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DROP Interest Rates for 2020

Date: Nov 08, 2019 Categories: DROP, News Articles, Press Release

On November 8, SDCERS’ Board of Administration voted to approve new DROP account and DROP annuity interest rates, which will be effective January 1, 2020. The rates are calculated annually using publicly available indexes as of September 30 of each year.   Therefore, effective January 1, 2020, the DROP account interest rate (compounded quarterly) will be reduced to 2.5%, compared to the current rate of 2.7%. This interest rate will be applied to active DROP participants’ accounts. 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, 2020, the DROP annuity interest rate will be increased to 3.1%, compared to the current rate of 3.0%. This interest rate will be applied to the funds remaining in a DROP retiree’s account if the retiree chooses to annuitize their DROP account, and it will be factored into the calculation of their monthly annuity. 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 exits DROP is the rate that will be applied to their annuity, regardless of whether or not the DROP annuity rate changes in future years. Therefore, if you are close to the end of your five-year DROP participation period, your decision to exit DROP before or after the New Year may be affected by the Board’s decision to increase or decrease the DROP annuity interest rate. Learn More...

SDCERS Board Approves Annual Supplemental Benefit and Corbett Settlement Increase for 2019

Date: Nov 08, 2019 Categories: 13th Check and Corbett, News Articles, Press Release

At its November 8, 2019 meeting, SDCERS’ Board of Administration approved payment of the Annual Supplemental Benefit, also known as the “13th Check,” and the Corbett Settlement Increase (“Corbett benefit”) for eligible retirees and continuance beneficiaries. The 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 Supplemental Benefit is paid. If you are eligible for one or both of these benefits, payment will be included in your November 2019 monthly pension benefit.   The eligibility requirements for the Supplemental Benefit and Corbett settlement benefits are described in our FAQs under “Annual Supplemental Benefit ("13th Check"), Corbett, COLA, COL Annuity.” Here, you will also find a description of how these benefits are calculated.Click "Read More" to view the full article. Learn More...

SDCERS' IT Department Receives 2019 MISAC Quality IT Practices Award

Date: Nov 05, 2019 Categories: News Articles, Press Release

SDCERS is proud to announce it has received the Municipal Information System Association of California (MISAC) Quality Information Technology Practices Award for the second year in a row. MISAC is a collaborative organization of California local government IT professionals with the goal of promoting leadership, information sharing, and access to resources to enhance local government services and effectiveness. Membership includes cities, towns, public safety, special districts, and other local governmental agencies/districts.    Receiving MISAC Quality IT Practices Award is an honor and tribute to the dedication and performance of SDCERS’ IT staff and contractors.Click here to read the full article and learn more about this award.   Learn More...

SDCERS Receives the 2019 Public Pension Standards Award for Funding and Administration

Date: Oct 21, 2019 Categories: News Articles, Press Release

For the second 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.​Click "Read More" for more information about this award. Learn More...

SDCERS' Final Investment Return for Fiscal Year 2019

Date: Sep 20, 2019 Categories: Investments, News Articles, Press Release

At the September Board meeting, SDCERS’ Investments Team reported a final return of 7% (net of fees) for Fiscal Year 2019. As of June 30, 2019, the trust fund’s assets totaled $8.4 billion, reflecting a net increase of $370 million over the past year. SDCERS’ average rate of return over the past 20 years is 7.3%, and since its inception is 8.9%.   There are a few ways to measure an investment portfolio’s performance – after all, 7% is great if the market averaged only a 3% return for example, but 7% isn’t so good if the market averaged 10-15%. One way we measure our performance is by comparing our actual rate of return to the actuarial rate of return, which is the expected earnings rate determined by SDCERS’ actuary and used to calculate things like contribution rates. We are happy to report that our 7% return beat our actuarial rate of return of 6.5%, which indicates SDCERS is maintaining its long-term investment strategy to ensure the continued payment of promised pension benefits to its members.   Another way to measure performance is by comparing our returns to a market benchmark, which is basically how the market did if its asset allocations were invested proportionate to SDCERS’ portfolio. Unfortunately, we did not beat our market benchmark of 7.6%; this is primarily due to relative underperformance from our private equity investments. (See full article for more details.) Learn More...

SDCERS' Board Appoints New Vice President and Committee Chairs

Date: Sep 13, 2019 Categories: Board, News Articles, Press Release

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.   Learn More...

SDCERS' Board Welcomes Two New Members, and Carina Coleman Reappointed for Second Term

Date: Aug 05, 2019 Categories: Board, News Articles, Press Release

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. Learn More...

