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Retirement system asks committee to reserve funds pending DHR classification review
Summary
The San Francisco Employees' Retirement System requested committee approval to add investment positions and upgrade senior investment officer compensation, noting recruitment losses; the budget analyst recommended reserving funds until the Department of Human Resources completes classification vetting; the committee agreed to revisit the matter next week.
Claire Murphy, executive director of the San Francisco Employees' Retirement System, asked the Budget & Finance Committee to approve recommendations from a consultant and the retirement board to add investment staff and raise compensation for senior investment officers and a security analyst to be competitive with other public pension plans.
Murphy said the senior investment officer for equities oversees nearly $7 billion in public equity investments and described recent turnover and recruiting difficulties; the consultant recommended adding four new investment positions (in addition to the retirement system’s existing professional staff) and upgrading certain classifications to help recruit and retain experienced investment professionals. Murphy said the retirement board endorses the consultant’s staffing proposals to maintain the plan’s funded status.
Budget analyst Mister Rose told the committee the proposed salary upgrades are policy items flagged in the report and noted the Department of Human Resources (DHR) has not yet completed its classification vetting. He recommended denying the salary upgrade until DHR completes its review but suggested the committee could reserve the dollars now so the positions would not be impeded once classification is approved. Murphy estimated reserving about $53,000 from salaries plus a portion of fringe benefits to hold the funds pending classification.
The committee agreed to continue discussion and asked staff to confer with DHR and return next week with additional detail; no final appropriation or reclassification was approved at the meeting.
