HomeMy WebLinkAboutSan Diego County Employees Retirement Association - Public Financial Report
BY THE NUMBERS
$16 Billion
Total Net Position
45,704
Members
25.1%
Rate of Return
80%
Funded (AVA)
INTRODUCTION
This Popular Annual Financial Report (PAFR) provides a summary of SDCERA’s financial activities.
The financial data was taken from SDCERA’s Annual Comprehensive Financial Report (ACFR) for the
fiscal year ended June 30, 2021, and prepared in accordance with the Governmental Accounting
Standards Board’s reporting guidelines and Generally Accepted Accounting Principles. Both reports
are available on our website at www.sdcera.org. For detailed financial information, please refer to the
ACFR. The following information presents membership, financial, investment and actuarial data as of
June 30, 2021.
$3,486
Average Monthly Benefit
Our Mission
The San Diego County Employees Retirement Association
(SDCERA)’s mission is to administer the retirement system
in a manner that ensures accurate and prompt delivery of
benefits to members and beneficiaries with prudent stew-
ardship of trust fund assets to minimize the risk of loss and
maximize the rate of return.
Our Plan
SDCERA administers retirement, disability and survivor
benefits for more than 45,000 people. Our members are
active, retired or former employees or beneficiaries of San
Diego County, the San Diego Local Agency Formation
Commission, the San Dieguito River Park Joint Powers Au-
thority, the San Diego County Office of Education, the San
Diego County Air Pollution Control District and the Supe-
rior Court of California - County of San Diego.
SDCERA is an employer-sponsored defined benefit retire-
ment plan that provides a lifetime benefit to members.
Monthly payments are based on a formula using age at re-
tirement, years of service credit and monthly final average
compensation.
SDCERA is governed by an independent, nine-member
Board of Retirement.
Our Trust Fund
The Board has exclusive authority and fiduciary responsi-
bility for the investment of SDCERA’s assets (trust fund).
The Board has adopted an Investment Policy Statement
that defines the trust fund’s governing principles and poli-
cies concerning delegation of authority, investment objec-
tives, and asset allocation. The investment objectives are
to generate long-term returns that, when combined with
employer and member contributions, will result in assets
sufficient to pay retiree benefit obligations and to diversify
the investments of the trust fund so as to minimize the risk
of loss and maximize returns.
Board of
Retirement
Skip Murphy (Chair)
Elected by Retired Members
Mark Hovey (Vice Chair)
Appointed by County Supervisors
David Gilmore (Secretary)
Elected by Safety Members
Paul Dostart
Appointed by County Supervisors
Bob Goodchild
Elected by General Members
Tom Hebrank
Appointed by County Supervisors
Dan McAllister
County Treasurer-Tax Collector
Lisa Rhone
Elected by General Members
Nora Vargas
Appointed by County Supervisors
Tim Hancock (Alternate)
Elected by Safety Members
Susan Mallett (Alternate)
Elected by Retired Members
About SDCERA
TRUST FUND NET POSITION OVER TIME
NET POSITION
WHERE DOES THE MONEY COME FROM?
(Dollars in Thousands)
WHERE DOES THE MONEY GO?
(Dollars in Thousands)
Employer Contributions
$634,558
Employee Contributions
$162,740
Net Investment Income
$3,304,899
Retirement Benefits
$916,324
Administrative Expense
$14,913
FUNDING STATUS
ACTUARIAL HIGHLIGHTS
Actuarial
Valuation Date
Actuarial Value
of Assets
Actuarial
Accrued Liability
Unfunded
Actuarial Accrued
Liability
Funded
Ratio
6/30/2018 $12,365,656 $15,763,237 $3,397,581 78.5%
6/30/2019 $12,932,244 $16,955,112 $4,022,868 76.3%
6/30/2020 $13,715,875 $17,741,219 $4,025,344 77.3%
6/30/2021 $14,671,508 $18,339,923 $3,668,415 80.0%
FUNDED RATIO
(dollars in thousands)
ASSET ALLOCATION INVESTMENT RETURNS
INVESTMENTS
MEMBERSHIP
TOTAL MEMBERS
Active Retired Deferred
2016 17,768 17,734 5,413
2017 17,994 18,247 5,659
2018 17,869 19,028 5,928
2019 18,173 19,706 6,151
2020 18,451 20,296 6,410
2021 18,200 20,700 6,804
2,858
Benefit Calculations
Completed
$41,827
Average Annual
Retirement Benefit
839
Retirements
STRATEGIC PLAN
During fiscal year 2021, SDCERA adopted a strategic plan that spans three fiscal years. The
plan contains five strategic objectives:
1. Trust Fund Sustainability
2. Effective Administrative Governance
3. Excellence in Providing Member Service
4. High Performing Workforce
5. Modernization of Information Technology
Projects that support these objectives include:
• The launch of a member portal that allows members to access their benefit
information online
• The implementation of electronic signature capability for our most commonly used
forms, making processing more efficient
• The hiring of a full-time internal audit director to enhance internal controls oversight
• Several information technology infrastructure improvements
The full strategic plan is available at SDCERA’s website.
CONNECT WITH SDCERA
SDCERA’s Member Service Center is here to help! Contact us with any questions.
Phone: 619.515.6800
Email: msc@sdcera.org
Address: 2275 Rio Bonito Way, Suite 100
San Diego, CA 92108
Hours: Monday through Friday
8 a.m. to 5 p.m.
We are emailing members with important SDCERA
updates. Make sure we have your personal email
address on file by submitting it on our sign-up page. Scan the QR
code to get started.
San Diego County Employees Retirement Association
2275 Rio Bonito Way, Suite 100 | San Diego, CA 92108
www.sdcera.org | 619-515-6800