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QUOTE OF THE MONTH

Fame comes and goes. Longevity is the thing to aim for.

-Tony Bennett

RESDC HEALTH FAIR PICNIC
WEDNESDAY, OCTOBER 25, 2023

When: Wednesday, October 25, 2023, 10:00 am—1:00 pm
Lunch Served 11:30 am—12:30 pm

Where: Admiral Baker Field, 2400 Admiral Baker Rd, San Diego, 92124
Driving directions will appear in the October issue of THE NETWORK.

What: Resource booths, picnic lunch, and opportunity drawing. This is an outdoor event. Information available about: SDCERA, CECO, Ameritas Dental, Cigna Dental, Pacific Group Agencies, Inc., San Diego County Credit Union, Nationwide, and My Senior Health Plan.

Menu: Barbecued beef, baked beans, green beans, fruit, coleslaw, rolls, beverages, and dessert.

THIS EVENT IS FREE TO RESDC MEMBERS AND THEIR GUESTS.

Registration: EVERYONE MUST BE REGISTERED IN ADVANCE FOR THIS EVENT TO ATTEND.
This ensures we order enough food for everyone! Thank you for your cooperation!

RESDC Members: $0
Non-Members: $0

Registration forms must be received in the RESDC office by Friday, October 13. Name badges and opportunity drawing tickets should be picked up at the Check-In table. They will not be mailed. No pets are allowed except Service Animals. No smoking or vaping.

Choose Registration Method:

Register Online: Go to www.resdc.net/events and click the green “Register” button.

Register by Phone: Call the RESDC Office at (619) 688-9229 during our hours of 9 am – 2 pm Mon-Fri.

Register by Mail: Print and fill out the Registration Form by clicking here. Mail form to RESDC, 8825 Aero Dr., Suite 205, San Diego, CA 92123.

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PRESIDENT’S MESSAGE

By Chris Heiserman

In my August NETWORK column, I reported that the City of El Cajon was congratulated by the San Diego Union Tribune Editorial Board for its budget “debt sanity.” The city has made it a priority to make extra payments every year to “pay down” the unfunded pension obligation in El Cajon’s employee retirement plan.

Almost all state and local government pension plans have an Unfunded Actuarial Accrued Liability (UAAL), the difference between available assets in the funds and the total projected benefit obligations that will be due to plan participants. In short, members of a retirement system (active and retired) have earned benefits that exceed the value of the pension fund generated by employer and employee contributions and investment earnings.

Public sector retirement fund sponsors (like El Cajon or San Diego County) make annual contributions to fund the “normal” estimated cost of covering benefits earned each year. These monies and investment income are intended to “pay in advance” for promised benefits. Sponsors generally make an additional installment payment toward retiring the UAAL debt over a 20–30-year period.

There are many reasons why retirement funds find themselves with unfunded liabilities in their pension financing calculations. Two of the primary culprits are global economic downturns (2001-02 and the Great Recession in 2008-09) leading to significant investment losses, and changes in actuarial assumptions (like lowering the assumed rate of returns on investments to reflect realistic market conditions, but also increasing the future cost of benefits). Retiring this unfunded liability is the responsibility of only the plan sponsor, not employees. It’s like a home mortgage or credit card balance, accruing interest – and paying down the debt faster can mean significant savings.

San Diego County is also Managing Pension Debt Responsibly

Like El Cajon, San Diego County Employees Retirement Association has regularly made extra payments to the San Diego Employees’ Retirement Association (SDCERA) over and above the amounts in a long-term program to fully retire the pension fund’s UAAL. The County’s retirement fund as of June 30, 2022, was $14.5 billion. Primarily because SDCERA reduced the plan’s assumed investment rate of return from 7% to 6.5% last year, the UAAL jumped $1.1 billion, from $3.66 billion in FY 2020-21 to $4.77 billion in FY 2021-22.

In an update to the Board of Retirement at its July 20, 2023 meeting, CEO Tracy Sandoval reported that the retirement association had received the County’s “advance contribution for FY 2023-24 on July 5th in the amount of $730,589,000. SDCERA and our members are well served by our plan sponsor given their commitment to the fiscal stability of the trust fund with their timely, advanced contributions.”

Earlier in this fiscal year (2022-23) the County provided an “extra” contribution of $8,761,889 to further reduce the fund’s UAAL, according to the County’s Office of Financial Planning. Several years ago, the County Board of Supervisors adopted an Administrative Code provision stating that one-time over-realized revenue generated by greater than anticipated assessed value growth would be used to reduce the County retirement fund’s UAAL. These revenues from higher-than-expected property tax growth have produced “extra” payments toward the UAAL debt as high as $22 million in 2017.