Active City Members: Register for Upcoming Pre-Retirement Seminar!

Date: Jul 31, 2019 Categories: Events, Press Release, Retirement Resources

UPDATE: THE SEPTEMBER SEMINAR IS NOW FULL. WE WILL ANNOUNCE THE DATES OF FUTURE SEMINARS AS THEY ARE SCHEDULED. Attention All Active City Members:   Registration is now open for SDCERS’ upcoming pre-retirement seminar, which will be held on September 11th at 2:30 p.m. in SDCERS’ Board room (401 West A Street, Third Floor, San Diego, CA 92101). At this educational seminar, SDCERS staff will walk you through your retirement benefits and help you plan for the future.No matter how old you are, it’s never too early or too late to start thinking about your retirement goals and making plans so that you can meet those goals. Space is limited, so please call SDCERS as soon as possible to register, at (619) 525-3600.  Additional pre-retirement seminars and DROP entry seminars will be held in the future, so if you miss this one, you can plan to attend next time.   NOTE: You must attend a pre-retirement seminar before attending a Deferred Retirement Option Plan (“DROP”) entry seminar. Learn More...

SDCERS Receives Certificate of Achievement for Excellence in Financial Reporting

The Government Financial Officers Association (“GFOA”) has awarded SDCERS the Certificate of Achievement for Excellence in Financial Reporting for SDCERS’ 2018 Comprehensive Annual Financial Report (“CAFR”) and Popular Annual Financial Report (“PAFR”). This is the 11th year in a row SDCERS has received this recognition! The GFOA is a non-profit professional association serving approximately 15,000 government finance professionals. SDCERS’ CAFR and PAFR were judged by an impartial panel and deemed to have met the high standards of the certificate program, including demonstrating an effective means to disclose and clearly communicate SDCERS’ financial story and to motivate Members and the public to read the CAFR and PAFR.  This award it the highest form of recognition in the area of government accounting and financial reporting. It represents a significant accomplishment by a governmental agency and its management. SDCERS’ award-winning CAFR and PAFR are available online and can be viewed here. Learn More...

New SDCERS Board President

Date: Jul 12, 2019 Categories: Board, News Articles, Press Release

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. Learn More...

Fiscal Year 2020 COLA & City Retiree Health Open Enrollment Help Day

Date: Jun 05, 2019 Categories: Board, COLA, News Articles, Open Enrollment, Press Release

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 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...

MISAC Quality in IT Practices Award

Date: Oct 31, 2018 Categories: News Articles, Press Release

SDCERS is proud to announce it received the Municipal Information System Association of California (MISAC) Quality in IT Practices Award. MISAC is a collaborative organization of California local government IT professionals with the goal of promoting leadership, information sharing, and access to resources to enhance local government services and effectiveness. Membership includes cities, towns, public safety, special districts and other local governmental agencies/districts. Learn More...

SDCERS Recognized for Achieving Pension Standards

Date: Oct 08, 2018 Categories: News Articles, Press Release

The Public Pension Coordinating Council awarded the 2018 Public Pension Standards Award for Funding and Administration to SDCERS. The award recognizes SDCERS for meeting professional standards for plan funding and administration as set forth in the Public Pension Standards. The Public Pension Coordinating Council is a confederation of the National Association of State Retirement Administrators (NASRA), the National Conference on Public Employee Retirement Systems (NCPERS), and the National Council on Teacher Retirement (NCTR). 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...

Hoy Reelected Board President

Date: May 11, 2018 Categories: Board, News Articles, Press Release

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...

Cost of Living Adjustment (COLA) Approved by SDCERS Board of Administration

Date: May 11, 2018 Categories: Board, COLA, News Articles, Press Release

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%   Learn More...

SDCERS Names Gregg Rademacher as New Chief Executive Officer

Date: Jan 12, 2018 Categories: Board, News Articles, Press Release

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. Learn More...

Annual Membership Meeting Presentation

Date: Oct 23, 2017 Categories: Events, News Articles, Press Release

Nearly 100 active and retired members attended the 2017 Annual Membership Meeting on October 20 to get an update on pension news, investments, and benefits from executive staff. If you were unable to attend, you're encouraged to view the presentation here.   Learn More...

SDCERS CEO Recruitment Bulletin

Date: Oct 17, 2017 Categories: News Articles, Press Release

The San Diego City Employees' Retirement System and the City of San Diego are accepting resumes for the unclassified position of Chief Executive Officer. The filing deadline is Wednesday, November 1, 2017. For additional information, please visit: SDCERS CEO Recruitment Bulletin.   Learn More...

