MAY 21, 2026 | Federated City Employees' Retirement Plan Board

The City of San Jose's Federated City Employees' Retirement Plan Board held a meeting on May 21, 2026, focusing primarily on investment and pension fund management. Key procurement-related discussions included the approval of the private markets pacing plan and strategic asset allocation updates presented by the Chief Investment Officer and consultants from Makita Investment Group and Newberger Berman. The board reviewed private market commitments, asset allocation targets, and performance benchmarks, noting strong returns and fee savings achieved through co-investments and negotiations. They also approved the annual contribution rates for tier one and tier two employees. Additionally, the board discussed trustee education plans emphasizing actuarial literacy, fiduciary duties, and risk management, with a future focus on AI's impact on investments and operations. No new contracts or vendor selections were reported, but ongoing efforts to integrate AI into investment decision-making and operational processes were noted. The meeting included updates on audit findings, staff climate surveys, and city budget considerations relevant to the retirement system's administration.