City pension fund reports investment gains

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Money

SAN DIEGO — The total assets of the San Diego City Employees Retirement System have topped $7 billion for the first time, the organization announced Tuesday.

The valuation for SDCERS — which operates the pension plans for the city of San Diego, Port of San Diego and San Diego County Regional Airport Authority — was as of July 2.

SDCERS reported that in the fiscal year that ended June 30, assets grew by around $900 million.

Preliminary investment returns exceed the return of 13.6 percent recorded one year earlier, according to SDCERS. Stronger investment returns mean the city, port and airport authority don’t need to contribute as much money the following year, easing their budgets.

The agency credited “a strong commitment to fiscal responsibility and funding discipline” by the pension system and its plan sponsors. The milestone signals that the system is well-positioned to administer benefits for decades, according to SDCERS.

A more detailed actuarial valuation will be conducted of SDCERS, and results will be released several months from now. In the last actuarial valuation, the pension system carried a $2.2 billion deficit as of June 30, 2013.

1 Comment

  • Jo C

    Since they are only $2,200,000,000.00 short on cash I bet they give everyone a bonus check this year!

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