SBCERA Reports Preliminary 8.7% Investment Return for the 2024-25 Fiscal Year
July 24, 2025
The San Bernardino County Employees’ Retirement Association (SBCERA) announces a preliminary 8.7% net return on investments for the 12-month period ending June 30, 2025. Assets stood at $16.3 billion at the end of the fiscal year.
This preliminary return exceeds SBCERA’s assumed rate of return and reflects a resilient and diversified portfolio amid an evolving global economic environment. SBCERA’s strategy, grounded in income generation and risk management, continues to support stable, long-term growth.
“Our investment philosophy is designed to perform in both strong and uncertain market conditions,” said Jared Newcomer, Chair of the SBCERA Investment Committee. “We remain confident in our ability to navigate future market challenges while continuing to deliver on the promise of retirement security for our members.”
The fund’s annualized return over the five-year period ending June 30, 2025, was 10.7% compared to our funding policy benchmark of 7.25%. 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.
“Our Investment Team continues to demonstrate discipline and foresight,” said Debby Cherney, SBCERA Chief Executive Officer. “With guidance from our Board, they’ve remained proactive in capitalizing on market opportunities while staying true to our long-term objectives.”
This balance between discipline and adaptability supports consistent performance, even as markets evolve. Our fund is positioned to generate steady returns across a variety of economic cycles, including downturns and periods of high volatility.
“We continue to build and manage the portfolio with a long-term lens, but also with the flexibility to adapt as markets shift,” said Donald Pierce, SBCERA Chief Investment Officer. “Our approach isn’t static—it’s built to respond to complexity while staying focused on our long-term return goals.”
SBCERA’s 2024-25 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, among other factors will all be considered in SBCERA’s Actuarial Valuation and Review, which determines contribution levels for our participating employers and employees.
Invested in Your Future
SBCERA’s governance structure, investment strategy, and focus on diversification help position the retirement fund for long-term growth and stability.
We know we have a big responsibility on our shoulders. Fulfilling our commitment to our members is our highest priority, and our investment strategy helps ensure we fulfill that commitment.
If you have eight minutes, we encourage you to view the video below to learn more about how SBCERA’s investments work and how we remain focused on delivering results—no matter what challenges the market brings.
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 employers throughout California, comprised of over 50,000 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.