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Committee Signs Off on Contract Signature to Finalize Transfer of 33 Airport Officers— Retirement Accounts

Budget and Finance Committee, San Francisco Board of Supervisors · January 13, 2010
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Summary

The committee approved forwarding a resolution to finalize the transfer of retirement service and associated assets for 33 airport police officers from CalPERS to the San Francisco Employees' Retirement System and authorized the clerk's signature to receive the assets; the city paid $670,000 and participant contributions totaled $116,795.

The Budget & Finance Committee on Jan. 13 considered a resolution to approve a contract finalizing transfer of retirement coverage and associated assets and liabilities for 33 airport police officers who elected to move from the California Public Employees' Retirement System (CalPERS) into the San Francisco Employees' Retirement System (SFERS).

Gary Amelio, identified as the Executive Director of the San Francisco Employees' Retirement System, told the committee the election involved 33 officers, assets already transferred in a prior fiscal year, the city paid $670,000 and participating employees contributed about $116,795; he asked only that the committee approve the clerk's signature on the contract so the city could receive the remaining transferred assets (the Retirement System referenced "$6 plus million from CalPERS").

Chair Avalos thanked Amelio and the committee moved the item forward with recommendation to the full Board.

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