This month’s image is an overlay of the San Francisco Ferry building with a half shot of a passenger bridge and trains from the 1930s.
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CCSF V. SFERS (PRE-1996)
On May 22nd, SFERS officially reported SFERS will not pursue further action on the CCSF v. SFERS lawsuit.
Health Service System
HSS is holding a special meeting on July 11, 2019. Where subject matter experts will present current information about the evolving healthcare marketplace. Many topics will be discussed with the goal of developing health benefits in which to improve our healthcare system and benefit its members.
One suggestion would be to have more competition. This should lower the cost for its members. Right now, we have only 2 systems, Kaiser which is looking at a possible 12% hike and United Health Care (UHC) looking at 17% hike. As you can see a little competition certainly can’t hurt.
If you would like to participate in the session, please email the health service board secretary; email@example.com or phone: (415) 554-0662
SFERS Retirement Board
SFER’s CIO reported for the month of May the SFERS fund edged down -.088%. Not bad when you consider the equity markets fell nearly 7% during the same period.
On the fiscal year basis as of May 31st, 2019 SFERS portfolio gained 5.08%. In order to qualify for a supplemental COLA, the SFERS fund must meet its assumed rate of return of 7.4%. The fiscal of July 1, 2018 to June 30th, 2019.
To reach our assumed rate of return we would need a gain in the SFERS fund of 2.32% in the month of June. A tough task to say the least. But POB feels we are in good hands and for a turnaround in the market this June.
Protect Our Benefits Board
Naturally POB is disappointed in SFERS action on not pursuing the court case. But looking back to that day when it was held in appellate court, you had a feeling things weren’t going to go the way we wanted. The justices are Gov. Brown’s appointees, one of the justices was on the governor’s staff. The line of questioning was there was no recourse to answer and expound. And the quickness of the verdict (1 week). All these and other little things, it just told you us it’s not SFERS day.
Well what’s next course of action? POB is examining all the possible ways for the pre-1996 retirees to be made whole. We will explore all options and want to come back with a strong course of action where we have a strong likelihood of prevailing and put this item behind us.
More than ever… “United we stand; divided we fall.”
Your continuing contributions and support are greatly appreciated and are tax deductible. Please mail them to Protect Our Benefits Trust, P.O. 210250, San Francisco, Ca. 94121-0250 or CLICK HERE to donate today!
From the Executive Board of Protect Our Benefits
Protect Our Benefits is an organization whose goals are to enhance the dignity and quality of life of all San Francisco City and County retirees and preserve their health and retirement benefits. The opinions are those of the writer.