Finance & Investments

Financial Statements  View OCERS' year-ended 12/31/12 Financial Statements. Click here Investment Report 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, 2011, the System's 67th year of operation. The Comprehensive Annual Financial Report contains information about OCERS' investments, financial statements, contribution rates, 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’ 2011 Comprehensive Annual Financial Report (CAFR) are available for interested members. To obtain a copy of the 2011 Comprehensive Annual Financial Report, call (714) 558-6200 or (888) 570-6277 toll free. 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 mquintero@ocers.org. 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.

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 Portfolio Risk Monitoring, Mitigation and Consulting Services with Data Interface at the December 17, 2012 meeting. This search replaces the previous one launched in February 2011. The Quiet Period policy will remain in effect until the contracts are finalized.

• The Investment Committee authorized a search for direct lending managers within the diversified credit asset allocation at the January 23, 2013 meeting.  This Quiet Period policy will remain in effect until the contracts are finalized.

• The Investment Committee authorized a search for global tactical asset allocation managers at the February 27, 2013 meeting.  This Quiet Period policy will remain in effect until the contracts are finalized.

• The Investment Committee authorized a search for multi-strategy real assets managers at the February 27, 2013 meeting.  This Quiet Period policy will remain in effect until the contracts are finalized.

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.

• Actuarial Valuation as of 12/31/2011

• Actuarial Valuation as of 12/31/2010

• Actuarial Valuation as of 12/31/2009

• Actuarial Valuation as of 12/31/2008

• Actuarial Valuation as of 12/31/2007

• Actuarial Valuation as of 12/31/2006

• Actuarial Valuation as of 12/31/2005

• Actuarial Valuation as of 12/31/2004

• Actuarial Valuation as of 12/31/2003

• Actuarial Valuation as of 12/31/2002

• Actuarial Valuation as of 12/31/2001

• Actuarial Valuation as of 12/31/2000

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.

• Actuarial Experience Study 01/01/2008-12/31/2010

• Actuarial Experience Study 01/01/2005-12/31/2007

• Actuarial Experience Study 01/01/2002-12/31/2004

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.

• Review of Economic Actuarial Assumptions as of 12/31/2012

• Review of Economic Actuarial Assumptions as of 12/31/2011

• Review of Economic Actuarial Assumptions as of 12/31/2007

• Review of Economic Actuarial Assumptions as of 12/31/2004

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 2011. To view the "Evolution of OCERS' Unfunded Actuarial Accrued Liability" document, click here.