News Now
Debunking Claims that all Public Pensions Plans are Too Generous
Even though this “Governing” article cites a study by the ultra conservative American Enterprise Institute claiming that “full-career” workers in five states (including California) make more in retirement earnings than their final salary, it also points out that many public pension plans are well funded, well managed and deliver modest secure benefits. It concludes with a suggestion that a goal should be to apply some of the best practices of these well-managed public plans to assist private sector workers who generally have little or no retirement savings. Read more: http://www.governing.com/topics/finance/gov-pension-envy-lessons-from-well-managed-plans.html
All of San Diego’s D9 City Council Candidates Want to Bring Back City Pensions
“Critics say San Diego can’t compete with neighboring agencies like the county or city of Chula Vista since the passage of Prop. B, which ended pensions for new city employees. The candidates in the race for City Council’s District 9 believe restoring pensions would solve some of the city’s hiring problems.” Read more: http://www.voiceofsandiego.org/all-narratives/city-council/san-diegos-d9-city-council-candidates-all-of-them-want-to-bring-back-city-pensions/
SDCERA CEO David Wescoe’s First Year
David Wescoe recently completed his first year as chief executive of the San Diego County Employees Retirement Association. During that time, he brought much of the previously outsourced management of the retirement fund back in-house, reduced costs, minimized risk, and increased transparency. Read more: http://www.sandiegouniontribune.com/news/2016/apr/30/san-diego-county-pension-ceo-successful-turnaround/
SDCERA Hires Thomas Williams as Assistant Chief Investment Officer
The San Diego County Employees Retirement Association (SDCERA) announced the hiring of Thomas Williams as Assistant Chief Investment Officer (ACIO) of the $10.3 billion public pension fund. Read the full press release at http://www.sdcera.org/PDF/SDCERA_hires_Thomas_Williams_as_ACIO.pdf
R.W. “Bob” Goodchild elected to SDCERA Board of Retirement
On May 6, the Registrar of Voters certified the SDCERA Board of Retirement election results in the General Member election for the third seat on the Board of Retirement. R.W. “Bob” Goodchild received the majority of votes among the five candidates. Goodchild will serve a three-year term beginning July 1, 2016.
The Board of Retirement is SDCERA’s governing body, responsible for the administration of benefits and investment of Trust Fund assets. Visit the Board of Retirement Responsibilities page to learn more about the Board’s role, or visit the general SDCERA website at http://www.sdcera.org.