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Last week, the City Council unanimously approved the Mayor’s appointment of two new Board Members: Clifford Schireson and Paul Kaufmann. The City Council also approved the reappointment of veteran Board Member Carina Coleman.Carina Coleman and Paul Kaufmann being sworn in at the Office of the City Clerk.
We are thrilled to welcome our new Board Members, and also to have Carina Coleman back for a second term! You can see all three at our next Board meeting on September 13th at 8:30 a.m. in our Board room. If you can’t attend in person, you can tune in to the live broadcast by clicking on “Board Meeting Agendas”, following the link to the online agendas, and clicking on “Live Media” in the Board of Administration line when the meeting starts.
Please read the full article for more information about these three Board Members.
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After former Board President Val Hoy maxed out his term limit, the Board established a Nomination Committee at its May meeting to nominate a fellow Board Member for the vacant position. Today, the Nomination Committee unanimously recommended Carol Broad be elected as the new Board President, and the Board unanimously approved this recommendation. Carol has served as the Board’s Vice President since July 13, 2018 and she has acted as the interim Board President since Val Hoy vacated the office. Carol is also the Chair of the Investment Committee and has over 30 years of experience in the financial industry, particularly in providing investment advice to major public and corporate pension funds. For more information about Carol’s professional background.
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Date:
Jun 17, 2019
Categories: Board
Serving as an SDCERS Trustee requires expertise, attention and time – with no compensation – and a commitment to delivering accurate and timely benefits to participants and ensure the trust fund’s safety, integrity and growth. Having accomplished this, three SDCERS Board Trustees were recently honored for their service.Board President and Mayoral Appointee Valentine S. Hoy, Mayoral Appointee William W. Haynor and Active Police Safety Trustee Thomas A. Sullivan, who each served two four-year terms, were recognized at the March 10, 2019 Board meeting, and at a send-off event in April. The new Board President will be selected at the July Board meeting. We are excited to welcome Sgt. Louis Maggi as our newly elected Active Police Safety Trustee seat. SDCERS is governed by a 13-member Board of Administration, responsible for the prudent administration of retirement benefits for City of San Diego, San Diego Unified Port District and San Diego County Regional Airport employees, and for overseeing the investment portfolio of the retirement system’s trust fund.
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At its May 10, 2019 meeting, the Board approved two Cost of Living Adjustments (“COLA”) that will be applied to eligible retirees’ monthly benefit from July 2019 – June 2020. Members whose retirement date is before July 1, 2018 will receive a COLA increase of 2.0%. Members whose retirement date is between July 1, 2018 and June 30, 2019 will receive a COLA increase of 1.9%. Also, 2019-2020 Health Open Enrollment for eligible City Retirees will run from June 3 – 28, 2019. This year’s Health Open Enrollment Help Day is Friday, June 14 at the Balboa Park Club Ballroom. There will be no formal presentations, but SDCERS staff and representatives from sponsored health plans will be available to answer questions from 10:00 a.m. – noon. You may also submit your enrollment forms directly to SDCERS staff at this event. Click here for more information
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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.
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At its November 9, 2018 meeting, the SDCERS' Board of Administration approved the payment of the "13th Check" supplemental benefit and the Corbett settlement benefit for eligible retirees. Eligible retirees will receive the payment as part of their November 2018 monthly retirement benefit.
The "13th Check" and Corbett settlement benefits are paid in years when the realized investment earnings of the fund are sufficient to pay them.
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At its November 9, 2018 meeting, the SDCERS' Board of Administration approved staff's recommendation to change the DROP (Deferred Retirement Option Plan) interest rates for the DROP Participation Accounts and DROP Annuities, effective January 1, 2019.
The interest rate for DROP Participation Accounts was increased to 2.7 percent. DROP Participation Accounts are the accounts that Active DROP members (those still working) contribute to during their five-year-maximum participation period. The current rate is 2.0 percent, through December 2018.
The interest rate for a new DROP Annuity was increased to 3.0 percent. A DROP Annuity is a payment option available to DROP participants when they retire from DROP. Under this payment option, retirees receive a monthly DROP payment (annuity) in addition to their monthly retirement benefit (pension). The current rate is 2.8 percent for anyone who enters into a DROP Annuity through December 2018. Important: This has no effect on retirees who have already entered into a DROP Annuity. The DROP Annuity rate is permanent once the annuity disbursement begins.
