Local 798 Endorses Joe Driscoll

By Mike Hebel, correspondent for the P.O.A.
Local 798 strongly endorses Joe Driscoll who is seeking reelection to the City’s Retirement Board. Joe, a fire lieutenant, has been an elected member of this Board for the last 15 years. Joe is a chartered financial analyst and has an MBA in finance. He is a past vice-president of the SF Firefighters Local 798.

When Joe first came on the Retirement Board in February 1986, the Retirement System had an unfunded liability of over $1 billion; the System now enjoys a market value surplus of almost $6 billion. Joe played a major role in this turnaround insisting that the System adopt higher earning investment policies with increased diversification. This has allowed the System to obtain the funds to provide for larger retirement benefits for both active and retired participants. Joe’s motto has been: “We can do better with our money!” And he has led the way. For the year ending June 30, 2000, the CCSF Retirement System’s investment portfolio logged and outstanding 23% overall return – it outperformed all 34 public pension funds with at least $1 billion in assets. Joe really knows that if the trust funds grow, then the voters can easily afford to increase retirement benefits.

Joe recognizes that it’s the amount of the pension check that really matters to retirees and their families. Joe has actively worked on all the recent ballot measures that have increased benefits including our November 1998 ballot measure that greatly enhanced the retirement benefits for the Tier II system.

Joe Driscoll deserves reelection. He has earned it. During his tenure, the Retirement System investment policies have been changed to recognize the importance of a well-diversified portfolio with equity investments in the forefront. Your retirement benefits are now most secure. In 1986 the Retirement System was underfunded (48% on a market value basis); it is now overfunded (174% on a market value basis). Joe has helped create a financial environment ensuring continuing and greater retirement benefits for active and retiree CCSF employees. Thanks Joe.

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