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Finance & Investments


Quarterly Financial Statements
 View OCERS' most recent Quarterly Unaudited  Financial Statements.
Click here

View OCERS' most recent
Investment Report
. Click here

Comprehensive Annual
Financial Report
It is with great pleasure that we submit the Comprehensive Annual Financial Report (CAFR) of the Orange County Employees Retirement System for
the calendar year ended December 31, 2012, the System's 68th year of operation. The Comprehensive Annual Financial Report contains information about OCERS' investments, financial statements, funding and membership. Information contained in the report is designed to provide a complete and accurate review of the year's operations.

Hard copies of OCERS’ 2012 Comprehensive Annual Financial Report (CAFR) are available to interested members. To obtain a copy of the 2012 Comprehensive Annual Financial Report, call (714) 558-6200 or (888) 570-6277 toll free within California. You may also fax or e-mail your request. Faxed requests should be made to OCERS at (714) 558-6236. E-mail requests should be sent to Be sure to include your name, address or "pony" address if applicable.


Guidance to Investment Industry Marketers
Chief Investment Officer Girard Miller has written a detailed overview for investment industry vendors seeking to market their products and services to OCERS.
Click here to read the letter and get more detailed information.


Fee Policy for Investment-related services including portfolio management

To view the Investment management fee policy and guidance on preferred fee structures, click here.

For a copy of the Investment Committee resolution supporting and encouraging (a) fee-discounting, aggregation-based public pension share classes and (b) hard hurdles for performance fees, click here.

To view CIO Girard Miller's February 2014 Government Finance Review article on "Managing Against Escalating Pension Investment Fees," click here.


Placement Agent Disclosure Policy

To view the Placement Agent Disclosure Policy click here.


Quiet Period/Manager Search
OCERS adopted a Quiet Period Policy to ensure that the process of selecting Investment Managers and/or Named Service Providers is efficient, diligent, and fair. The policy is in effect for the following searches:

The Investment Committee authorized a search for "best ideas" emerging markets equity manager at the June 26, 2013 meeting.  This Quiet Period policy will remain in effect until the contract is finalized.

The Investment Committee authorized a search for real estate debt manager at the October 30, 2013 meeting.  This Quiet Period policy will remain in effect until the contract is finalized.

List of Managers to whom the Quiet Period is applicable:

"Best Ideas" Emerging Markets Equity

Acadian Asset Management

Lazard Asset Management

Lee Munder Capital Group

OFI Global Asset Management

Real Estate Debt

Colony Capital

Mesa West Capital

Oaktree Capital Management

Square Mile Capital Management

True North Management Group


The Quiet Period Policy shall be in effect for each Investment Manager and/or Named Service Provider search until a contract is finalized. Click here to view the policy.

Actuarial Information

The Actuarial Valuation and Review reports summarize the actuarial data used in our valuation, establish the funding requirements for each fiscal year, and analyze each preceding year’s experience.


The following Actuarial Experience Study reports is a review of the actuarial experience of the Orange County Employees Retirement System. Each study utilizes the census data of the last three actuarial valuations and includes the proposed actuarial assumptions to be used in future actuarial valuations.

The Review of Economic Actuarial Assumptions are conducted by OCERS' consulting actuary every three years in conjunction with the completion of the triennial experience study. Economic assumptions include such things as OCERS' investment return, salary increases and inflation.

In order to help the public better understand the long-term nature of public pension plans and how their design allows for the smoothing of the highs and the lows of pension costs over an OCERS member's career, the Board of Retirement requested staff prepare an overview of OCERS' Unfunded Actuarial Accrued Liability (UAAL) as it developed from the year 2000 through 2012. To view the "Evolution of OCERS' Unfunded Actuarial Accrued Liability" document, click here.

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