Investments
CCCERA is a defined benefit plan with approximately $11.7 billion
in assets (as of March 31, 2025). A defined benefit plan
guarantees a specific monthly benefit at retirement -
contributions are collected regularly from members and
participating employers and invested. These contributions and
investment earnings allow CCCERA to pay member benefits.
CCCERA’s assets are carefully managed through a diversified
long-term investment program, overseen by the Board of Retirement
in accordance the CCCERA’s Investment Policy. This policy
establishes CCCERA’s investment objectives and defines the
principal duties of the Board, CCCERA’s investment team,
investment consultants, and asset managers. Investment decisions
are made in the sole interest and for the exclusive purpose of
providing benefits, minimizing employer contributions, and
funding reasonable expenses for administering the system.
Asset allocation is an integral part of the Investment Policy and is designed to provide an optimum mix of asset classes with return expectations that reflect expected liabilities. Assets are divided into seven portions: global equity, global fixed income, real estate, real assets, alternative investments, opportunistic and incidental cash.
CCCERA’s main investment objective is for the total fund to exceed the policy index. For the period ending March 31, 2025, the total fund was 4.9%, less than the policy index return of 5.9% and less than the median public fund return of 5.5%. Over the trailing five-year period, the total fund gain was 7.7%, less than the policy index return of 8.8% and less than the median public fund return of 9.9%.
CCCERA’s investment performance is summarized in Quarterly Review
and Performance Measurement Reports below.
Disclaimer
CCCERA makes no representations or warranties, expressed or implied, with respect to the materials found at this site. It is intended for general information purposes only. In addition, CCCERA cannot and does not represent that the information on this website is current. While CCCERA has made every reasonable effort to offer the most current information possible, inadvertent errors can occur.
CCCERA is governed by California law as well as the Internal Revenue Code and various rules and regulations, all of which are complex and subject to change. In the event of any conflict between these governing authorities and the information on this website, the governing authorities have precedence. Site users are strongly encouraged to consult with a CCCERA representative about specific issues and not rely on the general information contained in this website.
The information provided is not intended to serve as legal advice or as legal opinion. By using this site, the site user agrees to release and hold CCCERA, and its agents and representatives, harmless from any and all claims, demands, and causes of action of any kind or nature whatsoever now and in the future arising out of or in connection with the use of this site or the information provided herein.
