Jan-Feb-Mar 2013 - sdcera

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New Board of Retirement member David B. Moore brings experience, objectivity David B. Moore attended an SDCERA Board of Retirement meeting as a visitor in early 2012 and was immediately impressed. “From the first minute, it was obvious that the Board members are extremely knowledgeable,” he says. “I’m very impressed with their level of experience and engagement.” Moore’s appointment to the Board of Retirement in November 2012 added to that collective knowledge and experience. He has more than 15 years of professional experience in the finance industry and has served on the boards of directors for several organizations. “I view serving on the Board of Retirement as not just a worthy public service mission, but also as an opportunity to engage in an activity I enjoy while giving something meaningful back to the county I call home,” he says. San Diego hasn’t always been home. Originally from New Orleans, Moore attended college and graduate schools in Virginia and Washington, D.C. He made his way to Southern California after working two years for a Chicago-based investment banking and investor services company. After five years with a private equity and merchant banking firm in Rancho Santa Fe, Moore launched his own investment partnership in San Diego. So much experience in the investment industry has helped him develop a farsighted perspective. “The Board is already ahead in the area of long-term planning. We’re already doing unconventional things—and that’s good!” he says. “I hope to encourage the Board to think even longer term, to plan even further out than we currently are.” Moore says he approaches his service on the SDCERA Board of Retirement with a focus on objectivity. “All the decisions we make need to be in the best interests of our members, and we also have a responsibility to the taxpayers,” he notes. “Our job is to balance the concerns of both groups.” Published for members of the San Diego County Employees Retirement Association Member comments and suggestions should be directed to SDCERA’s Communications Department. Email: communications@sdcera.org Call: 619.515.6800 888.4.SDCERA Send written inquiries to: SDCERA 2275 Rio Bonito Way, Suite 200 San Diego, CA 92108-1685 Visit: www.sdcera.org 8 Follow us on Twitter: www.twitter.com/sdcera Chief Executive Officer Brian P. White Board of Retirement David A. Myers Chairman Martin Cherry Marc Doss Dianne Jacob Dan McAllister David B. Moore E.F. “Skip” Murphy Douglas Rose Dick Vortmann James W. Feeley (alternate retired) Timothy Hancock (alternate Safety) Retirement Board Meetings First and third Thursday of each month at the SDCERA Board Room, 2nd floor, 8:30 a.m. Visit www.sdcera.org to view meeting calendars, agendas, minutes and streaming video of Board of Retirement meetings. 2013 Electronic Deposit Retirement Payment Dates January 31; February 28; March 29; April 30; May 31; June 28; July 31; August 30; September 30; October 31; November 29; December 31 SDCERA makes every effort to meet the retirement payment schedule; however, please verify with your financial institution that each deposit has been made to your account. Observed Holidays (office closed) January 21; February 18; April 1; May 27; July 4; September 2; November 11, 28, 29; December 25 6 SAN DIEGO COUNTY EMPLOYEES RETIREMENT ASSOCIATION
SDCERA selects Salient Partners as portfolio strategist SDCERA has signed a new contract with portfolio strategist Salient Partners after a six-month selection process. Salient Partners, whose original three-year contract expired in December 2012, was chosen for their understanding of SDCERA’s investment strategy, their experience in reducing investment risk, and their track record of strong investment returns. SDCERA’s new five-year contract with the 121‐person firm started January 1, 2013. The portfolio strategist’s strong leadership contributes to the stability of the SDCERA fund. “Salient Partners is a talented group,” says SDCERA Chief Executive Officer Brian White. “Our fund’s portfolio, currently managed by Salient Partners, has held up well during a difficult economy by reducing risk and producing strong returns.” The new contract includes the service of 63 investment professionals and support staff at Salient—a significant increase in the staff and resources managing SDCERA’s investments. During the first 36 months of Salient Partners’ original contract, SDCERA reported an 11.4% return, outperforming its 8% assumed rate of return. Between July 1, 2009, and June 30, 2012, SDCERA’s portfolio, under the guidance of Salient Partners, outperformed 96% of its peers, with investment returns of 14% during an extremely challenging economy. As the economic challenges continue, Salient Partners’ emphasis on risk management is expected to help maintain SDCERA’s fund stability. “The new contract’s fee structure reflects an increase in the amount of staff and services provided to SDCERA by Salient Partners,” said White. “Their focus will be to generate strong long‐term investment returns while minimizing risk and decreasing the overall investment expenses of SDCERA’s portfolio.” Answers to frequently QA asked questions For more answers, please contact the Call Center at 619.515.6800 to speak with a representative. Can I collect my Social Security benefit and my SDCERA benefit at the same time? Yes. If you are eligible for an SDCERA retirement benefit and a Social Security benefit, collecting one will not keep you from collecting the other. However, Safety members, who do not contribute to Social Security through their work at the County, may be affected by Social Security’s “Windfall Elimination Provision.” Visit www.socialsecurity.gov to learn more. This newsletter provides disclosure of certain terms and conditions of SDCERA membership and benefits available to members. It is designed to give you this information as simply and as accurately as possible as of the date of publication. SDCERA is governed by the County Employees Retirement Law of 1937 (Government Code Section 31450 et seq.) and by the California Public Employees’ Pension Reform Act of 2013 (Government Code Section 7122 et seq.) as they have been adopted and implemented by the San Diego County Board of Supervisors and the SDCERA Board of Retirement. If there is any inconsistency between this newsletter and the governing law, the law will govern. Decisions relating to the plan will be made after reference to the statutes and any resolutions, regulations and policies governing administration of SDCERA as they exist at the same time of the decisions. 2013 JANUARY • FEBRUARY • MARCH 7
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Jan-Feb-Mar 2013 - sdcera

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