City of San Diego Retired Employees Association
July 12, 2022
Board Meeting Minutes
NOTES: All votes were unanimous unless otherwise noted
Call to Order: The meeting was called to order by Vice-President – Advocacy Mike Bresnahan at 9:40am.
Board Members Present: Mike Bresnahan, Shirley Hall, Brad Jacobsen, Joan McNamara, Abby Salaiz, Mary Ann Stepnowsky, John Tsiknas
A quorum was not reached; therefore no action could be taken.
Guests Present: Karen Butler, Joe Flynn, Stacey LoMedico
AGENDA: There were no additions or changes to the agenda.
MINUTES: Approval of the minutes of the May 2022 Board meeting was deferred to the August Board meeting.
TREASURER’S REPORT: Abby reported that there were no unusual activities in either May or June. She recommended that we stop using QuickBooks due to the expense of $80/month, when Excel works just as well.
Approval of the minutes of the May and June 2022 Treasurer’s reports was deferred to the August Board meeting.
INVESTMENT COMMITTEE REPORT: John reported that the appreciation for the Russell 3000 is 27.04% and 3.01% for the Money Market. The total value for the Legal Fund is $305,984.
RETIREMENT BOARD REPRESENTATIVE’S REPORT: Charlie reported by email that at the end of the month, SDCERS will have approximately 3200 new members from the Prop B resolution. In August they will know how much money will be coming into the system with the new members. Calculations are being done, with estimates of $150 to $500 million. New members will be added through the City’s auto enroll process so SDCERS does not need new staff.
SDCERS is opening up to for in-person services, starting at three days per week.
SDCERS CIO Liza Crisafi is retiring at the end of the month. The search for her replacement is on.
On July 1, 2022 approximately $450 million was deposited into the SDCERS trust. All of our plan sponsors made their full payments.
COMMUNICATIONS AND INFORMATION ITEMS:
There was discussion about distribution of the REA recruitment flyer. Mike requested that Board member review the draft of the flyer (sent previously by email) and to send any changes to him ASAP.
During the discussion, it was decided that the flyer should be sent to the following groups of people: Current City retirees; all SDCERS membership classifications, with consultation with the leadership of the Police, Fire, and Lifeguard associations; and active DROP members. Only persons who have retired or entered DROP within the last ten years would be contacted.
It was suggested that current REA members forward the mailer to friends, encouraging them to join.
ADVOCACY COMMITTEE REPORT
The next Advocacy Committee meeting is Thursday July 28, at 9:30am via Zoom.
OTHER COMMITTEE REPORTS
Membership: No report
Newsletter: Deadline for the next issue is July 19 at 8:00am.
OTHER RETIREE/ACTIVE EMPLOYEE ASSOCIATION REPORTS
Retiree Issues Task Force (RITF): No report
Retirement Security Roundtable: No report
MEA: No report.
Other Retired Public Employee Associations: No report
PROGRAMS: No report.
The meeting was adjourned at 10:25am.