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San Diego City Employees pension fund ailing
The sky is falling...the sky is falling.... I disagree but, what's your point? What is the relevance of this snapshot to a system that has investment time horizons of 20, 30 and 40 years? True SDCERS likes tooting its own horn. What company doesn't brag about its success? It’s comforting for participants to know/believe their funds are performing better than its peers. But anyone who invests knows "past performance is not a guarantee of future performance". Just ask all the folks who invested with Mr. Madeoff, right? The "DOW" is down 34% as of December 30, 2008, third worst performance in its history behind 1931 and 34 during the Depression. Who in 2005, 06 or 07 saw this coming? Who foresaw the so- called perfect storm of housing price collapse, financial meltdowns combined with regulatory incompetence, purposeful or not? As you pointed out, the 10 year performance "[i]s still very good — 7.65 percent a year, in the top 6 percent." Next the issue of asset allocation. You say Callan & Associates is concerned about the Fund's ratios. Yet "Callan conceded that these non–blue chips have a better record in recent years but warned that there have been long historical periods during which mid- and small-cap stocks have underperformed large-cap stocks. San Diego should consider shaving its allocations of these gamier small- and mid-cap stocks, lest it lock in some losses" This sounds like Callan & Associates is covering their posterior. The CYAing of American businesses is necessary these days in case thing go south. You see some people believe they should hire attorneys and litigate for malpractice, albeit an expensive and risky method, of “earning” investment returns on poor decisions. Don you believe SDCERS' asset allocation "...[c]ould prove risky. The pension system's actuary, Cheiron, reported investments in the coming year “will be most challenging.” Challenging? How about down right scary? But again, Cheiron mention the period of the next year. We know the fund's performance over a 10 year period hovers around 7% , not bad. The board acted in December, meeting its fiduciary responsibility, lowering its expected rate of return and interest crediting rates to 7.75%. Additionally, the board's agenda for January 2009 contains action items for further discussion, that’s code for lowering of interest crediting and return rates. I'd like to pose some final "What if" questions. I do it for of our prolific poster Johnny V and his mantra of bankruptcy. What if the City's underfunding turns out to be financial stroke of luck? I’d never call it genius! With many investment vehicles severely beaten down, SDCERS can purchase them during the period of amortization. Combine them with its long term horizons holds and we’ll ride out this perfect storm. (CONTINUED)— December 31, 2008 8:43 a.m.
State Bowl Scoreboard
I have to agree with sdsportsfan the game was a thriller... with passing records set by St. Mary's, Cathedral's special teams and defensive secondary was suspect. Tyler Gaffney continued his dominance on the field to the point of near exhaustion which may have been a factor in his fumble turnover. But Gaffney made up for it later with a half back pass back to Senior QB Parker Hipp on a 4th and 11 play sustaining the Cathedral drive. Later Gaffney broke loose on one of his signature runs scoring the go-ahead touchdown. I believe each team only punted once in the entire game, an indicator that both defensive units had difficulties controlling the offense. But when it came time to step it up with St. Mary's driving down the field late in the 4th quarter, the Cathedral defensive unit decided enough was enough and held St. Mary's on a fourth down play, stopping their drive to a winning score. In the end it turned out the team that held the ball at the end of the game won it, as St. Mary's was unable to stop Cathedral in the final two minutes thus sealing its position as Division II runner up. Congratulation to the Cathedral Players, Coaches and staff. A perfect 14-0 season, and 2008 Division II CIF State Champions.— December 20, 2008 10:23 p.m.
Cathedral Catholic invited to state bowl game
Congratulations to Cathedral Catholic High... their kids have worked hard and come together as a team to have the school's most successful season ever. Their schedule proved this season was not a cakewalk and the CIF commissioners recognized it by rewarding the kids with a bowl game.— December 14, 2008 8:30 p.m.
Copley Press Tells Employees It Will Put No More Money into Defined Benefit Pension Plan
Seems transparency in pension systems is not limited to government employees. These DB plans need to go the way of the dinosaurs whether they're public or private because they are not sustainable.— December 14, 2008 8:26 p.m.
Division III: Cathedral Catholic vs. Valhalla
Sounds like sour grapes Mr. Cribbs.— December 13, 2008 7:40 a.m.
