City of San Diego Retired Employees Association
January 10, 2023
Board Meeting Minutes
NOTES: All votes were unanimous unless otherwise noted
Call to Order: The meeting was called to order by Vice-President for Advocacy Mike Bresnahan at 9:35am.
Board Members Present: Mike Bresnahan, Liza Crisafi, Joan Hernandez, Charlie Hogquist, Brad Jacobsen, Stacey LoMedico, Joan McNamara, Mary Ann Stepnowsky, John Tsiknas, and Dave Twomey
Guests Present: None
AGENDA: There were no additions or changes to the agenda.
MINUTES: The Minutes of the November 2022 meeting were approved.
TREASURER’S REPORT: Liza noted that there are still some income/expense items from December to be recorded. There is also a discrepancy between the November and December balances in the Legal Defense Fund; she will consult with Abby to resolve this. Approval of the November and December 2022 and the January 2023 reports will be deferred until the February Board meeting.
INVESTMENT COMMITTEE REPORT: John reported that the November appreciation for the Russell 3000 was 36.25 % and for the Money Market it was 3.86%. The value of the legal fund was $328,866.
The December appreciation for the Russell 3000 was 27.34% and for the Money Market it was 4.16%. The value for the legal fund was $321,702.
He noted that the Russell had upticks in October and November, but a downtick of about 9% in December. On the other hand the Money Market is growing in appreciation because of the Feds raising interest rates.
RETIREMENT BOARD REPRESENTATIVE’S REPORT: Charlie reported that there is a question about who should cover contributions for Prop B employees who were not paying into the fund: the employees or the City? This will be discussed at the January 13 SDCERS Board meeting. Charlie also announced that he is not seeking reelection to the SDCERS Board, and will inform REA members of this at the General meeting, soliciting candidates.
COMMUNICATIONS AND INFORMATION ITEMS:
Mike reported that he, Dave, and Brad will meet with new Park & Rec staff between the Board and General meetings to discuss REA’s expectations regarding room setups and access to our lockers on meeting days.
ACTION ITEMS:
1) The Board reviewed the goals for 2023 as brainstormed at the Board Retreat.
M/S/C to approve the 2023 REA Goals.
2) The Board reviewed the draft 2023 Budget as presented at the Board Retreat. It was noted that there will not be a special recruitment mailer in 2023, but that we may need to print additional flyers to be used as handouts at SDCERS’ Pre-Retirement seminars.
M//S/C to approve the 2023 Budget.
3) Dave reported that our next Image Enhancement event will be Read Across America at Sherman Elementary on March 23.
ADVOCACY COMMITTEE REPORT
The next Advocacy Committee meeting is Thursday January 26, at 9:30am via Zoom.
OTHER COMMITTEE REPORTS
Membership: No report.
Newsletter: Deadline for the next issue is January 19 at 8:00am.
OTHER RETIREE/ACTIVE EMPLOYEE ASSOCIATION REPORTS
Retiree Issues Task Force (RITF): No report.
Retirement Security Roundtable: Next meeting is March 2023.
MEA: No report.
Other Retired Public Employee Associations: No report.
PROGRAMS: Dave that Scott Lewis of Voice of San Diego has confirmed as our January program; Brad reported that Steve Spinella in the DA’s office has confirmed as our March speaker.
ADJOURNMENT
The meeting was adjourned at 10:35am.
Respectfully submitted,
Brad Jacobsen
Secretary