AUG 19, 2026 | Police & Fire Department Retirement Plan Board

The City of San Jose Police & Fire Department Retirement Plan Board held a meeting on August 19, 2026, focusing primarily on the presentation and discussion of an asset liability study conducted by external consultants. The study reviewed the pension plan's funded status, investment risks, and potential asset allocation strategies to balance risk and contribution volatility. Board members discussed the implications of shifting towards a more liability-aware investment approach, including potential de-risking strategies and the use of split valuation portfolios. No immediate decisions were made, but the board planned to consider recommendations and possible asset allocation changes in upcoming meetings. Additionally, the board approved the reclassification of a senior supervisor administration position with associated budget impacts and reviewed updates to governance policies and charters. There was also mention of ongoing recruitment efforts and procurement activities related to sole source benchmarking support. The meeting included procedural discussions on ADA compliance for meetings and notifications of retiree deaths, but no direct contract awards or RFP approvals were reported.