Agenda - Federated City Employees' Retirement System and Federated City Employees' Health Care Trust

BOARD OF ADMINISTRATION

Meeting Agenda - Final

Federated City Employees' Retirement

System and Federated City Employees'

Health Care Trust

Thursday, August 20, 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: 916 2197 0189

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

_______________________________________________________________

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.

CLOSED SESSION

CLOSED SESSION AGENDA ITEMS WILL BE HEARD AT 8:30 A.M.

I. CLOSED SESSION NEW BUSINESS

CLOSED SESSION: PUBLIC EMPLOYEE PERFORMANCE EVALUATION PURSUANT TO

GOVERNMENT CODE SECTION 54957(b)(1). Position: Chief Investment Officer.

CLOSED SESSION: PUBLIC EMPLOYEE PERFORMANCE EVALUATION PURSUANT TO

GOVERNMENT CODE SECTION 54957(b)(1). Position: Chief Executive Officer.

CLOSED SESSION: CONFERENCE WITH LABOR NEGOTIATORS PURSUANT TO

GOVERNMENT CODE SECTION 54957.6(a). Agency designated representatives: To be

determined in open session at the meeting.

OPEN SESSION - will reconvene following Closed Session, estimated to be 9:30 a.m.

• 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 Application for a Change of Status to Service-Connected Disability Retirement

a. Larry Pickett, Plant/Wastewater Mechanical Supervisor I, Environmental Services Department,

Request for Change of Status to Service-Connected Disability Retirement, effective October 21, 2006;

30.03* years of service. (Disability Committee Recommendation: Denial)

1.2 Approval of Service Retirements

Tie Feng, Wastewater Facility Senior Engineer, Environmental Services Department, effective August

15, 2026; 7.46* years of service.

Jeffrey A. Gomez, Parks Manager, Parks, Recreation and Neighborhood Services, effective August

29, 2026; 35.11* years of service.

Maria C. Guerrero, Accounting Technician, Finance Department, effective August 15, 2026; 28.24*

years of service.

Eddie M. Jalalli, Parking Control Officer, Department of Transportation, effective September 15,

2026; 25.30* years of service.

Kevin B. Kilmer, Building Inspector Combination/Certified Senior, Planning, Building and Code

Enforcement, effective August 29, 2026; 13.30* years of service.

Sandra Leffler, Police Radio Dispatcher, Police Department, effective September 12, 2026; 22.19*

years of service.

Jennifer T. Luong, Supervising Applications Analyst, Information Technology Department, effective

August 22, 2026; 28.01* years of service.

Sally Ortiz, Principal Office Specialist, Human Resources Department, effective September 12, 2026;

27.28* years of service.

Karen Parker, Senior Office Specialist, Information Technology Department, effective September 12,

2026; 6.46* years of service.

Bernalu Rosales, Community Service Supervisor, Parks, Recreation and Neighborhood Services,

effective August 15, 2026; 27.76* years of service.

1.3 Approval of Deferred Vested

Mohammed I. Hill, Deputy City Attorney, City Attorney’s Office, effective August 7, 2026; 9.72*

years of service. (With Reciprocity - 5.58 CSJ + 4.13 CalPERS = 9.72 YOS)

Richard T. Johnson, Senior Latent Fingerprint Examiner, Police Department, effective July 1, 2026;

29.62* years of service. (With Reciprocity - 3.57 CSJ + 26.05 PERS = 29.62 YOS)

Claudia Lopez, Community Coordinator, Office of Economic Development, effective June 24, 2026;

9.34* years of service.

Kimberlie Reckas, Senior Office Specialist, Police Department, effective July 25, 2026; 27.92*

years of service. (With Reciprocity - 23.92 CSJ + 4.00 PERS = 27.92 YOS)

Rodney E. Weathers, Building Inspector Combination Certified I, Planning, Building and Code

Enforcement, effective July 25, 2026; 6.68* years of service. (With Reciprocity - 1.67 CSJ + 5.00

PERS = 6.68 YOS)

1.4 Approval of Board Minutes

Approval of the Board Minutes of June 18, 2026.

Attachments:

1.4a - FED Board 6-18-26 Minutes-Final ADA

1.5 Approval of Return of Contributions

Voluntary | Involuntary

Attachments:

1.5a(1) - FED ROC - June 2026 ADA

1.5a(2) - FED ROC - July 2026 ADA

1.6 Communications and Information Reports

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

Attachments:

1.6a - FED May 2026 Monthly Expenses Report ADA

Request for Consideration of Reasonable Good Cause for Trustee Chandra’s absence.

Attachments:

1.6b - Request for Consideration of Reasonable Good Cause-Anurag Chandra A

Report out of Closed Session from February 20, 2025 Federated Board Meeting Regarding Existing

Litigation (Government Code Section 54956.9(d)(4)). LACERA v. County of Los Angeles -

Supreme Court of California.

