BOARD OF ADMINISTRATION

Meeting Agenda - Final

Federated City Employees' Retirement

System and Federated City Employees'

Health Care Trust

Thursday, May 21, 2026

8:30 AM

City Hall, Wing Rooms 118-120

200 E. Santa Clara St., San Jose, CA 95113

HYBRID MEETING

PHYSICAL LOCATION:

City Hall, Wing Rooms 118-120, 200 E. Santa Clara St. San Jose, Ca 95113

ZOOM INFORMATION:

zoom.us

Dial In: +1 408 638 0968 US (San Jose)

Meeting ID: 914 0103 7193

BOARD MEMBERS

Spencer Horowitz, Chair (Term Expires 11/30/28)

Matthew Faulkner, Vice Chair (Term Expires 11/30/27)

Deborah Abbott, Trustee (Term Expires 11/30/26)

Anurag Chandra, Trustee (Term Expires 11/30/26)

Brian Chi, Trustee (Term Expires 11/30/29)

Mark Linder, Trustee (Term Expires 11/30/28)

Nathan Nakagawa, Trustee (Term Expires 11/30/27)

Pam Foley, City Council Liaison to the Board

Maytak Chin, General and Fiduciary Counsel

John Flynn, CEO, Office of Retirement Services

_______________________________________________________________

The Board of Administration (“Board”) will generally, upon request, provide appropriate aids and

services leading to effective communication for individuals with disabilities so they can participate

equally in the Board’s meetings, including qualified sign language interpreters, documents in Braille,

and other ways of making information and communications accessible to people who have speech,

hearing, vision or other disabilities.

Anyone who requires an auxiliary aid or service for effective communication to participate in a Board

meeting should contact the designated contact in Office of Retirement Services as far in advance of the

scheduled meeting as possible. The Board strongly encourages individuals with disabilities to endeavor

to submit requests for reasonable accommodation no later than five (5) business days before the

scheduled meeting, as the Board may not be able to grant requests for reasonable accommodations

without sufficient advance notice. The Board strongly encourages individuals with disabilities to submit

their written requests via email or regular mail to facilitate tracking and response; however, if the

submission of a written request constitutes a hardship, individuals may call the Office of Retirement

Services to submit an oral request.

The designated contact in the Office of Retirement Services will endeavor to respond to each request

within three (3) business days of receipt of the request. Depending on the request, the designated contact

in the Office of Retirement Services may ask to schedule a time to discuss the request (which may occur

virtually) to determine the most appropriate auxiliary aid or service, before the request is resolved.

ADA Designated Contact Information

Attention: Deputy Director/Chief Operations Officer, Office of Retirement Services

Address: 1737 N First St #600, San Jose, CA 95112

Email: #Retire_Admin@sanjoseca.gov

Phone: 408-794-1000 (ORS Main Line)

THE LEVINE ACT

The Levine Act requires a Party in a Proceeding before the City of San José that involves any action

related to their contract, license, permit, or use entitlement to disclose any campaign contributions to

City elected or appointed officials totaling more than $500 within the 12 months prior to the City decision.

A Participant to a Proceeding may voluntarily report a campaign contribution on the form located on the

Levine Act webpage.

AGENDA

CALL TO ORDER AND ROLL CALL

** SB 707 REMOTE APPEARANCE(S)

i. Take action on request(s) for remote appearance.

CLOSED SESSION

I. CLOSED SESSION NEW BUSINESS-DEFERRED/CONTINUED ITEMS-NONE

• ORDERS OF THE DAY

• PUBLIC/RETIREE/GENERAL COMMENTS – Subject to Government Code Section

54954.3

○ Members of the public may comment on items not included on the agenda,

provided that the matter is within the subject matter jurisdiction of the Board.

1. CONSENT CALENDAR

1.1 Approval of Service Retirements

Michael E. Graves, Senior Maintenance Worker, Airport Department, effective June 6, 2026;

10.08* years of service.

Stephanie Lau, Program Manager I, Fire Department, effective May 23, 2026; 25.96* years of

service.

