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San Antonio Water System Retirement Plan
The San Antonio Water System Retirement Plan is the employer-sponsored retirement program for the municipal utility owned by the City of San Antonio.
San Antonio Water System Retirement Plan
The San Antonio Water System Retirement Plan is the employer-sponsored retirement program for the municipal utility owned by the City of San Antonio. Chaired by CFO Doug Evanson, with VP Mary Bailey serving as a committee member, the plan operates within the broader benefits package provided to SAWS employees. The utility delivers water and wastewater services across the San Antonio region and maintains the nation's largest direct recycled water system. The plan does not manage a discretionary internal portfolio in the manner of an endowment or corporate pension. Instead, it channels assets into two primary vehicles: the Texas Municipal Retirement System (TMRS), a statewide defined-benefit plan, and a suite of defined-contribution options including a 401(a) plan and a 457(b) deferred compensation plan. SAWS participates in TMRS as a business partner alongside hundreds of other Texas municipalities. The TMRS structure pools assets at the state level, providing investment management and actuarial services that individual city agencies would otherwise need to procure independently. The defined-contribution plans offer participants a menu of investment options typical of a public-sector recordkeeping arrangement. The retirement plan committee, chaired by Evanson and including Bailey, oversees plan design, vendor selection, and fiduciary responsibilities rather than direct asset allocation. SAWS is a member of the National Association of Government Defined Contribution Administrators (NAGDCA), which serves as its primary professional network for plan governance and administration practices. No additional internal investment staff, dedicated offices, or adjacent philanthropic foundations are disclosed. What distinguishes this plan structurally is its status as a sub-unit of a regulated public utility rather than an independent fiduciary entity. Investment decision-making is constrained by the TMRS framework and the procedural requirements of a municipal agency. The plan's governance operates through a committee embedded within the utility's administrative hierarchy, accountable to the City of San Antonio's ownership structure rather than to an independent board of trustees with sole investment authority.
General information
Firm type
Pension Fund
Year founded
1992
Location
Region
North America
Country
United States
City
San Antonio
Corporate office
San Antonio, TX, United States
Principals
Doug Evanson
CFO and Chair of the Retirement Plan Committee
Mary Bailey
VP and Member of the Retirement Plan Committee
Frequently asked questions
Who runs investment decisions at the San Antonio Water System Retirement Plan?
Investment decisions for the plan's assets are not managed internally. The defined-benefit component is administered through the Texas Municipal Retirement System (TMRS), which handles asset allocation and manager selection at the state level. For the defined-contribution 401(a) and 457(b) plans, the retirement plan committee, chaired by CFO Doug Evanson, oversees vendor selection and plan design rather than directing specific investments. Day-to-day investment management is handled by the recordkeepers and TMRS.
Is the San Antonio Water System Retirement Plan a single-family office or an independent pension fund?
Neither. It is an employer-sponsored retirement plan embedded within a public utility owned by the City of San Antonio. The plan provides benefits through the Texas Municipal Retirement System and defined-contribution accounts. It operates as a functional department of the utility, not as a standalone entity with its own investment staff or balance sheet separate from the employee benefit trust structures.
How does SAWS source investment opportunities for its retirement assets?
SAWS does not source direct investment opportunities. The defined-benefit assets are pooled with other Texas municipalities in TMRS, which has its own internal and external manager selection process. The defined-contribution plans use a standard public-sector recordkeeping platform with a curated menu of mutual funds and target-date options. The retirement committee's fiduciary role focuses on monitoring these providers rather than originating deals.
Does the plan participate in fund commitments or direct deals?
No. The plan's assets are invested entirely through pooled vehicles: the TMRS defined-benefit trust and participant-directed accounts in the 401(a) and 457(b) plans. There is no separate allocation to private equity, venture capital, or direct investments. The governance structure and utility-embedded status do not support a discretionary separate account or co-investment program.
How is the plan governed?
The retirement plan committee, chaired by SAWS CFO Doug Evanson with VP Mary Bailey as a member, provides oversight. The committee operates within the administrative framework of the utility, which is owned by the City of San Antonio. Plan design and fiduciary responsibilities are executed under Texas municipal law and IRS regulations for governmental plans, without an independent investment board.
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