SDCERS Releases FY 2014 Comprehensive Annual Financial Report

Date: Dec 09, 2014


The San Diego City Employees Retirement System (SDCERS) has released its Fiscal Year 2014 Comprehensive Annual Financial Report (CAFR). Read an electronic copy of the FY 2014 CAFR here.

The CAFR includes financial investment, actuarial and statistical information about the system’s financial health and reports the financial results for the year ended June 30, 2014. The CAFR provides valuable insight into how effectively the SDCERS’ Board of Administration and staff manage system finances in order to pay benefits to its 20,800+ members.

According to the CAFR, SDCERS’ successful year-end investment returns total 16.8 percent (net of fees) for the FY 2014, which compares favorably to the system’s actuarially assumed 7.25 percent return. As of June 30, 2014, SDCERS’ three-year investment return was 10.2 percent, the five-year return was 13.5 percent, and the 10-year return was 7.8 percent. Returns over the past 25 years have averaged 9.2 percent annually. Assets under management grew by $1 billion during the fiscal year.

The Government Financial Officers Association (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting to SDCERS for last year’s FY 2013 Comprehensive Annual Financial Report (CAFR). The award is the highest form of recognition in the area of governmental accounting and financial reporting and represents a significant accomplishment by a government agency and its management. It was the 6th consecutive year SDCERS received the recognition. SDCERS will be submitting the FY 2014 CAFR for GFOA's consideration later this month. SDCERS’ award-winning 2013 CAFR is available online here. Copies of previous award-winning CAFRs can be reviewed here.

SDCERS administers defined benefit plans for the City of San Diego, the San Diego Unified Port District, and the San Diego County Regional Airport Authority, and provides service retirement, disability retirement, death and survivor benefits to more than 20,800 members. As of September 30, 2014, SDCERS had approximately $6.8 billion in net investments.


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