BOARD OF ADMINISTRATION  
Action Minutes - Final  
Police & Fire Department Retirement Plan and Health Care Trust  
Wednesday, March 18, 2026  
9:00 AM  
1737 N. First St. Suite 580, San Jose, CA 95112  
HYBRID MEETING  
PHYSICAL LOCATION:  
1737 N. First St. Suite 580, San Jose, CA 95112  
ZOOM INFORMATION:  
zoom.us  
Dial In: +1 408 638 0968 US (San Jose)  
Meeting ID: 998 3877 3508  
BOARD MEMBERS  
Andrew Gardanier, Chair, Fire Active Rep (Term Expires 11/30/27)  
Eswar Menon, Vice-Chair, Public Member (Term Expires 11/30/26)  
Gretchen Flicker, Trustee, Public Member (Term Expires 11/30/28)  
Sunita Ganapati, Trustee, Public Member (Term Expires 11/30/26)  
David Kwan, Trustee, Public Member (Term Expires 11/30/28)  
Howard Lee, Trustee, Public Member (Term Expires 11/30/26)  
Richard Santos, Trustee, Fire Retiree Rep (Term Expires 11/30/26)  
Franco Vado, Trustee, Police Retiree Rep (Term Expires 11/30/28)  
David Woolsey, Trustee, Police Active Rep (Term Expires 11/30/28)  
George Casey, 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 Police and Fire Department Retirement Plan  
and Health Care Trust met in person at 1737 N. First St., Suite 580, San Jose, CA  
95112 and via Zoom on Wednesday, March 18, 2026 at 9:00 a.m. Chair Gardanier  
called the Pension Plan and Health Care Trust meeting to order at 9:00 a.m.  
followed by roll call.  
Board Members Present: Andrew Gardanier, Franco Vado, David Woolsey,  
Richard Santos, David Kwan, Eswar Menon, and Gretchen Flicker.  
Trustee Ganapati arrived at 9:01 a.m.  
Trustee Lee was absent.  
Retirement Staff Present: John Flynn, Barbara Hayman, Prabhu Palani, Amanda  
Hiew, Chris Ha, Dhinesh Ganapathiappan, Jennifer You, Christina Wang, Ron  
Kumar, Jay Kwon, David Aung, Julie He, Harrison Pearce, Arun Nallasivan, Ryan  
Reynado, Edith Orosco, Gabriela Romero, Sherrell Aledo, and Cynthia Ayala.  
Retirement Staff Present via Zoom: Nam Cao, Benjie Chua-Foy, and Sandra  
Castellano.  
Also Present: Christopher Maldonado, General and Fiduciary Counsel; George  
Casey, Council Liaison; and Laura Wirick, Meketa Investment Group.  
Also Present via Zoom: Nate Weinstein, Public Member; Kevin Balaod,  
Journalist; Julie Becker and Benita Harper, Aon Consulting; Niru Vaidy, Public  
Member; Tyler Czinege, Neuberger Berman; Bill Gold, OER; and Faith Daigneau,  
Public Member.  
ADA ALERT  
In accordance with the requirements of AB 2449, 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.  
CEREMONIAL ITEM  
This item was presented.  
A motion was made to approve the Resolution Recognizing Prabhu Palani for  
His Service as Chief Investment Officer to the San José Police and Fire  
Department Retirement System and the approval of Resolution No. 4848.  
Approved. (M.S.C. Santos/Vado 8-0-0). Trustee Lee was absent.  
a.  
Discussion and action on the Resolution Recognizing Prabhu Palani for His Service  
as Chief Investment Officer to the San José Police and Fire Department Retirement  
System and approval of Resolution No. 4848.  
ORDERS OF THE DAY  
None.  
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.  
None.  
CLOSED SESSION  
CLOSED SESSION AGENDA ITEMS WILL BE HEARD AT 9:00 A.M.  
CLOSED SESSION NEW BUSINESS  
I.  
Closed Session was heard immediately after the Ceremonial item. The Board  
entered into Closed Session at 9:15 a.m.  
A.  
CLOSED SESSION: CONFERENCE WITH LABOR NEGOTIATORS  
PURSUANT TO GOVERNMENT CODE SECTION 54957.6(a).  
There was no reportable action for this item from Closed Session.  
