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Investments The overall objective of the KCERA is to provide retirement, disability, beneficiary, cost-of-living, death and supplemental retirement benefits to future and current retired members and their beneficiaries. In order to meet its objective, the KCERA receives funding through employer contributions, employee contributions and investment returns. The Board of Retirement (Board) has exclusive control of all investments of the KCERA. It establishes investment policies and implements investment decisions to maintain adequate funding of the plan's liabilities over time. The objective of the KCERA's investment program is to invest assets so as to offset some of the costs of the plan, i.e., providing the retirement benefits required by the County Employees' Retirement Law of 1937. The Board operates under a standard of care in California commonly known as the "prudent expert rule," which recognizes that special skill and knowledge may be necessary in order to invest the fund prudently. The Board retains a number of investment professionals who manage the KCERA's investments subject to the policies and guidelines provided by the Board. The Board is required to diversify the investments of the plan to minimize the risk of loss and to maximize the rate of return, unless it is clearly prudent not to do so. The Board follows a strategic asset allocation policy that targets the percentage of the funds to be invested in each asset class. The KCERA prepares two annual financial reports: the CAFR (Comprehensive Annual Financial Report) and a condensed Annual Report that is provided to all members. This site is intended for general purposes only. See disclaimer for terms and usage. © 2001-2007 Kern County Employees' Retirement Association. All Rights Reserved. If you have comments about the KCERA website, please send to: webmaster@kcera.org. |
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