City of San Diego Retired Employees Association
October 8, 2019
General Meeting Minutes
The minutes for the September 2019 meeting were approved.
Brad Jacobsen reported on the tour of the Marston House and encouraged members to participate in other tours with REA.
Jim Baross reminded members of the Holiday Party on December 10 at the Bali Hai.
The program was the annual presentation by SDCERS staff about investments and other business. Anders Norman reported that our investments earned a return of 7%. Compared to 395 other pension plans, we outperformed 81%, and outperformed 99% over 20 years. The asset allocation is 22% in risk-reducing assets and 78% in return-seeking markets.
Marcelle Voorhies Rossmann reported on security and privacy strategies at SDCERS. In case of a Freedom of Information Act request, SDCERs will provide salary and pension information and nothing else. She also stated that retirees should receive their 1099s by January 31.
Gregg Rademacher gave an overview of SDCERS recent activities. The new Board President is Carol Broad and the new Vice President is Carina Coleman. He stated that investment earning provide most of the benefits, in the amount of $4 billion. The pension contribution by the City is only 10% of the City’s budget, so it is not as onerous as the media sometimes imply, and the administrative costs are only $0.06 per $1 million. As for the Prop B case, it is in the process called quo warranto which will delete it from the City Charter without a vote of the people; we do not know how long this process will take.
Finally, members were invited to SDCERS’ annual meeting on October 13 at the Balboa Park Club.