Patti's Highlights: SDCERS Board Dec. 21, 2007
Submitted by Patricia Karnes

City has150 days to pass the IRS' Ordinance after signing SDCERS' Voluntary Compliance Program settlement. Union Presidents will only have credit for City jobs. SDCERS must comply in future. Trustee Sheffler verified Aguirre's concerns were known to the IRS.

Trustee Murray asked for field strip of Aguirre's report on SDCERS. Aguirre asked why SDCERS fiduciary counsel left? Purchase of Service court case: Judge Nevitt, City vs. SDCERS, Superior Court No 37-2007-1912-CU-WM-CTL.

SDCERS' 2006 financial report needs events up to the date of outside auditor's opinion letter. Look for 2007 report and June 2007 Actuarial Evaluation in Jan. 2008.
McCalla reported fund again over $5 billion.

McCalla said that he re-considered the need for a hard prohibition on loans to the City when he found out that the City Attorney's office holds  trust deeds that would be recorded for SDCERS, if the City failed to make certain payments.

Robyn Bullard is the new public information officer. She is from the County retirement system. Rebecca Wilson will bring her to the Jan. 08 CSDREA meeting.