1 2 meeting no. 2020-06 7 8 9 10 the audio conference meeting … · 2020. 9. 1. · ms. hansen:...
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MUNICIPAL EMPLOYEES
ANNUITY & BENEFIT FUND OF CHICAGO
MEETING NO. 2020-06
STENOGRAPHIC REPORT OF PROCEEDINGS had at
the audio conference meeting of the above-entitled
matter, held at 321 North Clark Street, Suite 700,
in the City of Chicago, County of Cook, State of
Illinois, on Thursday, June 18, 2020, commencing at
the hour of 9:00 a.m.
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APPEARANCES
BOARD MEMBERS:
RESHMA SONI, City Comptroller/Vice-President
JEFFREY J. JOHNSON, Recording Secretary CRAIG SLACK, Proxy for City Treasurer MELISSA CONYEARS-ERVIN, City Treasurer
(Arrived at 9:59 a.m.)
ATTORNEY FOR THE BOARD:
BURKE, BURNS AND PINELLI, LTD.BY: MS. SARAH A. BOECKMAN
ALSO PRESENT:DENNIS WHITE, Executive DirectorSTACEY RUFFOLO, Deputy Executive DirectorDONNA HANSEN, Office ManagerSTEVE YOON, Investment OfficerSANDRA SHELBY, ComptrollerKIMBERLY CARROLL, Benefits ManagerTERENCE P. SULLIVAN, M.D.JAMIE WESNER, Marquette AssociatesNEIL CAPPS, Marquette AssociatesCHRISTOPHER RIGG, EKI DigitalJOSE FLORES, Wynndalco Enterprises, LLCHERMAN ANDALCIO, Wynndalco Enterprises, LLCSOLOMON KAHN, Wynndalco Enterprises, LLC RAY NIETO, TECADAM RADULOVIC, XL.netTODD MATTHEWS, CMD Consulting SolutionsBILLY CABRALES, CMD Consulting SolutionsJACKIE DUNN, Calibre CPA GroupANDY HEIN, Calibre CPA GroupMATT STROM, Segal ConsultingDAN REUSZ, Segal ConsultingJAKOB NOLAN, Segal ConsultingOTIS TUBBS, City of Chicago
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TRUSTEE SONI: I hereby convene this
Board of Trustees meeting for June 18, 2020.
Please call the roll.
MS. HANSEN: Madam Treasurer.
MR. SLACK: Craig Slack present as proxy
for the Treasurer.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Present.
MS. HANSEN: We have a quorum.
TRUSTEE SONI: A new law was passed,
Public Act 101-0640, which allows this meeting to
be conducted by video conference. The new Act
requires a roll call vote on each matter acted
upon. I ask that Trustees please be prepared to
unmute their microphones and clearly respond to the
roll call vote on each matter that we consider for
approval. Are there any questions?
One final note, consistent with Public
Act 101-0640, I note for the record that the
Executive Director is physically present at our
office. We are proceeding by video conference
because we continue to believe that due to the
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pandemic it is prudent to not be physically present
in the same space. We have posted notice of this
meeting in accordance with the Open Meetings Act
and the meeting is being recorded. A transcript of
the proceedings will be prepared and ultimately,
after approval, will be made available to the
public on the Fund's website
Consistent with Public Act 91-0715 and
reasonable constraints determined by the Board of
Trustees, at each Regular Meeting of the Board or
its committees that is open to the public, members
of the public may request a brief time to address
the Board on relevant matters within its
jurisdiction.
Are there any requests for public comment
today?
Hearing none, we will move on.
First, we turn to the approval of the
Minutes. Is there a motion to approve the Regular
Meeting Minutes from the February 28th, March 19th,
and May 21st meetings?
TRUSTEE JOHNSON: Motion by Trustee
Johnson.
TRUSTEE SONI: There is a motion. Is
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there a second?
MR. SLACK: Second.
Donna, would you call the roll call?
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
TRUSTEE SONI: Motion is approved.
Is there a motion to approve the
transcripts of the March 19th, April 23rd and May
21st meetings in accordance with Executive Order
2020-07?
TRUSTEE JOHNSON: Motion by Trustee
Johnson.
TRUSTEE SONI: Is there a second?
MR. SLACK: Second.
TRUSTEE SONI: Donna, could you call the
roll?
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
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MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
MS. HANSEN: Motion approved.
TRUSTEE SONI: Is there a motion to
approve the written record of the closed section of
the February 28th and the April 23rd meetings and
that such written Minutes be kept confidential
pursuant to the recommendation of Counsel and
pursuant to the requirements of the Open Meetings
Act?
TRUSTEE JOHNSON: Motion by Trustee
Johnson.
TRUSTEE SONI: Is there a second?
MR. SLACK: Second.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
MS. HANSEN: Motion approved.
TRUSTEE SONI: Thank you.
We will now turn to the approval of the
agenda items.
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Is there a motion to approve all the
Refunds that are listed on the Agenda?
MR. SLACK: So moved.
TRUSTEE JOHNSON: Seconded by Trustee
Johnson.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
MS. HANSEN: Motion approved.
MR. WHITE: Just for the record, staff
has indicated that all is in order with respect to
this item.
TRUSTEE SONI: Thank you.
Moving on to approval of the
Administrative and Investment Fees. Is there a
motion to approve the Administrative and Investment
Fees on Pages 10 through 12 on the agenda?
TRUSTEE JOHNSON: Motion by Johnson.
MR. SLACK: Second.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes.
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MS. HANSEN: Trustee Soni
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
MS. HANSEN: Motion approved.
TRUSTEE SONI: Thank you.
Is there a motion to approve the
Annuities listed on Pages 13 through 19?
MS. CARROLL: All in order.
TRUSTEE JOHNSON: Motion by Trustee
Johnson.
MR. SLACK: Second.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
TRUSTEE SONI: Moving on to the Ordinary
and Duty Disability Benefits.
DOCTOR SULLIVAN: All in order.
TRUSTEE SONI: Is there a motion to
approve the Ordinary and Disability Benefits on
Pages 20 and 21?
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TRUSTEE JOHNSON: Motion by Trustee
Johnson.
MR. SLACK: Second.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
TRUSTEE SONI: Moving on to the next item
Ordinary and Duty Disability Extensions. Is there
a motion to approve?
DOCTOR SULLIVAN: They are all in order.
TRUSTEE SONI: Is there a motion to
approve the Ordinary and Disability Extensions on
Pages 22 and 23?
TRUSTEE JOHNSON: Motion by Trustee
Johnson.
MR. SLACK: Seconded by Slack.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
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MR. SLACK: Yes.
TRUSTEE SONI: Thank you.
Moving on to Adjusted Disabilities.
MS. CARROLL: All in order.
TRUSTEE SONI: Is there a motion to
approve the Adjusted Disabilities?
TRUSTEE JOHNSON: Motion by Trustee
Johnson.
MR. SLACK: Second.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
TRUSTEE SONI: Thank you.
The next item is the Change in Dates of
Birth. Is there a motion to approve the Changes in
Dates of Birth listed on Page 26?
MR. SLACK: So moved.
MS. CARROLL: All in order.
TRUSTEE JOHNSON: Second by Trustee
Johnson.
MS. HANSEN: Trustee Johnson.
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TRUSTEE JOHNSON: Yes.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
TRUSTEE SONI: Thank you.
Next item is the Treasurer's Report.
MR. SLACK: All in order.
TRUSTEE JOHNSON: Motion by Trustee
Johnson.
MR. SLACK: Second.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
TRUSTEE SONI: We will move on to the
update of the Fund's Net Position. Steve, will you
present the Fund's Net Position?
MR. YOON: The actual numbers have come
in slightly lower than what we forecasted due to
the current environment. However, our funding
ratio, obviously that is not accurately determined,
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is relatively flat from last month so no changes to
report.
TRUSTEE SONI: Any questions by the
Board?
Moving to Investments. Jamie, I will
turn it over to you to address the Investments.
MR. WESNER: Thank you, Trustee Soni.
Good morning, everyone. I know you have
a very full agenda today. We will start with the
market tracker for May and talk a little bit
through the market environment and then we will
highlight some of the performance of your managers
within the portfolio.
Again, starting off with the market
tracker, May was another strong month in the
rebound. You continue to see equity markets
increase, really all risk assets across the board
saw a rebound in May, and that has continued into
June.
We have continued to see volatility in
the markets. Really the big driver for the markets
is continuing to increase at a faster pace than
what we are seeing in terms of the economic
recovery which is really because of all the
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stimulus that has been put into the market.
The Federal Reserve has continued to put
in trillions of dollars of monetary stimulus. And
the Federal Government, while it hasn't taken any
action over the last few months, has put its own
3 trillion dollars in fiscal stimulus.
There are extensions of additional fiscal
stimulus over the coming months. Potentially an
extension of some of the unemployment benefits.
Also an infrastructure package, spending package,
has been discussed. Again to inject more
liquidity, more money, into the economy.
The market has really driven equity
markets higher over the last several months.
Again, day-to-day a lot of the volatility
is driven by either what we hear from the Federal
Government in terms of additional stimulus or what
we're hearing in terms of progress in the fight
versus the virus and the progress from the pandemic
and how the economy is opening back up.
Last week we saw one of the most volatile
days in the whole year because of discussions,
people discussing, you know, continuing the
struggles versus containing the virus, that is
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going to continue.
When you have good news, the market will
respond positively. When you have bad news, the
market will respond negatively.
I think that is really the background,
that is what ties into the numbers you see here on
the page.
Again, the U.S. equity markets for May up
almost 5 percent to the S&P 500. The trend that
has really been in place for the last several years
has continued. That is unusual for a recessionary
environment, it is really the cause of the
recession that has caused this trend to continue.
The trends I am alluding to are that
growth has continued to outperform value. Large
cap has continued to outperform small cap and U.S.
has continued to outperform international.
Really because this downturn caused a
complete shutdown of the services sector which
typically is resilient during a recession. And we
saw the growth stocks, the technology stocks,
really benefit, that is why a lot of these trends
have continued. I think it is important to keep
that in mind.
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You will see it with the performance of
your managers. You will see it with the
performance of the total portfolio and that trend
has not shifted very much, that is what is
highlighted really in the middle of the page.
We will look at the blue box with the
year-to-date figures. Large cap growth up 5
percent. Small cap value is still down 25 percent.
So we're still seeing a 30 point differential just
between U.S. equities of the best performing and
worse performing parts of the market. Again, it is
really going to be a big dictator of performance
over your overall portfolio.
The international market, which is the
second table on the left-hand column, is not quite
up as much as U.S. markets for the month of May.
International markets are actually outpacing U.S.
markets in June by a rather healthy margin, but you
can see here for May broad international markets up
3.3 percent. The second line on that table.
Emerging markets only up not even a
percent during May, but they are up over 7 percent
thus far in the month of June.
We are going to see some really different
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numbers come out of June than we are seeing so far
from May.
If we shift to the upper right-hand part
of the page, we can look at fixed income. Fixed
income, really the story here, the first part of
the year you want as much quality as you can have.
You can see core bonds up 5 and a half
percent year-to-date, that is continuing in the
downward movement in the interest rates and the
upward move of bond prices.
The one thing that is different in the
last couple of months, just like equities have
rebounded, high yield bonds, bank loans, about
two-thirds of the way down that table, you can see
high yield bonds up 4 and a half percent for May.
Bank loans up just a little under 4 percent for
May.
We are seeing those parts of the market
up another 2 to 3 percent thus far in June.
Continuing to rebound in the risk assets and you
are not getting as much of the flight to quality.
One other area that I will highlight is
the hedge fund space. Traditional hedge funds
performed relatively well. We saw the biggest
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bounce for the month of May reflective in your
Neuberger and Parametric investments.
We have a tremendous volatility in these
benchmarks for the year-to-date period. Really the
reason why is because we have seen so much
volatility in such a short period of time.
These strategies like volatility but not
volatility that moves in 10 to 15 percent in a
single month. These strategies perform best in
markets where we are seeing 3 to 4 percent
volatility. It has been a little bit whipsaw over
the last three to four months but they are
performing better. They performed better in May
and we have seen better returns for them in June
thus far.
The one thing I will just leave you with
is the bottom left-hand part of the page. These
figures are not updated. As you all know, the real
estate figures are only updated on a quarterly
basis for your private real estate.
We have been getting a lot more
information from our real estate managers and what
we have heard is that they are anticipating over
the next two or three quarters in that 5 to 7
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percent range.
Retail real estate investments are going
to be the weakest followed by office and
multi-family and industrial are holding up
relatively well, that is what we are hearing back
from the real estate managers. They are trying to
manage liquidity, but again as we all know some
parts of the real estate market have really gotten
hit. Especially retail because a lot of those
companies that are businesses that are in malls or
strip malls are not able to pay their rent so those
assets are going to be marked down.
We will continue to give you more
information as we get it. Those are some of the
preliminary estimates that managers are starting to
give us guidance on the figures.
Any questions before we jump into the
portfolio?
We will jump in and take a review of the
portfolio. Really one of the big things in terms
of the portfolio for the month of May has been
active managers have actively performed relatively
well.
We know that we have been in an
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environment where active managers have
underperformed quite a bit. We have seen active
managers perform much better.
We can go down to the market value page
first to see where the actual dollar amounts are
because this will be a factor in terms of our
rebalancing.
As we look at market values and the like,
we are obviously seeing a decrease in the market
values. For the first part of the year we have
seen a rebound. So we are just below 3 and a half
billion dollars in assets as of the end of May.
Overall, towards our policy targets, we
have stayed relatively close to our policy targets.
As we meet benefit payments, our monthly market
value ends with an allocation to cash which we
don't have in our policy target so all the other
asset classes seem a bit light.
As you can see, we are very close to our
policy targets really across the board. A few
areas where we are a bit overweight, which are
hedge funds and your real assets, those are all
areas where we have taken steps to reduce those and
we have redemption requests in which will help us
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bring those dollar amounts down.
If we move forward to performance, which
is two pages forward, we can take a look at the
overall performance for the plan for the period.
Again, May was a nice month. We saw the
portfolio rebound by 3 percent. We still are a bit
below our policy target. The main drivers for this
is our policy benchmark. It has an allocation just
to core fixed income.
As we all know, we have allocations to
high yield and bank loans in this portfolio and
those have performed not as strong as core bonds
and that is some of the reason for the
underperformance you see towards the top of the
page.
For the one month, most all of your
strategies rebounded. You can see all of your core
bond managers are all above the benchmark.
As I mentioned before, risk assets
started to come back and you can see that most of
your managers start to rebound as we see the bond
prices come back quite a bit.
High yield and bank loans. MacKay
Shields is your conservative bond manager. In a
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tough market for high yield, a conservative manager
is going to outperform. They are outperforming
year-to-date by about 2 percent net of fees.
Crescent is about 1 percent below the benchmark.
And then Symphony, your bank loan manager, about 1
and a half percent below the benchmark.
We are seeing a few issues with Symphony
in terms of the market and prices we are seeing
from your custodian Northern Trust versus what we
are seeing from Symphony, but those typically do
average out over time.
If we continue back to the U.S. equity
part of the page, U.S. equities is the area of the
portfolio where we actually did see a rebound in
performance because we did see active managers
start to outperform which was very positive.
We saw managers like Great Lakes
outperforming by a percent for the month of May,
just slightly under for the year-to-date period.
At the bottom of the page, Ariel, your
active manager in the SMID value space,
outperforming by about 2 percent.
You can see through the three months and
the year-to-date period, although it's been tough
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sledding in the value part of the U.S. stock
market, particularly in the small and mid-cap
space, Ariel was outperforming by 4 percent net of
fees.
Continuing down to the next page, here we
see a lot of active manager outperformance. First
the manager that outperformed the most, Kayne
Anderson, one of your small cap managers.
Year-to-date they are outperforming by 22 percent
net of fees.
So, if you recall when you hired this
manager last year at this time, they had a very
concentrated portfolio and very defined stock
selection process. They had a really huge out-
performance. Even during the month of May, they
outperformed by 8 percent net of fees. They
continue to have a very strong performance with the
strong stock selection.
Nuveen, which was also hired at the same
time, a little bit of a different story. More
quantitative managers, who have more of a funnel
focus for their valuation and try to rely more on
historical data. They struggle, because as I
mentioned during the market commentary, this market
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dislocation has been different than other market
dislocations and that has really caused managers
like Nuveen and a few others that we will talk
about in a moment and to struggle for fundamental
managers who are purely underlying stock pickers
have been able to show a little bit more value
added.
On the international side, this has been
the part of your portfolio that consistently
outperformed. In here you have the majority of
your active managers outperforming so really four
out of five managers outperforming active managers.
So LSV, MacKay Shields, Walter Scott,
those are your three core managers. LSV on the
value side, MacKay Shields more on the core and
Walter Scott on growth, all outperforming their
benchmarks.
You can't see here, though, year-to-date,
outperformance means something very different. All
these managers are in green, that means they are
outperforming their benchmark. But Walter Scott is
only down 2.4 percent, where LSV is down 19.9
percent. LSV, while they are beating the
benchmark, certainly by absolute terms, and it has
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still been a struggle for them.
The manager in the international space --
TRUSTEE JOHNSON: Jamie, get into Segal
Bryant & Hamill, I want to hear you defend them.
MR. WESNER: We are going there. With
Segal Bryant, all these quantitative managers have
continued to struggle.
As we talked at the last meeting, we had
the plans of doing now a search in this space to
re-assess Segal Bryant and then also at the same
time look to see whether we want to have active
management where we have index. You can see here
part of this investment index. Some with the
Northern Trust in the index fund. The remainder
with Segal Bryant.
By doing a search, we can assess whether
we want to add a compliment to Segal Bryant, who
again is more value oriented, a more quantitative
manager, or whether we want to replace them.
So, again, it has been certainly a
frustrating process for them. They participated
more in this downside and less on the upside. As
we all know, that is exactly what you don't want a
manager to do.
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As Trustee Johnson just pointed out, this
has been a manager that has continued to struggle.
It is on our Watch List and we'll take steps over
the coming months to present you with further
assessment and some additional options to consider.
TRUSTEE JOHNSON: How much did we
originally fund on that?
MR. WESNER: I don't recall off the top
of my head. Maybe Steve remembers.
TRUSTEE JOHNSON: I believe Steve just
said 50 million.
MR. YOON: We started with the 50 million
initially and halfway through our relationship we
gave them another 50 million.
MR. WESNER: 100 million dollars total.
TRUSTEE JOHNSON: Okay.
MR. WESNER: So the final manager in the
international space is William Blair on the
emerging market side.
As we know here, a manager that has been
volatile for us but most recently the volatility
has been in the right direction.
Year-to-date period it outperformed by 7
percent net of fees. One year period outperformed
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by less than a half percent net of fees.
So we know we get big swings with William
Blair. Most recently on the upside and
outperforming our benchmark.
Nice thing to see here, that portfolio
does tilt more towards the growth space so that has
benefited them as well.
On the next page, similar to what I was
talking about with Segal Bryant and with Nuveen, we
talk about Acadian on the global low volatility
side.
As you recall, the search was just done
last year, towards the end of last year. Global
low volatility managers are very quantitative
focused and a lot of these quantitated strategies
have underperformed.
As you can see, both of those strategies
have underperformed again both on the downside of
the upside, which is less than ideal. But,
obviously, they are newly funded and we will
continue to give these managers time.
TRUSTEE JOHNSON: The whole point of us
doing that was to protect on volatility issues.
MR. WESNER: Agreed. When we look at
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managers, like global low volatility managers, we
certainly have seen it pretty consistent across the
board, these managers have great numbers even
during up markets.
Prior to the COVID pandemic, we had not
projected as much as we anticipated on the
downside.
On the hedge fund side, we have seen
relatively strong outperformance by most all of the
managers again to varying degrees.
Traditional hedge fund managers, like
Rock Creek, have navigated this environment very
well. Especially since Rock Creek is more of a
global manager and they have more international
exposure, they are only down 2.7 percent
year-to-date.
Our two defensive equity strategies, as I
talked about in the market environment, the drivers
here is these managers have gotten hit on the
downside of the upside.
If you recall, these managers as we
talked about sell insurance. If you are thinking
about traditional insurance companies, they have
gotten hit with back-to-back hurricanes essentially
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on the downside and they got hit and had to payout
insurance on the downside when the markets were
going down. Parametric more than Neuberger when
the markets were going back up in April and May got
hit. They didn't participate as much on the upside
as you can see the differential performance between
Parametric and Neuberger year-to-date. Neuberger
being a stronger performer by about 4 percent.
If you recall, back in 2018 and 2019,
Parametric consistently outperforming and now we
have seen Neuberger's strategy outperform. They
are about equal when it comes to their since
inception performance.
Again, it's good to have strategies when
one is going to zig when the other zags.
We will wrap up with real assets.
Obviously, no changes in this short-term because
these managers only report quarterly.
Again, as I mentioned before, we are
anticipating to see manager performance in the real
estate be down in that 5 to 7 percent range with
price depreciation. We will still continue to see
income but prices are going to readjust in the real
estate space.
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I know there are a lot of bits and
pieces. Any questions?
Then, Steve, I will leave it to you to
discuss the funding options. Obviously, we know
that, after a several month period of not needing
to raise cash flow, we do need to raise cash flow
this month. Steve will share the recommended areas
for liquidity.
MR. YOON: Good morning, trustees. Good
morning, everyone.
While we pull up the staff report, in
terms of portfolio growth, obviously, you saw the
performance of our portfolio. It's good to see the
rebound in the market, which certainly helps us to
close the gap back into the break even point.
Overall, trending in the right direction but more
to come in the near future, obviously.
In the next slide, Asset Allocation, no
news to report there. A lot of our traditional
asset classes are underweight due to what happened
in the market and that kind of tilted our portfolio
somewhat to an illiquid space. Same story from the
last month.
No report on the capital activity. We'll
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go to the cash flow. We are currently sitting at
about 58 million. We held on to the cash that we
received early in February and March. So we held
on to it this long and now we are needing
approximately 30 million from liquidation of
managers to meet our benefits.
Going forward, it will be the typical
scenario where we will be redeeming some portion of
our redemption from managers going forward as we
await the second installment from the City
contribution, which is approximately 66 million
remaining due around the August time period.
For this month, we're requesting the
board to redeem 15 million from Segal Bryant
Hamill's intermediate fixed income portfolio and 15
million from LM intermediate fixed income portfolio
as well given that fixed income has held up nicely
and provided us with some protection.
TRUSTEE JOHNSON: Where are we at with
cash flow projections? I know we did our model
previously. Are we on target with what we had
projected until we had to liquidate?
MR. YOON: Back in May, I provided a memo
to the board with the cash flow projections. No
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changes since then. Obviously, we received a
majority of our contributions from the City back in
February and March and what is remaining from the
City's contribution level is about 66 million due
to come in around August from the property tax
levies.
And looking ahead into the rest of the
year, that dries up all of our cash contribution
that is assigned to us for this year. We will have
to redeem approximately anywhere from 60 to 80
million per month.
TRUSTEE JOHNSON: Okay. Thank you.
MR. YOON: With that, I would like to ask
the board for a motion to approve 15 million from
Segal Bryant Hamill intermediate fixed income and
15 million from LM intermediate fixed income.
TRUSTEE JOHNSON: Motion by Trustee
Johnson. 15 million from Segal Bryant, 15 million
from LM.
MR. SLACK: Seconded by Slack.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
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MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
MR. WHITE: With that, we'll go to our
Action Plan.
On the last page, Rock Creek we
implemented, based on the Trustees' approval at the
last board meeting, to move into the Phase 2 and 3
of amendment of our Rock Creek mandate.
We have started our conversation with
Rock Creek to amend the guidelines to include
private credit. That is in motion and we will
report back once it is complete.
Request for Proposal, I should have put a
date on there. We are expecting possible Request
For Proposal in the fourth quarter of 2020, if not
sooner. Our conversation has been around possibly
taking index money to actives, that we have about
40 million with Northern Trust asset management.
A final request that I have would be to
remove JP Morgan strategic property fund as well as
NIS core fixed income from off of the Watch List.
They have been on watch since August, 2019 and
November, 2019 respectfully due to personnel and
organizational changes.
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We have been meeting with them
consistently. I have been in contact with both
companies and we feel comfortable moving them off
of the Watch List.
If I could ask the Board to make a motion
to remove JP Morgan and NIS from the Watch List.
MR. SLACK: So moved.
TRUSTEE JOHNSON: Seconded by Trustee
Johnson.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
MS. HANSEN: Motion approved.
MR. YOON: Thank you.
We continue to monitor Segal Bryant
Hamill and meet with them on a regular basis.
If you don't have any questions, I will
pass it back to Stacey.
MS. RUFFOLO: Actually, Trustee Soni, I
believe that the next item on our agenda is our IT
RFP presentations and the first company up is EKI.
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MR. WHITE: Before we get started with
the IT presentation, we were extremely pleased to
get the number of applicants that we did from
proposals and the quality of the responders were
all fantastic.
With that in mind, I know some of the
proposers have some concerns about possibly sharing
their numbers with others so before we go into the
presentations we are going to pull the IT
presenters sort of out of the meeting, except for
when they are presenting. We will identify them
and we will put them out of the meeting while the
other proposers are presenting.
I think the first one up is EKI. We will
put all of the other IT responders out of the
meeting. We'll pull them out of the meeting,
except for EKI.
MR. RIGG: This is Chris Rigg from EKI.
We are teaming with Wynndalco, too, so there is
three folks from Wynndalco that are part of our
proposal.
Do you know who those are and you can
include them, keep them on?
MR. WHITE: If you could identify
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yourselves, that will make it easier to make sure
we don't pull them out by mistake.
MR. FLORES: Jose Flores, Herman Andalcio
and Solomon Kahn.
MR. WHITE: I think we are ready, Chris.
MR. RIGG: Thank you. I did send a
presentation last evening. Is that going to be
displayed on the screen?
MR. WHITE: Yes.
MR. RIGG: Good morning and thanks for
giving us both the opportunity to respond and the
opportunity to present to the board meeting here
today.
If we can, I want to go over our agenda.
What I wanted to do was, one, introduce the members
of the team that are here with you today. Talk
about the two firms, an overview of the two firms,
a history of the two firms that are presenting. We
will talk about our understanding of your needs,
based on what we saw in the RFP, and then our
approach to your response to our response to
meeting your needs and then any questions that you
may have.
I am assuming that agenda is okay but I
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will ask quickly does anybody feel like we need to
add anything else to the agenda or are we okay to
proceed?
MR. WHITE: Sounds good.
MR. RIGG: Thank you, very much.
If we go to the next page, when I first
received the RFP to EKI Digital and I read the
requirements, one of the first things I did I
reached out to Wynndalco Enterprises because EKI
and Wynndalco have a very strong ongoing
relationship. We have worked very successfully
with other clients.
Wynndalco specializes in a lot of the
services around. Supporting the networks.
Supporting the PC's. Supporting all of the ongoing
services where EKI Digital is much more of a web
development, application development, and
technology consulting firm.
We felt like we wanted to provide both
firms together which provides the best opportunity
to meet your needs.
I will talk just briefly. I want to
introduce myself. My name is Christopher Rigg. I
am the COO of EKI Digital. I joined EKI actually
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in January. I have over 30 years experience in
technology specifically for financial services.
So prior to joining EKI I was a partner
in Ernst and Young. I lead the capital market
technology practice both for the buy side and the
sell side. I retired from Ernst and Young in
October and I joined EKI, based on my relationship
with Robert Blackwell, the owner of EKI. I have
known him for 25 years.
Prior to that I was a technology
executive at Bank of America. I started my career
at Blackwell Consulting working with Robert who is
the owner of EKI Digital.
Jose, do you want to go ahead and
introduce yourself?
MR. FLORES: Good morning. My name is
Jose Flores. I am the President/COO of Wynndalco
Enterprises. I have been with the firm for over
nine years now, but I have worked with the owner
for the last 25 years on various companies and
initiatives.
I basically bring a lot of experience
within the Chicagoland area state and local
government entities. We do a lot of work with the
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schools, the county, the airport and so on. And I
think we're going to go into a little more detail
about that.
My specialty is being able to manage
projects as well as from the technology aspect of
this, being able to make sure we implement and
provide the best services for our customers at the
end of the day.
I will pass it on to Herman.
MR. ANDALCIO: Good morning. Herman
Andalcio here. I am the Senior Account Executive
for Wynndalco. I have been with Wynndalco for ten
years. Working with Jose our Chief Operating
Officer and Chief Executive Officer David Andalcio
for 27 years.
Working with the City of Chicago and all
its sister agencies. I would be considered more of
a relationship manager but do a lot of project
management. I will go into detail later. I am
also a veteran of the Marine Corp and Navy.
MR. RIGG: Then we have one more person
whose photo we did not have on file but that is
Solomon Kahn. Kahn, if you want to give a little
background of yourself as well.
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MR. KAHN: I am the Technical Director
for Wynndalco on the technical side. Certified in
all of the Microsoft technologies as a Microsoft
Solutions partner. Looking forward to working with
you to help with the technology.
MR. RIGG: Thank you.
If we can go to the next page to a quick
overview of EKI Digital. We are over 20 years old.
We were formed in 1998 by Robert Blackwell, Jr. We
are a technology consulting firm that specializes
in doing digital work for state and local
government and financial services institutions.
Those are our largest industry segments that we
have done.
We have a very long relationship with the
City of Chicago, with Cook County, with the Park
District, many other public institutions. We have
done a large amount of work for the State of
Illinois, State of Indiana. And from the
commercial business prospective, we did a
tremendous amount of work with Walmart, Northern
Trust, BMO Harris, et cetera.
We are a MBE. We are 100 percent owned
by Robert Blackwell, Jr.
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Going to the next page, we will talk a
little bit about the work that we have done, which
I think is relevant to the work that the Pension
Fund Board here is looking to complete.
The City of Chicago is probably our
longest ongoing relationship. We have worked with
the City for over 20 years. We have a team of
people that are dedicated to supporting the City's
web infrastructure. If you go to the
cityofchicago.org, all of that web infrastructure
we have built. We support.
If you make a payment, pay a parking
ticket or any other payments you make through that
web infrastructure those --
TRUSTEE JOHNSON: I'm sorry to jump in
there. You said the City of Chicago system. Have
you done anything with the system with Personnel/
HR where you apply for jobs and stuff like that,
was that part of your project?
MR. RIGG: Not that I know of. Like I
say, we support the web infrastructure and then a
lot of the integration architecture.
So if you are a technology person inside
of the City and you want to connect different
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systems together, we provide the underlying
integration capabilities to do that.
I would have to go back and check with
our team. We have been being work with the City
for a really long time.
TRUSTEE JOHNSON: No problem.
MR. RIGG: Beyond the City, we worked
with Cook County. Identified massive amount of
savings for them in terms of how to use technology
more effectively and we have worked with a number
of schools, districts and other state and locals.
Really an extensive amount of experience
helping companies and institutions use technology
to be more effective.
Jose, do you want to take us through the
Wynndalco overview?
MR. FLORES: Wynndalco Enterprises,
obviously, is a minority owned company as well. We
have been in business and have worked in Chicago
for over 30 years. Not as Wynndalco but David
Andalcio, who is a really driven individual, has
held multiple positions within different
organizations but he has also been conducting
business in the Chicagoland area for 39 plus years.
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I can't attest to that because I am not that old
yet.
Other than that, we do a lot of work with
the Chicago Public Schools today. We are the one
entity that receives every single piece of
equipment for Chicago Public Schools to our
facility. We prep those devices, asset tag,
remediate, image and then we do distribution
throughout the City and then support that as well.
As far as in terms of being capable of
handling different entities, just to give you the
type of skill in Chicagoland area, we have about 70
to 90,000 devices that flow through our facilities.
Where we go ahead and asset tag, image and prep
those devices as well as distribute them to the
Chicagoland area schools.
TRUSTEE JOHNSON: What type of device are
you talking about that you distribute?
MR. FLORES: Everything from Chromebooks,
laptops, desktops, we do x-ray machines.
TRUSTEE JOHNSON: The Chromebooks to the
students is part of your project?
MR. FLORES: For teachers and interactive
training within the classrooms. We do everything
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from not just the delivery but also the
installation and integration of it.
TRUSTEE JOHNSON: How would you say that
has gone so far with this shutdown? How has that
impacted you with the schools with the remote
learning and everything because I have to say I
have heard some bad things with the IT aspect of
it.
MR. FLORES: It's been very difficult
just because of the shut down that they have and
the handcuffs that have been put in place for
social distancing. Being able to have more than
one person in a vehicle. So as an entity we have
been able to ramp up and have multiple vehicles
throughout a single location to be able to deal
with the social distancing.
We immediately put processes in place so
we can go ahead and meet some of the needs. A lot
of the difficulty from the technology aspect as it
relates to Covid has really been with having
equipment available. Because every single school
across the nation has been requesting equipment,
there has been a lot of backlog and back orders.
I can give you an example. We have been
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involved with the New York Department of Education
as well and large entities and school districts
like that have gone out immediately to purchase
like the entire nation's inventory.
New York has just gone out there and
bought 400,000 devices, which has created a backlog
for other school districts. I think Dallas
independent school district went out and purchased
another 200,000. What that created is a cascading
affect for schools not being able to get equipment
based upon their preapproved products.
They have gone outside to different
markets to get that but it has really created a big
headache.
I can tell you that from a Chicagoland
area we have been able to assist by sending -- for
over a period of six weeks, we sent out 50
technicians to be able to extract equipment or
existing equipment in schools that were then going
to be used to send them out to the students. In
terms of capacity and capability, we were able to
help them with that.
I think if you were to talk to the
Chicago Public Schools and ask them as a reference
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as to our performance on what we have done for
them, I think we're a shining star.
We always do what we can and we bend over
backwards for our customers because we know how
difficult certain times can be so we go above and
beyond to make sure we meet their needs and exceed
them in most cases.
TRUSTEE JOHNSON: Just to walk back about
five seconds of that. What is the Wynndalco
relationship with EKI? I was kind of confused on
that.
MR. RIGG: We are two independent firms.
We are just teaming for this response. We have
worked together for other clients. When I received
the RFP, a number of the services in the RFP are
more in the Wynndalco strike zone then they are in
the EKI Digital strike zone in terms of managing
and supporting the desktop and network. A lot of
the infrastructure, IT services, that are requested
so we are subcontracting Wynndalco to do those
portions of the work for us.
TRUSTEE JOHNSON: Thank you, very much.
MR. FLORES: Outside of Chicago Public
Schools, we also do work within the Aviation
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Department supporting some of the infrastructure
for security within the Chicagoland area, O'Hare
and Midway.
And then we are also the ones to blame
for, you know, speeding tickets for the speed
cameras, red light cameras, throughout the City.
We maintain those. When you do receive a ticket,
you can blame us.
TRUSTEE JOHNSON: I don't think I would
really use that as a selling point.
MR. FLORES: It's one of those things --
I can tell you how they work because sad to say our
guys like to test those cameras as well. We
receive the tickets as well. At least we know we
are doing our job.
These are some of the customers form
Chicago Public School. We are not just in
Illinois. We are certified in multiple states.
New York, Texas, Florida.
Basically, we really focus on state and
local government entities, but outside of that we
are partnered with companies like CDWG, who is a
local firm that does a lot of hardware resell and
software resell. As a resource, we have them as a
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great partner.
We are partnered with Dell computers.
With Dell, we have done work with them in Dallas
independent school district, New York, Chicagoland
area.
So we really have a great I guess toolkit
of different companies we can leverage to bring the
piece of product to you.
TRUSTEE JOHNSON: I see a lot of
government -- all the different agencies. Have you
done any pension funds throughout the United
States?
MR. FLORES: We have not done pension
funds specifically. Basically, we have done IT
infrastructure work, manage IT services. It wasn't
specific to an entity or an industry, it was really
just as a customer need.
We have done work with Hyster-Yale Group.
SIMCO. Caterpillar is another account where we
have people in Peoria, Pontiac, Illinois, in
Minnesota and even in Canada.
We are really great at making sure we
have the right resources in place.
MR. RIGG: At EKI Digital, I can't think
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of a pension fund but we have done a lot of work in
the financial services space. Especially in the
hedge fund and asset management space, Including
Invesco, Ariel.
TRUSTEE JOHNSON: The only reason I ask
is the pension fund IT systems, I should say for
lack of a better word, are about 30 years behind
what regular corporations are at. It is a
different animal than like a private sector
business.
We are probably closer to government
agencies but even government agencies are light
years ahead of our IT. That is going to be a very
big swing for you guys to go from Point A to Point
B in my mind is how I see it.
MR. RIGG: I would say that to your point
around government, we have worked for a number of
government agencies that are in a similar situation
in the fact that they have not invested
substantially in their technology so they are
running applications that are very old.
We did a lot of the work for the State of
Indiana. They had a number of really old
applications that were on non-supported technology.
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We did a lot of work to help bring them forward
more into the Cloud. Help them to try to
consolidate and get them to stop using things like
Microsoft Access or spreadsheets to get things done
when they could use Cloud based applications to get
those done.
I think we have worked with a lot of
organizations to kind of pull them forward more
into the Cloud. As a result of the fact they are
just underinvested in technology because it wasn't
a priority.
I understand some of the challenges with
trying to get older technologies to take advantage
of the newer capabilities that are out there.
MR. WHITE: This is Dennis White. Just a
quick question and one point as well. One of the
things we wanted to make clear in the RFP is that
there are at least two or three different
components of what we are attempting to do to move
our IT forward. Certainly some day-to-day
management aspects but also sort of the CIO piece
of helping us move forward.
Are you comfortable if we end up
ultimately bifurcating that work and having one
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provider do the CIO work and then a different
provider that may not be part of your group do the
day-to-day work? Is that something you would be
comfortable with?
MR. RIGG: Yes. I think we are here to
support you and make you as successful as we can.
Whatever scope of work you ultimately believe we
are best suited for, then we will bring the best
team to deliver that and we don't have any issues
working with other firms. We do it all the time
for many of our clients.
MR. WHITE: I want to make clear that is
a question that we will ask all of the groups just
to confirm on the record because certainly
throughout the process we try to make sure we
shared all the questions and answers from the staff
prospective with each of the vendors. We wanted to
get your response on the record.
TRUSTEE JOHNSON: Real quick. In a
perfect world, Dennis, how do you see this RFP
playing out with the IT? How do you -- what is the
word I am looking for here -- have a vision of
seeing where they play in with IT?
MR. WHITE: Just to speak clearly, and I
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don't mind sharing this with the vendor, the first
step I see is a solidifying our day-to-day
management. And then sort of as part of the 2021
Budget coming up with more of a CIO plan of how we
integrate our new/old PDS system and our new
day-to-day management and move the organization
forward and make sure we have the right equipment.
We have sort of an unique situation in
that there's been the PBS project going on for a
few years before I got here but it looks like we
are going to wrap it up.
TRUSTEE JOHNSON: Ten years.
MR. WHITE: We are pushing to wrap it up
and make presentations to the Board at the July
meeting.
TRUSTEE JOHNSON: Are they still on
target for their June completion for Phase 4 or
whatever we are at now?
MR. WHITE: As recently as yesterday,
they indicated they are still on target and that is
why I said we want to have them present something
to the Board at the July meeting.
I think once we have that and our
day-to-day sort of management piece together, then
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we can really take a better look at what our CIO
needs are and what type of commitment that may
involve, that is really what I envision.
But I thought it would be helpful to make
sure we got it at least on the record and out there
so we didn't have to do two or three different
RFP's. Sort of the comprehensive skill set of
these providers that are in this space to see what
they can do and help us out.
My goal today is to help us get to the
selection of just a day-to-day manager today and
then maybe three months from now come back with a
CIO type of additional work proposal once we know
where we are.
TRUSTEE JOHNSON: Very good. I just
wanted to ask about that.
MR. FLORES: Just to finish my end and
the rest of the team, really what we would like for
you to look at us is an extension of your
organization. We want to fit in within your
organization and help you set that goal and path to
get you to that future set.
We want to get you ready to not only
evolve as an entity but also evolve with technology
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so that it helps everybody become more efficient at
the end of day.
We are more as an extension and really
not an outside arm because we want to walk hand in
hand with you guys as you continue to grow.
MR. RIGG: Thank you, Jose. If we go to
the next page, and I am conscious of time, so I
want to make sure that we're moving through this at
the pace that you would like us to.
If we go to the next page, you can see a
quick recap of our understanding of what you're
trying to get done and then we can talk a little
bit about our approach.
When we read the RFP, we broke it down
into these top four areas. The managed IT services
which we view as kind of the net monitoring.
Monitoring basically IT infrastructure. And that
is where we have asked Wynndalco to come in and
provide those capabilities.
Cloud service and migration to Microsoft
Office 365. Wynndalco has extensive experience
there.
And then the business optimization and
website redesign are really capabilities that EKI
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Digital can bring to the table given all the work
we have done for both government and private sector
companies to help them.
We have done a tremendous amount of
website work for the State of Illinois and the City
of Chicago. You can see examples of our work.
We did do COVID-19 web pages that are out
of the cityofchicago.org site now and we built
those in a very rapid manner as the needs required.
We built those in a couple of weeks.
TRUSTEE JOHNSON: Let me ask you a
question. Have you had a chance to play around
with our system and kick the tires on it?
MR. RIGG: I have not.
TRUSTEE JOHNSON: The website redesign, I
know I am going to second a lot of the other
trustees' concerns, but the member portal is one of
the bigger parts to this whole thing. I can't
stress enough that for our 77,000 members; it is
their fund and they should have easier access to
their membership data nowadays.
What is your thoughts on the member
portal for the members kind of implementing that
for the Fund?
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MR. RIGG: I think we have worked with a
number of clients to create direct access portals
for their clients. I think it is a critical
capability and I think there are newer technologies
out there, Cloud based technologies, that kind of
ease that process. So, hopefully, you can get a
more sophisticated portal capability with less
effort.
One of the things that we are very much
invested in as a firm is what we will low code
technology. We have a very extensive relationship
with Microsoft and sales force and a few other of
the smaller players so that we think we can bring a
framework for how you build-out a direct to client
portal.
And then, obviously, the challenge with
doing portals is often the data that your members
want is getting that data extracted from your
performance management or other account system
where that data is currently housed.
So getting that data out in the right
format and available onto the portal in a
reasonable timeframe, I think that is really the
key challenge. We have done that with a lot of
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clients.
Especially working with a number of
wealth managers and asset managers who have multi
asset class systems. So co-mingling equity data
with fixed income data and also thinking about it
from a household prospective. You have multiple
members that are part of the same household. So a
number of those kind of reference data type
challenges to get to effective presentation of the
data.
I was a tech advisor at Bank of America
for nine years, that portal capability is very
sophisticated. A lot of back end work to get the
data together to make it effective.
MR. WHITE: Chris and Jose, just because
we have three other presenters, if you could maybe
just give us maybe one last minute recap and we
certainly appreciate you. We hate to rush you
through it but we have three other presenters.
MR. RIGG: I understand. I think the way
we looked at what you are asking for, the way we
responded in our RFP response, was basically to
divide the services into two sets.
A set of infrastructure services and we
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gave you a rate card for the work there and then a
set of these other more business process
application website resets we gave you a rate card
for those.
We did not give you an ongoing price. We
think that is something we would work out with you
as we understand it in more detail. You say 24 by
7 monitor but really what do you want? What kind
of response times do you need?
We think we can have that conversation
with you when you are ready as we get to a contract
to get you to an actual price for the ongoing
services and then a price for any of the project
work that you want.
We gave you rate cards for those and an
estimate to move you to Office 365 based on the
additional requests that you had.
MR. WHITE: Thanks. We have that and I
think we have emailed that to the Trustees so thank
you. We appreciate you guys. We will go ahead and
we will pull you guys off the system and we will
move to next one on.
MR. WHITE: We will move to the next one
on. Just one quick question, we want to make sure
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if there is any handout or presentation that you
delivered that we make sure we share that.
Is there something you sent over or are
you going to talk through it?
MR. NIETO: I can talk through. I do
have a presentation. I wasn't sure how the meeting
was going to go today. I will just talk through my
presentation that I have on my screen if that is
okay.
MR. WHITE: If you can share it, that
would be even better.
MR. NIETO: If I am allowed to share my
screen, I will go ahead and do that now.
What I wanted to tell you about TEC
Services, I am sure you have read all the wonderful
things that we said about ourselves and they are
true.
We have been in this business for a long
time and we have been consulting and taking care of
our clients for almost 30 now. We have been doing
that awhile.
Our experience, I have only listed a few
companies here. Meadow Woods Holding, the Housing
Authority of Joliet and the Chicago Housing
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Authority are probably some of our bigger ones,
bigger clients.
We like to manage our clients in a number
of different ways, depending on what it is. We use
standards, I am sure all the different entities and
IT departments and organizations you will talk to
today will have their ideas. I am sure they go
through standards as well. We use standards on how
we do things. Best practices. Very similar to how
you guys conduct your business. Using your
standards and what works and what we find and that
works the best.
We're very familiar with a lot of the
NIST Standards, the framework there, on how to
provide security for your organization. Our
experience working with -- we have got guys from
all kinds of background. Most of our guys are
prior military so they are very familiar with a lot
of the top secret networks and how to secure those.
We have a guy from the F.B.I. who is working for
us.
Our experience, our background, and what
we have done in the past really helps us out.
One of the things I want to talk about
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too is what the transition would look like from a
high level to you guys.
We typically take about four weeks for a
transition to become fully supported of your
environment there.
So at the start we start with planning,
meetings and doing a transition plan. During that
time, we collect login ID's that we are going to
need. What the processes are right now for
support. How you are getting support right now
because we don't want to make it hard on you guys.
We want to make it easy on you guys. So it is a
smooth transition where nobody really knows
anything but behind the scenes we are working on
different issues that you may be having.
Your backup processes. How you guys are
setup. Your IP address. All the information
there, we want to take a look at that.
Then we collect your policies and
procedures. We want to know how you guys are doing
things. What are your security procedures and any
open tickets that are out there, we want to know
about those. Any activity. Any projects. It
sounds like you are moving to Office 365. I am not
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sure if you are in the middle of that or if that is
already complete. We just want to know what all
those things are.
Then we like to do an assessment. We
like to go in and take a look. See where things
are.
I know based on the information you have
provided to us there seems to be some old equipment
there and probably needs to be replacing. The way
we do that is we like to put a project plan
together. We don't like to do anything by the seat
of our pants. We like to do a plan together and
kind of determine what is the best way to move
forward with, let's say, replacing a server.
We want to do that with the least bit of
interruption to you as possible, that is why we do
a plan. We want to make sure we document our
risks. We document what our backout plan is if
things go bad. We want to know how do we backout
and make sure we are able to recover.
With all these things, we always like to
put in plans and those are the things we will be
talking about in week two. Planning, doing
assessment.
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Week three we kind of get introduced to
the users about who we are, how to get help, things
of that nature.
And then if you do have a current
contractor, then the release of the contractor
would happen during week four.
That is the transition from a high level.
This I just kind of put together about how to get
support in a little flow chart of the things that
typically happen here.
There is a number of different ways
individuals can get support. Probably the easiest
way is just to send an email. Obviously, if your
email is not working you can't do that, but a phone
call.
We do have a ticketing portal as well
where people can log into our help desk ticketing
system. We do keep track of all of our tickets.
What we like to do we like to kind of
aggregate all our tickets together, figure out what
is going on and then we meet once a month with
whoever our point of contact would be there at
MEABF.
So we meet with you once a month. We go
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through the tickets, what we are seeing, and then
determine if there is something that we can do to
even get those tickets lower.
Obviously, if it is an old system or a
problem system, replacing it would be the way to do
that, but maybe training. Maybe if somebody is
asking Excel questions there may be some training
involved. Just a way for us to talk and see how
things are going and how we are doing.
Typically the way our support model is we
like to work with at least two individuals there.
Those individuals would be the ones that we meet
with monthly. Kind of talk about how we are doing
and those individuals would be able to see tickets.
What is open. What is closed. How long they have
been open. Just to kind of keep us on track and
make sure we're not dropping the ball anywhere.
We like to do this for a couple of
reasons. If somebody sends us a ticket for an
issue, we want to make sure somebody there is
monitoring those as well. Making sure that tickets
aren't getting forgotten or just being closed just
to get closed.
They also would authorize any work to be
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completed, access to the building, the network
closets, the servers, things of that nature. They
would also coordinate and authorize things like
that, that is our typical support model.
I do have here our severity level. We
have three levels; critical, normal and low.
So critical issues we typically respond
to immediately and we update continuously until the
close of that ticket.
Normal tickets, if we are providing the
onsite, it just depends on how those are. You
know. Hey, this is something we can get to
whenever you are onsite.
Then the low is just typically your next
site visit. You know. We kind of keep track of
those.
We let you determine the criticality of
the tickets. Just because somebody can't print, it
doesn't mean that is a low issue. That might be a
high issue if you are trying to get funding or
there is something going on. We don't determine
the level of the tickets, we let you do that.
MR. WHITE: I am sorry to interrupt. If
you could, I am not sure how many slides you have,
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but we have at least two other presenters. Maybe
just kind of move it a little through for us and
forgive us we may jump in, too, if we have
questions.
TRUSTEE JOHNSON: I am jumping in right
now. This is Trustee Johnson.
You put on some of your other contracts.
Have you worked with any pension funds before?
MR. NIETO: Yes, I have. We have Myland
Financial. They just retired or I would have put
them on the list as one of our clients as well.
The gentleman just retired and moved down south to
Georgia but Myland Financial we worked with him for
the last 15 years.
We have worked with financial services as
well.
MR. WHITE: That is a financial service
company not necessarily a pension fund, right?
MR. NIETO: That is correct.
MR. WHITE: One question while we are
jumping in -- Trustee Johnson, I don't know if that
answered your question.
TRUSTEE JOHNSON: It definitely did.
MR. WHITE: One of the things we wanted
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to make clear and to get out there on the record
for each of the presenters, when we put together
the RFP we referenced two or three different
aspects of things that we're looking for in terms
of the day-to-day management, some potential CIO
and even some web development issues.
Is your company comfortable working with
us if you only get one piece of the work?
MR. NIETO: Absolutely. Absolutely. We
do have a full background of technical engineers
here that do the web and the engineering is from A
to Z so to speak.
If we only get one piece of the work,
yes, we would be happy to work with you on whatever
piece that is.
MR. WHITE: Thank you.
MR. NIETO: Any other questions?
I will move right along here. We do have
reports that we share. I am going to go through
those pretty quickly just to kind of get an idea
when we meet monthly the things that we go through.
CPU usage for the different servers.
Disk usage. Physical memory usage. The services
that are available and then the tickets. Open,
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closed, critical. This doesn't show up on the
closed, it shows the different levels of the
critical tickets. Those are some of the levels in
the reporting that we would go through each month
with those two entities there.
Like I said about our help desk system,
we do take it -- it is automatically through an
email. It automatically routes and escalates based
on time and the criticality of the ticket.
Any additional questions for me?
TRUSTEE JOHNSON: Yes. This is Trustee
Johnson. You seem to be very thorough on help desk
tickets and that type of service. One of the
things we are intrigued about is the member portal
for the pension fund members. We have 77,000
members. And allowing them access to some of their
information to take a little bit off of our staff,
with benefit estimates, things like that, where
they can log on and kind of look at their own
benefits. What are your thoughts on how to
implement a system like that for a municipal
pension fund?
MR. NIETO: The first thing that comes to
mind is security. We want to make sure that we let
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the right person in to access the right information
at the right time. This is kind of going back to
my network engineering background so we can
definitely put something together.
I like to use a two-form factor
authentication, whatever that means. There is a
number of different ways to implement something
like that.
We can do that with a front end -- I am
not sure how you do it now -- with a front end web
interface application, front end interface
application, with the two-form factor. I am sure
you are familiar with the two-form factor.
Username and password is typically the
first one and the next one is typically like a
token that you can get through your phone or a
device that is given to you. I think the phones
are probably the easiest nowadays but that would
authorize them to get access then to their
information.
Also, then you can give them a dashboard
fill, if you will, to their information and their
investments and the information they are looking
to.
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And then I would say maybe you could
customize their dashboard based on what it is they
want to see. You can have a default one and maybe
a way to customize it so they could see what their
interests are, what they are looking for.
TRUSTEE JOHNSON: Very good. Where are
you based out of?
MR. NIETO: Naperville.
TRUSTEE JOHNSON: Okay. Very good.
MR. NIETO: Any other questions?
MR. WHITE: Thank you, very much. At the
conclusion here, we are going to pull you out of
the system and we certainly appreciate you
responding to our proposal and we will be back in
touch with you shortly after the meeting.
MR. NIETO: Thank you and thank you for
your time.
MR. WHITE: Let's do Adam next. Adam,
are you there?
MR. RADULOVIC: I am here.
MR. WHITE: Sorry to keep you waiting.
We are going to try to move this forward a little
bit. We only have two presenters left. You are
one of the last two.
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There are a couple of things that I have
interrupted folks to make clear. Instead of doing
that, I will share it with you upfront.
One of the questions that we want to have
you answer on the record, as you are aware for the
RFP we included a few different things that we're
looking to do. Certainly day-to-day management of
some of our systems but also things like our Office
365 migration, which we recognize we need to
modernize our office, and also eventually a web
proposal.
Would your firm be comfortable working
with us if you only received one aspect or one part
of our IT work?
MR. RADULOVIC: We don't have to do
either of the projects. If we are doing the
monthly service fee, we can either do none, one or
two of the projects. The only thing that we don't
do is project only work. We work with established
clients that we have a relationship with and that
we manage their IT on a monthly basis so we just
don't do project only but we don't require to do
project. It is perfectly acceptable to have
third-parties to do any of the projects you have
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coming up.
MR. WHITE: Thank you. With that in
mind, please proceed. Try to keep to ten minutes
at the max but go ahead.
MS. HANSEN: Adam, you can share your
screen, if you have a presentation. It's up to
you.
MR. RADULOVIC: This is a brief history.
I will try to hit it kind of fast.
We are currently 26 full-time employees.
I established the firm almost 11 years ago. We
have our annual party in about a week and a half.
We started the pure flat fee monthly IT
firm which is the same as we are today. It allowed
us to grow pretty rapidly over the next seven
years. The way we did it was realigning our
interest with our clients. I will talk about it a
little bit later. We did a pro bono project with
an organization to put together a technology plan.
It is really a sample of what we have done with
existing clients over our last almost 11 years.
The last four years we have seen most of
the markets adopt monthly fees in an unlimited way
to support clients. I imagine a lot of people you
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talked to today have a very similar model.
Our focus really from Day 1 has been
having a separate department on how to reduce
problems from happening in the first place, which
is a much harder problem to solve.
We have it by including technology
auditors on a monthly basis to look at what is
going to be a problem in the future. They follow
controls just like a financial auditor does and
goes through a systematic review of what is
currently in place to make sure that tomorrow has
less problems than today.
In the middle of 2017, we established an
International Organization for Standard Rights of
2001 Information Security Policy.
There has been a great increase in the
focus of smaller organizations under 500 employees
by hackers have been responding accordingly. We
gained certification in order to increase our
competency.
I typically speak and increase awareness
of cyber safety. I talk to banks, insurance
companies, CEO groups, and I am still surprised how
many people don't even have some basics in place
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like cyber attack insurance.
Similar clients to your organization,
Illinois Ventures was actually our first client. I
won't go into too much detail. I wanted to give
this slide. It is really an abstract from the RFP.
We have 20 financial services firms that
we work with, that's how we started. I worked at
Swiss Bank prior to XL.net, that was my competency
area. I built an organization to be able to
support financial services firms.
In 2009, 2010, a lot of financial
services firms had some transitions and changeover
which we were able to help with. One of those was
Melvyn Securities, also one of our early clients.
I will save the questions for the end and
happy to answer any that you have.
As far as the diversity, you are probably
aware but technology has been a largely male white
dominated industry, which has required us to be
really very intentional around finding people that
allow us to have a diverse organization. I think
we have done that okay so far.
Our focus has been finding sources of
candidates. What we found in the past we don't
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have enough diverse candidates we are able to
review so internally we have had a group of really
women at XL.net that helped us identify additional
pools of candidates that are outside of the
traditional norm for IT.
Just to give you an understanding, for
every 100 white male candidates, there is one,
maybe two, women that are part of that. You really
have to be intentional about it.
Our key differentials are really two.
The first one I talked about and it is really what
formed us as a company is the reduction of IT
problems at risk. In the RFP, I included some
evidence to back that up.
The way that we did it really high level
is that auditor team that goes through controls to
identify this is what we have to do so tomorrow
there is less problems.
The second is technology enablement with
leadership alignment. I will show the example of
what we did for your organization, the draft plan
that we put together pro bono. It is really a
great way for us to show value and be introduced to
firms. We will review that in a little bit.
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So here is the plan itself. This is from
work prior to the RFP we did at the beginning of
the year prior to COVID-19. Some of this might
have to be refreshed. We are really planning for a
potential Q-3 start. So to acclimate you to the
plan itself, it follows a structure, if you are
familiar with it, similar to a business operating
model called EOS Traction.
On the left-hand side, what are the goals
for the next 12 months. In this instance, ending
the end of June, 2021.
We wanted to put together a technology
committee to run those meetings. Put together a
standard based security policy. All the associate
and operating procedures, former gap analysis and
then an agreed to remediation roadmap and putting
together the client portal roadmap.
MR. WHITE: Let me interrupt for one
thing quickly for the benefit of the Trustees.
Probably about two months into the job, I
got a cold call from Adam. He just asked me if we
were looking for any IT help and I said naturally,
well, I don't know. I am new to the job. Stop by
and let's talk about it. He stopped by and this
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pro bono technology alignment plan that Adams is
sharing with you now is something that basically
from meeting with me pro bono and then talking to a
couple of members of our staff. He just put this
together probably like about a hour after talking
to us.
I just wanted to share that with you that
this wasn't something that we asked all of the
other presenters to do. It is not a matter of the
other presenters didn't do it. This is something
he volunteered to do probably three or four months
ago before we even got into this presentation.
I just wanted to share that with you.
MR. RADULOVIC: Thank you for
differentiating that.
This is the plan we put together then.
The reason why we did it we are seeing
organizations that are seeing some threats. Back
then this was different, but today with Covid-19
and a recession coming, hackers are targeting
small, medium organizations. There tends to be a
lower staff engagement in companies. This is what
leadership teams have to address.
There is 300 different categories of
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technology solutions that can assist. Each of
these segments has hundreds of different providers
that can help. It is very overwhelming and we
understand that.
That is why, as Dennis mentioned, we
start with interviewing the leadership team. We
interviewed nine members of the leadership team.
We spent 30 minutes to a hour per person, which
produced about 18 pages of raw data which is what
ultimately with the knowledge that we have in our
industry experience and the soft solutions
available allowed us to put together this plan.
Now a little review of what our process
looks like. So far really where we got to prior to
the RFP is the on boarding review where we
interviewed the leadership team. We understand
where the organization is heading and what some of
the lacking aspects of technology might be so we
can produce that one plan.
If we are selected to go forward, we then
review on the on boarding day what is expected on
both sides. There is some template documentation
that we request. We do an introduction meeting
with service staff and when that is complete we
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start the cycle, three month cycle, that really
continues as long as our service continues.
It is doing three monthly alignments. We
are going through and looking at problems before
they happen. It is a quarterly meeting that takes
that plan and updates it for the next quarter. And
then on an annual basis we re-interview the
leadership team to make sure we are always getting
a fresh prospective view of where you're going in
the next couple of years.
Monthly fee. I wanted to go ahead and
review this. It is part of the RFP but I want to
make it really clear and open it for questions when
we get to it.
We charge based on full-time equivalent
employees. In your instance, we are calculating it
based on 38 full-time employees. We multiply that
by 185. It is an all inclusive service for
everything except special projects.
I wanted to call out specifically the
included parts. I know in the RFP there are some
questions in there.
Our virtual CIO services or our
technology executives that really becomes part of
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the leadership team is included in this service as
is the 24/7 unlimited three live shifts that
support that. Regardless of when somebody has
either a question or something they need, we are
always available. Again this is born from us
having to focus initially on financial services.
Melvyn Securities was a great example.
They would trade at one or two a.m. We had to make
sure if there was an issue we were able to support
them.
We also include different nuts and bolts
of the IT tools that are needed. Like antivirus,
antispam security training and assessment because
we look at that as a requirement. Backup.
Disaster recovery. Monitoring software. Even
constant filtering for remote working folks.
What is not included, thank you for
bringing it up in the beginning, is the two
projects that you have coming up.
There is some remaining work to be done
for the migration to Office 365. So that would be
a subset of a potential project that we could do or
we are happy for a third party to do it. And then
the consultation and the website redesign.
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In the past what we have really done is
manage the process of helping select the right
digital agency, a software development firm, less
involvement day-to-day.
If we are involved in the day-to-day, of
course, depending on the need, that is a special
project.
Again just to kind of review what I
started with in the beginning and then we can jump
into questions.
Our two key differentiators, what we can
do for the organization, is reduce problems by 80
percent and help align the plans so it matches
where your organization is trying to go.
Hopefully, I went through fast enough.
Your ears are probably tired by now with everyone.
I wanted to open up to questions you might have.
TRUSTEE JOHNSON: Trustee Johnson here.
Can you go back to the presentation on your meeting
with our staff?
You're a little different. You come in
and see the system and now looking at the issues
left. I notice a common denominator. The more
involvement I have with IT the more frustrated.
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When I ask from something from IT, they don't get a
response. Our IT team has us in a choke hold.
Seeing our system a little bit, what are
your thoughts on our current system as it is now
just from an IT standpoint?
MR. RADULOVIC: It is really easy for
someone that is in IT and judge the previous and
say they did everything wrong. I really don't
think that is the case. I think there is a couple
of pieces that need to be fixed.
What it really felt like is that IT was
put in a place to control all IT decisions, which
instead it needs a technology committee with
representation from every department that pushes it
forward. Technology needs to facilitate that, not
choke hold.
A lot of what I heard from the people I
interviewed was a feeling that it stopped. Once
things go to IT, IT's job is to really stop
progress and we need to do the opposite.
TRUSTEE JOHNSON: Now what is your other
public agencies that you have worked with for IT?
MR. RADULOVIC: Public agencies like
Illinois Ventures, Melvyn Securities. I don't know
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if I hit it. I didn't mention that Benevolent just
got purchased by Fedcap Group.
Most of the organizations we work with
tend to be on the smaller side. So somewhere
between 20 to 80 employees and less visible.
TRUSTEE JOHNSON: No government agencies?
It is all like private sector?
MR. RADULOVIC: Correct.
TRUSTEE JOHNSON: What is your thoughts
on portal; one thing I ask everybody. 77,000
members to get their information. Take some of the
weight off of our counselors. How do you see an
employee portal coming along?
MR. RADULOVIC: So when we did the
interviews, it was really in the middle of
development. It was unclear how much progress has
been done so far to-date.
Step one, we need to figure out what is
the current state. It appeared to be always, hey,
it's almost done. It is almost done.
We have to evaluate if there is anything
there that we can salvage to move forward. After
that, and maybe even in parallel, technology needs
to define what exactly we need in the client
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portal.
It didn't appear like it was very clear
what the business requirements are for that client
portal to be able to do.
It is probably back to basics. One is
assessment. What is being done right now or
currently been done. And the second is to
understand where the requirements are to start
with. And our again guiding principle is you have
to make it as simple as possible for a start to get
out there to start to make progress and do an
innervated approach after that.
Did that answer it somewhat vaguely?
TRUSTEE JOHNSON: You kind of danced
right around it pretty much, but all good. I get
it.
MR. RADULOVIC: Sorry. I wish I could be
a little more direct. It is as ambiguous as it is
for me right now.
MR. WHITE: Any other Trustees have
questions?
Adam, thank you for joining on. I hope
we make a decision today but either way we will
back in touch with you shortly.
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MR. RADULOVIC: Thanks for the chance to
speak with you. Have a great day.
MR. WHITE: We are going to remove you
from the Zoom now in fairness to the other
presenters.
Billy, are you there? Todd?
MR. MATTHEWS: Yes.
MR. CABRALES: Yes.
MR. WHITE: We're sorry for saving you
for last. Certainly you have been around and had
some direct experience with our facilities, we
thought it made sense to have you be the last
presenter.
Before you begin, just a couple of things
I will mention, that we shared with the other
presenters.
One, as you are aware, the RFP sort of
referenced it, we are looking to do a few different
things. One is to have day-to-day management.
Two, have an entity to serve as a CIO capacity and
then also looking at a potential web development
and sort of Microsoft 365 migration.
So we want to get on the record whether
that is something that, if you guys are selected
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for one aspect of our IT work, are you comfortable
doing that in full recognition or acknowledgement
that there may be another service provider that
does another part?
MR. CABRALES: That's not a problem.
MR. MATTHEWS: We work with other parties
all the time.
MR. WHITE: The other thing we wanted to
get on the record. Certainly, we have kept the
Trustees for far longer than we typically do for
our board meeting.
We will ask you to maybe have your
presentation be about ten minutes and we'll go from
there.
I know there is a couple of questions.
There is one question I am going to ask you once
you get through with your presentation.
MR. CABRALES: We can definitely try and
keep it short. We do have the existing
relationship. I don't know if we are going to have
to fully go through all our background and whatnot.
We will definitely try to keep it short. I know,
Dennis, you don't like long meetings.
MR. WHITE: Absolutely.
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MR. CABRALES: Short and sweet, that way
we can leave a lot of time for questions.
Just to make sure everybody understands
the proposal and if they have any questions on our
experience.
MR. WHITE: Go ahead.
MR. MATTHEWS: A little bit about CMD.
We formed four years ago after we had followed
other managed service providers that really took
advantage of their clients and we're all about
providing service as money makers.
CMD was formed with the intent to make
our proposals and our services very transparent to
our client. There aren't any hidden fees or
anything that we're trying to cover up from you
guys.
Our mission statement basically speaks
for itself. We are all about making our clients
happy through honest and fair solutions.
All throughout our proposal to you, you
will see everything is laid out in black and white.
There aren't anything that we are going to come
back and say, oh, yeah, that part of the service
isn't actually covered so we are going to need more
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money from you. It is all covered for the solution
that we provided for you.
As for myself, I am Todd Matthews. I
don't think I have met most of you guys so it is a
pleasure to meet you this morning.
I come from a background of 20 years of
consulting experience. Among my certifications, I
am a Microsoft Solutions Engineer, with my PMP,
Project Management Professional, certification. I
also have experience with Digium Switchvox, which
makes me very comfortable wearing your apron.
MR. CABRALES: I am Billy. I think I met
most of you before. I actually have 20 years
experience. I also have my Microsoft Certified
Solutions Engineer. I do have my Securities Plus
certification.
I am the one that generally sets up
clients and sets up all of the local infrastructure
as well.
We do have David Donnelli. He is a GIAC
Certified Forensic Analyst. He is a certified
Ethical Hacker. He has tons of certification. I
can just kind of list them off.
He actually is a subject matter expert on
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information and security. One of the things that
we do find in your environment is that you have to
deal with a lot of very sensitive information from
everybody. You deal with Social Security numbers.
You deal with people's date of birth, addresses and
everything. Security is a must. A breech would be
catastrophic, just to the sensitivity of the
information that you house in your systems.
So in terms of -- Donna, do you want to
have us present and go through some of this?
MS. HANSEN: You can do it. If you would
like control, you can share your screen.
MR. CABRALES: I know some of the
Trustees they may not be able to see. We will try
to also do everything verbally as well.
MR. MATTHEWS: So part of our offering is
the virtual CIO. For those that aren't familiar
with that term, it's basically the over structure
management of IT with the organization. That
includes business review, those are documentation
policies and procedures, state quarter reviews and
long-term IT strategy review.
All of that ties into what we do for all
of our clients where we take a holistic approach to
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your environment. We are not just here to support
your end users. We want to make sure your end
users are able to do their jobs in a fashion that
is both timely and secure.
The timely part of that, if you take an
idea of how much an average person costs per hour,
what they do just costs time and money.
So we really want to make sure that we
listen to the business leaders. We listen to the
business managers and we present solutions that
take into consideration some of those pain points
that they are having so we can remediate them so
they are able to do their job more effectively.
We make sure that we go through user
experience reviews, that is to make sure that your
internal staff is satisfied with everything that
they do from an IT standpoint.
Make sure they are happy with the service
desk. Make sure they are happy with the phone
system. Make sure that they are happy with all
their aspects of IT.
We also help on the back end with doing
software documentation, license review, helping you
work with the vendors to make sure you are getting
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the best price for what you are looking for and
that the solution is made to be what you really
want it to be.
We plan on meeting with the business
stakeholders on a biweekly basis so we can get some
of those reviews and feedback from management so we
really know what exactly is happening on the back
end.
If there is a big audit coming up, we can
make sure that systems aren't being patched in the
middle of that. Stuff like that.
Also part of that is meeting with you all
and review. Whether that is a quarter review or
annual review just so you know what exactly is
happening within the IT organization.
We also help with the IT Budget and going
through any of the projects that you have coming
up. Not necessarily just the ones that we control
but also, for instance, PDS. Getting involved and
making sure that those projects are going well and
that we have eyes on what exactly is happening in
your environment.
The final one is going through NIST
documentation. This helps prepares you for any
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kind of security compliance or audits that you
might have coming up.
MR. CABRALES: I know you have been
listening to some of this all day, all morning.
What makes CMD different?
We already have had a 11-year
relationship with MEABF. Yes, CMD has only been
around for four years, but we have actually been
working with MEABF, between Todd and myself, for
about 11 years now. We are familiar with the
staff. We do have your best interests at heart.
So we actually do things like we have
daily calls just to make sure we get all the
day-to-day issues taken care of effectively.
We did go ahead and set up a ticketing
system to be able to get tickets that come in and
keeping track as well as keeping track of all of
the issues to make sure that if there is a
recurring issue we can actually get to the root
cause of it to prevent it from having to keep
coming up over and over again.
TRUSTEE JOHNSON: Sorry to jump in. You
mentioned something that jogs my memory. You have
a 11-year relationship with our Fund. Do you ever
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remember coming in and talking to the Trustees,
giving a presentation or anything? How long ago
did you do that?
MR. CABRALES: No, actually John kept us
pretty sheltered. It wasn't until like last year,
I think it was last year, that Stacey kept hearing
my name and she kept saying who is this Billy guy?
And then actually that is when we started working
with Stacey and then Dennis.
So, no, we were never actually asked to
present to the Board. When you did do the risk
assessment, I did come in with LaSalle and speak to
the Board at that point because actually at that
point Stacey -- I had already been in communication
with Stacey and we got some exposure with the team.
TRUSTEE JOHNSON: I am just trying to
wrap my head around this. I have been a Trustee
now for roughly four years-ish give or take a year
and recently found out about you guys. The setup
and everything. PBS system in ten years in the
making. I think the Hoover Dam was built in less
time.
What are your thoughts on that, how far
that has comes along and what is your overall kind
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of 30,000 foot view on that?
MR. CABRALES: So PBS is actually an
ancient system per se in terms of technology. The
way it is setup it really should be web based. We
did actually respond to the RFP for replacement of
PBS. I know it got put on the back burner for a
little while.
But, yes, so PBS it took way too long to
even complete. I don't think it is fully completed
now. I know you recently did make some strides in
automating some of the processes and I will give
credit to Dennis on that for spearheading that and
making sure that PBS did at least complete some of
the functionality that they did promise. That is
like ten -- I think it is over ten years now in the
making. But, yes, it is kind of ridiculous, to be
honest. Personal opinion.
TRUSTEE JOHNSON: What is your thoughts
on how an employee portal would play in with PBS
web base system or how do you see that being done
in the easiest, quickest way possible?
MR. CABRALES: So we actually have access
to the PBS code just because MEABF owns that code.
We had the developers review the code to be able to
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do that.
Now the thing is with PBS, the main issue
is the way everything is setup. It is a little bit
convoluted. It is not already a web base so we do
want to interface with it and we do want to be able
to talk to the data base. We would have to be able
to talk to that database.
There are some inherent risks with that
because the database is housed internally. That
website would have to be extremely secure just
because it is talking to the internal servers. We
would have to set it up in a way with security in
mind.
TRUSTEE JOHNSON: That is kind of my
understanding, too, as well, is how things are
setup in the sense that the PBS in its current
system possibly couldn't interface with an employee
portal and then you get back into blowing up the
PBS system all over again and then you get into
fatigue on our employees who just learned a new
system. It is finally done ten years later and
then it is now we are blowing it up again and we
have to put a new system in place. So how would
you address that?
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MR. CABRALES: So when we did our
proposal for the response for the RFP, what we were
actually going to do because MEABF owns the code,
we were actually going to practically turn it into
a web base and put all the stuff in the same fields
for the actual application.
So it is not like they have to learn a
whole new application because it is now just web
based, that is mainly the difference.
So we were going to take a lot of the
existing code and that is probably why our proposal
was probably a bit less than most of the other
proposals because we're not reinventing the wheel.
We don't want the users to have that
fatigue of I have to learn a new system. Learning
a new system on the fly or while they are trying to
work is so frustrating for the users.
MR. MATTHEWS: We want to take into
consideration the end users pain points and make
them better. Part of that discovery of how do we
transition an application like PBS into a website
and there would be a lot of talks with end users.
What they don't like about it. What do they like
about it. How are we going to be able to
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accomplish making sure that those pain points are
addressed in the website.
MR. CABRALES: For example, right now the
users aren't fully using PBS. There are some
access data bases that have been created. Such as
the call center application that they are actually
using when PBS already has a call center
application.
The problem that we have been seeing is
that these databases almost daily kick everybody
off the system, fix something with it and go ahead
and get everybody back in, which is very, very
counterproductive for the users.
One of things we did notice in the daily
calls and the tickets that have been coming in is
that this is a huge pain point.
I did have them work on putting the
databases into a more reliable platform. We did
try to give them a deadline until the end of June
so this can actually be a bit more stable. But
that kind of goes with the whole thing with PBS
where, yes, you are using PBS, but you are not
fully using PBS you are using an in-house system.
TRUSTEE JOHNSON: One more question.
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Walk me back 11 years ago. How did you get the
relationship with MEABF? How did you get the
contract?
MR. CABRALES: Todd and I worked with an
IT consulting firm and that company actually got
MEABF. So Todd and I worked on the account. We
worked exclusively on the account for 11 years. I
actually took over from Todd and then we have been
working exclusively with your staff for about the
past 11 years.
When we left that company, MEABF actually
followed us because assigning a new tech, they
would have to learn everything from scratch. Like
I mentioned, there is that learning curve. They
have to learn the system from scratch. They have
to start learning all the business processes and
just kind of start all over. Which John at that
point actually just to decided, you know what,
let's stick with CMD because the techs that have
been working on the account, which had been David,
myself and Todd, are already familiar with
everything, that is kind of how we came about.
CMD was established four years ago but we
do have that 11 year relationship.
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TRUSTEE JOHNSON: Okay. Thank you.
MR. CABRALES: I will continue on.
Whenever anything comes up, we do make a
change almost immediately and we do reach out to
Dennis and Stacey just to make sure, hey, this is
the change that we are planning to implement for
these specific reasons. Whether it be security or
just to improve the business process. We do help.
So, for example, Dennis recently reached
out and said we want to be able to do an eNotary so
I quickly went out and found DocuSign, which is
currently still too early. I think we barely got
some quotes. Something that is a work in progress.
We're very security centric, especially
with the type of information you have. So with
that, we have products that are industry leading.
Such as like Cisco Umbrella that helps prevent
against ransomware. We use DATO, which takes
backups every hour and pushes those backups
everyday to the Cloud to make sure we can actually
recover. In the event that somehow it gets through
all of our security, you get hit by ransomware, you
can actually recover very, very quickly and not
lose more than an hours work of data.
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With that, we also have AlienVault, which
you will see on the proposal. AlienVault is a
security information event management system.
What does that does is gives us a single
pane of glass. AlienVault gives us like asset
discovery so we can see what and who is connected
to the network at all times. It does vulnerability
assessments. What it does is it goes onto the
servers, onto the computers, and says, hey, these
are the vulnerabilities and then here is what you
can do to patch them just because any vulnerability
could be a potential issue.
It does have intrusion determination.
There's been a few minor incidences before we moved
the email flow to Office 365 recently that some
malware had gotten through. It detected it,
notified us and we were able to make sure that
nothing came of it.
It does behavioral monitoring. For
example, if all of a sudden an administrative
account is accessing something it doesn't normally
access, then we would get notified of that as well.
We also do compliance reporting, which is
actually really nice. So with that, we do get that
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visibility.
In terms of Office 365, we will get that
visibility in Office 365. A lot of times what
happens is an account gets logged into from like
Egypt. It happened recently to one of our clients
and then they didn't notice it until some
suspicious emails got sent out to the users.
This will actually notify us immediately
if there is any suspicious activity, which is how
it ties into all of the platforms.
We specifically chose the platforms that
we did because they all communicate with each other
and provide us with a birds eye view of the network
security.
With that, some of our accomplishments.
We actually work with the Laborers group, LABF.
They actually brought us on because they were
having issues with slowness of the network and all
sorts of issues. We were able to find and fix
that.
Right now, especially because of this
whole COVID-19 stuff, we're in talks with Eric
right now to move their whole infrastructure, all
of their servers, up into the Azure Cloud. This
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will prevent the reliance of hardware power.
Some of the other accomplishments of the
companies your size is we have a company called
Housing Headquarters. They work with a lot of
insurance companies. We actually brought them up
to the standards of like Allstate, State Farm, in
terms of the security just because as State Farm
and Allstate send their client information over
they need to make sure that information is secure.
So whenever they do the questionnaires,
it's just brutal like the amount of -- they are so
stringent in terms of security standards for a good
reason. We did go ahead and bring them up to
speed.
MR. WHITE: Billy and Todd, just to move
us along, one thing that might be helpful if you
share with the Trustees, we included in the RFP
sort of a migration of Office 365. Could you just
share with the Trustees, based on your familiarity
with our system, why that is something that we need
to do sooner rather than later?
MR. CABRALES: Absolutely. Right now you
are on a change 2010 and the server is on the
server 2008. So the server -- I am not going to
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get too technical into this.
The server is already in the end of
support. Meaning that there are no more security
updates that are coming up. It is no longer being
patched, unfortunately. So any vulnerabilities
that get released after this, after I think January
14th of this year, they no longer are going to be
patched.
Right now your email server is almost a
sitting duck, unfortunately. And so we actually
already started some of the process to go to Office
365. The antispam compliance, for example,
actually already it was coming into play. We went
ahead and moved the email to Office 365 in
anticipation for the move. And we already started
the process in terms of preparing the environment
for this migration as well. We are pretty much
ready to make the move, but it is actually very,
very important just because of security.
We need to make sure that the email
server, because it is available to the public it is
a public basing server, it is on the local
environment. We need to make sure that we don't
have any back doors open to the public. It is very
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important.
MR. MATTHEWS: It also gives us the
ability to add a bit more advance security
features. There is a human response especially
because people can access your email servers from
outside of the office. On the inside, things that
happen on the public side, we need to make sure we
can protect those systems.
MR. WHITE: Thank you for sharing that.
I wanted to sort of highlight that for the Trustees
why the Office 365 migration was important and
something that we probably need to act on sooner
rather than later and why we solicited proposals as
part of the RFP to get that done.
I guess the key takeaway is our old
servers for 2008 are no longer going to be
supported by Microsoft anymore.
MR. CABRALES: It also gives you features
such as email encryption. If you do have to email
somebody any type of sensitive information, you can
actually email that and make sure that it is a
secure format. Then they can actually competently
send information back so that information doesn't
get stolen in transit.
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MR. WHITE: Any trustees have any
additional questions?
TRUSTEE JOHNSON: No.
MR. WHITE: Thank you for participating
in our RFP. Certainly, we appreciate the work you
have done for us, especially stepping in once the
COVID crisis hit and we needed to move things sort
of offline or I should say remotely as quickly as
possible. We certainly appreciate your assistance.
MR. CABRALES: No problem. That actually
did bring its own set of challenges, but we did get
through it in getting the staff working remotely
and whatnot.
MR. MATTHEWS: We appreciate all the time
you have spent. We value our relationship with
MEABF and you have been great to work with and we'd
love to continue working with you.
MR. WHITE: Thank you. We probably will
go ahead and disconnect you from the meeting.
Certainly as a member of the public, you're welcome
to stay on if you like, but you are the last
presenters.
MR. CABRALES: I don't know if this
matters. By the way, I know we have been asked in
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the past, but we did actually recently make the
change that we are minority owned. Todd and I are
partners but the company is now officially minority
owned. I don't know if it matters. I just thought
I'd let you know.
MR. WHITE: Thank you. We have your
diversity info that you submitted as part of the
RFP. I think we emailed that spreadsheet to all of
the Trustees. I think it is sheet four out of the
spreadsheet. Thank you.
MR. CABRALES: Thank you.
MR. MATTHEWS: Thank you.
MR. WHITE: I would suspect at some point
we would have to go into closed session to discuss
which one we want to go with. Maybe when we get to
the Legal agenda item, maybe we will have a
combined motion and go in to discuss legal updates
and to discuss the IT proposal.
MS. BOECKMAN: There is no provision in
the Open Meetings Act that allows you to go into
closed session to discuss this type of contract.
The Open Meetings Act only allows you to
go and discuss investment contracts. Because it
falls outside of that, any discussion about the
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presentations and the potential selection by the
Board has to be done in open session.
MR. WHITE: Okay. With that in mind, if
we discuss it in open session, I forwarded the
spreadsheet to all of the Trustees which contains
staff's review of the proposals. Certainly, the
first sheet just digs into sort of the management
services, the second sheet CIO, the third web
proposal and then the fourth provides the diversity
information.
We will move to the audit and the
actuaries and make sure you have the right
spreadsheet before we proceed to discussion on
that. I don't want to handicap you without having
the numbers.
We apologize. We thought we sent the
correct spreadsheet but we must not have.
MEMBER SONI: I have a hard stop at 12 so
I want to make sure of the timing.
MR. WHITE: Okay. We will quickly jump
to the auditors really quick. Hopefully, they will
be quick.
MS. DUNN: We will be.
This is Jackie Dunn. I am with Andy
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Hein. We are with Calibre. We are auditors. We
were selected back in January. We thank you very
much for your confidence in picking us as one of
your service providers and we look forward to
working with you.
We do want to thank Dennis White and
Sandra Shelby very much for working with us through
this transition, which was complicated by the
shelter in place and teleworking conditions, but we
appreciate all of that.
We want to also remind you this is as of
December 31, 2019 so pre-COVID so any changes due
to market conditions or other aspects due to COVID
are not reflected in these. So this is just a
snapshot back in time as of December 31st.
I am going to turn it over to Andy.
Please feel free to stop us and ask questions or
redirect us if there is something that you
specifically want us to cover. We will just go
very briefly through the information.
MR. HEIN: So I will make this brief. If
we could just maybe flip two pages into the report,
right here is where we have our report. So this
report is an unmodified report. It is the highest
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level assurance we can give the Fund. It is also
known as a clean audit report. So it is all good
news here as far as the report itself.
Starting on Page 4 is Management
Discussion and Analysis. This goes through Page 12
and it's just a good summary of the activity, kind
of a high level overview, of all the information
contained in this document, which is in excess of
50 pages long which we will not be going through
every page I assure you.
Then if we could go to Page 13. So Page
13 here is your Statement of Fiduciary Net
Position. So you can see it is a snapshot picture
in time where the Fund stood at December 31, 2019
comparative numbers with 2018.
Not a whole lot to point out here. Just
a few things, other than obviously the main assets
of the fund are your investments and you can see
those detailed there. Underneath the Investment
section, in the middle of the page, a new category,
Infrastructure, that is a new category investment
that you got into in 2019.
Other than your investments, the only
real significant other asset is under Receivables
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and that is the contribution receivable from the
City, that has increased obviously from 2018 which
is expected. Those contributions increase each
year based on the ramp up schedule.
So that brings your total assets, kind of
three-quarters of the page down, to 4 billion 243
million.
Right below that are your liabilities.
Nothing out of the ordinary there or unexpected.
162 million there.
So the bottom line, at the bottom of this
page, you can see the net position of the plan just
under 4.1 billion. Compared to December 31, 2018
when it was 3.9 billion. Overall it is an increase
of 166.4 million dollars for the year.
So the next page here is your Statement
of Changes in Fiduciary Net Position. This shows
how we got the 166.4 million.
Additions, obviously, contributions both
from the City of Chicago and from members totalled
567 million dollars compared to 487 million, almost
488 million, in 2018. That increase is about 80
million dollars year over year and that is really
driven from the ramp up of the contributions from
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the City.
Right below that is your investment
income and we break that down into the various
categories noted there, less any investment
expenses to arrive at net investment income.
For 2019, 560 million of income.
Unfortunately, 2018 was 206 million in lost. For
2019 roughly about 16.5, 16.6 percent rate of
return. Well above the 7 percent assumption that
is used by the actuaries.
Below that, Security Lending Activities.
You can see detailed the income, rebates and bank
fees to arrive at net there and then below that you
can see deductions. Benefit payments are obviously
the main deduction here and annuity payments being
the most significant of those benefit payments.
914.6 million. Increased about 36 million. Year
over year 4.1 percent. So the counts were
relatively stable so that is really reflecting the
3 percent increase that the benefits get.
Below that are disability benefits and
then below that post-employment healthcare
subsidies so this is new for 2019. That number
there is 2 million 700 thousand so that represents
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the subsidies that were due for 2017, '18 and '19.
This was instituted this year. Going
forward we'll see that number. We would expect
that to not be as large as it is here in 2019.
Below that are refunds of member
contributions. Pretty consistent year over year
and your administrative expenses also relatively
consistent. Only about a 1 and a half percent
increase in your admin expenses there.
Taking into account your deductions
again, your net change for the year 166.4 million,
to bring your end to year net position to just
under 4.1 billion for the year.
Then following that, on Page 15, are the
notes. We will not go through all those. I wanted
to touch on a few. If you could flip to Page 16,
it is the next page down. At the bottom of the
page, you can see there is a section in bold
Recently Issued Accounting Pronouncements.
Due to everything going on in the world,
with COVID and everything, the GASB delayed
implementation of a lot of the pronouncements.
Some of which were supposed to go into place this
year. They have been delayed for a year. You can
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see that first one goes into place next year and
then the one below that is getting pushed back even
further.
TRUSTEE JOHNSON: Can you give me a very
quick analysis of what these GASB changes are? It
seems like they change every year.
MR. HEIN: The first one there fiduciary
activities. Probably just in its simplest form,
it's more of a cosmetic update. It might change
some of the wording we use in the Financial
Statements and so forth there.
We don't anticipate any significant
impact to the plan for this. It is more of a
cosmetic thing.
The one right below that, that is the
lease standard. That changes the way that
organizations that lease office space, for example,
how they show it on their balance sheet and on
their income statements so that one is going to
have some changes to it. However, given the size
of your organization probably not going to be a
material change to your statements either we don't
anticipate. Again, it's going to be a cosmetic
change.
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We will work with the Fund office there
to make those changes when it becomes effective.
We really don't expect really a significant effect
to your plan or the assets or anything like that.
TRUSTEE JOHNSON: Thank you, very much.
MR. HEIN: No problem.
One other thing I wanted to point out, if
we could go to Page 39 of the statement. As we are
scrolling, you are seeing all the various notes. A
lot of this information is investment related. A
lot of it is related to your pension fund
information we are taking from the actuarial
valuation, which is going to be presented after our
report here as well.
I just wanted to touch on this page. You
can see under B, Other Post-Employment Benefit
plan, OPEB. This is where we discuss this
healthcare subsidy of $25 a month. We will talk a
little bit about it and then there is some
disclosures that are very similar to the pension
disclosures that are after that here in this note.
This is a new change to your statements
because this came back into effect here and was
implemented this year. Just wanted to point that
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out, that is a change from other years Financial
Statements.
And then it is not really necessary to
scroll all the way. I just want to point out a few
things.
At the back of these Financial
Statements, there are required supplementary
information. So these are schedules we have to put
into the Financial Statements and then there is
also just supplementary information that is there
as well that traditionally you have always put in
there and that is a discussion of the Fund to
include that.
The required supplementary information
that you see there. Here is the OPEB one that is
on the screen so this is new supplementary
information as it relates to the OPEB.
This is information we are taking from
the annual valuation that the actuary is going to
go over here after our report.
A lot of the information in the required
supplementary section is based on to show ten years
worth of information, but it is built on -- it
started back in 2014 so we haven't quite reached
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that yet.
As it relates to the OPEB disclosures you
are seeing on the screen, this is the first year
now so we will build on this next year. You will
have two years so we can present you ten years
worth of information. These schedules are going to
grow as the years go.
I know that was relatively quick. I
don't know if anyone has any specific questions
that you would like to ask.
TRUSTEE JOHNSON: How have you found it
to work with our staff? Cooperative? Everything
is good? Information is flowing smoothly? How has
it been going?
MR. HEIN: I would say doing our job in
this environment right now is difficult for our
existing clients. Taking on a new job, obviously,
there's a lot of getting up to speed as new
auditors we needed to do and the staff made it
incredibly easy.
Our requests were answered timely. They
were accessible at all times. We really have to
commend them on that. I am sure it was a difficult
situation for them dealing with us via emails and
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phone calls and all of that stuff since we weren't
able to be onsite and sit and talk face-to-face
with people. But I think at least from our
prospective, now I guess you would have to ask
staff's prospective on dealing with us, but from
our prospective it was a very, very good
experience.
TRUSTEE JOHNSON: Glad to hear it.
MR. HEIN: We did have another thing. I
don't know if you have the other handout. There is
one other handout that was included with the
information. It is Required Audit Communications.
Do you have that?
So all this is it's just maybe a
four-page letter here. This is just kind of a
boiler plate letter. It is something that we are
required to communicate with governments when we do
the audit. It is kind of a supplement to the audit
report itself. There isn't really anything in
here. This is pretty standard language.
It is just meant to kind of highlight if
there was any changes in accounting policies. You
can see that is in the middle of the page there.
You can see a paragraph that starts "accounting
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estimates". We want to point out there are
estimates in these Financial Statements that are
significant. Obviously, the work done by your
actuary, these are estimates that they are putting
together with information based on assumptions. We
want to point that out.
The fund's investment and number of
alternative investments, the valuations of those
are estimates in some cases and are subjective --
those investments are audited themselves but the
timing of when that is done so there is an element
of estimation being done there as well. We want to
point that out to you.
We talk about Financial Statement
disclosures.
And then on the next page, this is where
we would state if we had difficulties with staff
doing the audit. We weren't provided information.
We had nothing like that. Any misstatements that
we had to propose or that weren't corrected or
didn't agree with correcting. We did have some
adjustments that we made. We worked with staff and
we made those adjustments. However, none of them
were material in total to the Financial Statements
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so that is good news as well.
And then there is also a section there if
we had a disagreement with management on how
something should be handled. Again, no such
disagreements.
It is really kind of a mutual letter but
I just wanted -- since it is included in the
packet, I thought we had better address it as well.
Unless anyone has any questions, that
would conclude our report.
MR. WHITE: Sarah, does the Board need to
vote to approve the report?
MS. BOECKMAN: Yes, sir. The historic
practice is that the Board would approve and accept
the 2019 auditor report for filing as required by
law.
TRUSTEE JOHNSON: Motion by Trustee
Johnson.
MR. SLACK: Second.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
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MR. SLACK: Yes.
MS. HANSEN: Motion approved.
Next up are our actuarial auditors.
Gentlemen, can you introduce yourself?
MR. STROM: Good morning. It is almost
noon now. We will try to be brief as well.
Right now you have Matt Strom, Dan Reusz
and Jakob Nolan, your actuarial team.
We have a presentation that is being
pulled up right here. We have a full report that
has been provided to you. It is pretty lengthy.
It has some good information in there but we wanted
to hit the highlights.
We can go right to Slide 3 and talk about
the purpose of this valuation. And, again, as the
auditors mentioned, we're looking at a snapshot as
of December 31, 2019. That is where we are drawing
the line in the sand and doing the valuation of the
Fund's liabilities at that point in time and also
taking the market value of asset information and
calculating an actuarial value of assets. Which as
you know is different in that it smooths out the
peaks and values of the market volatility and for
measuring the Fund's plan status it allows for a
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slightly more smoother, less volatile number for
reporting the funded status.
Another thing that we do in this
valuation is we calculate an actuarially determined
contribution, which is based on the Board's funding
policy, that involves a contribution -- this is the
benchmark I guess of which to compare against what
is in statute of what the City is required to pay
in statute so the Board has a policy of what we
think the contributions should be, at least normal
costs, plus an amortization of unfunded liability,
and how does that compare to the amount that we're
getting according to the statute.
As you know, I will get into this in a
second, but the statute right now has fixed
payments that are still coming in and then in a
couple of years it's going to be the payment is
going to change to an amount that is based on a
projection. We will talk about that later.
We do some gain and loss in this. We
also calculate the Financial Statement liabilities
for pension under the GASB 67/68 and now the OPEB
under 74/75.
On four, the valuation highlights. A
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message here at the top that basically says while
the required contribution is in this period of
fixed payments for the tax levy year of 2019
receivable in 2020 and then the next two '20 and
'21. Any market volatility isn't going to change
those amounts that are in statute. So there's a
little bit of risk there if there is a gold
pandemic, for example, and the market goes crazy,
those amounts aren't going to change.
So now as I said starting with the 2022
payment that we will receive in '23, that is when
we are going to rely on the projection. There is
going to be a jump up in that required amount and
we'll take a look at that in a little bit.
The market value return calculation is
with 16 percent for the year and the actuarial
value taking last years actuarial value, this years
value and backing into an implied return, that was
5.6 return which is slightly less than the assumed
return of 7 percent.
TRUSTEE JOHNSON: I am sorry. Explain
that to me. The gradual recognition of the
deferred gains results in a 5.6 return. Explain
that to me.
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MR. STROM: The 16 percent market value
is -- only a portion of that gain is recognized and
a lot of it is deferred for the next four years to
be recognized in the future.
In the prior years, there was other
deferred gains and losses for those years. It kind
of netted out such that taking last years actuarial
smooth value to this years, with all the portions
of prior years that have been deferred but
recognizing those during the last year, it ended up
in an applied return of 5.6 percent.
TRUSTEE JOHNSON: Thank you.
MR. STROM: At the back of the
presentation, there is a calculation and it is in
the appendix. We weren't planning to go over it.
There is a calculation of that actuarial. You will
see the market gains and losses and what portion of
that is recognized and which portion is deferred.
You can see, oh, yeah, that was a big loss but now
we are taking some of that this year. This gain
this year is being deferred so from an actuarial
value standpoint it will flow through over the next
four years.
On a market value basis, the funded
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ratio, which is the market value assets over the
liability, that actually improved from 23.3 to 23.6
percent. Of course, on an actuarial value it has
the opposite effect, which it increased slightly
from 25 percent to 23.2.
TRUSTEE JOHNSON: Explain that to me
again.
MR. STROM: So the liability on each of
those calculations and the denominator is the same,
but we have different market values. And so the
market value is currently at -- when I say
currently, at the end of last year, was 4.1 billion
and the actuarial value is 4 billion or
thereabouts. So that is why you are seeing a 23.6
percent on the market and a 23.2.
Last year the actuarial value was 4.2
billion and the market was only 3.9 as you saw in
the schedules from the auditors. So the market
value went up basically by about 200 million from
last year to this year and the actuarial value went
down by about 200 million.
TRUSTEE JOHNSON: Okay. Thank you.
MR. STROM: The contributions that were
booked for 2020, expected to be received in 2021,
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is that 499 million that is in statute and we have
calculated an actuarially determined contribution,
again this is the benchmark of about 1.17 billion
so there is a shortfall there of 668 million.
And then two other items on Slide 5 just
to mention, I think the auditors did a pretty good
job of setting up, but with the OPEB subsidy, they
mentioned that the payment for last year, which
included three years worth of payments, was about
2.7 million dollars. We calculated a liability of
those projected future payments with a group of
people that could be eligible for the subsidy and
that is about a 36 million dollar liability that is
for the OPEB.
And then, obviously, again this is a
snapshot, so anything that has happened with COVID
and the market, none of that is really factored
into this valuation. We just wanted to make that
statement because it's important to kind of go back
to 12-31-19 and look at the results from that
prospective.
Then to Slide 6, moving ahead, I will
talk about the membership here. We're showing the
active membership and the retirees and
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beneficiaries, the in-pay status members. There is
more actives this year than last year by about
almost 3 percent increase in actives. You are
looking at a slightly younger membership relative
to last year. .2, .3 dip in the average age and
average service respectively. The number of
retirees remained relatively constant. It is about
the same. Just a slight dip but nothing much.
TRUSTEE JOHNSON: Is that kind of
different in years past, though? We increased on
average our retirees and beneficiaries, but
actually went down last year.
MR. STROM: Yes, exactly. We are also
showing the average monthly benefit, which now that
increased by about 3.4 percent. Just the total
benefits divided by the number of people and pay
status and you come out to an average of $3,059 for
the people in the data at the end of the year.
I am going to move ahead to Slide 7 and
let Dan take cover and talk about some of the
results and then Jakob will talk about the
projections and then we will take any questions.
MR. REUSZ: On this slide, we kind of
have the overall results and compare this year to
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last year.
You see the total liability of the Fund
was 17.3 billion dollars compared to the 16.8
billion last year. We saw about a 487 million
dollar increase in liability from last year to this
year. That is a pretty normal trend just as more
benefits are accrued liability goes up.
Under there we can see the value of
actuarial assets. That went down 183 million
dollars from 4.2 billion to about 4 billion and
that is consistent with that 5.6 return that Matt
was describing earlier due to prior recognition of
gains and losses all being smoothed into these
assets.
When you combine those two values, you
take liability minus assets to come up with the
unfunded liability for the year. The unfunded
liability this year was 13.3 billion dollars which
was about a 670 million dollar increase from last
year when it was 12.6 billion.
At the bottom, you can see the funded
ratio. This is the actuarial value of assets
divided by liabilities so that decreases from 25
percent down to 23.2 percent during this last year.
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If we flip to the next slide, this is
kind of a reconciliation of the unfunded from one
year to the next. It kind of shows what caused the
unfunded liability to go up.
So the first line you see it is set at
12.6 billion dollars. The next line is the effect
of contributions less normal cost and interest on
unfunded liability.
What that is is that is kind of what we
expected the unfunded to go up. The normal cost is
the costs accruing during the year so that is what
we expect during normal operation of the plan.
More benefits are going to be accrued. Normal cost
is kind of what we expect liability to go up for
that and then we add on interest on the unfunded
liability.
In essence, the unfunded liability is
kind of like a loan to the plan. You have to pay
interest on that. When you add those two together,
that is kind of what the expected increase in
liability is going to be. Contributions coming
into the plan offset that but the costs outweigh
the contributions. The costs are about 562 million
more than the contributions coming in. Showing
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that the contributions weren't covering the costs
for the year.
Based on that, we expected the unfunded
liability to go about 13.2 billion. That was all
assuming that all of our assumptions were perfectly
met during the year, which we know is not the case.
