APR 3, 2025 | Police & Fire Department Retirement Plan Board

The City of San Jose Police & Fire Department Retirement Plan Board held a meeting on April 3, 2025, focusing extensively on budget discussions, contract awards, and procurement activities related to pension fund administration. Key procurement actions included approval of a six-year, $1.7 million contract with Chiron for actuarial services with a four-year extension option, and authorization for the CEO to negotiate and execute a legal services agreement with Reed Smith for fiduciary and general counsel services, with a not-to-exceed amount of $3 million over six years. The board also reviewed and accepted the fiscal year 2025-26 budget, which included detailed breakdowns of personnel, professional services, and non-personnel expenses, noting reallocations and anticipated increases due to new contracts and strategic initiatives such as cybersecurity and benchmarking. Discussions highlighted the need for strategic planning support, benchmarking administrative costs against peer pension funds, and potential future considerations for an internal general counsel to manage legal expenses. The board also addressed operational efficiencies, including lease extensions and office space buildouts, and proposed moving future meetings from City Hall to their own building to improve efficiency.