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City of Phoenix Employees' Retirement System
The City of Phoenix Employees' Retirement System was established in 1944 to provide retirement, disability, and survivor benefits to the municipal workforce of...
City of Phoenix Employees' Retirement System
The City of Phoenix Employees' Retirement System was established in 1944 to provide retirement, disability, and survivor benefits to the municipal workforce of Arizona's capital. The plan is governed by a seven-member retirement board chaired by Stephen Vital, with city CFO Kathleen Gitkin and city treasurer Joe Jatzkewitz serving as ex-officio members. COPERS is a legacy defined-benefit structure, meaning it carries a pension obligation that shapes its entire investment posture. COPERS deploys capital across public equities, fixed income, real estate, private equity, and real assets. The real assets bucket is notably specific: the system holds interests in timberland and farmland through Stafford Capital Partners vehicles including the Stafford International Timberland Continuation Fund, which spans the United States, New Zealand, Australia, and Latin America. On the real estate side, COPERS owns office and multifamily properties in Austin and Houston, Texas, and a commercial asset in Aliso Viejo, California. The fund also maintains exposure to commodities through a Bloomberg Commodity Index allocation. The pension fund's investment staff, including investment officer Greg Fitchet, operates under the direction of the retirement board and a contracted investment counsel. COPERS participates in institutional industry associations including the National Council of Real Estate Investment Fiduciaries for benchmarking and the Principles for Responsible Investment, where it has earned 5/5 star ratings across all modules. The system has committed to net-zero emissions by 2050 as a signatory to the Net Zero Asset Managers initiative. It also holds membership in the Government Finance Officers Association, which has awarded it the Certificate of Achievement for Excellence in Financial Reporting. COPERS is distinguished from many mid-sized municipal plans by its direct exposure to agricultural and timber assets rather than relying solely on commingled infrastructure or real estate funds. The board's composition — blending elected employee representatives with ex-officio city financial officers — embeds both labor and municipal treasury perspectives into asset allocation decisions. That governance framework, combined with a hard-asset tilt unusual for a plan of its scale, makes COPERS a pension fund that behaves more like an endowment in its real-asset posture (per public record).
General information
Firm type
Pension Fund
Year founded
1944
Location
Region
North America
Country
United States
City
Phoenix
Corporate office
Phoenix, AZ, United States
Principals
Stephen Vital
Chair, Retirement Board
Aaron Avila
Vice Chair, Retirement Board
Kathleen Gitkin
Chief Financial Officer, City of Phoenix; Ex-Officio Board Member
Joe Jatzkewitz
City Treasurer, City of Phoenix; Ex-Officio Board Member
Greg Fitchet
Investment Officer
Scott Steventon
Retirement Program Administrator
Sector focus
Frequently asked questions
Who runs investment decisions at COPERS?
The Retirement Board, chaired by Stephen Vital, sets investment policy and approves allocations. Day-to-day investment operations are handled by investment officer Greg Fitchet under the supervision of the board and contracted investment counsel. The board includes ex-officio members — the city's CFO and treasurer — alongside employee representatives, giving both fiscal and labor stakeholders a direct voice in asset allocation decisions.
How does COPERS access timberland and farmland investments?
COPERS invests through Stafford Capital Partners, a specialist manager with timberland and agriculture funds spanning the United States, New Zealand, Australia, Brazil, and Latin America. The relationship gives the pension exposure to the Stafford International Timberland Continuation Fund and the Stafford Australia Farmland Fund. Stafford's CEO Angus Whiteley also serves as a director of the International Sustainable Forestry Coalition, aligning with COPERS' PRI-signatory and net-zero commitments.
What real estate does COPERS own directly?
Public records indicate COPERS holds commercial properties in Houston and Austin, Texas, including the Harris Ridge Business Center and a luxury multifamily development in Austin, as well as an office property in Aliso Viejo, California. The system uses NCREIF data for real estate benchmarking. These direct holdings sit alongside fund commitments, giving the plan a hybrid real estate approach rather than a purely fund-of-funds structure.
Is COPERS a defined-benefit or defined-contribution plan?
COPERS is a defined-benefit plan. It provides retirement, disability, and survivor benefits to eligible City of Phoenix employees. The defined-benefit structure means COPERS carries a long-term pension liability, which shapes its need for yield-oriented real assets alongside traditional equity and fixed-income exposures.
How does COPERS approach environmental, social, and governance factors?
COPERS is a signatory to the Principles for Responsible Investment and has achieved 5/5 star ratings across all PRI assessment modules. It has also committed to net-zero greenhouse gas emissions by 2050 through the Net Zero Asset Managers initiative. Its timberland investments are positioned within a sustainability framework, with manager Stafford Capital Partners actively participating in the International Sustainable Forestry Coalition.
What is COPERS' governance structure?
A seven-member retirement board governs the system. The board includes elected employee representatives and ex-officio members — specifically the City of Phoenix CFO and city treasurer. This hybrid governance embeds both labor and municipal fiscal perspectives. The board contracts external investment counsel and is supported by a retirement program administrator and an investment officer.
How transparent is COPERS about its portfolio holdings?
COPERS has earned the Government Finance Officers Association's Certificate of Achievement for Excellence in Financial Reporting, indicating a high standard of public financial disclosure. The system publishes annual financial reports and board meeting materials that detail asset allocation, manager relationships, and investment performance, consistent with its obligations as a public pension fund.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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