The next two line items describe what
costs were. The experience that happened. First
one was investments. We saw a 53 million dollar
loss in investment during the year and that is a
result of the 5.6 percent return compared to our
assumed 7 so we lost 53 million on assets.
The next line is demographics. That is
just we have the assumptions about retirement and
mortality each year but experience doesn't happen
exactly as we project. So we got about a 28
million dollar loss for the year, that mainly came
from two sources. That came from the salary
increases during the year being more than expected
so salaries were higher, which means benefits were
accrued at a higher rate then expected.
In addition to that, we also saw more
retirements at an earlier age than expected. So
since they retired earlier than we expected,
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benefits are being paid sooner with a slight
increase in liability.
The last change was the change in plan
provisions and that was just the addition now with
the healthcare subsidy.
When you add all these factors up
together, we get to the unfunded liability of 13.3
billion. As you can see from the chart, the
majority of that increase is coming from
contributions at this point not covering the cost
of the plan.
If you go to the next slide a lot of this
is represented in graphical form. The red line
with the squares is the liability. You can see
that has kind of a continuing trend of increasing
from one year to the next and that is expected just
as time goes on. People accrue more benefits.
More actives are hired to the plan. Liability
going up is a very, very normal trend in all
pension plans.
If you look at the blue line at the
bottom with the diamonds, that is the value of
assets. You can see there that has kind of been
trending downwards. That is just again the cost of
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the plan is more than the contributions coming in.
We have been seeing a decline in the assets.
As liabilities go up and assets go down,
the unfunded is increasing which leads to a
decrease in the funded percentage, which is what we
see here in the green line. We can see that over
the last ten years the funded percentage has been
steadily declining as a result of how the liability
in assets are behaving.
TRUSTEE SONI: I have one question
regarding the calculation of the actuarial value of
assets. Is there a one year lag in that
calculation?
MR. REUSZ: No. This is a value as of
December 31, 2019.
TRUSTEE SONI: When I see the Financials,
I am on the actuarial part, are you counting the
fact of all of the gains that occurred in
investments for that year itself when you have this
investment number?
MR. REUSZ: Yes. During the actual 2019
plan year, we calculate about a 16 percent market
return so there's a good market gain that year. We
do incorporate that but we recognize it over five
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years so only about 20 percent of that gain is
included.
TRUSTEE SONI: Okay.
MR. REUSZ: It is losses from the past
years outweigh that gain for the single year.
TRUSTEE SONI: Understood. I didn't
realize the amortization period was five years.
MR. REUSZ: Yes. You only see about 20
percent of the gain rate now.
TRUSTEE SONI: Thank you.
MR. REUSZ: If you flip to the next page,
this is a graph that kind of shows contributions
were spent in refunds. This is kind of a snapshot
of the cash flow. The red line represents benefit
payments, refunds and admin expenses, that is
pretty much all the money going out of the fund.
The blue line is the money coming in. That is the
combination of both employer and employee
contributions. So total contributions coming into
the plan.
You can see here that the red line is
higher than the blue one, meaning that more money
is going out than is coming in.
We can see that the blue line is starting
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to go up. It is starting to catch up. That is
just the fact that we now have the fixed ramped
contributions starting to come in and then after we
get through the ramp they will start being
actuarial determined contribution or at least the
funding mechanism.
The gap is closing but there is still a
pretty substantial gap. Right now this last year
there was about a 394.5 million dollar gap between
outflows and inflows. Which means that in order to
avoid the assets going down, that gap has to be
made up by investment return. That gap right now
currently represents about 9.7 percent of the
market value of assets.
MR. WHITE: One quick question. In terms
of that actuarially required funding number is that
based on 100 percent funding or 90 percent funding
which is what the legislation will require going
forward?
MR. REUSZ: So the contribution that is
going to be going into the plan is based on the
plans funding policy which is attaining 90 percent
funded by 2059.
MR. WHITE: I wanted to make sure it was
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not 100 percent that you were using since we're not
on that right now.
MR. STROM: The plan is to pay 100
percent. Amortize it fully. The statutory, which
is the number we will be going in, is based on the
90 percent target out in the future.
MR. WHITE: This number is based on 100
percent. It actually is higher than once we -- if
we were getting the 90 percent that was required
statutorily, this number is higher than what we
would be actually looking for.
MR. STROM: Yes. We have that number
later. The one that I think comes in 2023 based on
2022's tax levy year. Along with that amount and
the member contributions, I think you're going to
see this graft on 10, you are going to see a shift
where the money -- you're going to be a cash
positive situation once that money starts coming
in, that is going to be slightly higher than all
the outflows.
MR. WHITE: Okay. Got you. Thank you.
MR. REUSZ: Now I think if we flip to the
results of the projections, which I think Jakob is
going to go ahead and take over here.
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TRUSTEE SONI: I do have a hard stop. I
know we have to vote on this.
MR. WHITE: We will have to defer action
until the next board meeting.
MS. BOECKMAN: Matt, do you know how much
longer you think your presentation will be?
MR. STROM: There is two slides -- I'm
sorry, Jakob. Basically, it's just showing the
projections of the funded ratio and the employers
required contribution and just the projection from
last year to this year and how they changed based
on the fact that the market value did well and
earned 16 percent.
So now the funded ratio is going to be
incrementally higher and the required contributions
are incrementally lower because this projection
actually does reflect all that money going in after
a few years.
But that is basically the end of the
presentation from our standpoint. I think you
could vote on it now.
MR. WHITE: Any Trustees have questions
before they take action?
TRUSTEE JOHNSON: No.
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TRUSTEE SONI: No.
MR. SLACK: No.
TRUSTEE JOHNSON: Motion by Trustee
Johnson.
MR. SLACK: Second.
MS. HANSEN: Trustee Johnson.
TRUSTEE JOHNSON: Yes, ma'am.
MS. HANSEN: Trustee Soni.
TRUSTEE SONI: Yes.
MS. HANSEN: Mr. Slack.
MR. SLACK: Yes.
MS. HANSEN: Motion approved.
MS. BOECKMAN: Thank you, Trustee Soni.
MEMBER SONI: Thank you. Sorry. I will
turn it over to Dennis since he is going to go over
the Executive Director Report. Thank you.
TRUSTEE JOHNSON: We just lost the
quorum.
MR. WHITE: I guess we'll defer the
action on the IT selection, that was the only other
action item we need.
TRUSTEE JOHNSON: There is also something
in there for the semi-annual review of executive
sessions, too.
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MS. BOECKMAN: Yes. Obviously, you no
longer have a quorum so we are prohibited from
taking any action.
I can't tell if the Treasurer is on. It
looks like it is Craig still.
MR. WHITE: It looks like she dropped
off.
MS. BOECKMAN: The legal update we can do
in July. There is nothing really pressing there.
With respect to the hearing on the shift
differential issue, counsel for the participant did
reach out and ask that we continue the hearing.
It is our expectation that we would move
forward with that in July, but we need to work with
them as far as what documents they want to have be
made part of the record and that type of thing.
So we are working with them. They are
the ones that requested that continuance. Like I
said, it's our understanding that we will move
forward in July but we need to work with them to
make sure they have sufficient time to put together
their record.
MR. WHITE: Alright.
MS. HANSEN: Sarah, can we adjourn the
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137
meeting if there is not a quorum?
MS. BOECKMAN: It automatically adjourns.
You will indicate in the minutes that due to a lack
of quorum the meeting was adjourned. No formal
motion is necessary.
MS. HANSEN: Okay. Thank you, Sarah.
MR. WHITE: Thanks, Sarah.
IT presentations ran a little long, but
we won't have to go through that again.
MR. TUBBS: Hello. Hello.
MS. HANSEN: Yes.
MR. TUBBS: I just want to ask a
question. I have been listening in. I am a
member. I just want to know are all our equities
privately owned and the benchmarks also?
MR. YOON: No. We have exposure in
private equity as well as traditional public
equities. If you look at our website, you will be
be able to see what the weightings are in each of
the asset classes.
If you have any further questions, feel
free to reach out to me. There's an email on our
website as well.
MR. WHITE: Could you identify yourself
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for the record?
MR. TUBBS: Otis Tubbs.
MR. WHITE: Thank you. Sorry we didn't
capture your name at the beginning of the meeting.
Thank you for joining and we certainly appreciate a
member of the Fund listening in.
MR. TUBBS: Very informative. Thank you.
(WHICH WERE ALL THE PROCEEDINGS
IN THE ABOVE-ENTITLED MEETING
AT THIS DATE AND TIME
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139
STATE OF ILLINOIS )) SS.
COUNTY OF DU PAGE )
DEBORAH TYRRELL, being a Certified Shorthand
Reporter, on oath says that she is a court reporter
doing business in the County of DuPage and State of
Illinois, that she reported in shorthand the
proceedings given at the taking of said cause and
that the foregoing is a true and correct transcript
of her shorthand notes so taken as aforesaid; and
contains all the proceedings given at said cause.
______________________DEBBIE TYRRELL, CSRLicense No. 084-001078
$
$25 [1] - 113:18$3,059 [1] - 125:17
'
'18 [1] - 111:1'19 [1] - 111:1'20 [1] - 121:4'21 [1] - 121:5'23 [1] - 121:11
0
084-001078 [1] - 139:18
1
1 [4] - 21:4, 21:5, 72:2, 111:8
1.17 [1] - 124:310 [3] - 7:20, 17:8,
133:16100 [7] - 25:15, 39:23,
74:7, 132:17, 133:1, 133:3, 133:7
101-0640 [2] - 3:13, 3:21
11 [7] - 71:11, 71:21, 91:10, 97:1, 97:7, 97:10, 97:24
11-year [2] - 91:6, 91:24
12 [4] - 7:20, 75:10, 106:18, 108:5
12-31-19 [1] - 124:2012.6 [2] - 126:20,
127:613 [3] - 8:8, 108:11,
108:1213.2 [1] - 128:413.3 [2] - 126:18,
129:714th [1] - 102:715 [9] - 17:8, 30:14,
30:15, 31:14, 31:16, 31:18, 65:14, 111:14
16 [5] - 111:16, 121:16, 122:1, 130:22, 134:13
16.5 [1] - 110:816.6 [1] - 110:816.8 [1] - 126:3162 [1] - 109:10166.4 [3] - 109:15,
109:18, 111:1117.3 [1] - 126:318 [3] - 1:13, 3:2, 77:9
183 [1] - 126:9185 [1] - 78:1819 [1] - 8:819.9 [1] - 23:221998 [1] - 39:919th [2] - 4:20, 5:12
2
2 [6] - 16:19, 21:3, 21:22, 32:7, 110:24, 125:5
2.4 [1] - 23:222.7 [2] - 27:15, 124:1020 [9] - 8:24, 39:8,
40:7, 73:6, 82:5, 87:6, 87:13, 131:1, 131:8
200 [2] - 123:19, 123:21
200,000 [1] - 44:92001 [1] - 72:152008 [2] - 101:24,
103:162009 [1] - 73:112010 [2] - 73:11,
101:232014 [1] - 114:242017 [2] - 72:13, 111:12018 [6] - 28:9,
108:15, 109:2, 109:13, 109:22, 110:7
2019 [15] - 28:9, 32:22, 32:23, 107:12, 108:14, 108:22, 110:6, 110:8, 110:23, 111:4, 118:15, 119:17, 121:3, 130:15, 130:21
2020 [5] - 1:13, 3:2, 32:15, 121:4, 123:24
2020-06 [1] - 1:32020-07 [1] - 5:142021 [3] - 51:3, 75:11,
123:242022 [1] - 121:102022's [1] - 133:142023 [1] - 133:132059 [1] - 132:23206 [1] - 110:721 [1] - 8:2421st [2] - 4:21, 5:1322 [2] - 9:16, 22:923 [1] - 9:1623.2 [3] - 123:5,
123:15, 126:2423.3 [1] - 123:223.6 [2] - 123:2,
123:1423rd [2] - 5:12, 6:624 [1] - 57:724/7 [1] - 79:2243 [1] - 109:625 [5] - 15:8, 37:9,
37:20, 123:5, 126:2326 [2] - 10:19, 71:1027 [1] - 38:1528 [1] - 128:1628th [2] - 4:20, 6:6
3
3 [10] - 13:6, 16:19, 17:10, 19:11, 20:6, 32:7, 110:20, 119:14, 125:3, 125:5
3.3 [1] - 15:203.4 [1] - 125:153.9 [2] - 109:14,
123:1730 [7] - 15:9, 30:5,
37:1, 41:20, 48:7, 58:20, 77:8
30,000 [1] - 93:1300 [1] - 76:2431 [5] - 107:12,
108:14, 109:13, 119:17, 130:15
31st [1] - 107:15321 [1] - 1:1136 [2] - 110:17, 124:13365 [13] - 53:21, 57:16,
60:24, 70:9, 79:21, 84:22, 99:15, 100:2, 100:3, 101:18, 102:12, 102:14, 103:11
38 [1] - 78:1739 [2] - 41:24, 113:8394.5 [1] - 132:9
4
4 [10] - 16:15, 16:16, 17:10, 22:3, 28:8, 51:17, 108:4, 109:6, 123:13, 126:10
4.1 [4] - 109:13, 110:18, 111:13, 123:12
4.2 [2] - 123:16, 126:10
40 [1] - 32:18400,000 [1] - 44:6487 [2] - 109:21, 126:4488 [1] - 109:22499 [1] - 124:1
5
5 [6] - 14:9, 15:7, 16:7, 17:24, 28:21, 124:5
5.6 [5] - 121:19, 121:23, 122:11, 126:11, 128:11
50 [5] - 25:11, 25:12, 25:14, 44:17, 108:9
500 [2] - 14:9, 72:1753 [2] - 128:9, 128:12560 [1] - 110:6562 [1] - 127:23567 [1] - 109:2158 [1] - 30:2
6
6 [1] - 124:2260 [1] - 31:1066 [2] - 30:11, 31:4668 [1] - 124:467/68 [1] - 120:22670 [1] - 126:19
7
7 [9] - 15:22, 17:24, 25:23, 28:21, 57:8, 110:9, 121:20, 125:19, 128:12
70 [1] - 42:12700 [2] - 1:11, 110:2474/75 [1] - 120:2377,000 [3] - 54:19,
67:15, 82:10
8
8 [1] - 22:1680 [4] - 31:10, 80:12,
82:5, 109:22
9
9.7 [1] - 132:1390 [4] - 132:17,
132:22, 133:6, 133:990,000 [1] - 42:1391-0715 [1] - 4:8914.6 [1] - 110:179:00 [1] - 1:149:59 [1] - 2:5
A
a.m [3] - 1:14, 2:5, 79:8
ability [1] - 103:3able [31] - 18:11, 23:6,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
1
38:4, 38:6, 43:12, 43:14, 43:15, 44:10, 44:16, 44:18, 44:21, 61:20, 63:14, 73:9, 73:13, 74:1, 79:9, 83:4, 88:14, 89:3, 89:13, 91:16, 93:24, 94:5, 94:6, 95:24, 98:10, 99:17, 100:19, 116:2, 137:19
ABOVE [1] - 138:11above-entitled [1] -
1:10ABOVE-ENTITLED [1]
- 138:11absolute [1] - 23:24absolutely [4] - 66:9,
85:24, 101:22abstract [1] - 73:5Acadian [1] - 26:10accept [1] - 118:14acceptable [1] - 70:23access [10] - 54:20,
55:2, 64:1, 67:16, 68:1, 68:19, 93:22, 96:5, 99:22, 103:5
Access [1] - 49:4accessible [1] -
115:22accessing [1] - 99:21acclimate [1] - 75:5accomplish [1] - 96:1accomplishments [2]
- 100:15, 101:2accordance [2] - 4:3,
5:13according [1] - 120:13accordingly [1] -
72:18account [8] - 47:19,
55:19, 97:6, 97:7, 97:20, 99:21, 100:4, 111:10
Account [1] - 38:11Accounting [1] -
111:19accounting [2] -
116:22, 116:24accrue [1] - 129:17accrued [3] - 126:7,
127:13, 128:21accruing [1] - 127:11accurately [1] - 11:24acknowledgement [1]
- 85:2act [1] - 103:12Act [8] - 3:13, 3:14,
3:21, 4:3, 4:8, 6:10, 105:20, 105:22
acted [1] - 3:15Action [1] - 32:4action [6] - 13:5,
134:3, 134:23, 135:20, 135:21, 136:3
active [10] - 18:22, 19:1, 19:2, 21:15, 21:21, 22:6, 23:11, 23:12, 24:11, 124:24
actively [1] - 18:22actives [4] - 32:17,
125:2, 125:3, 129:18Activities [1] - 110:11activities [1] - 112:8activity [4] - 29:24,
60:23, 100:9, 108:6actual [5] - 11:21,
19:5, 57:12, 95:6, 130:21
actuarial [18] - 113:12, 119:3, 119:8, 119:21, 121:16, 121:17, 122:7, 122:16, 122:21, 123:3, 123:13, 123:16, 123:20, 126:9, 126:22, 130:11, 130:17, 132:5
actuarially [3] - 120:4, 124:2, 132:16
actuaries [2] - 106:12, 110:10
actuary [2] - 114:19, 117:4
ADAM [1] - 2:16Adam [5] - 69:18,
71:5, 75:21, 83:22Adams [1] - 76:1add [6] - 24:17, 36:2,
103:3, 127:15, 127:19, 129:6
added [1] - 23:7addition [2] - 128:22,
129:4additional [8] - 13:7,
13:17, 25:5, 52:13, 57:17, 67:10, 74:3, 104:2
additions [1] - 109:19address [6] - 4:12,
12:6, 60:17, 76:23, 94:24, 118:8
addressed [1] - 96:2addresses [1] - 88:5adjourn [1] - 136:24adjourned [1] - 137:4adjourns [1] - 137:2Adjusted [2] - 10:3,
10:6adjustments [2] -
117:22, 117:23admin [2] - 111:9,
131:15Administrative [2] -
7:18, 7:19administrative [2] -
99:20, 111:7adopt [1] - 71:23advance [1] - 103:3advantage [2] - 49:13,
86:10advisor [1] - 56:11affect [1] - 44:10aforesaid [1] - 139:12age [2] - 125:5, 128:23agencies [8] - 38:17,
47:10, 48:12, 48:18, 81:22, 81:23, 82:6
agency [1] - 80:3agenda [8] - 6:24,
7:20, 12:9, 33:23, 35:14, 35:24, 36:2, 105:16
Agenda [1] - 7:2aggregate [1] - 62:20ago [6] - 71:11, 76:12,
86:8, 92:2, 97:1, 97:23
agree [1] - 117:21agreed [2] - 26:24,
75:16ahead [18] - 31:7,
37:14, 42:14, 43:18, 48:13, 57:20, 58:13, 71:4, 78:11, 86:6, 91:15, 96:11, 101:13, 102:14, 104:19, 124:22, 125:19, 133:24
airport [1] - 38:1AlienVault [3] - 99:1,
99:2, 99:5align [1] - 80:13alignment [2] - 74:20,
76:1alignments [1] - 78:3ALL [1] - 138:10allocation [2] - 19:16,
20:8Allocation [1] - 29:18allocations [1] - 20:10allow [1] - 73:21allowed [3] - 58:12,
71:14, 77:12allowing [1] - 67:16allows [4] - 3:13,
105:20, 105:22, 119:24
Allstate [2] - 101:6, 101:8
alluding [1] - 14:14almost [12] - 14:9,
58:20, 71:11, 71:21, 82:20, 96:10, 98:4, 102:9, 109:21, 119:5, 125:3
alright [1] - 136:23ALSO [1] - 2:9alternative [1] - 117:8ambiguous [1] - 83:18amend [1] - 32:10amendment [1] - 32:8America [2] - 37:11,
56:11amortization [2] -
120:11, 131:7Amortize [1] - 133:4amount [10] - 39:18,
39:21, 41:8, 41:12, 54:4, 101:11, 120:12, 120:18, 121:13, 133:14
amounts [4] - 19:5, 20:1, 121:6, 121:9
analysis [2] - 75:15, 112:5
Analysis [1] - 108:5Analyst [1] - 87:21ancient [1] - 93:3AND [2] - 2:7, 138:12Andalcio [4] - 35:3,
38:11, 38:14, 41:21ANDALCIO [2] - 2:15,
38:10Anderson [1] - 22:8ANDY [1] - 2:18Andy [2] - 106:24,
107:16animal [1] - 48:9annual [5] - 71:12,
78:7, 90:14, 114:19, 135:23
Annuities [1] - 8:8annuity [1] - 110:15ANNUITY [1] - 1:2answer [3] - 70:5,
73:16, 83:13answered [2] - 65:22,
115:21answers [1] - 50:16anticipate [2] -
112:12, 112:23anticipated [1] - 27:6anticipating [2] -
17:23, 28:20anticipation [1] -
102:15antispam [2] - 79:13,
102:12antivirus [1] - 79:12apologize [1] - 106:16appear [1] - 83:2APPEARANCES [1] -
2:1appeared [1] - 82:19appendix [1] - 122:15applicants [1] - 34:3application [9] -
36:17, 57:3, 68:11, 68:12, 95:6, 95:8, 95:21, 96:6, 96:8
applications [3] - 48:21, 48:24, 49:5
applied [1] - 122:11apply [1] - 40:18appreciate [8] - 56:18,
57:20, 69:13, 104:5, 104:9, 104:14, 107:10, 138:5
approach [4] - 35:21, 53:13, 83:12, 88:24
approval [6] - 3:19, 4:6, 4:18, 6:23, 7:17, 32:6
approve [14] - 4:19, 5:11, 6:5, 7:1, 7:19, 8:7, 8:23, 9:12, 9:15, 10:6, 10:18, 31:14, 118:12, 118:14
approved [8] - 5:10, 6:3, 6:21, 7:12, 8:5, 33:16, 119:2, 135:12
April [3] - 5:12, 6:6, 28:4
apron [1] - 87:11architecture [1] -
40:22area [10] - 16:22,
21:13, 37:23, 41:24, 42:12, 42:16, 44:16, 46:2, 47:5, 73:9
areas [4] - 19:21, 19:23, 29:7, 53:15
Ariel [3] - 21:20, 22:3, 48:4
arm [1] - 53:4arrive [2] - 110:5,
110:13Arrived [1] - 2:5aspect [5] - 38:5, 43:7,
43:19, 70:13, 85:1aspects [5] - 49:21,
66:4, 77:18, 89:21, 107:13
assess [2] - 24:10, 24:16
assessment [6] - 25:5, 61:4, 61:24, 79:13,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
2
83:6, 92:12assessments [1] -
99:8Asset [1] - 29:18asset [12] - 19:18,
29:20, 32:18, 42:7, 42:14, 48:3, 56:3, 56:4, 99:5, 108:24, 119:20, 137:20
assets [24] - 12:17, 16:20, 18:12, 19:12, 19:22, 20:19, 28:16, 108:17, 109:5, 113:4, 119:21, 123:1, 126:9, 126:14, 126:16, 126:22, 128:12, 129:23, 130:2, 130:3, 130:9, 130:12, 132:11, 132:14
assigned [1] - 31:9assigning [1] - 97:12assist [2] - 44:16, 77:1assistance [1] - 104:9associate [1] - 75:14Associates [2] - 2:13,
2:13assumed [2] - 121:19,
128:12assuming [2] - 35:24,
128:5assumption [1] -
110:9assumptions [3] -
117:5, 128:5, 128:14assurance [1] - 108:1assure [1] - 108:10AT [1] - 138:12attack [1] - 73:1attaining [1] - 132:22attempting [1] - 49:19attest [1] - 42:1ATTORNEY [1] - 2:7audio [1] - 1:10audit [6] - 90:9,
106:11, 108:2, 116:18, 117:18
Audit [1] - 116:12audited [1] - 117:10auditor [3] - 72:9,
74:16, 118:15auditors [8] - 72:7,
106:21, 107:1, 115:19, 119:3, 119:16, 123:18, 124:6
audits [1] - 91:1August [3] - 30:12,
31:5, 32:22
authentication [1] - 68:6
Authority [2] - 58:24, 59:1
authorize [3] - 63:24, 64:3, 68:19
automatically [3] - 67:7, 67:8, 137:2
automating [1] - 93:11available [7] - 4:6,
43:21, 55:22, 66:24, 77:12, 79:5, 102:21
average [7] - 21:11, 89:6, 125:5, 125:6, 125:11, 125:14, 125:17
Aviation [1] - 45:24avoid [1] - 132:11await [1] - 30:10aware [3] - 70:5,
73:18, 84:17awareness [1] - 72:21awhile [1] - 58:21Azure [1] - 100:24
B
back-to-back [1] - 27:24
background [8] - 14:5, 38:24, 59:17, 59:22, 66:10, 68:3, 85:21, 87:6
backing [1] - 121:18backlog [2] - 43:23,
44:6backout [2] - 61:18,
61:19backup [2] - 60:16,
79:14backups [2] - 98:19backwards [1] - 45:4bad [3] - 14:3, 43:7,
61:19balance [1] - 112:18ball [1] - 63:17bank [6] - 16:13,
16:16, 20:11, 20:23, 21:5, 110:12
Bank [3] - 37:11, 56:11, 73:8
banks [1] - 72:22barely [1] - 98:12base [4] - 93:20, 94:4,
94:6, 95:5based [29] - 32:6,
35:20, 37:7, 44:11, 49:5, 55:5, 57:16, 61:7, 67:8, 69:2, 69:7, 75:14, 78:15,
78:17, 93:4, 95:9, 101:19, 109:4, 114:22, 117:5, 120:5, 120:18, 128:3, 132:17, 132:21, 133:5, 133:7, 133:13, 134:11
bases [1] - 96:5basics [2] - 72:24,
83:5basing [1] - 102:22basis [7] - 17:20,
33:19, 70:21, 72:7, 78:7, 90:5, 122:24
beating [1] - 23:23become [2] - 53:1,
60:4becomes [2] - 78:24,
113:2begin [1] - 84:14beginning [4] - 75:2,
79:18, 80:9, 138:4behaving [1] - 130:9behavioral [1] - 99:19behind [2] - 48:7,
60:14below [13] - 19:11,
20:7, 21:4, 21:6, 109:8, 110:2, 110:11, 110:13, 110:21, 110:22, 111:5, 112:2, 112:15
benchmark [9] - 20:8, 20:18, 21:4, 21:6, 23:21, 23:24, 26:4, 120:7, 124:3
benchmarks [3] - 17:4, 23:17, 137:15
bend [1] - 45:3beneficiaries [2] -
125:1, 125:11Benefit [1] - 113:16benefit [8] - 14:22,
19:15, 67:18, 75:19, 110:14, 110:16, 125:14, 131:14
BENEFIT [1] - 1:2benefited [1] - 26:7benefits [11] - 13:9,
30:6, 67:20, 110:20, 110:21, 125:16, 126:7, 127:13, 128:20, 129:1, 129:17
Benefits [3] - 2:12, 8:20, 8:23
Benevolent [1] - 82:1best [11] - 15:10, 17:9,