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SDCERS' Board of Administration reelected Valentine Hoy to serve as Board President for a second one-year term at its May 11, 2018 meeting.
Prior to serving as Board President, Hoy served as the Board's Vice President and as the Board's Business and Governance Committee Chair.
Appointed by Mayor Sanders in 2011, Hoy has practiced law in San Diego since 1985. He is a litigation partner in the San Diego office of Allen Matkins Leck Gamble Mallory & Natsis LLP. He previously served as a trustee and board president of the San Diego Museum of Man.
SDCERS administers defined benefit plans for the City of San Diego, the San Diego Unified Port District, and the San Diego County Regional Airport Authority and provides service retirement, disability retirement, death and survivor benefits to more than 20,800 members. More...
A Cost of Living Adjustment (COLA) was approved by the SDCERS' Board of Administration at its May 11, 2018 meeting. The COLA will be applied to the retirement benefits of eligible SDCERS retirees effective July 1, 2018. Two separate COLAs were approved and differ depending on when the eligible member retired:-Eligible retirees who retired before July 1, 2018 will receive a COLA increase of 2.0%
-Eligible retirees who are in the 1981 retirement plan will receive a COLA increase of 1.4%
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Gregg Rademacher has been selected to serve as the San Diego City Employees’ Retirement System's next Chief Executive Officer, taking over for Mark Hovey, who retired this month after eight years at the helm of the public employees pension system. SDCERS manages approximately $8 billion in assets for the benefit of over 20,000 active and retired employees of the City of San Diego, the San Diego Unified Port District and the San Diego County Regional Airport Authority. Mr. Rademacher served for the last 20 years as an officer of the Los Angeles County Employees’ Retirement Association, including 11 years as the Chief Executive Officer of that pension system. With over $53 billion in assets, LACERA, as it is known, is one of the largest public employee pension systems in California.
For additional information, please click here.
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At its November 3, 2017 meeting, the SDCERS' Board of Administration approved staff's recommendation to change the DROP (Deferred Retirement Option Plan) interest rates for the DROP Participation Accounts and DROP Annuities, effective January 1, 2018. More...
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration approved the payment of the “13th Check” supplemental benefit and the Corbett settlement benefit for eligible retirees. Eligible retirees will receive the payment as part of their November 2017 monthly retirement benefit.
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The San Diego City Employees’ Retirement System (SDCERS) Board of Administration voted to reduce the System’s discount rate from 7.0% to 6.75%, effective with the June 30, 2017 actuarial valuation, and from 6.75% to 6.5%, effective with the June 30, 2018 actuarial valuation, following a detailed presentation by the System’s actuary Cheiron. The Board of Administration approved the new discount rate at its meeting on September 8, 2017 by a vote of 10-2.
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The San Diego City Employees’ Retirement System Chief Executive Officer has informed the Board that he will step down effective December 1, 2017. Mr. Hovey’s plans are to retire after serving for eight years as the CEO of the pension fund system that manages approximately $8 billion in assets for the benefit of over 20,000 members.
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Date:
Jul 14, 2017
Categories: Board
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration has elected Valentine Hoy to serve as Board President, effective July 14, 2017.
Appointed by Mayor Sanders in 2011, Hoy has practiced law in San Diego since 1985. He is a litigation partner in the San Diego office of Allen Matkins Leck Gamble Mallory & Natsis LLP. He previously served as a trustee and board president of the San Diego Museum of Man.
Hoy served as Chair of the Board’s Business and Governance Committee for the past two years and as Vice President of the Board for the past year. He succeeds Alan Arrollado, who held the position of Board President for the past two years.
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Important: These rate changes only apply to City of San Diego members of SDCERS; Unified Port District and Airport Authority members are not affected.
New contribution rates went into effect July 1, 2017 for City of San Diego members only. Most members will note only a minor adjustment on their July 28 paycheck.
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Date:
May 16, 2017
Categories: Board
SDCERS recently honored two highly respected trustees, Ed Kitrosser and Alan Arrollado, for their service on the Board of Administration. Both Trustees served as president of the Board during their tenure, ensuring retirement security for the members of SDCERS during especially difficult times.
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A Cost of Living Adjustment (COLA) was approved by the SDCERS’ Board of Administration at its May 12, 2017 meeting. The COLA will be applied to the retirement benefits of eligible SDCERS retirees effective July 1, 2017. Two separate COLAs were approved and differ depending on when the eligible member retired. More...
