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Dan Flores
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619.515.6826
dflores@sdcera.org

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Recent News 

SDCERA Board of Retirement Announces Resignation of CEO Brian White
Posted March 2015

SAN DIEGO -- The Board of Retirement of the San Diego County Employees Retirement Association (SDCERA) announced today that Brian White, Chief Executive Officer, has tendered his resignation. The Board and Mr. White have amicably agreed that Mr. White’s tenure as SDCERA’s Chief Executive Officer will end March 30, 2015.

Read more in SDCERA's press release, SDCERA Board of Retirement Announces Resignation of CEO Brian White.

Board approves 2% COLA for retired members
Posted March 2015
The Board of Retirement approved a 2% cost-of-living adjustment (COLA) for retired members at their March 5 meeting. Members with retirement dates on or before March 31, 2015, are eligible for this year’s COLA beginning in the April 30 benefit payment. Members who retire after March 31 will be eligible to receive a COLA in future years, if applicable. If you plan to retire on March 31, it is important to note that day is a holiday and SDCERA must receive your completed application by Monday, March 30.
 
The COLA is based on the Consumer Price Index (CPI) for the San Diego area, which increased by 1.85% over the previous year. The CPI is rounded to the nearest one-half of one percent to get the COLA, resulting in a 2% increase.
 
The maximum COLA varies by tier – up to 3% for retired Tier I, Tier II and Tier A members, and up to 2% for retired Tier B and Tier C members. Members with a positive COLA bank are eligible to receive up to their maximum increase, depending on retirement date, as outlined below.
 
Retirement date
COLA increase effective April 1, 2015
Tier I 
and Tier A
Tier II
Tier B 
and Tier C
On or before March 31, 1990
3.00%
3.00%
n/a
April 1, 1990 – March 31, 1991
2.27%
3.00%
n/a
April 1, 1991 – March 31, 1992
2.30%
3.00%
n/a
April 1, 1992 – March 31, 1993
2.15%
3.00%
n/a
April 1, 1993 – March 31, 1994
2.00%
3.00%
n/a
April 1, 1994 – March 31, 1995
2.15%
3.00%
n/a
April 1, 1995 – March 31, 1996
2.09%
3.00%
n/a
April 1, 1996 – March 31, 1997
2.07%
3.00%
n/a
April 1, 1997 – March 31, 1998
2.00%
3.00%
n/a
April 1, 1998 – March 31, 1999
2.22%
3.00%
n/a
April 1, 1999 – March 31, 2000
2.27%
3.00%
n/a
April 1, 2000 – March 31, 2001
2.00%
2.73%
n/a
April 1, 2001 – March 31, 2015
2.00%
2.00%
2.00%
Board reassessment plan and CIO search moves forward
Posted February 2015
Executive recruitment firm EFL Associates is currently conducting a search for an internal Chief Investment Officer (CIO) for SDCERA as part of a new governance structure approved by the Board of Retirement. EFL Associates is well known and integrated in the public retirement industry. They have conducted executive searches for retirement organizations from coast to coast, including the California State Teachers Retirement System (CalSTRS). The new in-house CIO will implement the asset allocation policy and oversee the management of the fund assets. 
 
The Board of Retirement began implementing a Reassessment Plan at the end of 2014 that identifies the process the Board will use as it evaluates its investment priorities and sets the course for the future. The Board has reduced the use of leverage in the current investment strategy and is also reviewing different investment strategies to best suit its objectives. During this process, the Board will hear presentations from investment experts, which will help the Board select an asset allocation and investment strategy.
Fiscal Year 2014 CAFR indicates positive direction for SDCERA fund
Posted December 2014

Strong investment returns; reduced unfunded liability; and record assets reported

SAN DIEGO — The San Diego County Employees Retirement Association (SDCERA) issued the fund’s June 30, 2014, fiscal year Comprehensive Annual Financial Report (CAFR).

Highlights from SDCERA’s CAFR report include:

  • The fund exceeded the actuarial rate of return of 7.75% having generated a 13.44% net investment return for the fiscal year with record assets of $10.3 billion.
  • SDCERA’s funded ratio increased from 79.0% in FY 2013 to 80.9% in FY 2014.
  • A reduction in the unfunded actuarial accrued liability (UAAL) from $2.4 billion in FY 2013 to $2.3 billion in FY 2014 as calculated by The Segal Company, SDCERA’s actuary.

Read more in SDCERA's press release, Fiscal Year 2014 CAFR indicates positive direction for SDCERA fund.

SDCERA’s fund climbs to a record high of $10.1 billion in assets
Posted July 2014

SAN DIEGO — The San Diego County Employees Retirement Association (SDCERA) reported an all-time high of $10.1 billion in assets under management with a one-year estimated net return gain of 13.43% that exceeds the 7.75% rate of return needed to fund the benefit for the fiscal year ended June 30, 2014. SDCERA’s investment portfolio generated an estimated one year gross return of 13.82%.

 “A record ten billion dollars in assets under management is exciting for SDCERA, especially as we celebrate our 75th year in providing retirement security for thousands of individuals,” said Brian White, Chief Executive Officer. “SDCERA’s long-term investment perspective has benefitted members. The fund has withstood turbulent market conditions over long periods of time, generating a 25-year return of 9.43%, well above the investment returns needed to fund the benefit during that time frame.”

Read more in SDCERA's press release, SDCERA's fund climbs to a record high of $10.1 billion in assets.

SDCERA Board Implements Cost-saving Adjustments to Investment Structure and Asset Allocation
Posted June 2014

Today, the San Diego County Employees Retirement Association (SDCERA) Board of Retirement voted to approve the second step in a two-part process, which will save SDCERA an estimated $20 million annually. The action improves the alignment of the investment governance structure and maximizes SDCERA’s existing contract with Salient Partners, who will assume responsibility for managing the total investment portfolio, saving SDCERA millions of dollars in investment manager fees.

“Refining this investment governance structure will efficiently align SDCERA’s governance structure and strengthen accountability” said SDCERA Chief Executive Officer Brian White.  “In addition to cost savings, SDCERA also gains improved access to the support provided by a broad and deep talent pool at Salient Partners.” Moving the fund’s internal private market investment function to Salient Partners, accounts for an estimated savings of $9.75 million for SDCERA over the contract term, effective October 1, 2014.

To view the press release, click SDCERA Board Implements Cost-saving Adjustments to Investment Structure and Asset Allocation.