Latest News

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' 2019 Annual Membership Meeting

Date: Oct 18, 2019 Categories: Events, News Articles

This year's Annual Membership Meeting took place on October 18th. If you missed it, you can download a copy of the presentation here. The theme of the meeting was "Keeping Our Promises, So You Can Keep Yours," and the presenters did a great job of explaining what SDCERS' promises to its members are and how we plan to keep them. Here is a short synopsis of this year's presentations: Liza Crisafi, Chief Investment Officer; Anders Norrman, Senior Investment Officer; and Jamie Hamrick, Senior Investment Officer, provided a summary of SDCERS' investment performance in fiscal year 2019. Marcelle Voorhies Rossman, Deputy Chief Executive Officer, explained how SDCERS protects its members' privacy and also how SDCERS funds the City, Port, and Airport's pension benefits. Gregg Rademacher, Chief Executive Officer, talked about SDCERS' core values and how these values are incorporated into SDCERS' "Retirement Promise." Cynthia Queen, Member Services Director, gave a brief overview of the Member Portal and why all of our members should have a Member Portal account. We'd like to thank the attendees at this year's meeting for being a wonderful, engaging audience. The meeting was video recorded and the video will be added to our YouTube channel as soon as it is available. We hope to see you all at next year's meeting!   Learn More...

SDCERS' Annual Membership Meeting - You're Invited!

Date: Oct 16, 2019 Categories: Events, News Articles

All Members are invited to attend SDCERS' Annual Membership Meeting, this Friday, October 18th, from 11:00 - noon at Balboa Park Club Ballroom. Presenters include Liza Crisafi, SDCERS' Chief Investment Officer, and other members of the Investments Team; Marcelle Voorhies Rossman, Deputy CEO; Gregg Rademacher, CEO; and Cynthia Queen, Member Services Director. We hope to see you there! (If you can't make it this year, don't worry - the meeting will be video recorded and posted to our Youtube channel next week.)   Learn More...

Meet Your SDCERS Call Center Representatives!

Date: Sep 27, 2019 Categories: News Articles

If you’ve ever called SDCERS, odds are you’ve spoken to one of our Call Center representatives. These are the people who spend all day, every day answering Members’ questions and trying to fix their problems. As anyone in customer service will likely tell you, it can sometimes be a thankless job. However, our Call Center representatives are lucky to have kind and patient Members, and our Members are equally lucky to have such passionate and caring people on the other end of the phone. At some point, almost all of our Members will talk to someone in the Call Center, so we thought you might like to know a little more about the ladies you’ll be talking to and maybe even put a face to the name of your representative. Click "Read More" below to view the full article and see individual bios for each of our Call Center staff members!From Left to Right: Sarema Valenzuela, Catherine Ayala, Andrea Valdes, Selene Rodriguez, and Victoria Fedalizo. 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...

Annual Member Statements

Date: Aug 16, 2019 Categories: Member Portal, News Articles

Non-retired SDCERS Members will be receiving their Annual Statement of Benefits in the mail over the next several days. This statement contains detailed account information for the fiscal year ending June 30, 2019, which means the information is current as of July 1, 2019. The purpose of this Annual Statement of Benefits is (1) to ensure that your beneficiary designations are updated, and (2) to keep you informed of the details of your SDCERS retirement account.Please review the information on your statement carefully and contact SDCERS if you need to update your information or if you believe there is an error in your statement. A video detailing the contents of your statement is available here. If you have questions about your Annual Statement of Benefits, please visit your Payroll Specialist or call the SDCERS Call Center at 619-525-3600. And remember, your most up-to-date account information is always available on the SDCERS Member Portal. 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...

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...

New Member Contribution Rates For FY 2020

Date: Jul 01, 2019 Categories: Actuarial Valuations, Contribution Rates, News Articles

IMPORTANT: These changes only apply to (1) City of San Diego Members and (2) Port Safety Members who were hired after January 1, 2013.   New Member contribution rates went into effect on July 1, 2019 for all City of San Diego Members, and for Port Safety Members hired after January 1, 2013. If you fall into one of these categories, you can view your new contribution rates by going to “Retirement Plan Summaries” and clicking on your employer and date of hire. Most Members will only notice a minor adjustment on their first July paycheck. These Member contributions are the mandatory pre-tax deductions on a Member’s biweekly paycheck that are deposited into the SDCERS Trust Fund, where they earn interest and eventually fund each Member’s individual pension. Contributions are calculated as a percentage of the Member’s pensionable salary. The percentage is determined according to the Member’s plan tier and age of entry into SDCERS. Contribution rates are adjusted by SDCERS’ Board as needed, based on actuarial assumptions and calculations provided by SDCERS’ actuary.   Learn More...

