Retirement Board report

by Lilly Calvache, Retirement Board Member

We are in the process of interviewing candidates for Retirement Plan Managers from among qualified civil service appointments. We will choose from among six candidates, five from the promotional list and one from the open list. The cert just went out, and we have 60 days to make this important appointment, so this is now our top priority. The candidates will be interviewed by the full board, rather than by a subcommittee as was originally proposed.

Javier Romero and I attended an informative workshop at the Wharton School of Business in Philadelphia. “Fundamentals of Money Management for Retirement Boards” was presented by the International Foundation of Employee Benefit Plans. As we have discussed in past columns, these training sessions are invaluable. They give us the opportunity to hear the experts speaking directly to our concerns, and also to meet our counterparts on retirement boards around the country.

The LA City Charter Amendment approved last year changed the Board’s composition. Instead of two DWP Commissioners, the Board now has one Commissioner and one retiree representative. William Williams is the newly-appointed retiree representative. I want to emphasize that the retirees already have their secure pensions with established terms. They are not at risk from plan mismanagement. It is the active employees--the FUTURE retirees--that have everything to gain from proper plan management, and everything to lose from poor management.


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