The City Council today approved three new members to the San Diego City Employees' Retirement System board and the re-appointments of two others.
Newly appointed to the 13-member SDCERS board were Edward Kitrosser, Herb Morgan and Richard Tartre, while Wayne Kennedy and Mark Oemcke will continue to serve on the panel.
Kitrosser, a certified public accountant with more than 40 years experience in accounting, auditing, tax and consulting services, is a partner with Moss Adams LLP.
Morgan has more than 22 years of experience in investment management and is chief executive officer of Efficient Market Advisors LLC.
Tartre, who retired as a senior vice president of Met Life in 2002, has more than 35 years experience in annuities, life insurance, mutual funds and investments.
They replace outgoing board members Tom Hebrank, William Sheffler and Peter Preovolos.
The appointments were made by Mayor Jerry Sanders and approved by everyone on the City Council except Donna Frye and Carl DeMaio.
Citing their institutional knowledge, DeMaio and Frye questioned why Hebrank, Sheffler and Preovolos were not reappointed to the SDCERS board.
"I just cannot see why it wouldn't be a good decision to not reappoint at least one of them, if not both of them, to the board," DeMaio said. "I think that is a big mistake we are making as a city, as the plan sponsor, to jettison that experience that institutional memory."
Frye said Sheffler's experience as an actuary was a vital asset to the SDCERS board.
"I would like someone with some actuarial experience to be part of the reappointment process," Frye said.
Jay Goldstone, the city's chief financial officer said the terms of the three outgoing board members were up, and Sanders "felt it was time to make some changes."
Frye and DeMaio supported the reappointments.
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