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Retirement system presents stable budget; longtime general manager to retire
Summary
Miss Murphy presented the San Francisco Employees' Retirement System budget, describing a stable package that implements analyst recommendations totaling $440,417; supervisors and the budget analyst praised her 24 years of service and noted she expects to conclude her career in February.
The San Francisco Employees' Retirement System presented its budget to the Board of Supervisors’ Budget & Finance Committee on May 21 and advised that the plan and deferred compensation program will be managed within a stable budget that includes the full funding of previously adopted positions.
Miss Murphy told the committee that the proposed retirement budget reflects market losses consistent with national capital-market conditions and a cautious outlook by the retirement board; she said the retirement system concurs with the budget analyst’s recommendations and cautioned that certain collective-bargaining restoration clauses could create supplemental workload demands and prompt a future supplemental budget request funded from the pension trust. The budget analyst reported recommended adjustments totaling $440,417.
Supervisors and the budget analyst commended Miss Murphy for 24 years of service. Murphy said she expects to conclude her career in February if current plans and the retirement board’s succession strategy proceed as expected. The committee accepted the budget analyst’s recommendations and thanked Murphy for her stewardship.
