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SDCERS' Independent Fiduciary Counsel Resigns

Harvey L. Leiderman and his San Francisco-based law firm, ReedSmith, have resigned as independent fiduciary counsel to the San Diego City Employees' Retirement System. "I am not at liberty to disclose the reason we voluntarily resigned," says Leiderman. "It's important that we resigned voluntarily." He and his firm were involved in several controversies. In May, they advised SDCERS that reduced benefits for new City employees negotiated in 2005 would not be effective until February of this year. Thus, these new hires would have the of the old, juicier benefits for almost two years. A second law firm gave exactly the opposite advice, saying the effective date of the reduced benefits would be July 1 of 2005. Mayor Jerry Sanders sided with the ReedSmith pronouncement and blamed City Attorney Michael Aguirre for the benefits being extended. "I can't confirm or deny" whether that was the issue, says Leiderman. Also, he won't comment whether the voluntary resignation had anything to do with the mispricing of purchase of service benefits.

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San Diego Reader 2024 Music & Arts Issue

Favorite fakers: Baby Bushka, Fleetwood Max, Electric Waste Band, Oceans, Geezer – plus upcoming tribute schedule

Harvey L. Leiderman and his San Francisco-based law firm, ReedSmith, have resigned as independent fiduciary counsel to the San Diego City Employees' Retirement System. "I am not at liberty to disclose the reason we voluntarily resigned," says Leiderman. "It's important that we resigned voluntarily." He and his firm were involved in several controversies. In May, they advised SDCERS that reduced benefits for new City employees negotiated in 2005 would not be effective until February of this year. Thus, these new hires would have the of the old, juicier benefits for almost two years. A second law firm gave exactly the opposite advice, saying the effective date of the reduced benefits would be July 1 of 2005. Mayor Jerry Sanders sided with the ReedSmith pronouncement and blamed City Attorney Michael Aguirre for the benefits being extended. "I can't confirm or deny" whether that was the issue, says Leiderman. Also, he won't comment whether the voluntary resignation had anything to do with the mispricing of purchase of service benefits.

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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