BOARD OF ADMINISTRATION  
Meeting Agenda - Final  
Federated City Employees' Retirement  
System and Federated City Employees'  
Health Care Trust  
Thursday, June 18, 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: 972 4004 4321  
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  
I. CLOSED SESSION NEW BUSINESS-DEFERRED/CONTINUED ITEMS-NONE  
• 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 of Service Retirements  
a.  
Randy Bourbon, Water System Operator III, Environmental Services Department, effective  
August 1, 2026; 26.24* years of service. (With Reciprocity = 19.39 PERS + 6.85 CSJ = 26.24  
YOS)  
b.  
Laura L. Burke, Principal Accountant, Environmental Services Department, effective June 20,  
2026; 21.73* years of service.  
c. Christina N. Campbell, Public Safety Communication Specialist, Police Department, effective  
July 18, 2026; 28.96* years of service.  
d. Sandra Cranford, Executive Assistant to the City Manager, City Manager’s Office, effective  
July 18, 2026; 25.87* years of service.  
e. Veronica L. Estrada, Network Technician III, Library Department, effective July 18, 2026;  
23.37* years of service.  
f. Patrick Hernandez, Gardener, Parks, Recreation and Neighborhood Services, effective July 4,  
2026; 30.01* years of service.  
g. Tracy A. Keifer, Code Enforcement Inspector II, Planning, Building and Code Enforcement,  
effective July 18, 2026; 21.78* years of service.  
h. Joshua Kenton, Principal Engineering Technician, Public Works Department, effective July 4,  
2026; 30.01* years of service.  
i.  
Shailendra Kumar, Deputy Director, Public Works Department, effective June 20, 2026;  
27.87* years of service.  
j. Sandra Lopez, Principal Office Specialist, Police Department, effective June 20, 2026; 21.77*  
years of service.  
k. Zulma Villagrana-Maciel, Director, City Manager’s Office, effective August 1, 2026; 30.55*  
years of service.  
l. Steven W. Pendleton, Senior Development Officer, Housing Department, effective June 6,  
2026; 10.92* years of service.  
m. Rory J. Pete, Airport Maintenance Supervisor, Airport Department, effective July 18, 2026;  
11.88* years of service.  
n. Lynn Rogers, Senior Arts Program Coordinator, Office of Economic Development, effective  
July 4, 2026; 25.28* years of service.  
o.  
James M. Williams, Maintenance Worker II, Department of Transportation, effective June 20,  
2026; 27.25* years of service.  
p.  
Howard G. Yeilding, Supervising Applications Analyst, Library Department, effective June 20,  
2026; 26.51* years of service.  
1.2 Approval of Deferred Vested  
a. Anastazia E. Aziz, Environmental Services Specialist, Environmental Service Department,  
effective July 18, 2026; 10.81* years of service.  
b.  
c.  
d.  
Karen R. Chan, Public Safety Communications Specialist, Police Department, effective July 5,  
2026; 12.63* years of service.  
Dipasusita Chundur, Planner III, Planning, Building and Code Enforcement, effective July 17,  
2026; 15.65* years of service.  
Steven C. Di Noto, Director, City Manager’s Office, effective June 21, 2026; 11.84* years of  
service.  
e. Kevin S. Lee, Building Management Administrator, Public Works Department, effective July  
17, 2026; 10.44* years of service.  
f. Juana Pereda, Legal Administrative Assistant II, City Attorney’s Office, effective August 9,  
2026; 15.75* years of service.  
g. Charlene W. Sun, Debt Administrator, Finance Department, effective June 20, 2026; 18.44*  
years of service. (With Reciprocity - 4.16 CSJ + 14.27 PERS = 18.44 YOS)  
1.3 Approval of Board Minutes  
a. Approval of the Board Minutes of May 21, 2026.  
Attachments:  
1.3a - FED Board 5-21-26 Minutes-Final ADA  
1.4 Approval of Return of Contributions  
a. Voluntary | Involuntary  
Attachments:  
1.4a - FED ROC - May 2026 ADA  
1.5 Communications and Information Reports  
a. Report of the Monthly Board Expenses for April 2026. Receive and file.  
Attachments:  
1.5a - FED April 2026 Monthly Expenses Report ADA  
b. Public Comment Policy as amended and approved at April 16, 2026 Board Meeting, with  
subsequent minor revision.  
