US public pension profile
San Bernardino County Employees’ Retirement Association
Funding, investment choices and long-term returns.
California ·Fiscal year 2025
Fiscal year 2025 at a glance
- Market value of assets
- USD 16.4 billion
- Total membership
- 52,150
- Funded ratio
- 88.76%
- Assumed investment return
- 7.25%
Asset allocation in 2025
| Public equity | 19.76% |
|---|---|
| Fixed income | 36.68% |
| Private equity | 19.08% |
| Real estate | 3.64% |
| Hedge funds | 15.54% |
| Cash | 0.00% |
Returns to 2025
| One year | 8.70% |
|---|---|
| Five years | 10.70% |
| Ten years | 7.47% |
Size and funding over time
| Fiscal year | Market value of assets | Membership | Funded ratio | Return assumption |
|---|---|---|---|---|
| 2001 | USD 3.4 billion | 23,801 | 111.50% | 8.16% |
| 2002 | USD 3.1 billion | 25,483 | 99.07% | 8.00% |
| 2003 | USD 3.2 billion | 25,679 | 87.34% | 8.16% |
| 2004 | USD 4.2 billion | 25,668 | 93.16% | 8.00% |
| 2005 | USD 4.6 billion | 26,947 | 91.08% | 8.00% |
| 2006 | USD 5.2 billion | 28,382 | 92.02% | 8.00% |
| 2007 | USD 6.3 billion | 29,646 | 93.10% | 8.00% |
| 2008 | USD 6.1 billion | 30,815 | 93.62% | 8.00% |
| 2009 | USD 4.5 billion | 31,109 | 91.02% | 8.00% |
| 2010 | USD 5.0 billion | 31,998 | 85.52% | 8.00% |
| 2011 | USD 6.1 billion | 32,246 | 79.18% | 7.75% |
| 2012 | USD 6.2 billion | 32,824 | 78.89% | 7.75% |
| 2013 | USD 7.1 billion | 33,495 | 79.27% | 7.75% |
| 2014 | USD 8.0 billion | 34,471 | 79.95% | 7.50% |
| 2015 | USD 8.3 billion | 35,870 | 80.82% | 7.50% |
| 2016 | USD 8.2 billion | 35,870 | 81.89% | 7.50% |
| 2017 | USD 9.3 billion | 37,304 | 78.69% | 7.25% |
| 2018 | USD 10.1 billion | 38,836 | 79.50% | 7.25% |
| 2019 | USD 10.6 billion | 41,793 | 79.99% | 7.25% |
| 2020 | USD 10.3 billion | 43,141 | 77.86% | 7.25% |
| 2021 | USD 13.6 billion | 43,989 | 81.96% | 7.25% |
| 2022 | USD 13.3 billion | 45,342 | 84.84% | 7.25% |
| 2023 | USD 14.1 billion | 47,797 | 86.08% | 7.25% |
| 2024 | USD 15.2 billion | 50,060 | 87.26% | 7.25% |
| 2025 | USD 16.4 billion | 52,150 | 88.76% | 7.25% |
Asset allocation over time
| Fiscal year | Public equity | Fixed income | Private equity | Real estate | Hedge funds | Cash |
|---|---|---|---|---|---|---|
| 2001 | 56.80% | 36.80% | 0.00% | 6.40% | 0.00% | 0.00% |
| 2002 | 59.50% | 32.60% | 0.00% | 7.80% | 0.00% | 0.10% |
| 2003 | 63.10% | 30.10% | 0.00% | 6.60% | 0.00% | 0.20% |
| 2004 | 54.10% | 34.00% | 0.40% | 6.40% | 4.70% | 0.40% |
| 2005 | 56.20% | 28.30% | 1.20% | 7.40% | 5.60% | 1.30% |
| 2006 | 51.10% | 23.05% | 4.61% | 10.32% | 7.92% | 1.80% |
| 2007 | 53.45% | 14.29% | 8.09% | 11.29% | 6.19% | 5.30% |
| 2008 | 36.10% | 23.70% | 14.90% | 12.30% | 4.90% | 3.60% |
| 2009 | 21.30% | 30.00% | 18.00% | 11.90% | 1.50% | 10.70% |
| 2010 | 29.60% | 31.40% | 18.80% | 8.40% | 4.90% | 0.00% |
| 2011 | 28.50% | 29.30% | 19.10% | 7.30% | 8.90% | 0.50% |
| 2012 | 31.10% | 31.30% | 19.20% | 8.40% | 3.40% | 0.40% |
| 2013 | 33.10% | 27.20% | 16.60% | 6.90% | 7.00% | 3.60% |
| 2014 | 32.30% | 26.60% | 15.80% | 6.20% | 9.10% | 5.10% |
| 2015 | 36.40% | 27.80% | 14.50% | 6.40% | 7.80% | 1.80% |
| 2016 | 33.60% | 29.10% | 14.60% | 6.70% | 6.20% | 4.80% |
| 2017 | 35.20% | 27.10% | 13.50% | 6.20% | 13.10% | 0.50% |
| 2018 | 37.40% | 28.40% | 12.50% | 5.10% | 10.30% | 0.90% |
| 2019 | 28.02% | 29.81% | 15.75% | 4.19% | 17.65% | 0.00% |
| 2020 | 34.70% | 29.90% | 17.20% | 4.60% | 6.50% | 2.60% |
| 2021 | 36.20% | 29.10% | 16.80% | 3.60% | 5.80% | 4.50% |
| 2022 | 26.80% | 37.80% | 19.20% | 4.20% | 6.00% | 1.30% |
| 2023 | 18.90% | 36.90% | 18.30% | 3.80% | 14.60% | 2.60% |
| 2024 | 20.04% | 36.13% | 19.05% | 3.65% | 15.80% | 0.00% |
| 2025 | 19.76% | 36.68% | 19.08% | 3.64% | 15.54% | 0.00% |
Investment returns
Each year shows the return over the preceding one, five and ten years.
| Fiscal year | One year | Five years | Ten years |
|---|---|---|---|
| 2001 | -3.24% | 10.19% | Not reported |
| 2002 | -4.33% | 5.79% | Not reported |
| 2003 | 0.80% | 2.88% | Not reported |
| 2004 | 17.16% | 3.71% | Not reported |
| 2005 | 9.43% | 3.65% | Not reported |
| 2006 | 11.45% | 6.59% | Not reported |
| 2007 | 19.70% | 11.48% | Not reported |
| 2008 | -2.52% | 10.73% | Not reported |
| 2009 | -24.26% | 1.53% | Not reported |
| 2010 | 7.91% | 1.19% | 2.43% |
| 2011 | 22.59% | 3.14% | 4.88% |
| 2012 | 0.46% | -0.41% | 5.40% |
| 2013 | 15.05% | 2.97% | 6.80% |
| 2014 | 11.51% | 11.26% | 6.27% |
| 2015 | 4.40% | 10.53% | 5.78% |
| 2016 | -1.07% | 5.89% | 4.52% |
| 2017 | 13.26% | 8.52% | 3.94% |
| 2018 | 8.76% | 7.30% | 5.09% |
| 2019 | 4.81% | 5.98% | 8.56% |
| 2020 | -3.10% | 4.41% | 7.40% |
| 2021 | 33.30% | 10.70% | 8.30% |
| 2022 | -0.10% | 8.00% | 8.24% |
| 2023 | 5.00% | 7.30% | 7.26% |
| 2024 | 9.30% | 8.20% | 7.04% |
| 2025 | 8.70% | 10.70% | 7.47% |