SDCERS Board Approves General Investment Consultant Search
The San Diego City Employees’ Retirement System (SDCERS) Board of Administration has approved the launch of a competitive search for the pension system’s next General Investment Consultant (GIC), initiating a process that will culminate in the selection of a consultant before the current contract expires in 2027. The decision was made at the July 10, 2026, Board meeting.
Aon has served as SDCERS’ general investment consultant since 2010. The current agreement, awarded following a 2020 search, is scheduled to expire on May 31, 2027. Staff said the search is intended to ensure continuity of investment advisory services while providing an opportunity to evaluate firms on the quality of service, independence, experience and cost.
Under the approved request for proposals (RFP), the selected consultant will provide comprehensive investment consulting services across investment policy, asset allocation, portfolio oversight, manager selection and monitoring, performance measurement, and board and staff education. The RFP also expands the scope of work to include annual reporting on investment managers’ environmental, social and governance (ESG) and diversity, equity and inclusion (DEI) efforts.
The RFP establishes minimum qualifications requiring firms to have significant experience advising large public pension plans, maintain independence from material conflicts of interest, and meet specified insurance and operational standards. Proposals will be evaluated on factors including relevant experience, analytical capabilities, client service, independence, and fees.
The search timeline calls for the RFP to be released on Aug. 3, 2026, with proposals due Sept. 14. Following interviews and due diligence, finalist presentations are expected to take place before the Investment Committee in January 2027. The committee will recommend a finalist to the Board for approval, with contract negotiations expected to conclude by May 2027 and the new consultant’s engagement beginning June 1, 2027.
About SDCERS: The San Diego City Employees’ Retirement System (SDCERS) administers retirement benefits for employees and retirees of the City of San Diego, the San Diego Unified Port District, and the San Diego County Regional Airport Authority. The system manages an investment portfolio of approximately $13.1 billion and serves more than 28,000 active and former public employees, retirees, beneficiaries, and DROP participants. SDCERS’ investment program is led by Chief Investment Officer Carina Coleman.
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