After years of study, the public service pension system was changed as of July 1 of 1995 from the totally government-financed system to the contributory plan that is to be contributed by the government as well as the participants. The Management Board of Public Service Pension Fund was set up to be in charge of the collection/payment, management and investment of the Public Service Pension Fund. With the Fund size continuously grows, its investment has become increasingly important. Future efforts will be made for the Fund toward the strategies of equal emphasis on the external and in-house management, equal consideration to the domestic and overseas investment and the balance between fixed-income and equities by placing equal importance on its security and profitability. This article mainly focuses on the study of the updated status and the management of the Fund and aims as a solid reference for further improvement.Keywords:Public Service Pension Fund, contributory plan, defined benefit plans