BOARD OF ADMINISTRATION  
Meeting Agenda - Final  
Federated City Employees' Retirement  
System and Federated City Employees'  
Health Care Trust  
Thursday, March 19, 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: 925 1528 5789  
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) -- 2 Westwood Road Santa Cruz, CA 95060  
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  
_______________________________________________________________  
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)  
i. Take action on request(s) for remote appearance.  
CEREMONIAL ITEM  
a.  
Discussion and action on the Resolution Recognizing Prabhu Palani for His Service as Chief Investment  
Officer to the San José Federated Employees' Retirement System and approval of Resolution No.  
9130.  
Attachments:  
• 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.  
CLOSED SESSION  
CLOSED SESSION AGENDA ITEMS WILL BE HEARD AT 8:30 A.M.  
I. CLOSED SESSION NEW BUSINESS  
A.  
CLOSED SESSION: CONFERENCE WITH LABOR NEGOTIATORS PURSUANT TO  
GOVERNMENT CODE SECTION 54957.6(a).  
OPEN SESSION - will reconvene following Closed Session, estimated to be 8:50 a.m.  
1. CONSENT CALENDAR  
1.1 Approval for a Service-Connected Disability  
a.  
Tuan Nguyen, Electrician II, Department of Transportation, Request for a Service-Connected  
Disability Retirement, effective November 20, 2025; 5.45* years of service. (Disability Committee  
Recommendation: Approval)  
1.2 Approval of Service Retirements  
a.  
b.  
c.  
d.  
e.  
f.  
Ronald D. Black, Senior Construction Inspector, Public Works Department, effective April 11,  
2026; 19.39* years of service.  
Robert G. Canario, Communications Installer, Public Works Department, effective March 28, 2026;  
18.82* years of service.  
May W. Cheung, Information Systems Analyst, Office of Retirement Services, effective March 28,  
2026; 20.76* years of service.  
Sarabjit K. Dhaliwal, Senior Office Specialist, Information Technology Department, effective March  
28, 2026; 24.82* years of service.  
Ana Maria Fabela, Library Clerk, Library Department, effective March 28, 2026; 19.19* years of  
service.  
Lucia L. Farnham-Hudson, Librarian II, Library Department, effective March 28, 2026; 24.71*  
years of service.  
g.  
h.  
i.  
Lilybeth L. Gonzales, Senior Permit Specialist, Fire Department, effective March 28, 2026; 26.54*  
years of service.  
Malgorzata Laskowska, Senior Deputy City Attorney, City Attorney’s Office, effective March 28,  
2026; 27.59* years of service.  
Mike Monterosso, Maintenance Worker II, Department of Transportation, effective March 28,  
2026; 26.82* years of service.  
j.  
Margaret L. Morrow, Staff Specialist, Department of Transportation, effective March 31, 2026;  
21.32* years of service.  
k.  
l.  
Nadia N. Naum-Stoian, Associate Engineer, Fire Department, effective March 28, 2026; 26.22*  
years of service.  
Valerie M. Osmond, Deputy Director, Environmental Services Department, effective April 11, 2026;  
30.21* years of service.  
m.  
n.  
Ramo Pinjic, Analyst II, Housing Department, effective March 28, 2026; 25.69* years of service.  
Joseph E. Selkregg, Instrument Control Technician IV, Environmental Services Department, effective  
March 28, 2026; 26.82* years of service.  
1.3 Deferred Vested  
a.  
b.  
c.  
d.  
e.  
f.  
Rebecca M. Dishotsky, Mayor Executive Officer, City Clerk’s Office (Mayor’s Office), effective  
March 12, 2026; 8.04* years of service.  
Denelle Fedor, Council Policy & Legal Advisor City Clerk Office, effective March 5, 2026; 13.17*  
years of service.  
Yvonne D. Garcia, Office Specialist II, Environmental Services Department, effective March 28,  
2026; 9.20* years of service.  
Robert D. Merkamp, Planner I, Planning, Building and Code Enforcement, effective April 11, 2026;  
27.01* years of service. (With Reciprocity - 2.19 CSJ + 24.81 PERS = 27.01 YOS)  
Melinda J. Montgomery, Airport Operations Supervisor, Airport Department, effective March 29,  
2026; 5.05* years of service.  
Anthony Porta, Background Investigator, Police Department, effective March 31, 2026; 8.22* years  
of service.  
1.4 Approval of Board Minutes  
a.  
Approval of the Board Minutes of February 19, 2026.  
Attachments:  
1.5 Approval of Return of Contributions  
a.  
Voluntary | Involuntary  
Attachments:  
1.6 Communications and Information Reports  
a.  
Report of the Monthly Board Expenses for January 2026. Receive and file.  
Attachments:  
b.  
Approval of the Q4 2025 travel and attendance report for the Federated City Employee’s Retirement  
System.  
Attachments:  
1.7 Approval of Travel and Reimbursements  
a.  
Anurag Chandra, Trustee  
·
2026 Public Funds Roundtable, Los Angeles, CA, April 27 - 29, 2026.  
Attachments:  
b.  
John Flynn, CEO  
·
·
CALAPRS Virtual Human Resources Round Table, February 27, 2026.  
PRISM 2026 Conference, San Diego, CA, May 17 - 20, 2026.  
Attachments:  
2. DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)  
a.  
b.  
c.  
d.  
e.  
f.  
Notification of the death of Lucille F. Friedland, Community Coordinator, retired August 27, 2017,  
died December 17, 2025. No survivorship benefits.  
