Minutes - Police & Fire Department Retirement Plan and Health Care Trust

The Board of Administration of the Police and Fire Department Retirement Plan

and Health Care Trust met in person at 1737 N. First St., Suite 580, San Jose, CA

95112 and via Zoom on Wednesday, June 17, 2026 at 9:00 a.m. Chair Gardanier

called the Pension Plan and Health Care Trust meeting to order at 9:02 a.m.

followed by roll call.

Board Members Present: Andrew Gardanier, Franco Vado, David Woolsey,

Richard Santos, David Kwan, Howard Lee, Eswar Menon and Gretchen Flicker.

Trustee Ganapati was absent.

Retirement Staff Present: John Flynn, Jay Kwon, Ryan Reynado, Amanda Hiew,

Barbara Hayman, Dhinesh Ganapathiappan, Ron Kumar, Arun Nallasivan,

Christina Wang, Jennifer You, Harrison Pearce, David Aung, Julie He, Gabriela

Romero, and Sherrell Aledo.

Retirement Staff Present via Zoom: Veronica Solorio, Sylvia Mark, Chris Reyes,

Ellen Lee, Nam Cao, and Shilpi Dwivedi.

Also Present: Maytak Chin, General and Fiduciary Counsel; George Casey,

Council Liaison; and Colin Kowalski, Meketa Investment Group.

Also Present via Zoom: Joe Ebisa, With Intelligence; Bill Hallmark, Cheiron; Kaci

Boyer, Neuberger Berman; Laura Wirick, Meketa Investment Group; Jonathan

Camp, Public Member; Nate Weinstein, Public member; Georg Krammer,

Gallagher; Brett, Public member; Yia Yang, MGO; Bill Gold, OER; and Stacey Gill

and Chris Kalafatis, Baker Tilly.

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)

Take action on request(s) for remote appearance.

ORDERS OF THE DAY

•

• Time Certain: 9:10 a.m. – Item 4c - Discussion and presentation on Emerging

Risk/Reward Changes and Split Valuation Approach by Cheiron.

• Time Certain: 10:00 a.m. – Item 4d - Discussion and action on Gallagher’s

Investment Team Compensation Study.

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.

None.

CONSENT CALENDAR

A motion was made to approve the Consent Calendar.

Approved. (M.S.C. Santos/Woolsey 8-0-0). Trustee Ganapati was absent.

Approval for a Service-Connected Disability Retirement

1.1

Erin Allen, Police Officer, Police Department, Request for Service-Connected

Disability Retirement, effective June 13, 2026; 12.66* years of service. (Disability

Committee Recommendation: Approval)

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

1.2

Jason A. Suarez, Fire Captain, Fire Department, Request for Change of Status to

Service-Connected Disability Retirement, effective January 26, 2022; 27.60* years

of service. (Disability Committee Recommendation: Approval)

David J. Scocca, Fire Engineer, Fire Department, Request for Change of Status to

Service-Connected Disability Retirement, effective August 17, 2023; 25.33* years

of service. (Disability Committee Recommendation: Approval)

Approval Of Board Minutes

1.3

Approval of the Board Minutes of May 20, 2026.

Approval Of Travel and Reimbursements

John Flynn, CEO

1.4

CALAPRS Virtual Administrators Roundtable, June 5, 2026.

NCPERS 2026 Advanced Fiduciary (NAF) Institute: Modules 3&4,

Nashville, TN, October 24-25, 2026.

NCPERS 2026 Public Safety Conference, Nashville, TN, October 25-28,

2026.

Sunita Ganapati, Trustee

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

Andrew Gardanier, Chair

NCPERS 2026 Public Safety Conference, Nashville, TN, October 25-28,

2026.

David Woolsey, Trustee

NCPERS 2026 Public Safety Conference, Nashville, TN, October 25-28,

2026.

Reimbursements

2026 Public Funds Roundtable, April 27 - 29, 2026, Los Angeles, CA -

Gretchen Flicker.

