City of San Diego Retired Employees Association
January 9, 2018
General Member Meeting Minutes
The minutes for the November 2017 meeting and the November Treasurer’s Report were approved. The City Council issued a proclamation naming January 9, 2018 “Mark Hovey Day” in honor of the retiring CEO of SDCERS. Because of this ceremony, SDCERS staff were unable to attend today’s REA meeting.
Jim Baross informed members that the Board is revising the budget for 2018. It will be reviewed at the February General Member meeting.
Mike Bresnahan told the members that beginning with the February meeting that a representative from SDPEBA would be attending the meeting and be prepared to answer questions from members about its offerings as well as sign up new members.
The program was Dr David Ely, a local economist who spoke about what to expect in the coming year. He reported that all looks good both here and in the major industrialized nations. The GDP should hold steady at around 2.5% and unemployment is dropping but unlikely to fall much below 4%. He anticipated no major changes at the Fed with the departure of Janet Yellen. Locally, the median home price is now over $600K which affects employment attractiveness. He warned that cancelling NAFTA would hit the region hard.