After a series of negotiations, San Diego officials have reached an agreement with the city’s firefighters that will alter the way firefighters’ pensions work. The agreement is in alignment with Proposition B, a previous pension reform movement that was passed months ago. ABC 10 News has more on the topic: The latest agreement brings all … Continue reading San Diego Pension Reform Reaches Agreement
In 2012, San Diego voters approved Proposition B, a measure that funneled most new city hires into a 401(k)-style retirement plan, as opposed to the defined-benefit system previously available to everyone. But a California labor board on Tuesday overturned the pension overhaul, and ordered the city to begin paying back lost benefits to those in … Continue reading New Ruling Puts San Diego Pension Changes in Limbo
The board of the San Diego County Employees Retirement Association (SDCERA) voted unanimously on Thursday to part ways with Salient Partners, and firm that once served as the fund’s outsourced chief investment officer. Salient Partners had a tumultuous relationship with the pension board; though the consultant had a couple staunch supporters on the board, many … Continue reading San Diego Pension Parts Ways With Texas Consultant After Tumultuous Tenure
A months-long search has ended as the San Diego County Employee Retirement Association (SDCERA) has hired a new chief investment officer, according to a report from Pensions & Investments. This time around, the CIO is a single person, as opposed to a firm. In November, SDCERA voted to terminate its-then CIO, Salient Partners. (The firm … Continue reading San Diego Pension Taps New CIO After Long Search
Brian White the chief executive officer at the San Diego County Employees Retirement Association (SDCERA) announced this week that he is stepping down from his position. March 30 will be his last day at the fund, according to the San Diego Union-Tribune. The last six months of White’s tenure were defined by negative media attention … Continue reading San Diego Pension CEO Steps Down
Until now, the major points of contention among trustees of San Diego County’s pension fund have been matters of investment policy. [Pension360 has covered some of the drama surrounding the fund’s outsourced CIO and its investment strategy.] But things are getting personal among the fund’s board members. An email exchange obtained by U-T San Diego … Continue reading Disagreements Get Personal At San Diego Pension Board Meeting; One Trustee: “I Am Very Concerned For My Safety”
Trustees of the San Diego County Employees Retirement Association (SDCERA) voted in November to fire the firm acting as its outsourced CIO, Salient Partners, and hire an in-house official. The pension fund could make that hire by March. But trustees learned this week that Salient Partners could retain its asset management duties until November 2015. … Continue reading Fired CIO of San Diego Pension May Retain Role Until Nearly 2016
The board of the San Diego County Employees Retirement Association (SDCERA) heard plans to begin recruiting a new chief investment officer in 2015 – including job postings and coming up with a pool of candidates. Previously, it had only been decided that the fund would move on from current-CIO Salient Partners, and a general salary … Continue reading San Diego Pension to Begin Recruiting New CIO In 2015, But Board Worried Internal Clashes Could Scare Candidates Away
The San Diego County Employees Retirement Association (SDCERA) has amended its media policy to allow its trustees to talk to media outlets. Previously, all media requests were re-directed to the fund’s CEO, Brian White. Trustees called the policy “too controlling” and equated it to “communist Russia”. Reported by the San Diego Union-Tribune: County pension trustees … Continue reading San Diego Pension Changes Media Policy; Trustees Now Free to Make Public Comments
Most of the news surrounding the San Diego County Employees Retirement Association (SDCERA) has been about the board’s decision to move on from its outsourced CIO, Salient Partners. But also noteworthy are parts of SDCERA’s governance structure. At least one expert has raised concerns about the effectiveness of the fund’s “dual” reporting structure. Dan McSwain … Continue reading Questions Raised About “Dual Structure” of Governance At San Diego Pension Fund
