CITY OF SAN DIEGO RETIRED EMPLOYEE ASSOCIATION
GENERAL MEETING MINUTES              September 11, 2007

Meeting called to order by Nancy Acevedo.
There were no corrections to last month's minutes.

CSDREA's OCTOBER MEETING AT RECITAL HALL next to Puppet theater in Balboa Park due to floor refinishing. Reserve your lunch.

HOLIDAY PARTY DECEMBER 20th at TOM HAM'S- Sylvia Tatum
Join us for our annual event.
Deadline is December 5th to send your $19 check made out to CSDREA.

Mail to:
     Sylvia Tatum
     4185 Galt Street
     San Diego, CA 92117-1126


TREASURER'S REPORT- Sylvia Tatum

Grand Total Reserve-Operating Balance on 8/1/07 was $33,327.27
Receipts $1,923.48
Expenditures/Transfers $1,650.90
Operating Fund Ending Balance 8/31/07 was $4,481.12
Grand Total Reserve-Operating Fund on 8/31/07 was $34,524.19
Legal Fund Money Market ending balance on 8/31/07 was $24,964.82


NOMINATING COMMITTEE- Patricia Karnes, Ross McCollum, Mike Stepner
Contact Ross via  www.csdrea.com with names for President, Vice-President Programs, Board member or Secretary. Ross has job descriptions and will field your questions. Make new friends, network and have fun.

(Web volunteer is also being recruited, contact John Tsiknas at our web site.)

AUE (Association of Unrepresented Employees)- Dick Wilken
Dick announced that Judge Barton will be looking at the City's funding of MPI and MPII at SDCERS.

WATERFALL - Virginia Silverman
The City Attorney has not revised the Ordinance to include language authorizing payment of the retiree benefits, as requested by the City Council.

MEETING ADJOURNED at 11:23a.m.
Submitted Sept. 26, 2007 by P. Karnes


PROGRAM : President of SDCERS' Board- Tom Hebrank
John Tsiknas introduced Hebrank as a C.P.A. with experience in forecasting, auditing, insolvency and restructuring, and real estate.

Hebrank noted that 70-75% of the money for pension checks comes from investment  returns. Doug McCalla, SDCERS Chief Investment Officer continues to focus on portfolios, as new Chief Financial Officer, Mark Hovey joins SDCERS to run the business side of SDCERS.

Dick Wilken asked if there is a larger obligation for SDCERS to protect retiree benefits? Hebrank, as a fiduciary for SDCERS, answered that the Board administers the Plan document, and it is the Board's position not to advocate one way or the other.

Ron Saathoff asked about IRS issues? Hebrank responded that the IRS is not forcing the City to immediately re-pay SDCERS for past Healthcare expenditures. Hebrank hopes to wrap all the IRS issues up by the end of the year. Once the IRS makes a decision on SDCERS' Voluntary Compliance Program, the Board will look at the amortization of healthcare costs.

On the Waterfall, Hebrank said retirees need to keep on top of the City Council.

Bob West asked about replacement appointments for the SDCERS Board. Hebrank said two timed-out past appointees have stayed on until the Mayor replaces them.