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Omni Rancho Las Palmas Resort & Spa
41000 Bob Hope Dr, Rancho Mirage, CA 92270, USA
The State Association of County Retirement Systems (SACRS) consists of 20 independent county retirement systems in California that were created as part of the County Employees Retirement Law of 1937 (CERL).
In accordance with CERL, each county retirement system offers a defined benefit pension program to qualified county employees such as firefighters, health inspectors and public works engineers. These employees, along with the agencies that hired them, make contributions to their county pension plan. Trustees and professional staff aggregate, invest and manage these contributions with the intention of generating enough earnings to provide each county employee with a modest monthly retirement income once the employee has ended his or her career in public service.
Trustees and staff of each retirement system are obligated to follow CERL policies and adhere to certain Governmental Accounting Standards Board (GASB) regulations. They must remain up to date on legislative developments that impact CERL. They are expected to deploy solid investment strategies by understanding financial markets, and must always act with the utmost fiduciary responsibility on behalf of their plan's participants.
Today, public pension plans face heavy criticism. Governmental budgetary pressures and the private sector's shift to defined contribution, 401(k)-style retirement plans frequently tempt policy makers to reconsider support for public pensions. This volatility combined with the daily responsibilities of investment management pose unique challenges for trustees and staff tasked with delivering secure retirements.