SBCERA Reports 9.2% Investment Return for the 2025-26 Fiscal Year
July 29, 2026
The San Bernardino County Employees’ Retirement Association (SBCERA) announces a 9.2% net investment return for the 12-month period ending June 30, 2026. Total assets stood at $17.7 billion at the close of the fiscal year.
This return exceeded SBCERA’s 7.25% assumed rate of return and reflects the continued strength of a diversified investment portfolio designed to generate sustainable long-term results. Guided by disciplined governance, prudent risk management, and disciplined investment management, SBCERA remains well positioned to fulfill its long-term commitments to members.
“Our investment strategy is intentionally built for the long term,” said Jared Newcomer, Chair of the SBCERA Investment Committee. ”While markets naturally experience periods of change, our disciplined approach allows us to remain focused on protecting the fund and delivering sustainable returns that support retirement security for generations to come.”
Over the ten-year period ending June 30, 2026, SBCERA’s annualized net investment return was 8.5%, also exceeding the assumed rate of return. SBCERA reports net-of-fees returns, which means that all costs associated with investing—such as manager fees and transaction costs—are already accounted for.
“This performance reflects the expertise and dedication of our Investment Team, the thoughtful oversight of our Board of Retirement, and a shared commitment to the people we serve,” said Debby Cherney, SBCERA Chief Executive Officer. “For us, investment performance isn’t just about the numbers—it’s about the people. Every decision we make is guided by our promise to protect the retirement security our members have earned.”
SBCERA’s investment program is designed to perform across a variety of market conditions. By diversifying investments and carefully managing risk, the retirement fund is well positioned to continue paying the promised benefits our members and their beneficiaries count on for years to come.
“Successful investing requires patience, discipline, and the ability to adapt as markets evolve,” said Donald Pierce, SBCERA Chief Investment Officer. “Our investment philosophy has always been grounded in a long-term perspective, thoughtful risk management, and a commitment to building a resilient portfolio that supports the retirement security of our members for generations to come.”
SBCERA’s 2025-26 final fiscal year investment performance will be calculated based on audited figures. The ending value of the fund is derived from several factors beyond investment performance. Employer and employee contributions, retiree monthly benefit payments, investment fees, investment performance, and other factors will be considered in SBCERA’s Actuarial Valuation and Review, which determines contribution levels for our participating employers and employees.
Invested in Your Future
Protecting retirement security starts with thoughtful investment decisions. Every investment decision SBCERA makes is guided by a long-term commitment to our members and beneficiaries.
Through strong governance, thoughtful investment decisions, and a diversified long-term strategy, SBCERA remains focused on delivering results that support members today and for generations to come.
To learn more about how SBCERA manages the retirement fund and remains committed to protecting the retirement security our members have earned, watch our educational video, Invested in Your Future, at www.SBCERA.org/Investments.
About SBCERA
The San Bernardino County Employees’ Retirement Association (SBCERA) is an independent defined benefit pension plan providing retirement, disability, and death benefits on behalf of 17 participating employers throughout California, serving more than 52,000 members and beneficiaries. Proudly serving those who serve San Bernardino communities, SBCERA is committed to providing retirement security through prudent stewardship, exceptional service, and responsible long-term investment management.
For media inquiries, please contact: Olivia Applegate, Chief Communications Officer at oapplegate@SBCERA.org or 909.341.0651.