Joe introduced our new Retiree Representative, Dave Hall, retired from the Police Department. Dave said he was looking forward to the job and will work toward retirees having a safe and secure retired life.

Nancy announced our upcoming City Attorney Candidate Forum on April 8, and Mayor Candidate Forum on May 13 from 9:30 to 11:30am. Open to the public. It is co-sponsored by San Diego Retired Fire and Police Association.

Joe Flynn asked for committee reports.

Advocacy Committee- Ty Rogers reported the Advocacy Committee drafted a letter, that our Board is sending, requesting timely City approval of SDCERS' settlement with the IRS on Voluntary Compliance, and Ordinance corrections for an IRS Tax Determination Letter to keep SDCERS earnings tax-exempt. The letter is addressed to the Mayor, with copies to Wescoe, City Council, SDUT and Voice of San Diego.

SDCERS Report-
Patricia Karnes said the SDCERS' Comprehensive Annual Report (CAFR)for 2006 is at the printer. The 2007 CAFR was expected to be finished by the end of February. The next Actuarial Valuation (includes funding ratio) will include a new "experience study" that will exam assumptions of how soon we retire, how much we earned, etc. Chris Waddell is working on an Independence Policy for the Board to vote on in March. It will include an Actuarial Soundness Policy, which Patricia hopes will mean fewer lawsuits in the future. Investment Officer, Doug McCalla watched SDCERS lose less than 5%, as the market dropped 20%, and he re-balanced the investment fund, picking up bargains. January benefits and operating expenses totaled $15.5 million. SDCERS Tech wizard, David Bond will briefly present SDCERS' new web site before our health insurance program in June.

SDCERS fund balance as of March 10 was $4.676 billion, a loss of $24 million.
Adjourned

Ruth Ann Hageman, Secretary