The Board came out of Closed Session at 9:25 a.m.  
OPEN SESSION - will reconvene following Closed Session, estimated to be 9:20 a.m.  
Open Session re-convened at 9:28 a.m.  
CONSENT CALENDAR  
1.  
A motion was made to approve the Consent Calendar.  
Approved. (M.S.C. Santos/Menon 8-0-0). Trustee Lee was absent.  
Approval for a Service-Connected Disability Retirement  
1.1  
a.  
Carli Avery, Police Officer, Police Department, Request for Service-Connected  
Disability Retirement, effective August 27, 2025; 17.78* years of service.  
(Disability Committee Recommendation: Approval)  
b.  
Joseph Desroches, Police Officer, Police Department, Request for  
Service-Connected Disability Retirement, effective May 9, 2026; 4.63* years of  
service. (Disability Committee Recommendation: Approval)  
c.  
Paulo Paredes, Police Officer, Police Department, Request for  
Service-Connected Disability Retirement, effective January 31, 2026; 16.23* years  
of service. (Disability Committee Recommendation: Approval)  
Approval for a Change in Status to Service-Connected Disability Retirement  
1.2  
a.  
Victor Velasquez, Fire Captain, Fire Department, Request for Change of Status to  
Service-Connected Disability Retirement, effective January 7, 2023; 25.04* years  
of service. (Disability Committee Recommendation: Approval)  
Approval Of Board Minutes  
1.3  
a.  
Approval of the Board Minutes of February 18, 2026.  
Approval Of Travel and Reimbursements  
David Kwan, Trustee  
1.4  
a.  
·
CALAPRS General Assembly 2026, March 8-11, 2026, Carlsbad, CA.  
b.  
John Flynn  
·
·
CALAPRS Virtual HR Round Table, February 27, 2026.  
PRISM 2026 Conference, San Diego CA, May 17-20, 2026.  
Approval of Return of Contributions - NONE  
Voluntary | Involuntary  
1.5  
a.  
Communication and Information Reports  
1.6  
a.  
Police and Fire Department Retirement Plan Dashboard.  
b.  
Report of the Monthly Board Expenses for January 2026. Receive and file.  
c.  
Approval of the Q3 2025 travel and attendance report for the Police and Fire  
Department Retirement Plan.  
d.  
Approval of the Q4 2025 travel and attendance report for the Police and Fire  
Department Retirement Plan.  
e.  
Request for Consideration of Reasonably Good Cause.  
Education and Training  
CALAPRS 2025 Program Calendar.  
1.7  
a.  
b.  
c.  
d.  
Quarterly Trustee Education Opportunities Report.  
CALAPRS Virtual Compliance Round Table, March 27, 2026.  
The 20th Edition of With Intelligence The Annual, Los Angeles, CA , April 20-22,  
2026.  
e.  
f.  
SACRS Spring Conference 2026, Olympic Valley, CA, May 12 - 15, 2026.  
NCPERS Trustee Educational Seminars (TEDS), Las Vegas, NV, May 16 - 17,  
2026.  
g.  
NCPERS The Annual Conference & Exhibition (ACE), Las Vegas, NV, May 17 -  
20, 2026.  
Notice of Alternate Payee Benefit Election  
1.8  
a.  
Approval of Alternate Payee Benefit election of Unreduced Retirement Option to  
be paid to Carrie Moutzouridis, ex-spouse of Police Officer, John Moutzouridis  
to be effective March 20, 2026 under Part 17, Section 3.36.3600 of the San Jose  
Municipal Code.  
INVESTMENTS  
2.  
a.  
Oral update by CIO, Prabhu Palani.  
CIO Palani updated the Board.  
b.  
c.  
d.  
e.  
f.  
Presentation of Calendar 3rd Quarter 2025 Private Equity report by Neuberger  
Berman.  
This item was presented.  
Presentation of Calendar 3rd Quarter 2025 Private markets report by Meketa  
Investment Group.  
This item was presented.  
Presentation of Calendar 4th Quarter 2025 Performance report for Pension Plan by  
Meketa Investment Group.  
This item was presented.  
Presentation of Calendar 4th Quarter 2025 Performance report for Health Care  
Trust by Meketa Investment Group.  
This item was presented.  
Discussion and action regarding the prefunding of the City’s retirement contribution.  
