David Wescoe was named CEO of the $10.6 billion San Diego County Employees Retirement Association, spokeswoman Mary Montgomery said.
Mr. Wescoe has been serving as interim CEO since April following the departure of former CEO Brian White. Mr. Wescoe will begin his full-time duties Sept. 18.
“After a thorough and comprehensive national search process, the board of retirement is very pleased to have found the best individual to assume leadership of this organization,” said E.F. “Skip” Murphy, board chairman.
The board reported the hiring after selecting Mr. Wescoe in closed session Thursday.
Separately, the board reduced its investment return assumption to 7.5% from 7.75% following a recommendation of its actuary Segal Consulting. Pension fund officials also lowered its inflation assumption to 3% from 3.25% and its salary increase assumption to 3.75% from 4%. These changes will apply to actuarial valuation for the year ended June 30, 2015, which will take place early in 2016.
