City of San Diego Retired Employees Association
November 14, 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 9:30am.
Board Members Present: Jim Baross, Mike Bresnahan, Chris Brewster, Liza Crisafi, Shirley Hall, Joan Hernandez, Brad Jacobsen, Stacey LoMedico, Dick Wilken, and Greg Woods
Guests Present: Clay Bingham, Joe Flynn, Ed Smrt
AGENDA: There were no additions to the agenda. Mike reported on John Tsiknas’ resignation from the Board
MINUTES: The minutes of the October 2023 Board meeting were approved.
TREASURER’S REPORT: Liza reported that we still have an outstanding amount of $5000 that was issued to the City for the Learn to Swim program. The $300 expense for Workshops/Meeting was rental for the room at Mission Trails Park.
M/S/C to approve the November Treasurer’s Report
INVESTMENT COMMITTEE REPORT: Liza reported that the value of the Legal Defense fund is $359,908.
Liza reported that the Fidelity Money Market Treasury Premium Class investment has a higher yield (5.19%) with lower fees (0.36%) than our current Money Market account and recommended changing the accounts. She also recommended no change to the allocation of our Money Market funds due to risk factors.
M/S/C to move our investment from the Fidelity Government Money Market Fund to the Fidelity Money Market Treasury Premium Class.
RETIREMENT BOARD REPRESENTATIVE’S REPORT: Chris informed the Board that the City recently released a five-year outlook which was reported in the U-T and has been reviewed by Chris and Stacey. It indicates that the City is looking at major holes in its budget over the next five years and also notes that one significant expense is the annual payment to the SDCERS trust fund. Chris noted that the City had asked SDCERS to have its actuary present different actuarial approaches that would lower costs to the City in the short run. Those are expected to be made available at the January SDCERS Board meeting. The SDCERS trust fund was last funded at close to 100% in the late 1990s, but has never recovered from various actions in the past that lowered the City’s contributions and increased the City’s costs. It’s presently around 75% funded. The current approach would bring it back to 100% funding sometime around 2035. It remains to be seen whether the SDCERS Board of Trustees will agree to lower the City’s annual costs in the short run, which would push the 100% funding target some years into the future well beyond 2035.
COMMUNICATIONS AND INFORMATION ITEMS:
1) Dick reported on the Holiday Party. There will be no games this year, Dave’s posthumous award will be announced, and there will fewer but more expensive raffle prizes. Brad added that 20 RSVPs have arrived.
ACTION ITEMS:
1) Jim announced a slate of candidates for the Board: Mike Bresnahan – President; Clay Bingham – Vice-President; Shirley Hall, Joan McNamara, Estella Montoya – Directors.
ADVOCACY COMMITTEE REPORT
No report. Mike proposed that the Committee meet only when needed.
OTHER COMMITTEE REPORTS
Membership: No report.
Newsletter: Deadline for the next issue is November 20 at 8:00am. Material should be sent directly to Connor Sorensen.
OTHER RETIREE/ACTIVE EMPLOYEE ASSOCIATION REPORTS
Retiree Issues Task Force (RITF): The Medicare Part A Reimbursement issue will require a meet-and-confer including Ann Smith.
The City selected Business Operating Solutions as the vendor for health care processing. It was suggested that a new version of the RITF be formed and include BOS and Risk Management but not SDCERS
Retirement Security Roundtable: Chris reported that Mark Nanzer of SDCERA is retiring. See Chris’ slideshow [attached]; Double-click to open.
MEA: No report.
Other Retired Public Employee Associations: No report.
PROGRAMS: Scott Lewis has confirmed for the January 2024 meeting. Other programs will be developed at the Board Retreat.
A
DJOURNMENT
The meeting was adjourned at 10:30am.
Respectfully submitted,
Brad Jacobsen, Secretary