Roberta Spoon and George Kenney have been designated by Mayor Kevin Faulconer to serve as mayoral appointees on the San Diego City Employees’ Retirement System (SDCERS) Board of Administration. Spoon and Kenney’s appointments were confirmed by the San Diego City Council on April 25, 2017.
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The San Diego City Employees’ Retirement System (SDCERS) conducted elections for two Active General Trustee seats and one Active Fire Safety Trustee seat on their Board of Administration.
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Date:
Jan 25, 2017
Categories: Board
SDCERS is currently accepting nominations for an election to fill two Active General Trustee seats and one Active Fire Safety Trustee seat on the Board of Administration. The deadline for nominations is Monday, February 13.
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Date:
Dec 02, 2016
Categories: Board
The San Diego City Employees’ Retirement System (SDCERS) announced the election of Thomas Battaglia to fill an open General Member Trustee seat on the SDCERS Board of Administration. Battaglia has been elected to serve the remaining four-year term ending March 31, 2017.
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At its November 4, 2016 meeting, the SDCERS' Board of Administration approved staff's recommendation to change the DROP (Deferred Retirement Option Plan) interest rates for the DROP Participation Accounts and DROP Annuities, effective January 1, 2017.
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The San Diego City Employees’ Retirement System (SDCERS) Board of Administration approved the payment of the “13th Check” supplemental benefit and the Corbett settlement benefit for eligible retirees. Eligible retirees will receive the payment as part of their November 2016 monthly retirement benefit.
The “13th Check” and Corbett settlement benefits are paid in years when the realized investment earnings of the fund are sufficient to pay them.
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Date:
Oct 25, 2016
Categories: Board
Active general members of SDCERS were sent a letter with instructions on the nomination process. Candidates must be active general members of SDCERS employed by the City of San Diego. Nominating petitions are to be submitted online, and candidates must obtain a minimum of 10 endorsements online from active general members, employed by the City of San Diego, no later than 5:00 P.M. on Wednesday, November 2, 2016. Click here for more information.
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The San Diego City Employees’ Retirement System (SDCERS) today announced the election of Charles Hogquist as the Retired Trustee to the SDCERS Board of Administration. Hogquist has been elected to serve the remaining four-year term ending March 31, 2019, left vacant by Richard Wilken.
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At its September 9th meeting, the SDCERS Board of Administration discussed an experience study from the system’s actuary that covered revised economic and demographic assumptions, associated cost implications, and funding alternatives. The Board voted to accept the findings of the experience study and the actuarial assumption recommendations of the actuary. A second and separate Board vote to modify the system’s current funding methodology and to smooth the volatility of future pension contributions did not pass; the vote was 6-4 and a majority of 7 votes was required for the proposal to pass.
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Contribution rates went into effect July 1, 2016 for City of San Diego members only. Most members will note only a minor adjustment. As PEPRA members, the San Diego Unified Port District and San Diego County Regional Airport Authority are not affected. More...
SDCERS is currently accepting nominations for an election to fill the remaining term of the vacant Retired Trustee seat on the Board of Administration. Deadline to submit nominations is Friday, July 15.
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At the January 2016 SDCERS meeting, the Board of Administration shortened the time period for an inactive or retired member to apply for a disability retirement from three years of discontinuance of active service or retirement, to two years. However, any member that is already inactive or retired as of January 8, 2016 will still have three years to apply. Please review Board Rule 7.30 for important details (www.sdcers.org under the Resources tab, Board Rules and Policies). More...
At its January 8 meeting, the San Diego City Employees’ Retirement System (SDCERS) Board of Administration reviewed preliminary annual actuarial valuations as of June 30, 2015 for the City of San Diego, the San Diego Unified Port District and the San Diego County Regional Airport Authority. More...
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration voted to reduce the System’s discount rate to 7.125%, following a detailed presentation by the System’s actuary Cheiron. The Board of Administration approved the new discount rate at its meeting on November 13, 2015 by a vote of 7-4. The change is effective with the June 30, 2015 actuarial valuation, which determines employee and employee contributions for the fiscal year beginning July 1, 2016. More...