SDCERS Reports 13.5% Final Investment Return for Fiscal Year 2017

Date: Oct 16, 2017 Categories: Investments, News Articles, Press Release

San Diego City Employees’ Retirement System (SDCERS) reported a final return of 13.5% (net of fees) for the fiscal year ending June 30, 2017. Total Fund assets totaled $7.5 billion, representing growth of approximately $686 million during the fiscal year. While each asset class generated positive returns, the Fund’s double-digit return was primarily driven by public equities. Learn More...

SDCERS Board of Administration Adjusts Discount Rate to 6.5% Over Two Years

Date: Sep 15, 2017 Categories: Board, Discount Rate, News Articles, Press Release

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. Learn More...

Mark Hovey, SDCERS’ Chief Executive Officer, Will Step Down December 1

Date: Sep 05, 2017 Categories: Board, News Articles, Press Release

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. Learn More...

SDCERS Reports Preliminary Return of 13.4% For Fiscal Year 2017

Date: Aug 21, 2017 Categories: Investments, News Articles, Press Release

San Diego City Employees’ Retirement System (SDCERS) reported a preliminary return of 13.4% (net of fees) for the fiscal year ended June 30, 2017. Total Fund assets totaled $7.5 billion, representing growth of approximately $686 million during the fiscal year. While each asset class generated positive returns, the Fund’s double-digit return was primarily driven by public equities.   Learn More...

Spoon and Kenney to Serve as Mayoral Appointees on SDCERS Board of Administration

Date: May 10, 2017 Categories: Board, News Articles, Press Release

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. Learn More...

SDCERS Board Approves 13th Check and Corbett Benefits for 2016

Date: Nov 04, 2016 Categories: 13th Check and Corbett, Board, News Articles, Press Release

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.   Learn More...

Annual Membership Meeting Presentation

Date: Oct 15, 2016 Categories: Events, News Articles, Press Release, Retirement Resources

Nearly 125 active and retired members attended the 2016 Annual Membership Meeting on October 14 to get an update on pension news, investments and benefits from executive staff. If you were unable to attend, you're encouraged to watch the video by clicking here.   View the slide presentation here.  Learn More...

Annual Membership Meeting

Date: Sep 29, 2016 Categories: Press Release

Join SDCERS for our Annual Membership Meeting. All members are welcome to attend! Learn More...

SDCERS Welcomes New Retired Board Trustee

Date: Sep 19, 2016 Categories: Board, News Articles, Press Release

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. Learn More...

SDCERS Board Decision on Experience Study and Associated Actuarial Assumptions

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. Learn More...

SDCERS Reports Preliminary Return of 1.1% for Fiscal Year 2016

Date: Aug 26, 2016 Categories: Investments, News Articles, Press Release

San Diego City Employees’ Retirement System (SDCERS) reported a preliminary return of 1.1% (net of fees) for the fiscal year ending June 30, 2016. Despite the low absolute return, the performance was in the top third of the All Public Funds Universe obtained from BNY Mellon and Investment Metrics. Assets under management were $6.8 billion as of June 30, 2016. Learn More...

SDCERS Releases Latest Actuarial Valuations

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...

​SDCERS Board of Administration Adjusts Discount Rate to 7.125%

Date: Nov 23, 2015 Categories: Board, Discount Rate, News Articles, Press Release

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...

SDCERS Board Approves 13th Check and Corbett Benefits for 2015

Date: Nov 13, 2015 Categories: 13th Check and Corbett, Board, News Articles, Press Release

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.   Learn More...

DROP Interest Crediting Rate Change for 2016

Date: Nov 13, 2015 Categories: Board, DROP, News Articles, Press Release

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...

SDCERS Reports 3.3 Percent Final Investment Return for Fiscal Year 2015

Date: Nov 04, 2015 Categories: Investments, News Articles, Press Release

San Diego City Employees’ Retirement System (SDCERS) reported a final return of 3.3% (net of fees) for the fiscal year ending June 30, 2015. Assets under management grew $122 million during the fiscal year. Learn More...

SDCERS Reports Preliminary Return of Three Percent for Fiscal Year 2015

Date: Aug 14, 2015 Categories: Investments, News Articles, Press Release

San Diego City Employees’ Retirement System (SDCERS) reported a preliminary return of 3% (net of fees) for the fiscal year ending June 30, 2015. Assets under management grew $100 million during the fiscal year.   Learn More...

