DEC 4, 2025 | Police & Fire Department Retirement Plan Board

The City of San Jose Police & Fire Department Retirement Plan Board convened to discuss several key topics including the approval of emergency agenda items related to board member absences and remote attendance due to health issues. The meeting featured detailed presentations on the investment performance of the retirement plan's private equity, private debt, real estate, real assets, and venture capital portfolios, highlighting strong returns and strategic asset allocations. The board reviewed actuarial valuations of the pension and healthcare plans, discussing funded status, contribution rates, and the impact of assumption changes such as discount rates and wage inflation. Stress testing scenarios were presented to assess the plan's sensitivity to market volatility, emphasizing the maturity of the pension plan and its implications for risk management and investment strategy. Additionally, procurement updates were provided, including contract negotiations for medical examiner services and the onboarding of a new data matching service to maintain accurate retiree data. The board also conducted elections for chair and vice-chair positions and received updates on the CIO recruitment process, with a robust applicant pool and upcoming interviews scheduled. Overall, the meeting focused heavily on financial oversight, risk assessment, and administrative governance to ensure the sustainability and effective management of the retirement plans.