Aiming at the topic of government reorganization, this article discusses how to improve the implementation efficiency of our public employees' pension fund, under the prerequisite of giving consideration to capital safety. The main opinion is to refer to the organizational model of "value chain", learn from the experience of some public departments of USA in terms of retirement funds management. It will start from the organizational status of the actual investment departments and the orientation of execution team, and retain the spirit of the original system in designing the supervisory and management functions of pension funds, to raise actual reorganization recommendations.The pension fund management system after reorganization should still keep its double-layer structure, and it will be divided into board of trustee at the supervisory layer, and operation departments under CED/management team at the management layer. Among them, supervisory layer plays the role of decision making and monitoring with sufficient support from administrational assistants, and its organizational status maintains the present public agency model, to avoid operation dilemma risen from agency issue and guarantee consistence of decision-making quality. The Executive Director at the management layer is elected and employed by the trustee committee to organize an executive team, take full responsibility for the management, and try to follow inertia of the market as close as possible, to reach requirement by efficiency operation.Concerning the actual separation or combination of supervisory and management institutes, since it is not a matter of advantage or disadvantage, it is necessary to consider that "safety" factor is irreplaceable, and the minimization of possible transform cost for administrational agency reorganization. It is recommended that separation should be used still, and only to adjust functions and organizational structure of current supervisory committee and management committee.