Skip to comments.CA: Murphy appoints seven new members to San Diego pension board
Posted on 02/25/2005 8:49:01 PM PST by NormsRevenge
SAN DIEGO As part of a voter-approved mandate to restructure the 13-member board that governs San Diego's troubled city employees' retirement system, Mayor Dick Murphy today announced seven appointments to the panel.
In November, voters passed Proposition H, which limits the number of city employees and retirees that can serve on the board.
"This is another part of my plan to restore financial stability to the city's pension system," Murphy said.
Under the new configuration, the mayor appoints seven members to the board, who are subject to confirmation by the City Council. The remaining six positions are appointed by employee unions, management and retiree groups.
Citing the need for a "fresh start," Murphy opted not to reappoint any members that are now sitting on the retirement board.
"I believe it would be best to give the new board a fresh start, to avoid perpetuating the pension board's internal strife that has existed for at least the last year," Murphy said.
The mayor's appointees are:
Robert Doede, of La Jolla, who is a retired investment business professional with more than 25 years experience. He was chair of the Centurian Capital Group, professor of economics at the University of Pennsylvania and now chairs the Bishops School Finance Committee.
Thomas Page, of El Cajon, former CEO of San Diego Gas & Electric. He served as the chair of Cuyamaca Bank from 2001 to 2004 and is a former chairman of the board of Enova Corp. and SDG&E.
Theodore Roth, of Rancho Santa Fe, who is managing director of Roth Capital Partners LLC. Previously, he was president and chief operating officer of Alliance Pharmaceutical Corp.
William Sheffler, of Coronado, who is president and founder of Sheffler Consulting Actuaries. He has been an actuary for 30 years and served on the city's Pension Reform Committee.
Susan Snow, of Rancho Santa Fe, who is chief financial officer of Maxim Systems. She currently chairs the San Diego Regional Chamber of Commerce Audit Committee and formerly worked at KPMG Boston as a certified public accountant.
Robert Wallace, of Ocean Beach, who is a partner with the accounting firm of Brodshatzer Wallace Spoon & Yip. He has been an accountant for more than 25 years, with experience in auditing and accounting deficiencies.
Harvey White, of Del Mar, is one of seven people who founded Qualcomm Corp. in 1985. He was president of the company when he left in 1998 to head spin-off company Leap Wireless.
The nominees will go before the City Council for confirmation on March 7. If approved, their first meeting will be April 15. The new board will face a nearly $1.4 billion shortfall in the pension system. Long-term underfunding and flaws in the way the city disclosed the debt to potential investors has also led to investigations by the Securities and Exchange Commission, U.S. Attorney's Office and FBI.
Snow said fixing the pension system would be a "huge task."
"It is important that we restore confidence in San Diego and move forward," she said. "I know it is going to be a daunting task."
City Attorney Michael Aguirre has called the existing board a "rogue agency" and attempted to take over as chief legal advisor.
Board President Frederick Pierce has resisted, maintaining that Aguirre's takeover attempt is illegal. The panel has also refused to waive attorney-client privilege so that documents can be obtained in the federal inquiries.
Aguirre is also investigating whether the current board violated the state's open meeting laws, covered under the Brown Act, when it voted to bar trustee Diann Shipione from its closed-door sessions.
Shipione has been an outspoken critic of the chronic underfunding of the city's pension system. Board members reportedly consider her to be a whistle blower who sparked the federal investigations.
san diego's secret is that for a supposedly large, sophisticated city, it's tucked away in the corner of the country.
san diego's politics are insular.
The spineless mayor nominates seven good old boys. Not one bomb thrower in the group. The cover up continues.
what about the city council members of a couple years ago?