OCT 2, 2025 | Police & Fire Department Retirement Plan Board

The City of San Jose Police & Fire Department Retirement Plan Board held a meeting on October 2, 2025, focusing on several procurement and administrative matters. Key procurement discussions included the approval of a two-year contract with Baker Tilly for internal audit services, not to exceed $400,000, following a competitive RFP process. The board also addressed personnel changes, approving the deletion of a full-time staff specialist position and the addition of a full-time analyst in the benefits division, as well as the creation of a program manager position to support technology and innovation initiatives, with the latter being an overstrength position pending future budget approval. Additionally, the board reviewed and discussed investment policy statement revisions, emphasizing the need for clear language regarding board approval of investment limits and delegation of authority to staff. Economic assumptions for actuarial valuations were reviewed, with a recommendation to increase wage inflation assumptions from 3% to 3.25%, impacting contribution rates. The meeting included updates on pension and healthcare trust fund performance, private market investments, and ongoing classification and compensation studies. Motions related to procurement and budgetary decisions were passed with roll call votes, reflecting the board's oversight of investment and administrative functions.