Important Reciprocity Update

Date: Jun 24, 2019 Categories: News Articles, Reciprocity

SDCERS administers the pension plans for three plan sponsors - the City of San Diego, the San Diego Unified Port District, and the San Diego County Regional Airport Authority. Your ability to establish reciprocity depends on which plan sponsor you intend to work for, so please review this information carefully. If you are currently working at a California government agency that participates in reciprocity, and you are considering employment with the Port or Airport, you can apply to establish reciprocity. If you are currently working at a California government agency that participates in reciprocity, and you are considering employment with the City of San Diego, please note that only sworn police officers may join the City of San Diego’s pension plan. The City’s pension plan was closed on July 20, 2012, following the passage of City Proposition B, to all new hires except sworn police officers 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...

SDCERS Board Approves 13th Check and Corbett Benefits for 2018

Date: Nov 09, 2018 Categories: 13th Check and Corbett, Board, News Articles

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.   Learn More...

DROP Interest Crediting Rate Change for 2019

Date: Nov 09, 2018 Categories: Board, DROP, News Articles

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.   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...

SDCERS Receives Certificate of Achievement for Excellence in Financial Reporting

The Government Financial Officers Association (GFOA) has awarded the Certificate of Acheivement for Excellence in Financial Reporting to the San Diego City Employees' Retirement System (SDCERS) for both its Comprehensive Annual Financial Report (CAFR) and the Popular Annual Financial Report (PAFR). This is the tenth consecutive year SDCERS has received this recognition. The award is the highest form of recognition in the area of government accounting and financial reporting and represents a significant accomplishment by a governmental agency and its management. The CAFR and PAFR have been judged by an impartial panel to meet the high standards of the 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. SDCERS' award-winning CAFR and PAFR are available online and copies of previous award-winners can be viewed here. The GFOA is a non-profit professional association serving approximately 15,000 government finance professionals.   Learn More...

City Retiree Health Open Enrollment

Date: May 15, 2018 Categories: Health, News Articles, Open Enrollment

Health Open Enrollment ran from June 4 to June 29, 2018. Booklets containing rates and additional information were mailed. You can access an electronic copy here and the comparison charts.New for 2018: Health Net was replaced by Cigna and SCAN Health Plan.The Open Enrollment kick-off event was Wednesday, May 30. The event featured formal presentations by Kaiser, Cigna, SCAN Health Plan, Sharp and CareCounsel. Annual Help Day was held Friday, June 22, from 10a.m. to noon at the Balboa Park Club Ballroom.CareCounsel is there to help! CareCounsel Member Care Specialists are available for your healthcare inquiries and concerns. You can call them at (888) 227-3334 or e-mail staff@carecounsel.com Monday through Friday, 6:30 a.m. to 5:00 p.m. PST. Click here for additional information. 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...

1099Rs Mailed to Eligible Payees - Frequently Asked Questions

Date: Feb 02, 2018 Categories: 1099R, News Articles

IRS Form 1099-R’s were mailed to payees by January 30, 2018 and are now available on the Member Portal. Click here for additional information to assist in understanding the tax forms you received. If you have additional questions, please submit your questions via the Contact Us link located in the upper left of this page. 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 Health Allowance Reminder

Date: Dec 15, 2017 Categories: Health, News Articles

Reminder for Annual Health Allowance: effective July 1, 2017, your healthcare allowance is being applied on an annual basis, to comply with San Diego Municipal Code requirements. This means that SDCERS will no longer divide your annual allowance into 12 payments; rather your entire annual allowance will be available to you each July 1, as explained in the 2017 Open Enrollment materials on pages 9 and 12. You can read additional information here.   Learn More...

DROP Interest Crediting Rate Change for 2018

Date: Nov 03, 2017 Categories: Board, DROP, News Articles

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...

SDCERS Board Approves 13th Check and Corbett Benefits for 2017

Date: Nov 03, 2017 Categories: 13th Check and Corbett, Board, News Articles

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.   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...

