SBCERA Honors Don Pierce’s 25 Years of Service and Names Thomas Kim Chief Investment Officer

The San Bernardino County Employees’ Retirement Association (SBCERA) celebrates the retirement of longtime Chief Investment Officer Don Pierce, whose 25 years of service helped shape the organization’s investment strategy, strengthen its portfolio, and position SBCERA for long-term success. As Pierce concludes his remarkable career, SBCERA is proud to name Thomas Kim as its new Chief Investment Officer.

Pierce joined SBCERA in 2001 and was appointed Chief Investment Officer in October 2010. Over his 15 years as CIO, SBCERA’s investment portfolio grew from approximately $5.5 billion to $18.2 billion as of August 2026.  Under his leadership, SBCERA expanded its investment strategy to include international private equity, emerging market debt, and options strategies. He also introduced SBCERA’s informed rebalancing methodology, designed to identify investment opportunities and support long-term performance across changing market conditions. 

Among the many milestones during his tenure, SBCERA achieved a record annual investment return of more than 33% in fiscal year 2021, the highest in the organization’s history.  Pierce and the investment team also earned industry recognition for their innovative strategies and investment performance, helping establish SBCERA as a respected institutional investor.

Beyond investment performance, Pierce’s lasting contributions include the relationships he built throughout the investment community, the culture of collaboration he fostered, and the talented team he helped develop.  His leadership leaves SBCERA in a strong position, with an experienced team prepared to carry that work forward.

“Don’s contributions to SBCERA over the past 25 years have been extraordinary,” said Chief Executive Officer Debby Cherney.  “His vision, dedication, and commitment to our members have helped shape the organization we are today.  Just as importantly, he has built a talented team and a strong foundation for the future.  We are incredibly grateful for his leadership and the lasting impact he has made.”

Thomas Kim Named Chief Investment Officer

With a strong foundation in place, SBCERA looks ahead to its next chapter of investment leadership with Thomas Kim as Chief Investment Officer.

Kim joined SBCERA in 2020 as an Investment Officer and was promoted to Deputy Chief Investment Officer in March 2026.  During his tenure, he has played an important role in developing and implementing investment policy, evaluating investment opportunities, and selecting investment managers.  Having worked closely with Pierce and the investment Team, Kim brings extensive knowledge of SBCERA’s investment portfolio and strategy, positioning him to provide continuity while building on the organization’s long-standing commitment to disciplined investment management and prudent risk-taking.

Prior to joining SBCERA, Kim advised the investment chair of a hospital endowment and pension plan, focusing on asset allocation and investment manager research.  Earlier in his career, he held investment roles at multiple hedge funds and worked in investment banking, specializing in mergers and acquisitions in the technology sector.  He holds an MBA in Finance from Northwestern University’s Kellogg School of Management and a BA in Economics from Yale University.

As Chief Investment Officer, Kim will oversee SBCERA’s investment program and work closely with the Board of Retirement, investment team, and external partners to support the long-term financial strength of the retirement fund.

“We are excited to have Thomas step into this important leadership role,” Cherney said.  ”His expertise, thoughtful approach to investing, and deep understanding of SBCERA’s investment strategy make him exceptionally well suited to lead our investment team.  We have tremendous confidence in Thomas and the entire team as they continue this important work on behalf of our members and beneficiaries.”

The leadership transition reflects SBCERA’s commitment to thoughtful succession planning and organizational stability.  As SBCERA recognizes Pierce’s remarkable career and looks ahead under Kim’s leadership, its focus remains unchanged: responsibly managing the retirement fund and fulfilling its long-term promise to more than 52,000 members and beneficiaries.

Please join us in congratulating Don on his well-earned retirement and Thomas on his new role as SBCERA’s Chief Investment Officer.

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, Chief Communications Officer at oapplegate@SBCERA.org or 909.341.0651.