Unfortunately, the bump in the UAAL also reduced the SDCERA funding ratio from 80% to 76.74%. Still, in the realm of public sector retirement systems, ours is healthy and coping better than most with the challenges of long-term pension funding. For general comparison for the same timeframe (June 30, 2022), the reported funding ratio for the San Diego City Employees’ Retirement System (SDCERS) was 74.3%; and the funded status of the giant California Public Employes’ Retirement System (CalPERS) was 72%. □

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BITS & PIECES

Editor’s Note: We would like to continue printing some Bits and Pieces items in this newsletter about our members.

If you have taken an interesting trip or have had an intriguing event happen recently, please let us know so that we can share your story with our members.

If you have reached an exciting birthday, or wedding anniversary, please call RESDC at (866) 688-9229. You can also write to RESDC, 8825 Aero Drive, Suite 205, San Diego, CA 92123. You can also send your information to us by email at: resdc@resdc.net □

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ACCESS YOUR EARNINGS STATEMENTS ON THE SDCERA MEMBER PORTAL

Track your pension payments by downloading your earnings statements on-demand in the SDCERA Member Portal. Earning statements are available on the last weekday of the month when pension payments are deposited.

Register now or log in at memberportal.sdcera.org.

SDCERA REPORTS INVESTMENT RETURNS FOR FISCAL YEAR 2022

SDCERA reported an investment return of 9.6 percent for the fiscal year ended June 30, 2023. SDCERA’s assets under management were $15.9 billion.

Based on FY 2023’s return, SDCERA’s three-year investment return is 7.5 percent, the five-year return is 5.8 percent, and the 10-year return is 6.5 percent, all as of June 30, 2023. These investment returns are annualized and net of fees. □

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PURCHASE SEE’S CANDIES GIFT CARDS ONLINE

You can now purchase See’s Candies gift cards in our Online Store using your RESDC discount!

RESDC members are offered $25 gift cards for $22, a savings of $3. Gift cards are redeemable at any See’s Candies location or online.

To purchase gift cards online, go to: resdc.wildapricot.org/online-store.

Note: You need a RESDC member self-service login in order to access the online store. If you need one, please email us at resdc@resdc.net. □

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RESDC DAY AT THE PADRES

San Diego Padres Vs. Colorado Rockies

When: Wednesday, September 20, 2023, 1:10 p.m.

We will be located in general seating at the game and a limited number of tickets (40) are available for purchase on a FIRST COME, FIRST SERVE basis. Ticket price is $43.50 per person.

To purchase tickets:

Option 1 – Pay with a credit card. Please go online to: www.resdc.net/events

Click the green “Register” button and follow the steps to register and pay. You will need to use the email address associated with your member account. Need assistance? Contact us at (619) 688-9229 or resdc@resdc.net.

Option 2 – Pay with a check made payable to RESDC and mail to 8825 Aero Dr., Suite 205, San Diego, CA 92123.

Please note: Tickets are only available digitally and will be forwarded via email and uploaded through the MLB Ballpark app, located in your App Store (iPhone) or Google Play Store (Android).

For more information, visit: https://www.mlb.com/padres/tickets/mobile/guide □

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RESDC MERIT SCHOLARSHIP RECIPIENTS ACKNOWLEDGED AT THE BOARD OF SUPERVISORS MEETING

The Retired Employees of San Diego County, Inc. (RESDC) was honored to have the 2023 Merit Scholarships recipients acknowledged at a recent Board of Supervisors Meeting. These scholarships went to children and grandchildren of San Diego County retirees who are members of RESDC. The scholarships beneficiaries were recognized for their high level of scholastic, civic and social achievement. The recipients were accompanied by their proud families.

RESDC’s outstanding service and leadership commitment to County of San Diego retirees were commended this day by County Supervisor’s, Chairwoman Nora Vargas, Vice-Chair Terra Lawson-Remer who presented a proclamation declaring July 18, 2023, to be the Retired Employees of San Diego County Merit Scholarships Day throughout the County of San Diego. We are grateful the County of San Diego Board of Supervisors for the recognition to our Scholarship program.

RESDC’s President Chris Heiserman and Scholarship Committee Chair Carlos Gonzalez and staff were there to uplift and support the recognition of these outstanding students. “These scholarships are one of the most satisfying things RESDC does for retired employees.” and “Many will be future leaders and responsible citizens who will value public service because their parents and grandparents are former county employees.” -Chris Heiserman.