Arrollado Elected Board President

Date: Jul 16, 2015 Categories: Board, News Articles, Press Release

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...

CEO Mark Hovey Earns Top Honor

Date: Feb 12, 2015 Categories: News Articles, Press Release

SDCERS Chief Executive Officer Mark Hovey was honored at the San Diego Business Journal’s eighth annual Most Admired CEO ceremony held January 28. Hovey earned the top honor in the Government Category. SDCERS staff and Board Trustees are proud of this accomplishment which represents success for all our Members and the plan sponsors, as well as the public.   Learn More...

SDCERS Releases Latest Actuarial Valuations

Date: Jan 12, 2015 Categories: Actuarial Valuations, News Articles, Press Release

San Diego City Employees’ Retirement System (SDCERS) announced that strong investment returns lowered the City of San Diego’s annual payment to the pension system by $8 million.   The SDCERS Board of Administration reviewed preliminary annual actuarial valuations as of June 30, 2014 for the City of San Diego, the San Diego Unified Port District and the San Diego County Regional Airport Authority at its January 9 meeting. All three plan sponsors showed improvements in their pension plan funding ratios.   Learn More...

SDCERS Reports Revised Fiscal Year 2014 Investment Return of 17.3 Percent

Date: Sep 09, 2014 Categories: Investments, Press Release

Investment officers from the San Diego City Employees’ Retirement System (SDCERS) today reported a revised preliminary 17.3 percent investment return (net of fees) for the fiscal year ending June 30, 2014. Learn More...

SDCERS’ Private Equity Portfolio Named Best Among Public Pension Plans Nationwide

Date: Aug 21, 2014 Categories: Investments, Press Release

Council President Gloria praises pension system following solid investment returns for FY 2014   Learn More...

SDCERS Reports Solid Return of 16.6 Percent for Fiscal Year 2014

Date: Aug 13, 2014 Categories: Investments, Press Release

Investment officers from the San Diego City Employees’ Retirement System (SDCERS) today reported a preliminary 16.6 percent investment return (net of fees) for the fiscal year ending June 30, 2014. Assets under management grew by $900 million during the fiscal year.   Learn More...

SDCERS Receives Award for Achievement in Popular Annual Financial Reporting

SDCERS has been given the Award for Outstanding Achievement in Popular Annual Financial Reporting by the Government Financial Officers Association for its FY 2013 Popular Annual Financial Report. Learn More...

SDCERS Launches Dynamic, New Website

Date: Jul 28, 2014 Categories: Press Release, Retirement Resources

The San Diego City Employees' Retirement System (SDCERS) today launched its new website, www.sdcers.org, incorporating a new look, improved navigation and interactive tools to help members plan for and enjoy retirement. Learn More...

SDCERS' Assets Surpass $7 Billion for First Time in System History

Date: Jul 19, 2014 Categories: Investments, Press Release

Investment officers from the San Diego City Employees' Retirement System (SDCERS) have announced that as of July 2, 2014, assets have surpassed $7 billion for the first time in system history. Learn More...

Arrollado Re-Elected Vice President of the Board of Administration

Date: Jul 14, 2014 Categories: Board, Press Release

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.   Learn More...

Judge Rules in Favor of SDCERS in Purchase of Service Litigation

Date: Jun 20, 2014 Categories: Litigation, Press Release, Purchase of Service (PSC)

Judge Prager has granted SDCERS’ Motion for Summary Judgment in the Purchase of Service (PSC) Corrections Litigation. The PSC Corrections litigation involves nine lawsuits filed by City and Airport employees with PSC contracts affected by a 2010 Court of Appeal decision relating to underpricing of purchase of service contracts for “air time.” Learn More...

SDCERS Receives Certificate of Achievement for Excellence in Financial Reporting

The Government Financial Officers Association (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the San Diego City Employees’ Retirement System (SDCERS) for its FY 2013 Comprehensive Annual Financial Report (CAFR). Learn More...

SDCERS, City Settle Substantially Equal Lawsuit

Date: Feb 21, 2014 Categories: Litigation, Press Release

The San Diego City Employees’ Retirement System's (SDCERS) settlement agreement with the City of San Diego in the Substantially Equal lawsuit was approved by Judge Zimmerman today, marking the first time in more than a decade that there is no open litigation between SDCERS and the City. Learn More...

SDCERS Releases Annual Actuarial Valuations

Date: Jan 03, 2014 Categories: Press Release

The San Diego City Employees’ Retirement System (SDCERS) today released its annual actuarial  valuations for the City of San Diego, the Unified Port of San Diego and the San Diego County Regional  Airport Authority for the year ended June 30, 2013.  Learn More...

