The Board of Retirement is the governing body with exclusive control and fiduciary
responsibility for management of the benefits and investments of the retirement
fund for the members and beneficiaries. Statutory duties and responsibilities of
Board Trustees originate primarily from the Government Code and the Constitution
of the State of California. A trustee's fundamental obligations may be summarized
as 1) loyalty to the members and beneficiaries, 2) prudence in protecting and managing
SDCERA's assets, and 3) diligence in serving the members' and beneficiaries' interests.
A more complete list of duties is shown below.
The Board of Retirement controls the investment of the pension
Trustees are responsible for approving all requests for retirement, refunds to separated
members, death benefits, repurchases and redeposits into the system, plus other
miscellaneous requests. In addition, the Board must act on all disability retirement applications, and establish employer and employee contribution rates for the retirement system on the basis of an actuarial survey.
The Retirement Board usually meets the third Thursday of each month at
the SDCERA office located at 2275 Rio Bonito Way,
Suite 200, in
San Diego’s Mission Valley area. Additional time commitments include attendance
at committee meetings and educational conferences (see Time commitments below).
Board members are eligible for reimbursement of mileage to and from the meetings.
Additionally, Board members are required to file a Disclosure of Conflict of Interest
Statement annually with the Fair Political Practices Commission.
To be a fully participating and contributing Trustee, members will enhance their
success with the:
Ability to understand and apply complex legal writings and concepts
Advanced communication skills to express position, opinions and ideas with conviction and clarity
Advanced analytical skills to understand investment policies, theory and practice
Aptitude and interest in finance, accounting, labor relations, employee benefits,
investments, legal, disability and personnel administration
Sole and exclusive fiduciary responsibility over the assets of the system
Duty to act in good faith and in the best interest of members, beneficiaries and
the fund as a whole
Act with skill, care and diligence. Trustees are held to a high standard and must
follow the prudent person rule which requires the trustee to act with the skill
and care that a prudent person acting in a like capacity, and familiar with these matters, would use in the conduct of an enterprise of like character and with like aims.
Seek or gather specialized advice or knowledge through education and training