We will continue to strive to provide a financial boost to aid our future leaders as they embark on their college journey. This year’s scholarship recipients will soon be off to their college lives, and RESDC wishes them all the best in their future endeavors. □

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BOARD MEMBER PROFILE
MERRILL ROACH

A member of the RESDC Board of Directors since August 2017, Merrill retired from San Diego County Employees Retirement Association (SDCERA) in 2016. During his eighteen years at SDCERA, he was a member of the pension investment team as an investment analyst. Prior to SDCERA, he had ten years experience as a budget analyst for Mental Health Services and Alcohol and Drug Services. Merrill has also served on a non-profit religious based Board of Directors, Newbreak Church, since 1986.

Merrill has an Associate of Arts degree from Southwestern Oregon Community College in Coos Bay, Oregon and a Bachelor of Arts degree from Point Loma Nazarene University in San Diego, California.

In addition to volunteering with RESDC and the Newbreak Church board of directors, Merrill, and his wife, Allyn, enjoy traveling, reading and living the great San Diego lifestyle.

Merrill and Allyn have had two favorite travel experiences: a twelve day Baltic cruise with their two adopted daughters, and a ten day guided tour of Israel corresponding with a seven day cruise of the Greek Islands. Merrill and Allyn have been married since 1980. □

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2023 WALK4ALZ SAN DIEGO
Saturday, October 21st, 8:00 am in Balboa Park

By Laurie Pennington, 2023 Team RESDC Captain

I am honored to be asked to serve as the Team Captain for Team RESDC again, for the 2023 Walk4ALZ in Balboa Park, Saturday, October 21st.

More than 6 Million Americans live with Alzheimer’s. It’s touched too many lives. It’s emotionally distressing to watch those we love lose their memory and struggle with simple daily tasks and conversations! This past May we lost mom to dementia … which is what leads to Alzheimer’s and we watched her forget so much, but remember what memories were important to her. And thankfully she always could recognize her daughters and the family around her. It touches too many families these days!

I’m very excited to once again have my 15-year-old grandson, Franco, join me on the Walk4ALZ, and we hope that you’ll consider bringing your kids and/or grandkids to introduce them to the wonderful experience of walking for a cause to help others.

Please join “TEAM RESDC” for the upcoming Saturday, October 21st Walk4ALZ San Diego at 8:00 am in Balboa Park, for the biggest and best Alzheimer’s walk ever. Simply visit the link provided below, and sign-up to walk with us, or donate, or both walk and raise donations.

To register, simply follow the link below to visit the TEAM RESDC Walk4Alz team page and join our team!

alzsd.rallybound.org/walk4alz-2023/TEAMRESDC

If you’re unable to physically participate, please consider making a donation to our team fundraising campaign.

Let’s make this year the last year anyone experiences Alzheimer’s with no hope of a cure! Help to stomp out Alzheimer’s. It starts with each one of helping – either by walking and raising money, or just donating! Thank you! □

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WELCOME NEW MEMBERS

Michael Barnett, Sheriff
Kathleen Buchan, Probation
Robert Carow
Teresa Cvitkovich, HHSA
Lawrence Hirsch, Public Works
Merly Mendoza
Beth Olin
Ute Powell
Joseph Tarango
Marianna Tarner
Christane Tyberg, Sheriff
Sandra Venable, HHSA
Jo Ann Weber, Public Works

The Surviving Spouse of a RESDC member is eligible for RESDC membership. For enrollment assistance, please call (619) 688-9229. □

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HAPPY LABOR DAY!

The RESDC and SDCERA offices will be closed on Monday, September 4th, in observance of Labor Day. Emails and voice mails will be answered on Tuesday, September 5th. □

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RECENT EVENTS

Government Accountability Office (GAO) Report – Older Workers: Retirement Account Disparities Have Increased by Income and Persisted by Race Over Time.

Congress is concerned that federal tax incentives for workers to save in tax-preferred retirement accounts are going mostly to higher income workers—and are doing little to help low-income workers save for retirement.

The GAO found that:

• Disparities between low-income and high-income older workers households’ (ages 51-64) retirement accounts were greater in 2019 than in 2007.
• 1 in 10 low-income households had a retirement account balance in 2019, compared to 1 in 5 in 2007.
• 9 in 10 high-income households had a retirement account balance between 2007-2019.
• More White households had a retirement account balance than those of all other races.

Why GAO Did This Study

In 2022, the tax incentives for workers to save in tax-preferred retirement accounts cost the federal government nearly $200 billion in forgone revenue, according to the Department of the Treasury. Members of Congress and others are concerned these incentives accrue primarily to high-income workers and not low-income workers. Knowing the distribution of retirement account balances can help illuminate the retirement security of households of different incomes.

GAO was asked to examine disparities in the distribution of retirement account balances. This report describes, among other issues, (1) how the distribution of retirement account balances among older households by income changed over time; (2) factors associated with the distribution of retirement account balances among older households by income; and (3) how selected strategies meant to increase retirement savings affect high-, middle-, and low-income workers.

