2022 Ballot news & thank you SFERS staff
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PROTECT OUR BENEFITS IS AN ORGANIZATION WHOSE GOALS ARE TO ENHANCE THE DIGNITY AND QUALITY OF LIFE OF ALL SAN FRANCISCO AND COUNTY RETIREES AND PRESERVE THEIR HEALTH AND RETIREMENT BENEFITS.
FROM THE EXECUTIVE BOARD OF PROTECT OUR BENEFITS, Inc.
SAN FRANCISCO HEALTH SERVICE SYSTEM
Supervisor Chan sponsored an Ordinance approving Health Service system (HSS) plans and contribution rates for calendar year 2022 at the Finance and Budget Committee meeting on July 14th. On July 20th the Full Board of Supervisors completed the first reading and conducted their second reading on July 27th when the Ordinance was finally passed. Currently, Mayor Breed’s office has the Ordinance for the Mayor’s final review. This is an ongoing strategic planning, implementation, and evaluation process that drives HSS staff to deliver the highest standard of member services. This includes understanding where we are now, where we want to go, and how we will achieve those initiatives. SFHSS will provide a revision of the Strategic Plan to the Health Service Board by the end of the fiscal year 2022.
SAN FRANCISCO EMPLOYEE RETIREMENT SYSTEM (SFERS)
As you know ALL RETIREES (even the pre-1996ers), as we announced in the newsflash we sent out, will receive a Supplemental Cola. SFERS Board made it official by vote at its monthly Board meeting. Just a manner of formality, we still must wait to make it official when they have the actuarial report. But it looks like a slam dunk, especially with the Fund establishing a full funding of 112% at market rate. With over $35,368,778,000 in assets and with over a 33% return for the fiscal year ending 2021. SFERS has been distinguished itself as the, “BEST PERFORMING PUBLIC FUND IN THE LAST FISCAL YEAR”, July 1,2020-June 30, 2021., (For its size). SFERS assets returned an estimated 0.42% in July. The calendar year has generated an estimated return of 15.19% through July 31st. Results to-date have been led by Private Equity which has a return of 36.63%. But there is always the market environment, the markets appear to be at an inflection point as many of the themes that worked in 2020 have begun to reverse.
As you know Jay Huish, Executive Director, has announced his retirement. But he will be staying on to administer SFERS until his replacement is found. Bill Coaker, Chief Investment Officer, will be moving on to an environment developing clean energy company. His interim replacement is Kurt Braitberg, CFA, CAIA. SFERS is in the process of deciding how to replace these two positions i.e., Executive Director and Chief Investment Officer. Also, SFERS Commissioner Leona Bridges has been appointed and has accepted a position in the Biden Administration She will be on the Federal Retirement Thrift Investment Board. This Commission overseas 401k distribution for federal employees. She will stay on the SFERS Board. POB wishes to congratulate Leona Bridges on her prestigious appointment.
PROTECT OUR BENEFITS
POB wishes to thank Jay Huish for his years of service as the Executive Director of SFERS. POB always found Jay approachable and communicative with our concerns. We know he’ll stay on to mentor the new Executive Director. Just wishing him a happy retirement and the good luck in his endeavors. POB also wants to thank Bill Coaker, Chief Investment Officer. Bill has guided the Fund successfully through the “mystic maze” of the financial world. With his steady hand he has built the investment of SFERS’s to be one of the top pension systems in the U.S. Good luck and thank-you, Bill.
Now SFERS has the unenviable task of finding replacements for these two extraordinary individuals most importantly. There has been talk of combining these two distinct jobs into one position. POB has voiced their concerns to the Board that this is a bad idea and will be monitoring this situation.
POB has created a Political Action Committee (PAC) called, RESTORE RETIRED CITY WORKERS EARNED BENEFITS 2021 (RRCWEB 2021) for the June 2022 election that attempts to restore the earned benefits of pre-1996 retired City employees. The Coalition is building a first-class campaign organization which includes digital and social media consultants. This will be expensive campaign and we need your support for this ballot measure to educate voters that the funds to pay for it comes from SFERS worth 35.4 billion and not from the City budget. More information will be coming soon on the restore Retired City Workers Earned Benefits 2021 websites. POB must stay apart from the PAC.
UNITED WE STAND, DIVIDED WE FALL
Your continuing contributions and support are greatly appreciated and are tax deductible. Please mail them to Protect Our Benefits Trust, P.O. 210250, San Francisco, Ca. 94121-0250 or CLICK HERE to donate today!