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Santa Barbara County Employees Retirement System reports 7.74% net return

Santa Barbara County Employees Retirement System reports 7.74% net return

Santa Barbara County Employees Retirement System reported the fund returned an estimated 8.10% on a gross basis, resulting in a net return of 7.74% for the fiscal year ending June 30.

The system’s invested assets at the end of the fiscal year stood at $3.17 billion, an increase of more than $202 million above the prior fiscal year’s end asset value, said Gregory Levin, chief executive officer.

The positive impact of this year’s return will result in changes to the contribution rate phased over a five-year period, he said, and information on the changes will be available in the fall when the actuarial triennial experience review is completed.

Levin said over the past three-, five- and 10-year periods, the Employees Retirement System has generated 8.67%, 5.49% and 8.76%, respectively, averaging an 8.25% return since January 1987.

He added that generating returns above the discount rate will improve the system’s funding ratio.

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County Reporter/Associate Editor

Lee Central Coast Newspapers associate editor Mike Hodgson covers Santa Barbara County government and events and issues in Santa Ynez Valley. Follow him on Twitter @MHodgsonSYVNews.

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