18]
All right, we will then adjourn this meeting.
[2:21]
We'll reconvene our next meeting at 945.
[2:24]
We are adjourned.