BOARD OF ADMINISTRATION  
Action Minutes  
Police and Fire Investment Committee  
Monday, February 23, 2026  
12:00 PM  
1737 North First Street, Suite 580, San Jose, CA 95131  
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  
Howard Lee, Chair (Term Expires 11/30/26)  
Andrew Gardanier, Vice-Chair (Term Expires 11/30/27)  
Sunita Ganapati, Trustee (Term Expires 11/30/26)  
David Kwan, Trustee (Term Expires 11/30/28)  
John Flynn, CEO, Office of Retirement Services  
Prabhu Palani, Chief Investment Officer  
__________________________________________  
The Police and Fire 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 Monday, February 23, 2026. The meeting was called to order at  
12:10 p.m. by Chair Howard Lee followed by a roll call.  
Committee members present: Howard Lee, Andrew Gardanier, Sunita Ganapati  
and David Kwan.  
Retirement Staff present: John Flynn, Prabhu Palani, Jay Kwon, Dhinesh  
Ganapathiappan, Christina Wang, David Aung, Ron Kumar, Ryan Reynado,  
Jennifer You, Julie He and Ellen Lee.  
Investment Staff via Zoom: Arun Nallasivan  
Also present in person: Brian Kwan, Verus Investments, 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  
OPEN SESSION  
•
•
Approval of minutes of the December 16, 2025 Police and Fire Investment  
1.  
Committee meeting.  
A motion was made to approve the minutes of the December 16, 2025 Police  
and Fire Investment Committee meeting.  
Approved (m.s.c. Gardanier/Kwan 4-0)  
Oral Update by CIO, Prabhu Palani.  
2.  
3.  
Presentation of TCA and FX transaction cost analysis by ACA.  
Note and file  
Discussion and action regarding the prefunding of the City’s retirement  
contribution.  
4.  
A motion was made to offer the City the pre funding rate at a 30% discount  
resulting at a rate of 4.6375%.  
Approved (m.s.c. Gardanier/Kwan 4-0)  
Risk overview by Verus Investments.  
5.  
Note and file  
CLOSED SESSION  
PROPOSED AGENDA ITEMS  
PUBLIC COMMENTS  
•
•
•
ADJOURNMENT  
The meeting adjourned 1:24 p.m.