City of San Diego Retired Employees Association
August 11, 2020
Board Meeting Minutes
NOTES: All votes were unanimous unless otherwise noted.
To adhere to COVID-19 social distancing protocols, the meeting was held via Zoom online meeting service.
Call to Order: The meeting was called to order by President Dick Wilken at 9:30am.
Board Members Present: Jim Baross, Mike Bresnahan, Chris Brewster, Karen Butler, Shirley Hall, Joan Hernandez, Charlie Hogquist, Brad Jacobsen, Joan McNamara, Mary Ann Stepnowsky, Dave Twomey, Dick Wilken, and Janet Wood
Guests Present: None
AGENDA: There were no additions or changes to the agenda.
PRESIDENT’S REMARKS: Dick announced that Joe Flynn’s wife, Gloria, passed away after a long illness. She requested donations to two charities: Father Flanigan’s Boys’ Town and St Joseph’s Indian School.
MINUTES: The minutes of the July 2020 Board meeting were approved.
TREASURER’S REPORT: Karen reported that the only expenditures were the printing of the newsletter and the $2500 contribution to Voice of San Diego.
M/S/C to accept the July Treasurer’s Report.
INVESTMENT COMMITTEE REPORT: Since investing in July 2017 the Russell 3000 it has had an appreciation of 28.68%, while the Money Market fund has had an appreciation of 4.07%.
M/S/C to accept the Investment Committee Report.
COMMUNICATIONS: Dave Wood wrote an email expressing his concerns about SDCERS’ investment in Collateralized Loan Obligations (CLOs). SDCERS replied they are not heavily invested in CLOs and are monitoring their performance. It was decided that while we should be watching SDCERS, we shouldn’t sound alarm bells too often, and that when we need clarification or information we should go directly to Gregg Rademacher. Charlie agreed that this is the best approach and avoids him having to possibly later recuse himself regarding an issue of this nature.
Joan McNamara was contacted Terry Baird about the SPSP correction and she walked him through the process for accessing his new Wells Fargo account. Shirley and Jim reported that they received letters from the City – well after the fact – explaining the process, so these inquiries should taper off.
RETIREMENT BOARD REPRESENTATIVE’S REPORT
Charlie reported that there will be no August meeting of the SDCERS Board; he is also going to have the website’s “Fun Fact” column renamed, as some of the facts are not necessarily fun.
DISCUSSION/ACTION ITEMS: None
INFORMATION ITEMS: None
Advocacy: Dave reported on our Image Enhancement Campaign. Our banner will be on VOSD’s “Morning Report” beginning in September. Our support of literacy and water safety is postponed due to the closure of schools and pools. “Restoring Respect” will be a virtual event, with our level of support to be determined.
There have been no responses to our search for a newsletter editor. Mike is looking into hiring someone. This could be temporary, or one of the duties of a new paid manager. Joan McNamara is reviewing the bylaws for the requirements to get member approval to raise dues.
Chris summarized the CA Supreme Court’s Alameda ruling. The ruling focused on “pension spiking” and said it’s permissible for plan sponsors to enact changes to keep their pension systems viable. The California Rule itself was left intact.
The next meeting will be August 27 at 9:30 via Zoom.
Membership: No report.
Newsletter: Deadline for the next issue is August 18.
Past President: No report.
Website: Kudos to Mary Ann for getting our YouTube channel up and running. Our General Membership meetings are viewable, and there is a link from YouTube to our website.
OTHER RETIREE/ACTIVE EMPLOYEE ASSOCIATION REPORTS
Retiree Issues Task Force (RITF): No report.
Retirement Security Roundtable: The next meeting will be sometime in late September or early October.
MEA: No report.
Other Retired Public Employee Associations: No report
PROGRAMS: The Holiday Party has been postponed to December 2021; the deposit remains in place and the prices will be the same unless we are forced to change to plated meals.
The meeting was adjourned at 10:30am.