Over the past four years, annual payments to pensioners from the pension fund, known as SamCERA, have risen 34 percent to $139.2 million. The median annual benefit per retired employee is $23,981, the report says. Twenty-four of those retirees receive $150,000 to $199,000 and five receive over $200,000.
The grand jury accuses the county of consistently overestimating the annual return on its independently managed $2.3 billion investment portfolio. The most recent projection is an annual return of 7.5 percent, but over 10 years, the rate has been 5.54 percent a year, the report says.
That return compares poorly to the 7.6 percent annual return for 69 of the largest college endowment funds over 10 years, the report says.
Got to tinyurl.com/Jury-201 to read the grand jury's report.
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