ASSOCIATION OF RETIRED SEATTLE CITY EMPLOYEES Non-Profit Organization For: Active & Retired Seattle City Employees U.S. Postage P.O. Box 75385, Seattle, WA 98175-0385 PAID ARSARSCECE Seattle, WA Website: www.arsce.org Permit No. 1100 NEWS ACTIVE & RETIRED SEATTLE CITY EMPLOYEES May/June 2019 Volume 46, No. 6 OUR PRESIDENT’S MESSAGE By John Masterjohn You’re Invited! ARSCE’s I am sitting here looking out my front room window at 3 to 4 Summer inches of snow that is still on my yard. I am writing this column early because I will be away visiting a warmer place when this Picnic article is due to the editor. I In my last article, I mentioned several goals that the All the fun without the ants! Seattle City Employees’ Retirement System (SCERS) set for the coming year. Wednesday / June 12th, 2019 #1. DELIVER OUTSTANDING SERVICE TO MEMBERS AND BENEFICIARIES. West Seattle Golf Course / 4470 - 35th Ave. SW, Seattle WA One measure of this improvement will be found in the (Reservation form on page 12) processing of retirement estimate requests. When they started tracking these requests in 2014, there were 250 outstanding requests on the books, with an average turnaround time of 12 taken over the last several years. New assumptions will go into weeks. As of the end of 2018, there were zero (0) outstanding effect on January 1st, 2020 and will result in a modestly lower requests, with the prior average turnaround time of two and a funding ratio and higher City contribution. This may affect half weeks. There are a number of other ways they feel they your retirement benefits, so if you are considering retirement have met this goal. soon you need to contact the retirement office to see if this may #2. IMPLEMENT TECHNOLOGY-BASED SOLUTIONS. affect your plans. These provide accurate and timely information. They #4. DEVELOP A FIVE YEAR STRATEGIC PLAN. completed the fourth and final phase of the Pension SCERS has hired two highly qualified city employees for key Administration System (PAS) which went live in January of 2019. management positions. SCERS leadership provided guidance This will allow SCERS to take a more proactive approach in and professional input to the Seattle Retirement Savings providing services. Plan (SRSP) that was adopted by the Seattle City Council on #3. MAINTAIN A STRONG AND SECURE FINANCIAL POSITION. November 20, 2017 and signed into law by Mayor Tim Burgess Over a time frame of 5 to 7 years, that is typical of a market on November 22, 2017. Also, they completed the transition of cycle, to achieve a net return that matches or exceeds the all SCERS retirees to direct deposit, a more secure and timely policy index. SCERS has modestly underperformed the policy payment method. by 0.1% (5.0% SCERS, 5.1% policy index) and 0.4% (7.4% SCERS, Now if you think I came up with all this information by 7.8% policy index) on an annualized basis over the last 5 and myself, you would be highly mistaken. I am giving all the credit 7 years, respectively. While the medium-term objective was to Paige Alderete and Jason Malinowski, both top people on the not fully met, relative performance has meaningfully improved staff, and to their 2018 SCERS Progress Report. As you probably over time. For example, SCERS had underperformed the policy figured out, I’m just sharing with you selected sections from index by 1.2% for the preceding five year period from 2009 to the report. 2013. Also, SCERS approved a revised set of economic and Well, we went off to that warmer spot as promised, so I hope demographic assumptions as part of the experience study spring came early and you all enjoyed the March Luncheon. process that Milliman (actuary) undertakes every four years. The investment return assumption was reduced from 7.5% to John 7.25%, reflecting that capital market return expectations have Contact Mr. Masterjohn at [email protected] processes. The consultant concluded that the technology used by SCERS lacked basic functionality and was significantly behind YOUR PENSION NEWS the industry standard for comparable public retirement systems. By Lou Walter, Retired Employee, SCERS’ new Pension Administration System went live on- Member of the Seattle City time and on-budget and has replaced the old, disparate tools, Employees’ Retirement System data sources, computing systems, and manual processes with a streamlined, one-stop system with automated processes. As a result of these efforts, SCERS expects to see increased consistency, better data requiring less analysis at the time of a member’s request, increased reporting and monitoring capabilities, and SCERS is Committed to Improve Service overall, more time and availability to focus on important things to Our Members such as improving service and communication with its members. As a trustee of the Seattle City Employees’ Retirement