Attachments:

1.6c - LACERA Decision Report Out ADA

Notification to the Board pursuant to Paragraph 37 of the CEO Charter: Contract with EnvestHub,

Inc., entered into by the CEO on behalf of the San José Federated City Employees’ Retirement

System, for a term of two years, for a total of $44,000, shared 50/50 with the San José Police and

Fire Department Retirement Plan.

Attachments:

1.6d - 20260626 - EnvestHub - Software Service Agreement (Fully Exec)

City Council Adopted Resolution #RES2026-210 on June 16, 2026 - Approved changes to

Compensation and Benefits for Executive Management and Professional Employees (Unit 99) for

Fiscal Years 2026-2027, 2027-2028, and 2028-2029, effective June 21, 2026.

Attachments:

1.6e(1) - City Council Resolution RES2026-210

1.6e(2) - City Manager Memo dated June 5, 2026

Anurag Chandra, Trustee

Self-study materials listed below for a total cost of $1.00 for the initial four-week trial period, after

which the subscription will continue at the standard rate of $45.00 per month, pursuant to Paragraph

5(f) of the Federated Board Education Policy:

Monthly Subscription to the Financial Times

Attachments:

1.6f(1) - Self Study Memo - Anurag Chandra ADA

1.6f(2) - Board Education Policy

1.7 Approval of Travel and Reimbursements

Matthew Faulkner, Vice Chair

MarketsGroup ALTSSF, San Francisco, CA, September 9 - 10, 2026.

Attachments:

1.7a - Travel Request-ALTSSF 2026-Matthew Faulkner ADA

John Flynn, CEO

CALAPRS Administrators Institute, Carmel, CA, September 22 - 25, 2026.

Attachments:

1.7b - Travel Request-CALAPRS Administrators Institute-John Flynn ADA

Spencer Horowitz, Chair

Fiduciary Investors Symposium 2026, Stanford, CA, September 15 - 16, 2026.

Attachments:

1.7c - Travel Request-FIS 2026-Spencer Horowitz ADA

Reimbursements

2026 Milken Institute Global Conference, Beverly Hills, CA, May 3 - 6, 2026 - Anurag

Chandra.

NCPERS Chief Officers Summit 2026, Newport Beach, CA, June 15 - 16, 2026 - John

Flynn.

Attachments:

1.7d(1) - Travel Reimbursement-Milken 2026-Anurag Chandra ADA

1.7d(2) - Travel Reimbursement-NCPERS Chief Officers Summit-John Flynn AD

2. DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)

Notification of the death of Kenneth Arimura, retired September 24, 2005, died May 24, 2026. No

survivorship benefits.

Notification of the death of Albon Athearn, retired February 22, 1997, died June 21, 2026. No

survivorship benefits.

Notification of the death of John Brazil, retired May 24, 2025, died June 12, 2026. Survivorship

benefits to Mary Dresel, spouse.

Notification of the death of Tom Finley, retired February 25, 2017, died June 16, 2026. Survivorship

benefits to Renee Finley, spouse.

Notification of the death of Kenny Gannaway, retired December 9, 1993, died May 1, 2026.

Survivorship benefits to Gerardine Gannaway, spouse.

Notification of the death of William Hybsa, retired February 8, 2001, died May 30, 2026.

Survivorship benefits to Diane Davis, spouse.

Notification of the death of Barbara Kreider, retired February 3, 2001, died June 6, 2026.

Survivorship benefits to George Kreider, spouse.

Notification of the death of James Kuhar, retired September 4, 2001, died April 10, 2026.

Survivorship benefits to Gloria Kuhar, spouse.

Notification of the death of Michael H. Layman, retired July 2, 2005, died April 29, 2026. No

survivorship benefits.

Notification of the death of Raquel Lomeli, retired April 17, 2017, died June 13, 2026. No

survivorship benefits.

Notification of the death of Richard A. Lucas, retired November 28, 2009, died May 30, 2026. No

survivorship benefits.

Notification of the death of James Mallery, retired July 5, 1991, died June 6, 2026. No survivorship

benefits.

Notification of the death of Thomas Marshall, retired October 4, 1987, died March 9, 2026. No

survivorship benefits.

Notification of the death of Phillip D. McGinnis, retired June 25, 2011, died June 12, 2026. No

survivorship benefits.

Notification of the death of Dale R. Overturf, retired February 8, 1990, died June 26, 2026. No

survivorship benefits.

Notification of the death of Donald Peterson, retired January 30, 1995, died June 17, 2026. No

survivorship benefits.

Notification of the death of Emilio Pulido, retired October 4, 1987, died July 3, 2026. No

survivorship benefits.