This item was presented.  
A motion was made to reduce the pre-funding discount rate offered to the  
sponsor by a total of 30% from 6.625% to 4.6375% for fiscal year 2026-27.  
Approved. (M.S.C. Ganapati/Flicker 8-0-0). Trustee Lee was absent.  
OLD BUSINESS CONTINUED-DEFERRED ITEMS - NONE  
NEW BUSINESS  
3.  
4.  
a.  
Oral update by CEO, John Flynn.  
CEO Flynn updated the Board.  
b.  
c.  
Oral update from the City Council Liaison to the Board.  
City Council Liaison, Councilmember George Casey, updated the Board on  
matters before the City Council and relevant to the Board and answered a  
question from Chair Gardanier.  
Discussion and action to approve and for the Chair to execute the employment  
contract negotiated by designated labor negotiators for the new Chief Investment  
Officer.  
This item was discussed.  
A motion was made to approve and for the Chair to execute the employment  
contract negotiated by designated labor negotiators for the new Chief  
Investment Officer.  
Approved. (M.S.C. Santos/Menon 8-0-0). Trustee Lee was absent.  
d.  
Discussion and action on approval of the Strategic Plan - Workshop and  
Presentation by Aon.  
This item was presented.  
A motion was made to approve the strategic plan.  
Approved. (M.S.C. Santos/Menon 8-0-0). Trustee Lee was absent.  
e.  
Discussion and action on adoption of updated City Policy Manual #1.8.1 - Use of  
City and Personal Vehicles Policy with Revised Date of February 27, 2026, for  
ORS Operations, approved by City on February 27, 2026.  
This item was discussed.  
A motion was made to adopt the City Policy Manual #1.8.1 - Use of City and  
Personal Vehicles Policy with Revised Date of February 27, 2026, for ORS  
Operations, approved by City on February 27, 2026.  
Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Lee was absent.  
f.  
Discussion and action on adoption of updated City Policy Manual #4.2.2 - Military  
Leave Policy with Revised Date of February 27, 2026, for ORS Operations,  
approved by City on February 27, 2026.  
This item was discussed.  
A motion was made to adopt the City Policy Manual #4.2.2 - Military Leave  
Policy with Revised Date of February 27, 2026, for ORS Operations, approved  
by City on February 27, 2026.  
Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Lee was absent.  
g.  
Discussion and action on adoption of updated City Policy Manual #5.1.5 - Food  
and Beverage Expenditure (Non-Travel) Policy with Revised Date of March 3,  
2026, for ORS Operations, approved by City on March 3, 2026.  
This item was discussed.  
A motion was made to adopt the City Policy Manual #5.1.5 - Food and  
Beverage Expenditure (Non-Travel) Policy with Revised Date of March 3, 2026,  
for ORS Operations, approved by City on March 3, 2026.  
Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Lee was absent.  
h.  
Discussion and action on adoption of updated City Policy Manual 5.1.2 -  
Procurement Card (P-Card) Policy with Revised Date of February 18, 2026, for  
ORS Operations, approved by City on February 18, 2026.  
This item was discussed.  
A motion was made to adopt the City Policy Manual 5.1.2 - Procurement Card  
(P-Card) Policy with Revised Date of February 18, 2026, for ORS Operations,  
approved by City on February 18, 2026.  
Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Lee was absent.  
RETIREMENTS  
Service Retirements  
5.  
5.1  
Chair Gardanier read the Service Retirements into the record.  
A motion was made to approve the Service Retirements.  
Approved. (M.S.C. Santos/Woolsey 8-0-0). Trustee Lee was absent.  
a.  
Carl L. Purnell, Police Officer, Police Department, effective April 11, 2026;  
26.42* years of service.  
Deferred Vested  
5.2  
Chair Gardanier read the Deferred Vested Retirements into the record. Chair  
Gardanier and Trustee Woolsey said a few kind words.  
A motion was made to approve the Deferred Vested Retirements.  
Approved. (M.S.C. Santos/Woolsey 8-0-0). Trustee Lee was absent.  
a.  
Alfredo M. Guarducci, Police Sergeant, Police Department, effective March 22,  
2026; 24.11* years of service. (With Reciprocity - 18.53 CSJ YOS + 5.58 PERS  
YOS)  
b.  
6.  
