The Board of the San Diego County Employees Retirement Association (SDCERA) moved closer on Thursday to firing Salient Partners, the firm that acts as the pension fund’s chief investment officer. Board members indicated that the firing was all but official, but that the transition to a new CIO still needs to be worked out. From … Continue reading San Diego Pension Begins Transition To In-House CIO
The San Diego County Employees Retirement Association formally voted on Friday to begin searching for an in-house chief investment officer to replace Salient Partners, the firm currently serving as the fund’s outsourced CIO. The board also made several changes in governance structure. From the San Diego Union-Tribune: Near the end of a two-day board retreat … Continue reading San Diego Pension Board Votes to Move CIO In-House; Approves Other Governance Changes
The San Diego County Employees Retirement Association (SDCERA) is on the verge of firing its controversial outsourced CIO, Lee Partridge of Salient Partners. Board members held a mock vote on the issue, and the firing was “approved” 7-0. If Salient Partners is indeed fired, the SDCERA would move its investment management in-house. More on the … Continue reading San Diego Pension Close to Firing Outsourced CIO, Bringing Investment Management In-House
The San Diego County Employees Retirement System (SDCERS) voted 5-4 last week to retain its controversial CIO, Lee Partridge. The vote was close, and nearly every trustee had something to say about the decision. From Bloomberg: “All the sudden we found out we have $22 billion in exposure,” [trustee Dianne] Jacob said by telephone prior … Continue reading San Diego Pension Trustees React To Retainment of Controversial CIO
The San Diego County Employees Retirement Association (SDCERA) is suing the county for full control over how much it pays its employees. Currently, the salaries of pension fund employees are capped by local government regulations. Reported by the San Diego Union-Tribune: The seven-page lawsuit asks a judge to award sole discretion for compensation to the … Continue reading San Diego Pension Board Sues For Control Over Pay Raises
One of California’s largest city pension funds is not only paying a “big” sum for its huge, high-end office space—it’s also locked into a long lease. An investigation by a ABC10 found that the San Diego City Employees’ Retirement System is locked into a 10 year lease for the office space it rents, and … Continue reading San Diego Pension Fund Pays “Big” Price For Big Office Space
Reporter Ed Mendel covered the California Capitol in Sacramento for nearly three decades, most recently for the San Diego Union-Tribune. More stories are at Calpensions.com. A San Diego pension reform approved by voters nearly four years ago, regarded as a model by some, is headed for a court test — but not because all new … Continue reading San Diego Pension-to-401(k) Reform Goes to Court
The San Diego City Council on Monday is considering a proposal, made by the Mayor’s office, which would establish a $20 million reserve account for use when the city’s pension payments are higher than expected. From KPBS: The mayor’s office has proposed establishing a pension payment stabilization reserve account, equal to 8 percent of the … Continue reading San Diego Considers Proposal to Create Reserve Account for Pension Payments
San Diego officials have been tossing around several ideas for how to spend extra money resulting from smaller-than-projected pension contributions. The latest idea: put the pension savings in a fund to be spent on the city’s infrastructure projects. From the San Diego Union Tribune: A new proposal would address San Diego’s crumbling infrastructure by requiring … Continue reading San Diego Measure Would Funnel Pension Savings to Infrastructure Projects
San Diego Mayor Kevin Faulconer last week called for the creation of a $21 million pension reserve fund, for the purpose of storing extra cash to ensure the city’s ability to fully cover unexpected fluctuations of future pension contributions. But the San Diego City Council on Wednesday voted down the idea. From Fox 5: A … Continue reading San Diego Council Shoots Down Pension Reserve Fund Proposal
