MAR 18, 2026 | Police & Fire Department Retirement Plan Board

The City of San Jose Police & Fire Department Retirement Plan Board held a meeting on March 18, 2026, focusing primarily on investment performance, governance, and strategic planning for the retirement system. Key procurement-related actions included the approval of a new Chief Investment Officer, Jay Bond, with a start date of April 13, 2026, following a competitive selection process. The board also approved a recommendation to reduce the discount rate offered to the city for prefunding pension contributions by 30%, reflecting recent market conditions and methodology triggers. Detailed investment performance reports were presented, highlighting strong returns in private markets, real estate, and venture capital portfolios, as well as challenges in active management within emerging markets. The board reviewed and approved updates to various policies, including military leave and food and beverage expenditures, and discussed the adoption of a strategic plan outlining mission, vision, core values, and goals to guide future operations and governance. No new contracts or capital improvement projects were directly awarded during this meeting, but the strategic plan and leadership appointments set the framework for ongoing procurement and investment activities.