October General Meeting Minutes

By Brad Jacobsen, Secretary

Vice-President for Advocacy Mike Bresnahan welcomed members. He reported that the Nominating Committee has developed a slate of candidates for seats on the Board that are either vacant or up for reelection; the slate will be announced at the November meeting, when the election will take place. Members who are interested in running should contact Joan McNamara via her REA link.

Cynthia Queen informed members that the SDCERS annual meeting will be held in-person at the Balboa Park Club. With that, she segued into the first of two program presentations.

October Program

Cynthia Queen introduced SDCERS’ new Chief Investment Officer, Carina Coleman. She reported that because of the Prop B reversal, SDCERS has an additional 3200+ members. She also reported that a new cybersecurity expert will be joining staff, and that the SDCERS office is open but that staff have hybrid schedules.

Carina Coleman introduced herself and reported that despite a rocky market, our investments are doing well because of the diversity in our portfolio which she described as “very efficient”, and that relative returns over time are up.

Marcelle Voorhies Rossman informed members that the actuaries are revising their estimates, but that there is no uptick in deaths despite Covid. She also reported that staff is recommending that the SDCERS Board approve the Supplemental Pension Benefit.

The second program was Jonathan Hayes of SDPEBA, who explained changes in costs of some insurance plans. He also told members that the annual Benefits Fair would be in-person on November 2 at the Balboa Park Club.