BOARD OF ADMINISTRATION  
Action Minutes  
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 of the Federated City Employees Retirement  
System and Health Care Trust met on Thursday, May 21, 2026, at City Hall, Wing  
Rooms 118-120, 200 E. Santa Clara St., San Jose, CA 95113 and via Zoom at  
8:30 a.m. Chair Horowitz called the meeting to order at 8:30 a.m. followed by roll  
call.  
Board Members Present: Spencer Horowitz, Matthew Faulkner, Deborah Abbott,  
Anurag Chandra, Brian Chi, Mark Linder, and Nathan Nakagawa.  
Retirement Staff Present: John Flynn, Jay Kwon, Benjie Chua-Foy, Amanda  
Hiew, Gabriela Romero, Edith Orosco, Sherrell Aledo, Ryan Reynado, Dhinesh  
Ganapathiappan, Christina Wang, Jennifer You, David Aung, Ron Kumar, Arun  
Nallasivan, and Cynthia Ayala.  
Retirement Staff Present via Zoom: Harrison Pierce, Ellen Lee, Nam Cao, Sandra  
Castellano, An Nugyen, Sylvia Mark, and Trang Vo.  
Also Present: Pam Foley, Vice Mayor and City Council Liaison; Mariah Fairley,  
General and Fiduciary Counsel; and Colin Kowalski, Meketa Investment Group.  
Also Present via Zoom: Kevin Balaod, With Intelligence-Journalist; Laura  
Wirick, Meketa Investment Group; Brad Imamura, Public Member; Faith  
Dagneau, Public Member; J Young Kylie You, Public Member; Ben Sheng,  
Public Member; and Nate Weinstein, Public Member.  
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)  
**  
Take action on request(s) for remote appearance.  
i.  
CLOSED SESSION  
CLOSED SESSION NEW BUSINESS-DEFERRED/CONTINUED ITEMS-NONE  
I.  
•
ORDERS OF THE DAY  
Orders of the Day was heard immediately after roll call attendance.  
ORDERS OF THE DAY:  
• None.  
WAIVE SUNSHINE:  
• None.  
PUBLIC/RETIREE/GENERAL COMMENTS – Subject to Government Code  
Section 54954.3  
•
Brad Imamura, a member of the public, made public comments, which were  
addressed by Chair Horowitz and CEO Flynn.  
○ 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.  
CONSENT CALENDAR  
1.  
Consent Calendar was heard after the Public/Retiree/General Comments.  
A motion was made to approve the Consent Calendar.  
Approved. (M.S.C. Linder/Abbott 7-0-0). The motion passed unanimously by  
roll call vote.  
Approval of Service Retirements  
1.1  
a.  
Michael E. Graves, Senior Maintenance Worker, Airport Department,  
effective June 6, 2026; 10.08* years of service.  
b.  
c.  
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.  
Early Retirement  
1.2  
a.  
Danny Leyva, Wastewater Senior Mechanic II, Environmental Service  
Department, effective May 1, 2026; 9.99* years of service.  
Approval of Deferred Vested  
1.3  
a.  
Daniele C. Alicea, Traffic Checker II, Department of Transportation, effective  
April 28, 2026; 7.52* years of service.  
b.  
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)  
c.  
d.  
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.  
e.  
f.  
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)  
g.  
Jorge E. Torrico, Public Safety Communications Specialist, Police  
Department, effective May 7, 2026; 6.92* years of service.  
Approval of Board Minutes  
1.4  
a.  
Approval of the Board Minutes of April 16, 2026.  
Approval of the Joint Board Minutes of February 11, 2026.  
b.  
Approval of Return of Contributions  
1.5  
a.  
Voluntary | Involuntary  
Communications and Information Reports  
1.6  
a.  
Report of the Monthly Board Expenses for March 2026. Receive and file.  
Q3 FY 2025-2026 Budget to Actual Quarterly Budget Report.  
b.  
Status of Open Audit Recommendations Report as of December 31, 2025.  
c.  
ORS’s Quarterly Newsletter - The Retirement Connection: April 2026  
Edition.  
d.  
Public Comment Policy as amended and approved at April 16, 2026 Board  
Meeting.  
e.  
f.  
Notification of Educational Travel:  
Matthew Faulkner, Vice-Chair  
·
Titan Investors San Francisco Institutional Exchange, The W San  
Francisco, May 19, 2026.  
Approval of Travel and Reimbursements  
1.7  
a.  
Deborah Abbott, Trustee  
·
CALAPRS Virtual Trustee Round Table, May 29, 2026.  
Mark Linder, Trustee  
2026 Principles of Pension Governance for Trustees, Santa Barbara,  
CA, August 24 - 27, 2026.  
b.  
c.  
·
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.  
d.  
2.  
Reimbursement  
CALAPRS General Assembly 2026, Carlsbad, CA, March 8 - 11, 2026  
- John Flynn.  
·
DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)  
Chair Horowitz asked for a moment of silence for those who served and  
passed away.  
a.  
b.  
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.  
c.  
d.  
e.  
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.  
f.  
Notification of the death of Neal M. Kinney, Family Park Supervisor, retired  
March 14, 1998, died March 2, 2026. No survivorship benefits.  
g.  
h.  
i.  
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.  
j.  