System In January 2019, the Seattle City Employees’ Retirement System and a member of the Board of Administrators, I’m very impressed (SCERS) went live with its Pension Administration System (PAS). with the work done by our Executive Director Jeff Davis, Chief This system implementation was the cornerstone of a multi-year Finance and Operations Officer Paige Alderete, and the SCERS project to modernize SCERS business processes, applications, staff to bring the Pension Administration System on line, on-time and data essential for meeting its business goals. This project and on-budget. This project is a demonstration of the dedication was initiated in 2013, when SCERS worked with a leading public and professionalism of your SCERS staff. PAS will reduce costs and pension industry consultant to assess SCERS current systems and improve the performance of SCERS now and well into the future. v Page 2 — ARSCE NEWS — May/June, 2019 Old Timers Luncheon Group MTD/DAS/ESD/FFD/FAS By Jerry Robertson Current & Retired The Old Timers Luncheon Group continues to meet the first Monday of every month. I will give you the opportunity Seattle City Employees to record all of our remaining lunch dates for 2019: May 6, June 3, July 1, August 5, September 9, October 7, November PROTECT YOUR RETIREMENT 4, and December 2. The Super China Buffet, where we meet, is located at 15323 Westminster Way in Shoreline. We have met at this restaurant for several months, and most seem to be happy at this location. Join ARSCE Today! Our luncheon in December was attended by 19, which is closer to the normal number for our lunches. It seems to Application on page 12 of ARSCE News me that the years keep adding up faster each year. Perhaps it is as we get older, we just don’t want it to go so fast. January was a no show for all due to the snow. I believe this was the first time we were snowed out from having our happy lunch meeting. The Super China Buffet was closed. So it was just as well that Terry and I did not go. Truth be told, we were both fighting colds and would not Essential Telephone Numbers have gone any way. Birthdays for the New Year were January: Janice And Web Addresses Eickstadt, McKay Moore, Ted Victa, Perry Wong, and Kenny Wong. Birthdays for the month of February included: ARSCE: 425.443.3799 Michael Minato, and for March: Reiner Graumann, Gordon (Change of Address/Membership Questions) Hirai, Alberto Quan, and Lila Wyatt. A very Happy Birthday Email: [email protected] to all of you, and I want all of you to keep having birthdays Website: www.arsce.org for many years to come. For those who have noticed, Terry has not been coming Mayor’s Office for Senior Citizens: 206.684.0500 lately. The years are have hit her hard, and it also saddens (Information on available programs/services) me that she has Alzheimer’s, which is a hideous disease Email: [email protected] to get, as there is nothing that can be done for a cure. Website: www.seattle.gov/seniors Another difficult part of this is that hits the family very hard. I am looking forward to seeing all of you at our Personnel Department: 206.615.1340 luncheons for the rest of the year. (Benefits) Email: [email protected] You can reach Mr. Robertson at [email protected] Website: www.seattle.gov/Personnel/ Retirement Office: 206.386.1293 or 1.877.865.0079 (Retirement Checks/Health & Dental Benefits/General Questions/Change of Address/Tax Withholding) Email: [email protected] Website: www.seattle.gov/retirement Sunday, May 12th, 2019 Statement of Ownership And Management 1) Owner and Publisher: Active & Retired Seattle City Employees Address: P.O. Box 75385 Sunday, June 16th, 2019 Seattle, WA 98175-0385 2) Title of Publication: ARSCE News 3) Frequency of issues: Six (6) issues each year. 4) John Masterjohn, President Barbara Graham, Vice President Alan Hovland, Recording Secretary Victoria Troisi, Financial Secretary Elizabeth Paschke, Treasurer Lee Sattler, Editor 5) Bondholders, Mortgages, and Security Holders: None Inside this Issue 6) The Association of Retired Seattle City Employees, d/b/a Active & Retired Seattle City Employees (ARSCE), is a non-profit organization for educational purposes according to section Page 3: Duffer’s Corner 501(c)(3) of the Internal Revenue Code. Contributions are Page 4: Ramblin’ Roads tax-deductible. Page 6. A Life Well-Lived ARSCE annual dues are $15.00 (July 1-June 30). Opinions stated by various writers are their own and do not necessarily Page 7: Spring Luncheon Photo Review reflect the policy of ARSCE. Page 8: Welcome New Members! Page 10: The Film Guy Contact us at www.arsce.org Page 12: Summer Luncheon Registration Form Or telephone us at 425.443.3799 ARSCE NEWS — May/June, 2019 — Page 3 Duffer’s Corner natural land crossing from Seattle proper to the newly acquired By Joe Matthias lands north.