Notification of the death of Scott E. Reiner, retired September 11, 2008, died June 21, 2026.

Survivorship benefits to Margaret Cross, spouse.

Notification of the death of Albert Saenz, retired January 3, 2006, died May 25, 2026. Survivorship

benefits to Martha Saenz, spouse.

Notification of the death of Janet Sandberg, retired July 25, 1999, died May 21, 2026. No

survivorship benefits.

Notification of the death of David Schick, retired October 1, 2005, died May 8, 2026. No

survivorship benefits.

Notification of the death of Jesse Sepulveda, retired December 21, 2024, died June 28, 2026. No

survivorship benefits.

Notification of the death of Judith Van Der Molen, retired September 25, 2004, died June 8, 2026.

No survivorship benefits.

3. INVESTMENTS

Oral update from the CIO of Retirement Services, Jay Kwon.

Presentation and discussion of asset liability study by Meketa Investments.

Attachments:

3b - Asset Liability Study - SJ FED - August FINAL ADA

4. OLD BUSINESS-DEFERRED/CONTINUED ITEMS

Discussion and action to recommend compensation range adjustments for Investment Team

classifications to the City Council and appoint a board representative.

Attachments:

4a(1) - FED Compensation Study Memo to Boards ADA

4a(2) - San Jose Retirement Total Compensation Report 6-3-2026

5. NEW BUSINESS

Oral update from the CEO of Retirement Services, John Flynn.

Oral update from the City Council Liaison to the Board.

Discussion and action of the appointment of a Labor Negotiator for the Chief Executive Officer

position.

Attachments:

5c - CEO Performance Evaluation Policy

Discussion and action of the appointment of a Labor Negotiator for the Chief Investment Officer

position.

Attachments:

5d - CIO Performance Evaluation Policy

Discussion and action on the Proposed 2027 Board and Standing Committee Meetings Schedule.

Attachments:

5e - FED 2027 Scheduled Memo v2 ADA

Discussion and action to approve the deletion of the Executive Assistant position and the addition of a

Senior Supervisor, Administration position within the Administration Division.

Attachments:

5f(1) - FED Memo - Add-Delete Request for Admin Team Position

5f(2) - OrgChart ORS (FINAL)

Discussion and action on appointing an alternative trustee to the Joint Ad Hoc Budget Committee

established at the June 18, 2026 board meeting.

Discussion on ADA Title II and Web Content Accessibility Guidelines (WCAG) requirements for

Board meetings, presented by John Flynn, CEO.

Attachments:

5h - ADA Title II WCAG - Compliance Meeting Guidance Final

Discussion on Strategic Initiative 2.4.1 Membership Voice Survey, presentation by John Flynn, CEO.

Attachments:

5i - SI 2.4.1 Membership Voice Survey - Presentation - Final ADA

6. COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS

6.1 Investment Committee (Chandra, Faulkner, Abbott)

Last Meeting: April 14, 2026 Next Meeting: August 25, 2026

Oral update from the Chair of the Investment Committee.

6.2 Audit/Risk Committee (Linder, Horowitz, Chi)

Last Meeting: May 21, 2026 Next Meeting: August 20, 2026

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

6.3 Governance Committee (Abbott, Nakagawa, Chi)

Last Meeting: June 17, 2026 Next Meeting: September 16, 2026

Oral update from the Chair of the Governance Committee.

Discussion and action on updates to the Governance Review Roadmap.

Discussion on launch of new Governance Document sites.

Discussion and action to recommend adoption of Q2’26 Policy Update: Board of

Administration Charter.

Discussion and action to recommend adoption of Q2’26 Policy Update: CEO Performance

Evaluation Policy.

Discussion and action to recommend adoption of Q2’26 Policy Update: CIO Performance

Evaluation Policy.

Discussion on Q3’26 policies: CEO Charter, CIO Charter, Board Education Policy.

Last Meeting: April 1, 2026 Next Meeting: August 31, 2026

6.6 Joint Budget Ad Hoc Committee

7. EDUCATION & TRAINING

Oral update from the Vice Chair of the Joint Personnel Committee.

Oral update from the Joint Budget Ad Hoc Committee.

CALAPRS 2026 Program Calendar.

Attachments:

7a - CALAPRS 2026 Program Calendar ADA

Quarterly Trustee Education Opportunities Report.

Attachments:

7b - Trustee Education Report ADA

CALAPRS Virtual Trustees Roundtable, October 2, 2026.

NCPERS Fiduciary in Focus Workshop, Nashville, TN, October 24 - 25, 2026.

SACRS Annual Fall Conference 2026, Rancho Mirage, CA, November 10 - 13, 2026.

• PROPOSED AGENDA ITEMS

• ADJOURNMENT

• Next FCERS Board Meeting: September 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; or

(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.