Dionel C. Rafanan, Mechanic, Public Works Department, effective June 6, 2026; 25.01* years of

service.

1.2 Early Retirement

Danny Leyva, Wastewater Senior Mechanic II, Environmental Service Department, effective May 1,

2026; 9.99* years of service.

1.3 Approval of Deferred Vested

Daniele C. Alicea, Traffic Checker II, Department of Transportation, effective April 28, 2026; 7.52*

years of service.

Mark G. Blaszczyk, Senior Construction Inspector, Public Works Department, effective May 30,

2026; 11.58* years of service. (With Reciprocity - 5.64 CSJ + 5.93PERS = 11.58 YOS)

David R. Delong, Division Manager, Parks, Recreation and Neighborhood Services, effective June

17, 2026; 27.36* years of service.

Thomas Eddy, Structure/Landscape Designer II, Department of Transportation, effective May 12,

2026; 7.84* years of service.

Tricia A. Fornesi, Events Coordinator II, Office of Economic Development, effective May 22, 2026;

16.38* years of service.

Stacy J. Steiner, Public Safety Dispatcher, Police Department, effective March 30, 2026; 6.89*

years of service. (With Reciprocity - 6.57 CSJ + 0.31 PERS = 6.89 YOS)

Jorge E. Torrico, Public Safety Communications Specialist, Police Department, effective May 7,

2026; 6.92* years of service.

1.4 Approval of Board Minutes

Approval of the Board Minutes of April 16, 2026.

Attachments:

1.4a - FED Board 4-16-26 Minutes-Final ADA

Approval of the Joint Board Minutes of February 11, 2026.

Attachments:

1.4b - Joint Boards 2-11-26 Minutes-Final ADA

1.5 Approval of Return of Contributions

Voluntary | Involuntary

Attachments:

1.5a - FED ROC - April 2026 ADA

1.6 Communications and Information Reports

Report of the Monthly Board Expenses for March 2026. Receive and file.

Attachments:

1.6a - FED March 2026 Monthly Expenses Report ADA

Q3 FY 2025-2026 Budget to Actual Quarterly Budget Report.

Attachments:

1.6b - FED Q3 FY 2025-2026 Quarterly Report ADA

Status of Open Audit Recommendations Report as of December 31, 2025.

Attachments:

1.6c - Status of Open Audit Recommendations Report

ORS’s Quarterly Newsletter - The Retirement Connection: April 2026 Edition.

Attachments:

1.6d - ORS’s Quarterly Newsletter - April 2026 Edition ADA

Public Comment Policy as amended and approved at April 16, 2026 Board Meeting.

Attachments:

1.6e - Public Comment Policy (Post Board Meeting-Clean) ADA

Notification of Educational Travel:

Matthew Faulkner, Vice-Chair

Titan Investors San Francisco Institutional Exchange, The W San Francisco, May 19, 2026.

1.7 Approval of Travel and Reimbursements

Deborah Abbott, Trustee

CALAPRS Virtual Trustee Round Table, May 29, 2026.

Attachments:

1.7a - Travel Request-Trustees Round Table 2026-Deborah Abbott ADA

Mark Linder, Trustee

2026 Principles of Pension Governance for Trustees, Santa Barbara, CA, August 24 - 27,

2026.

Attachments:

1.7b - Travel Request-2026 Principles of Pension Governance-Mark Linder ADA

Nathan Nakagawa, Trustee

CALAPRS Virtual Trustee Round Table, May 29, 2026.

CALAPRS Principles of Pension Governance for Trustees, Santa Barbara, CA, August 24 -

27, 2026.

Attachments:

1.7c(1) - Travel Request-Trustees Round Table 2026-Nathan Nakagawa ADA

1.7c(2) - Travel Request-CALAPRS Principles of Pension-Nathan Nakagawa AD

Reimbursement

CALAPRS General Assembly 2026, Carlsbad, CA, March 8 - 11, 2026 - John Flynn.