PRISM 2026 Conference, May 18 - 20, 2026, San Diego, CA - John

Flynn.

Approval of Return of Contributions - NONE

Voluntary | Involuntary

1.5

Communication and Information Reports

1.6

Police and Fire Department Retirement Plan Dashboard.

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

Public Comment Policy as amended and approved at April 16, 2026 Board

Meeting, with subsequent minor revision.

Fourth Amendment with SocialSellinator entered into by CEO on behalf of Police

and Fire to extend the term of the Agreement through June 30, 2027 at a monthly

amount of $1,800.00 (split 50/50) with a not-to-exceed total of $60,000 for total

duration of the Agreement per retirement plan.

Seventh Amendment with Marty Boyer entered into by CEO on behalf of Police

and Fire to extend the term of the Agreement through June 30, 2027 with a

maximum total amount payable of $10,000 per retirement plan for the period July 1,

2026 through June 30, 2027 and a not-to-exceed total of $90,000 for total

duration of the Agreement per retirement plan.

Education and Training

1.7

CALAPRS 2026 Program Calendar.

Quarterly Trustee Education Opportunities Report.

NCPERS Public Pension Funding Forum, Chicago, IL, August 16 - 18, 2026.

CALAPRS Principles of Pension Governance for Trustees, Santa Barbara, CA,

August 24 - 27, 2026.

Notice of Alternate Payee Benefit Election

1.8

Approval of Alternate Payee Benefit election of Unreduced Retirement Option to

be paid to Kimberlie Reckas, ex-spouse of Police Sergeant, Ted Reckas to be

effective July 18, 2026 under Part 17, Section 3.36.3600 of the San Jose Municipal

Code.

INVESTMENTS

Oral update by CIO, Jay Kwon.

This item was heard after the Board took a break after item 4d.

CIO Kwon updated the Board.

Presentation of Calendar 4th Quarter 2025 private equity report by Neuberger

Berman.

This item was presented.

Presentation of Calendar 4th Quarter 2025 private markets report by Meketa

Investment Group.

This item was presented.

Presentation of Calendar 1st Quarter 2026 performance report for Pension Plan by

Meketa Investment Group.

This item was presented.

Presentation of Calendar 1st Quarter 2026 performance report for Health Care

Trust by Meketa Investment Group.

This item was presented.

Discussion and action of the implemented revisions to the Asset Allocation section

of the Investment Policy Statement and Resolution number 4853.

This item was presented.

A motion was made to approve the implemented revisions to the Asset

Allocation section of the Investment Policy Statement and Resolution number

4853.

Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Ganapati was absent.

OLD BUSINESS CONTINUED-DEFERRED ITEMS - NONE

NEW BUSINESS

Oral update by CEO, John Flynn.

CEO Flynn updated the Board.

Oral update from the City Council Liaison to the Board.

City Council Liaison, Councilmember George Casey, updated the Board on

matters before the City Council and relevant to the Board.

Discussion and presentation on Emerging Risk/Reward Changes and Split Valuation

Approach by Cheiron.

Time Certain: 9:10 a.m.

This item was heard after item 6.

This item was presented.

Discussion and action on Gallagher’s Investment Team Compensation Study.

Time Certain: 10:00 a.m.

This item was presented.

A motion was made to accept the Gallagher’s Investment Team Compensation

Study.

Approved. (M.S.C. Vado/Woolsey 8-0-0). Trustee Ganapati was absent.

A second motion was made to recommend Chair Gardanier to represent to the

City Council.

Approved. (M.S.C. Santos/Menon 8-0-0). Trustee Ganapati was absent.

The Board took a break from 10:39 a.m. - 10:49 a.m.

Discussion and presentation of Vision’31 - ORS Action Plan to support the

Five-Year Strategic Plan by John Flynn, CEO.

This item was heard after item 4b.

This item was presented.

