Thank you for your ongoing donations. They are greatly appreciated as they help offset our operating expenses, allowing us to continue our work serving you. CLICK HERE to donate today!
PROTECT OUR BENEFITS, INC., IS AN ORGANIZATION WHOSE GOALS ARE TO ENHANCE THE DIGNITY AND THE QUALITY OF LIFE OF ALL SAN FRANCISCO CITY AND COUNTY RETIREES AND PRESERVE THEIR HEALTH AND RETIREMENT BENEFITS
FROM THE EXECUTIVE BOARD OF PROTECT OUR BENEFITS, INC.
SAN FRANCISCO HEALTH SERVICE SYSTEM
The Blackout Period Timeframe for the SFHSS competitive bid process for actuarial services and associated health benefit consulting services commenced on December 8, 2022, and will conclude after the SFHSS Board’s final approval of the contract in June 2023. SFHSS has conducted a “Benchmarking Study”, “benchmarking” is defined as the process of measuring products, services, and process against those of organizations known to be leaders in one or more aspects of their operation.
From an employee perspective for plan cost-sharing benchmarking:
- SFHSS is substantially lower than other benchmarks for average member plan design cost-sharing of services (e.g., deductibles, co-payments, and coinsurance).
SFHSS is slightly lower than other benchmarks for average out-of-paycheck contribution amounts.
- Overall medical/prescription drug spending per employee is higher for SFHSS than for average benchmarked organizations—three key factors drive this result:
- Higher average population age for SFHSS than other benchmark (though similar to Public Sector benchmark average age) — SFHSS population is 3 years older on average than the overall study employee average age.
- Higher cost of health care overall in the Bay Area versus U.S. averages
- Higher percentage of allowed costs paid by SFHSS plans versus other benchmarks.
POB has endorsed Al Casciato for the Health Service System Trust Board. POB feels Al is more than qualified, having served on the Health Service Board as one of its commissioners and the San Francisco Retirement Board. The Health Service System Care Trust Fund Special election will be July 14, 2023.
For your convenience, here is the link to easily contact SFHSS with any questions, under the contacts tab on our website. https://sfhss.org/contact-us
SAN FRANCISCO EMPLOYEE RETIREMENT BOARD (SFERS)
As of March 31, 2023 SFERS fund value was $32.2 Billion. The Fiscal Year to Date investment return was 1.96%.
SFERS completed part 1 of its Asset and Liability Study. 2022 was a challenging year for capital markets which was extended into 2023. Even with the challenging investment environment, SFERS remains in a well-funded position.
According to the liability study SFERS funded status as of July 1, 2022, was at 96.1% (Actuarial) and 97.6% (Market). POB will update the current status when available.
As stated in the study all the complexities of pension plans can boil down to the classic equation; C+I=B+E Contributions (C) plus investments (I) must equal all Benefits (B) and Expenses (E). Sounds Simple!!!
For your convenience, here is the link to easily contact SFERS with any questions, under the contacts tab on our website. https://mysfers.org/about-sfers/contact-us/
REMEMBER
UNITED WE STAND,
DIVIDED WE FALL
Your continuing contributions to our charitable non-profit, to offset our operating costs, 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!