On Thursday 10/2, 30 SEIU Local 221 attended the SDCERA Board Meeting to personally ask the board members to terminate SDCERA’s bloated $10 Million/year contract with Salient Partners. SDCERA heard loud and clear from County employees, but there’s more work to do to defend our retirement security.
Although the proposal to fire Salient Partners lost by a vote of 5-4, it was clear from the comments of the board members that there is support to change the direction of the fund and its leadership. We are confident that the board is on a path to pursue a transition plan that will lead to the termination of Salient Partners and a new process that will pursue a responsible and cost effective investment strategy.
The voice of SEIU 221’s 13,000 members was critical in the process. Members made phone calls and sent emails before attending the board meeting, and several board members referred to the huge volume of emails in favor of terminating the contract with risky investment strategists Salient Partners.
We didn’t win this fight today, but members are continuing to stand together and say NO to Salient Partners in order to get the SDCERA strategy back on the right track.
Come to the next meeting to hear more about defending your retirement security: Wednesday, October 22nd, at SEIU Local 221 (4004 Kearny Mesa Road, San Diego, CA 92111).
For more information, contact Worksite Organizer, Liz DeRoulet at firstname.lastname@example.org or (760) 717-4206
To read more on the issue, visit the Union Tribune article “Pension Board Keeps Manager for Now.”