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SDCERS Receives Certificate of Achievement for Excellence in Financial Reporting for 18th Consecutive Year

August 17, 2026

The Government Financial Officers Association (“GFOA”) has awarded SDCERS the Certificate of Achievement for Excellence in Financial Reporting for SDCERS’ 2025 Annual Comprehensive Financial Report (“ACFR”) and Popular Annual Financial Report (“PAFR”). This is the 18th year in a row SDCERS has received this recognition!

Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Presented to San Diego City Employees' Retirement System California for its annual comprehensive financial report for the fiscal year ended June 30, 2025 and issued to the public 144 days after the fiscal year end; signed by Christopher P. Merrill, Executive Director/CEO. Ribbon image with text stating "issued faster than 79% of 2024 winners"

The GFOA is a non-profit professional association serving approximately 15,000 government finance professionals. SDCERS’ ACFR and PAFR were judged by an impartial panel and deemed to have met the high standards of the certificate program, including demonstrating an effective means to disclose and clearly communicate SDCERS’ financial story and to motivate Members and the public to read the ACFR and PAFR.  This award is the highest form of recognition in the area of government accounting and financial reporting. It represents a significant accomplishment by a governmental agency and its management.

SDCERS’ award-winning ACFRs and PAFRs are available online and can be viewed here.

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SDCERS’ Final Investment Return for Fiscal Year 2026

September 11, 2026

At today’s Board meeting, SDCERS reported a net return of 14.2% for Fiscal Year 2026. As of June 30, 2026, the trust fund’s assets totaled approximately $13.9 billion. SDCERS’ annualized rate of return over the past 10 years is 8.7% net, and its return since inception (1988) is 8.8% net.

SDCERS’ net return for Fiscal Year 2026 of 14.2% was higher than its assumed rate of return (6.5%), and just below the policy benchmark, which posted a 14.3% return for the year. The policy benchmark is a measure of how the Total Fund would have performed if the actively managed public portions of the portfolio had been completely invested in passive index funds, and if the private portions of the portfolio achieved stated benchmark returns.

Over the course of the Fiscal Year, the portfolio benefitted from outperformance in the Non-U.S. Equity, U.S. Fixed Income, Infrastructure, and Private Debt portfolios. This was offset by underperformance in the Private Equity, U.S. Equity, and Real Estate portfolios. The portfolio performed well, with every asset class generating positive absolute returns over the Fiscal Year. Public Equities and the Diversifying portfolio performed particularly well on an absolute basis, achieving double-digit returns over the year.

Performance can also be measured by comparing returns of other public pension plans, though it is important to remember that different plans have different investment goals, which impact their asset allocations and portfolio structure. SDCERS compares very favorably against its peers over longer time periods – posting risk-adjusted returns in the top 19% of its peer universe of similarly-sized public pension plans over the most recent 10-year period ending June 30, 2026.

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