The County Employees Retirement System (CERS) Finance Committee met Wednesday to discuss the fiduciary net position of the local pension system’s funds. Reports indicated that CERS nonhazardous and hazardous pensions gained $2.10 billion in Fiscal Year 2021 compared to Fiscal Year 2020.
According to the report, CERS nonhazardous closed FY 21 at $8.67 billion while CERS hazardous reached $2.93 billion. The combined $11.61 billion was $2.10 billion higher than the $9.51 billion reported in FY 20.
While CERS member pension contributions were down slightly in FY 21, employer contributions remained relatively flat. Employers paid $644.29 million in FY 21, a 0.12% increase from the $643.51 million paid in FY 20. Both the nonhazardous and hazardous pension systems saw a substantial increase in unrealized gains ‒ the amount an investment increased in value.
The CERS insurance fund also saw a significant increase in FY 2021, ending the fiscal year up $955.30 million. Again, a sizeable shift in unrealized gains from reported FY 2020 losses was the major contributing factor.
In August, KPPA reported FY 21 equaled the highest single-year investment return it its history.