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MCERA reports 12.3% FY2025 investment return; staff outlines fee structure and low-cost portfolio posture
Summary
At the December 2025 Mendocino County Employees' Retirement Association meeting, staff reported a 12.3% time-weighted return for fiscal 2025, presented plan-level investment expenses of $4.5 million (about 57 basis points of plan net position), and described portfolio changes that reduced reported investment fees.
Mendocino County Employees' Retirement Association staff presented the system27s Annual Comprehensive Financial Report (ACFR) and Popular Annual Financial Report (PAFR) for the fiscal year ended June 30, 2025, highlighting investment performance and fee metrics.
Robert Reveles, retirement financial investment officer, told trustees the fund recorded a strong year, reporting a 12.3% time-weighted return for fiscal 2025 and notable net realized and unrealized appreciation. Reveles called out a change in net appreciation figures "from $2,447,000,000 to $2,570,000,000" as presented in the report and explained that employer and member contributions rose modestly due to…
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