Response to San Diego Union Tribune article

Date: Sep 15, 2017 Categories: News Articles

 Re: "City increases pension fund debt, but delays the financial consequences" (Sept. 9, 2017) To the Editor: As reported, San Diego City Employees’ Retirement System’s board of administration lowered the pension system’s investment return assumption from 7 percent to 6.5 percent over two years, adopting the lowest, most conservative investment return assumption of all California public pension plans. This will enhance system security and increase pension contributions required annually by employees. The board took this action despite SDCERS’ strong historical investment returns: 8.1 percent over the past 20 years.  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...

California Supreme Court Announces They Will Review Fourth District Court of Appeal Ruling on Proposition B

Date: Jul 27, 2017 Categories: News Articles, Proposition B

On July 27, 2017, the California Supreme Court announced they have agreed to review the Fourth District Court of Appeal ruling on Proposition B.  In 2012, Proposition B closed the defined benefit retirement plan to newly hired City of San Diego employees, other than sworn police officers. City unions challenged the legality of Proposition B on the grounds the City violated unfair labor practices by failing to meet and confer over the proposition. In April 2017, the Court of Appeal found the City did not violate unfair labor practices, thereby clearing the way for the City to continue to enforce Proposition B. Today, the California Supreme Court agreed to review the Fourth District Court of Appeal’s ruling.   The outcome of the California Supreme Court’s review is uncertain. SDCERS will continue to monitor developments on the issue and work with the parties involved on the outcome of any further court proceedings.   Learn More...

Contribution Rates for City Members in Effect July 1st

Date: Jul 01, 2017 Categories: Actuarial Valuations, Board, Contribution Rates, News Articles

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.   Learn More...

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

Date: May 12, 2017 Categories: Board, COLA, News Articles

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...

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...

Court of Appeal Upholds Proposition B Despite PERB’s Ruling

Date: Apr 11, 2017 Categories: News Articles, Proposition B

On April 11, 2017, the Court of Appeal found the California Public Employment Relations Board (PERB) erred when it concluded the City of San Diego violated unfair labor practices by declining to meet and confer over Proposition B, a citizen-sponsored initiative. By annulling the PERB’s decision, the Court of Appeal cleared the way for the City to continue to enforce Proposition B. Learn More...

SDCERS Holds Two Board Elections

Date: Mar 22, 2017 Categories: Board, News Articles

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. Learn More...

Risk-Adjusted Return Summary

Date: Feb 22, 2017 Categories: Investments, News Articles

The Investment Division recently completed a review of SDCERS’ risk-adjusted return to understand better how SDCERS is being compensated for the risk it assumes in its portfolio. Aiming for a higher return is great, but not if it comes at the cost of taking on excessive risk that threatens the portfolio’s long-term stability. Learn More...

Response to San Diego Union Tribune article

Date: Feb 04, 2017 Categories: News Articles

SDCERS response to the article "Pension boards must get real when it comes to numbers and challenges," in the San Diego Union Tribune on Friday, February 3, 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...

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...

Contribution Rates for City Members in Effect July 1st

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...

Health Open Enrollment For City Retirees Has Begun

Date: Jun 05, 2016 Categories: Health, News Articles, Open Enrollment

Open Enrollment is Monday, June 6 – Thursday, June 30. Take a look at these five facts - they’ll help you understand whether or not you need to take action during this year’s Open Enrollment period. And don't forget to join SDCERS on Tuesday, June 14th for our annual Open Enrollment Help Day from 10 a.m. to noon at the Balboa Park Club Ballroom.      Learn More...

Retired Trustee Election--Deadline Extended to July 15

Date: Jun 01, 2016 Categories: Board, News Articles

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.    Learn More...

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

Date: May 27, 2016 Categories: COLA, News Articles

A Cost of Living Adjustment (COLA) was approved by the SDCERS’ Board of Administration at its May 13, 2016 meeting. The COLA will be applied to the retirement benefits of eligible SDCERS retirees effective July 1, 2016.Three separate COLAs were approved and differ depending on when the eligible member retired. Learn More...

SDCERS Receives Small Public Pension of the Year Award

Date: May 23, 2016 Categories: Investments, News Articles

SDCERS’ Chief Investment Officer, Liza Crisafi, received the Institutional Investor Small Public Pension of the Year award at the 7th Annual U.S. Investment Management Awards in New York City. Learn More...

SDCERS Held Second Annual City Health Presentation

Date: Apr 08, 2016 Categories: Health, News Articles, Open Enrollment

Around 200 retirees attended SDCERS’ second annual City Retiree Health Coverage Presentation on April 8. Presenters from SDCERS, City of San Diego Risk Management, Health Net, Sharp and Kaiser shared a comprehensive overview of all health coverage services offered through SDCERS, in preparation for Open Enrollment, to be held June 6 through June 30. Don’t miss our next event, Open Enrollment Help Day, on June 14 from 10 a.m. to noon at the Balboa Park Club Ballroom. Learn More...

