BOARD OF ADMINISTRATION

Meeting Agenda - Final

Police & Fire Department Retirement

Plan and Health Care Trust

Wednesday, May 20, 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: 995 1249 1948

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

ADA ALERT

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.

• 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 for a Service-Connected Disability Retirement

Jared Johnson, Police Officer, Police Department, Request for Service-Connected Disability

Retirement, effective March 4, 2026; 17.44* years of service. (Disability Committee

Recommendation: Approval)

1.2 Approval for a Change in Status to Service-Connected Disability Retirement

Ronald Bays, Police Sergeant, Police Department, Request for Change of Status to

Service-Connected Disability Retirement, effective January 4, 2025; 27.85* years of service.

(Disability Committee Recommendation: Approval)

1.3 Approval Of Board Minutes

Approval of the Board Minutes of April 15, 2026.

Attachments:

1.3a - PF 4.15.26 Meeting Minutes - Final PDFA

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

Attachments:

1.3b - Joint Boards Meeting Minutes 2.11.26 - Final

1.4 Approval Of Travel and Reimbursements

Gretchen Flicker, Trustee

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

Attachments:

1.4a - Flicker - Travel Estimate CALAPRS Priniciples of Pension

David Woolsey, Trustee

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

Attachments:

1.4b - Woolsey - Travel Request CALAPRS Principles of Pension

Reimbursements

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

CALAPRS General Assembly 2026, Carlsbad, CA, March 8 - 11, 2026 - David Kwan.

CALAPRS General Assembly 2026, Carlsbad, CA, March 8 - 11, 2026 - Franco Vado.

The 20th Edition of With Intelligence The Annual, Los Angeles, CA, April 20 - 22, 2026 -

Eswar Menon.

Attachments:

1.4c(1) - Flynn - CALAPRS GA 2026 Reimbursement

1.4c(2) - Kwan - CALAPRS GA 2026 Travel Reimbursement

1.4c(3) - Vado - CALAPRS GA 2026 Travel Reimbursement

1.4c(4) - Menon - The Annual 2026 Travel Reimbursement

1.5 Approval of Return of Contributions - NONE

a. Voluntary | Involuntary

1.6 Communication and Information Reports

Police and Fire Department Retirement Plan Dashboard.

Attachments:

1.6a - P&F 5.20.26 Dashboard

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

Attachments:

1.6b - PF March 2026 Monthly Expenses Report

Q3 FY25-26 Budget to Actual Quarterly Budget Report.

Attachments:

1.6c - PF Q3 Quarterly Report

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

Attachments:

1.6d - Status of Open Audit Recommendations Report

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

Attachments:

1.6e - ORS Quarterly Newsletter April 2026

Public Comment Policy as amended and approved at the April 15, 2026, Board Meeting.

Attachments:

1.6f - Public Comment Policy

Report out of August 7, 2025 Closed Session Item I.B: Conference with Legal Counsel - Anticipated

Litigation Pursuant to Government Code Section 54956.9(d)(4): One Case.

Attachments:

1.6g - PF - Report out of Closed Session for Aug 2025 and Oct 2025

Report out of October 2, 2025 Closed Session Item I.B: Conference with Legal Counsel - Pending

Litigation Pursuant to Government Code Section 54956.9(a). San Jose Police and Fire Department

Retirement Plan v. Ok Hui Moyland, et al., Alameda County Superior Court, Case No.

25CV137712.

Attachments:

1.6h - PF - Report out of Closed Session for Aug 2025 and Oct 2025

Educational Travel Reports:

The 20th Edition of With Intelligence The Annual, April 20 - 22, 2026, Los Angeles, CA by

Eswar Menon.

2026 Public Funds Roundtable, April 27 - 29, 2026, Los Angeles, CA by Gretchen Flicker.

Attachments:

1.6i(1) - Menon - Travel Content Report the Annual 2026

1.6i(2) - Flicker - Travel Content Report Public Funds RT 2026

1.7 Education and Training

CALAPRS 2026 Program Calendar.

Attachments:

1.7a - CALAPRS 2026 Program Calendar

Quarterly Trustee Education Opportunities Report.

Attachments:

1.7b - 2026 Q2 Quarterly Trustee Education Opportunities Report Final ADA

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

2026.

