MAR 19, 2026 | Federated City Employees' Retirement Board

The City of San Jose Federated City Employees' Retirement Board held its March 2026 meeting, focusing primarily on retirement system administration, investment performance, and policy updates. Key procurement-related actions included the approval of an employment contract for the new Chief Investment Officer, Mr. Jay Kwan, with a unanimous vote. The board also approved updates to several city policies affecting procurement and administrative processes, including the procurement card policy which now allows contract execution via P-cards while maintaining procurement requirements. The board discussed the fiscal challenges facing the city, including a $56 million budget shortfall, and confirmed that the city will not be prefunding retirement contributions this year, maintaining consistency in discount rates and methodology. Investment reports highlighted strong portfolio performance in 2025, with detailed reviews of private equity, private credit, real assets, real estate, and venture capital programs, including a recent $8 million commitment to a real estate fund. The board approved a strategic plan outlining mission, vision, and core values, emphasizing fiduciary duty and long-term vision. Committee reports and training opportunities were also addressed, with no additional procurement actions noted.