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SDCERS' 2020 (Virtual) Annual Membership Meeting

Date: Oct 26, 2020 Categories: Events, Pension, Press Release

In keeping with this year's trend, SDCERS’ 2020 Annual Membership Meeting took place virtually as a recorded Zoom meeting. It was not a live event; rather, you can watch the presentations at your leisure via our YouTube channel by clicking here. The theme of the meeting was "Every Challenge Encountered is an Opportunity for Growth," and the presenters did a great job of explaining what major challenges SDCERS has faced, both recently and in the past, and how SDCERS approached and overcame these obstacles. Here is a sneak preview of this year's presentations: Liza Crisafi, Chief Investment Officer, provided a summary of SDCERS' investment performance in fiscal year 2020. Marcelle Voorhies Rossman, Deputy Chief Executive Officer, explained how SDCERS handled the COVID-19 pandemic. Gregg Rademacher, Chief Executive Officer, incorporated some of his favorite sayings while he talked about SDCERS' trials and tribulations, both new and old, and reassured SDCERS’ membership that its pension system will meet any challenge in order to pay benefits accurately and timely, and ensure the trust fund’s safety, integrity, and growth. Cynthia Queen, Member Services Director, gave a brief overview of the Member Portal for both active and retired members, and encouraged all members to register for their own Member Portal account if they haven’t already. We encourage you to take the time to watch the meeting and let us know what you think via our Contact Us page. This is an annual event that is usually held in person, giving us an opportunity to engage with our membership. Unfortunately, we couldn’t meet with you all in person this year, but we hope to see you all at next year's meeting!   Learn More...

SDCERS Receives the 2020 Public Pension Standards Award for Funding and Administration

Date: Oct 22, 2020 Categories: Board, News Articles, Pension, Press Release

For the third year in a row, SDCERS has been awarded the Public Pension Standards Award for Funding and Administration. The Public Pension Coordinating Council grants this award, which recognizes SDCERS for meeting professional standards for plan funding and administration as set forth in the Public Pension Standards.​Recognition Award for Administration SDCERS received the Recognition Award for Administration due to its adherence to the five essential administrative categories: Comprehensive Benefit Program Actuarial Audit Investments Communications  Recognition Award for Funding SDCERS received the Recognition Award for Funding because its three plan sponsors (City of San Diego, Port of San Diego, and San Diego County Regional Airport Authority) consistently pay their Annual Required Contributions as determined by the SDCERS Board.  The Public Pension Coordinating Council (PPCC) is a coalition of three national associations that represent public retirement systems and administrators: National Association of State Retirement Administrators (NASRA), the National Council on Teacher Retirement (NCTR) and the National Conference on Public Employee Retirement Systems (NCPERS). Together, these associations represent more than 500 of the largest pension plans in the United States serving most of the nation’s 16 million employees of state and local government. Learn More...

Retiree & Active DROP Participants - Death Benefits and Importance of Keeping Beneficiary Designations Updated

Date: Jul 10, 2020 Categories: Member Portal, News Articles, Pension

When was the last time you thought about your SDCERS beneficiary designations? Over a year ago? Five years? The day you retired or entered DROP? Maybe never? Beneficiary designations may seem like a chore you can put off or do once and forget about, but the truth is you should review your beneficiary designations at least once a year to make sure they reflect your current circumstances. For example, beneficiary designations probably aren’t the first thing on your mind when you get married or divorced, have a child, or lose a loved one, but these are all defining life events that may affect who you want to receive your pension benefits when you die. This article summarizes the death benefits provided to DROP participants and SDCERS retirees, but please review the Death Benefits Fact Sheet and Retirement Benefit Options Fact Sheet for more in-depth information. Review the full article to learn about possible death benefits such as: Continuance Benefit $2,000 Retiree Death Benefit & Other Unpaid Monies DROP Death Benefit Updating your beneficiary designations is quick, easy, and you can do it from home by logging in to your SDCERS Member Portal account and clicking “Beneficiary Update” from the left menu. (If you don’t already have a Member Portal account, you can register here.)   You will be able to name beneficiaries to receive different types of death benefits depending on if you are active, in DROP, or retired. You can designate both a Primary and an Alternate beneficiary for your $2,000 Retiree Death Benefit and DROP Death Benefit. When you die, your Primary is first in line to collect the death benefit, while your Alternate receives the benefit only if the Primary is already deceased. For some death benefits, you can name multiple beneficiaries and designate a specific percentage of the benefit to each person. If you choose to do this, make sure your percentages add up to 100%. Lastly, you may also designate a trust to receive any death benefit that is not a continuance or an annuity. Learn More...

