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SF DCP committee recommends JPMorgan for active large‑cap growth; board approves record‑keeper RFP
Summary
The Deferred Compensation Committee recommended replacing T. Rowe Price’s active large‑cap growth sleeve with JPMorgan’s US large‑cap growth CIT; the board approved the recommendation and authorized issuing an RFP for the plan’s third‑party record keeper.
The board approved two Deferred Compensation Committee recommendations affecting the city’s defined‑contribution plan.
Large‑cap growth manager change: Callan and staff presented a manager search to replace the active component of the SFDCP large‑cap growth allocation after a personnel change at the incumbent. Callan evaluated a universe of strategies (roughly 200 in its database, narrowing to an 18‑strategy shortlist and a four‑manager semifinal group) and recommended the JPMorgan US Large Cap Growth CIT over the incumbent T. Rowe Price. Callan cited JPMorgan’s breadth of resources across equity strategies, a long‑tenured portfolio manager (Gary Divalpaoli) and a favorable risk‑adjusted performance record across market regimes. The Deferred Compensation Committee forwarded the recommendation and the retirement board approved switching the active sleeve to JPMorgan by unanimous vote.
Record‑keeper RFP: Staff presented a draft request for proposals to benchmark and procure third‑party record‑keeping services for the San Francisco Deferred Compensation Plan (current record keeper: Voya). The draft RFP provides detailed plan statistics, targeted questions specific to SFDCP operational and cybersecurity needs, and a tentative timeline (responses due January 2026, finalist presentations in Q2 2026). The board authorized issuance of the RFP; staff noted Voya remains a satisfactory provider but the RFP is intended to ensure competitive benchmarking.
Why it matters: The manager change affects the active component of the plan’s large‑cap growth option and could affect long‑term participant returns; the record‑keeper RFP is a material operational step that can affect participant services, cybersecurity controls and fees.
Next steps: Implementation of the JPMorgan allocation will proceed per the DCC plan; the RFP will be issued and responses evaluated with finalist presentations planned in Q2 2026.
