San Francisco Employees' Retirement System

The San Francisco Employees' Retirement System (SFERS) is a public pension fund that administers benefits for employees of the City and County of San Francisco. Established by city voters on November 2, 1920, and the California State Legislature on January 12, 1921, SFERS was initially created to support the families of deceased firefighters and police officers. Today, it serves over 81,000 active, vested, and retired members and their survivors from various public entities, including the San Francisco Unified School District, Community College District, and Trial Courts.

The organization's primary business is managing pension trust assets, administering benefit programs, and ensuring the delivery of promised retirement benefits. Its funding model relies on a combination of employee and employer contributions, supplemented by earnings from its investment portfolio. SFERS manages two main plans: a tax-qualified defined benefit Pension Plan and a voluntary 457(b) Deferred Compensation Plan (SFDCP) adopted in 1976. The Pension Plan offers service and disability retirement, vesting allowances, and death benefits. The SFDCP allows employees to defer a portion of their income for retirement, with options including a Roth after-tax contribution.

SFERS operates under the direction of a CEO & CIO, currently Alison Romano, who joined in June 2022. Romano has an extensive background in finance, including positions at the State Board of Administration of Florida and Goldman Sachs. The CEO & CIO, along with a senior management team, oversees daily operations, which encompass investments, member services, actuarial services, and finance. The system's strategic objectives focus on operational excellence, financial strength, and leveraging technology to better serve its members.

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