This article focuses on the scenario of fully completing the transfer of state-owned assets to enrich the social security fund, using the latest data to empirically analyze the operation and gap of pension funds for enterprise employees in Shandong Province. Considering the impact of transferring equity income to supplement pension funds, the sustainability of the pension system for enterprise employees in Shandong Province is studied. Based on this, Deeply analyze the main undertaking entities of Shandong Province’s social security fund and explore new paths for equity management and operation of transferred social security funds, with the goal of achieving the preservation and appreciation of transferred equity and improving fund liquidity. The main line is to implement the income, disposal, and information rights (hereinafter referred to as the “three rights”) of financial investors and shareholders of social security funds. We adhere to the combination of policy and market-oriented methods, and unify equity safety, profitability, and liquidity, Strengthen the refined management and market-oriented operation of social security fund equity, continuously expand the strategic reserve of social security fund, enhance the sustainable support ability of enterprise employee pension insurance fund, further improve the sustainability of social security fund, and propose relevant policy suggestions based on work practice to better promote the transfer of state-owned assets to enrich the stable operation of social security fund management.