San Francisco City & County Basics

  • Established 1922
  • Currently open to new hires
  • Plan covers local employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, San Francisco City & County, 2001-2022

Fiscal Year Net Assets (billions)
2001 11.25
2002 10.42
2003 10.53
2004 11.91
2005 13.14
2006 14.50
2007 16.95
2008 15.83
2009 11.89
2010 13.14
2011 15.60
2012 15.29
2013 17.01
2014 19.92
2015 20.43
2016 20.15
2017 22.41
2018 24.56
2019 26.08
2020 26.62
2021 35.67
2022 32.80

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2023

Fiscal Year San Francisco City & County US State and Local Pensions
2001 1.7 2.4
2002 1.7 2.3
2003 1.7 2.2
2004 1.7 2.1
2005 1.5 2.1
2006 1.4 2.0
2007 1.4 2.0
2008 1.4 1.9
2009 1.3 1.9
2010 1.2 1.8
2011 1.1 1.7
2012 1.1 1.6
2013 1.1 1.5
2014 1.1 1.4
2015 1.1 1.4
2016 1.1 1.4
2017 1.1 1.4
2018 1.1 1.3
2019 1.1 1.3
2020 1.1 1.3
2021 1.1 1.2
2022 1.0 1.2
2023 1.1 1.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for San Francisco City & County, 2001-2022

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 0.0 0.0 5.3 0.0
2002 0.0 0.0 5.2 0.0
2003 0.0 0.0 6.0 0.0
2004 0.0 0.0 7.8 0.0
2005 4.1 0.0 9.6 4.1
2006 5.9 0.0 9.9 5.9
2007 5.6 0.0 10.6 5.6
2008 5.5 0.0 11.0 5.5
2009 4.7 0.0 11.0 4.7
2010 9.3 0.0 11.6 9.3
2011 13.1 0.0 13.4 13.1
2012 17.2 0.0 14.1 17.2
2013 17.5 0.0 15.1 17.5
2014 20.2 0.0 15.7 20.2
2015 22.4 0.0 15.7 22.4
2016 17.2 0.0 15.6 17.2
2017 18.1 0.0 15.5 18.1
2018 19.2 0.0 16.2 19.2
2019 19.1 0.0 16.4 19.1
2020 20.8 0.0 16.8 20.8
2021 23.1 0.0 17.4 23.1
2022 20.5 0.0 18.1 20.5

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for San Francisco City & County, 2001-2023

Fiscal Year San Francisco City & County National Data
2001 129.0 101.7
2002 117.9 94.6
2003 109.0 88.8
2004 103.8 87.0
2005 107.6 85.4
2006 108.7 85.2
2007 110.0 86.3
2008 104.0 84.4
2009 97.0 78.4
2010 91.0 75.7
2011 88.0 74.3
2012 82.6 72.3
2013 81.0 71.8
2014 85.3 73.2
2015 85.6 73.2
2016 84.6 71.6
2017 86.3 72.0
2018 87.3 72.4
2019 87.7 72.5
2020 90.5 72.6
2021 94.2 75.8
2022 96.1 76.2
2023 96.6 74.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Investments

Asset Allocation for San Francisco City & County, 2022

Category Percent
Equities 29.9
Fixed Income 5.2
Private Equity 32.6
Real Estate 15.1
Cash 0.0
Other 0.0
Commodities 0.0
Hedge Fund 17.2
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2022

Category Percent
Equities 41.4
Fixed Income 20.6
Private Equity 13.9
Real Estate 10.8
Cash 2.2
Other 0.4
Commodities 2.5
Hedge Fund 6.5
Misc. Alternatives 1.7

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for San Francisco City & County, 2001-2022