36:20, 38:7, 50:8,
59:9, 59:12, 61:13, 90:1, 91:11
better [9] - 17:13, 17:14, 19:3, 48:7, 52:1, 58:11, 95:20, 118:8
between [5] - 15:10, 28:6, 82:5, 91:9, 132:9
beyond [2] - 41:7, 45:6
bifurcating [1] - 49:24big [8] - 12:21, 15:12,
18:20, 26:2, 44:13, 48:14, 90:9, 122:19
bigger [3] - 54:18, 59:1, 59:2
biggest [1] - 16:24billion [18] - 19:12,
109:6, 109:13, 109:14, 111:13, 123:12, 123:13, 123:17, 124:3, 126:3, 126:4, 126:10, 126:18, 126:20, 127:6, 128:4, 129:8
billy [1] - 101:15Billy [3] - 84:6, 87:12,
92:7BILLY [1] - 2:17birds [1] - 100:13Birth [2] - 10:18, 10:19birth [1] - 88:5bit [25] - 12:10, 17:11,
19:2, 19:18, 19:21, 20:6, 20:22, 22:20, 23:6, 40:2, 53:13, 61:15, 67:17, 69:23, 71:18, 74:24, 81:3, 86:7, 94:3, 95:12, 96:20, 103:3, 113:19, 121:7, 121:14
bits [1] - 29:1biweekly [1] - 90:5black [1] - 86:21Blackwell [4] - 37:8,
37:12, 39:9, 39:24Blair [2] - 25:18, 26:3blame [2] - 46:4, 46:8blowing [2] - 94:18,
94:22blue [5] - 15:6, 129:21,
131:17, 131:22, 131:24
BMO [1] - 39:22board [10] - 12:17,
19:20, 27:3, 30:14, 30:24, 31:14, 32:7,
35:12, 85:11, 134:4Board [15] - 3:2, 4:9,
4:10, 4:13, 12:4, 33:5, 40:4, 51:14, 51:22, 92:11, 92:13, 106:2, 118:11, 118:14, 120:9
BOARD [2] - 2:2, 2:7Board's [1] - 120:5boarding [2] - 77:15,
77:21BOECKMAN [8] - 2:8,
105:19, 118:13, 134:5, 135:13, 136:1, 136:8, 137:2
boiler [1] - 116:16bold [1] - 111:18bolts [1] - 79:11bond [4] - 16:10,
20:18, 20:21, 20:24bonds [4] - 16:7,
16:13, 16:15, 20:12bono [4] - 71:18,
74:22, 76:1, 76:3booked [1] - 123:24born [1] - 79:5bottom [7] - 17:17,
21:20, 109:11, 111:17, 126:21, 129:22
bought [1] - 44:6bounce [1] - 17:1box [1] - 15:6break [2] - 29:15,
110:3breech [1] - 88:6brief [4] - 4:12, 71:8,
107:21, 119:6briefly [2] - 36:22,
107:20bring [10] - 20:1,
37:22, 47:7, 49:1, 50:8, 54:1, 55:13, 101:13, 104:11, 111:12
bringing [1] - 79:18brings [1] - 109:5broad [1] - 15:19broke [1] - 53:14brought [2] - 100:17,
101:5brutal [1] - 101:11Bryant [10] - 24:4,
24:6, 24:10, 24:15, 24:17, 26:9, 30:14, 31:15, 31:18, 33:18
Budget [2] - 51:4, 90:16
build [2] - 55:14, 115:4
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
3
build-out [1] - 55:14building [1] - 64:1built [6] - 40:11, 54:8,
54:10, 73:9, 92:21, 114:23
BURKE [1] - 2:7burner [1] - 93:6BURNS [1] - 2:7business [17] - 39:20,
41:19, 41:24, 48:10, 53:23, 57:2, 58:18, 59:10, 75:7, 83:3, 88:20, 89:9, 89:10, 90:4, 97:16, 98:8, 139:8
businesses [1] - 18:10
buy [1] - 37:5BY [1] - 2:8
C
CABRALES [20] - 2:17, 84:8, 85:5, 85:18, 86:1, 87:12, 88:13, 91:3, 92:4, 93:2, 93:22, 95:1, 96:3, 97:4, 98:2, 101:22, 103:18, 104:10, 104:23, 105:11
calculate [3] - 120:4, 120:21, 130:22
calculated [2] - 124:2, 124:10
calculating [2] - 78:16, 119:21
calculation [5] - 121:15, 122:14, 122:16, 130:11, 130:13
calculations [1] - 123:9
Calibre [3] - 2:18, 2:18, 107:1
cameras [3] - 46:6, 46:13
Canada [1] - 47:21candidates [4] -
73:24, 74:1, 74:4, 74:7
cap [6] - 14:16, 15:7, 15:8, 22:2, 22:8
capabilities [4] - 41:2, 49:14, 53:19, 53:24
capability [4] - 44:21, 55:4, 55:7, 56:12
capable [1] - 42:10capacity [2] - 44:21,
84:20
capital [2] - 29:24, 37:4
CAPPS [1] - 2:13capture [1] - 138:4card [2] - 57:1, 57:3cards [1] - 57:15care [2] - 58:19, 91:14career [1] - 37:11CARROLL [4] - 2:12,
8:9, 10:4, 10:21cascading [1] - 44:9case [2] - 81:9, 128:6cases [2] - 45:7, 117:9cash [10] - 19:16,
29:6, 30:1, 30:2, 30:20, 30:24, 31:8, 131:14, 133:17
catastrophic [1] - 88:7catch [1] - 132:1categories [2] - 76:24,
110:4category [2] - 108:20,
108:21Caterpillar [1] - 47:19caused [4] - 14:13,
14:18, 23:2, 127:3CDWG [1] - 46:22center [2] - 96:6, 96:7centric [1] - 98:14CEO [1] - 72:23certain [1] - 45:5certainly [16] - 23:24,
24:20, 27:2, 29:14, 49:20, 50:14, 56:18, 69:13, 70:7, 84:10, 85:9, 104:5, 104:9, 104:20, 106:6, 138:5
certification [4] - 72:19, 87:9, 87:16, 87:22
certifications [1] - 87:7
certified [3] - 39:2, 46:18, 87:21
Certified [3] - 87:14, 87:21, 139:6
cetera [1] - 39:22challenge [2] - 55:16,
55:24challenges [3] -
49:12, 56:9, 104:11chance [2] - 54:12,
84:1change [16] - 98:4,
98:6, 101:23, 105:2, 111:11, 112:6, 112:9, 112:22, 112:24, 113:22, 114:1, 120:18, 121:5, 121:9, 129:3
Change [1] - 10:17changed [1] - 134:11changeover [1] -
73:12changes [10] - 12:1,
28:17, 31:1, 32:24, 107:12, 112:5, 112:16, 112:20, 113:2, 116:22
Changes [2] - 10:18, 109:17
charge [1] - 78:15chart [2] - 62:9, 129:8check [1] - 41:3CHICAGO [1] - 1:2Chicago [15] - 1:12,
2:20, 38:16, 39:16, 40:5, 40:16, 41:19, 42:4, 42:6, 44:24, 45:23, 46:17, 54:6, 58:24, 109:20
Chicagoland [7] - 37:23, 41:24, 42:12, 42:16, 44:15, 46:2, 47:4
Chief [2] - 38:13, 38:14
choke [2] - 81:2, 81:16chose [1] - 100:11Chris [3] - 34:18, 35:5,
56:15Christopher [1] -
36:23CHRISTOPHER [1] -
2:14Chromebooks [2] -
42:19, 42:21CIO [10] - 49:21, 50:1,
51:4, 52:1, 52:13, 66:5, 78:23, 84:20, 88:17, 106:8
Cisco [1] - 98:17City [22] - 1:12, 2:3,
2:4, 2:5, 2:20, 30:10, 31:2, 38:16, 39:16, 40:5, 40:7, 40:16, 40:24, 41:4, 41:7, 42:9, 46:6, 54:5, 109:2, 109:20, 110:1, 120:8
City's [2] - 31:4, 40:8cityofchicago.org [2]
- 40:10, 54:8Clark [1] - 1:11class [1] - 56:4classes [3] - 19:18,
29:20, 137:20classrooms [1] -
42:24clean [1] - 108:2
clear [6] - 49:17, 50:12, 66:1, 70:2, 78:13, 83:2
clearly [2] - 3:17, 50:24
client [7] - 55:14, 73:3, 75:17, 82:24, 83:3, 86:14, 101:8
clients [22] - 36:12, 45:14, 50:11, 55:2, 55:3, 56:1, 58:20, 59:2, 59:3, 65:11, 70:20, 71:17, 71:21, 71:24, 73:2, 73:14, 86:10, 86:18, 87:18, 88:24, 100:5, 115:17
close [4] - 19:14, 19:19, 29:15, 64:9
closed [8] - 6:5, 63:15, 63:22, 63:23, 67:1, 67:2, 105:14, 105:21
closer [1] - 48:11closets [1] - 64:2closing [1] - 132:7Cloud [7] - 49:2, 49:5,
49:9, 53:20, 55:5, 98:20, 100:24
CMD [8] - 2:17, 2:17, 86:7, 86:12, 91:5, 91:7, 97:19, 97:23
co [1] - 56:4co-mingling [1] - 56:4code [6] - 55:10,
93:23, 93:24, 95:3, 95:11
cold [1] - 75:21collect [2] - 60:8,
60:19column [1] - 15:15combination [1] -
131:18combine [1] - 126:15combined [1] - 105:17comfortable [7] -
33:3, 49:23, 50:4, 66:7, 70:12, 85:1, 87:11
coming [24] - 13:8, 25:4, 51:4, 71:1, 76:20, 79:19, 82:13, 90:9, 90:17, 91:2, 91:21, 92:1, 96:15, 102:4, 102:13, 120:16, 127:21, 127:24, 129:9, 130:1, 131:17, 131:19, 131:23, 133:18
commencing [1] - 1:13
commend [1] - 115:23comment [1] - 4:15commentary [1] -
22:24commercial [1] -
39:20commitment [1] - 52:2committee [2] - 75:13,
81:13committees [1] - 4:11common [1] - 80:23communicate [2] -
100:12, 116:17communication [1] -
92:14Communications [1] -
116:12companies [13] -
18:10, 27:23, 33:3, 37:20, 41:13, 46:22, 47:7, 54:3, 58:23, 72:23, 76:22, 101:3, 101:5
company [9] - 33:24, 41:18, 65:18, 66:7, 74:12, 97:5, 97:11, 101:3, 105:3
comparative [1] - 108:15
compare [3] - 120:7, 120:12, 125:24
compared [4] - 109:13, 109:21, 126:3, 128:11
competency [2] - 72:20, 73:8
competently [1] - 103:22
complete [7] - 14:19, 32:12, 40:4, 61:2, 77:24, 93:9, 93:13
completed [2] - 64:1, 93:9
completion [1] - 51:17compliance [3] - 91:1,
99:23, 102:12complicated [1] -
107:8compliment [1] -
24:17components [1] -
49:19comprehensive [1] -
52:7Comptroller [1] - 2:11Comptroller/Vice [1] -
2:3Comptroller/Vice-
President [1] - 2:3computers [2] - 47:2,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
4
99:9concentrated [1] -
22:13concerns [2] - 34:7,
54:17conclude [1] - 118:10conclusion [1] - 69:12conditions [2] - 107:9,
107:13conduct [1] - 59:10conducted [1] - 3:14conducting [1] - 41:23conference [3] - 1:10,
3:14, 3:23confidence [1] - 107:3confidential [1] - 6:7confirm [1] - 50:14confused [1] - 45:10connect [1] - 40:24connected [1] - 99:6conscious [1] - 53:7conservative [2] -
20:24, 21:1consider [2] - 3:18,
25:5consideration [2] -
89:11, 95:19considered [1] - 38:17consistent [5] - 3:20,
27:2, 111:6, 111:8, 126:11
Consistent [1] - 4:8consistently [3] -
23:9, 28:10, 33:2consolidate [1] - 49:3constant [2] - 79:16,
125:7constraints [1] - 4:9consultation [1] -
79:24Consulting [6] - 2:17,
2:17, 2:19, 2:19, 2:20, 37:12
consulting [5] - 36:18, 39:10, 58:19, 87:7, 97:5
contact [2] - 33:2, 62:22
contained [1] - 108:8containing [1] - 13:24contains [2] - 106:5,
139:13continuance [1] -
136:18continue [14] - 3:24,
12:16, 14:1, 14:13, 18:13, 21:12, 22:17, 26:21, 28:22, 33:18, 53:5, 98:2, 104:17, 136:12
continued [10] - 12:18, 12:20, 13:2, 14:11, 14:15, 14:16, 14:17, 14:23, 24:7, 25:2
continues [2] - 78:2continuing [6] - 12:22,
13:23, 16:8, 16:20, 22:5, 129:15
continuously [1] - 64:8
contract [3] - 57:11, 97:3, 105:21
contractor [2] - 62:5contracts [2] - 65:7,
105:23contribution [11] -
30:11, 31:4, 31:8, 109:1, 120:5, 120:6, 121:2, 124:2, 132:5, 132:20, 134:10
contributions [20] - 31:2, 109:3, 109:19, 109:24, 111:6, 120:10, 123:23, 127:7, 127:21, 127:23, 127:24, 128:1, 129:10, 130:1, 131:12, 131:19, 132:3, 133:15, 134:15
control [3] - 81:12, 88:12, 90:18
controls [2] - 72:9, 74:16
convene [1] - 3:1conversation [3] -
32:9, 32:16, 57:10convoluted [1] - 94:4CONYEARS [1] - 2:5CONYEARS-ERVIN
[1] - 2:5COO [1] - 36:24Cook [3] - 1:12, 39:16,
41:8cooperative [1] -
115:12coordinate [1] - 64:3core [7] - 16:7, 20:9,
20:12, 20:17, 23:14, 23:15, 32:21
Corp [1] - 38:20corporations [1] -
48:8correct [4] - 65:19,
82:8, 106:17, 139:11corrected [1] - 117:20correcting [1] - 117:21cosmetic [3] - 112:9,
112:14, 112:23
cost [5] - 127:7, 127:10, 127:13, 129:10, 129:24
costs [8] - 89:6, 89:7, 120:11, 127:11, 127:22, 127:23, 128:1, 128:8
counsel [1] - 136:11Counsel [1] - 6:8counselors [1] - 82:12counterproductive [1]
- 96:13counting [1] - 130:17counts [1] - 110:18COUNTY [1] - 139:2county [1] - 38:1County [4] - 1:12,
39:16, 41:8, 139:8couple [10] - 16:12,
54:10, 63:18, 70:1, 76:4, 78:10, 81:9, 84:14, 85:15, 120:17
course [2] - 80:6, 123:3
court [1] - 139:7cover [3] - 86:15,
107:19, 125:20covered [2] - 86:24,
87:1covering [2] - 128:1,
129:10Covid [1] - 43:20COVID [6] - 27:5,
104:7, 107:12, 107:13, 111:21, 124:16
COVID-19 [3] - 54:7, 75:3, 100:22
Covid-19 [1] - 76:19CPA [2] - 2:18, 2:18CPU [1] - 66:22CRAIG [1] - 2:4Craig [2] - 3:5, 136:5crazy [1] - 121:8create [1] - 55:2created [4] - 44:6,
44:9, 44:13, 96:5credit [2] - 32:11,
93:12Creek [5] - 27:12,
27:13, 32:5, 32:8, 32:10
Crescent [1] - 21:4crisis [1] - 104:7critical [5] - 55:3,
64:6, 64:7, 67:1, 67:3
criticality [2] - 64:17, 67:9
CSR [1] - 139:17
current [5] - 11:23, 62:4, 81:4, 82:19, 94:16
curve [1] - 97:14custodian [1] - 21:9customer [1] - 47:17customers [3] - 38:7,
45:4, 46:16customize [2] - 69:2,
69:4cyber [2] - 72:22, 73:1cycle [2] - 78:1
D
daily [3] - 91:13, 96:10, 96:14
Dallas [2] - 44:7, 47:3Dam [1] - 92:21Dan [2] - 119:7,
125:20DAN [1] - 2:19danced [1] - 83:14dashboard [2] - 68:21,
69:2data [16] - 22:23,
54:21, 55:17, 55:18, 55:20, 55:21, 56:4, 56:5, 56:8, 56:10, 56:14, 77:9, 94:6, 96:5, 98:24, 125:18
database [2] - 94:7, 94:9
databases [2] - 96:10, 96:18
DATE [1] - 138:12date [14] - 15:7, 16:8,
17:4, 21:3, 21:19, 21:24, 22:9, 23:18, 25:23, 27:16, 28:7, 32:14, 82:17, 88:5
Dates [2] - 10:17, 10:19
DATO [1] - 98:18David [4] - 38:14,
41:20, 87:20, 97:20day-to-day [13] -
13:15, 49:20, 50:3, 51:2, 51:6, 51:24, 52:11, 66:5, 70:7, 80:4, 80:5, 84:19, 91:14
days [1] - 13:22deadline [1] - 96:19deal [4] - 43:15, 88:3,
88:4, 88:5dealing [2] - 115:24,
116:5DEBBIE [1] - 139:17DEBORAH [1] - 139:6
December [6] - 107:12, 107:15, 108:14, 109:13, 119:17, 130:15
decided [1] - 97:18decision [1] - 83:23decisions [1] - 81:12decline [1] - 130:2declining [1] - 130:8decrease [2] - 19:9,
130:5decreases [1] - 126:23dedicated [1] - 40:8deduction [1] - 110:15deductions [2] -
110:14, 111:10default [1] - 69:3defend [1] - 24:4defensive [1] - 27:17defer [2] - 134:3,
135:19deferred [6] - 121:23,
122:3, 122:6, 122:9, 122:18, 122:21
define [1] - 82:24defined [1] - 22:13definitely [4] - 65:23,
68:4, 85:18, 85:22degrees [1] - 27:10delayed [2] - 111:21,
111:24deliver [1] - 50:9delivered [1] - 58:2delivery [1] - 43:1Dell [2] - 47:2, 47:3demographics [1] -
128:13Dennis [10] - 49:15,
50:20, 77:5, 85:23, 92:9, 93:12, 98:5, 98:9, 107:6, 135:15
DENNIS [1] - 2:9denominator [2] -
80:23, 123:9department [2] - 72:3,
81:14Department [2] - 44:1,
46:1departments [1] - 59:6depreciation [1] -
28:22Deputy [1] - 2:10describe [1] - 128:7describing [1] -
126:12desk [4] - 62:17, 67:6,
67:12, 89:19desktop [1] - 45:18desktops [1] - 42:20detail [4] - 38:2, 38:19,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
5
57:7, 73:4detailed [2] - 108:19,
110:12detected [1] - 99:16determination [1] -
99:13determine [4] - 61:13,
63:2, 64:17, 64:21determined [5] - 4:9,
11:24, 120:4, 124:2, 132:5
developers [1] - 93:24development [6] -
36:17, 66:6, 80:3, 82:16, 84:21
device [2] - 42:17, 68:17
devices [4] - 42:7, 42:13, 42:15, 44:6
diamonds [1] - 129:22dictator [1] - 15:12difference [1] - 95:9different [34] - 15:24,
16:11, 22:20, 23:1, 23:19, 40:24, 41:22, 42:11, 44:12, 47:7, 47:10, 48:9, 49:18, 50:1, 52:6, 59:4, 59:5, 60:15, 62:11, 66:3, 66:22, 67:2, 68:7, 70:6, 76:19, 76:24, 77:2, 79:11, 80:21, 84:18, 91:5, 119:22, 123:10, 125:10
differential [3] - 15:9, 28:6, 136:11
differentials [1] - 74:10
differentiating [1] - 76:15
differentiators [1] - 80:11
difficult [4] - 43:9, 45:5, 115:16, 115:23
difficulties [1] - 117:17
difficulty [1] - 43:19Digital [9] - 2:14, 36:7,
36:16, 36:24, 37:13, 39:8, 45:17, 47:24, 54:1
digital [2] - 39:11, 80:3
Digium [1] - 87:10digs [1] - 106:7dip [2] - 125:5, 125:8direct [4] - 55:2,
55:14, 83:18, 84:11direction [2] - 25:22,
29:16Director [5] - 2:9,
2:10, 3:22, 39:1, 135:16
Disabilities [2] - 10:3, 10:6
disability [1] - 110:21Disability [4] - 8:20,
8:23, 9:11, 9:15disagreement [1] -
118:3disagreements [1] -
118:5disaster [1] - 79:15disclosures [4] -
113:20, 113:21, 115:2, 117:15
disconnect [1] - 104:19
discovery [2] - 95:20, 99:6
discuss [8] - 29:4, 105:14, 105:17, 105:18, 105:21, 105:23, 106:4, 113:17
discussed [1] - 13:11discussing [1] - 13:23discussion [3] -
105:24, 106:13, 114:12
Discussion [1] - 108:5discussions [1] -
13:22disk [1] - 66:23dislocation [1] - 23:1dislocations [1] - 23:2displayed [1] - 35:8distancing [2] - 43:12,
43:16distribute [2] - 42:15,
42:18distribution [1] - 42:8district [2] - 44:8, 47:4District [1] - 39:17districts [3] - 41:11,
44:2, 44:7diverse [2] - 73:21,
74:1diversity [3] - 73:17,
105:7, 106:9divide [1] - 56:23divided [2] - 125:16,
126:23DOCTOR [2] - 8:21,
9:13document [3] - 61:17,
61:18, 108:8documentation [4] -
77:22, 88:20, 89:23,
90:24documents [1] -
136:15DocuSign [1] - 98:11dollar [8] - 19:5, 20:1,
124:13, 126:5, 126:19, 128:9, 128:17, 132:9
dollars [12] - 13:3, 13:6, 19:12, 25:15, 109:15, 109:21, 109:23, 124:10, 126:3, 126:10, 126:18, 127:6
dominated [1] - 73:19done [36] - 26:12,
39:14, 39:18, 40:2, 40:17, 45:1, 47:3, 47:11, 47:13, 47:14, 47:18, 48:1, 49:4, 49:6, 53:12, 54:2, 54:4, 55:24, 59:23, 71:20, 73:22, 79:20, 80:1, 82:17, 82:20, 83:6, 83:7, 93:20, 94:21, 103:14, 104:6, 106:2, 117:3, 117:11, 117:12
DONNA [1] - 2:10Donna [3] - 5:3, 5:19,
88:9Donnelli [1] - 87:20doors [1] - 102:24down [23] - 15:8,
16:14, 18:12, 19:4, 20:1, 22:5, 23:22, 27:15, 28:3, 28:21, 43:10, 53:14, 65:12, 109:6, 110:3, 111:17, 123:21, 125:12, 126:9, 126:24, 130:3, 132:11
downside [6] - 24:22, 26:18, 27:7, 27:20, 28:1, 28:2
downturn [1] - 14:18downward [1] - 16:9downwards [1] -
129:24draft [1] - 74:21drawing [1] - 119:17dries [1] - 31:8driven [4] - 13:13,
13:16, 41:21, 109:24driver [1] - 12:21drivers [2] - 20:7,
27:18dropped [1] - 136:6dropping [1] - 63:17
DU [1] - 139:2duck [1] - 102:10due [12] - 3:24, 11:22,
29:20, 30:12, 31:4, 32:23, 107:12, 107:13, 111:1, 111:20, 126:12, 137:3
DUNN [2] - 2:18, 106:23
Dunn [1] - 106:24DuPage [1] - 139:8during [15] - 14:20,
15:22, 22:15, 22:24, 27:4, 60:7, 62:6, 122:10, 126:24, 127:11, 127:12, 128:6, 128:10, 128:19, 130:21
Duty [2] - 8:20, 9:11
E
early [3] - 30:3, 73:14, 98:12
earned [1] - 134:13ears [1] - 80:16ease [1] - 55:6easier [2] - 35:1, 54:20easiest [3] - 62:12,
68:18, 93:21easy [3] - 60:12, 81:6,
115:20economic [1] - 12:23economy [2] - 13:12,
13:20Education [1] - 44:1effect [4] - 113:3,
113:23, 123:4, 127:6effective [4] - 41:14,
56:9, 56:14, 113:2effectively [3] - 41:10,
89:13, 91:14efficient [1] - 53:1effort [1] - 55:8Egypt [1] - 100:5either [6] - 13:16,
70:16, 70:17, 79:4, 83:23, 112:22
EKI [19] - 2:14, 33:24, 34:14, 34:17, 34:18, 36:7, 36:9, 36:16, 36:24, 37:3, 37:7, 37:8, 37:13, 39:8, 45:10, 45:17, 47:24, 53:24
element [1] - 117:11eligible [1] - 124:12email [12] - 62:13,
62:14, 67:8, 99:15,
102:9, 102:14, 102:20, 103:5, 103:19, 103:21, 137:22
emailed [2] - 57:19, 105:8
emails [2] - 100:7, 115:24
emerging [2] - 15:21, 25:19
employee [4] - 82:13, 93:19, 94:17, 131:18
EMPLOYEES [1] - 1:1employees [6] - 71:10,
72:17, 78:16, 78:17, 82:5, 94:20
employer [1] - 131:18employers [1] - 134:9Employment [1] -
113:16employment [1] -
110:22enablement [1] -
74:19encryption [1] -
103:19end [24] - 19:12,
26:13, 38:8, 49:23, 52:17, 53:2, 56:13, 68:9, 68:10, 68:11, 73:15, 75:11, 89:2, 89:22, 90:8, 95:19, 95:22, 96:19, 102:2, 111:12, 123:12, 125:18, 134:19
ended [1] - 122:10ending [1] - 75:10ends [1] - 19:16engagement [1] -
76:22Engineer [2] - 87:8,
87:15engineering [2] -
66:11, 68:3engineers [1] - 66:10eNotary [1] - 98:10Enterprises [6] - 2:14,
2:15, 2:15, 36:9, 37:18, 41:17
entire [1] - 44:4entities [6] - 37:24,
42:11, 44:2, 46:21, 59:5, 67:5
ENTITLED [1] - 138:11entitled [1] - 1:10entity [5] - 42:5, 43:13,
47:16, 52:24, 84:20environment [13] -
11:23, 12:11, 14:12, 19:1, 27:12, 27:18,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
6
60:5, 88:2, 89:1, 90:22, 102:16, 102:23, 115:16
envision [1] - 52:3EOS [1] - 75:8equal [1] - 28:12equipment [8] - 42:6,
43:21, 43:22, 44:10, 44:18, 44:19, 51:7, 61:8
equities [5] - 15:10, 16:12, 21:13, 137:14, 137:18
equity [7] - 12:16, 13:13, 14:8, 21:12, 27:17, 56:4, 137:17
equivalent [1] - 78:15Eric [1] - 100:22Ernst [2] - 37:4, 37:6ERVIN [1] - 2:5escalates [1] - 67:8especially [8] - 18:9,
27:13, 48:2, 56:2, 98:14, 100:21, 103:4, 104:6
essence [1] - 127:17essentially [1] - 27:24established [4] -
70:19, 71:11, 72:13, 97:23
estate [8] - 17:19, 17:20, 17:22, 18:2, 18:6, 18:8, 28:21, 28:24
estimate [1] - 57:16estimates [5] - 18:15,
67:18, 117:2, 117:4, 117:9
estimates" [1] - 117:1estimation [1] -
117:12et [1] - 39:22Ethical [1] - 87:22evaluate [1] - 82:21evening [1] - 35:7event [2] - 98:21, 99:3eventually [1] - 70:10everyday [1] - 98:20evidence [1] - 74:14evolve [2] - 52:24exactly [7] - 24:23,
82:24, 90:7, 90:14, 90:21, 125:13, 128:16
example [9] - 43:24, 74:20, 79:7, 96:3, 98:9, 99:20, 102:12, 112:17, 121:8
examples [1] - 54:6exceed [1] - 45:6
Excel [1] - 63:7except [3] - 34:10,
34:17, 78:19excess [1] - 108:8exclusively [2] - 97:7,
97:9Executive [7] - 2:9,
2:10, 3:22, 5:13, 38:11, 38:14, 135:16
executive [2] - 37:11, 135:23
executives [1] - 78:24existing [5] - 44:19,
71:21, 85:19, 95:11, 115:17
expect [4] - 111:3, 113:3, 127:12, 127:14
expectation [1] - 136:13
expected [11] - 77:21, 109:3, 123:24, 127:10, 127:20, 128:3, 128:19, 128:21, 128:23, 128:24, 129:16
expecting [1] - 32:14expenses [4] - 110:5,
111:7, 111:9, 131:15experience [17] - 37:1,
37:22, 41:12, 53:21, 58:22, 59:16, 59:22, 77:11, 84:11, 86:5, 87:7, 87:10, 87:14, 89:15, 116:7, 128:8, 128:15
expert [1] - 87:24explain [3] - 121:21,
121:23, 123:6exposure [3] - 27:15,
92:15, 137:16extension [3] - 13:9,
52:19, 53:3Extensions [2] - 9:11,
9:15extensions [1] - 13:7extensive [3] - 41:12,
53:21, 55:11extract [1] - 44:18extracted [1] - 55:18extremely [2] - 34:2,
94:10eye [1] - 100:13eyes [1] - 90:21
F
F.B.I [1] - 59:20face [2] - 116:2face-to-face [1] -
116:2facilitate [1] - 81:15facilities [2] - 42:13,
84:11facility [1] - 42:7fact [5] - 48:19, 49:9,
130:18, 132:2, 134:12
factor [4] - 19:6, 68:5, 68:12, 68:13
factored [1] - 124:17factors [1] - 129:6fair [1] - 86:19fairness [1] - 84:4falls [1] - 105:24familiar [7] - 59:13,
59:18, 68:13, 75:7, 88:17, 91:10, 97:21
familiarity [1] - 101:19family [1] - 18:4fantastic [1] - 34:5far [14] - 15:23, 16:1,
16:19, 17:15, 42:10, 43:4, 73:17, 73:22, 77:14, 82:17, 85:10, 92:23, 108:3, 136:15
Farm [2] - 101:6, 101:7
fashion [1] - 89:3fast [2] - 71:9, 80:15faster [1] - 12:22fatigue [2] - 94:20,
95:15features [2] - 103:4,
103:18February [4] - 4:20,
6:6, 30:3, 31:3Fedcap [1] - 82:2Federal [3] - 13:2,
13:4, 13:16fee [3] - 70:17, 71:13,
78:11feedback [1] - 90:6Fees [2] - 7:18, 7:20fees [9] - 21:3, 22:4,
22:10, 22:16, 25:24, 26:1, 71:23, 86:14, 110:13
felt [2] - 36:19, 81:11few [14] - 13:5, 19:20,
21:7, 23:3, 51:10, 55:12, 58:22, 70:6, 84:18, 99:14, 108:17, 111:16, 114:4, 134:18
Fiduciary [2] - 108:12, 109:17
fiduciary [1] - 112:7fields [1] - 95:5fight [1] - 13:18
figure [2] - 62:20, 82:18
figures [4] - 15:7, 17:18, 17:19, 18:16
file [1] - 38:22filing [1] - 118:15fill [1] - 68:22filtering [1] - 79:16final [4] - 3:20, 25:17,
32:19, 90:23finally [1] - 94:21financial [10] - 37:2,
39:12, 48:2, 65:15, 65:17, 72:9, 73:6, 73:10, 73:11, 79:6
Financial [10] - 65:10, 65:13, 112:10, 114:1, 114:6, 114:9, 117:2, 117:14, 117:24, 120:21
Financials [1] - 130:16
finish [1] - 52:17firm [10] - 36:18,
37:18, 39:10, 46:23, 55:10, 70:12, 71:11, 71:14, 80:3, 97:5
firms [10] - 35:17, 35:18, 36:20, 45:12, 50:10, 73:6, 73:10, 73:12, 74:24
first [21] - 4:18, 16:5, 19:5, 19:10, 22:6, 33:24, 34:14, 36:6, 36:8, 51:1, 67:23, 68:15, 72:4, 73:3, 74:11, 106:7, 112:1, 112:7, 115:3, 127:5, 128:8
fiscal [2] - 13:6, 13:7fit [1] - 52:20five [4] - 23:12, 45:9,
130:24, 131:7fix [2] - 96:11, 100:19fixed [14] - 16:4, 20:9,
30:15, 30:16, 30:17, 31:15, 31:16, 32:21, 56:5, 81:10, 120:15, 121:3, 132:2
flat [2] - 12:1, 71:13flight [1] - 16:21flip [5] - 107:22,
111:16, 127:1, 131:11, 133:22
FLORES [11] - 2:14, 35:3, 37:16, 41:17, 42:19, 42:23, 43:9, 45:23, 46:11, 47:13, 52:17
Flores [2] - 35:3,
37:17Florida [1] - 46:19flow [10] - 29:6, 30:1,
30:20, 30:24, 42:13, 62:9, 99:15, 122:22, 131:14
flowing [1] - 115:13fly [1] - 95:16focus [6] - 22:22,
46:20, 72:2, 72:17, 73:23, 79:6
focused [1] - 26:15folks [3] - 34:20, 70:2,
79:16follow [1] - 72:8followed [3] - 18:3,
86:8, 97:12following [1] - 111:14follows [1] - 75:6foot [1] - 93:1FOR [1] - 2:7force [1] - 55:12forecasted [1] - 11:22foregoing [1] - 139:11Forensic [1] - 87:21forgive [1] - 65:3forgotten [1] - 63:22form [6] - 46:16, 68:5,
68:12, 68:13, 112:8, 129:13
formal [1] - 137:4format [2] - 55:22,
103:22formed [4] - 39:9,
74:12, 86:8, 86:12former [1] - 75:15forth [1] - 112:11forward [20] - 20:2,
20:3, 30:7, 30:9, 39:4, 49:1, 49:8, 49:20, 49:22, 51:7, 61:14, 69:22, 77:20, 81:15, 82:22, 107:4, 111:3, 132:19, 136:14, 136:20
forwarded [1] - 106:4four [16] - 17:12,
23:11, 53:15, 60:3, 62:6, 71:22, 76:11, 86:8, 91:8, 92:18, 97:23, 105:9, 116:15, 120:24, 122:3, 122:23
four-page [1] - 116:15fourth [2] - 32:15,
106:9framework [2] - 55:14,
59:14free [2] - 107:17,
137:22
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
7
fresh [1] - 78:9front [3] - 68:9, 68:10,
68:11frustrated [1] - 80:24frustrating [2] - 24:21,
95:17full [7] - 12:9, 66:10,
71:10, 78:15, 78:17, 85:2, 119:10
full-time [3] - 71:10, 78:15, 78:17
fully [6] - 60:4, 85:21, 93:9, 96:4, 96:23, 133:4
functionality [1] - 93:14
fund [16] - 16:23, 24:14, 25:7, 27:8, 27:11, 32:20, 48:1, 48:3, 48:6, 54:20, 65:18, 67:15, 67:22, 108:18, 113:11, 131:16
FUND [1] - 1:2Fund [9] - 40:4, 54:24,
91:24, 108:1, 108:14, 113:1, 114:12, 126:2, 138:6
Fund's [5] - 4:7, 11:19, 11:20, 119:19, 119:24
fund's [1] - 117:7fundamental [1] - 23:4funded [9] - 26:20,
120:2, 122:24, 126:21, 130:5, 130:7, 132:23, 134:9, 134:14
funding [9] - 11:23, 29:4, 64:20, 120:5, 132:6, 132:16, 132:17, 132:22
funds [5] - 16:23, 19:22, 47:11, 47:14, 65:8
funnel [1] - 22:21future [6] - 29:17,
52:22, 72:8, 122:4, 124:11, 133:6
G
gain [7] - 120:20, 122:2, 122:20, 130:23, 131:1, 131:5, 131:9
gained [1] - 72:19gains [5] - 121:23,
122:6, 122:17, 126:13, 130:18
gap [7] - 29:15, 75:15, 132:7, 132:8, 132:9, 132:11, 132:12
GASB [3] - 111:21, 112:5, 120:22
generally [1] - 87:17gentleman [1] - 65:12gentlemen [1] - 119:4Georgia [1] - 65:13GIAC [1] - 87:20given [6] - 30:17, 54:1,
68:17, 112:20, 139:10, 139:13
glad [1] - 116:8glass [1] - 99:5global [4] - 26:10,
26:13, 27:1, 27:14goal [2] - 52:10, 52:21goals [1] - 75:9gold [1] - 121:7government [10] -
37:24, 39:12, 46:21, 47:10, 48:11, 48:12, 48:17, 48:18, 54:2, 82:6
Government [2] - 13:4, 13:17
governments [1] - 116:17
gradual [1] - 121:22graft [1] - 133:16graph [1] - 131:12graphical [1] - 129:13great [9] - 27:3, 47:1,
47:6, 47:22, 72:16, 74:23, 79:7, 84:2, 104:16
Great [1] - 21:17green [2] - 23:20,
130:6group [4] - 50:2, 74:2,
100:16, 124:11Group [4] - 2:18, 2:18,
47:18, 82:2groups [2] - 50:13,
72:23grow [3] - 53:5, 71:15,
115:7growth [6] - 14:15,
14:21, 15:7, 23:16, 26:6, 29:12
guess [5] - 47:6, 103:15, 116:4, 120:7, 135:19
guidance [1] - 18:16guidelines [1] - 32:10guiding [1] - 83:9guy [2] - 59:20, 92:7guys [17] - 46:13,
48:14, 53:5, 57:20,
57:21, 59:10, 59:16, 59:17, 60:2, 60:11, 60:12, 60:16, 60:20, 84:24, 86:16, 87:4, 92:19
H
Hacker [1] - 87:22hackers [2] - 72:18,
76:20half [7] - 16:7, 16:15,
19:11, 21:6, 26:1, 71:12, 111:8
halfway [1] - 25:13Hamill [3] - 24:4,
31:15, 33:19Hamill's [1] - 30:15hand [6] - 15:15, 16:3,
17:17, 53:4, 53:5, 75:9
handcuffs [1] - 43:11handicap [1] - 106:14handled [1] - 118:4handling [1] - 42:11handout [3] - 58:1,
116:10, 116:11HANSEN [62] - 2:10,
3:4, 3:7, 3:9, 3:11, 5:4, 5:6, 5:8, 5:21, 5:23, 6:1, 6:3, 6:15, 6:17, 6:19, 6:21, 7:6, 7:8, 7:10, 7:12, 7:23, 8:1, 8:3, 8:5, 8:13, 8:15, 8:17, 9:4, 9:6, 9:8, 9:20, 9:22, 9:24, 10:10, 10:12, 10:14, 10:24, 11:2, 11:4, 11:12, 11:14, 11:16, 31:21, 31:23, 32:1, 33:10, 33:12, 33:14, 33:16, 71:5, 88:11, 118:20, 118:22, 118:24, 119:2, 135:6, 135:8, 135:10, 135:12, 136:24, 137:6, 137:11
happy [7] - 66:14, 73:16, 79:23, 86:19, 89:18, 89:19, 89:20
hard [3] - 60:11, 106:18, 134:1
harder [1] - 72:5hardware [2] - 46:23,
101:1Harris [1] - 39:22hate [1] - 56:18head [2] - 25:9, 92:17headache [1] - 44:14
heading [1] - 77:17Headquarters [1] -
101:4healthcare [3] -
110:22, 113:18, 129:5
healthy [1] - 15:18hear [3] - 13:16, 24:4,
116:8heard [3] - 17:23,
43:7, 81:17hearing [6] - 4:17,
13:18, 18:5, 92:6, 136:10, 136:12
heart [1] - 91:11hedge [6] - 16:23,
19:22, 27:8, 27:11, 48:3
Hein [1] - 107:1HEIN [6] - 2:18,
107:21, 112:7, 113:6, 115:15, 116:9
held [5] - 1:11, 30:2, 30:3, 30:17, 41:22
hello [1] - 137:10Hello [1] - 137:10help [20] - 19:24, 39:5,
44:22, 49:1, 49:2, 52:9, 52:10, 52:21, 54:3, 62:2, 62:17, 67:6, 67:12, 73:13, 75:22, 77:3, 80:13, 89:22, 90:16, 98:8
helped [1] - 74:3helpful [2] - 52:4,
101:16helping [4] - 41:13,
49:22, 80:2, 89:23helps [5] - 29:14, 53:1,
59:23, 90:24, 98:17hereby [1] - 3:1HERMAN [1] - 2:15Herman [3] - 35:3,
38:9, 38:10hidden [1] - 86:14high [10] - 16:13,
16:15, 20:11, 20:23, 21:1, 60:2, 62:7, 64:20, 74:15, 108:7
higher [8] - 13:14, 128:20, 128:21, 131:22, 133:8, 133:10, 133:19, 134:15
highest [1] - 107:24highlight [4] - 12:12,
16:22, 103:10, 116:21
highlighted [1] - 15:5highlights [2] -
119:13, 120:24hired [3] - 22:11,
22:19, 129:18historic [1] - 118:13historical [1] - 22:23history [2] - 35:18,
71:8hit [10] - 18:9, 27:19,
27:24, 28:1, 28:5, 71:9, 82:1, 98:22, 104:7, 119:13
hold [2] - 81:2, 81:16Holding [1] - 58:23holding [1] - 18:4holistic [1] - 88:24honest [2] - 86:19,
93:17Hoover [1] - 92:21hope [1] - 83:22hopefully [3] - 55:6,
80:15, 106:21hour [5] - 1:14, 76:5,
77:8, 89:6, 98:19hours [1] - 98:24house [2] - 88:8,
96:23housed [2] - 55:20,
94:9household [2] - 56:6,
56:7Housing [3] - 58:23,
58:24, 101:4HR [1] - 40:18huge [2] - 22:14,
96:16human [1] - 103:4hundreds [1] - 77:2hurricanes [1] - 27:24Hyster [1] - 47:18Hyster-Yale [1] -
47:18
I
ID's [1] - 60:8idea [2] - 66:20, 89:6ideal [1] - 26:19ideas [1] - 59:7identified [1] - 41:8identify [5] - 34:11,
34:24, 74:3, 74:17, 137:24
Illinois [8] - 1:13, 39:19, 46:18, 47:20, 54:5, 73:3, 81:24, 139:9
ILLINOIS [1] - 139:1illiquid [1] - 29:22image [2] - 42:8, 42:14imagine [1] - 71:24
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
8
immediately [5] - 43:17, 44:3, 64:8, 98:4, 100:8
impact [1] - 112:13impacted [1] - 43:5implement [4] - 38:6,
67:21, 68:7, 98:6implementation [1] -
111:22implemented [2] -
32:6, 113:24implementing [1] -
54:23implied [1] - 121:18important [5] - 14:23,
102:19, 103:1, 103:11, 124:19
improve [1] - 98:8improved [1] - 123:2IN [1] - 138:11in-house [1] - 96:23in-pay [1] - 125:1inception [1] - 28:13incidences [1] - 99:14include [4] - 32:10,
34:23, 79:11, 114:13included [10] - 70:6,
74:13, 78:21, 79:1, 79:17, 101:17, 116:11, 118:7, 124:9, 131:2
includes [1] - 88:20Including [1] - 48:3including [1] - 72:6inclusive [1] - 78:18income [16] - 16:4,
16:5, 20:9, 28:23, 30:15, 30:16, 30:17, 31:15, 31:16, 32:21, 56:5, 110:3, 110:5, 110:6, 110:12, 112:19
incorporate [1] - 130:24
increase [16] - 12:17, 12:22, 72:16, 72:19, 72:21, 109:3, 109:14, 109:22, 110:20, 111:9, 125:3, 126:5, 126:19, 127:20, 129:2, 129:9
increased [5] - 109:2, 110:17, 123:4, 125:10, 125:15
increases [1] - 128:19increasing [2] -
129:15, 130:4incredibly [1] - 115:20incrementally [2] -
134:15, 134:16independent [3] -
44:8, 45:12, 47:4index [4] - 24:12,
24:13, 24:14, 32:17Indiana [2] - 39:19,
48:23indicate [1] - 137:3indicated [2] - 7:14,
51:20individual [1] - 41:21individuals [4] -
62:12, 63:11, 63:12, 63:14
industrial [1] - 18:4industry [5] - 39:13,
47:16, 73:19, 77:11, 98:16
inflows [1] - 132:10info [1] - 105:7Information [1] -
72:15information [39] -
17:22, 18:14, 60:17, 61:7, 67:17, 68:1, 68:20, 68:22, 68:23, 82:11, 88:1, 88:3, 88:8, 98:15, 99:3, 101:8, 101:9, 103:20, 103:23, 106:10, 107:20, 108:7, 113:10, 113:12, 114:8, 114:10, 114:14, 114:17, 114:18, 114:21, 114:23, 115:6, 115:13, 116:12, 117:5, 117:18, 119:12, 119:20
informative [1] - 138:7infrastructure [12] -
13:10, 40:9, 40:10, 40:14, 40:21, 45:19, 46:1, 47:15, 53:17, 56:24, 87:18, 100:23
Infrastructure [1] - 108:21
inherent [1] - 94:8initiatives [1] - 37:21inject [1] - 13:11innervated [1] - 83:12inside [2] - 40:23,
103:6installation [1] - 43:2installment [1] - 30:10instance [3] - 75:10,
78:16, 90:19instead [2] - 70:2,
81:13
instituted [1] - 111:2institutions [3] -
39:12, 39:17, 41:13insurance [6] - 27:22,
27:23, 28:2, 72:22, 73:1, 101:5
integrate [1] - 51:5integration [3] -
40:22, 41:2, 43:2intent [1] - 86:12intentional [2] - 73:20,
74:9interactive [1] - 42:23interest [5] - 16:9,
71:17, 127:7, 127:15, 127:19
interests [2] - 69:5, 91:11
interface [4] - 68:11, 94:5, 94:17
intermediate [4] - 30:15, 30:16, 31:15, 31:16
internal [2] - 89:16, 94:11
internally [2] - 74:2, 94:9
international [8] - 14:17, 15:14, 15:17, 15:19, 23:8, 24:2, 25:18, 27:14
International [1] - 72:14
interrupt [2] - 64:23, 75:18
interrupted [1] - 70:2interruption [1] -
61:16interview [1] - 78:7interviewed [3] - 77:7,
77:16, 81:18interviewing [1] - 77:6interviews [1] - 82:15intrigued [1] - 67:14introduce [4] - 35:15,
36:23, 37:15, 119:4introduced [2] - 62:1,
74:23introduction [1] -
77:23intrusion [1] - 99:13inventory [1] - 44:4Invesco [1] - 48:4invested [2] - 48:19,
55:10investment [11] -
24:13, 105:23, 108:21, 110:2, 110:4, 110:5, 113:10, 117:7,
128:10, 130:20, 132:12
Investment [4] - 2:11, 7:18, 7:19, 108:19
Investments [2] - 12:5, 12:6
investments [9] - 17:2, 18:2, 68:23, 108:18, 108:23, 117:8, 117:10, 128:9, 130:19
involve [1] - 52:3involved [4] - 44:1,
63:8, 80:5, 90:19involvement [2] -
80:4, 80:24involves [1] - 120:6IP [1] - 60:17ish [1] - 92:18issue [8] - 63:20,
64:19, 64:20, 79:9, 91:19, 94:2, 99:12, 136:11
Issued [1] - 111:19issues [11] - 21:7,
26:23, 50:9, 60:15, 64:7, 66:6, 80:22, 91:14, 91:18, 100:18, 100:19
IT [43] - 33:23, 34:2, 34:9, 34:15, 43:7, 45:19, 47:14, 47:15, 48:6, 48:13, 49:20, 50:21, 50:23, 53:15, 53:17, 59:6, 70:14, 70:21, 71:13, 74:5, 74:12, 75:22, 79:12, 80:24, 81:1, 81:2, 81:5, 81:7, 81:11, 81:12, 81:19, 81:22, 85:1, 88:19, 88:22, 89:17, 89:21, 90:15, 90:16, 97:5, 105:18, 135:20, 137:8
item [7] - 7:15, 9:10, 10:17, 11:7, 33:23, 105:16, 135:21
items [3] - 6:24, 124:5, 128:7
itself [6] - 75:1, 75:6, 86:18, 108:3, 116:19, 130:19
J
Jackie [1] - 106:24JACKIE [1] - 2:18Jakob [4] - 119:8,
125:21, 133:23, 134:8
JAKOB [1] - 2:20JAMIE [1] - 2:13Jamie [2] - 12:5, 24:3January [3] - 37:1,
102:6, 107:2JEFFREY [1] - 2:4job [8] - 46:15, 75:20,
75:23, 81:19, 89:13, 115:15, 115:17, 124:7
jobs [2] - 40:18, 89:3jogs [1] - 91:23John [2] - 92:4, 97:17Johnson [36] - 3:7,
4:23, 5:4, 5:16, 5:21, 6:12, 6:15, 7:5, 7:6, 7:21, 7:23, 8:11, 8:15, 9:2, 9:4, 9:18, 9:20, 10:8, 10:10, 10:23, 10:24, 11:10, 11:12, 25:1, 31:18, 31:21, 33:9, 33:10, 65:6, 65:21, 67:12, 80:18, 118:18, 118:20, 135:4, 135:6
JOHNSON [84] - 2:4, 3:8, 4:22, 5:5, 5:15, 5:22, 6:11, 6:16, 7:4, 7:7, 7:21, 7:24, 8:10, 8:16, 9:1, 9:5, 9:17, 9:21, 10:7, 10:11, 10:22, 11:1, 11:9, 11:13, 24:3, 25:6, 25:10, 25:16, 26:22, 30:19, 31:12, 31:17, 31:22, 33:8, 33:11, 40:15, 41:6, 42:17, 42:21, 43:3, 45:8, 45:22, 46:9, 47:9, 48:5, 50:19, 51:12, 51:16, 52:15, 54:11, 54:15, 65:5, 65:23, 67:11, 69:6, 69:9, 80:18, 81:21, 82:6, 82:9, 83:14, 91:22, 92:16, 93:18, 94:14, 96:24, 98:1, 104:3, 112:4, 113:5, 115:11, 116:8, 118:17, 118:21, 121:21, 122:12, 123:6, 123:22, 125:9, 134:24, 135:3, 135:7, 135:17, 135:22
joined [2] - 36:24, 37:7
joining [3] - 37:3, 83:22, 138:5
Joliet [1] - 58:24
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
9
jose [1] - 35:3Jose [6] - 37:14,
37:17, 38:13, 41:15, 53:6, 56:15
JOSE [1] - 2:14JP [2] - 32:20, 33:6Jr [2] - 39:9, 39:24judge [1] - 81:7July [5] - 51:14, 51:22,
136:9, 136:14, 136:20
jump [8] - 18:17, 18:19, 40:15, 65:3, 80:9, 91:22, 106:20, 121:13
jumping [2] - 65:5, 65:21
June [11] - 1:13, 3:2, 12:19, 15:18, 15:23, 16:1, 16:19, 17:14, 51:17, 75:11, 96:19
jurisdiction [1] - 4:14
K
KAHN [2] - 2:15, 39:1Kahn [2] - 35:4, 38:23kahn [1] - 38:23Kayne [1] - 22:7keep [10] - 14:23,
34:23, 62:18, 63:16, 64:15, 69:21, 71:3, 85:19, 85:22, 91:20
keeping [2] - 91:17kept [5] - 6:7, 85:9,
92:4, 92:6, 92:7key [4] - 55:24, 74:10,
80:11, 103:15kick [2] - 54:13, 96:10KIMBERLY [1] - 2:12kind [50] - 29:21,
45:10, 49:8, 53:16, 54:23, 55:5, 56:8, 57:8, 61:13, 62:1, 62:8, 62:19, 63:13, 63:16, 64:15, 65:2, 66:20, 67:19, 68:2, 71:9, 80:8, 83:14, 87:23, 91:1, 92:24, 93:16, 94:14, 96:21, 97:17, 97:22, 108:6, 109:5, 116:15, 116:18, 116:21, 118:6, 122:6, 124:19, 125:9, 125:23, 127:2, 127:3, 127:9, 127:14, 127:18, 127:20, 129:15, 129:23, 131:12,
131:13kinds [1] - 59:17knowledge [1] - 77:10known [2] - 37:9,
108:2knows [1] - 60:13
L
LABF [1] - 100:16Laborers [1] - 100:16lack [2] - 48:7, 137:3lacking [1] - 77:18lag [1] - 130:12laid [1] - 86:21Lakes [1] - 21:17language [1] - 116:20laptops [1] - 42:20large [5] - 14:15, 15:7,
39:18, 44:2, 111:4largely [1] - 73:18largest [1] - 39:13LaSalle [1] - 92:12last [45] - 12:1, 13:5,
13:14, 13:21, 14:10, 16:12, 17:12, 22:12, 24:8, 26:13, 29:23, 32:5, 32:7, 35:7, 37:20, 56:17, 65:14, 69:24, 71:21, 71:22, 84:10, 84:12, 92:5, 92:6, 104:21, 121:17, 122:7, 122:10, 123:12, 123:16, 123:20, 124:8, 125:2, 125:5, 125:12, 126:1, 126:4, 126:5, 126:19, 126:24, 129:3, 130:7, 132:8, 134:11
law [2] - 3:12, 118:16lead [1] - 37:4leaders [1] - 89:9leadership [7] - 74:20,
76:23, 77:6, 77:7, 77:16, 78:8, 79:1
leading [1] - 98:16leads [1] - 130:4learn [4] - 95:7, 95:15,
97:13, 97:15learned [1] - 94:20learning [4] - 43:6,
95:15, 97:14, 97:16lease [2] - 112:16,
112:17least [10] - 46:14,
49:18, 52:5, 61:15, 63:11, 65:1, 93:13, 116:3, 120:10, 132:5
leave [3] - 17:16, 29:3, 86:2
left [6] - 15:15, 17:17, 69:23, 75:9, 80:23, 97:11
left-hand [3] - 15:15, 17:17, 75:9
Legal [1] - 105:16legal [2] - 105:17,
136:8legislation [1] -
132:18Lending [1] - 110:11lengthy [1] - 119:11less [14] - 24:22, 26:1,
26:19, 55:7, 72:12, 74:18, 80:3, 82:5, 92:21, 95:12, 110:4, 120:1, 121:19, 127:7
letter [3] - 116:15, 116:16, 118:6
level [8] - 31:4, 60:2, 62:7, 64:5, 64:22, 74:15, 108:1, 108:7
levels [3] - 64:6, 67:2, 67:3
leverage [1] - 47:7levies [1] - 31:6levy [2] - 121:3,
133:14liabilities [5] - 109:8,
119:19, 120:21, 126:23, 130:3
liability [23] - 120:11, 123:2, 123:8, 124:10, 124:13, 126:2, 126:5, 126:7, 126:16, 126:17, 126:18, 127:4, 127:8, 127:14, 127:16, 127:17, 127:21, 128:4, 129:2, 129:7, 129:14, 129:18, 130:8
License [1] - 139:18license [1] - 89:23light [3] - 19:18, 46:6,
48:12line [14] - 15:20,
109:11, 119:18, 127:5, 127:6, 128:7, 128:13, 129:13, 129:21, 130:6, 131:14, 131:17, 131:21, 131:24
liquidate [1] - 30:22liquidation [1] - 30:5liquidity [3] - 13:12,
18:7, 29:8
list [2] - 65:11, 87:23List [4] - 25:3, 32:21,
33:4, 33:6listed [4] - 7:2, 8:8,
10:19, 58:22listen [2] - 89:9listening [3] - 91:4,
137:13, 138:6live [1] - 79:2LLC [3] - 2:14, 2:15,
2:15LM [3] - 30:16, 31:16,
31:19loan [2] - 21:5, 127:18loans [4] - 16:13,
16:16, 20:11, 20:23local [6] - 37:23,
39:11, 46:21, 46:23, 87:18, 102:22
locals [1] - 41:11location [1] - 43:15log [2] - 62:17, 67:19logged [1] - 100:4login [1] - 60:8long-term [1] - 88:22longest [1] - 40:6look [19] - 15:6, 16:4,
19:8, 20:3, 24:11, 26:24, 52:1, 52:19, 60:1, 60:18, 61:5, 67:19, 72:7, 79:14, 107:4, 121:14, 124:20, 129:21, 137:18
looked [1] - 56:21looking [17] - 31:7,
39:4, 40:4, 50:22, 66:4, 68:23, 69:5, 70:7, 75:22, 78:4, 80:22, 84:18, 84:21, 90:1, 119:16, 125:4, 133:11
looks [4] - 51:10, 77:14, 136:5, 136:6
lose [1] - 98:24loss [4] - 120:20,
122:19, 128:10, 128:17
losses [4] - 122:6, 122:17, 126:13, 131:4
lost [3] - 110:7, 128:12, 135:17
love [1] - 104:17low [7] - 26:10, 26:14,
27:1, 55:10, 64:6, 64:14, 64:19
lower [4] - 11:22, 63:3, 76:22, 134:16
LSV [4] - 23:13, 23:14,
23:22, 23:23LTD [1] - 2:7
M
M.D [1] - 2:12ma'am [14] - 3:8, 5:5,
5:22, 6:16, 7:7, 8:16, 9:5, 9:21, 10:11, 11:13, 31:22, 33:11, 118:21, 135:7
machines [1] - 42:20MacKay [3] - 20:23,
23:13, 23:15Madam [1] - 3:4main [4] - 20:7, 94:2,
108:17, 110:15maintain [1] - 46:7majority [3] - 23:10,
31:2, 129:9makers [1] - 86:11male [2] - 73:18, 74:7malls [2] - 18:10,
18:11malware [1] - 99:16manage [6] - 18:7,
38:4, 47:15, 59:3, 70:21, 80:2
managed [2] - 53:15, 86:9
Management [2] - 87:9, 108:4
management [17] - 24:12, 32:18, 38:19, 48:3, 49:21, 51:3, 51:6, 51:24, 55:19, 66:5, 70:7, 84:19, 88:19, 90:6, 99:3, 106:7, 118:3
manager [17] - 20:24, 21:1, 21:5, 21:21, 22:6, 22:7, 22:12, 24:2, 24:19, 24:24, 25:2, 25:17, 25:20, 27:14, 28:20, 38:18, 52:11
Manager [2] - 2:10, 2:12
managers [37] - 12:12, 15:2, 17:22, 18:6, 18:15, 18:22, 19:1, 19:3, 20:18, 20:21, 21:15, 21:17, 22:8, 22:21, 23:2, 23:5, 23:11, 23:12, 23:14, 23:20, 24:6, 26:14, 26:21, 27:1, 27:3, 27:10, 27:11, 27:19, 27:21, 28:18, 30:6, 30:9, 56:3, 89:10
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
10
managing [1] - 45:17mandate [1] - 32:8manner [1] - 54:9March [4] - 4:20, 5:12,
30:3, 31:3margin [1] - 15:18Marine [1] - 38:20marked [1] - 18:12market [46] - 12:10,
12:11, 12:14, 13:1, 13:13, 14:2, 14:4, 15:11, 15:14, 16:18, 18:8, 19:4, 19:8, 19:9, 19:15, 21:1, 21:8, 22:2, 22:24, 23:1, 25:19, 27:18, 29:14, 29:21, 37:4, 107:13, 119:20, 119:23, 121:5, 121:8, 121:15, 122:1, 122:17, 122:24, 123:1, 123:10, 123:11, 123:15, 123:17, 123:18, 124:17, 130:22, 130:23, 132:14, 134:12
markets [16] - 12:16, 12:21, 13:14, 14:8, 15:16, 15:17, 15:18, 15:19, 15:21, 17:10, 27:4, 28:2, 28:4, 44:13, 71:23
Marquette [2] - 2:13, 2:13
massive [1] - 41:8matches [1] - 80:13material [2] - 112:22,
117:24Matt [3] - 119:7,
126:11, 134:5MATT [1] - 2:19matter [5] - 1:11, 3:15,
3:18, 76:9, 87:24matters [3] - 4:13,
104:24, 105:4Matthews [1] - 87:3MATTHEWS [9] -
2:17, 84:7, 85:6, 86:7, 88:16, 95:18, 103:2, 104:14, 105:12
max [1] - 71:4MBE [1] - 39:23MEABF [9] - 62:23,
91:7, 91:9, 93:23, 95:3, 97:2, 97:6, 97:11, 104:16
Meadow [1] - 58:23mean [1] - 64:19
meaning [2] - 102:3, 131:22
means [5] - 23:19, 23:20, 68:6, 128:20, 132:10
meant [1] - 116:21measuring [1] -
119:24mechanism [1] -
132:6medium [1] - 76:21meet [11] - 19:15,
30:6, 33:19, 36:21, 43:18, 45:6, 62:21, 62:24, 63:12, 66:21, 87:5
Meeting [2] - 4:10, 4:20
MEETING [2] - 1:3, 138:11
meeting [30] - 1:10, 3:2, 3:13, 4:3, 4:4, 24:8, 32:7, 33:1, 34:10, 34:12, 34:16, 35:12, 35:22, 51:15, 51:22, 58:6, 69:15, 76:3, 77:23, 78:5, 80:19, 85:11, 90:4, 90:12, 104:19, 134:4, 137:1, 137:4, 138:4
Meetings [4] - 4:3, 6:9, 105:20, 105:22
meetings [6] - 4:21, 5:13, 6:6, 60:7, 75:13, 85:23
MELISSA [1] - 2:5Melvyn [3] - 73:14,
79:7, 81:24member [8] - 54:17,
54:22, 67:14, 104:20, 111:5, 133:15, 137:14, 138:6
MEMBER [2] - 106:18, 135:14
members [13] - 4:11, 35:15, 54:19, 54:23, 55:17, 56:7, 67:15, 67:16, 76:4, 77:7, 82:11, 109:20, 125:1
MEMBERS [1] - 2:2membership [4] -
54:21, 124:23, 124:24, 125:4
memo [1] - 30:23memory [2] - 66:23,
91:23mention [3] - 82:1,
84:15, 124:6
mentioned [8] - 20:19, 22:24, 28:19, 77:5, 91:23, 97:14, 119:16, 124:8
message [1] - 121:1met [3] - 87:4, 87:12,
128:6microphones [1] -
3:17Microsoft [9] - 39:3,
49:4, 53:20, 55:12, 84:22, 87:8, 87:14, 103:17
mid [1] - 22:2mid-cap [1] - 22:2middle [7] - 15:5,
61:1, 72:13, 82:15, 90:11, 108:20, 116:23
Midway [1] - 46:3might [7] - 64:19,
75:3, 77:18, 80:17, 91:2, 101:16, 112:9
migration [7] - 53:20, 70:9, 79:21, 84:22, 101:18, 102:17, 103:11
military [1] - 59:18million [44] - 25:11,
25:12, 25:14, 25:15, 30:2, 30:5, 30:11, 30:14, 30:16, 31:4, 31:11, 31:14, 31:16, 31:18, 32:18, 109:7, 109:10, 109:15, 109:18, 109:21, 109:22, 109:23, 110:6, 110:7, 110:17, 110:24, 111:11, 123:19, 123:21, 124:1, 124:4, 124:10, 124:13, 126:4, 126:9, 126:19, 127:23, 128:9, 128:12, 128:17, 132:9
mind [8] - 14:24, 34:6, 48:15, 51:1, 67:24, 71:3, 94:13, 106:3
mingling [1] - 56:4Minnesota [1] - 47:21minor [1] - 99:14minority [3] - 41:18,
105:2, 105:3minus [1] - 126:16minute [1] - 56:17minutes [4] - 71:3,
77:8, 85:13, 137:3Minutes [3] - 4:19,
4:20, 6:7mission [1] - 86:17misstatements [1] -
117:19mistake [1] - 35:2model [5] - 30:20,
63:10, 64:4, 72:1, 75:8
modernize [1] - 70:10moment [1] - 23:4monetary [1] - 13:3money [11] - 13:12,
32:17, 86:11, 87:1, 89:7, 131:16, 131:17, 131:22, 133:17, 133:18, 134:17
monitor [2] - 33:18, 57:8
monitoring [5] - 53:16, 53:17, 63:21, 79:15, 99:19
month [21] - 12:1, 12:15, 15:16, 15:23, 17:1, 17:9, 18:21, 20:5, 20:16, 21:18, 22:15, 29:5, 29:7, 29:23, 30:13, 31:11, 62:21, 62:24, 67:4, 78:1, 113:18
monthly [11] - 19:15, 63:13, 66:21, 70:17, 70:21, 71:13, 71:23, 72:7, 78:3, 78:11, 125:14
months [11] - 13:5, 13:8, 13:14, 16:12, 17:12, 21:23, 25:4, 52:12, 75:10, 75:20, 76:11
Morgan [2] - 32:20, 33:6
morning [9] - 12:8, 29:9, 29:10, 35:10, 37:16, 38:10, 87:5, 91:4, 119:5
mortality [1] - 128:15most [15] - 13:21,
20:16, 20:20, 22:7, 25:21, 26:3, 27:9, 45:7, 59:17, 71:22, 82:3, 87:4, 87:13, 95:12, 110:16
motion [37] - 4:19, 4:22, 4:24, 5:10, 5:11, 5:15, 6:3, 6:4, 6:11, 6:21, 7:1, 7:12, 7:19, 7:21, 8:5, 8:7, 8:10, 8:22, 9:1, 9:12, 9:14, 9:17, 10:5,
10:7, 10:18, 11:9, 31:14, 31:17, 32:11, 33:5, 33:16, 105:17, 118:17, 119:2, 135:3, 135:12, 137:5
move [25] - 4:17, 11:18, 16:10, 20:2, 32:7, 49:19, 49:22, 51:6, 57:16, 57:22, 57:23, 61:13, 65:2, 66:18, 69:22, 82:22, 100:23, 101:15, 102:15, 102:18, 104:7, 106:11, 125:19, 136:13, 136:19
moved [6] - 7:3, 10:20, 33:7, 65:12, 99:14, 102:14
movement [1] - 16:9moves [1] - 17:8moving [9] - 7:17,
8:19, 9:10, 10:3, 12:5, 33:3, 53:8, 60:24, 124:22
MR [201] - 3:5, 5:2, 5:9, 5:18, 6:2, 6:14, 6:20, 7:3, 7:11, 7:13, 7:22, 8:4, 8:12, 8:18, 9:3, 9:9, 9:19, 10:1, 10:9, 10:15, 10:20, 11:5, 11:8, 11:11, 11:17, 11:21, 12:7, 24:5, 25:8, 25:12, 25:15, 25:17, 26:24, 29:9, 30:23, 31:13, 31:20, 32:2, 32:3, 33:7, 33:15, 33:17, 34:1, 34:18, 34:24, 35:3, 35:5, 35:6, 35:9, 35:10, 36:4, 36:5, 37:16, 38:10, 38:21, 39:1, 39:6, 40:20, 41:7, 41:17, 42:19, 42:23, 43:9, 45:12, 45:23, 46:11, 47:13, 47:24, 48:16, 49:15, 50:5, 50:12, 50:24, 51:13, 51:19, 52:17, 53:6, 54:14, 55:1, 56:15, 56:20, 57:18, 57:23, 58:5, 58:10, 58:12, 64:23, 65:9, 65:17, 65:19, 65:20, 65:24, 66:9, 66:16, 66:17, 67:23, 69:8, 69:10, 69:11, 69:16, 69:18, 69:20, 69:21, 70:15, 71:2, 71:8, 75:18, 76:14,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
11
81:6, 81:23, 82:8, 82:14, 83:17, 83:20, 84:1, 84:3, 84:7, 84:8, 84:9, 85:5, 85:6, 85:8, 85:18, 85:24, 86:1, 86:6, 86:7, 87:12, 88:13, 88:16, 91:3, 92:4, 93:2, 93:22, 95:1, 95:18, 96:3, 97:4, 98:2, 101:15, 101:22, 103:2, 103:9, 103:18, 104:1, 104:4, 104:10, 104:14, 104:18, 104:23, 105:6, 105:11, 105:12, 105:13, 106:3, 106:20, 107:21, 112:7, 113:6, 115:15, 116:9, 118:11, 118:19, 119:1, 119:5, 122:1, 122:13, 123:8, 123:23, 125:13, 125:23, 130:14, 130:21, 131:4, 131:8, 131:11, 132:15, 132:20, 132:24, 133:3, 133:7, 133:12, 133:21, 133:22, 134:3, 134:7, 134:22, 135:2, 135:5, 135:11, 135:19, 136:6, 136:23, 137:7, 137:10, 137:12, 137:16, 137:24, 138:2, 138:3, 138:7
MS [73] - 2:8, 3:4, 3:7, 3:9, 3:11, 5:4, 5:6, 5:8, 5:21, 5:23, 6:1, 6:15, 6:17, 6:19, 6:21, 7:6, 7:8, 7:10, 7:12, 7:23, 8:1, 8:3, 8:5, 8:9, 8:13, 8:15, 8:17, 9:4, 9:6, 9:8, 9:20, 9:22, 9:24, 10:4, 10:10, 10:12, 10:14, 10:21, 10:24, 11:2, 11:4, 11:12, 11:14, 11:16, 31:21, 31:23, 32:1, 33:10, 33:12, 33:14, 33:16, 33:22, 71:5, 88:11, 105:19, 106:23, 118:13, 118:20, 118:22, 118:24, 119:2, 134:5, 135:6,
135:8, 135:10, 135:12, 135:13, 136:1, 136:8, 136:24, 137:2, 137:6, 137:11
multi [2] - 18:4, 56:3multi-family [1] - 18:4multiple [4] - 41:22,
43:14, 46:18, 56:6multiply [1] - 78:17municipal [1] - 67:21MUNICIPAL [1] - 1:1must [2] - 88:6,
106:17mutual [1] - 118:6Myland [2] - 65:9,
65:13
N
name [4] - 36:23, 37:16, 92:7, 138:4
Naperville [1] - 69:8nation [1] - 43:22nation's [1] - 44:4naturally [1] - 75:22nature [2] - 62:3, 64:2navigated [1] - 27:12Navy [1] - 38:20near [1] - 29:17necessarily [2] -
65:18, 90:18necessary [2] - 114:3,
137:5need [23] - 29:6, 36:1,
47:17, 57:9, 60:9, 70:9, 79:4, 80:6, 81:10, 81:20, 82:18, 82:24, 86:24, 101:9, 101:20, 102:20, 102:23, 103:7, 103:12, 118:11, 135:21, 136:14, 136:20
needed [3] - 79:12, 104:7, 115:19
needing [2] - 29:5, 30:4
needs [11] - 35:19, 35:22, 36:21, 43:18, 45:6, 52:2, 54:9, 61:9, 81:13, 81:15, 82:23
negatively [1] - 14:4NEIL [1] - 2:13Net [4] - 11:19, 11:20,
108:12, 109:17net [12] - 21:3, 22:3,
22:10, 22:16, 25:24, 26:1, 53:16, 109:12,
110:5, 110:13, 111:11, 111:12
netted [1] - 122:7network [6] - 45:18,
64:1, 68:3, 99:7, 100:13, 100:18
networks [2] - 36:14, 59:19
Neuberger [4] - 17:2, 28:3, 28:7
Neuberger's [1] - 28:11
never [1] - 92:10New [4] - 44:1, 44:5,
46:19, 47:4new [17] - 3:12, 3:14,
51:5, 75:23, 94:20, 94:23, 95:8, 95:15, 95:16, 97:12, 108:20, 108:21, 110:23, 113:22, 114:16, 115:17, 115:18
new/old [1] - 51:5newer [2] - 49:14, 55:4newly [1] - 26:20news [5] - 14:2, 14:3,
29:19, 108:3, 118:1next [40] - 9:10, 10:17,
11:7, 17:24, 22:5, 26:8, 29:18, 33:23, 36:6, 39:7, 40:1, 53:7, 53:10, 57:22, 57:23, 64:14, 68:15, 69:18, 71:15, 75:10, 78:6, 78:10, 109:16, 111:17, 112:1, 115:4, 117:16, 119:3, 121:4, 122:3, 122:22, 127:1, 127:3, 127:6, 128:7, 128:13, 129:12, 129:16, 131:11, 134:4
nice [3] - 20:5, 26:5, 99:24
nicely [1] - 30:17NIETO [11] - 2:16,
58:5, 58:12, 65:9, 65:19, 66:9, 66:17, 67:23, 69:8, 69:10, 69:16
nine [3] - 37:19, 56:12, 77:7
NIS [2] - 32:21, 33:6NIST [2] - 59:14, 90:23NO [1] - 1:3nobody [1] - 60:13Nolan [1] - 119:8NOLAN [1] - 2:20
non [1] - 48:24non-supported [1] -
48:24none [4] - 4:17, 70:17,
117:23, 124:17noon [1] - 119:6norm [1] - 74:5normal [9] - 64:6,
64:10, 120:10, 126:6, 127:7, 127:10, 127:12, 127:13, 129:19
normally [1] - 99:21North [1] - 1:11Northern [4] - 21:9,
24:14, 32:18, 39:21note [3] - 3:20, 3:21,
113:21noted [1] - 110:4notes [3] - 111:15,
113:9, 139:12nothing [5] - 99:18,
109:9, 117:19, 125:8, 136:9
notice [4] - 4:2, 80:23, 96:14, 100:6
notified [2] - 99:17, 99:22
notify [1] - 100:8November [1] - 32:23nowadays [2] - 54:21,
68:18number [23] - 34:3,
41:10, 45:15, 48:17, 48:23, 55:2, 56:2, 56:8, 59:3, 62:11, 68:7, 110:23, 111:3, 117:7, 120:1, 125:6, 125:16, 130:20, 132:16, 133:5, 133:7, 133:10, 133:12
numbers [8] - 11:21, 14:6, 16:1, 27:3, 34:8, 88:4, 106:15, 108:15
nuts [1] - 79:11Nuveen [3] - 22:19,
23:3, 26:9
O
O'Hare [1] - 46:2oath [1] - 139:7obviously [20] - 11:24,
19:9, 26:20, 28:17, 29:4, 29:12, 29:17, 31:1, 41:18, 55:16, 62:13, 63:4, 108:17, 109:2, 109:19,
110:14, 115:17, 117:3, 124:15, 136:1
occurred [1] - 130:18October [1] - 37:7OF [4] - 1:2, 1:9,
139:1, 139:2offering [1] - 88:16office [6] - 3:23, 18:3,
70:10, 103:6, 112:17, 113:1
Office [13] - 2:10, 53:21, 57:16, 60:24, 70:8, 79:21, 99:15, 100:2, 100:3, 101:18, 102:11, 102:14, 103:11
Officer [3] - 2:11, 38:14
officially [1] - 105:3offline [1] - 104:8offset [1] - 127:22often [1] - 55:17old [7] - 39:8, 42:1,
48:21, 48:23, 61:8, 63:4, 103:15
older [1] - 49:13once [10] - 32:12,
51:23, 52:13, 62:21, 62:24, 81:18, 85:16, 104:6, 133:8, 133:18
one [78] - 13:21, 16:11, 16:22, 17:16, 18:20, 20:16, 22:8, 25:24, 28:15, 34:14, 35:15, 36:8, 38:21, 42:4, 43:13, 46:11, 49:16, 49:24, 54:17, 55:9, 56:17, 57:22, 57:23, 57:24, 59:24, 65:11, 65:20, 65:24, 66:8, 66:13, 67:13, 68:15, 69:3, 69:24, 70:4, 70:13, 70:17, 73:13, 73:14, 74:7, 74:11, 75:18, 77:19, 79:8, 82:10, 82:18, 84:17, 84:19, 85:1, 85:16, 87:17, 88:1, 90:23, 96:14, 96:24, 100:5, 101:16, 105:15, 107:3, 112:1, 112:2, 112:7, 112:15, 112:19, 113:7, 114:15, 116:11, 127:2, 128:9, 129:16, 130:10, 130:12, 131:22, 132:15, 133:13
One [2] - 3:20, 83:5
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
12
ones [5] - 46:4, 59:1, 63:12, 90:18, 136:18
ongoing [5] - 36:10, 36:15, 40:6, 57:5, 57:12
onsite [3] - 64:11, 64:13, 116:2
OPEB [7] - 113:17, 114:15, 114:17, 115:2, 120:22, 124:7, 124:14
Open [4] - 4:3, 6:9, 105:20, 105:22
open [10] - 4:11, 60:22, 63:15, 63:16, 66:24, 78:13, 80:17, 102:24, 106:2, 106:4
opening [1] - 13:20Operating [1] - 38:13operating [2] - 75:7,
75:15operation [1] - 127:12opinion [1] - 93:17opportunity [3] -
35:11, 35:12, 36:20opposite [2] - 81:20,
123:4optimization [1] -
53:23options [2] - 25:5,
29:4order [9] - 7:14, 8:9,
8:21, 9:13, 10:4, 10:21, 11:8, 72:19, 132:10
Order [1] - 5:13orders [1] - 43:23ordinary [1] - 109:9Ordinary [4] - 8:19,
8:23, 9:11, 9:15Organization [1] -
72:14organization [15] -
51:6, 52:20, 52:21, 59:15, 71:19, 73:2, 73:9, 73:21, 74:21, 77:17, 80:12, 80:14, 88:19, 90:15, 112:21
organizational [1] - 32:24
organizations [8] - 41:23, 49:8, 59:6, 72:17, 76:18, 76:21, 82:3, 112:17
oriented [1] - 24:18originally [1] - 25:7OTIS [1] - 2:20Otis [1] - 138:2ourselves [1] - 58:16outflows [2] - 132:10,
133:20outpacing [1] - 15:17outperform [6] -
14:15, 14:16, 14:17, 21:2, 21:16, 28:11
outperformance [3] - 22:6, 23:19, 27:9
outperformed [5] - 22:7, 22:16, 23:10, 25:23, 25:24
outperforming [11] - 21:2, 21:18, 21:22, 22:3, 22:9, 23:11, 23:12, 23:16, 23:21, 26:4, 28:10
outside [7] - 44:12, 45:23, 46:21, 53:4, 74:4, 103:6, 105:24
outweigh [2] - 127:22, 131:5
overall [7] - 15:13, 19:13, 20:4, 29:16, 92:24, 109:14, 125:24
overview [4] - 35:17, 39:8, 41:16, 108:7
overweight [1] - 19:21overwhelming [1] -
77:3own [3] - 13:5, 67:19,
104:11owned [5] - 39:23,
41:18, 105:2, 105:4, 137:15
owner [3] - 37:8, 37:13, 37:19
owns [2] - 93:23, 95:3
P
pace [2] - 12:22, 53:9package [2] - 13:10packet [1] - 118:8Page [8] - 10:19,
108:4, 108:5, 108:11, 111:14, 111:16, 113:8
PAGE [1] - 139:2page [28] - 14:7, 15:5,
16:4, 17:17, 19:4, 20:15, 21:13, 21:20, 22:5, 26:8, 32:5, 36:6, 39:7, 40:1, 53:7, 53:10, 108:10, 108:20, 109:6, 109:12, 109:16, 111:17, 111:18, 113:15, 116:15, 116:23, 117:16, 131:11
Pages [4] - 7:20, 8:8, 8:24, 9:16
pages [5] - 20:3, 54:7, 77:9, 107:22, 108:9
paid [1] - 129:1pain [4] - 89:11, 95:19,
96:1, 96:16pandemic [4] - 4:1,
13:19, 27:5, 121:8pane [1] - 99:5pants [1] - 61:12paragraph [1] - 116:24parallel [1] - 82:23Parametric [4] - 17:2,
28:3, 28:7, 28:10Park [1] - 39:16parking [1] - 40:12part [28] - 16:3, 16:5,
17:17, 19:10, 21:13, 22:1, 23:9, 24:13, 34:20, 40:19, 42:22, 50:2, 51:3, 56:7, 70:13, 74:8, 78:12, 78:24, 85:4, 86:23, 88:16, 89:5, 90:12, 95:20, 103:14, 105:7, 130:17, 136:16
participant [1] - 136:11
participate [1] - 28:5participated [1] -
24:21participating [1] -
104:4particularly [1] - 22:2parties [2] - 70:24,
85:6partner [3] - 37:3,
39:4, 47:1partnered [2] - 46:22,
47:2partners [1] - 105:3parts [5] - 15:11,
16:18, 18:8, 54:18, 78:21
party [2] - 71:12, 79:23
pass [2] - 33:21, 38:9passed [1] - 3:12password [1] - 68:14past [7] - 59:23, 73:24,
80:1, 97:10, 105:1, 125:10, 131:4
patch [1] - 99:11patched [3] - 90:10,
102:5, 102:8path [1] - 52:21pay [7] - 18:11, 40:12,
120:8, 125:1,
125:16, 127:18, 133:3
payment [4] - 40:12, 120:17, 121:11, 124:8
payments [10] - 19:15, 40:13, 110:14, 110:15, 110:16, 120:16, 121:3, 124:9, 124:11, 131:15
payout [1] - 28:1PBS [17] - 51:9, 92:20,
93:2, 93:6, 93:8, 93:13, 93:19, 93:23, 94:2, 94:16, 94:19, 95:21, 96:4, 96:7, 96:21, 96:22, 96:23
PC's [1] - 36:15PDS [2] - 51:5, 90:19peaks [1] - 119:23pension [12] - 47:11,
47:13, 48:1, 48:6, 65:8, 65:18, 67:15, 67:22, 113:11, 113:20, 120:22, 129:20
Pension [1] - 40:3people [14] - 13:23,
40:8, 47:20, 62:17, 71:24, 72:24, 73:20, 81:17, 103:5, 116:3, 124:12, 125:16, 125:18, 129:17
people's [1] - 88:5Peoria [1] - 47:20per [4] - 31:11, 77:8,
89:6, 93:3percent [61] - 14:9,
15:8, 15:20, 15:22, 16:8, 16:15, 16:16, 16:19, 17:8, 17:10, 18:1, 20:6, 21:3, 21:4, 21:6, 21:18, 21:22, 22:3, 22:9, 22:16, 23:22, 23:23, 25:24, 26:1, 27:15, 28:8, 28:21, 39:23, 80:13, 110:8, 110:9, 110:18, 110:20, 111:8, 121:16, 121:20, 122:1, 122:11, 123:3, 123:5, 123:15, 125:3, 125:15, 126:24, 128:11, 130:22, 131:1, 131:9, 132:13, 132:17, 132:22, 133:1, 133:4, 133:6,
133:8, 133:9, 134:13percentage [2] -
130:5, 130:7perfect [1] - 50:20perfectly [2] - 70:23,
128:5perform [2] - 17:9,
19:3performance [15] -
12:12, 15:1, 15:3, 15:12, 20:2, 20:4, 21:15, 22:15, 22:17, 28:6, 28:13, 28:20, 29:13, 45:1, 55:19
performed [4] - 16:24, 17:13, 18:22, 20:12
performer [1] - 28:8performing [3] -
15:10, 15:11, 17:13period [12] - 17:4,
17:6, 20:4, 21:19, 21:24, 25:23, 25:24, 29:5, 30:12, 44:17, 121:2, 131:7
person [6] - 38:21, 40:23, 43:13, 68:1, 77:8, 89:6
personal [1] - 93:17personnel [1] - 32:23Personnel [1] - 40:17Phase [2] - 32:7,
51:17phone [4] - 62:14,
68:16, 89:19, 116:1phones [1] - 68:17photo [1] - 38:22physical [1] - 66:23physically [2] - 3:22,
4:1pickers [1] - 23:5picking [1] - 107:3picture [1] - 108:13piece [7] - 42:5, 47:8,
49:21, 51:24, 66:8, 66:13, 66:15
pieces [2] - 29:2, 81:10
PINELLI [1] - 2:7place [12] - 14:10,
43:11, 43:17, 47:23, 72:4, 72:11, 72:24, 81:12, 94:23, 107:9, 111:23, 112:1
Plan [1] - 32:4plan [33] - 20:4, 51:4,
60:7, 61:10, 61:12, 61:17, 61:18, 71:19, 74:21, 75:1, 75:6, 76:1, 76:16, 77:12, 77:19, 78:6, 90:4,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
13
109:12, 112:13, 113:4, 113:17, 119:24, 127:12, 127:18, 127:22, 129:3, 129:11, 129:18, 130:1, 130:22, 131:20, 132:21, 133:3
planning [5] - 60:6, 61:23, 75:4, 98:6, 122:15
plans [5] - 24:9, 61:22, 80:13, 129:20, 132:22
plate [1] - 116:16platform [1] - 96:18platforms [2] - 100:10,
100:11play [4] - 50:23, 54:12,
93:19, 102:13players [1] - 55:13playing [1] - 50:21pleased [1] - 34:2pleasure [1] - 87:5plus [2] - 41:24,
120:11Plus [1] - 87:15PMP [1] - 87:8Point [2] - 48:14point [21] - 15:9,
26:22, 29:15, 46:10, 48:16, 49:16, 62:22, 92:13, 92:14, 96:16, 97:18, 105:13, 108:16, 113:7, 113:24, 114:4, 117:1, 117:6, 117:13, 119:19, 129:10
pointed [1] - 25:1points [3] - 89:11,
95:19, 96:1policies [3] - 60:19,
88:21, 116:22policy [10] - 19:13,
19:14, 19:17, 19:20, 20:7, 20:8, 75:14, 120:6, 120:9, 132:22
Policy [1] - 72:15Pontiac [1] - 47:20pools [1] - 74:4portal [15] - 54:17,
54:23, 55:7, 55:15, 55:22, 56:12, 62:16, 67:14, 75:17, 82:10, 82:13, 83:1, 83:4, 93:19, 94:18
portals [2] - 55:2, 55:17
portfolio [17] - 12:13,
15:3, 15:13, 18:18, 18:20, 18:21, 20:6, 20:11, 21:14, 22:13, 23:9, 26:5, 29:12, 29:13, 29:21, 30:15, 30:16
portion [4] - 30:8, 122:2, 122:17, 122:18
portions [2] - 45:21, 122:8
position [2] - 109:12, 111:12
Position [4] - 11:19, 11:20, 108:13, 109:17
positions [1] - 41:22positive [2] - 21:16,
133:18positively [1] - 14:3possible [5] - 32:14,
61:16, 83:10, 93:21, 104:9
possibly [3] - 32:16, 34:7, 94:17
post [1] - 110:22Post [1] - 113:16post-employment [1]
- 110:22Post-Employment [1]
- 113:16posted [1] - 4:2potential [6] - 66:5,
75:5, 79:22, 84:21, 99:12, 106:1
potentially [1] - 13:8power [1] - 101:1practically [1] - 95:4practice [2] - 37:5,
118:14practices [1] - 59:9pre [1] - 107:12pre-COVID [1] -
107:12preapproved [1] -
44:11preliminary [1] - 18:15prep [2] - 42:7, 42:14prepared [2] - 3:16,
4:5prepares [1] - 90:24preparing [1] - 102:16PRESENT [1] - 2:9present [12] - 3:5,
3:10, 3:22, 4:1, 11:20, 25:4, 35:12, 51:21, 88:10, 89:10, 92:11, 115:5
presentation [16] - 34:2, 35:7, 56:9,
58:1, 58:6, 58:8, 71:6, 76:12, 80:19, 85:13, 85:17, 92:2, 119:9, 122:14, 134:6, 134:20
presentations [5] - 33:24, 34:9, 51:14, 106:1, 137:8
presented [1] - 113:13presenter [1] - 84:13presenters [11] -
34:10, 56:16, 56:19, 65:1, 66:2, 69:23, 76:9, 76:10, 84:5, 84:16, 104:22
presenting [3] - 34:11, 34:13, 35:18
President [1] - 2:3President/COO [1] -
37:17pressing [1] - 136:9pretty [13] - 27:2,
66:20, 71:15, 83:15, 92:5, 102:17, 111:6, 116:20, 119:11, 124:6, 126:6, 131:16, 132:8
prevent [3] - 91:20, 98:17, 101:1
previous [1] - 81:7previously [1] - 30:21price [5] - 28:22, 57:5,
57:12, 57:13, 90:1prices [4] - 16:10,
20:22, 21:8, 28:23principle [1] - 83:9print [1] - 64:18priority [1] - 49:11private [6] - 17:20,
32:11, 48:9, 54:2, 82:7, 137:17
privately [1] - 137:15pro [4] - 71:18, 74:22,
76:1, 76:3problem [8] - 41:6,
63:5, 72:5, 72:8, 85:5, 96:9, 104:10, 113:6
problems [6] - 72:4, 72:12, 74:13, 74:18, 78:4, 80:12
procedures [4] - 60:20, 60:21, 75:15, 88:21
proceed [3] - 36:3, 71:3, 106:13
proceeding [1] - 3:23PROCEEDINGS [2] -
1:9, 138:10proceedings [3] - 4:5,
139:10, 139:13process [10] - 22:14,
24:21, 50:15, 55:6, 57:2, 77:13, 80:2, 98:8, 102:11, 102:16
processes [5] - 43:17, 60:9, 60:16, 93:11, 97:16
produce [1] - 77:19produced [1] - 77:9product [1] - 47:8products [2] - 44:11,
98:16Professional [1] -
87:9progress [6] - 13:18,
13:19, 81:20, 82:16, 83:11, 98:13
prohibited [1] - 136:2project [13] - 38:18,
40:19, 42:22, 51:9, 57:13, 61:10, 70:19, 70:22, 70:23, 71:18, 79:22, 80:7, 128:16
Project [1] - 87:9projected [3] - 27:6,
30:22, 124:11projection [4] -
120:19, 121:12, 134:10, 134:16
projections [5] - 30:20, 30:24, 125:22, 133:23, 134:9
projects [9] - 38:5, 60:23, 70:16, 70:18, 70:24, 78:19, 79:19, 90:17, 90:20
promise [1] - 93:14Pronouncements [1] -
111:19pronouncements [1] -
111:22property [2] - 31:5,
32:20proposal [11] - 34:21,
52:13, 69:14, 70:11, 86:4, 86:20, 95:2, 95:11, 99:2, 105:18, 106:9
Proposal [2] - 32:13, 32:15
proposals [5] - 34:4, 86:13, 95:13, 103:13, 106:6
propose [1] - 117:20proposers [2] - 34:7,
34:13prospective [8] -
39:20, 50:17, 56:6,
78:9, 116:4, 116:5, 116:6, 124:21
protect [2] - 26:23, 103:8
protection [1] - 30:18provide [6] - 36:19,
38:7, 41:1, 53:19, 59:15, 100:13
provided [6] - 30:18, 30:23, 61:8, 87:2, 117:18, 119:11
provider [3] - 50:1, 50:2, 85:3
providers [4] - 52:8, 77:2, 86:9, 107:4
provides [2] - 36:20, 106:9
providing [2] - 64:10, 86:11
provision [1] - 105:19provisions [1] - 129:4Proxy [1] - 2:4proxy [1] - 3:5prudent [1] - 4:1Public [8] - 3:13, 3:20,
4:8, 42:4, 42:6, 44:24, 45:23, 46:17
public [13] - 4:7, 4:11, 4:12, 4:15, 39:17, 81:22, 81:23, 102:21, 102:22, 102:24, 103:7, 104:20, 137:17
pull [7] - 29:11, 34:9, 34:16, 35:2, 49:8, 57:21, 69:12
pulled [1] - 119:10purchase [1] - 44:3purchased [2] - 44:8,
82:2pure [1] - 71:13purely [1] - 23:5purpose [1] - 119:15pursuant [2] - 6:8, 6:9pushed [1] - 112:2pushes [2] - 81:14,
98:19pushing [1] - 51:13put [29] - 13:1, 13:2,
13:5, 32:13, 34:12, 34:15, 43:11, 43:17, 61:10, 61:22, 62:8, 65:7, 65:10, 66:2, 68:4, 71:19, 74:22, 75:12, 75:13, 76:4, 76:16, 77:12, 81:12, 93:6, 94:23, 95:5, 114:8, 114:11, 136:21
putting [3] - 75:16,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
14
96:17, 117:4
Q
Q-3 [1] - 75:5quality [3] - 16:6,
16:21, 34:4quantitated [1] - 26:15quantitative [4] -
22:21, 24:6, 24:18, 26:14
quarter [4] - 32:15, 78:6, 88:21, 90:13
quarterly [3] - 17:19, 28:18, 78:5
quarters [2] - 17:24, 109:6
questionnaires [1] - 101:10
questions [29] - 3:19, 12:3, 18:17, 29:2, 33:20, 35:22, 50:16, 63:7, 65:4, 66:17, 67:10, 69:10, 70:4, 73:15, 78:13, 78:22, 80:10, 80:17, 83:21, 85:15, 86:2, 86:4, 104:2, 107:17, 115:9, 118:9, 125:22, 134:22, 137:21
quick [10] - 39:7, 49:16, 50:19, 53:11, 57:24, 106:21, 106:22, 112:5, 115:8, 132:15
quickest [1] - 93:21quickly [7] - 36:1,
66:20, 75:19, 98:11, 98:23, 104:8, 106:20
quite [4] - 15:15, 19:2, 20:22, 114:24
quorum [5] - 3:11, 135:18, 136:2, 137:1, 137:4
quotes [1] - 98:13
R
RADULOVIC [11] - 2:16, 69:20, 70:15, 71:8, 76:14, 81:6, 81:23, 82:8, 82:14, 83:17, 84:1
raise [2] - 29:6ramp [4] - 43:14,
109:4, 109:24, 132:4ramped [1] - 132:2ran [1] - 137:8range [2] - 18:1, 28:21
ransomware [2] - 98:18, 98:22
rapid [1] - 54:9rapidly [1] - 71:15rate [6] - 57:1, 57:3,
57:15, 110:8, 128:21, 131:9
rates [1] - 16:9rather [3] - 15:18,
101:21, 103:13ratio [5] - 11:24,
123:1, 126:22, 134:9, 134:14
raw [1] - 77:9ray [1] - 42:20RAY [1] - 2:16re [2] - 24:10, 78:7re-assess [1] - 24:10re-interview [1] - 78:7reach [3] - 98:4,
136:12, 137:22reached [3] - 36:9,
98:9, 114:24read [3] - 36:7, 53:14,
58:15readjust [1] - 28:23ready [4] - 35:5, 52:23,
57:11, 102:18real [12] - 17:18,
17:20, 17:22, 18:2, 18:6, 18:8, 19:22, 28:16, 28:20, 28:23, 50:19, 108:24
realigning [1] - 71:16realize [1] - 131:7really [78] - 12:17,
12:21, 12:24, 13:13, 14:5, 14:10, 14:12, 14:18, 14:22, 15:5, 15:12, 15:24, 16:5, 17:4, 18:8, 18:20, 19:20, 22:14, 23:2, 23:11, 41:5, 41:12, 41:21, 43:20, 44:13, 46:10, 46:20, 47:6, 47:16, 47:22, 48:23, 52:1, 52:3, 52:18, 53:3, 53:24, 55:23, 57:8, 59:23, 60:13, 71:20, 72:2, 73:5, 73:20, 74:2, 74:8, 74:10, 74:11, 74:15, 74:22, 75:4, 77:14, 78:1, 78:13, 78:24, 80:1, 81:6, 81:8, 81:11, 81:19, 82:15, 86:9, 89:8, 90:2, 90:7, 93:4, 99:24, 106:21, 109:23, 110:19, 113:3,
114:3, 115:22, 116:19, 118:6, 124:17, 136:9
reason [5] - 17:5, 20:13, 48:5, 76:17, 101:13
reasonable [2] - 4:9, 55:23
reasons [2] - 63:19, 98:7
rebalancing [1] - 19:7rebates [1] - 110:12rebound [8] - 12:16,
12:18, 16:20, 19:11, 20:6, 20:21, 21:14, 29:14
rebounded [2] - 16:13, 20:17
recap [2] - 53:11, 56:17
receivable [2] - 109:1, 121:4
Receivables [1] - 108:24
receive [3] - 46:7, 46:14, 121:11
received [6] - 30:3, 31:1, 36:7, 45:14, 70:13, 123:24
receives [1] - 42:5Recently [1] - 111:19recently [9] - 25:21,
26:3, 51:19, 92:19, 93:10, 98:9, 99:15, 100:5, 105:1
recession [3] - 14:13, 14:20, 76:20
recessionary [1] - 14:11
recognition [3] - 85:2, 121:22, 126:12
recognize [2] - 70:9, 130:24
recognized [3] - 122:2, 122:4, 122:18
recognizing [1] - 122:10
recommendation [1] - 6:8
recommended [1] - 29:7
reconciliation [1] - 127:2
record [13] - 3:21, 6:5, 7:13, 50:14, 50:18, 52:5, 66:1, 70:5, 84:23, 85:9, 136:16, 136:22, 138:1
recorded [1] - 4:4Recording [1] - 2:4
recover [3] - 61:20, 98:21, 98:23
recovery [2] - 12:24, 79:15
recurring [1] - 91:19red [4] - 46:6, 129:13,
131:14, 131:21redeem [2] - 30:14,
31:10redeeming [1] - 30:8redemption [2] -
19:24, 30:9redesign [3] - 53:24,
54:15, 79:24redirect [1] - 107:18reduce [3] - 19:23,
72:3, 80:12reduction [1] - 74:12reference [2] - 44:24,
56:8referenced [2] - 66:3,
84:18reflect [1] - 134:17reflected [1] - 107:14reflecting [1] - 110:19reflective [1] - 17:1refreshed [1] - 75:4Refunds [1] - 7:2refunds [3] - 111:5,
131:13, 131:15regarding [1] - 130:11regardless [1] - 79:3Regular [2] - 4:10,
4:19regular [2] - 33:19,
48:8reinventing [1] - 95:13related [2] - 113:10,
113:11relates [3] - 43:20,
114:17, 115:2relationship [15] -
25:13, 36:11, 37:7, 38:18, 39:15, 40:6, 45:10, 55:11, 70:20, 85:20, 91:7, 91:24, 97:2, 97:24, 104:15
relative [1] - 125:4relatively [10] - 12:1,
16:24, 18:5, 18:22, 19:14, 27:9, 110:19, 111:7, 115:8, 125:7
release [1] - 62:5released [1] - 102:6relevant [2] - 4:13,
40:3reliable [1] - 96:18reliance [1] - 101:1rely [2] - 22:22, 121:12remainder [1] - 24:14
remained [1] - 125:7remaining [3] - 30:12,
31:3, 79:20remediate [2] - 42:8,
89:12remediation [1] -
75:16remember [1] - 92:1remembers [1] - 25:9remind [1] - 107:11remote [2] - 43:5,
79:16remotely [2] - 104:8,
104:12remove [3] - 32:20,
33:6, 84:3rent [1] - 18:11replace [1] - 24:19replacement [1] - 93:5replacing [3] - 61:9,
61:14, 63:5Report [2] - 11:7,
135:16report [19] - 12:2,
28:18, 29:11, 29:19, 29:24, 32:12, 107:22, 107:23, 107:24, 108:2, 108:3, 113:14, 114:20, 116:19, 118:10, 118:12, 118:15, 119:10
REPORT [1] - 1:9reported [1] - 139:9Reporter [1] - 139:7reporter [1] - 139:7reporting [3] - 67:4,
99:23, 120:2reports [1] - 66:19representation [1] -
81:14represented [1] -
129:13represents [3] -
110:24, 131:14, 132:13
Request [1] - 32:14request [4] - 4:12,
32:13, 32:19, 77:23requested [2] - 45:19,
136:18requesting [2] - 30:13,
43:22requests [4] - 4:15,
19:24, 57:17, 115:21require [2] - 70:22,
132:18required [14] - 54:9,
73:19, 114:7, 114:14, 114:21,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
15
116:17, 118:15, 120:8, 121:2, 121:13, 132:16, 133:9, 134:10, 134:15
Required [1] - 116:12requirement [1] -
79:14requirements [4] -
6:9, 36:8, 83:3, 83:8requires [1] - 3:15resell [2] - 46:23,
46:24Reserve [1] - 13:2resets [1] - 57:3RESHMA [1] - 2:3resilient [1] - 14:20resource [1] - 46:24resources [1] - 47:23respect [2] - 7:14,
136:10respectfully [1] -
32:23respectively [1] -
125:6respond [6] - 3:17,
14:3, 14:4, 35:11, 64:7, 93:5
responded [1] - 56:22responders [2] - 34:4,
34:15responding [2] -
69:14, 72:18response [9] - 35:21,
45:13, 50:18, 56:22, 57:9, 81:2, 95:2, 103:4
rest [2] - 31:7, 52:18result [3] - 49:9,
128:11, 130:8results [5] - 121:23,
124:20, 125:21, 125:24, 133:23
retail [2] - 18:2, 18:9retired [4] - 37:6,
65:10, 65:12, 128:24retirees [3] - 124:24,
125:7, 125:11retirement [1] - 128:14retirements [1] -
128:23return [11] - 110:9,
121:15, 121:18, 121:19, 121:20, 121:23, 122:11, 126:11, 128:11, 130:23, 132:12
returns [1] - 17:14Reusz [1] - 119:7REUSZ [9] - 2:19,
125:23, 130:14, 130:21, 131:4, 131:8, 131:11, 132:20, 133:22
review [18] - 18:19, 72:10, 74:2, 74:24, 77:13, 77:15, 77:21, 78:12, 80:8, 88:20, 88:22, 89:23, 90:13, 90:14, 93:24, 106:6, 135:23
reviews [3] - 88:21, 89:15, 90:6
RFP [24] - 33:24, 35:20, 36:7, 45:15, 49:17, 50:20, 53:14, 56:22, 66:3, 70:6, 73:5, 74:13, 75:2, 77:15, 78:12, 78:21, 84:17, 93:5, 95:2, 101:17, 103:14, 104:5, 105:8
RFP's [1] - 52:7ridiculous [1] - 93:16RIGG [17] - 2:14,
34:18, 35:6, 35:10, 36:5, 38:21, 39:6, 40:20, 41:7, 45:12, 47:24, 48:16, 50:5, 53:6, 54:14, 55:1, 56:20
Rigg [2] - 34:18, 36:23right-hand [1] - 16:3Rights [1] - 72:14risk [6] - 12:17, 16:20,
20:19, 74:13, 92:11, 121:7
risks [2] - 61:18, 94:8roadmap [2] - 75:16,
75:17Robert [4] - 37:8,
37:12, 39:9, 39:24Rock [5] - 27:12,
27:13, 32:5, 32:8, 32:10
roll [5] - 3:3, 3:15, 3:18, 5:3, 5:20
root [1] - 91:19roughly [2] - 92:18,
110:8routes [1] - 67:8RUFFOLO [2] - 2:10,
33:22run [1] - 75:13running [1] - 48:21rush [1] - 56:18
S
S&P [1] - 14:9
sad [1] - 46:12safety [1] - 72:22salaries [1] - 128:20salary [1] - 128:18sales [1] - 55:12salvage [1] - 82:22sample [1] - 71:20sand [1] - 119:18Sandra [1] - 107:7SANDRA [1] - 2:11Sarah [4] - 118:11,
136:24, 137:6, 137:7SARAH [1] - 2:8satisfied [1] - 89:16save [1] - 73:15saving [1] - 84:9savings [1] - 41:9saw [12] - 12:18,
13:21, 14:21, 16:24, 20:5, 21:17, 29:12, 35:20, 123:17, 126:4, 128:9, 128:22
scenario [1] - 30:8scenes [1] - 60:14schedule [1] - 109:4schedules [3] - 114:8,
115:6, 123:18school [5] - 43:21,
44:2, 44:7, 44:8, 47:4
School [1] - 46:17schools [6] - 38:1,
