San Diego County, Calif., has made changes to how its pension plan is run in an effort to protect its funds and how they are managed. The changes come in the wake of a ruling by the State Superior Court for the County of San Diego in San Diego County Employees Retirement Association v. County of San Diego (No. 37-2014-00030113-CU-MC-CTL).
Under the ruling, controls on administration of the San Diego County pension system will remain in place. The county and Superior Court Judge Judith Hayes said San Diego County Employees Retirement Association (SDCERA) employees — including top leadership — are county employees, and therefore the San Diego County Board of Supervisors determines their pay. Voices of San Diego reports that pension officials contended that setting pay rates for the system’s 80 employees was part of their oversight of the $10 billion retirement fund for the county’s 39,000 employees and retirees. Also at issue has been has been how the county pension system’s funds are invested.
The county plan has a new interim leader — David Wescoe, who had been the chief of the pension system serving the city of San Diego. Wescoe, says Voices of San Diego, is considered to have improved and reformed the city’s pension system.
Pension administration and streamlining on a county level ordinarily would not generate attention. However, San Diego County has a population that exceeds that of 20 states, and is the second most populous county in the most populous U.S. state.
Under the ruling, controls on administration of the San Diego County pension system will remain in place. The county and Superior Court Judge Judith Hayes said San Diego County Employees Retirement Association (SDCERA) employees — including top leadership — are county employees, and therefore the San Diego County Board of Supervisors determines their pay. Voices of San Diego reports that pension officials contended that setting pay rates for the system’s 80 employees was part of their oversight of the $10 billion retirement fund for the county’s 39,000 employees and retirees. Also at issue has been has been how the county pension system’s funds are invested.
The county plan has a new interim leader — David Wescoe, who had been the chief of the pension system serving the city of San Diego. Wescoe, says Voices of San Diego, is considered to have improved and reformed the city’s pension system.
Pension administration and streamlining on a county level ordinarily would not generate attention. However, San Diego County has a population that exceeds that of 20 states, and is the second most populous county in the most populous U.S. state.
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