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration today approved the payment of the “13th Check” supplemental benefit and the Corbett settlement benefit for eligible retirees. Eligible retirees will receive the payment as part of their November 2015 monthly retirement benefit.
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At its November 13, 2015 meeting, the SDCERS' Board of Administration approved staff's recommendation to change the DROP (Deferred Retirement Option Plan) interest rates for the DROP Participation Accounts and DROP Annuities, effective January 1, 2016. More...
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration has elected Alan Arrollado to serve as Board President, effective July 10, 2015. Arrollado was elected to the Board of Administration in 2009 and re-elected for another four-year term in 2013. More...
Date:
Sep 15, 2014
Categories: Board
The SDCERS Board of Administration on Friday unanimously appointed Greg Kowieski to the independent Audit Committee. The Audit Committee also thanked outgoing member Marilyn Creson Brown for eight years of service to the pension system at a special recognition ceremony earlier in the week.
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On Friday, the Board of Administration re-elected Alan Arrollado to the position of Vice President. Alan was elected by SDCERS’ Fire Safety members as their representative on the Board and has been with the City's fire department for more than 24 years. He currently serves on the Board’s Business and Governance Committee and Disability Committee.
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Date:
May 09, 2014
Categories: Board
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration today unanimously re-elected Edward Kitrosser as Board president. Kitrosser was appointed to the Board of Administration in April 2009 by Mayor Jerry Sanders and was reappointed to serve a second four-year term in July 2013. His second, one-year term as Board president is effective immediately and will expire on May 9, 2015. More...
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. More...
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration today voted to reduce the System’s discount rate to 7.25%, affirming a recommendation by the system’s actuary Cheiron. The Board of Administration approved the new discount rate at its meeting by a vote of 8-4. More...
The San Diego City Employees’ Retirement (SDCERS) Board of Administration has approved the appointment of James (Jim) B. Smith III to the Audit Committee. Smith, who succeeds Mike Collins, has been appointed to serve a four-year term as one of the Committee’s three independent members. More...
On November 8, 2013, the SDCERS Board of Administration will vote on a proposed discount rate change. The following FAQ was prepared to provide background information in advance of that vote. More...
Natasha Collura has been appointed by Interim Mayor Todd Gloria to serve as the ex-officio, mayoral designee on the San Diego City Employees' Retirement System (SDCERS) Board of Administration. Collura, who succeeds mayoral designee Nelson Hernandez, will begin her appointment on Friday, November 8, 2013. More...
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration has approved the payment of the “13th Check” supplemental benefit and the Corbett settlement benefit for eligible retirees. Eligible retirees will receive the payment as part of their November 2013 monthly retirement benefit check. More...
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration has unanimously elected Edward Kitrosser to serve as Board president. Kitrosser was appointed to the Board of Administration in April 2009 by Mayor Jerry Sanders and was reappointed by Mayor Bob Filner to serve a second four-year term in July 2013. More...
The San Diego City Employees' Retirement System today announced that Nelson Hernandez has been appointed by Mayor Bob Filner to serve as the ex-officio, mayoral designee on the Board of Administration. Hernandez, who succeeds mayoral designee Greg Bych, will begin his appointment on Friday, August 9, 2013. More...
The San Diego City Employees’ Retirement System (SDCERS) has announced the appointment of Jeannie Posner, Athanasios (Thanasi) Preovolos, K. Denise Thompson and the reappointment of Edward Kitrosser to the Board of Administration. Posner, Preovolos, Thompson and Kitrosser have been appointed by Mayor Bob Filner and confirmed by the City Council to serve four-year terms ending March 31, 2017. More...
Mayor Bob Filner has vetoed the Council resolution confirming his appointment of four Trustees to the SDCERS Board of Administration, following appointee Mark Ealy's decision not to serve. Herb Morgan, Edward Kitrosser, Athanasios (Thanasi) Preovolos and Mark Ealy were appointed by Mayor Filner in May and confirmed by the City Council in June to serve four year terms ending March 31, 2017. More...
At its June 28th meeting, the SDCERS Board of Administration discussed and voted on a revised June 30, 2012 Actuarial Valuation that was developed to reflect the 5-year freeze on pensionable pay agreements between the City and its six labor unions. More...
Date:
Jun 28, 2013
Categories: Board
The SDCERS’ Board of Administration at its June meeting approved a new, bi-monthly meeting schedule set to begin this fall. More...
