First Meeting of New Retirement Board

Held on April 15

After briefing sessions on April 7 and 14, the new Retirement Board was sworn in and held their first meeting Apr. 15. City Attorney Mike Aguirre addressed the board with a request that the Board waive attorney-client privileges on litigation related to the 2002 Manager’s Proposal. Mr. Aguirre has requested to speak at the May 20 Board meeting. Other speakers included SDREA Pres. Nancy Acevedo, and Past Pres. Dave Wood.

The agenda was routine with two exceptions; the SDCERS FY 06 proposed budget, (which was adopted with the proviso of quarterly reports), and three items to be considered in closed session.

Since the new Board met without previous committee meetings, the regular board meeting continued until 4:30 PM. The Board then went into closed session to discuss; 1. a settlement agreement in the SDCERS v. Hanson, Bridgett, et al (a malpractice suit against a former SDCERS counsel). The negotiated settlement, approved by the previous Ret. Bd., and approved by the new Board, is expected to add $14 million to the Retirement Fund. according to the Union Tribune. Court approval is expected on May 31. 2. requests by the U.S. Attorney and S.E.C. investigators asking SDCERS to waive attorney-client privileges were considered and rejected by a vote of 8-4. Voting to waive privileges were Flynn, Snow, Sheffler, and Sullivan. In the open and closed session there was good discussion by both new and returning members.

Joe Flynn, Retiree Representative to the Board