Active Member Death Benefits and the Importance of Keeping Your Beneficiary Designations Updated

Date: Dec 11, 2019 Categories: News Articles, Pension

When was the last time you thought about your SDCERS beneficiary designations? Over a year ago? Five years? The day you enrolled in SDCERS? Maybe never? Beneficiary designations may seem like a chore you can put off or do once and forget about, but the truth is you should review your beneficiary designations at least once a year to make sure they reflect your current circumstances. For example, beneficiary designations probably aren’t the first thing on your mind when you get married or divorced, have a child, or lose a loved one, but these are all defining life events that may affect who you want to receive your pension benefits when you die. Active Members (meaning those who are actively employed by the City, Port,* or Airport and contributing to SDCERS, but are not in DROP) are eligible to leave one of three types of death benefits if they die before retiring or entering DROP, and the eligibility requirements are very specific for two of the three types. Importantly, if you die without having designated your surviving spouse as your sole pre-retirement death benefit beneficiary, then your surviving spouse will not be eligible to receive the lifetime Death While Eligible or Industrial Death Benefit, even if all other eligibility requirements are satisfied. This article contains a summary of the death benefits provided to Active Members, but please review the Death Benefits Fact Sheet for more in-depth information. *General Port employees hired or rehired on or after January 1, 2009 must complete five consecutive years of Port employment after each hire or rehire date before they become Members of SDCERS and are eligible to leave a death benefit. Learn More...

SDCERS' Board Votes to Set Minimum Pension Payments

Date: Jan 17, 2019 Categories: Actuarial Valuations, Board, News Articles, Pension, Press Release

At the January meeting, SDCERS' Board of Administration took another important step toward pension stability by voting to set minimum annual pension payments of the Unfunded Actuarial Liability (UAL) for the City of San Diego and the Port of San Diego. This minimum payment is also referred to as a "floor," meaning even if the required annual payment is less than the "floor," that minimum amount must be paid each year. The UAL floor payment for the City was set at $275.5 million and $13.3 million for the Port. This is based on the June 30, 2018 actuarial valuations which set the payment amount for the fiscal 2020 payment to the retirement system. The new policy increases benefit security and helps the pension fund reach full funding by 2037, several years earlier than anticipated. The Board also voted to prospectively limit the long-term impacts of changes to the assumed rate of return (discount rate), retirement rates, and life expectancy assumptions, to a 20-year period from the previous 30-year period. A video of the Board discussion and vote is available here.   Learn More...

California Supreme Court Rules on Challenge to Proposition B

Date: Aug 02, 2018 Categories: News Articles, Pension, Press Release, Proposition B

On August 2, 2018, the California Supreme Court overruled the Court of Appeal's decision regarding Proposition B. The Supreme Court found that a violation of meet and confer labor laws occurred in connection with the passage of Proposition B and sent the case back to the Court of Appeal to address the appropriate remedy for the violation. The Supreme Court's decision does not require any immediate action by SDCERS. Although SDCERS is not a party to these legal proceedings, SDCERS will continue to monitor these legal proceedings and will update this website and its members when it receives additional information. Represented City of San Diego employees should contact their labor union for additional information and unrepresented City employees should contact City Human Resources.   Learn More...

Information for SDCERS Members Receiving a Pension

Date: Apr 16, 2014 Categories: Pension, Retirement Resources

This information explains the reasons that, for some SDCERS members, the annual Form 1099-R you receive is issued as “Taxable Amount Not Determined” and the amount in Box 2a of the form is reported as $0.00 (zero). Learn More...

Pension System Actuarial and Investment Strategies Trending Favorably

Date: Mar 20, 2014 Categories: Board, Investments, Pension, Retirement Resources

There is no shortage of news media coverage focused on how public pension funds, in California and across the country, are yielding significant investment returns while simultaneously growing liabilities even faster. Learn More...