OCT 21, 2026 | Police & Fire Department Retirement Plan Board

The City of San Jose Police and Fire Department Retirement Plan Board met on October 21, 2026. On the consent agenda, the Board approved the remaining three phases of Baker Tilly’s work covering return contributions, IT governance, and benefits disbursements; the investment manager operations reconciliation audit was already underway. The transcript provides no contract number or dollar amount, and no new RFP or vendor award was reported. The Board also approved technical updates to investment-allocation materials and adopted the actuaries’ recommendations, including holding the pension plan’s economic assumptions and 6.625% discount rate unchanged and changing the amortization approach to reduce near-term contribution rates while retaining a funding buffer.

The Board approved an updated education policy and revised CEO and CIO charters, including provisions on delegated authority and travel approvals. Trustees discussed aligning the Board’s gift policy with the City’s policy, but no formal action on that policy was taken. Staff also reported that recruitment for a benefits program manager was paused pending onboarding of a division manager, and that recruitment was beginning for a senior administrative supervisor position. No other procurement awards or spending actions were identified.