2017

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.   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. 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.   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.   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. More...

Medicare Workshop Presentation

Date: Sep 18, 2017 Categories: Events, Health

SDCERS hosted a Medicare and Social Security presentation on Friday, October 6 at the Balboa Park Club Ballroom. Click here to access the presentation. Be sure to join us Friday, October 20 from 11:00am to Noon at the Balboa Park Club Ballroom for the SDCERS Annual Meeting! No RSVP is necessary. We look forward to seeing you there.   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. 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.  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. 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.   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.   More...

Hoy Elected Board President

Date: Jul 14, 2017 Categories: Board

The San Diego City Employees’ Retirement System (SDCERS) Board of Administration has elected Valentine Hoy to serve as Board President, effective July 14, 2017. Appointed by Mayor Sanders in 2011, Hoy has practiced law in San Diego since 1985. He is a litigation partner in the San Diego office of Allen Matkins Leck Gamble Mallory & Natsis LLP.  He previously served as a trustee and board president of the San Diego Museum of Man. Hoy served as Chair of the Board’s Business and Governance Committee for the past two years and as Vice President of the Board for the past year.  He succeeds Alan Arrollado, who held the position of Board President for the past two years.   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.   More...

Health Open Enrollment for City Retirees Has Begun

Date: Jun 04, 2017 Categories: Health, Open Enrollment

Open Enrollment is Monday, June 5 – Friday, 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 Friday, June 16th for our annual Open Enrollment Help Day from 10 a.m. to noon at the Balboa Park Club Ballroom.   More...

Two Respected Trustees End Their Time at SDCERS

Date: May 16, 2017 Categories: Board

SDCERS recently honored two highly respected trustees, Ed Kitrosser and Alan Arrollado, for their service on the Board of Administration.  Both Trustees served as president of the Board during their tenure, ensuring retirement security for the members of SDCERS during especially difficult times. 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.​ 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. 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. More...

SDCERS Held Third Annual City Health Presentation

Date: Apr 05, 2017

Over 200 retirees attended SDCERS’ third annual City Retiree Health Presentation on April 5. 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 5 through June 30. Don’t miss our next event, Open Enrollment Help Day, on June 16 from 10 a.m. to noon at the Balboa Park Club Ballroom. To view all the presentations, click here.    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. More...

Retiree Health Presentation

Date: Mar 15, 2017 Categories: Health, Open Enrollment

Join SDCERS and City health providers for an overview of retiree health coverage to assist you with planning for Open Enrollment 2017.  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. More...

Hearing Set For the City of San Diego’s Appeal of the California Employment Relations Board’s Ruling on Proposition B:

Date: Feb 08, 2017 Categories: Proposition B

On March 17, 2017 at 9:00 AM, the Fourth District Court of Appeal will hear oral argument regarding the City of San Diego’s appeal of the California Employment Relations Board’s (PERB) ruling on 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. PERB ruled the City violated the law by failing to meet and confer with City unions prior to supporting Proposition B. PERB ordered the City to, among other things, meet and confer with the unions, to reimburse the unions for their costs and attorney’s fees for the unions’ anticipated legal action to overturn Proposition B, and to make the affected employees whole. The City’s appeal seeks to overturn the PERB’s ruling.SDCERS will monitor this case and work with the parties involved on the outcome of the Court’s proceedings.  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.  More...

SDCERS is Now Accepting Nominations for two Active General Trustee Seats and one Active Fire Safety Trustee Seat

Date: Jan 25, 2017 Categories: Board

SDCERS is currently accepting nominations for an election to fill two Active General Trustee seats and one Active Fire Safety Trustee seat on the Board of Administration. The deadline for nominations is Monday, February 13. More...

1099Rs Mailed to Eligible Payees - Frequently Asked Questions

Date: Jan 23, 2017

IRS Form 1099-R’s will be mailed to payees by February 1, 2017. 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, or call SDCERS Call Center at 619-525-3600.   More...

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