The Finance Division is responsible for SDCERA’s financial reporting, budgeting, investment accounting, and preparing financial statements in conformance with governmental accounting standards.

This page includes the annual reports and budget prepared by our finance team. You’ll also be able to find actuarial valuations and studies.

Annual Comprehensive Financial Reports

The Annual Comprehensive Financial Report (ACFR) provides financial, investment, actuarial, and statistical information about SDCERA.

2024 Annual Comprehensive Financial Report (ACFR)

2023 Annual Comprehensive Financial Report

2022 Annual Comprehensive Financial Report

2021 Annual Comprehensive Financial Report

2020 Annual Comprehensive Financial Report

2019 Annual Comprehensive Financial Report

2018 Annual Comprehensive Financial Report

2017 Annual Comprehensive Financial Report

Popular Annual Financial Reports

The Popular Annual Financial Report gives a high-level summary of SDCERA’s ACFR.

2024 Popular Annual Financial Report (PAFR)

2023 Popular Annual Financial Report

2022 Popular Annual Financial Report

2021 Popular Annual Financial Report

2020 Popular Annual Financial Report

2019 Popular Annual Financial Report

2018 Popular Annual Financial Report

Adopted Budgets

This SDCERA annual budget covers expenditures for each fiscal year, which begins on July 1. The budget consists of two parts: the Administrative Expense Budget and the Non-Administrative Expense Budget.

FY 2026 Adopted Budget

Actuarial Valuations

Each year, our independent actuary prepares an actuarial valuation of SDCERA. The valuation determines whether SDCERA’s Trust Fund assets and employer and member contributions are sufficient to provide benefits to retirees and beneficiaries.

The valuation also establishes contributions that will fully fund SDCERA’s liabilities, and that, as a percentage of payroll, remain as level as possible for each generation of active members. The annual valuation measures the progress toward this goal and tests the adequacy of the contribution rates.

2024 Actuarial Valuation

2023 Actuarial Valuation

2022 Actuarial Valuation

2021 Actuarial Valuation

2020 Actuarial Valuation

2019 Actuarial Valuation

2018 Actuarial Valuation

Risk Assessments

Actuarial Studies

Every three years, our independent actuary conducts a study to review SDCERA’s economic and demographic actuarial assumptions. The study compares the actual experience with that expected under the current assumptions during the three-year experience period.

The study is performed in accordance with Actuarial Standard of Practice (ASOP) No. 27 “Selection of Economic Assumptions for Measuring Pension Obligations” and ASOP No. 35 “Selection of Demographic and Other Non-Economic Assumptions for Measuring Pension Obligations.” These Standards of Practice put forth guidelines for the selection of the various actuarial assumptions utilized in a pension plan actuarial valuation. Based on the study’s results and expected future experience, the actuary may recommend changes to actuarial assumptions.

2025 Actuarial Experience Study

2022 Actuarial Experience Study

2019 Actuarial Experience Study

2016 Actuarial Experience Study

2013 Economic Actuarial Assumptions

Other Valuations

SDCERA’s independent actuary prepares an Actuarial Valuation and Review of SDCERA’s Other Postemployment Benefit (OPEB) Plan, which pays a health insurance allowance to Tier I and Tier II Members. The OPEB Plan is funded annually by the County of San Diego and other SDCERA participating employers on an actuarially-determined basis.

GASB Reports

The Governmental Accounting Standards Board (GASB) is an independent organization that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). The objective of GASB reports is to improve the usefulness of information about pensions included in a pension plan’s financial reports.