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»  Fresno County Employees' Retirement Association

Recent Financial Market Developments and Itís Impact on FCERA

The recent events in the financial markets have been unprecedented and its impact on the global financial landscape has yet to be digested. As a result of these events, FCERA has received several e-mails and phone calls over the last several days about the impact of recent financial market conditions on FCERA's investments. We recognize that the financial headlines are causing concern among our members. You should know, however, that although in the short run the FCERA portfolio will lose money along with all other investors in a broad, declining market, over the long run we are well diversified and positioned to earn the returns necessary to fully fund your retirement benefits.

Please note the FCERA Board has carefully diversified the fund's portfolio into many different asset classes and investment strategies, to mitigate the negative effects of a market decline. While the portfolio will lose value as a result of a steep downturn across the entire financial marketplace, please be reassured that the financial health of the pension fund and its investment strategy is built upon long-term assumptions. We have and will always experience peaks and valleys (volatility) in our investment returns. However, over the long term, the Board expects periods such as these ultimately to be offset with strong results during different market environments.

Please note that the recent market fluctuations will have no impact on your monthly retirement allowance. The FCERA retirement fund already has adequate funds to pay all retirement benefits as they become due for many years to come and there is no reason to be concerned about our ability to deliver full retirement benefits for the foreseeable future. Like you, however, we too look forward to returning to normalcy. We thank you for your trust, patience and understanding throughout these difficult times.

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