Discussion and action on the FY2027 Annual Strategic Work Plan for the Office of

Retirement Services, covering the first operational year of the Five-Year Strategic

Plan.

This item was presented.

A motion was made to approve the FY2027 Annual Strategic Work Plan for the

Office of Retirement Services.

Approved. (M.S.C. Santos/Flicker 8-0-0). Trustee Ganapati was absent.

Discussion and action to approve one full-time overstrength Benefits Division

Manager through January 2, 2027.

This item was discussed.

A motion was made to approve the one full-time overstrength Benefits Division

Manager through January 2, 2027.

Approved. (M.S.C. Santos/Vado 8-0-0). Trustee Ganapati was absent.

Discussion and action on the formation of the Joint Ad Hoc Budget Committee to

review administrative budget cost allocation, benchmarks, and development of

formal budgeting policy recommendations.

This item was discussed.

A motion was made to form a Joint Ad Hoc Budget Committee to review

administrative budget cost allocation, benchmarks, and development of formal

budgeting policy recommendations. Trustees Flicker and Vado were appointed

to the Committee.

Approved. (M.S.C. Santos/Menon 8-0-0). Trustee Ganapati was absent.

RETIREMENTS

Service Retirements

5.1

This item was heard after the Consent Calendar.

This item was heard together with item 5.2.

Chair Gardanier read the Service Retirements into the record. Chair Gardanier

and Trustees Santos and Woolsey said a few kind words.

A motion was made to approve the Service Retirements.

Approved. (M.S.C. Santos/Menon 8-0-0). Trustee Ganapati was absent.

Donald J. Alexander II, Fire Captain, Fire Department, effective July 16, 2026;

25.12* years of service.

Holger Blech, Fire Engineer, Fire Department, effective July 16, 2026; 25.11*

years of service.

Michael S. Brum, Police Officer, Police Department, effective July 2, 2026;

28.79* years of service.

Matias Cervantes, Police Officer, Police Department, effective August 1, 2026;

25.61* years of service.

George Constantin, Police Sergeant, Police Department, effective June 20, 2026;

26.80* years of service.

Richard Crawford, Fire Prevention Inspector, Fire Department, effective July 18,

2026; 26.46* years of service.

Pedro C. Franco, Fire Engineer, Fire Department, effective July 4, 2026; 31.69*

years of service.

Salvador Gutierrez, Fire Engineer, Fire Department, effective July 19, 2026;

25.57* years of service.

Shad Hall, Fire Captain, Fire Department, effective July 4, 2026; 28.26* years of

service. (With Reciprocity - 24.81 CSJ YOS + 3.45 PERS YOS)

Mark I. Palfalvi, Police Officer, Police Department, effective July 3, 2026;

29.33* years of service.

Tri H. Pham, Police Officer, Police Department, effective June 20, 2026; 24.48*

years of service.

Leo Prescott, Police Lieutenant, Police Department, effective June 19, 2026;

26.60* years of service.

5.2

James K. Sit, Police Officer, Police Department, effective July 5, 2026; 26.07*

years of service.

Jon Walsh, Fire Captain, Fire Department, effective July 16, 2026; 25.12* years

of service.

Deferred Vested

This item was heard together with item 5.1.

Chair Gardanier read the Deferred Vested Retirements into the record.

A motion was made to approve the Deferred Vested Retirements.

Approved. (M.S.C. Gardanier/Santos 8-0-0). Trustee Ganapati was absent.

Brent C. Marks, Firefighter, Fire Department, effective June 30, 2026; 28.72*

years of service. (With Reciprocity - 3.69 CSJ YOS + 25.03 SFERS YOS)

DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)

Chair Gardanier read the Death Notifications into the record and asked for a

moment of silence for those who have served and passed away. Trustee

Santos said a few kind words.

Notification of the death of Victor Barnett, Police Sergeant, retired January 23,

2010, died April 24, 2026. Survivorship benefits to Sharon Barnett, spouse.