Jeffrey B. Perez, Fire Engineer, Fire Department, effective March 21, 2026;  
22.43* years of service.  
DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)  
Chair Gardanier read the Death Notifications into the record and asked for a  
moment of silence for those who have served and passed away. Trustees  
Woolsey and Santos said a few kind words.  
a.  
b.  
c.  
d.  
Notification of the death of Amalio Gonzalez, Fire Fighter, retired January 28,  
2024, died June 7, 2024. Survivorship benefits to Jaxon Manzoni, child.  
Notification of the death of John Pieper, Arson Investigator, retired April 4, 1996,  
died January 29, 2026. Survivorship benefits to Charlene Pieper, spouse.  
Notification of the death of Joseph X. Sanchez, Fire Captain, retired April 1,  
1973, died January 18, 2026. No survivorship benefits.  
Notification of the death of Douglas Zwemke, Police Sergeant, retired September  
5, 1996, died January 20, 2026. Survivorship benefits to Sandra Zwemke, spouse.  
COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS  
Investment Committee (Lee, Gardanier, Ganapati, Kwan)  
Last Meeting: February 23, 2026 Next Meeting: April 28, 2026  
7.  
7.1  
a.  
b.  
Oral update from the Chair of the Investment Committee.  
Chair Gardanier updated the Board regarding matters from the last meeting.  
Minutes of the Investment Committee meeting from December 16, 2025. Receive  
and file.  
The Minutes were received and filed.  
Audit/Risk Committee (Woolsey, Ganapati, Menon)  
Last Meeting: February 19, 2026 Next Meeting: May 21, 2026  
7.2  
a.  
Oral update from the Chair of the Audit/Risk Committee.  
Approval of the Q3 2025 travel and attendance report for the Police and  
·
Fire Department Retirement Plan.  
·
Approval of the Q4 2025 travel and attendance report for the Police and  
Fire Department Retirement Plan.  
·
·
·
Nomination and Election of Audit Committee Vice Chairs.  
Introduction of Audit Consultant - Baker Tilly.  
Discussion and action on the Risk Assessment Overview and Timeline by  
Baker Tilly.  
·
·
·
Discussion of MGO’s FY2025 Observation #1 - Completeness and  
Accuracy of Participant Census Data.  
Discussion and action on the status of the outstanding Internal Audit  
recommendations.  
Discussion on status of outstanding Penetration testing recommendations.  
Chair Woolsey updated the Board regarding matters from the last meeting.  
b.  
c.  
Minutes of the Audit Committee meeting from October 30, 2025. Receive and file.  
The Minutes were received and filed.  
Discussion and action to accept 7 internal audit recommendations as “Complete” in  
the absence of an internal auditor.  
This item was discussed.  
A motion was made to accept 7 internal audit recommendations as  
“Complete” in the absence of an internal auditor.  
Approved. (M.S.C. Santos/Woolsey 8-0-0). Trustee Lee was absent.  
Governance Committee (Flicker, Vado, Santos)  
Last Meeting: January 15, 2026 Next Meeting: March 18, 2026  
7.3  
a.  
Oral update from the Chair of the Governance Committee.  
Chair Flicker announced that the next meeting will take place after this  
meeting at 11:30 a.m.  
Disability Committee (Santos, Woolsey - Alts: Flicker/Vado/Lee/Gardanier)  
7.4  
Last Meeting: March 2, 2026  
Next Meeting: April 13, 2026  
a.  
b.  
Oral update from the Chair of the Disability Committee.  
Chair Santos announced that the next meeting will take place on April 13,  
2026.  
Minutes of the Disability Committee meeting from February 9, 2026. Receive and  
file.  
The Minutes were received and filed.  
Joint Personnel Committee (Menon/Gardanier/Vado)  
7.5  
Last Meeting: January 27, 2026  
Next Meeting: April 1, 2026  
a.  
Oral update from the Vice-Chair of the Joint Personnel Committee.  
Vice-Chair Menon updated the Board.  
PROPOSED AGENDA ITEMS  
None.  
ADJOURNMENT  
Next Meeting: April 15, 2026  
The meeting adjourned at 10:59 a.m.  
