In February 2024 Retirement Systems staff engaged an outside expert, Funston Advisory Services, to review the governing practices of the three retirement systems. Funston has done similar reviews for 60 other public pension plans and boards around the US and Canada. Their recommendations were based on their experience working with these institutions, as well as through their comparative analysis of 38 other public pension plans of similar size to Fairfax’s three systems.
Their reports, presented to the retirement systems’ Boards of Trustees in November and December of 2024, included between 63 and 66 total recommendations (varies by Board). Overall, the consultant noted that the three systems “are generally well run,” but that, “as with any organization, improvements can always be made.” They did not note any areas that could specifically result in investment underperformance or loss of assets. The primary findings are as follows:
- There is a lack of formal Board policies and formalized recordkeeping in many areas.
- The Board could operate more efficiently, use trustee and staff time more effectively, and improve system oversight.
- Regarding the Employees’ and Police Officers Boards, there is a lack of Board-level independent advice and verification. The Uniformed Board has engaged an independent investment consultant to perform this function for years,
The following are links to the consultant's presentations to the retirement systems' Boards of Trustees:
