SEP 16, 2026 | Police & Fire Department Retirement Plan Board

The City of San Jose Police & Fire Department Retirement Plan Board held a meeting on September 16, 2026, focusing extensively on investment performance, asset allocation, and procurement-related updates. Key procurement discussions included the approval of a new strategic asset allocation recommended by the Investment Committee, which modestly reduced equity allocations and increased multi-sector bond holdings to improve risk-adjusted returns. The board also approved a benchmark change to the Bloomberg US Universal Index for multi-sector bonds to better reflect the portfolio's credit exposure. Additionally, the board reviewed the comprehensive annual investment fee report, noting a total fee ratio of 1.5% on $5.6 billion in assets, with significant fee savings achieved through negotiations and discounts, particularly in private markets. On procurement policy, the board approved the adoption of the City of San Jose's AI governance policy and directed the CEO to establish an internal AI oversight committee to manage AI-related vendor contracts and usage. Other procurement-related actions included sole source approval for a contract with CM Benchmarking and continuation of catering services with the vendor Feast after a competitive bid process. The board also approved merit increases for key executives and received updates on staffing and recruitment efforts. No new contracts were awarded during the meeting, but several policy and procedural updates were discussed that could impact future procurement activities.