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PROTECT OUR BENEFITS IS AN ORGANIZATION WHOSE GOALS ARE TO ENHANCE THE DIGNITY AND QUALITY OF LIFE OF ALL SAN FRANCISCO AND COUNTY RETIREES AND PRESERVE THEIR HEALTH AND RETIREMENT BENEFITS.
FROM THE EXECUTIVE BOARD OF PROTECT OUR BENEFITS, Inc.
SAN FRANCISCO HEALTH SERVICE SYSTEM
In July there was no monthly meeting scheduled for the HEALTH SERVICE SYSTEM. Just a reminder!! Stay safe, whether the concerns arise with COVID or other concerns. Remember you are YOUR BEST ADVOCATE FOR YOUR HEALTH!! Concerns: sfhss.org Phone #’s (415) 554-1750 or (800) 541-2266 Fax (415)554-1721
SAN FRANCISCO EMPLOYEE RETIREMENT SYSTEM (SFERS) BOARD
Folks!! What can we say about our primary source of our income especially when we rely on our retirement funds? We, at POB, have been monitoring this crazy market. It’s not pretty but we have confidence in what is happening especially now that we are able to help our oldest retirees with a charter amendment (see below). As for SFFERS in June, Assets were down -2.06%. The Quarter ended June 30, 2022 was down an estimated -6.71%. Fiscal year 2021-2022 SFERS generated an estimated return of -2.78%. Unfortunately, there can be no Supplemental Cola this year for anyone.
THE PRE 1996 RETIREMENT BENEFITS MEASURE FOR THE NOVEMBER 2022 ELECTION
WE MADE IT!!! The ballot measure has been certified for the November Ballot!! What follows is an explanation of what the ballot measure will say:
The way it is now the City provides its employees with pension benefits through the San Francisco Employee’s Retirement System (SFERS). At the November 6, 1996 election, the voters approved a supplemental cost of living adjustment (COLA). But City employees who retired before November 6, 1996 are only eligible for this supplemental COLA if SFERS is fully funded due to court action in 2012. SFERS is fully funded if the total value of its assets can pay for all of the accrued pension benefits owed to City retirees and employees, which seldom happens.
Proposition (Ballot ID letter to be assigned) would make City employees who retired before November 6, 1996 eligible for the supplemental COLA, even if SFERS is not fully funded. But in years when SFERS is not fully funded, the supplemental COLA would be limited to $200 per month for retirees with an annual pension of more than $50,000.
The measure will also include language to correct a problem the SFFERS has hiring an Executive Director, but this will have no effect on Supplemental Cola pay for those who retired prior to November 6,1996.
POB, INC. is now in campaign mode!! The real work now begins and POB will need your support and assistance. More on that as it develops so check this page often https://fairnessforsfretirees.com/!!
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!