Notification of the death of Joseph D. Roberts, Fire Captain, retired July 15,

2006, died February 25, 2026. Survivorship benefits to Dianne Roberts, spouse.

Notification of the death of Stewart Townend, Fire Engineer, retired April 3,

1984, died April 25, 2026. No survivorship benefits.

Notification of the death of James M. Walters, Firefighter, retired January 9,

1999, died April 24, 2026. No survivorship benefits.

COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS

Investment Committee (Lee, Gardanier, Ganapati, Kwan)

Last Meeting: April 28, 2026 Next Meeting: August 26, 2026

7.1

Oral update from the Chair of the Investment Committee.

Chair Lee announced that the next meeting will take place on August 26, 2026.

Audit/Risk Committee (Woolsey, Ganapati, Menon)

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

7.2

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

Approval of the Q1 2026 travel and attendance report for the Police and

Fire Department Retirement Plan.

Discussion and action on FY 2025-2026 Office of Retirement Services

External Audit Plan by Macias Gini & O’Connell (MGO) LLP.

Discussion and action to approve the First Amendment to the agreement

with Baker Tilly for internal audit consulting services.

Discussion and action on the Risk Assessment Results and Proposed 5

-Year Internal Audit Plan from Baker Tilly.

Discussion and action on the status of outstanding Internal Audit

recommendations.

Discussion on status of outstanding Penetration testing recommendations.

Chair Woolsey updated the Board on matters regarding the last meeting.

Minutes of the Audit Committee meeting from February 19, 2026. Receive and file.

The Minutes were received and filed.

Discussion and action on FY 2025-2026 Office of Retirement Services External

Audit Plan by Macias Gini & O’Connell (MGO) LLP.

This item was discussed.

A motion was made to approve the FY 2025-2026 Office of Retirement Services

External Audit Plan by Macias Gini & O’Connell (MGO) LLP.

Approved. (M.S.C. Woolsey/Santos 8-0-0). Trustee Ganapati was absent.

Discussion and action to approve the First Amendment to the agreement with Baker

Tilly for internal audit consulting services.

This item was discussed.

A motion was made to approve the First Amendment to the agreement with

Baker Tilly for internal audit consulting services.

Approved. (M.S.C. Woolsey/Santos 8-0-0). Trustee Ganapati was absent.

Discussion and action on the Proposed Internal Audit Plan for FY 2026 - FY 2027

from Baker Tilly.

This item was presented.

A motion was made to approve the Proposed Internal Audit Plan for FY 2026 -

FY 2027.

Approved. (M.S.C. Woolsey/Santos 8-0-0). Trustee Ganapati was absent.

Governance Committee (Flicker, Vado, Santos)

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

7.3

Oral update from the Chair of the Governance Committee.

Chair Flicker announced that the next meeting will take place after this Police

and Fire Board meeting.

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

7.4

Last Meeting: June 8, 2026

Next Meeting: August 10, 2026

Oral update from the Chair of the Disability Committee.

Chair Santos updated the Board and announced that the next meeting will

take place on August 10, 2026.

Minutes of the Disability Committee meeting from May 11, 2026. Receive and file.

The Minutes were received and filed.

Joint Personnel Committee (Menon/Gardanier/Lee)

Last Meeting: April 1, 2026 Next Meeting: August 18, 2026

7.5

Oral update from the Chair of the Joint Personnel Committee.

Chair Menon announced that the next meeting will take place on August 18,

2026.

PROPOSED AGENDA ITEMS

•

None.

ADJOURNMENT

Next Meeting: August 19, 2026

The meeting adjourned at 12:18 p.m.

*Estimated

Minutes Recorded, Prepared and Respectfully Submitted by,

_________________________________________

ANDREW GARDANIER, CHAIR

BOARD OF ADMINISTRATION

ATTEST:

_________________________________________

JOHN FLYNN, CEO

OFFICE OF RETIREMENT SERVICES

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/12901/63667000496

6630000) 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-a547-6a1d804b6e3

4/Public%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