POB July Newsletter – WOW, historic 20-21 pension returns
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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
SAN FRANCISCO HEALTH SERVICE SYSTEM
SFHSS BOARD DID NOT MEET IN THE MONTH OF JULY
SAN FRANCISCO EMPLOYEE RETIREMENT SYSTEM (SFERS)
For the Fiscal Year ended June 30, 2021, Staff is pleased to report that SFERS investments posted a preliminary return of 33.99% (rounded to 34.0%). Only needed 7.4% for the Supplemental Cola to kick in. Our returns in FY 2020-21 were historic, dating back to 1985-86, and likely much further than that. Total plan assets and actuarial liabilities are estimated at $34.5 billion and $30.8 billion, respectively. Hence, SFERS funded status at year-end is estimated to be 112%. Looks good for a Supplemental Cola for the pre-1996ers, their Supplemental Cola is based on a 100% funding.
PROTECT OUR BENEFITS
Well, just when we thought we could return to normalcy. Another strain of COVID appears out of nowhere and it looks like mandatory masking is coming back. As a human being we can adjust to wearing the masks. It is the shutting down of businesses and isolation we must avoid. We have beaten this before, and we will beat it again. On the lighter side, the Fund did beyond belief this year, hitting all records in this crazy financial world. As it stands, ALL RETIREES should receive the Supplemental Cola. This great news for the pre-1996 retires, this is the first time they could receive the Supplemental Cola since 2012. Nevertheless, this one small victory has not stop POB from pursuing their goal of righting this prior injustice. More to follow in the coming months. Have a safe summer and stay well.
UNITED WE STAND, DIVIDED WE FALL
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