O'Neal's Corner


The Legislative Committee has identified the following documents that RESCO Members need to read:


Legislative Report - September 2018

Legislative Report - June 2018

Legislative Report - April 2018


Legislative Report - October 2017

Legislative Report - July 2017

Legislative Report - April 2017

Legislative Report - September 2016

Legislative Report - April 2016

Legislative Report - October 2015

Legislative Report - September 2015

Legislative Report - July 2015


RETIREMENT BOARD UPDATE

Our retirement fund earned over 14% last year.  We have over 1.5 billion dollars in assets.  Contributions plus earnings are exceeding our payments to retirees.  We have a way to go before we are fully funded but if this positive trend continues, we will get there.  There was an article in Pension & Investment, which ranked Stanislaus County 3rd in the nation for best investment returns for last fiscal year. 

The Board of Supervisors appointed Jason Gordo to replace Ron Martin.  The Board is in the process of finalizing its strategic plan.  There will be a full update in the next StanCERA newsletter.


LITIGATION REPORT

For the latest information on O'NEAL v. StanCERA or NASRAWI V. BUCK, click the following link:

Law Office of Michael A. Conger

Mr. Conger is the attorney of record representing RESCO in both cases.  The information on his website will be the most up to date information available.


UPDATE ON O'NEAL v. StanCERA


Hello, fellow retirees! 

We’ve finally concluded the in-court trial phase of the O’Neal v. StanCERA case after seven long and tiresome days in court!  The next phase will consist of filing closing arguments versus verbal closing arguments, which many of us are more familiar with.  Here is a copy of the Closing Brief:

         July 2018 Closing Brief


The Judge will then decide the case based on the evidence presented during the trial and closing arguments.  While it will probably be several months before we have the Court’s decision, we wanted to give you a brief update.

We feel that our Attorneys, Michael Conger & Richard Benes, put on the best case; they brought out many points that should prove our case to the Court.  Judge Robert F. Moody seemed to understand the facts in the case and we are hopeful that he will rule in our favor.  If/when we prevail, we will move into the next phase of the trial to determine damages. 

We want to thank you all for your support these past nine years, and especially would like to thank those of you who attended the trial with us.

If you would like to read the Trial Brief, prepared by Michael Conger in advance of the trial, it is posted on RESCOToday.org under “NEWS”.

On behalf of RESCO,
Co-Plaintiff’s:  
      Michael O’Neal
      Dennis Nasrawi
      Rhonda Biesemeier


Here are a couple of documents you might like to review:

  • Slide presentation used be Mr. Conger for his opening remarks:

      Opening Remarks

  • Trial brief presented to the Courts before the trial started (a lot of detail):

      Trial Brief




UPDATE ON NASRAWI v. BUCK


We won the appeal in this actuarial malpractice case against Buck Consultants, STANCERA's previous actuary.  Buck miscalculated the County of Stanislaus' required contribution by almost $40 million, but STANCERA will not pursue this malpractice case.  So we are pursuing it.
 
However, the parties have agreed to stay this case pending the outcome of the O'Neal case, because the outcome of that appeal will affect the outcome of this actuarial malpractice case.

Legislative Report - October 2017

Retired Employees of Stanislaus County Organizations, Inc. 

Call: (209) 521-1666
Email: Contact@RescoToday.org

RESCO, Inc.
P.O. Box 1646
Modesto, CA 95353

News

RESCO Newsletters 2018

    Fall Newsletter 

    Summer Newsletter 

    Spring Newsletter 

RESCO Newsletters 2017

    Winter Newsletter 

    Fall Newsletter 

    Summer Newsletter 

    Spring Newsletter 



​CRCEA Minutes/Newsletters





     2017 July Intercom Newsletter



Pension Reform Legislation


Governor Edmund G. Brown Jr. today (2012) signed sweeping pension reform legislation.  “This is the biggest rollback to public pension benefits in the history of California pensions,” said Governor Brown.  For more information on the "Public Employees Pension Reform Act of 2012", see:


         * George Shoemaker - The1937 ACT
         * Act's Highlights
         * CA.gov News Article 09/12/2012
         * Legal Documents

     2017 July Intercom Newsletter

Thank you for your support!