City retirement chief retiring, former fed director named replacement

The head of the San Francisco Employees’ Retirement System is, well, retiring.

Clare Murphy, who has served as the executive director of SFERS for more than 25 years, is retiring in January. Gary Amelio will take over the system as The City grapples with rising pension costs.

Amelio previously served as executive director of the Federal Retirement Thrift Investment Board, leading the world’s largest defined contribution plan, for federal civilian employees and the military, administering approximately $200 billion in assets, according to a bio sent out on Friday.

A former private sector executive, Amelio is credited with turning around the federal system after inheriting a $36 million computer disaster.
 

 

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