Attachments:

1.7d - Travel Reimbursement-CALAPRS GA 2026-John Flynn ADA

2. DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)

Notification of the death of Alyce Alves, Office Specialist II, retired October 12, 2002, died

February 1, 2026. No survivorship benefits.

Notification of the death of Robert Boyles, Community Activity Worker, Supervisor, retired

September 22, 2007, died March 28, 2026. No survivorship benefits.

Notification of the death of Elsie Edwards, Typist Clerk II, retired August 6, 1989, died February 14,

2026. No survivorship benefits.

Notification of the death of Telesford F. Hadre, Property Specialist II, retired March 22, 2008, died

March 5, 2026. No survivorship benefits.

Notification of the death of Edward Hartman, Industrial Waste Inspector, retired April 28, 1984,

died April 19, 2026. Survivorship benefits to Pauline Hartman, spouse.

Notification of the death of Neal M. Kinney, Family Park Supervisor, retired March 14, 1998, died

March 2, 2026. No survivorship benefits.

Notification of the death of Wayne Larkin, Custodian, retired February 22, 1997, died March 17,

2026. No survivorship benefits.

Notification of the death of Andrew Lehane, Associate Engineer, died March 23, 2026. Survivorship

benefits to Nena Lehane, spouse.

Notification of the death of John Leone, Senior Maintenance Worker, retired February 23, 2008,

died February 4, 2026. Survivorship benefits to Darcie Leone, spouse.

Notification of the death of Wade L. Looper, Senior Security Officer, retired July 17, 2004, died

March 14, 2026. No survivorship benefits.

Notification of the death of John Muzzio, Senior Civil Engineer, retired September 7, 2001, died

March 22, 2026. No survivorship benefits.

Notification of the death of Doug Perasso, Senior Building Inspect Combo Certificate, retired January

25, 2020, died March 6, 2026. No survivorship benefits.

Notification of the death of Loren Rundle, Senior Landscape Architect, retired June 25, 2011, died

January 6, 2026. No survivorship benefits.

Notification of the death of Leona Soward, Principal Accountant, retired August 18, 2001, died April

19, 2026. No survivorship benefits.

Notification of the death of Henry K. Sum, Associate Civil Engineer, retired March 11, 2006, died

March 25, 2026. Survivorship benefits to Kensey Sum, spouse.

Notification of the death of King Wong, Associate Engineer, retired March 21, 2009, died April 13,

2026. Survivorship benefits to King S. Cho, spouse.

3. INVESTMENTS

Oral update from the CIO of Retirement Services, Jay Kwon.

Discussion and action on fiscal year 2026-2027 private markets pacing plan by Dhinesh

Ganapathiappan, Acting Deputy Chief Investment Officer and David Aung, Investment Officer.

Attachments:

3b - Private Markets Pacing Plan Federated FY 2026-27 ADA

Discussion and action on strategic asset allocation by Meketa Investments.

Attachments:

3c - Capital Markets Expectation SJ FED ERS ADA

4. OLD BUSINESS-DEFERRED/CONTINUED ITEMS-NONE

5. NEW BUSINESS

Oral update from the CEO of Retirement Services, John Flynn.

Oral update from the City Council Liaison to the Board.

Discussion and action regarding Resolution No. 9132 Federated Tier 1 and Resolution No. 9133

Federated Tier 2 Contribution Rates / Amounts for FY 2026-2027.

Attachments:

5c(1) - FED Contributions Resolutions Cover Memo ADA

5c(2) - Contribution Rates - Federated Tier 1 - June 2026 ADA

5c(3) - Contribution Rates - Federated Tier 2 - June 2026 ADA

Discussion and action on trustee education survey results and staff's proposed FY 2027 board

education plan.

Attachments:

5d(1) - Trustee Education Plan FY 2027 Memo - Finalv3b ADA

5d(2) - ORS Board Education FY 2027 - Final ADA

6. COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS

6.1 Investment Committee (Chandra, Faulkner, Abbott)

Last Meeting: April 14, 2026 Next Meeting: August 25, 2026

Oral update from the Chair of the Investment Committee.