The San Diego City Employees’ Retirement System (SDCERS) today announced the reappointment of Herb Morgan and Edward Kitrosser and the appointment of Athanasios (Thanasi) Preovolos to the Board of Administration. Morgan, Kitrosser and Preovolos have been appointed by Mayor Bob Filner to serve four-year terms ending March 31, 2017. More...
The San Diego City Employees’ Retirement System (SDCERS) today announced the election of James Steel and Jeffrey Wallace, and the re-election of Alan Arrollado, to the SDCERS Board of Administration. Steel, Wallace and Arrollado have been elected to serve four-year terms ending March 31, 2017. More...
Date:
Nov 15, 2012
Categories: Board
Nominating Petitions were mailed on Nov. 21st to all General and Fire Safety Members in preparation for upcoming elections for three seats on the SDCERS Board of Administration. More...
The San Diego City Employees' Retirement System (SDCERS) Board of Administration unanimously re-elected Herb W. Morgan as Board president at its regular meeting August 11, 2012. Morgan was first appointed to the SDCERS Board in 2009 by San Diego Mayor Jerry Sanders. More...
Date:
Aug 01, 2012
Categories: Board
As part of its budget savings efforts, the State Legislature recently suspended the Brown Act mandate for local jurisdictions, including SDCERS. This suspension allows local jurisdictions like SDCERS to forego posting agendas and reporting to the public actions taken during closed session meetings. More...
The SDCERS Board of Administration has approved the annual Cost of Living Adjustment (COLA), effective July 1, 2012, to be applied to the retirement benefits of eligible SDCERS retirees. The COLA is also applied to survivor benefits.
For eligible retirees who retired prior to July 1, 2012, a COLA increase of 2% will be applied. Eligible 1981 Plan retirees will receive a 1.4% COLA increase. Special Safety Class retirees are not eligible for COLA increases. Survivors receiving a continuance receive the COLA of whichever group to which the deceased member belonged. More...
Active SDCERS Members working for the City of San Diego will see a change in their Member contribution rates beginning in July 2012. These Member contributions are the required pre-tax contributions to the SDCERS trust fund that are deducted from Members’ bi-weekly paychecks. Contribution rates are determined by a Member’s plan (General or Safety plans) and age of entry into SDCERS.
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At its December 16, 2011 meeting, SDCERS' Board of Administration approved staff's recommendation to change the DROP (Deferred Retirement Option Plan) interest rates for the DROP Participation Accounts and DROP Annuities, effective January 1, 2012. More...
Date:
Oct 13, 2011
Categories: Board
SDCERS’ actuary performs an Experience Study every three to five years to evaluate the entire set of actuarial assumptions used in the valuation process. Evaluating the assumptions and making minor “course corrections” on these 30+ year, long-term assumptions is standard fiduciary best practice for actuarial reporting and funding. More...
The San Diego City Council has approved an ordinance designed to remove SDCERS' constitutional authority to settle litigation without approval of the Council.On September 13, 2011, the City Council voted unanimously in favor of the ordinance. Proposal of the ordinance came after SDCERS' Board of Administration settled the Italiano/MEA case, after significant deliberation and consideration of the risk in incurring greater litigation costs.
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SDCERS' Board of Administration announced that it has named Mark A. Hovey as its new Chief Executive Officer, following a unanimous vote of the Board. For more information, click the related press release below. More...
SDCERS' Board of Administration recently took two important actions regarding the "substantially equal" language contained in City Charter section 143, following three public sessions in which the topic was discussed and analyzed extensively. More...
SDCERS' Board of Administration has appointed Mark A. Hovey as interim Chief Executive Officer. Hovey currently serves as SDCERS' Chief Financial Officer and will become interim CEO effective December 1, 2009. More...
At its September 18, 2009 meeting, SDCERS' Board of Administration voted not to change any current actuarial methods for its three plan sponsors. More...
Good news to report: SDCERS has completed detailed year-end calculations and, based on the unaudited financial statements for the fiscal year ended June 30, 2008. More...
Date:
Oct 17, 2008
Categories: Board
SDCERS is pleased to announce the appointments of Mark E. Oemcke and Raymond G. Ellis to the Board of Administration. More...
Date:
Mar 21, 2008
Categories: Board
David A. Hall has joined the SDCERS Board of Administration as the Retiree representative, replacing Carmen Lutes. More...