SDCERS, City Reach Agreement on Substantially Equal Lawsuit

Date: Nov 25, 2013 Categories: Litigation, Press Release

The San Diego City Employees’ Retirement System (SDCERS) today announced it has reached a settlement agreement with the City of San Diego in the Substantially Equal lawsuit. While there was no final judgment from the court, the settlement lets stand SDCERS’ decades-long application of the "substantially equal" requirement of the City Charter, puts an end to years of litigious spending and marks the first time in more than a decade that there is no open litigation between SDCERS and the City. Learn More...

SDCERS Board of Administration Adjusts Discount Rate to 7.25%

Date: Nov 08, 2013 Categories: Board, Discount Rate, Press Release

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...

SDCERS Announces Final Fiscal Year 2013 Investment Returns of 13.6%

Date: Oct 24, 2013 Categories: Investments, Press Release

The San Diego City Employees’ Retirement System today announced final investment earnings of 13.6% (net of fees) for fiscal year 2013. The total fund policy benchmark was 12.6%. This placed SDCERS’ return in the top 17th percentile of the public funds universe, as measured by the Bank of New York Mellon. Learn More...

Board of Administration Welcomes James B. Smith III to SDCERS’ Audit Committee

Date: Sep 23, 2013 Categories: Board, Press Release

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...

Collura to Serve as Ex-Officio, Mayoral Designee on SDCERS Board of Administration

Date: Sep 20, 2013 Categories: Board, Press Release

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...

Kitrosser Unanimously Elected SDCERS Board President

Date: Aug 20, 2013 Categories: Board, Press Release

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...

Hernandez to Serve as Ex-Officio, Mayoral Designee on SDCERS Board of Administration

Date: Aug 07, 2013 Categories: Board, Press Release

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...

City Council Approves Appointments to the SDCERS Board of Administration

Date: Jul 30, 2013 Categories: Board, Press Release

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 Vetoes Appointments to SDCERS Board of Administration

Date: Jul 18, 2013 Categories: Board, Press Release

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...

SDCERS Board Decision on Revised Actuarial Valuation

Date: Jul 02, 2013 Categories: Actuarial Valuations, Board, Press Release

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...

Mayor Reappoints Morgan and Kitrosser, Appoints Preovolos to SDCERS Board of Administration

Date: Jun 25, 2013 Categories: Board, Press Release

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...

SDCERS Welcomes New Board Trustees

Date: Apr 15, 2013 Categories: Board, Press Release

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...

Mayor Filner, SDCERS Urge City Attorney to Drop Frivolous Lawsuit Costing Taxpayers Millions

Date: Apr 12, 2013 Categories: Litigation, Press Release

Mayor Bob Filner and San Diego City Employees’ Retirement System Board President Herb Morgan today publicly urged City Attorney Jan Goldsmith to drop the City’s lawsuit against the Retirement System, calling the case a waste of taxpayer dollars Learn More...

Herb Morgan Re-Elected As SDCERS Board President

Date: Aug 15, 2012 Categories: Board, Press Release

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...

SDCERS' Preliminary 2011 Investment Returns are Highest Since 1987

Date: Aug 25, 2011 Categories: Investments, Press Release

The San Diego City Employees’ Retirement System reported a 23.8% return on investments for the fiscal year ending June 30, 2011, adding approximately $1 billion to the pension fund and resulting in its strongest performance since 1987. Learn More...

SDCERS Board of Administration Names New CEO

Date: Jun 11, 2010 Categories: Board, Press Release

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 Names Mark Hovey as Interim CEO

Date: Nov 23, 2009 Categories: Board, Press Release

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...

Board Votes Not to Change Actuarial Methods

Date: Sep 18, 2009 Categories: Board, Press Release

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...

SDCERS' Mark Hovey Earns CFO of the Year Award

Date: Jul 24, 2009 Categories: Press Release

SDCERS' Chief Financial Officer Mark Hovey recently earned the Government Agency CFO of the Year award from the San Diego Business Journal. The award was presented July 16th, at the 3rd annual CFO of the Year award program that recognizes financial professionals in San Diego for outstanding performance. Learn More...

SDCERS Maintains Long-Term Investment Focus

Date: Sep 17, 2008 Categories: Investments, Press Release

Given recent events in the financial market, the SDCERS Board of Administration issued a press release to address concerns and emphasize its long-term investment strategy. Learn More...