Monday, February 25, 2013
Investments by the San Diego City Employees Retirement System earned a 13.9 percent return in the 2012 calendar year, a SDCERS official confirmed today.
The performance -- first reported by the industry trade publication Pension & Investments -- is far higher than what SDCERS earned in its most recent fiscal year, 0.9 percent between July 1, 2011, and June 30, 2012.
The 13.9 percent figure was provided to the publication by Elizabeth Crisafi, chief investment officer for the $5.6 billion system, and was confirmed to City News Service by an agency spokeswoman.
Since the report is for a calendar year, it encompasses only the first six months of the current fiscal year.
The city will contribute $45 million more to SDCERS in its next budget than it did under the current spending plan, of which the earlier weak investment performance accounts for about $8.3 million, according to the retirement system.