SEP 4, 2025 | Police & Fire Department Retirement Plan Board

The City of San Jose Police & Fire Department Retirement Plan Board held a meeting on September 4, 2025, focusing primarily on pension fund management, investment performance, and strategic planning. Key procurement-related discussions included the recommendation to extend the contract with Bank of New York as the custodian bank for an additional five years, citing limited market alternatives and satisfactory service despite a notable fee increase. The board also received a detailed presentation from Lineia Secure, a California-based cybersecurity firm, on enhancing cyber risk management for the pension fund, emphasizing the importance of governance, staff training, and incident response planning. Additionally, the board discussed strategic planning efforts with AON, aiming to develop a 3-5 year dynamic plan aligned with the fund's mission and goals, including budget considerations for implementation. Actuarial presentations addressed the fund's improving funded status, investment returns, and explored innovative approaches to managing surplus assets and reducing risk without increasing contribution rates. No formal votes on new contracts were recorded, but motions related to consent calendar items and retirements were passed. The meeting underscored ongoing efforts to balance investment strategy, risk management, and operational excellence to ensure the pension fund's long-term sustainability.