MAY 15, 2025 | Federated City Employees' Retirement Plan Board

The May 15, 2025 meeting of the Federated City Employees' Retirement Plan Board of San Jose, CA focused heavily on investment strategy and procurement activities related to the pension fund. Key discussions included an update on private market investments, with approval sought for $35 million in new commitments for the upcoming fiscal year starting July 1. The board reviewed the pacing plan for private asset allocations and discussed liquidity concerns and market opportunities across asset classes such as buyouts, venture capital, private debt, real estate, and real assets. The board also received updates on multiple ongoing contract procurements with legal and actuarial service vendors, including Saltzman & Johnson, Richmond, Ice Miller, and Gallagher for compensation consulting. Additionally, the board discussed the proposed revisions to the Federated Pension Fund's Investment Policy Statement (IPS), emphasizing simplification, alignment with best practices, and clarifying delegation of authority. The IPS revisions were deferred for final action to the June meeting to allow trustees more time for review. Budget discussions highlighted staffing, office space expansion, and city budget priorities including homelessness and affordable housing. Motions were passed to approve the pacing plan and to waive sunshine rules for certain agenda items. Overall, the meeting combined strategic investment planning with active procurement and contract management efforts to support the pension fund's operations and governance.