Retirement board approves minutes, consent calendar, GASB report and hires Northern Trust for SFDCP passive sleeve

The San Francisco Retirement Board approved several procedural and investment actions in a series of unanimous votes.

Minutes and consent: The board adopted the minutes from the Nov. 12, 2025 meeting and approved the meeting’s consent calendar without opposition. Commissioner Helfon moved to approve the minutes, seconded by Commissioner O'Connor; the consent calendar motion was moved by Commissioner O'Connor and seconded by Commissioner Driscoll.

GASB 67/68: Staff presented the audited GASB 67/68 report as of 06/30/2025, noting it reports the total pension liability under Governmental Accounting Standards Board rules and does not change the plan’s funding targets. The board voted to accept the report (motion by Commissioner Helfon; second by Commissioner O'Connor).

Actuarial RFP: The board authorized issuance of a request for proposals for actuarial consulting services (a routine procurement that occurs roughly every five years) after staff clarified a limited wording change to the demographic study date on the draft RFP; a motion to approve passed unanimously.

SFDCP passive manager selection: As recommended by staff and consultant Callan, the board approved selecting Northern Trust’s CIF class E lending vehicle to track the Russell 1000 Growth index for the SFDCP Large Cap Growth Equity Fund. Callan identified Northern Trust as the finalist based on lowest fee (1.01 basis point) and low tracking error; staff said the switch would reduce fees for participants and implementation/mapping would occur in Q2. The motion to approve the Northern Trust recommendation was made by Commissioner Helfand and seconded by Commissioner O'Connor and passed unanimously.

All recorded actions at this meeting were unanimous voice votes; no oppositions or abstentions were recorded on the floor.