# OCT 22, 2026 | Federated City Employees' Retirement Plan Board


**Body:** City of San Jose, CA
**Date:** October 22, 2026
**Jurisdiction:** SLED

**Tags:** Professional Services


The City of San José Federated City Employees’ Retirement System Board met on October 22, 2026. Procurement-related actions included approval on the consent calendar of the remaining three Baker Tilly statements of work for internal audits; no contract amounts were stated. The board also approved an updated CIO charter authorizing the CIO to sign investment-related contracts, amendments, and subscription documents needed to carry out investment decisions already approved by the board. This establishes delegated authority for implementation but was not an award of a new contract or investment mandate. The board discussed, but did not decide, possible revisions to its gift policy, including rules relevant to interactions with investment managers, consultants, and other service providers.

The board approved three actuarial amortization changes intended to accelerate pension funding: shortening the principal unfunded-liability amortization period from 13 to 11 years, adding a three-year phaseout, and reducing the annual payment-growth assumption from 2.75% to 2.5%. Together, the changes were projected to increase the city’s fiscal-year-end 2028 contribution by about $19 million; the motion carried. The board also approved revisions to the investment policy statement and maintained the existing inflation, wage-growth, and discount-rate assumptions. Other actions included recommending Julia Cooper for appointment to the remaining retiree-trustee term and authorizing board representatives to address the City Council on the appointment process.

**Source:** City of San Jose, CA