City of San Diego Retired Employees Association

May 11, 2021

Board Meeting Minutes


NOTES: All votes were unanimous unless otherwise noted

The meeting was held via Zoom


Call to Order: The meeting was called to order by President Dick Wilken at 9:15am.

Board Members Present: Jim Baross, Mike Bresnahan, Chris Brewster, Karen Butler, Shirley Hall, Joan Hernandez, Charlie Hogquist, Brad Jacobsen, Mary Ann Stepnowsky, John Tsiknas, Dave Twomey (at 10:00), Dick Wilken, and Janet Wood

Guests Present: None

AGENDA: There were no additions or changes to the agenda.

MINUTES: The minutes of the April 2021 Board meeting were approved.

TREASURER’S REPORT: Karen reported that our only big expense was printing of our flyer for the annual SDCERS healthcare benefits mailer.

M/S/C to accept the May Treasurer’s Report.

INVESTMENT COMMITTEE REPORT: John reported that the Russell appreciation was 68.57%; the Money Market appreciation was 3.59% and is slowly decreasing.

The Russell 3000 account is now over the 55% threshold vis-à-vis the Money Market account. The Committee will rebalance the accounts to a 50/50 distribution.

M/S/C to accept the Investment Committee Report.

RETIREMENT BOARD REPRESENTATIVE’S REPORT: Charlie reported that the retirement fund is at an all-time high of $10 billion. The City is negotiating with the unions on enrolling all employees into SDCERS. Finally, the incoming SDCERS Board of Directors will consist of 40% new members.

COMMUNICATIONS AND INFORMATION ITEMS: Dick reported on his bi-monthly briefing with Gregg Rademacher. The City Council has yet to repeal the Prop B language from the City Charter, but nevertheless is moving forward to integrate approximately 4000 post-Prop B employees into the system; SDCERS and the City are sharing data to assist with crunching numbers for various options.


1) Holiday Party: Dave reported that if we don’t commit to the Bali Hai by June, our deposit could roll over to 2022. Currently, the restaurant requires masks when at the bar or in the food line, and tables are not distanced; these protocols will undoubtedly be changed by December. There was consensus to have the party even if we need to subsidize for not meeting the break-even point on attendance. Questions about making the event only for vaccinated people or having some outside tables will be resolved as the health situation evolves. It was decided to develop a classy invitation/announcement, possibly with the assistance from Jonathan Hayes’ group, and possibly with working advising people not to RSVP if they have  not been vaccinated.

2) Councilmember briefings: Mike and Karen will be meeting with Joe LaCava of District 1 on May 18; Stephen Whitburn of District 3 is next.

3) SDPEBA Health Fair: Mary Ann requested that videos from Board members encouraging retirees to join REA need to be submitted by May 15.

4) Image Enhancement Campaign: Dave reported that the Park & Rec employee in charge of the Prevent Drowning Program is very enthusiastic about partnering with us and has good relationships with the Council offices and also with the local news media; we may begin a partnership in the fall.

5) Recruitment initiative: Joe Flynn is willing to distribute our material to his email list, with his endorsement.

The next meeting is Thursday, May 27 at 9:30am via Zoom.


Membership: No report

Newsletter:  Deadline for the next issue is May 20.

Website: No report


Retiree Issues Task Force (RITF): The next meeting is September 15.

Retirement Security Roundtable: No report

MEA: Jim reported that negotiations with the City went well. Employees will get an overall 9% raise over two years, with additional salary adjustments for specific classifications.

Other Retired Public Employee Associations: No report

PROGRAMS: No changes


The meeting was adjourned at 10:40am.


Respectfully submitted,

Brad Jacobsen