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At its November 13, 2020 meeting, SDCERS’ Board of Administration approved payment of the Annual Supplemental Benefit and the Corbett Settlement Increase (“Corbett benefit”) for eligible retirees and continuance beneficiaries. The Annual Supplemental Benefit is paid in years when the fund’s investment earnings are sufficient to qualify, according to a set formula defined in the plan documents, and the Corbett benefit is paid in years that the Annual Supplemental Benefit is paid. If you are eligible for one or both of these benefits, payment will be included in your November 2020 monthly pension benefit.
The eligibility requirements for the Annual Supplemental Benefit and Corbett benefit are described in our FAQs under “Annual Supplemental Benefit, Corbett, COLA, COL Annuity.” Here, you will also find a description of how these benefits are calculated.
In addition to the requirements outlined in the FAQ’s, in order to be eligible for the Annual Supplemental Benefit, a retiree or continuance beneficiary must have been (1) alive, and (2) eligible to receive a monthly pension benefit on October 1, 2020. If an eligible retiree died on or after October 1, 2020, the retiree’s continuance beneficiary is not eligible for their own Annual Supplemental Benefit. In this case, the retiree’s Annual Supplemental Benefit payment will be included in the $2,000 Retiree Death Benefit and Other Payable Monies, which is paid to the beneficiary(ies) named to receive that death benefit.
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At today’s meeting, SDCERS’ Board of Administration voted to approve new DROP account and DROP annuity interest rates, which will be effective January 1, 2021. The DROP account rate is the interest rate used by SDCERS while a Member is in DROP and the DROP annuity rate is the interest rate used by SDCERS to annuitize the DROP monies of a Member who has exited DROP and retired. These rates are calculated annually using publicly available indexes as of September 30 of each year.
Effective January 1, 2021, the DROP account interest rate will be 1%, compared to the current rate of 2.5%. This interest rate will be compounded quarterly and applied to all active DROP participants’ accounts as long as the participant is actively employed by the City of San Diego, San Diego Unified Port District, or the San Diego Regional Airport Authority on the last day of each quarter. This rate is subject to change annually, which means a DROP participant’s account may receive a different interest rate every year during their participation period, depending on the Board’s actions.
Also beginning January 1, 2021, the DROP annuity interest rate will be 2.1%, compared to the current rate of 3.1%. This interest rate will be factored into the calculation of a DROP retiree’s monthly DROP annuity, if they DROP retire between January 1 and December 31, 2021 and choose to annuitize their DROP account. Unlike the DROP account interest rate, the DROP annuity rate will not change for an individual member – the rate that is in effect when a member DROP retires is the rate that will be applied to their annuity, regardless of whether or not the DROP annuity rate changes in future years. If you are nearing the end of your five-year DROP participation period, your decision to DROP retire before or after the New Year may be affected by the Board’s decision regarding the DROP annuity interest rate. However, if you do not plan to annuitize your DROP account upon exiting DROP, then the DROP annuity rate changes will not affect you. Click here to review your options regarding how you may choose to receive your DROP account.
Read the full article for an example of how the changing DROP annuity interest rate could affect the calculation of a hypothetical DROP annuity.
Please attend a DROP Exit webinar ASAP if you are trying to decide whether to exit DROP before or after January 1, 2021:
November 19th: https://attendee.gotowebinar.com/register/7271115884463850251
December 3rd: https://attendee.gotowebinar.com/register/2308764822188245262
December 10th: https://attendee.gotowebinar.com/register/3561394439248428814
If you are currently in DROP and considering retiring before Dec. 31, you must begin the process immediately as counseling appointments will fill up fast. To begin the process, you must first go to your Member Portal account and click on “DROP Retirement Application” from the left menu, under Tools. Review this information, make your selections, and SUBMIT THE APPLICATION ONLINE. Once received, you will be contacted by an SDCERS staff member to schedule your personal phone counseling appointment. At your appointment, you can ask questions and make any changes you’d like to your application. Your electronic application is not final and you have not retired until you’ve submitted your signed application signature page, which will be emailed to you by your retirement counselor during your appointment.
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SDCERS will be holding its regularly scheduled November Board and Committee meetings. All meetings will continue to be held remotely for the foreseeable future. This means the Board meeting room will be closed to the public and only SDCERS staff whose presence is necessary to run the meeting will be onsite.
Although the public will be unable to physically attend these meetings, we have made the meetings available for the public to attend remotely. To attend the Disability, Investment, and/or Audit Committee meetings, please click the corresponding link below prior to the start time of the meeting. You will have to download the Zoom application in order to attend.
November 12th, 9:00 a.m. PST Disability Committee meeting Zoom link: https://zoom.us/j/96709801075
November 12th, 12:30 p.m. PST Investment Committee meeting Zoom link: https://zoom.us/j/96759190239
November 18th, 9:00 a.m. PST Audit Committee meeting Zoom link: https://zoom.us/j/96592132396
Once you are in the meeting, you can click the “View Options” bar at the top of the screen and then “Side-by-side mode” in order to see both the presenter’s screen and the webcams of Committee members and panelists.