Minutes of the Federated Investment Committee meeting from March 12, 2026. Receive and file.

Attachments:

6.1b - FED IC 03-12-26 Minutes-Final ADA

6.2 Audit/Risk Committee (Linder, Horowitz, Chi)

Last Meeting: February 19, 2026 Next Meeting: May 21, 2026

Oral update from the Chair of the Audit/Risk Committee.

6.3 Governance Committee (Abbott, Nakagawa, Chi)

Last Meeting: March 18, 2026 Next Meeting: June 17, 2026

Oral update from the Chair of the Governance Committee.

6.4 FCERS Disability Committee (Faulkner, Linder, Nakagawa - Alt: Abbott)

Last Meeting: February 10, 2026 Next Meeting: June 9, 2026

Oral update from the Chair of the Disability Committee.

6.5 Joint Personnel Committee (Chandra, Horowitz, Linder)

Last Meeting: April 1, 2026 Next Meeting: TBD

Oral update from the Vice Chair of the Joint Personnel Committee.

7. EDUCATION & TRAINING

CALAPRS 2026 Program Calendar.

Attachments:

7a - CALAPRS 2026 Program Calendar ADA

Quarterly Trustee Education Opportunities Report.

Attachments:

7b - 2026 Q2 Quarterly Trustee Education Opportunities Report Final ADA

NASRA Annual Conference 2026, Boston, MA, August 8 - 12, 2026.

Attachments:

7c - NASRA Annual Conference 2026 Prelim Agenda

NCPERS Public Pension Funding Forum, Chicago, IL, August 16 - 18, 2026.

Attachments:

7d - NCPERS Public Pension Funding Forum Agenda

CALAPRS Principles of Pension Governance for Trustees, Santa Barbara, CA, August 24 - 27,

2026.

Attachments:

7e - SACRS Spring Conference 2026 Prelim Agenda

• PROPOSED AGENDA ITEMS

• ADJOURNMENT

• Next FCERS Board Meeting: June 18, 2026

*Estimated

All public records relating to an open session item on this agenda, which are not exempt from disclosure

pursuant to the California Public Records Act, that are distributed to a majority of the legislative body

will be available for public inspection at the Office of Retirement Services, 1737 N. First Street, Suite 600,

San José CA 95112 at the same time that the public records are distributed or made available to the

legislative body.

Access the video or audio, the agenda, related reports, and supplemental materials for this meeting by

visiting the Retirement Services website at http://sjrs.legistar.com/calendar.aspx. If you have any

questions, please contact the Office of Retirement Services at (408) 794 - 1000.

Supplemental agenda materials may be made available less than 72 hours before a regular meeting,

provided that they are: (1) distributed to a majority of the legislative body and made available for public

inspection at the Office of Retirement Services, 1737 N. First Street, Suite 600, San José CA 95112, at the

same time; and (2) posted on the Office of Retirement Services’ website at

http://sjrs.legistar.com/calendar.aspx in a manner that explains the document is related to an agenda

item for an upcoming meeting.

The City of San José’s Code of Conduct for Public Meetings in the Council Chambers

and Committee Rooms

(https://www.sanjoseca.gov/home/showpublisheddocument/12901/63667000496663000

0) is intended to promote open meetings that welcome debate of public policy issues

being discussed by the City Council, their Committees, and City Boards and

Commissions in an atmosphere of fairness, courtesy, and respect for differing points of

view.

In furtherance of these principles, the Board’s Public Comment Policy establishes

reasonable regulations governing public comment at its meetings and Committee

meetings, consistent with the Ralph M. Brown Act, Government Code §§ 54950 et seq.

Relevant provisions of the Public Comment Policy are listed below, and the full policy is

available here:

https://www.sjretirement.com/Resources/8e9a12ff-9d1d-4999-a547-6a1d804b6e34/Publi

c%20Comment%20Policy%20%20-asterisk-.pdf

A. Public Speaker Recognition & Identification: Members of the public who wish to

address the Board or its committees may state their name and affiliation for the record.