City of San Diego Appeals Prop B Ruling by California Public Employment Relations Board

Date: Jan 27, 2016 Categories: News Articles, Proposition B

On January 25, 2016, the City of San Diego petitioned the Fourth Appellate District Court of Appeal to vacate a ruling by the Public Employment Relations Board (PERB) that would unwind Proposition B, the 2012 pension-reform initiative. Learn More...

1099Rs Mailed to Eligible Payees - Frequently Asked Questions

Date: Jan 20, 2016 Categories: 1099R, News Articles

On February 1, 2016, 1099R’s will be mailed to eligible SDCERS payees. This notice provides payees with additional information to assist in the completion of their tax returns. Be sure to click the the title for a list of frequently asked questions. If you have additional questions, please call SDCERS Call Center at 619-525-3600 or submit your questions by clicking on "Contact Us."   Learn More...

Ruling by California Public Employment Relations Board Regarding Prop B

Date: Jan 11, 2016 Categories: News Articles, Proposition B

Proposition B, approved by the City of San Diego voters in 2012, closed the defined benefit retirement plan to City employees hired on or after July 20, 2012, other than for sworn police officers.  Four City unions filed a complaint with the California Public Employment Relations Board (PERB), contending, among other things, the City failed to meet and confer with the unions prior to supporting Proposition B, in violation of the Meyers-Milias Brown Act. Learn More...

Deadline to File for a Disability Retirement Shortened

Date: Jan 11, 2016 Categories: Board, News Articles

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...

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...

2016 Medicare Part B Update

Date: Dec 16, 2015 Categories: Health, News Articles

If you recently received an increase or decrease to your Medicare Part B premium, you will need to submit to SDCERS your 2016 Benefit Verification Letter from the Social Security Administration to be reimbursed for this increased or decreased amount. If you do not submit it, you will continue to receive the reimbursement amount SDCERS has on file. Click the title for more information. 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 Annual Meeting Video Now Available

Date: Nov 02, 2015 Categories: News Articles

Nearly 150 active and retired members attended the 2015 Annual Membership Meeting on October 23 to get an update on pension news, investments and benefits from executive staff.   Learn More...

Annual Member Statements Coming Soon: Watch this Video!

Date: Sep 04, 2015 Categories: Member Portal, News Articles, Retirement Resources

As part of SDCERS Retirement Readiness campaign and our ongoing commitment to customer service, all members who have not yet retired will soon receive an Annual Member Statement. The purpose of the statement is to ensure that you are informed of the details of your SDCERS retirement account. Once you receive your Annual Member Statement, we encourage you to watch this video to learn all about them.   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...

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 2014 Comprehensive Annual Financial Report (CAFR). This is the 7th consecutive year SDCERS has received this recognition. Learn More...

Cost of Living Adjustments

Date: May 04, 2015 Categories: COLA, News Articles

July 1, 2015 recommended COLAs have been determined. Click title for more information. 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 PUSHES FOR GREATER TRANSPARENCY THROUGH REAL TIME BOARD STREAMING

Date: Nov 10, 2014 Categories: News Articles, Retirement Resources

The San Diego City Employees’ Retirement System (SDCERS) today announced its Board of Administration and Business and Governance Committee meetings will be streamed live on its website beginning November 2014. Learn More...

Times of San Diego: Kudos to S.D. Pension Gurus: 17.3% Return

Date: Sep 10, 2014 Categories: Investments, News Articles

The San Diego City Employees' Retirement System reported Tuesday that its net investment return for the fiscal year that ended June 30 was 17.3 percent, higher than initially believed. Learn More...

IPE: San Diego City backs Europa Capital fund

Date: Aug 06, 2013 Categories: Investments, News Articles

GLOBAL – San Diego City Employees' Retirement System is to invest in Europa Capital's value-add fund, in the latest example of US institutions targeting European real estate strategies. Learn More...

Pensions and Investments: SDCERS Earns 13.9% on Investments in 2012

Date: Feb 25, 2013 Categories: Investments, News Articles

San Diego City Employees' Retirement System earned 13.9% net of fees for the year ended Dec. 31, said Elizabeth Crisafi, chief investment officer for the $5.6 billion system, in an e-mail. Learn More...