41:11, 42:16, 43:5, 44:10, 44:19
Schools [4] - 42:4, 42:6, 44:24, 45:24
scope [1] - 50:7Scott [3] - 23:13,
23:16, 23:21scratch [2] - 97:13,
97:15screen [7] - 35:8,
58:8, 58:13, 71:6, 88:12, 114:16, 115:3
scroll [1] - 114:4scrolling [1] - 113:9se [1] - 93:3search [3] - 24:9,
24:16, 26:12seat [1] - 61:11second [22] - 5:1, 5:2,
5:17, 5:18, 6:13, 6:14, 7:22, 8:12, 9:3, 10:9, 10:22, 11:11, 15:15, 15:20, 30:10, 54:16, 74:19, 83:7, 106:8, 118:19, 120:15, 135:5
seconded [4] - 7:4, 9:19, 31:20, 33:8
seconds [1] - 45:9secret [1] - 59:19Secretary [1] - 2:4section [5] - 6:5,
108:20, 111:18, 114:22, 118:2
sector [4] - 14:19, 48:9, 54:2, 82:7
secure [5] - 59:19, 89:4, 94:10, 101:9, 103:22
Securities [4] - 73:14, 79:7, 81:24, 87:15
security [20] - 46:2, 59:15, 60:21, 67:24, 75:14, 79:13, 88:1, 88:6, 91:1, 94:12, 98:7, 98:14, 98:22, 99:3, 100:14, 101:7, 101:12, 102:3, 102:19, 103:3
Security [3] - 72:15, 88:4, 110:11
see [77] - 12:16, 12:20, 14:6, 15:1, 15:2, 15:19, 15:24, 16:7, 16:14, 19:5, 19:19, 20:14, 20:17, 20:20, 20:21, 21:14, 21:15, 21:23, 22:6, 23:18, 24:11, 24:12, 26:5, 26:17, 28:6, 28:20, 28:22, 29:13, 47:9, 48:15, 50:20, 51:2, 52:8, 53:10, 54:6, 61:5, 63:8, 63:14, 69:3, 69:4, 80:22, 82:12, 86:21, 88:14, 93:20, 99:2, 99:6, 108:13, 108:18, 109:12, 110:12, 110:14, 111:3, 111:18, 112:1, 113:16, 114:15, 116:23, 116:24, 122:17, 122:19, 126:2, 126:8, 126:21, 127:5, 129:8, 129:14, 129:23, 130:6, 130:16, 131:8, 131:21, 131:24, 133:16, 137:19
seeing [19] - 12:23, 15:9, 16:1, 16:18, 17:10, 19:9, 21:7, 21:8, 21:10, 50:23, 63:1, 76:17, 76:18, 81:3, 96:9, 113:9, 115:3, 123:14, 130:2
seem [2] - 19:18, 67:12
Segal [13] - 2:19, 2:19, 2:20, 24:3, 24:6, 24:10, 24:15, 24:17, 26:9, 30:14, 31:15, 31:18, 33:18
segments [2] - 39:13, 77:2
select [1] - 80:2selected [3] - 77:20,
84:24, 107:2selection [5] - 22:14,
22:18, 52:11, 106:1, 135:20
sell [2] - 27:22, 37:6selling [1] - 46:10semi [1] - 135:23semi-annual [1] -
135:23send [5] - 35:6, 44:20,
62:13, 101:8, 103:23sending [1] - 44:16sends [1] - 63:19Senior [1] - 38:11sense [2] - 84:12,
94:16sensitive [2] - 88:3,
103:20sensitivity [1] - 88:7sent [4] - 44:17, 58:3,
100:7, 106:16separate [1] - 72:3serve [1] - 84:20server [8] - 61:14,
101:23, 101:24, 102:2, 102:9, 102:21, 102:22
servers [7] - 64:2, 66:22, 94:11, 99:9, 100:24, 103:5, 103:16
service [15] - 53:20, 65:17, 67:13, 70:17, 77:24, 78:2, 78:18, 79:1, 85:3, 86:9, 86:11, 86:23, 89:18, 107:4, 125:6
services [23] - 14:19, 36:14, 36:16, 37:2, 38:7, 39:12, 45:15, 45:19, 47:15, 48:2, 53:15, 56:23, 56:24, 57:13, 65:15, 66:23, 73:6, 73:10, 73:12, 78:23, 79:6, 86:13, 106:8
Services [1] - 58:15session [4] - 105:14,
105:21, 106:2, 106:4
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
16
sessions [1] - 135:24set [9] - 52:7, 52:21,
52:22, 56:24, 57:2, 91:15, 94:12, 104:11, 127:5
sets [3] - 56:23, 87:17, 87:18
setting [1] - 124:7setup [5] - 60:17,
92:19, 93:4, 94:3, 94:16
seven [1] - 71:15several [3] - 13:14,
14:10, 29:5severity [1] - 64:5share [12] - 29:7, 58:2,
58:10, 58:12, 66:19, 70:3, 71:5, 76:7, 76:13, 88:12, 101:17, 101:19
shared [2] - 50:16, 84:15
sharing [4] - 34:7, 51:1, 76:2, 103:9
sheet [4] - 105:9, 106:7, 106:8, 112:18
SHELBY [1] - 2:11Shelby [1] - 107:7shelter [1] - 107:9sheltered [1] - 92:5Shields [3] - 20:24,
23:13, 23:15shift [3] - 16:3,
133:16, 136:10shifted [1] - 15:4shifts [1] - 79:2shining [1] - 45:2short [5] - 17:6, 28:17,
85:19, 85:22, 86:1short-term [1] - 28:17shortfall [1] - 124:4Shorthand [1] - 139:6shorthand [2] - 139:9,
139:12shortly [2] - 69:15,
83:24show [6] - 23:6, 67:1,
74:20, 74:23, 112:18, 114:22
showing [4] - 124:23, 125:14, 127:24, 134:8
shows [4] - 67:2, 109:17, 127:3, 131:12
shut [1] - 43:10shutdown [2] - 14:19,
43:4side [11] - 23:8, 23:15,
25:19, 26:11, 27:8,
37:5, 37:6, 39:2, 75:9, 82:4, 103:7
sides [1] - 77:22significant [5] -
108:24, 110:16, 112:12, 113:3, 117:3
SIMCO [1] - 47:19similar [7] - 26:8,
48:18, 59:9, 72:1, 73:2, 75:7, 113:20
simple [1] - 83:10simplest [1] - 112:8single [6] - 17:9, 42:5,
43:15, 43:21, 99:4, 131:5
sister [1] - 38:17sit [1] - 116:2site [2] - 54:8, 64:15sitting [2] - 30:1,
102:10situation [4] - 48:18,
51:8, 115:24, 133:18six [1] - 44:17size [2] - 101:3,
112:20skill [2] - 42:12, 52:7Slack [18] - 3:5, 5:8,
6:1, 6:19, 7:10, 8:3, 8:17, 9:8, 9:19, 9:24, 10:14, 11:4, 11:16, 31:20, 32:1, 33:14, 118:24, 135:10
SLACK [34] - 2:4, 3:5, 5:2, 5:9, 5:18, 6:2, 6:14, 6:20, 7:3, 7:11, 7:22, 8:4, 8:12, 8:18, 9:3, 9:9, 9:19, 10:1, 10:9, 10:15, 10:20, 11:5, 11:8, 11:11, 11:17, 31:20, 32:2, 33:7, 33:15, 118:19, 119:1, 135:2, 135:5, 135:11
sledding [1] - 22:1Slide [4] - 119:14,
124:5, 124:22, 125:19
slide [5] - 29:18, 73:5, 125:23, 127:1, 129:12
slides [2] - 64:24, 134:7
slight [2] - 125:8, 129:1
slightly [7] - 11:22, 21:19, 120:1, 121:19, 123:4, 125:4, 133:19
slowness [1] - 100:18small [5] - 14:16, 15:8,
22:2, 22:8, 76:21smaller [3] - 55:13,
72:17, 82:4SMID [1] - 21:21smooth [2] - 60:13,
122:8smoothed [1] - 126:13smoother [1] - 120:1smoothly [1] - 115:13smooths [1] - 119:22snapshot [5] - 107:15,
108:13, 119:16, 124:16, 131:13
Social [1] - 88:4social [2] - 43:12,
43:16soft [1] - 77:11software [4] - 46:24,
79:15, 80:3, 89:23solicited [1] - 103:13solidifying [1] - 51:2SOLOMON [1] - 2:15Solomon [2] - 35:4,
38:23solution [2] - 87:1,
90:2Solutions [5] - 2:17,
2:17, 39:4, 87:8, 87:15
solutions [4] - 77:1, 77:11, 86:19, 89:10
solve [1] - 72:5someone [1] - 81:7somewhat [2] - 29:22,
83:13somewhere [1] - 82:4SONI [47] - 2:3, 3:1,
3:10, 3:12, 4:24, 5:7, 5:10, 5:17, 5:19, 5:24, 6:4, 6:13, 6:18, 6:22, 7:9, 7:16, 8:2, 8:6, 8:14, 8:19, 8:22, 9:7, 9:10, 9:14, 9:23, 10:2, 10:5, 10:13, 10:16, 11:3, 11:6, 11:15, 11:18, 12:3, 31:24, 33:13, 106:18, 118:23, 130:10, 130:16, 131:3, 131:6, 131:10, 134:1, 135:1, 135:9, 135:14
Soni [19] - 3:9, 5:6, 5:23, 6:17, 7:8, 8:1, 8:13, 9:6, 9:22, 10:12, 11:2, 11:14, 12:7, 31:23, 33:12, 33:22, 118:22, 135:8, 135:13
sooner [4] - 32:16,
101:21, 103:12, 129:1
sophisticated [2] - 55:7, 56:13
Sorry [1] - 69:21sorry [9] - 40:15,
64:23, 83:17, 84:9, 91:22, 121:21, 134:8, 135:14, 138:3
sort [12] - 34:10, 49:21, 51:3, 51:8, 51:24, 52:7, 84:17, 84:22, 101:18, 103:10, 104:7, 106:7
sorts [1] - 100:19sounds [2] - 36:4,
60:24sources [2] - 73:23,
128:18south [1] - 65:12space [14] - 4:2,
16:23, 21:21, 22:3, 24:2, 24:9, 25:18, 26:6, 28:24, 29:22, 48:2, 48:3, 52:8, 112:17
speaks [1] - 86:17spearheading [1] -
93:12special [2] - 78:19,
80:6specializes [2] -
36:13, 39:10specialty [1] - 38:4specific [3] - 47:16,
98:7, 115:9specifically [5] - 37:2,
47:14, 78:20, 100:11, 107:19
speed [3] - 46:5, 101:14, 115:18
speeding [1] - 46:5spending [1] - 13:10spent [3] - 77:8,
104:15, 131:13spreadsheet [5] -
105:8, 105:10, 106:5, 106:13, 106:17
spreadsheets [1] - 49:4
squares [1] - 129:14SS [1] - 139:1stable [2] - 96:20,
110:19Stacey [6] - 33:21,
92:6, 92:9, 92:14, 92:15, 98:5
STACEY [1] - 2:10staff [16] - 7:13, 29:11,
50:16, 67:17, 76:4, 76:22, 77:24, 80:20, 89:16, 91:11, 97:9, 104:12, 115:12, 115:19, 117:17, 117:22
staff's [2] - 106:6, 116:5
stakeholders [1] - 90:5
standard [3] - 75:14, 112:16, 116:20
Standard [1] - 72:14Standards [1] - 59:14standards [6] - 59:5,
59:8, 59:11, 101:6, 101:12
standpoint [4] - 81:5, 89:17, 122:22, 134:20
star [1] - 45:2start [14] - 12:9, 20:21,
21:16, 60:6, 75:5, 77:6, 78:1, 83:8, 83:10, 83:11, 97:16, 97:17, 132:4
started [12] - 20:20, 25:12, 32:9, 34:1, 37:11, 71:13, 73:7, 80:9, 92:8, 102:11, 102:15, 114:24
starting [7] - 12:14, 18:15, 108:4, 121:10, 131:24, 132:1, 132:3
starts [2] - 116:24, 133:18
state [7] - 37:23, 39:11, 41:11, 46:20, 82:19, 88:21, 117:17
STATE [1] - 139:1State [8] - 1:12, 39:18,
39:19, 48:22, 54:5, 101:6, 101:7, 139:8
Statement [4] - 108:12, 109:16, 117:14, 120:21
statement [3] - 86:17, 113:8, 124:19
Statements [6] - 112:11, 114:2, 114:7, 114:9, 117:2, 117:24
statements [3] - 112:19, 112:22, 113:22
states [1] - 46:18States [1] - 47:12status [4] - 119:24,
120:2, 125:1, 125:17
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
17
statute [6] - 120:8, 120:9, 120:13, 120:15, 121:6, 124:1
statutorily [1] - 133:10statutory [1] - 133:4stay [1] - 104:21stayed [1] - 19:14steadily [1] - 130:8STENOGRAPHIC [1] -
1:9step [2] - 51:2, 82:18stepping [1] - 104:6steps [2] - 19:23, 25:3Steve [5] - 11:19, 25:9,
25:10, 29:3, 29:7STEVE [1] - 2:11stick [1] - 97:19still [12] - 15:8, 15:9,
20:6, 24:1, 28:22, 51:16, 51:20, 72:23, 98:12, 120:16, 132:7, 136:5
stimulus [5] - 13:1, 13:3, 13:6, 13:8, 13:17
stock [4] - 22:1, 22:13, 22:18, 23:5
stocks [2] - 14:21stolen [1] - 103:24stood [1] - 108:14stop [6] - 49:3, 75:23,
81:19, 106:18, 107:17, 134:1
stopped [2] - 75:24, 81:18
story [3] - 16:5, 22:20, 29:22
strategic [1] - 32:20strategies [7] - 17:7,
17:9, 20:17, 26:15, 26:17, 27:17, 28:14
strategy [2] - 28:11, 88:22
Street [1] - 1:11stress [1] - 54:19strides [1] - 93:10strike [2] - 45:16,
45:17stringent [1] - 101:12strip [1] - 18:11STROM [10] - 2:19,
119:5, 122:1, 122:13, 123:8, 123:23, 125:13, 133:3, 133:12, 134:7
Strom [1] - 119:7strong [6] - 12:15,
20:12, 22:17, 22:18, 27:9, 36:10
stronger [1] - 28:8
structure [2] - 75:6, 88:18
struggle [5] - 22:23, 23:4, 24:1, 24:7, 25:2
struggles [1] - 13:24students [2] - 42:22,
44:20stuff [5] - 40:18,
90:11, 95:5, 100:22, 116:1
subcontracting [1] - 45:20
subject [1] - 87:24subjective [1] - 117:9submitted [1] - 105:7subset [1] - 79:22subsidies [2] -
110:23, 111:1subsidy [4] - 113:18,
124:7, 124:12, 129:5substantial [1] - 132:8substantially [1] -
48:20successful [1] - 50:6successfully [1] -
36:11sudden [1] - 99:20sufficient [1] - 136:21Suite [1] - 1:11suited [1] - 50:8SULLIVAN [3] - 2:12,
8:21, 9:13summary [1] - 108:6supplement [1] -
116:18supplementary [5] -
114:7, 114:10, 114:14, 114:16, 114:22
support [16] - 40:11, 40:21, 42:9, 50:6, 60:10, 62:9, 62:12, 63:10, 64:4, 71:24, 73:10, 79:3, 79:9, 89:1, 102:3
supported [3] - 48:24, 60:4, 103:17
supporting [6] - 36:14, 36:15, 40:8, 45:18, 46:1
supposed [1] - 111:23surprised [1] - 72:23suspect [1] - 105:13suspicious [2] -
100:7, 100:9sweet [1] - 86:1swing [1] - 48:14swings [1] - 26:2Swiss [1] - 73:8
Switchvox [1] - 87:10Symphony [3] - 21:5,
21:7, 21:10system [31] - 40:16,
40:17, 51:5, 54:13, 55:19, 57:21, 62:18, 63:4, 63:5, 67:6, 67:21, 69:13, 80:22, 81:3, 81:4, 89:20, 91:16, 92:20, 93:3, 93:20, 94:17, 94:19, 94:21, 94:23, 95:15, 95:16, 96:11, 96:23, 97:15, 99:3, 101:20
systematic [1] - 72:10systems [7] - 41:1,
48:6, 56:4, 70:8, 88:8, 90:10, 103:8
T
table [4] - 15:15, 15:20, 16:14, 54:1
tag [2] - 42:7, 42:14takeaway [1] - 103:15talks [2] - 95:22,
100:22target [6] - 19:17,
20:7, 30:21, 51:17, 51:20, 133:6
targeting [1] - 76:20targets [3] - 19:13,
19:14, 19:20tax [3] - 31:5, 121:3,
133:14teachers [1] - 42:23team [14] - 35:16,
40:7, 41:4, 50:9, 52:18, 74:16, 77:6, 77:7, 77:16, 78:8, 79:1, 81:2, 92:15, 119:8
teaming [2] - 34:19, 45:13
teams [1] - 76:23TEC [2] - 2:16, 58:14tech [2] - 56:11, 97:12Technical [1] - 39:1technical [3] - 39:2,
66:10, 102:1technicians [1] -
44:18technologies [4] -
39:3, 49:13, 55:4, 55:5
technology [30] - 14:21, 36:18, 37:2, 37:5, 37:10, 38:5, 39:5, 39:10, 40:23, 41:9, 41:13, 43:19,
48:20, 48:24, 49:10, 52:24, 55:11, 71:19, 72:6, 73:18, 74:19, 75:12, 76:1, 77:1, 77:18, 78:24, 81:13, 81:15, 82:23, 93:3
techs [1] - 97:19teleworking [1] -
107:9template [1] - 77:22ten [11] - 38:12, 51:12,
71:3, 85:13, 92:20, 93:15, 94:21, 114:22, 115:5, 130:7
tend [1] - 82:4tends [1] - 76:21TERENCE [1] - 2:12term [3] - 28:17,
88:18, 88:22terms [20] - 12:23,
13:17, 13:18, 18:20, 19:6, 21:8, 23:24, 29:12, 41:9, 42:10, 44:21, 45:17, 66:4, 88:9, 93:3, 100:2, 101:7, 101:12, 102:16, 132:15
test [1] - 46:13Texas [1] - 46:19THE [3] - 2:7, 138:10,
138:11themselves [1] -
117:10thereabouts [1] -
123:14thinking [2] - 27:22,
56:5third [3] - 70:24,
79:23, 106:8third-parties [1] -
70:24thirds [1] - 16:14THIS [1] - 138:12thorough [1] - 67:12thoughts [6] - 54:22,
67:20, 81:4, 82:9, 92:23, 93:18
thousand [1] - 110:24threats [1] - 76:18three [19] - 17:12,
17:24, 21:23, 23:14, 34:20, 49:18, 52:6, 52:12, 56:16, 56:19, 62:1, 64:6, 66:3, 76:11, 78:1, 78:3, 79:2, 109:6, 124:9
three-quarters [1] - 109:6
throughout [6] - 42:9, 43:15, 46:6, 47:11,
50:15, 86:20Thursday [1] - 1:13ticket [5] - 40:13, 46:7,
63:19, 64:9, 67:9ticketing [3] - 62:16,
62:17, 91:15tickets [17] - 46:5,
46:14, 60:22, 62:18, 62:20, 63:1, 63:3, 63:14, 63:21, 64:10, 64:18, 64:22, 66:24, 67:3, 67:13, 91:16, 96:15
ties [3] - 14:6, 88:23, 100:10
tilt [1] - 26:6tilted [1] - 29:21TIME [1] - 138:12timeframe [1] - 55:23timely [3] - 89:4, 89:5,
115:21timing [2] - 106:19,
117:11tired [1] - 80:16tires [1] - 54:13to-date [1] - 82:17today [14] - 4:16, 12:9,
35:13, 35:16, 42:4, 52:10, 52:11, 58:7, 59:7, 71:14, 72:1, 72:12, 76:19, 83:23
Todd [9] - 84:6, 87:3, 91:9, 97:4, 97:6, 97:8, 97:21, 101:15, 105:2
TODD [1] - 2:17together [23] - 36:20,
41:1, 45:14, 51:24, 56:14, 61:11, 61:12, 62:8, 62:20, 66:2, 68:4, 71:19, 74:22, 75:12, 75:13, 75:17, 76:5, 76:16, 77:12, 117:5, 127:19, 129:7, 136:21
token [1] - 68:16tomorrow [2] - 72:11,
74:17tons [1] - 87:22took [3] - 86:9, 93:8,
97:8toolkit [1] - 47:6tools [1] - 79:12top [5] - 20:14, 25:8,
53:15, 59:19, 121:1total [7] - 15:3, 25:15,
109:5, 117:24, 125:15, 126:2, 131:19
totalled [1] - 109:20
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
18
touch [4] - 69:15, 83:24, 111:16, 113:15
tough [2] - 21:1, 21:24towards [4] - 19:13,
20:14, 26:6, 26:13track [5] - 62:18,
63:16, 64:15, 91:17tracker [2] - 12:10,
12:15Traction [1] - 75:8trade [1] - 79:8traditional [6] - 16:23,
27:11, 27:23, 29:19, 74:5, 137:17
traditionally [1] - 114:11
training [4] - 42:24, 63:6, 63:7, 79:13
transcript [2] - 4:4, 139:11
transcripts [1] - 5:12transit [1] - 103:24transition [7] - 60:1,
60:4, 60:7, 60:13, 62:7, 95:21, 107:8
transitions [1] - 73:12transparent [1] -
86:13Treasurer [5] - 2:4,
2:5, 3:4, 3:6, 136:4Treasurer's [1] - 11:7tremendous [3] -
17:3, 39:21, 54:4trend [6] - 14:9, 14:13,
15:3, 126:6, 129:15, 129:19
trending [2] - 29:16, 129:24
trends [2] - 14:14, 14:22
trillion [1] - 13:6trillions [1] - 13:3true [2] - 58:17,
139:11Trust [4] - 21:9, 24:14,
32:18, 39:22Trustee [39] - 4:22,
5:4, 5:6, 5:15, 6:11, 6:15, 6:17, 7:4, 7:6, 7:8, 7:23, 8:1, 8:10, 9:1, 9:4, 9:17, 9:20, 10:7, 10:10, 10:22, 11:2, 11:9, 12:7, 25:1, 31:17, 31:21, 33:8, 33:10, 33:22, 65:6, 65:21, 67:11, 80:18, 92:17, 118:17, 118:20, 118:22, 135:3,
135:13TRUSTEE [127] - 3:1,
3:8, 3:10, 3:12, 4:22, 4:24, 5:5, 5:7, 5:10, 5:15, 5:17, 5:19, 5:22, 5:24, 6:4, 6:11, 6:13, 6:16, 6:18, 6:22, 7:4, 7:7, 7:9, 7:16, 7:21, 7:24, 8:2, 8:6, 8:10, 8:14, 8:16, 8:19, 8:22, 9:1, 9:5, 9:7, 9:10, 9:14, 9:17, 9:21, 9:23, 10:2, 10:5, 10:7, 10:11, 10:13, 10:16, 10:22, 11:1, 11:3, 11:6, 11:9, 11:13, 11:15, 11:18, 12:3, 24:3, 25:6, 25:10, 25:16, 26:22, 30:19, 31:12, 31:17, 31:22, 31:24, 33:8, 33:11, 33:13, 40:15, 41:6, 42:17, 42:21, 43:3, 45:8, 45:22, 46:9, 47:9, 48:5, 50:19, 51:12, 51:16, 52:15, 54:11, 54:15, 65:5, 65:23, 67:11, 69:6, 69:9, 80:18, 81:21, 82:6, 82:9, 83:14, 91:22, 92:16, 93:18, 94:14, 96:24, 98:1, 104:3, 112:4, 113:5, 115:11, 116:8, 118:17, 118:21, 118:23, 121:21, 122:12, 123:6, 123:22, 125:9, 130:10, 130:16, 131:3, 131:6, 131:10, 134:1, 134:24, 135:1, 135:3, 135:7, 135:9, 135:17, 135:22
trustee [16] - 3:7, 3:9, 5:21, 5:23, 8:13, 8:15, 9:6, 9:22, 10:12, 10:24, 11:12, 11:14, 31:23, 33:12, 135:6, 135:8
trustees [2] - 29:9, 104:1
Trustees [15] - 3:2, 3:16, 4:10, 57:19, 75:19, 83:20, 85:10, 88:14, 92:1, 101:17, 101:19, 103:10, 105:9, 106:5, 134:22
trustees' [1] - 54:17
Trustees' [1] - 32:6try [11] - 22:22, 49:2,
50:15, 69:22, 71:3, 71:9, 85:18, 85:22, 88:14, 96:19, 119:6
trying [8] - 18:6, 49:13, 53:12, 64:20, 80:14, 86:15, 92:16, 95:16
TUBBS [5] - 2:20, 137:10, 137:12, 138:2, 138:7
Tubbs [1] - 138:2turn [6] - 4:18, 6:23,
12:6, 95:4, 107:16, 135:15
two [38] - 16:14, 17:24, 20:3, 27:17, 35:17, 35:18, 45:12, 49:18, 52:6, 56:23, 61:23, 63:11, 65:1, 66:3, 67:5, 68:5, 68:12, 68:13, 69:23, 69:24, 70:18, 74:8, 74:10, 75:20, 79:8, 79:18, 80:11, 84:20, 107:22, 115:5, 121:4, 124:5, 126:15, 127:19, 128:7, 128:18, 134:7
two-form [3] - 68:5, 68:12, 68:13
two-thirds [1] - 16:14type [10] - 42:12,
42:17, 52:2, 52:13, 56:8, 67:13, 98:15, 103:20, 105:21, 136:16
typical [2] - 30:7, 64:4typically [11] - 14:20,
21:10, 60:3, 62:10, 63:10, 64:7, 64:14, 68:14, 68:15, 72:21, 85:10
TYRRELL [2] - 139:6, 139:17
U
U.S [8] - 14:8, 14:16, 15:10, 15:16, 15:17, 21:12, 21:13, 22:1
ultimately [4] - 4:5, 49:24, 50:7, 77:10
Umbrella [1] - 98:17unclear [1] - 82:16under [10] - 16:16,
21:19, 72:17, 108:24, 109:13, 111:13, 113:16,
120:22, 120:23, 126:8
underinvested [1] - 49:10
underlying [2] - 23:5, 41:1
underneath [1] - 108:19
underperformance [1] - 20:14
underperformed [3] - 19:2, 26:16, 26:18
understood [1] - 131:6
underweight [1] - 29:20
unemployment [1] - 13:9
unexpected [1] - 109:9
unfortunately [3] - 102:5, 102:10, 110:7
unfunded [12] - 120:11, 126:17, 127:2, 127:4, 127:8, 127:10, 127:15, 127:17, 128:3, 129:7, 130:4
unique [1] - 51:8United [1] - 47:11unless [1] - 118:9unlimited [2] - 71:23,
79:2unmodified [1] -
107:24unmute [1] - 3:17unusual [1] - 14:11up [68] - 13:20, 14:8,
15:7, 15:16, 15:19, 15:21, 15:22, 16:7, 16:15, 16:16, 16:19, 18:4, 27:4, 28:4, 28:16, 29:11, 30:17, 31:8, 33:24, 34:14, 43:14, 49:23, 51:4, 51:11, 51:13, 67:1, 71:1, 71:6, 74:14, 79:18, 79:19, 80:17, 86:15, 87:17, 87:18, 90:9, 90:18, 91:2, 91:15, 91:21, 94:12, 94:18, 94:22, 98:3, 100:24, 101:5, 101:13, 102:4, 109:4, 109:24, 115:18, 119:3, 119:10, 121:13, 122:10, 123:19, 124:7, 126:7, 126:16, 127:4,
127:10, 127:14, 129:6, 129:19, 130:3, 132:1, 132:12
update [4] - 11:19, 64:8, 112:9, 136:8
updated [2] - 17:18, 17:19
updates [3] - 78:6, 102:4, 105:17
upfront [1] - 70:3upper [1] - 16:3upside [5] - 24:22,
26:3, 26:19, 27:20, 28:5
upward [1] - 16:10usage [3] - 66:22,
66:23user [1] - 89:14Username [1] - 68:14users [10] - 62:2, 89:2,
89:3, 95:14, 95:17, 95:19, 95:22, 96:4, 96:13, 100:7
V
vaguely [1] - 83:13valuation [8] - 22:22,
113:13, 114:19, 119:15, 119:18, 120:4, 120:24, 124:18
valuations [1] - 117:8value [35] - 14:15,
15:8, 19:4, 19:16, 21:21, 22:1, 23:6, 23:15, 24:18, 74:23, 104:15, 119:20, 119:21, 121:15, 121:17, 121:18, 122:1, 122:8, 122:22, 122:24, 123:1, 123:3, 123:11, 123:13, 123:16, 123:19, 123:20, 126:8, 126:22, 129:22, 130:11, 130:14, 132:14, 134:12
values [5] - 19:8, 19:10, 119:23, 123:10, 126:15
various [3] - 37:20, 110:3, 113:9
varying [1] - 27:10vehicle [1] - 43:13vehicles [1] - 43:14vendor [1] - 51:1vendors [2] - 50:17,
89:24
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
19
Ventures [2] - 73:3, 81:24
verbally [1] - 88:15versus [3] - 13:19,
13:24, 21:9veteran [1] - 38:20via [1] - 115:24video [2] - 3:14, 3:23view [4] - 53:16, 78:9,
93:1, 100:13virtual [2] - 78:23,
88:17virus [2] - 13:19, 13:24visibility [2] - 100:1,
100:3visible [1] - 82:5vision [1] - 50:22visit [1] - 64:15volatile [3] - 13:21,
25:21, 120:1volatility [14] - 12:20,
13:15, 17:3, 17:6, 17:7, 17:8, 17:11, 25:21, 26:10, 26:14, 26:23, 27:1, 119:23, 121:5
volunteered [1] - 76:11
vote [5] - 3:15, 3:18, 118:12, 134:2, 134:21
vulnerabilities [2] - 99:10, 102:5
vulnerability [2] - 99:7, 99:11
W
waiting [1] - 69:21walk [3] - 45:8, 53:4,
97:1Walmart [1] - 39:21Walter [3] - 23:13,
23:16, 23:21watch [1] - 32:22Watch [4] - 25:3,
32:21, 33:4, 33:6ways [3] - 59:4, 62:11,
68:7weakest [1] - 18:3wealth [1] - 56:3wearing [1] - 87:11web [17] - 36:16, 40:9,
40:10, 40:14, 40:21, 54:7, 66:6, 66:11, 68:10, 70:10, 84:21, 93:4, 93:20, 94:4, 95:5, 95:8, 106:8
website [11] - 4:7, 53:24, 54:5, 54:15,
57:3, 79:24, 94:10, 95:21, 96:2, 137:18, 137:23
week [5] - 13:21, 61:23, 62:1, 62:6, 71:12
weeks [3] - 44:17, 54:10, 60:3
weight [1] - 82:12weightings [1] -
137:19welcome [1] - 104:20WERE [1] - 138:10WESNER [7] - 2:13,
12:7, 24:5, 25:8, 25:15, 25:17, 26:24
whatnot [2] - 85:21, 104:13
wheel [1] - 95:13WHICH [1] - 138:10whipsaw [1] - 17:11White [2] - 49:15,
107:6white [3] - 73:18, 74:7,
86:21WHITE [55] - 2:9, 7:13,
32:3, 34:1, 34:24, 35:5, 35:9, 36:4, 49:15, 50:12, 50:24, 51:13, 51:19, 56:15, 57:18, 57:23, 58:10, 64:23, 65:17, 65:20, 65:24, 66:16, 69:11, 69:18, 69:21, 71:2, 75:18, 83:20, 84:3, 84:9, 85:8, 85:24, 86:6, 101:15, 103:9, 104:1, 104:4, 104:18, 105:6, 105:13, 106:3, 106:20, 118:11, 132:15, 132:24, 133:7, 133:21, 134:3, 134:22, 135:19, 136:6, 136:23, 137:7, 137:24, 138:3
whole [8] - 13:22, 26:22, 54:18, 95:8, 96:21, 100:22, 100:23, 108:16
William [2] - 25:18, 26:2
wish [1] - 83:17women [2] - 74:3, 74:8wonderful [1] - 58:15Woods [1] - 58:23word [2] - 48:7, 50:22wording [1] - 112:10works [2] - 59:11,
59:12world [2] - 50:20,
111:20worse [1] - 15:11worth [3] - 114:23,
115:6, 124:9wrap [4] - 28:16,
51:11, 51:13, 92:17written [2] - 6:5, 6:7wynndalco [1] - 41:17Wynndalco [19] -
2:14, 2:15, 2:15, 34:19, 34:20, 36:9, 36:10, 36:13, 37:17, 38:12, 39:2, 41:16, 41:20, 45:9, 45:16, 45:20, 53:18, 53:21
X
x-ray [1] - 42:20XL.net [3] - 2:16, 73:8,
74:3
Y
Yale [1] - 47:18year [87] - 13:22, 15:7,
16:6, 16:8, 17:4, 19:10, 21:3, 21:19, 21:24, 22:9, 22:12, 23:18, 25:23, 25:24, 26:13, 27:16, 28:7, 31:8, 31:9, 75:3, 92:5, 92:6, 92:18, 97:24, 102:7, 109:4, 109:15, 109:23, 110:17, 110:18, 111:2, 111:6, 111:11, 111:12, 111:13, 111:24, 112:1, 112:6, 113:24, 115:3, 115:4, 121:3, 121:16, 122:10, 122:20, 122:21, 123:12, 123:16, 123:20, 124:8, 125:2, 125:5, 125:12, 125:18, 125:24, 126:1, 126:4, 126:5, 126:6, 126:17, 126:18, 126:20, 126:24, 127:3, 127:11, 128:2, 128:6, 128:10, 128:15, 128:17, 128:19, 129:16, 130:12, 130:19, 130:22,
DEBBIE TYRRELL REPORTING SERVICE(630) 292-1742
20
130:23, 131:5, 132:8, 133:14, 134:11
year-to-date [11] - 15:7, 16:8, 17:4, 21:3, 21:19, 21:24, 22:9, 23:18, 25:23, 27:16, 28:7
years [57] - 14:10, 37:1, 37:9, 37:19, 37:20, 38:13, 38:15, 39:8, 40:7, 41:20, 41:24, 48:7, 48:13, 51:10, 51:12, 56:12, 65:14, 71:11, 71:16, 71:21, 71:22, 78:10, 86:8, 87:6, 87:13, 91:8, 91:10, 92:18, 92:20, 93:15, 94:21, 97:1, 97:7, 97:10, 97:23, 114:1, 114:22, 115:5, 115:7, 120:17, 121:17, 122:3, 122:5, 122:6, 122:7, 122:8, 122:9, 122:23, 124:9, 125:10, 130:7, 131:1, 131:5, 131:7, 134:18
years-ish [1] - 92:18yesterday [1] - 51:19yield [5] - 16:13,
16:15, 20:11, 20:23, 21:1
YOON [8] - 2:11, 11:21, 25:12, 29:9, 30:23, 31:13, 33:17, 137:16
York [4] - 44:1, 44:5, 46:19, 47:4
Young [2] - 37:4, 37:6younger [1] - 125:4yourself [4] - 37:15,
38:24, 119:4, 137:24yourselves [1] - 35:1
Z
zags [1] - 28:15zig [1] - 28:15zone [2] - 45:16, 45:17Zoom [1] - 84:4