• Feature Story

    SDCERS Board Approves Annual Supplemental Benefit and Corbett Settlement Increase for 2019
    November 08, 2019

    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 Moreto view the full article.

  • Feature Story

    SDCERS Receives the 2019 Public Pension Standards Award for Funding and Administration
    October 21, 2019

    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.​


    Image of SDCERS' 2019 Public Pension Standards Award for Funding and Administration from the Public Pension Coordinating Council


    Click "Read More" for more information about this award.

  • Feature Story

    Meet Your SDCERS Call Center Representatives!
    September 27, 2019

    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!

    Group photo of Call Center staff - Sarema Valenzuela, Catherine Ayala, Andrea Valdes, Selene Rodriguez, and Victoria Fedalizo.
    From Left to Right: Sarema Valenzuela, Catherine Ayala, Andrea Valdes, Selene Rodriguez, and Victoria Fedalizo.

  • Feature Story

    SDCERS' Board Appoints New Vice President and Committee Chairs
    September 13, 2019

    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.

    Charlie Hogquist, Carina Coleman, Carol Broad, and Thanasi Preovolos sitting at their podiums while motion to confirm Carina Coleman as new Vice President is on screen in the background.
    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.

     

  • Feature Story

    Annual Member Statements
    August 16, 2019

    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.

  • Feature Story

    SDCERS' Board Welcomes Two New Members, and Carina Coleman Reappointed for Second Term
    August 05, 2019

    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 as Board Members at the Office of the City Clerk.

    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.

  • Feature Story

    Active City Members: Register for Upcoming Pre-Retirement Seminar!
    July 31, 2019

    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.

  • Feature Story

    New SDCERS Board President
    July 12, 2019

    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. 

    Photo of Board Members Charlie Hogquist, Thanasi Preovolos.

    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.

  • Feature Story

    Important Reciprocity Update
    June 24, 2019

    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

  • Feature Story

    SDCERS Recognizes Outgoing Board Trustees
    June 17, 2019

    Serving as an SDCERS Trustee requires expertise, attention and time – with no compensation – and a commitment to delivering accurate and timely benefits to participants and ensure the trust fund’s safety, integrity and growth. Having accomplished this, three SDCERS Board Trustees were recently honored for their service.Board President and Mayoral Appointee Valentine S. Hoy, Mayoral Appointee William W. Haynor and Active Police Safety Trustee Thomas A. Sullivan, who each served two four-year terms, were recognized at the March 10, 2019 Board meeting, and at a send-off event in April. The new Board President will be selected at the July Board meeting. We are excited to welcome Sgt. Louis Maggi as our newly elected Active Police Safety Trustee seat. SDCERS is governed by a 13-member Board of Administration, responsible for the prudent administration of retirement benefits for City of San Diego, San Diego Unified Port District and San Diego County Regional Airport employees, and for overseeing the investment portfolio of the retirement system’s trust fund.

  • Feature Story

    Fiscal Year 2020 COLA & City Retiree Health Open Enrollment Help Day
    June 05, 2019

    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

  • Feature Story

    City Retiree Health Open Enrollment Kickoff
    May 23, 2019

    2019-2020 Health Open Enrollment for eligible City Retirees will run from June 3 – 28, 2019. The Health Open Enrollment Kickoff is this Friday, May 24 at the Balboa Park Club Ballroom. The event will feature formal presentations by Kaiser, Cigna, SCAN Health Plan, and Sharp from 10:00 a.m. – 10:30 a.m., and retirees will be able to talk to the providers and ask questions until noon. Click here for more information

  • Feature Story

    Fact Check Your Future
    April 02, 2019

    SDCERS administers benefits for more than 20 plan tiers, and you can learn more about YOUR plan by reading the Retirement Plan Summary that corresponds to your employer and hire date. Understand how your retirement contributions are calculated, when you are eligible for a lifetime retirement benefit, and your retirement benefit formula. Invest a few minutes in learning about your retirement future. 

  • Feature Story

    SDCERS' Board Votes to Set Minimum Pension Payments
    January 17, 2019

    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.

     

  • Feature Story

    SDCERS Reports 8.9% Final Investment Return for Fiscal Year 2018
    November 27, 2018

    SDCERS’ Total Fund reported performance of +8.9% net of fees compared to the benchmark of 7.6% and assets topped $8 billion for the fiscal year ended June 30, 2018. U.S. equities were a strong source of value-add during the year, up 16.3% compared to the benchmark of 14.8%.

  • Feature Story

    DROP Interest Crediting Rate Change for 2019
    November 09, 2018

    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.

     

Latest News

DROP Interest Rates for 2020
November 08, 2019

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.

November
Tuesday
November
05
Public Utilities Employees Pre-Retirement & DROP Entry Seminar
14:00
City of San Diego Public Utilities Department, Metropolitan Operations Complex (MOC II) Auditorium, 9192 Topaz Way, San Diego, CA 92123
Thursday
November
07
Disability Committee Meeting
09:00
401 West A Street, Suite 300, San Diego, CA 92101
Thursday
November
07
Business & Governance Committee Meeting
09:15
401 West A Street, Suite 300, San Diego, CA 92101
Thursday
November
07
Investment Committee Meeting
12:30
401 West A Street, Suite 300, San Diego, CA 92101
Friday
November
08
Full Board Meeting
08:30
401 West A Street, Suite 300, San Diego, CA 92101
Monday
November
11
Veteran's Day Observed


Wednesday
November
13
DROP Entry Seminar
10:30
401 West A Street, Suite 300, San Diego, CA 92101
Tuesday
November
19
DROP Exit Seminar
09:30
401 West A Street, Suite 300 San Diego, CA 92101
Wednesday
November
20
Audit Committee Meeting
09:00
401 West A Street, Suite 300, San Diego, CA 92101
Thursday
November
28
Thanksgiving