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 48.0 32.0 12.0 8.0 0.0 0.0 0.0 0.0 0.0
2002 46.0 34.0 12.0 8.0 0.0 0.0 0.0 0.0 0.0
2003 47.0 32.0 12.0 9.0 0.0 0.0 0.0 0.0 0.0
2004 50.0 31.0 11.0 8.0 0.0 0.0 0.0 0.0 0.0
2005 49.0 32.0 11.0 8.0 0.0 0.0 0.0 0.0 0.0
2006 50.0 31.0 10.0 9.0 0.0 0.0 0.0 0.0 0.0
2007 52.1 28.4 9.5 10.0 0.0 0.0 0.0 0.0 0.0
2008 47.0 30.7 10.6 11.7 0.0 0.0 0.0 0.0 0.0
2009 44.6 30.9 12.2 12.3 0.0 0.0 0.0 0.0 0.0
2010 46.1 32.2 13.5 8.2 0.0 0.0 0.0 0.0 0.0
2011 50.3 28.7 12.5 8.5 0.0 0.0 0.0 0.0 0.0
2012 48.9 27.6 13.4 10.1 0.0 0.0 0.0 0.0 0.0
2013 52.3 26.3 12.2 9.2 0.0 0.0 0.0 0.0 0.0
2014 54.4 24.9 11.7 9.0 0.0 0.0 0.0 0.0 0.0
2015 52.3 25.3 11.8 10.6 0.0 0.0 0.0 0.0 0.0
2016 47.6 27.1 13.5 11.8 0.0 0.0 0.0 0.0 0.0
2017 47.6 20.4 14.7 14.7 0.0 0.0 0.0 2.6 0.0
2018 42.1 12.9 17.3 14.5 0.5 0.0 0.0 12.6 0.0
2019 34.8 10.0 20.7 16.6 0.8 0.0 0.0 17.0 0.0
2020 34.5 7.2 21.3 14.9 3.0 0.0 0.0 19.0 0.0
2021 37.7 6.1 27.6 11.6 1.3 0.0 0.0 15.7 0.0
2022 29.9 5.2 32.6 15.1 0.0 0.0 0.0 17.2 0.0

Source: Public Plans Database

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Annual Return as of June 30 for San Francisco City & County, 2001-2022

Fiscal Year San Francisco City & County Assumed return
2001 -10.37 8.25
2002 -4.50 8.25
2003 2.82 8.25
2004 16.34 8.00
2005 12.63 8.00
2006 13.46 8.00
2007 18.71 8.00
2008 -3.13 7.75
2009 -21.98 7.75
2010 12.55 7.75
2011 21.84 7.66
2012 1.67 7.58
2013 13.01 7.58
2014 18.73 7.50
2015 3.96 7.50
2016 1.29 7.50
2017 13.81 7.50
2018 11.14 7.40
2019 8.18 7.40
2020 2.41 7.40
2021 33.70 7.20
2022 -2.90 7.20

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
San Francisco City & County
2001-2022

Fiscal Year Cash Flow Assets
2001 -262.4 11,246.1
2002 -279.6 10,416.0
2003 -289.2 10,533.0
2004 -336.5 11,907.4
2005 -307.1 13,135.3
2006 -317.0 14,497.0
2007 -341.8 16,952.0
2008 -384.1 15,832.5
2009 -432.9 11,886.7
2010 -405.0 13,136.8
2011 -425.5 15,598.8
2012 -385.5 15,293.7
2013 -346.7 17,011.5
2014 -266.4 19,920.6
2015 -256.0 20,428.1
2016 -423.8 20,154.5
2017 -427.6 22,410.4
2018 -399.1 24,558.0
2019 -449.6 26,078.6
2020 -424.7 26,620.2
2021 -394.1 35,673.8
2022 -567.0 32,798.5

Source: Public Plans Database

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Note: The PPD average is for plans with a similar fiscal year end (FYE) date to the plan presented on this page.


Cash Flow as a Percentage of Assets
San Francisco City & County
2001-2022

Fiscal Year San Francisco City & County National Average
2001 -2.3 -2.0
2002 -2.7 -2.4
2003 -2.7 -2.5
2004 -2.8 -1.8
2005 -2.3 -2.2
2006 -2.2 -2.2
2007 -2.0 -2.0
2008 -2.4 -2.1
2009 -3.6 -3.1
2010 -3.1 -3.2
2011 -2.7 -3.0
2012 -2.5 -3.2
2013 -2.0 -3.1
2014 -1.3 -2.9
2015 -1.3 -2.7
2016 -2.1 -2.9
2017 -1.9 -2.8
2018 -1.6 -2.4
2019 -1.7 -2.4
2020 -1.6 -2.3
2021 -1.1 -2.0
2022 -1.7 -1.9

Source: Public Plans Database

National data averages are weighted by plan size.

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2022 Financial Reports

Benefits

Website for San Francisco City & County benefit descriptions.