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City of San Diego Retired Employees' Association Newsletter February 2010 |
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| Vol. 17 Issue: #2 |
February 2010 |
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Change of Location
Balboa Park Club - Balboa Park
Santa Fe Room
Directions Below
Board Meeting ................... 9:30 a.m.
General Meeting ................ 11:00 a.m.
Program ......................... 11:15 a.m.
Lunch .............................Noon
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WELCOME TO NEW MEMBERS THIS MONTH
Patricia E. Vaughan, City Atty's Ofc.
Ralph E. Vaughan, Library
Carolyn Demaray, Library
Janet M. Wood, Comm. & Econ. Devl.
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The Program and Hospitality Committees have selected Ranch Events for our February 9th, 2010 meeting. The Program meeting will be held in the Santa Fe Room of the Balboa Park Club in Balboa Park, beginning at 11am and ending approximately Noon. The luncheon is served immediately afterwards in the same location at about 12:15 p.m.
Our February menu catered by Ranch Events features:
Salad: Poached pear & cranberry salad
(mixed greens, poached pears, dried cranberries, crumbled gorgonzola
& candied pecans tossed in Balsamic vinaigrette)
Main Entree: Seasoned Baron of Beef
Roast beef carved on site, served au jus
and creamy horseradish
Side Dishes: Garlic Mashed Potatoes
and Green Bean Amandine
Dessert: Cherry Cobbler
Beverage: coffee, tea and lemonade
Cost: $8 - pay at the door
YOU MUST RSVP BY FEBRUARY 5th to:
Hospitality Committee Co-Chairs Janet Burgess jburgess911@cox.net 619-463-7440
FYI: there is no permanent lunch list; everyone must RSVP or risk not eating.
Directions and Parking for the Balboa Park Club:
- Take Hwy 163 south to Park Blvd, go left at the stop light then left onto President's Way, which is the next stop light. Continue to the stop sign where you can go straight to park in the Pan American Plaza parking lot or make a right and park in the Organ Pavilion lot.
- The Balboa Park Club is located in the South Palisades area of Balboa Park, just north of the Puppet Theatre.
- More parking is available in the adjacent lots that are located behind the Hall of Champions and the Starlight Bowl.
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FEBRUARY PROGRAM
by Vice President (Programs) Dave Twomey
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Our February speaker is John Warren, president of Warren Communications Inc. He is publisher of San Diego Voice and Viewpoint newspaper now in its 41st year. The Voice and Viewpoint is widely circulated within the African-American community but enjoys a significant readership in general circulation. Mr. Warren holds a teaching credential in the California Community College System, and has been a guest lecturer at several institutions of higher learning on public policy issues. He is a former member of the Board of Directors of National University.
Mr. Warren has also had an active political career both as staff and in elected positions, having served 12 years in the congressional offices of Representatives Adam Clayton Powell (D-NY), Shirley Chisholm (D-NY) and Augustus Hawkins (D-CA). He is active as a member of the California Newspaper Publishers Association and the West Coast Black Publishers Association.
Currently he can be heard regularly on KPBS radio and on Cox Channel 4 Editor's Roundtable.
Mr. Warren will speak on the African American community's views on the first year of the Obama administration, as well as other issues. Dave
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| PRESIDENT'S MESSAGE
by CSDREA President Jim Baross
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Yes, your newly elected CSDREA President is quickly finding out that this job involves learning a lot in a short amount of time to be even a little bit as effective as outgoing President Nancy Acevedo - even at seemingly easy stuff like meeting publishing deadlines and taking better notes. Kudos to Nancy and hearty thanks to all the outgoing, continuing and new board members and volunteers who make all this happen for CSDREA!
Our January general meeting saw the installation of the continuing and new Board members. Let me tell you that we have a great group with energy and ideas for serving all of our members. Apparently it takes more than a few "village elders" to carry on all that CSDREA does. The new Board will participate in an all day retreat led by Nancy to further share our perspectives and hopes for keeping CSDREA a viable service-providing organization for all of you.
The January general membership meeting's guest speaker was Michael Zucchet, General Manager of the Municipal Employees' Association (MEA). I am encouraged by his statements that in many ways current employees and MEA share our concerns about the state of the City's finances and the prospects for the future. These are dark times for current employees. For more details about his presentation, please refer to Secretary Ruth Ann Hageman's excellent minutes of the meeting found on the CSDREA website: http:/www.csdrea.com/
The high point of the January meeting for me was the good turnout of members and the opportunity during and after the luncheon to meet, greet, share stories, and bring each other up to date on the things that each of us are doing in retirement. I saw lots of smiles and heard many hearty conversations. All this renewed for me some of the camaraderie I shared while I was actively working. I hope that we'll be seeing you at future meetings too.
