By Ann C. Logue
San Bernardino County is 100 kilometres east of Los Angeles, located along historic Route 66. The inland area has mountains, deserts, and agricultural land, which makes for a diverse economy. The San Bernardino County Employees Retirement Association (SBCERA) manages the pension fund for 21 different county agencies.
The plan covers 19,258 active members who work as firefighters, judges, librarians, park rangers and police officers. Some of those agencies offer pensions that are among the most generous in the US. While the board and staff at SBCERA do not set the payouts, they are responsible for generating the returns needed to meet them.
SBCERA has been at work to provide pensions for county employees for 65 years, and the association is certainly not ready for retirement. Ten years ago, the SBCERA board realised that it would have to add alternative investments to the portfolio...