Attachments:

1.7c - CALAPRS Principles of Pension Governance Flyer

1.8 Change of Retirement Application

Approval of a name correction for Cirilo Paulo Paredes, effective January 31, 2026, for a Service

Retirement approved at the March 18, 2026, Board meeting.

Attachments:

1.8a - Memo for Police and Fire Board - Paulo Cirilo Paredes

2. INVESTMENTS

a. Oral update by CIO, 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:

2b - Private Markets Pacing Plan Police and Fire FY 2026-27

Discussion and action on strategic asset allocation by Meketa Investments.

Attachments:

2c - Capital Markets Expectation SJ P&F Pension_ADA

3. OLD BUSINESS CONTINUED-DEFERRED ITEMS - NONE

4. NEW BUSINESS

Oral update by CEO, John Flynn.

Oral update from the City Council Liaison to the Board.

Discussion and action regarding Resolution No. 4849 Police Tier 1, Resolution No. 4850 Police Tier

2, Resolution No. 4851 Fire Tier 1, and Resolution No. 4852 Fire Tier 2 Contribution Rates/Amounts

for FY26-27.

Attachments:

4c(1) - PF - Contributions Resolutions Cover Memo

4c(2) - Contribution Rates - Fire Tier 1 - Res. 4851 6.21.26

4c(3) - Contribution Rates - Fire Tier 2 - Res. 4852 6.21.26

4c(4) - Contribution Rates - Police Tier 1 - Res. 4849 6.21.26

4c(5) - Contribution Rates - Police Tier 2 - Res. 4850 6.21.26

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

education plan.

Attachments:

4d(1) - Trustee Education Plan FY2027 memo - Finalv3b

4d(2) - ORS Board Education FY2027 - Final

5. RETIREMENTS

5.1 Service Retirements

Christian Truong, Fire Captain, Fire Department, effective June 7, 2026; 25.01* years of service.

5.2 Deferred Vested

Andres Aldana, Fire Engineer, Fire Department, effective May 31, 2026; 30.54* years of service.

(With Reciprocity - 5.14 CSJ YOS + 25.40 LACERA YOS)

6. DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)

Notification of the death of Ronald Delgado, Deputy Fire Chief, retired January 9, 1993, died

January 30, 2026. Survivorship benefits to Diane Delgado, spouse.

Notification of the death of Arthur Hilborn, Police Sergeant, retired December 27, 1997, died March

18, 2026. Survivorship benefits to Ester Hilborn, spouse.

Notification of the death of Arthur T. McDonald, Fire Engineer, retired April 4, 1996, died March

20, 2026. No survivorship benefits.

Notification of the death of Leslie Owen, Fire Engineer, retired February 1, 1983, died February 15,

2026. Survivorship benefits to Karine Owen, spouse.

Notification of the death of John Weidner, Police Sergeant, retired January 12, 2008, died March 29,

2026. No survivorship benefits.

7. COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS

7.1 Investment Committee (Lee, Gardanier, Ganapati, Kwan)

Last Meeting: April 28, 2026

Next Meeting: August 25, 2026

Oral update from the Chair of the Investment Committee.

Minutes of the Investment Committee meeting from February 23, 2026. Receive and file.

Attachments:

7.1b - PF IC 02.23.26 Meeting Minutes 2.23.26 - Final ADA

7.2 Audit/Risk Committee (Woolsey, Ganapati, Menon)

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

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

7.3 Governance Committee (Flicker, Vado, Santos)

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

Oral update from the Chair of the Governance Committee.

7.4 Disability Committee (Santos, Woolsey - Alts: Flicker/Vado/Lee/Gardanier)

Last Meeting: May 11, 2026 Next Meeting: June 8, 2026

Oral update from the Chair of the Disability Committee.

Minutes of the Disability Committee meeting from April 13, 2026. Receive and file.

Attachments:

7.4b - PF DC 4.13.26 Meeting Minutes - Final

7.5 Joint Personnel Committee (Menon/Gardanier/Lee)

Last Meeting: April 1, 2026

Next Meeting: TBD

Oral update from the Chair of the Joint Personnel Committee.

• PROPOSED AGENDA ITEMS

• ADJOURNMENT

Next Meeting: June 17, 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