Monday, June 27, 2011 – 11:30 a.m.

Norman Ruggles has a tough job ahead of him.

You see, Ruggles is the new chief executive officer of the San Bernardino County Employees Retirement Association (SBCERA).

The once stellar public pension fund has suffered heavy blows to its investment performance and recently underwent a shake-up of it’s governing board of trustees.

A shake-up primarily driven by county supervisors.

Ruggles, a former Colorado public pension fund administrator has the arduous task of refocusing the fund to a more traditional investment platform from the now hedge fund-like approach that is heavily mired with unbooked real estate losses.

SBCERA still has to mark-to-market it’s significant real estate holdings. A move that will deal another blow to the pension fund.

The fund exited the real estate market in the late 1990’s after it suffered devastating losses from real estate.

Now SBCERA is stuck once again with a deteriorating real estate portfolio.

The fund is still actively recruiting a chief investment officer. A duty previously held by the former CEO.

By the way, Ruggles will earn a solid $225,000 per year salary. That’s $125,000 less than his predecessor.

We wish Mr. Ruggles all the success in his new endeavor.