The Retirement Security Committee (RSC) of Local 1021 works to achieve a secure retirement for all workers. Active and retired members of the union are encouraged to join our group. Our meetings are usually the second Saturday of the month at our Fairfield office at 2300 Boynton Ave. The meetings are videoconferenced. At this time, the only officer of the committee is the Chair. For more info on the RSC, please contact Harry Baker at firstname.lastname@example.org or Steve Stallone at email@example.com.
As of January 2013, the RSC consists of 21 voting delegates. Members can become additional delegates by appointment from their county COPE committee. If there is no county COPE committee in your area, you can seek appointment from the Area Rep(s) to the Executive Board from your region. Harry Baker served for three years as the first elected Chair of the Retirement Security Committee. When Harry retired, he could not run for re-election to that position. In March of 2013, Cynthia Landry won election to this seat on the Local 1021 Executive Board. She can be reached at Cynthia.Landry@seiu1021.org,
California Retirement Security for All
The SEIU unions in California have been running a campaign for several years called Retirement Security for All (RSA). One main component is the implementation of SB1234. This legislation from 2012 creates a savings plan for employees who work in the private sector or for non-profits. The bill required a study period for 2013-14. This plan is called California Secure Choice, and is a high priority for SEIU.
Another key program in this campaign is supporting efforts at CalPERS to implement their plans for infrastructure investment, as well as other responsible investing policies. The staff at the Capital Stewardship department of the International Union is also working on a plan to take to retirement systems, called Investing for the 99%.
SF RETIREMENT SYSTEM CONSIDERS MAJOR CHANGE IN ASSET ALLOCATION
Posted November 18, 2014
The Board of Commissioners of the San Francisco Employees Retirement System (SFERS) has been considering for most of this year making a major change in the assets of the system. The Chief Investment Officer (CIO) of SFERS, Thomas Coaker, is proposing that the system make a change in 27% of the system assets. Fifteen percent of this asset change would be to purchase Hedge Fund investments, and to hire special money managers to manage these Hedge Funds for SFERS.
Hedge Funds are considered risky, the Hedge Fund managers charge high fees, and they demand a level of confidentiality that precludes transparency. Pension systems with money in Hedge Funds usually go into closed session to discuss these investments, and to get reports from those money managers. The performance reports by the Hedge Fund managers to the pension system trustees are considered confidential, and are not released to the public, or to ordinary members of the system.
It is expected that the SFERS Commissioners want to make a decision on this Asset Allocation soon. We anticipate that they will try to vote on this in the next several months. SEIU Local 1021 opposes this high risk investment, and will be keeping the pressure on the SFERS Board to demand detailed answers to our questions about the need and justification for this investment, and their plan for implementation that includes transparency. At the last regular meeting on November 12, we had a good turnout and spoke at the beginning of the meeting, under public comment. We criticized the riskiness of Hedge Funds, and demanded specific answers to our questions about Coaker’s proposal.
There will be a special meeting of the SFERS Board on Wednesday, December 3, at 1:00 PM, at 1145 Market Street, 6th floor. Public comment period starts at 1:00 PM. We anticipate that the Board wants to take a vote on the Hedge Fund proposal at that time. We are asking our members, Active and Retired, to come to this meeting of the SFERS Board and let them know that we want answers to our questions.
What you can do:
- Come to meeting of the SFERS Board on December 3 and speak under public comment.
- Sign our petition against investing in Hedge Funds.
Download the Petition (PDF) and return to SEIU 1021 at 350 Rhode Island Suite 100 in San Francisco, attn: Dennis McLaughlin. You can also send the petition to Dennis by email at firstname.lastname@example.org.
- Keep up on details of our SEIU Local 1021 campaign to demand responsible investments at SFERS. Check the RSC webpage regularly.
For more info, please contact David Williams at email@example.com.