Goldsmith Continues Cheap Shots on City Website. He Criticizes Predecessor for Politicizing Office, Then Politicizes It Even More
"Response to post #1: Aguirre caused devastation among people who deserved it: city employees..." ================================= Well if you are referring to the attorneys working in his office you're correct. Mr. Aguirre's one term legacy will read: he devastated his professional staff with intimidation, demoralized them with his rants and neutered the office's professional experience to the point where his successes were handled by outside counsel at considerable expense to the taxpayers. I might even partially agree with prolific poster, Johnny Vegas, regarding Mr. Gwinn's focus and leadership during his two terms in office it was unacceptable and a major contributor to the conditions present today. Let's hope the citizens of San Diego can rely on watchdogs like you, the Reader, the Voice of SD can keep us informed of the working of our new City Attorney.— December 11, 2008 7:05 a.m.
Goldsmith Continues Cheap Shots on City Website. He Criticizes Predecessor for Politicizing Office, Then Politicizes It Even More
One man's truth is another man's poison eh Don? While Mr. Goldsmith may not have demonstrated the best interpersonal skills, I think we should give him some time to settle in before writing him off so quickly. Sure it's may be true we'd like to see and hear more civil behavior but, the actually practice law in a competent, thoughtful and productive manner is the goal. At this juncture in the city's history Mr. Goldsmith will have his opportunity to reveal what's behind the curtain soon. But let's all remember, the man has been in office for two, going on three days now. Even God took six days to create the earth and heavens and God didn't have to deal the with the devastation caused by Mr. Aguirre.— December 10, 2008 8:43 p.m.
Aguirre Sums Up Criminal Activity That Led to Pension Deficit
Don Can you post a link to Aguirre's Interim Report No. 35 before Monday's swearing in ceremony. I looking on his website Sunday morning and cannot find it.— December 7, 2008 9 a.m.
SDPD -- Got An Attitude?
No bro...don't tase me bro— December 7, 2008 8:52 a.m.
Andrea Tevlin, San Diego's budget analyst, too busy to talk
Don, Remember the City is the one of three plan sponsors. If we look at the the other two, one was more than 100% by either accounting method. The City, in its plan documents also set the date for valuation, not SDCERS. SDCERS merely administers the benefits with a fiduciary duty, which sometimes I believe is conflicted, to its members. In the October 2008 Board of Administration meeting the SDCERS Fiduciary council clearly told the the Board of their duty...to the "system" and to members benefits. You say SDCERS uses "income-smoothing dating techniques" are these accepted actuarial standards for measuring "long" term investments for pension plans? SDCERS' historical track record is clear. It has performed substantially better then hundreds of other public pension systems. And while agree, past performance is not an indicator of future performance, the fact is the fund has out performed the market year, after year, after year. True, this will not be case this year, unless you consider the fund's losses will be less than other indexes it's measured against. With the benefit of 20/20 hindsight should SDCERS have altered its funding ratios? Sure... All of us who were holding equities in August 08 wish we had that crystal ball! Should the system publish valuations more often? Maybe. But what's the point? Again the time horizon on many of its investment strategies, as I mention, is literally decades down the road. Should the fund hold less volatile investment? Maybe I just read the is a proposal for 100 year US Treasury note with a 3% yield deferred for 30 years. Safe? Who the hell knows what going to going a 100 years from now. That's a tough one especially when considering one of the two fiduciary duties of the Board, i.e. the one that states maximize member benefits. But SDCERS does not grant benefits it merely manages and administers them. So I guess this means maximize "returns" for the member's benefit. A monthly, quarterly system valuation means nothing other than measuring the performance of professional money managers hired by the fund. Does the average citizen really care...I think not. Does the reconstituted Board care? Of course they do. But I believe monthly or quarterly public statement would only lead to political pressure and attempted interference in the investment strategies by politicians. And, I think, no I pray, you'd NEVER want that... most of our local elected leaders wouldn't know the difference between a ledger and P/L statement. Is Scott Peters attempting paint us a pretty picture...well duh! The guy doesn't want to known as the first Council President who led the City into the abyss. In fact NO ONE, not even your favorite, Donna Frye, wants any part of the responsibility for this mess. Same with Sanders. And NO ONE on this planet could have accurately predicted the extent of the WORLD financial mess we're in today, a year or two ago.— December 3, 2008 6:48 p.m.