Notification of the death of Wade L. Looper, Senior Security Officer, retired  
July 17, 2004, died March 14, 2026. No survivorship benefits.  
k.  
l.  
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.  
m.  
n.  
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.  
o.  
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.  
p.  
Notification of the death of King Wong, Associate Engineer, retired March  
21, 2009, died April 13, 2026. Survivorship benefits to King S. Cho, spouse.  
INVESTMENTS  
3.  
a.  
Oral update from the CIO of Retirement Services, Jay Kwon.  
Chair Horowitz congratulated CIO Kwon.  
CIO Kwon updated the Board.  
Brad Imamura, a member of the public, made public comments, which were  
addressed by Chair Horowitz.  
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.  
b.  
This item was presented.  
Brad Imamura, a member of the public, made public comments prior to the  
Board’s vote.  
A motion was made to approve the fiscal year 2026-2027 private markets  
pacing plan.  
Approved. (M.S.C. Abbott/Chandra 7-0-0). The motion passed unanimously by  
roll call vote.  
Discussion and action on strategic asset allocation by Meketa Investments.  
c.  
This item was presented.  
Brad Imamura, a member of the public, made public comments prior to the  
Board’s vote.  
A motion was made to approve the strategic asset allocation by Meketa  
Investments.  
Approved. (M.S.C. Abbott/Chandra 7-0-0). The motion passed unanimously by  
roll call vote.  
OLD BUSINESS-DEFERRED/CONTINUED ITEMS-NONE  
NEW BUSINESS  
4.  
5.  
a.  
Oral update from the CEO of Retirement Services, John Flynn.  
CEO Flynn updated the Board.  
Oral update from the City Council Liaison to the Board.  
b.  
c.  
Vice Mayor and Councilmember Foley updated the Board on pending matters  
before the City Council that were relevant 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.  
This item was presented.  
A motion was made to accept the proposed Resolution No. 9132 Federated  
Tier 1 and Resolution No. 9133 Federated Tier 2 Contribution Rates / Amounts  
for FY 2026-2027.  
Approved. (M.S.C. Linder/Nakagawa 7-0-0). The motion passed unanimously by  
roll call vote.  
Discussion and action on trustee education survey results and staff's proposed  
FY 2027 board education plan.  
d.  
This item was presented.  
A motion was made to accept the trustee education survey results and staff's  
proposed FY 2027 board education plan.  
Approved. (M.S.C. Chandra/Abbott 7-0-0). The motion passed unanimously by  
roll call vote.  
COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS  
Investment Committee (Chandra, Faulkner, Abbott)  
6.  
6.1  
Last Meeting: April 14, 2026 Next Meeting: August 25, 2026  
Oral update from the Chair of the Investment Committee.  
a.  
Chair Chandra updated the Board on matters discussed at the previous  
meeting.  
Minutes of the Federated Investment Committee meeting from March 12,  
2026. Receive and file.  
b.  
The Minutes were received and filed.  
Audit/Risk Committee (Linder, Horowitz, Chi)  
6.2  
Last Meeting: February 19, 2026 Next Meeting: May 21, 2026  
Oral update from the Chair of the Audit/Risk Committee.  
a.  
Chair Linder announced that the Joint Audit Committee meeting would be held  
right after the Federated Board meeting.  
Governance Committee (Abbott, Nakagawa, Chi)  
6.3  
Last Meeting: March 18, 2026 Next Meeting: June 17, 2026  
Oral update from the Chair of the Governance Committee.  
a.  
Chair Abbott announced that the next meeting will take place on June 17, 2026.  
FCERS Disability Committee (Faulkner, Linder, Nakagawa - Alt: Abbott)  
Last Meeting: February 10, 2026 Next Meeting: June 9, 2026  
6.4  
Oral update from the Chair of the Disability Committee.  
a.  
Chair Faulkner announced that the next meeting will take place on June 9,  
2026.  
Joint Personnel Committee (Chandra, Horowitz, Linder)  
Last Meeting: April 1, 2026 Next Meeting: TBD  
6.5  
Oral update from the Vice Chair of the Joint Personnel Committee.  
a.  
7.  
Vice Chair Chandra updated the Board on the ongoing review of the CIO and  
investment staff compensation study.  
EDUCATION & TRAINING  
The Education & Training was received and filed.  
CALAPRS 2026 Program Calendar.  
a.  
b.  
Quarterly Trustee Education Opportunities Report.  
NASRA Annual Conference 2026, Boston, MA, August 8 - 12, 2026.  
c.  
d.  
e.  
NCPERS Public Pension Funding Forum, Chicago, IL, August 16 - 18, 2026.  
CALAPRS Principles of Pension Governance for Trustees, Santa Barbara,  
CA, August 24 - 27, 2026.  
PROPOSED AGENDA ITEMS  
•
•
•
Trustee Chandra proposed agendizing the AI City Policy.  
ADJOURNMENT  
The meeting adjourned at 10:05 a.m.  
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.  
Minutes Recorded, Prepared and Respectfully Submitted by,  
_________________________________________  
SPENCER HOROWITZ, CHAIR  
BOARD OF ADMINISTRATION  
ATTEST:  
_________________________________________  
JOHN FLYNN, CEO  
OFFICE OF RETIREMENT SERVICES  
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/12901/63667000496  
6630000) 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-a547-6a1d804b6e3  
4/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.