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Retirement Board approves proxy‑voting guidelines, department budget, 2% COLA and keeps 4% credited interest
Summary
At its Feb. 11 meeting the San Francisco Retirement Board unanimously approved updated proxy voting guidelines, the department budget for FY 2026–27, a 2% basic cost‑of‑living adjustment for qualified retirees effective July 1, 2026, and maintained the plan's 4% credited interest rate for 2026–27.
The San Francisco Retirement Board on Feb. 11 approved a package of routine but consequential items including updated proxy‑voting guidelines, the department's annual budget and benefit‑related rates.
Director Collins presented three recommended updates to the system’s proxy voting guidelines, saying staff would “generally vote against” governance committee members who adopt mandatory arbitration provisions or policies that limit shareholders’ rights and would refine the approach to management “say on pay” proposals. After a motion and second, the board approved the recommended updates unanimously.
Director Romano reviewed the proposed department budget and described priorities for implementing multi‑year projects to modernize technology, centralize administrative functions and reduce operational risk. The board approved the budget for fiscal year 2026–27 by voice vote, following commissioner questions about overhead allocations, cybersecurity and manager fee presentation.
The board also approved a 2% basic COLA for qualified retirees under the city charter to take effect July 1, 2026, and accepted staff’s recommendation to keep the plan’s credited interest rate at 4% for the 2026–27 plan year. Each of those measures passed by unanimous voice vote with no public comment recorded.
The approvals were procedural and forward‑looking: staff will implement the updated proxy‑voting rules in upcoming ballots, begin work on budget execution and reflect the COLA and credited interest rate in benefit administration and participant communications.
