Kern County ERS Basics

  • Established 1945
  • Currently open to new hires
  • Plan covers local employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Kern County ERS, 2001-2019

Fiscal Year Net Assets (billions)
2001 1.54
2002 1.44
2003 1.78
2004 2.03
2005 2.21
2006 2.46
2007 2.91
2008 2.71
2009 2.03
2010 2.30
2011 2.80
2012 2.80
2013 3.10
2014 3.58
2015 3.63
2016 3.57
2017 3.96
2018 4.20
2019 4.35

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2019

Fiscal Year Kern County ERS US State and Local Pensions
2001 1.8 2.5
2002 1.8 2.4
2003 1.7 2.3
2004 1.7 2.2
2005 1.6 2.1
2006 1.6 2.1
2007 1.6 2.0
2008 1.6 2.0
2009 1.5 1.9
2010 1.4 1.8
2011 1.2 1.7
2012 1.2 1.6
2013 1.2 1.5
2014 1.2 1.5
2015 1.1 1.5
2016 1.1 1.4
2017 1.1 1.4
2018 1.1 1.3
2019 1.1 1.3

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Kern County ERS, 2001-2019

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 14.5 0.0 5.0 14.5
2002 12.5 0.0 4.8 12.5
2003 115.2 0.0 5.7 16.9
2004 13.8 0.0 7.3 13.8
2005 16.1 0.0 9.0 16.1
2006 25.7 0.0 9.3 25.7
2007 30.7 0.0 10.0 30.7
2008 28.4 0.0 10.4 28.4
2009 24.8 0.0 10.2 24.8
2010 27.0 0.0 10.5 27.0
2011 32.9 0.0 12.5 32.9
2012 34.9 0.0 12.9 34.9
2013 38.1 0.0 13.9 38.1
2014 39.7 0.0 14.5 39.7
2015 38.7 0.0 14.9 38.7
2016 41.4 0.0 14.8 41.4
2017 39.2 0.0 15.1 39.2
2018 41.5 0.0 18.1 41.5
2019 37.4 0.0 18.8 37.4

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for Kern County ERS, 2001-2019

Fiscal Year Kern County ERS National Data
2001 103.3 106.5
2002 93.6 101.1
2003 82.7 94.2
2004 93.6 93.1
2005 86.1 91.1
2006 75.6 90.5
2007 75.7 91.2
2008 72.3 90.2
2009 66.1 83.2
2010 62.7 81.5
2011 60.8 80.4
2012 60.5 78.9
2013 61.1 78.7
2014 60.8 79.0
2015 64.1 78.2
2016 63.4 76.3
2017 63.2 76.4
2018 65.1 76.5
2019 64.8 76.1

Source: Public Plans Database

National data averages are weighted by plan size and reflects the average for plans of similar type and Social Security coverage.

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Investments

Asset Allocation for Kern County ERS, 2019

Category Percent
Equities 39.7
Fixed Income 33.5
Private Equity 2.0
Real Estate 6.4
Cash 1.6
Other 0.0
Commodities 3.8
Hedge Fund 13.0
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2019

Category Percent
Equities 47.2
Fixed Income 22.9
Private Equity 9.0
Real Estate 9.0
Cash 1.8
Other 0.0
Commodities 1.9
Hedge Fund 6.7
Misc. Alternatives 1.5

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for Kern County ERS, 2001-2019

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 54.2 36.0 1.4 6.7 1.6 0.0 0.0 0.0 0.0
2002 56.2 35.9 1.1 5.8 1.0 0.0 0.0 0.0 0.0
2003 48.9 27.7 1.0 4.3 18.1 0.0 0.0 0.0 0.0
2004 61.2 31.3 1.2 3.9 2.4 0.0 0.0 0.0 0.0
2005 61.2 31.3 1.2 3.9 2.4 0.0 0.0 0.0 0.0
2006 60.5 28.5 2.0 5.1 1.0 0.0 0.0 2.9 0.0
2007 60.2 27.3 3.1 4.8 1.8 0.0 0.0 2.8 0.0
2008 53.5 29.9 5.4 0.0 1.8 0.0 6.4 3.0 0.0
2009 43.4 33.9 6.8 0.0 4.4 0.0 8.1 3.4 0.0
2010 46.0 29.6 7.3 0.0 2.8 0.0 8.8 5.4 0.0
2011 49.6 24.2 7.4 0.0 0.1 0.0 13.2 5.5 0.0
2012 46.8 31.6 7.6 5.4 0.4 0.0 0.0 8.2 0.0
2013 46.8 32.1 6.8 7.6 6.4 0.0 0.0 0.3 0.0
2014 49.4 27.5 6.0 4.9 1.1 0.0 4.0 7.1 0.0
2015 49.6 26.8 5.4 5.6 0.2 0.0 4.2 8.3 0.0
2016 47.6 28.6 4.5 5.1 0.6 0.0 3.8 9.8 0.0
2017 38.7 38.1 3.4 5.8 0.5 0.0 3.9 9.6 0.0
2018 41.6 35.1 2.5 5.8 0.0 0.0 4.2 10.8 0.0
2019 39.7 33.5 2.0 6.4 1.6 0.0 3.8 13.0 0.0

Source: Public Plans Database

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Annual Return as of June 30 for Kern County ERS, 2001-2019

Fiscal Year Kern County ERS Assumed return
2001 -5.43 8.00
2002 -5.97 8.00
2003 6.58 8.00
2004 16.73 8.00
2005 11.09 8.00
2006 11.69 8.00
2007 18.40 8.00
2008 -6.50 7.75
2009 -21.87 7.75
2010 13.30 7.75
2011 19.20 7.75
2012 1.00 7.75
2013 10.40 7.75
2014 15.00 7.50
2015 2.30 7.50
2016 -0.76 7.50
2017 12.00 7.25
2018 6.80 7.25
2019 5.60 7.25

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
Kern County ERS
2001-2019

Fiscal Year Cash Flow Assets
2001 -24.9 1,542.1
2002 -29.7 1,436.2
2003 258.8 1,782.9
2004 -48.3 2,030.7
2005 -42.9 2,212.3
2006 -13.8 2,458.3
2007 0.7 2,912.3
2008 0.4 2,711.1
2009 -8.6 2,025.2
2010 -15.1 2,301.4
2011 -9.1 2,795.9
2012 -17.1 2,800.0
2013 -14.5 3,104.8
2014 -16.2 3,576.1
2015 -32.9 3,625.1
2016 -26.0 3,571.6
2017 -35.3 3,962.9
2018 -31.7 4,198.9
2019 -67.3 4,345.8

Source: Public Plans Database

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Cash Flow as a Percentage of Assets
Kern County ERS
2001-2019

Fiscal Year Kern County ERS National Average
2001 -1.6 -2.3
2002 -2.1 -2.3
2003 14.5 -2.6
2004 -2.4 -1.7
2005 -1.9 -1.9
2006 -0.6 -1.9
2007 0.0 -1.7
2008 0.0 -1.9
2009 -0.4 -2.7
2010 -0.7 -2.9
2011 -0.3 -2.8
2012 -0.6 -3.1
2013 -0.5 -3.0
2014 -0.5 -2.7
2015 -0.9 -2.8
2016 -0.7 -3.0
2017 -0.9 -2.9
2018 -0.8 -2.4
2019 -1.5 -2.7

Source: Public Plans Database

National data averages are weighted by plan size.

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2019 Financial Reports

Benefits

Website for Kern County ERS benefit descriptions.