SDCERS will be live streaming the entirety of the Business & Governance Committee meeting on November 12th at 9:15 a.m., and the Board meeting on November 13th at 8:30 a.m. To access the live stream for either meeting, go to our Board Meeting Agendas page before the meeting starts and click on the “Agenda” link corresponding to the meeting you wish to attend. This will open a new tab with the agenda for that meeting, which includes an embedded video player that will automatically begin the live stream once the meeting starts. Video recordings of the meetings will also be available on this same page the week following the meeting, as well as on our YouTube page.
Please note that members of the public will not be able to speak during these meetings. If you would like to participate in either meeting, please use our Contact Us page to submit public comment in advance of the meeting and identify to which meeting your comment is directed. We will be accepting public comments for each meeting up to an hour before the meeting begins. Any appropriate messages timely received will be read aloud for the record and/or distributed to the Committee members or Board of Administration at the corresponding meeting.
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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.
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SDCERS will be holding its regularly scheduled September Board and Committee meetings, except for the Disability Committee meeting, which has been cancelled. All meetings will continue to be held remotely for the foreseeable future. This means the meeting room will be closed to the public and only SDCERS staff whose presence is necessary to run the meeting will be onsite.
Although the public will be unable to physically attend these meetings, we have made the meetings available for the public to attend remotely. To attend the Audit and/or Investment Committee meetings, please click the corresponding link below prior to the start time of the meeting. You will have to download the Zoom application in order to attend.
September 9th, 9:00 a.m. PST Audit Committee meeting Zoom link: https://zoom.us/j/92308362729
September 10th 12:30 p.m. PST Investment Committee meeting Zoom link: https://zoom.us/j/95359576685
Once you are in the meeting, you can click the “View Options” bar at the top of the screen and then “Side-by-side mode” in order to see both the presenter’s screen and the webcams of Committee members and panelists.
SDCERS will be live streaming the entirety of the Business & Governance Committee meeting on September 10th and the Board meeting on September 11th. To access the live stream, go to our Board Meeting Agendas page before the meeting starts and click on the “Agenda” link corresponding to the meeting you wish to attend. This will open a new tab with the agenda for that meeting, which includes an embedded video player that will automatically begin the live stream once the meeting starts. Video recordings of the meetings will also be available on this same page the week following the meeting, as well as on our YouTube page.
Please note that members of the public will not be able to speak during these meetings. If you would like to participate in either meeting, please use our Contact Us page to submit public comment in advance of the meeting and identify to which meeting your comment is directed. We will be accepting public comments for each meeting up to an hour before the meeting begins. Any appropriate messages timely received will be read aloud for the record and/or distributed to the Committee members or Board of Administration at the corresponding meeting.
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SDCERS will be holding its regularly scheduled July Board and Committee meetings; however, all meetings will continue to be held remotely for the foreseeable future. This means the meeting room will be closed to the public and only SDCERS staff whose presence is necessary to run the meeting will be onsite.
Although the public will be unable to physically attend these meetings, we have made the meetings available for the public to attend remotely. To attend the Audit, Disability, and/or Investment Committee meetings, please click the corresponding link below prior to the start time of the meeting. You will have to download the Zoom application in order to attend.
July 8th, 9:00 a.m. PST Audit Committee meeting Zoom link: https://zoom.us/j/94776103948
July 9th, 9:00 a.m. PST Disability Committee meeting Zoom link: https://zoom.us/j/97235033506
July 9th 12:30 p.m. PST Investment Committee meeting Zoom link: https://zoom.us/j/91784976674
Once you are in the meeting, you can click the “View Options” bar at the top of the screen and then “Side-by-side mode” in order to see both the presenter’s screen and the webcams of Committee members and panelists.
SDCERS will be live streaming the entirety of the Business & Governance Committee meeting on July 9th at 9:15 a.m. PST and the Board meeting on July 10th at 8:30 a.m. PST. To access the live stream, go to our Board Meeting Agendas page before the meeting starts and click on the “Agenda” link corresponding to the meeting you wish to attend. This will open a new tab with the agenda for that meeting, which includes an embedded video player that will automatically begin the live stream once the meeting starts. Video recordings of the meetings will also be available on this same page the week following the meeting, as well as on our YouTube page.
Please note that members of the public will not be able to speak during these meetings. If you would like to participate in either meeting, please use our Contact Us page to submit public comment in advance of the meeting and identify to which meeting your comment is directed. We will be accepting public comments for each meeting up to an hour before the meeting begins. Any appropriate messages timely received will be read aloud for the record and/or distributed to the Committee members or Board of Administration at the corresponding meeting.
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SDCERS’ Investment Committee will be holding a special meeting on Monday, May 18th beginning at 9:00 a.m. PST. SDCERS’ Board of Administration will also be holding a special meeting on Wednesday, May 20th at 8:30 a.m. PST. These meetings will be held remotely and Investment Committee and Board members will attend their respective meetings telephonically. The meeting room will be closed to the public and only SDCERS staff whose presence is necessary to run the meeting will be onsite.
