San Francisco Employees' Retirement System (SFERS)

The San Francisco Employees’ Retirement System (SFERS) administers two benefit programs for active and retired members: a Pension Plan (defined benefit plan) and a 457(b) Deferred Compensation Plan (defined contribution plan). The SFERS Pension Plan is a defined benefit plan that provides service retirement benefits calculated using a formula based on age at retirement, years of service and final compensation. The Deferred Compensation Plan is a voluntary IRS §457(b) Plan that allows participants to voluntarily defer receipt and taxation of a portion of their regular earnings until after they retire or separate from service. Under the direction of the Retirement Board, the Executive Director and senior staff team manage the day-to-day activities of the system including investments, member services, finance, actuarial services, information technology, human resources and communications.

Country

United States

AUM ($B, AS AT DATE OF ASSET ALLOCATION)

$34

Performance (%, 1YR)

4.25

Chief Executive

Alison Romano

Chief Investment Officer

Alison Romano

Chair

Scott Heldfond

Asset allocation

31.9% Public Equity

29.8% Private Equity

15.6% Real Assets

9.3% Absolutue Return

5.3% Fixed Income

7.6% Private Credit

0.4% Cash

Website

View the annual report

Global Pension Transparency Benchmark country system description

Asset allocation as of June 30, 2023. All information is as per the most recent annual report or other publicly available data via the fund's website

Macro risks, opportunities prompt rethink of portfolios

Investment heads at large global funds are cutting down on risk, making higher allocations to equities and shifting focus to absolute returns as they reorganise portfolios to future-proof against global macro risks on the horizon, and to take advantage of potential opportunities, the Fiduciary Investors Symposium has heard.

Pension CIOs re-evaluate China exposure

The CIOs of three global pension schemes have told the 2023 Fiduciary Investors Symposium they are re-evaluating or reducing their exposure to the world’s second largest economy as tensions between the US and China escalate. But they are resisting total divestment to a country that still dominates emerging markets benchmarks.

San Francisco’s Alison Romano makes her mark

Over a year into her role as executive director and CIO at SFERS Alison Romano gives the low down on how she approached her new role, how she is reviewing the absolute return allocation and how leadership involves more listening and asking questions than speaking.