Speakers will be called on in turn, and time limits as prescribed below will be set to

ensure the meeting runs orderly.

B. Public Comment on Agenda Items: The public shall be afforded the opportunity to

address the Board or Committee on each item on the agenda, limited to the matters

directly related to the item under consideration, including closed session items prior to

adjournment into closed session.

For each agenda item, the Chair shall invite public comment after the staff presentation

and before Board or committee deliberation and action.

No individual shall be permitted to address the Board or Committee more than once on

the same agenda item.

Each speaker is normally limited to two minutes per agenda item. Moreover, a speaker

may not yield their time to another member of the public, bypassing the two-minute limit.

If more than twelve individuals request to speak on a single agenda item, the Chair may

reduce individual speaker time to one minute.

In all cases, the meeting Chair will allow twice the allotted time for a speaker who

requires the use of a translator to address the Board or Committee.

C. General Public Comment: Each agenda shall include a designated General Public

Comment item during which the public may address the Board or Committee on the

subject matters within its jurisdiction that are not otherwise listed on the agenda.

D. Remote Public Comment: When remote public comment is offered, speakers

participating remotely shall be subject to the same rules, time limits, and procedures as

in-person speakers.

The Chair may, for meeting management purposes, sequence speakers by taking

in-person public comment before remote public comment. Remote speakers shall be

afforded the same individual time limits and total comment times as in-person speakers.

E. Chair Authority and Orderly Conduct: The Chair is responsible for maintaining the

orderly conduct of meetings.

The Chair shall:

1) Enforce time limits and procedural rules established by this Policy

2) Provide notice and redirect speakers who stray from the subject of the agenda, or the

subject matter jurisdiction of the Board or Committee

3) Remove or mute speakers who engage in disruptive conduct, including behavior that

impedes the orderly conduct of the meeting, after appropriate warning that their

behavior is disorderly and that their failure to cease such behavior may result in their

removal, consistent with the Ralph M. Brown Act.

For the purpose of this Policy, “disruptive conduct” shall mean:

(1) Behavior during a meeting of the Board or Committee that actually disrupts, disturbs,

impedes, or renders infeasible the orderly conduct of the meeting;

(2) a failure to comply with this Policy; and

(3) Behavior that constitutes use of force or a true threat of force that has sufficient

indicia of intent and seriousness, that a reasonable observer would perceive it to be an

actual threat of use of force by person making the threat.

This Policy supports open, lawful public comment and does not restrict the public’s

right to express criticism or viewpoints regarding the Board, its committees, staff, or the

department.

F. Signs and Symbolic Materials: Members of the public may bring objects and symbolic

materials, such as signs or banners, to meetings of the Board or its committees, subject

to the following restrictions:

1) Size and Construction – No object shall be larger than two feet by three feet. No

sticks, posts, poles, or similar items shall be attached to any sign or symbolic material.

Items may not create a building maintenance problem or a fire or safety hazard.

2) Display and Conduct – Persons displaying signs or symbolic materials must remain

seated while doing so and may not raise items above shoulder level, obstruct the view

or passage of other attendees, or otherwise disturb the conduct of the meeting.

3) Prohibited Items – Objects deemed a threat to persons at the meeting or to facility

infrastructure are not permitted. ORS staff and building security are authorized to

remove items and/or individuals from the meeting room if a threat exists or is perceived

to exist. This restriction does not apply to firearms carried by active or retired law

enforcement officers authorized to carry under applicable law. All other weapons,

dangerous materials, and items unrelated to the meeting that create a safety or security

concern are prohibited.

4) Prohibited Obscenity – Images or content of lewd material depicting sexual acts shall

not be permitted.

Exceptions to the Board’s Public Comment Policy may be made in the discretion of and

by direction of the Chair.

Failure to comply with the City’s Code of Conduct and the Board’s Public Comment

Policy will disturb, disrupt, or impede the orderly conduct of the meeting and may result

in removal from the meeting.