Jim
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| SDCERS RETIREMENT BOARD UPDATE
by CSDREA Board Member Patti Karnes
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At the January 22, 2010 SDCERS Board meeting the Board heard a report from Cheiron that stated the City's Annual Required Contribution (ARC), due July 1st, jumped from $154.2 million to $231.7 million, about a 50% increase. SDCERS' interim Administrator/CEO, Mark Hovey, explained the increase in the ARC reported in the paper was not due to Cheiron "underestimating" the ARC, since Cheiron just now did the valuation and was not in position to calculate a precise ARC until just now. The most recent estimate done in September 2009 isolated the ARC impact of changing just one variable from the set of actuarial assumptions that must be evaluated each year; that one variable being investment returns. Cheiron said 95% of the increase was due to investment losses. Page 14 of the June 30, 2009 Valuation on SDCERS web site says: Return on market value of assets was minus -19.2%. Return on actuarial (smoothed) value of assets was minus -6.2%. In contrast, as of Dec. 31, 2009, this year's preliminary return of market value of assets is 15%. (SDCERS' assumed rate of return is 7.75%.) The Port's ARC went from $7.2 million to $11.5 million, increasing the Port's ARC by over 50%. Their funding ratio fell from 92% to 77.5%. The Airport's ARC jumped from $3.0 million to $4.3 million. Their funding ratio fell from 102.3% to 86.9%, which was within Gene's definition of 86.5% as a strong funding ratio.
The City's pension funding level is in approximately the 45th percentile in comparison to other retirement systems. City's funded ratio in 2009 was 66.5% and the unfunded actuarial liability was $2.11 billion. City's funded ratio in 2004 was 65.8% and the unfunded actuarial liability was $1.37 billion.
June 30, 2009 actuarial value of assets was $4,175,228,585.
The next SDCERS meeting is March 5, 2010, at 8:30 a.m., at 401 West A Street. Please attend if you possibly can.
SDCERS validates parking in the building.
SDCERS Board meetings are at 8:30 a.m. MARK YOUR CALENDARS: January 22, no meeting in February, March 5, April 16, May 28, no meeting in June, July 9, August 20, no meeting in September, October 1, November 5, and December 17, 2010. Special Meetings may be scheduled as needed with 72 hours' notice.
Committee meetings, not televised yet, are on the Thursday before the regularly scheduled Board meeting: Disability Committee will meet from 8:30 am - 10:00 am; Business & Governance will meet 10:30 am - 12:00 pm; Investment Committee will meet 1:30 pm- 4:00 pm
Audit Committee will continue to meet quarterly on Wednesdays at 9:00 am on April 7, June 30, Sept 29, December 15, 2010.
Patti
WEB-
Board meetings are archived and are available for viewing on line at any time (after the meeting) via the SDCERS web site.
TELEVISION- If you live in the City limits, Board meetings are on Channel 24 around 5 or 6pm, usually the third Friday of the month, and usually repeat on Sundays at 1 p.m. Official CDs of SDCERS' committees and Board meetings are available through the Board Secretary; visual recordings are available through City Channel 24. Motions and votes are in SDCERS monthly summaries of Board meetings.
For previous reports and announcements about when meetings are scheduled, please logon to our website at www.csdrea.com
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General Announcements
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Winner of the Trader Joe's $25 Gift Card for January was Salani Faiivae-Harrison.
HAPPY BIRTHDAY
Eleanor Jackson 02-13-1920
Margaret Thomas 02-14-1920
TURNING 80? Then your CSDREA membership is FREE. Call Sylvia at (858)272-0494.
THANK YOU January Greeters
Mary Lynn Hyde, Alyse Ford and
Janet Burgess
Janet Burgess and Mary Lynn Hyde have graciously agreed to be at the door this year to greet you. If you would be willing to help them by doing this one month, please contact Janet at 619-463-7576 or by email at
jburgess911@cox.net or Mary Lynn at mlhyde@san.rr.com
Do you know a member who is ill or who is over 80 years old and havinga birthday? Notify Sharon Beach (619-934-8202) so the word gets passed along and a card is sent. Also, if you know of someone who has died, please let us know. You may also submit a short bio of that person for publication.
City of San Diego Employee Assistance Program (EAP) is available to city retirees. This assistance is confidential. Contact EAP at 619-533-3460.
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| WEBSITE NEWS |
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SDREA WEB News! Logon http://www.csdrea.com
Members only section for the latest news. Read all the recent postings on subjects important to retirees. You will also discover helpful links to other resources.
Reminder
The Retired Fire and Police Assn. has welcomed CSDREA members to visit their website at
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CITY OF SAN DIEGO RETIRED EMPLOYEES' ASSOCIATION BOARD |
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Board Members
**To send a message with your comments, suggestions or questions to an officer, board or committee member, click on their E-mail link above and your mail system should bring up the e-mail form with the proper addressee. We look forward to your comments.
The board members who have consented to listing their phone numbers in the newsletter have done so to provide you a way to arrange sending a card to a sick member, and to obtain a password for the "members only" section of the website. They are intended for the use of CSDREA members only. Thank you for your cooperation.
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