To access the report, visit: https://www.gao.gov/products/gao-23-105342

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IN MEMORIAM

Lawrence Abelin, Human Resources
Joan Anderson
Joseph Arroyo, Facilities Management
Richard Brown, Public Works
Aurora Budzien, Facilities Management
Raymond Caine, Public Defender
Rebecca Campbell, Superior Court
Arthur Cannon
Anna Caston
John Caston
Cynthia Day-Bardach
Mary Dentoni, Probation
Kenneth Deyo, District Attorney
Michael Goodman, Superior Court
Timothy Hahn, HHSA
Robert Insunza, Facilities Management
Gerald Karp, Public Defender
James Kennedy, Public Defender
Barbara Koizumi, Probation
Robert Krotzer, Superior Court
Bennie Lambert, Sheriff
Juan Leyva
Tammy Margetts, HHSA
Elizabeth Marohn, Housing/Commty Devlp
Flora McVicar, Auditor & Controller
Sylvia Mendoza, Sheriff
Shirley Mitchell, Library
Patricia Moore, HHSA
Robert Morrison
Jean Myers
Ruth Rich
Myrna Rivas, HHSA
Freeman Robbins, Sheriff
Shelley Sattar, HHSA
Betty Scott
Eric Spiegler, Probation
Joel Swicord
Peter Tancredi, Sheriff
Sandra Timmer, HHSA
Taeko Udo
Agnes Uebbing
Patricia Van Eaton
Marilyn Villalpando, HHSA
Mary Williford
Lancey Wilson
Lily Wong
Bernade Yamane, HHSA
Richard Zarnowitz

*Active Employee

MEMBER PRIVACY

Any retiree or surviving spouse who does not want his/her death notice published in the “In Memoriam” column may notify the RESDC office and your privacy will be maintained.

The Surviving Spouse of a RESDC member is eligible for RESDC membership. For enrollment assistance, please call (619) 688-9229. □

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CHECK OUT THE RESDC YOUTUBE CHANNEL

Have you missed any of our Virtual RESDC presentations?

Here is how you can watch our past online presentations on the RESDC YouTube channel!

Step 1. Go to www.resdc.net
Step 2. Scroll down a bit, and click the button RESDC YouTube on the left column.
Step 3. Now you are on the RESDC YouTube channel. Now you can select a video to watch!
Step 4. Click the “Subscribe” button. Subscribing to the RESDC YouTube channel means that you will be updated when new videos are uploaded.

View Curated Playlists

On the RESDC YouTube channel you can also view curated playlists of videos from county partners such as Live Well San Diego and Aging and Independence Services.

Step 1. Access the RESDC YouTube channel by following the instructions above.
Step 2. Scroll down. You can select a playlist of videos that you would like to view. □

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USEFUL CONTACTS FOR COUNTY RETIREES

SDCERA Administration
Retirement checks
Withholding forms
IRS tax forms
Beneficiary change
Address change
Health Insurance Program
Retirement Board meetings

Phone:  (619) 515-6800 or (888) 473-2372
Website: www.sdcera.org
Email: msc@sdcera.org
Address:  2275 Rio Bonito Way #100,
San Diego, CA 92108

Board of Retirement Members Elected by SDCERA Retired Members
Skip Murphy smurphy@sdcera.org
Alternate—Susan Mallett  smallett@sdcera.org

RESDC Administration
Membership
Address/email change
THE NETWORK Editor
Board of Directors
Events
Scholarship programs
Discounts

Phone:  (619) 688-9229 or (866) 688-9229
Website:  www.resdc.net
Email:  resdc@resdc.net
Address:  8825 Aero Dr., #205, San Diego,     92123

RESDC Endorsed Insurance and Other Supplemental Benefits
Pacific Group Agencies, Inc.
Phone:  (800) 511-9065

My Senior Health Plan
Phone:  (800) 401-2796

San Diego County Aging & Independence Services
Phone:  (800) 339-4661 □

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THE NETWORK is the official monthly newsletter of the Retired Employees of San Diego County, Inc. (RESDC), a private non-profit organization.

The information printed in THE NETWORK is believed to be from reliable sources. However, no responsibility is assumed by THE NETWORK for inaccuracies contained herein.

Business and Inquiries: Business matters and address changes may be recorded on our voicemail at any time, call (866) 688-9229. Please spell your name so the correct member record can be located.

Retired Employees of San Diego County, Inc.
8825 Aero Drive, Suite 205 | San Diego, CA 92123
Office Hours: 9 a.m. to 2 p.m. Monday through Friday
TELEPHONE: (866) 688-9229 Toll Free
FAX: (619) 688-0766
E-MAIL: resdc@resdc.net