RECCSF Bulletin 10 2011

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RECCSF Bulletin 10 2011

  1. 1. Retirement Committee ReportBy Jean S. Thomas, Angeles’ standard compari- ings, minus 4.2%. Bumpy rideHerb Meiberger, CFA, and son of SFERS to its peers, other ahead.Stephen Herold public funds over $1B, states • Developing the asset alloca- that SFERS’ earnings are in the tion model—or investmentSFERS Historical second quartile for FY 2010/11, plan to achieve maximumPerformance Figures (FY but below median for the previ- return with minimum risk—is2010/11 and previous) ous one, three to five years. arguably the most important End-of-fisca l-yea r SFERS job of t he SFER S Boa rd,Plan value of $15.4B exceeded Other Points of Interest heavily dependent upon theits benchmark but expected • Outside auditors, Macias Gini expertise and judgement ofreturns were 1.8% below index- & O’Connell, w ill present SFERS’ investment staff, out-based returns for the fiscal their final FY 2010/11 audited side consultants, and Boardyear, according to SFERS’ out- report to the SFERS Board members. On 9/14, on recom-side investment consultants, on 11/9/2011. At that point, mendation of its InvestmentAngeles’, Fund Strategy Report outside actuarial consultants, Committee, the Board modi-for the Period Ending June 30, Cheiron, will calculate wheth- fied the current long-term2011, presented to the SFERS er we retirees will receive a (10 to 15 year) asset mix “toBoard on 9/14/2011. Whether supplemental COLA in FY slightly lower median employ-or not SFERS achieved those 2011/12. er contributions and modestlylofty goals, ever yone agrees • Best available Plan perfor- increase median asset levels”that actual FY 2010/11 Fund mance figures for the current for all years. City politicians,performance was great, with fiscal year to date (FYTD), two are you listening?robust 21.8% fiscal year earn- months ended 8/31/2011, re-ings in spite of international flect the market troubles, or Questions? Comments? Con-market upheavals in the final capital market fluctuations tact Herb at herb.sf@gmail.com;quarter ended 6/30/2011. Ac- (that is, don’t take them too Jean at jeansthomas@yahoo.cording to the report, equities, seriously—especially in the com or (415) 665-4149; Stephenabout 52% of the total portfolio, short term), as follows: Plan at stephenhome@att.net, or (415)earned about 32% overall and Value, $14.7B; FYTD earn- 664-1201.were star performers. Real es-tate, about 8% of the portfolio, Statement of ownerShip, management of copies of single issue published nearest to filing date, 3. and CirCulation (required by 39 u.S.C. 3685) 1. C. total paid and/or requested circulation. average numbermade big comeback earnings of title of publication: The Bulletin. 2. publication no.: 896- of copies each issue during preceding 12 months, 3431. ac-19.6%; and alternatives (private 740. 3. filing date: october 1, 2011. 4. issue frequency: tual number of copies of single issue published nearest to monthly, except august. 5. no. of issues published annu- filing date, 3348. d. free distribution by mail and outsideequity), about 12.5% of the port- ally: 11. 6. annual subscription price: $36.00. 7. Complete mail (samples, complimentary, and other free). 1. outside-folio, earned 22.7%. Angeles’ mailing address of known office of publication: 3915 irving county: average number of copies each issue during pre- St., San francisco, Ca 94122-1294. 8. Complete mailing ceding 12 months, 0. actual number of copies of singlepresentation highlighted two address of headquarters of general business office of pub- issue published nearest to filing date, 0. 2. inside-county:problems that the SFERS Board lisher: 3915 irving St., San francisco, Ca 94122-1294. average number of copies each issue during preceding 12 9. full name and complete mailing address of publisher, months, 0. actual number of copies of single issue pub-believes need remedy: (1) The editor, and managing editor: retired employees of the lished nearest to filing date, 0. 3. mailed at other classes:current earnings index bench- City and County of San francisco, al Casciato, editor; average number of copies each issue during preceding 12 Sheila mullen, managing editor, 3915 irving St., San months. actual number of copies of single issue publishedmark for alternatives needs to francisco, Ca 94122-1294. 10. owner: retired employees nearest to filing date. 4. free distribution outside the mailbe changed, and (2) The cur- of the City and County of San francisco. 3915 irving St., (carriers or other means). average number of copies each San francisco, Ca 94122-1294. 11. Known bondholders, issue during preceding 12 months, 350. actual number ofrency overlay program, which is mortgagees, and other security holders owning or holding copies of single issue published nearest to filing date, 400.supposed to offset international 1 percent or more of total amount of bonds, mortgages, or e. total free distribution. average number of copies each other securities: none. 12. 13. publication name: The Bulle- issue during preceding 12 months, 350. actual number ofcurrency fluctuations and even tin. 14. issue date for circulation data below: october 2011. copies of single issue published nearest to filing date, 400.provide positive earnings, has 15. extent and nature of circulation. a. total number of f. total distribution. average number of copies each issue copies. average number of copies each issue during pre- during the preceding 12 months, 3784. actual number ofdisappointed since its inception ceding 12 months, 3883 actual number of copies of single copies of single issue published nearest to filing date, 3748.ten years ago. Specifically, Com- issue published nearest to filing date, 3800. B. paid and/ g. Copies not distributed. average number of copies each or requested circulation. 1. paid/requested outside-county issue during preceding 12 months, 99. actual number ofmissioner Herb Meiberger noted, mail subscriptions. average number of copies each issue copies of single issue published nearest to filing date, 52.it has lost $695,000 in that during preceding 12 months, 1980. actual number of cop- h. total. average number of copies each issue during pre- ies of single issue published nearest to filing date, 1949. 2. ceding 12 months, 3883. actual number of copies of singleten-year period, has generated paid in-county mail subscriptions. average number of cop- issue published nearest to filing date, 3800. i. percent paidapproximately $5M annually in ies each issue during preceding 12 months, 1448. actual and/or requested circulation (15C divided by 15g). aver- number of copies of single issue published nearest to filing age during preceding 12 months, 91%. actual for single is-manager fees, and has increased date, 1396. 3. Sales through dealers and carriers, street ven- sue published nearest to filing date, 89%. 16. This statementrisk in the Fund. Meiberger re- dors, and counter sales. average number of copies each issue of ownership will be printed in the october 2011 issue of during preceding 12 months, 0. actual number of copies this publication. 17. i certify that all information furnishedquested that an action item be of single issue published nearest to filing date, 0. 4. other on this form is true and complete.calendared for a November or classes mailed through uSpS. average number of copies each issue during preceding 12 months, 3. actual number al Casciato, editor.December board meeting toterminate the manager. Page 7

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