CITY OF SAN DIEGO
RETIRED EMPLOYEES ASSOCIATION
GENERAL MEMBER’S MEETING
MAY 10, 2005

President Nancy Acevedo called the meeting to order at 11:05 and asked Distinguished Veteran John Mills to lead the membership in the Pledge of Allegiance.

MINUTES

Minutes of the March 8 and April 12, 2005 meetings were approved as submitted.

TREASURER’S REPORT

Sylvia Tatum reported on April 2005 - Balance on Apr. 1 = $2,455.60. Income for April $1,246.94, expenditures $836.52. Ending Balance on April 30, 2005 = $2866.02. Reserve Accounts totaled $10,322.45. Grand Total = $13,188.47.

NEW MEMBER AND FIRST TIMERS

Catherine Coots and Irene Mershon introduced themselves.

BIRTHDAYS

Congratulations to all!

Communication – Nancy read a letter from Harry Grady, Vancouver, Washington, thanking the Assn. for a birthday card he received. Nancy thanked our Sunshine Lady, Sharon Beach, for her excellent, and obviously appreciated, efforts.

COMMITTEE REPORTS

Nancy explained the possibility of a joint meeting with the Retired Fire and Police Association. Joe said our July speaker will be General Cardenas and asked if our date works for the RF&P, and the meeting were held at the

Police pistol range, would there be sufficient interest to go forward trying to arrange a joint meeting.. Nancy asked for a poll – the majority of members said yes.

Retirement Board – Joe Flynn reported at the first meeting all members were sworn in. They went through a number of items; some backlogged, and in addition had a closed session. One item was a settlement on a former consultant. This is going to court on May 31, which should result in a $14mm payment to the Retirement Fund. SEC, FBI, City Attorney and others asked the new Board to waive attorney/client privilege. Result was 8-4 not to waive the privilege. Joe said he voted to open it up along with 3 others. They worked on setting up new committees. Joe will chair the Health Adv Committee, with John Torres as Vice Chair and John Casey serving as the representative from our group. They haven’t had any meetings as yet. The next regular Retirement Board meeting will be on May 20. The Mayor has made sure these meetings are being televised. They will normally come on at 7pm on channel 24 if the Board finishes its business before then. It is also re-broadcast on the next Sunday afternoon. These programs are only available to SD residents. The Retirement Administration budget was passed. The Board will be receiving quarterly reports and reviewing the budget at those times. Joe went to one of the County’s Retirement Board meetings to see the difference and pick up some new ideas. He is working towards getting the retirement public information on line for us to see. When attending a Retirement Board meeting individuals can park in the Wells Fargo building, the Retirement Office has vouchers for parking.

A variety of questions were asked from the membership which Joe answered.

Advisory Committee– Virginia Silverman. Virginia has made up a “Newsflash” letter with a brief overview of all the items the Committee is monitoring. If you have comments she would like to know. Budget meetings are now in session, they began yesterday. There will be a lot of testimony on the budget. If you would like to be notified of the budget hearings – email or call us. Check out our website for additional information.

OTHER BUSINESS - None

STATUS OF RETIREMENT FUND

The total of the funds are $3.57 billion, down $-2 million from last month.

ADJOURNMENT

Meeting adjourned at 1135.

Respectfully submitted,


Joan L. Lundy-Boyd
Secretary

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