*Estimated  
Minutes Recorded, Prepared and Respectfully Submitted by,  
_________________________________________  
ANDREW GARDANIER, CHAIR  
BOARD OF ADMINISTRATION  
ATTEST:  
_________________________________________  
JOHN FLYNN, CEO  
OFFICE OF RETIREMENT SERVICES  
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  
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’  
related to an agenda item for an upcoming meeting.  
The Code of Conduct  
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.  
1. Public Meeting Decorum:  
a) Persons in the audience will refrain from behavior which will disrupt the public  
meeting. This will include making loud noises, clapping, shouting, booing,  
hissing or engaging in any other activity in a manner that disturbs, disrupts or  
impedes the orderly conduct of the meeting.  
b) Persons in the audience will refrain from creating, provoking or participating  
in any type of disturbance involving unwelcome physical contact.  
c) Persons in the audience will refrain from using cellular phones and/or pagers  
while the meeting is in session.  
d) Appropriate attire, including shoes and shirts are required in the Council  
Chambers and Committee Rooms at all times.  
e) Persons in the audience will not place their feet on the seats in front of them.  
f) No food, drink (other than bottled water with a cap), or chewing gum will be  
allowed in the Council Chambers and Committee Rooms, except as otherwise  
pre-approved by City staff.  
g) All persons entering the Council Chambers and Committee Rooms, including  
their bags, purses, briefcases and similar belongings, may be subject to search  
for weapons and other dangerous materials.  
2. Signs, Objects or Symbolic Material:  
a) Objects and symbolic materials, such as signs or banners, will be allowed in  
the Council Chambers and Committee Rooms, with the following restrictions: §  
No objects will be larger than 2 feet by 3 feet.  
-No sticks, posts, poles or other such items will be attached to the signs or other  
symbolic materials.  
-The items cannot create a building maintenance problem or a fire or safety  
hazard.  
b) Persons with objects and symbolic materials such as signs must remain  
seated when displaying them and must not raise the items above shoulder level,  
obstruct the view or passage of other attendees, or  
otherwise disturb the business of the meeting.  
c) Objects that are deemed a threat to persons at the meeting or the facility  
infrastructure are not allowed. City staff is authorized to remove items and/or  
individuals from the Council Chambers and Committee Rooms if a threat exists  
or is perceived to exist. Prohibited items include, but are not limited to: firearms  
(including replicas and antiques), toy guns, explosive material, and ammunition;  
knives and other edged weapons; illegal drugs and drug paraphernalia; laser  
pointers, scissors, razors, scalpels, box cutting knives, and other cutting tools;  
letter openers, corkscrews, can openers with points, knitting needles, and  
hooks; hairspray, pepper spray, and aerosol containers; tools; glass containers;  
and large backpacks and suitcases that contain items unrelated to the meeting.  
3. Addressing the Council, Committee, Board or Commission:  
a) Persons wishing to speak on an agenda item or during open forum are  
requested to complete a speaker card and submit the card to the City Clerk or  
other administrative staff at the meeting.  
b) Meeting attendees are usually given two (2) minutes to speak on any  
discussion item and/or during open forum; the total amount of time allocated for  
public testimony for each public speaker or for an agenda item is in the  
discretion of the Chair of the meeting and may be limited when appropriate.  
(California Government Code Section 54954.3; Council Policy 0-37) Applicants  
and appellants in land use matters are usually given more time to speak.  
Speakers using a translator will be given twice the time allotted to ensure  
non-English speakers receive the same opportunity to directly address the  
Council, Committee, Board or Commission.  
c) Speakers should discuss only the agenda item when called to speak for that  
item, and only topics related to Retirement Board business when called to speak  
during open forum on the agenda.  
d) Speakers’ comments should be addressed to the full body. Requests to  
engage the Mayor, Council Members, Board Members, Commissioners or Staff in  
conversation will not be honored. Abusive language is inappropriate.  
e) Speakers will not bring to the podium any items other than a prepared written  
statement, writing materials, or objects that have been inspected by security  
staff.  
f) If an individual wishes to submit written information, he or she may give it to  
the City Clerk or other administrative staff at the meeting.  
g) Speakers and any other members of the public will not approach the dais at  
any time without prior consent from the Chair of the meeting.  
Failure to comply with this Code of Conduct which will disturb, disrupt or impede  
the orderly conduct of the meeting may result in removal from the meeting and/or  
possible arrest.