Deferred‑comp report: plan assets top $6.1B, stable‑value rate climbs and annual membership drives planned
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Summary
The city deferred‑comp (SFDCP) program reported $6.15 billion in assets, a rising stable‑value crediting rate (3.36%) and an active outreach plan for National Retirement Security Month in October. Staff also announced a recordkeeping RFP and a large‑cap growth manager search.
Staff briefed the retirement board and deferred‑comp committee on the second‑quarter performance and program operations for the City of San Francisco’s deferred‑comp program.
Steve Moy, interim deferred‑comp program manager, said plan participation climbed to about 36,636 participants (roughly a 59.9% participation rate among eligible employees) and total plan assets reached approximately $6.15 billion.
On investments, the stable‑value fund crediting rate rose to 3.36% for the most recent crediting period (up 9 basis points quarter‑to‑quarter), driven by higher portfolio yields. Moy said staff expects the positive trajectory to continue when the Q4 rate is declared.
Staff reported several operational and plan‑design updates: a search to replace the large‑cap growth manager (two finalists to be presented to the Deferred Compensation Committee on Sept. 24), adding a 2070 target‑date fund and removing the 2015 target‑date fund (participants were automatically remapped without allocation changes), and preparations for National Retirement Security Month (October) including a live seminar at the main library and outreach campaigns.
Moy also said the plan will publish communications about the SECURE 2.0 Act change that will require catch‑up contributions above the $145,000 FICA wage threshold to be made on a Roth basis starting Jan. 1, 2026. He noted the plan intends a record‑keeper RFP in late 2025 since the current contract extension with the vendor expires in August 2026.
Voya (the recordkeeper) said participation and assets have grown and noted counselor activity: in the quarter counselors held about 2,001 one‑on‑one meetings and 117 in‑person group meetings, supporting participant engagement and retention.
