SamCERA has updated its contribution rates for members and employers.
Month: June 2016
SamCERA Awarded for Excellence in Financial Reporting
For the thirteenth consecutive year, the Government Finance Officers Association (GFOA) has presented SamCERA with an award for Outstanding Achievement in Popular Annual Financial Reporting.
The award recognizes SamCERA’s 2015 Popular Annual Financial Report (PAFR), which is a brief overview of SamCERA’s finances and investments. It’s the “Reader’s Digest” version of the Comprehensive Annual Financial Report (CAFR).
SamCERA’s 2015 CAFR was also honored by the GFOA. The CAFR contains detailed information about SamCERA’s finances and investments, including SamCERA’s assets, liabilities, funding sources, and funded status. This was the nineteenth year in a row the CAFR received the GFOA’s Certificate of Achievement for Excellence in Financial Reporting.
The GFOA established the CAFR certificate program in 1945 to encourage state and local governments to go beyond the minimum requirements of generally accepted accounting principles. In doing so, the GFOA has established a high standard for financial reporting where government agencies must open their books in the spirit of transparency and full disclosure.
The GFOA established the PAFR awards program in 1991 to encourage state and local governments to produce popular annual financial reports designed to be readily accessible and easily understandable to a broad audience.
SamCERA takes these duties seriously, and we are committed to meeting the standards set by the GFOA. As a result, we’re confident that we’re providing our members, the public, and other stakeholders with a clear picture of our finances.
2016 Board of Retirement Election Results
General Member Seat
Natalie Kwan Lloyd has been reelected to the Third Member General seat. Ms. Kwan Lloyd received more votes than Al David and David Perron.
Retired Member Seats
The two retiree seats on the Board were also up for election this year. Both incumbents ran unopposed and were deemed elected. Paul Hackleman will thus return to the Eighth Member Retiree seat, and Alma Salas will return to the Retiree Alternate seat.
Newly Elected Board Member Profiles
- Natalie Kwan Lloyd is a Senior Appraiser in the San Mateo County Assessor’s Office. She originally joined the Board in July 2008, and was previously reelected in June 2013. She has also served as Board Chair.
- Paul Hackleman served as the County Benefits Manager from 1982 through March 2008. He originally served on the Retirement Board while actively employed, from June 2005 through March 2008. He was elected as a retiree in 2010, and reelected in 2013. He has recently served as Board Chair.
- Alma Salas was a Probation Services Manager with the San Mateo County Probation Department before her retirement in May 2013. She first joined the Board in May of 2001, and served as Board Chair during the 2004-05 fiscal year. She was elected in June 2013 to serve as the Retiree Alternate.
Additional Information
The terms of office for the newly elected board members commence July 1, 2016, and will expire on June 30, 2019. The next scheduled SamCERA Board of Retirement election will be in 2018, when the Second Member General seat, the Seventh Member Safety seat, and the Safety Alternate seat will be up for election.
Board of Retirement Investment Commitments
At its meeting on June 7, 2016, the Board of Retirement approved a $35 million commitment to the Tennenbaum Capital Partners Direct Lending Fund VIII, as part of SamCERA’s Opportunistic Credit composite within Fixed Income.
No further board action was taken related to SamCERA’s commitments.
More information on SamCERA’s commitments may be available in SamCERA’s Board of Retirement meeting minutes. Minutes for a given Board meeting are usually approved at the next regular meeting, and will be posted shortly thereafter.