June 17, 2026 | Police & Fire Department Retirement Plan Board

The City of San Jose Police & Fire Department Retirement Plan Board held a meeting on June 17, 2026, focusing extensively on pension fund management, investment strategies, and organizational planning. Key procurement-related discussions included the presentation and approval of a revised asset allocation recommended by Meketa, with a motion passed to approve the updated asset allocation section of the Investment Policy Statement. The board also discussed a proposed split valuation approach to reduce investment risk without increasing contribution rates, with plans to conduct a comprehensive asset liability study. Additionally, the board approved the formation of an ad hoc budget committee to update budgeting policies and accepted a fiscal year 2025-26 external audit plan by NGO. Staffing updates included recruitment plans for vacant positions, and the board approved a temporary overstrength position to ensure smooth leadership transition in the benefits division. Vendor-related updates included the completion of a competitive procurement process for catering services, resulting in new vendor awards. The meeting also featured presentations on private equity portfolio performance and internal audit planning by Baker Tilly, with approval of updates to the internal audit agreement. Motions were passed to accept various reports and plans, reflecting active governance and procurement oversight in pension fund management and organizational operations.