Notification of the death of Myra R. Gerardo, Office Specialist, retired February 28, 2015, died  
January 16, 2026. No survivorship benefits.  
Notification of the death of Gloria Gill, Staff Technician, retired January 26, 2008, died December  
17, 2025. Survivorship benefits to Daljit Gill, spouse.  
Notification of the death of Margit Lappin, Analyst II, retired May 1, 1999, died January 23, 2026.  
No survivorship benefits.  
Notification of the death of Patrick Magill, Senior Construction Inspector, retired January14, 2005,  
died December 30, 2025. Survivorship benefits to Mala Magill, spouse.  
Notification of the death of Thomas Nanson, Assistant Master Fire Mechanic, retired August 11,  
2007, died January 29, 2026. Survivorship benefits to Lauretta Nanson, spouse.  
g.  
h.  
i.  
Notification of the death of Artemio B. Roxas, Plant Mechanics, retired September 24, 2005, died  
January 20, 2026. Survivorship benefits to Aida Roxas, spouse.  
Notification of the death of Ramona Sierras-Hodge, Senior Office Specialist, retired March 22,  
2008, died February 7, 2026. No survivorship benefits.  
Notification of the death of James Tackitt, Painter, retired March 15, 2003, died February 19, 2026.  
Survivorship benefits to Cheryl Tackitt, spouse.  
j.  
Notification of the death of Stella Tice, Senior Records Clerk, retired July 7, 1990, died February 6,  
2026. No survivorship benefits.  
k.  
Notification of the death of Kruti Vyas, Associate Engineer, active, died January 4, 2026. No  
survivorship benefits.  
3. INVESTMENTS  
a.  
Oral update from the CIO of Retirement Services, Prabhu Palani.  
b.  
c.  
d.  
Presentation of Calendar 3rd Quarter 2025 Private Equity report by Neuberger Berman.  
Attachments:  
Presentation of Calendar 3rd Quarter 2025 Private Markets report by Meketa Investment Group.  
Attachments:  
Presentation of Calendar 4th Quarter 2025 Performance report for Pension Plan by Meketa  
Investment Group.  
Attachments:  
e.  
f.  
Presentation of Calendar 4th Quarter 2025 Performance report for Health Care Trust by Meketa  
Investment Group.  
Attachments:  
Discussion and action regarding the prefunding of the City’s retirement contribution.  
Attachments:  
4. OLD BUSINESS-DEFERRED/CONTINUED ITEMS-NONE  
5. NEW BUSINESS  
a.  
b.  
c.  
Oral update from the CEO of Retirement Services, John Flynn.  
Oral update from the City Council Liaison to the Board.  
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.  
Attachments:  
d.  
e.  
Discussion and action on approval of the Strategic Plan - Workshop and Presentation by Aon.  
Attachments:  
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.  
Attachments:  
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.  
Attachments:  
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.  
Attachments:  
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.  
Attachments:  
6. COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS  
6.1 Investment Committee (Chandra, Faulkner, Abbott)  
Last Meeting: March 12, 2026 Next Meeting: April 28, 2026  
a.  
b.  
Oral update from the Chair of the Investment Committee.  
Minutes of the Federated Investment Committee meeting from December 16, 2025. Receive and file.  
Attachments:  
6.2 Audit/Risk Committee (Linder, Horowitz, Chi)  
Last Meeting: February 19, 2026 Next Meeting: May 21, 2026  
a.  
Oral update from the Chair of the Audit/Risk Committee.  
·
Approval of the Q4 2025 travel and attendance report for the Federated City Employee’s  
Retirement System.  
·
·
·
·
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.  
Attachments:  
b.  
c.  
Minutes of the Joint Audit Committee meeting from October 30, 2025. Receive and file.  
Attachments:  
Discussion and action to accept 7 internal audit recommendations as “Complete” in the absence of an  
internal auditor.  
Attachments:  
6.3 Governance Committee (Abbott, Nakagawa, Chi)  
Last Meeting: March 18, 2026 Next Meeting: June 17, 2026  
a.  
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: April 14, 2026  
a.  
Oral update from the Chair of the Disability Committee.  
6.5 Joint Personnel Committee (Chandra, Horowitz, Linder)  
Last Meeting: January 27, 2026 Next Meeting: April 1, 2026  
a.  
Oral update from the Chair of the Joint Personnel Committee.  
7. EDUCATION & TRAINING  
a.  
b.  
c.  
d.  
e.  
f.  
Quarterly Trustee Education Opportunities Report.  
Attachments:  
CALAPRS 2026 Program Calendar.  
Attachments:  
CALAPRS Virtual Compliance Round Table, March 27, 2026.  
Attachments:  
The 20th Edition of With Intelligence The Annual, Los Angeles, CA, April 20 - 22, 2026.  
Attachments:  
SACRS Spring Conference 2026, Olympic Valley, CA, May 12 - 15, 2026.  
Attachments:  
NCPERS Trustee Educational Seminars (TEDS), Las Vegas, NV, May 16 - 17, 2026.  
Attachments:  
g.  
NCPERS The Annual Conference & Exhibition (ACE), Las Vegas, NV, May 17 - 20, 2026.  
Attachments:  
• PROPOSED AGENDA ITEMS  
• ADJOURNMENT  
• Next FCERS Board Meeting: April 16, 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  
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  
item for an upcoming meeting.  
The Code of Conduct  
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.  
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.