Although the public will be unable to physically attend these meetings, we have made these meetings available for the public to attend remotely. To attend the Investment Committee meeting, please click the following link at or around 9:00 a.m. PST on May 18th. You will have to download the Zoom application in order to attend.
May 18th Investment Committee meeting Zoom webinar link: https://zoom.us/j/94224022615
Once you are in the meeting, you can click the “View Options” bar at the top of the screen and then “Side-by-side mode” in order to see both the presenter’s screen and the webcams of Committee members and panelists.
SDCERS will also be live streaming the entirety of the Board meeting on May 20th. To access the live stream, go to our Board Meeting Agendas page before the meeting starts and click on the “Agenda” link corresponding to the 5/20/2020 Board of Administration meeting. This will open a new tab with the agenda for the May 20th meeting, which includes an embedded video player that will automatically begin the live stream once the meeting starts. A video recording of the meeting will also be available on this same page the week following the meeting, as well as on our YouTube page.
Please note that members of the public will not be able to speak during these meetings. If you would like to participate in either meeting, please use our Contact Us page to submit public comment in advance of the meeting and identify to which meeting your comment is directed. We will be accepting public comments for the Investment Committee meeting up until 8:30 a.m. on May 18th, and for the special Board meeting up until 8:00 a.m. on May 20th. Any appropriate messages timely received will be read aloud for the record and/or distributed to the Investment Committee members or Board of Administration at the corresponding meeting.
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SDCERS’ Disability, Business & Governance, and Investment Committee meetings previously scheduled for May 7th have been canceled. However, SDCERS’ Board of Administration will be holding its regularly scheduled meeting on May 8th at 8:30 a.m. PST. This Board meeting will be held remotely due to the ban on gatherings, which means Board members will attend telephonically and the meeting room will be closed to the public. Only SDCERS staff whose presence is necessary to run the meeting will be onsite.
Although the public will be unable to physically attend this meeting, SDCERS will be live streaming the entirety of the meeting so that you may attend remotely. To access the live stream, go to our Board Meeting Agendas page before the meeting starts and click on the “Agenda” link corresponding to the 5/8/2020 Board of Administration meeting. This will open a new tab with the agenda for the May 8th meeting, which includes an embedded video player that will automatically begin the live stream once the meeting starts. A video recording of the meeting will also be available on this same page the week following the meeting, as well as on our YouTube page.
If you would like to participate in this meeting, please use our Contact Us page to submit public comment in advance of the meeting. We will be accepting public comments up until the meeting starts on May 8th at 8:30 a.m. PST. Any appropriate messages timely received will be read aloud for the record and/or distributed to the Board of Administration at the meeting.
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At its January 10, 2020 meeting, SDCERS’ Board of Administration unanimously appointed Lana Radchenko as the newest Independent Non-Board Member of SDCERS’ Audit Committee.Lana Radchenko, Independent Non-Board Member of SDCERS’ Audit Committee.
Ms. Radchenko is President of Rad On Point Consulting LLC, which focuses on helping businesses make better decisions by mitigating risks with improved controls, processes, and systems. Ms. Radchenko previously worked for Sempra Energy from 2004 to 2019 in several management positions, including corporate compliance, audit services, information technology, supply management, business controls, and accounting research. Prior to that, she spent 19 years in public practice with Deloitte & Touche and Resources Global Professionals. Ms. Radchenko holds designations as a Chartered Professional Accountant, a Certified Internal Auditor, and a Certified Compliance & Ethics Professional.
SDCERS is extremely lucky to add Ms. Radchenko to our Audit Committee and we know we will benefit greatly from her expertise. Please join us in welcoming our newest member of the Audit Committee!
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At the September 13th Board meeting, Board President Carol Broad appointed Carina Coleman to the position of Vice President. The appointment was unanimously approved by the remaining members of the Board who were present. The Vice President’s duties include acting as the Board President whenever the Board President is absent or otherwise unable to fulfill their duties, and temporarily assuming the role of Board President until an election can be scheduled in the event the current Board President’s seat becomes vacant. Ms. Coleman was additionally appointed to be the new Chair of the Investment Committee, a seat previously occupied by Board President Carol Broad.From Left to Right: Charlie Hogquist, Carina Coleman, Carol Broad, and Thanasi Preovolos
The Audit Committee reappointed Roberta Spoon as its Chair, and the current Chairs of the Business and Governance Committee and Disability Committee will remain the same as well: Thanasi Preovolos and Charles Hogquist, respectively.
Please join us in congratulating our new Vice President and Committee Chairs! You can watch the September 13th Board meeting by going to Board Meeting Agendas and clicking on “View Media” next to the September 13, 2019 Board of Aministration Meeting line item.
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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 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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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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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. Learn 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. Learn 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. Learn 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. Learn 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). Learn 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. Learn 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. Learn More...
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. Learn 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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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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn 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. Learn More...
At its September 18, 2009 meeting, SDCERS' Board of Administration voted not to change any current actuarial methods for its three plan sponsors. Learn 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. Learn 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. Learn More...
Date:
Mar 21, 2008
Categories: Board
David A. Hall has joined the SDCERS Board of Administration as the Retiree representative, replacing Carmen Lutes. Learn More...