BOARD OF ADMINISTRATION  
Action Minutes  
Federated Investment Committee  
Thursday, March 12, 2026  
11:00 AM  
1737 North First Street, Suite 580, San Jose, CA 95112  
HYBRID MEETING  
PHYSICAL LOCATION:  
1737 North First Street, Suite 580, San Jose, CA 95112  
ZOOM INFORMATION:  
zoom.us  
Dial In: +1 408 638 0968 US (San Jose)  
Meeting ID: 96424483647  
Anurag Chandra, Chair (Term Expires 11/30/26)  
Matthew Faulkner, Trustee (Term Expires 11/30/27)  
Deborah Abbott, Trustee (Term Expires 11/30/26)  
John Flynn, CEO, Office of Retirement Services  
Prabhu Palani, Chief Investment Officer  
_____________________________________  
The Federated Investment Committee met in person at the Office of Retirement  
Services, 1737 North First Street, Suite 580, San Jose, CA 95112 and via Zoom on  
Thursday, March 12, 2026. The meeting was called to order at 11:04 a.m. by Chair  
Chandra followed by a roll call.  
Committee members present: Anurag Chandra, Matthew Faulkner and Deborah  
Abbott  
Retirement Staff present: John Flynn, Prabhu Palani, Jay Kwon, Dhinesh  
Ganapathiappan, Christina Wang, Arun Nallasivan, Ron Kumar, Harrison Pearce,  
Ryan Reynado, Cynthia Ayala, Jennifer You, and Julie He.  
Investment Staff via Zoom: David Aung  
Also present in person: Eileen Neill, Verus Investments and Marc Gessell, Verus  
Investments.  
Also present via Zoom: Ron Dudonis, ACA Group, Laura Wirick, Meketa  
Investments and Colin Kowalski, Meketa Investments.  
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.  
SB 707 REMOTE APPEARANCE(S)  
Take action on request(s) for remote appearance.  
i.  
CALL TO ORDER AND ROLL CALL  
ORDERS OF THE DAY  
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•
1. CONSENT CALENDAR  
a.  
Approval of minutes of the December 16, 2025 Federated Investment Committee  
meeting  
A motion was made to approve the minutes of the December 16, 2025  
Federated Committee meeting.  
Approved (m.s.c. Chandra/Faulkner 3-0)  
2. New Business  
a.  
b.  
c.  
Oral Update by CIO, Prabhu Palani  
Presentation of TCA and FX transaction cost analysis by ACA  
Discussion and action regarding the prefunding of the City’s retirement contribution.  
A motion was made to offer the City the pre funding rate at a 30% discount  
resulting in a rate of 4.6375%.  
Approved (m.s.c. Abbott/Faulkner 3-0)  
d.  
e.  
Risk overview by Verus Investments  
Note and file  
Nomination and Election of Investment Committee Vice Chair  
A motion was made to nominate Deborah Abbott as the Vice Chair of the  
Federated Investment Committee.  
Approved (m.s.c. Chandra/Faulkner 3-0)  
PROPOSED AGENDA ITEMS  
PUBLIC COMMENTS  
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•
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ADJOURNMENT  
The meeting was adjourned at 12:05 p.m.