CIO Donald Pierce Announces Intent to Retire After 25 Years of Service to SBCERA

Donald Pierce, Chief Investment Officer for the San Bernardino County Employees’ Retirement Association (SBCERA), has announced his intention to retire later this year following 25 years of dedicated service to SBCERA and our members.

Throughout his tenure, Pierce has played a pivotal role in strengthening SBCERA’s investment program and advancing the long-term financial security of its members.  Under his leadership, SBCERA introduced international private equity, emerging market debt, and option strategies into the plan’s investment mix, and implemented a new fund rebalancing methodology designed to support long-term performance through varying market conditions.

“Donald’s impact on SBCERA cannot be overstated,” said Debby Cherney, Chief Executive Officer of SBCERA.  “Over the past 25 years, he has helped modernize and diversify our investment program while building a deep, highly capable team.  His leadership, discipline, and long-term perspective have positioned SBCERA well for the future, and we are grateful for his service to our members.”

When Pierce became Chief Investment Officer in 2010, SBCERA’s investment portfolio was valued at approximately $5.1 billion.  As of December 2025, the portfolio has grown to more than $17 billion, reflecting both long-term strategic discipline and effective investment oversight.  

Pierce has also focused on building a strong internal investment team, emphasizing mentorship, continuity, and institutional knowledge.  SBCERA is confident in the depth of its current investment team and anticipates that its next Chief Investment Officer will be selected from within the organization.

“It has been a privilege to serve SBCERA and its members,” Pierce said.  “I’m proud of the investment program we’ve built, the strategies we’ve thoughtfully introduced, and—most importantly—the talented team that will carry this work forward.  I have great confidence in SBCERA’s future and in the next generation of investment leadership.”

At its meeting on February 4, 2026, the Chief Executive Officer will discuss a transition plan with the Board of Retirement. 

Pierce will continue to serve as Chief Investment Officer during the transition period to support continuity and knowledge transfer.  Additional information will be shared as the process moves forward.

About SBCERA

The San Bernardino County Employees’ Retirement Association (SBCERA) is an independent, defined benefit pension plan providing retirement, disability, and survivor benefits on behalf of 17 employers throughout California, comprised of over 52,000 members and beneficiaries.  Proudly serving those who serve San Bernardino communities, SBCERA provides a secure retirement—both for those already enjoying retirement and those who will retire in the years to come.  To learn more, please visit SBCERA.org.

For media inquiries, please contact: Olivia Applegate, Director of Communications & Stakeholder Relations at oapplegate@SBCERA.org or 909.341.0651.