MAY 20, 2026 | Police & Fire Department Retirement Plan Board

The City of San Jose Police & Fire Department Retirement Plan Board held a meeting on May 20, 2026, focusing primarily on investment strategy and asset allocation for the retirement plan. Key procurement-related discussions included approval of a pacing plan for private market investments to meet strategic asset allocation targets, with presentations from investment managers such as Neuberger Berman. The board reviewed performance estimates, capital calls, and distributions across various private asset classes, noting strong returns and fee savings from co-investments. A significant agenda item was the reclassification of bond asset classes into a new multi-sector bond category to allow more tactical flexibility without changing the existing manager lineup or asset allocation. The board also discussed updated risk and return expectations based on forward-looking market models, with no immediate changes to investment strategies. Additionally, the board addressed governance updates, contract amendments for communication consultants, and ongoing recruitment efforts. No new contracts or vendor selections were approved during this meeting, but the discussions set the framework for future investment decisions and procurement activities related to asset management.