Re-Elect Annie Chao for the 2019 LACERS Board
Hello Everyone! I hope that your 2019 is going well. Believe it or not, it is time for another LACERS Board Election and I have decided to run!
Here are the important dates you need to know:
- Ballots will be mailed out on March 22, 2019
- Ballots need to be mailed back starting April 2, 2019
- Ballots are due to the City Clerk Elections Division by 5 pm on April 9, 2019
I decided to take a chance and run against a well-funded incumbent because I believe that her voting record and attendance on the Board does not spell out
Some of you have known me for years and have supported me through various elections… I especially want to thank you for the continued support and encouragement. Some of you do not know me personally, but have connected with me via social media or LinkedIn. I’m happy to have met you virtually and share about myself. As I share with you a little about my background, experience and motivation for running for the LACERS Board, I also hope to gain your support and VOTE!
- I am an Investment Officer with Fire and Police Pensions, and have been working there for 8 years.
- I oversee the real estate investments for the sworn pension plan, but had also overseen bonds, equities, commodities and hedge funds.
- In total, I’ve been with the City for 16 years, so long enough to be vested and committed to staying, but not long enough to start counting down to retirement.
Because I have seen the decisions the Pension Board has made and the impact those decisions have had on the pension plan’s members, I decided I should get more involved with my pension plan. I was elected onto the LACERS Board in 2016, and was able to use my pension investment experience to help make some key decisions that benefited the members:
- Getting the City to contribute more as the employer
- Setting investment goals specifically the asset allocation
- Hiring a new General Manager
- Approving retirement benefits including individual disability cases
- Reducing investment management fees
Being on the LACERS Board showed me that many members only contacted LACERS when it was time to retire. Members trust that the money will be there when they want to retire. But currently, there’s only enough money right now for 7 out of 10 members to retire if we all wanted to retire at the same time. Of course that is scary for someone like me who still has 15+ years before I am eligible to retire, and should be scary for everyone else with even less time than me.
I am not the kind of person, who can ignore a fixable problem so it motivated me get more involved: inform members; seek adequate contribution from the City; run an efficient investment program; and raise our retirement funded ratio.
Being on the LACERS Board also showed me that whoever gets voted in to represent the members is important because members do not want to worry that the money may not be there when they retire. It is important the Board Commissioners see that their sole fiduciary duty is to the members and the pension plan. More often than not, the Board Commissioners want to serve and be a fiduciary. However, sometimes, the Commissioners have used LACERS as a way to pay for international travel OR attend conferences held at fancy hotels OR to support personal/political causes OR feed their egos OR to get more personal access to the Mayor.
As members, we should speak up against these behaviors! As a Board Commissioner, I have spoken up against these behaviors. I hope getting to know me, my background, and my motivation has given you more confidence in your support of my LACERS candidacy. If you have any questions, please do not hesitate to reach out.
Thank you for your support,