SANTA ANA — On Thursday the Orange County Employee’s Retirement System (OCERS) announced that Chairwoman Patti Gorczyca resigned from the Board. Members of the Board receive a $100 per meeting stipend for their service, not much given the work involved. OCERS has been embroialed in controversay after the failure of senior executives to identify a more than $200 million calculation error. Two senior staff members were fired over the matter earlier this year.
The release from OCERS:
Yesterday the Chair of OCERS’ Board of Retirement, Patti Gorczyca, announced her resignation from the Board, effective immediately. “Patti Gorczyca served our Board with distinction for over three years, and recently as our Chair, ” said interim Chair Russell Baldwin. “She brought knowledge, commitment and hard work to our deliberations and helped guide us through many challenges. We respect her decision and all wish her the best.”
Ms. Gorczyca was appointed to a three-year term on the OCERS Board on June 24, 2008 by the Orange County Board of Supervisors. On November 23, 2009 she was elected by her peers to serve as Vice Chair, and assumed the Chair role in January, 2011. While on the Board, she also served on the Investment Committee, the Governance Committee and the Ad Hoc Compensation Committee.
The OCERS’ Board will hold an election for a new Vice Chair to succeed Mr. Baldwin, who moved into the Chair position.
OCERS is a defined benefit plan. It has been providing retirement, death and disability benefits for more than 60 years to employees of the County of Orange and 14 other Plan Sponsors. OCERS currently serves approximately 26,000 active and deferred members and 13,000 benefit recipients.
Must have been hard work to keep separate her government work with the dealing of her private practice in the exact same field.
With lacks rules and procedures, problems with insider trading can occur.
A 228 million mistake is a sure sign of “rules and procedures problems”.
No, it’s a sure sign of STUPIDITY.