SDCERA Announces Adoption of Investment Policy Statement and Asset Allocation
SAN DIEGO — The San Diego County Employees Retirement Association (SDCERA) today announced that the Board of Retirement has adopted a new Investment Policy Statement (IPS) that defines investment objectives and governance. The six-chapter IPS describes the investment philosophy and strategies that will guide SDCERA Trust Fund objectives and contains specific information on subjects such as risk tolerance and liquidity requirements.
SDCERA reports final investment returns and assets under management for Fiscal Year 2015
SAN DIEGO — The San Diego County Employees Retirement Association (SDCERA) reported a final net investment return of 2.68 percent for the fiscal year ending June 30, 2015. SDCERA’s three-year net investment return was 7.86 percent, the five-year return was 9.90 percent, and the 10-year return was 6.08 percent. As of June 30, 2015, the fund has generated a 25-year return of 8.43 percent. SDCERA’s assets under management (AUM) as of June 30, 2015 were $10.3 billion.
SDCERA CEO David Wescoe discusses recent media articles
This is my first message to SDCERA’s members and beneficiaries, and I want you all to know how honored and privileged I am to be the Chief Executive Officer of your retirement association. Read more in SDCERA's For the Record: SDCERA CEO David Wescoe discusses recent media articles.
SDCERA hires David Wescoe as Chief Executive Officer
SAN DIEGO —The San Diego County Employees Retirement Association (SDCERA) announced today the hiring of David Wescoe as Chief Executive Officer (CEO) of the $10.6 billion public pension fund. Wescoe will begin his full-time duties on September 18.
“After a thorough and comprehensive national search process, the Board of Retirement is very pleased to have found the best individual to assume leadership of this organization,” said Board of Retirement Chair Skip Murphy. “We are very fortunate to have a proven leader in David, with demonstrated readiness to lead SDCERA. He has made important contributions to SDCERA’s success during his time as Interim CEO, and the Board has complete confidence in his ability to lead SDCERA successfully into the future.”
An experienced legal, financial, operations and investment professional who has served as CEO, CFO, and General Counsel with public and private companies, including two multibillion-dollar pension plans, Wescoe has served as SDCERA’s Interim CEO since April 2015.
SAN DIEGO — Based upon the recommendation of its actuary, Segal Consulting, the San Diego County Employees Retirement Association (SDCERA) Board of Retirement voted today to lower its inflation assumption from 3.25 percent to 3.00 percent.
Because the inflation assumption is a component of the investment return assumption and the salary increase assumption, these two assumptions will also be reduced. SDCERA’s investment return assumption will move from 7.75 percent to 7.50 percent, and its salary increase assumption will move from 4.00 percent to 3.75 percent. These changes will apply to the June 30, 2015 actuarial valuation that is used to set both employer and employee contribution rates for fiscal year 2016.
In early 2016, Segal Consulting will conduct its usual triennial review of all assumptions, both economic and demographic, for use in the June 30, 2016 valuation. That assumption review will be based on actuarial experience through June 30, 2015.
SDCERA reports preliminary investment returns for fiscal year 2015
The San Diego County Employees Retirement Association (SDCERA) reported a preliminary 2.67 percent net investment return for the fiscal year ending June 30, 2015. During the same time period, SDCERA’s estimated three-year net investment return was 7.86 percent, the five-year return was 9.91 percent, and the 10-year return was 6.08 percent. The fund has generated a 25-year return of 8.43 percent. These returns have contributed to the growth of SDCERA’s assets under management to $10.6 billion as of June 30, 2015.