To the Retirees;
   On Thursday and Friday (17 & 18) I attended my last Retirement Board meetings..................as a spectator that is. On April 15 I will be on the Board. Dave Crow ended his term on the Board and handed on a number of books and materials for my use. One of the books he gave me will really come in handy; it's a Dictionary of Finance and Investment Terms. Have to learn the language.
   On Thursday, the Rules, Investment, and Audit Committees met to consider items going before the full Board on Friday. For those of you who have not attended a Retirement Board meeting, you might consider attending the committee meetings first. Often there is a lot more discussion of the agenda items at the committee meetings. You can also make comments on agenda items there.
   On Friday the Business and Procedures committee met at 9:30 AM and continued until 12:30 PM. They had to break for lunch then get back for the full Board meeting at 1:30 PM. Mayor Dick Murphy was on hand to commend the Board members for their volunteer effort and award plaques commemorating their service. Councilwoman Donna Frye was on hand to present and award to Board member Diann Shipione and declare March 18, 2005 Diann Shipione Day in the 6th District. Had a chance to chat with Mayor Murphy. We were both in the St. Patrick's Day Parade on March 12. He was riding; I was walking.
  One item generating a lot of discussion was a Report on retirement issues for certain Presidents of the City's Unions. This related to presidents of; Police Officers Association (POA), Municipal Employees Association (MEA) and Firefighters Association (Local 145). The questions centered on the contributions made to the retirement system on behalf of these individuals while they were serving as Union Presidents. The questions centered on the possible tax impacts upon the retirement system generated by these contributions. Attorney's for MEA gave a detailed presentation at the committee meeting in the morning and a condensed briefing at the Board meeting in the PM. Since this item was docketed at an information item, no action could be taken and it was continued to the next meeting.
  Another item dealt with the tax consequences of using 457 funds (such as deferred compensation funds in Valic.) to purchase years of credit. The Board voted to continue the current practice of not accepting 457 funds until the matter can be clarified with the Internal Revenue Service.
   At the April hearing the Board will be made up of General member representatives, John Torres and Steve Meyer (both current board members), city manager rep., Bill Lopez (current board member), Firefighter rep., John Thomson, a POA rep. (the winner of the runoff now underway), as Retiree member rep. Joe Flynn, and the seven new members appointed by Mayor and approved by Council. The outgoing Board did elect Steve Meyer as the Interim President to keep the process moving while the new members are moving into place.
   Advocacy Committee V. Pres., Virginia Silverman, members, Pat Karnes and John Casey were on hand at the Board meetings and will have more information later. Dave Wood and a number of other SDREA members were also present.

Sincerely,
Joe Flynn, almost a Ret. Board member...........