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SD County Treasurer Questions Huge Fee Increase For Pension Fund Manager

“For public pension plans greater than a billion dollars," White said, “we outperformed 99 percent of all other public funds.” Over what period? Who is doing the comparing?

In fact, the County’s returns are about the same as those of the City of San Diego’s plan.

Both the City and County plans publish a Comprehensive Annual Financial Report that is available on their websites. For some reason, the County plan has yet to publish its report for the most recent fiscal year, whereas the City has done so. The County reportedly earned around 5.5% in fiscal 2012. Under that assumption and averaging the annual reported rate of return for the two plans, the County’s returned an average 13.07% over the past three years and the City’s 12.56%. In terms of the many variables of plans of this size, that is essentially a tie.

In that context, where are the stellar returns the County claims that supposedly justify this contract?

December 27, 2012 at 8:50 a.m. ( | suggest removal )