Attachments:  
1.5b - Public Comment Policy ADA Archivable  
c. Educational Travel Reports:  
·
2026 Public Funds Roundtable, Los Angeles, CA, April 27 - 29, 2026 by Anurag  
Chandra.  
·
2026 Milken Institute Global Conference, Beverly Hills, CA, May 3 - 6, 2026 by Anurag  
Chandra.  
·
·
CALAPRS Virtual Trustee Round Table, May 29, 2026 by Deborah Abbott.  
CALAPRS Virtual Trustee Round Table, May 29, 2026 by Nathan Nakagawa.  
Attachments:  
1.5c(1) - Travel Content Report-2026 Public Funds RT-Anurag Chandra  
1.5c(2) - Travel Content Report-2026 Milken Institute-Anurag Chandra  
1.5c(3) - Travel Content Report-CALAPRS Trustee Roundtable-Deborah Abbott  
1.5c(4) - Travel Content Report-CALAPRS Trustee RT-Nathan Nakagawa  
1.6 Approval of Travel and Reimbursements  
a. Matthew Faulkner, Vice Chair  
·
Opal Group Public Funds Summit East, Newport, RI, July 27 - 29, 2026.  
Attachments:  
1.6a - Travel Request-2026 PFS-Matthew Faulkner ADA  
b. John Flynn, CEO  
·
·
CALAPRS Virtual Administrators Round Table, 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.  
Attachments:  
1.6b(1) - Travel Request-CALAPRS Virtual Administrators RT-John Flynn  
1.6b(2) - Travel Request-2026 NCPERS PS-John Flynn ADA  
1.6b(3) - Travel Request-2026 NCPERS NAF-John Flynn ADA  
c. Reimbursement  
·
·
2026 Public Funds Roundtable, Los Angeles, CA, April 27 - 29, 2026 - Anurag Chandra.  
PRISM 2026 Conference, San Diego CA, May 17-20, 2026 - John Flynn.  
Attachments:  
1.6c(1) - Travel Reimbursement-2026 PFR-Anurag Chandra ADA  
1.6c(2) - Travel Reimbursement-2026 PRISM-John Flynn ADAv2  
2. DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)  
a. Notification of the death of Robert Berry, Plant General Operations, retired February 12, 1999,  
died May 11, 2026. No survivorship benefits.  
b. Notification of the death of Kenneth R. Jones, Groundsworker, retired May 11, 2013, died May  
17, 2026. No survivorship benefits.  
c. Notification of the death of Joseph McCarthy, Senior Construction Inspector, retired March 31,  
2011, died April 18, 2026. No survivorship benefits.  
d. Notification of the death of Robert W. Oxley, Heavy Equipment Operator, retired August 8,  
2002, died May 3, 2026. Survivorship benefits to Judie Oxley, spouse.  
e. Notification of the death of Marlene Stevenson, Senior Planner, retired January 9, 1993, died  
May 16, 2026. Survivorship benefits to Robert Hunt, spouse.  
3. INVESTMENTS  
a. Oral update from the CIO of Retirement Services, Jay Kwon.  
b. Presentation of Calendar 4th Quarter 2025 private equity report by Neuberger Berman.  
Attachments:  
3b - Investment Report for SJ FED City Employee's Retirement System-Legacy  
c. Presentation of Calendar 4th Quarter 2025 private markets report by Meketa Investment Group.  
Attachments:  
3c - Q4 2025 PM Report SJ FED PUBLIC ADA  
d. Presentation of Calendar 1st Quarter 2026 performance report for Pension Plan by Meketa  
Investment Group.  
Attachments:  
3d - 1Q 2026 Performance Report SJ FED ERS ADA  
e. Presentation of Calendar 1st Quarter 2026 performance report for Health Care Trust by Meketa  
Investment Group.  
Attachments:  
3e - 1Q 2026 Performance Report SJ FED RHC ADA  
f. Discussion and action of the implemented revisions to the Asset Allocation section of the  
Investment Policy Statement and Resolution number 9134.  
Attachments:  
3f(1) - Federated Pension IPS 06-17-2026 effective 07-01-2026 ADA-Clean  
3f(2) - Federated Pension IPS 06-17-2026 effective 07-01-2026 ADA-Redlined  
3f(3) - FED Pension IPS - Resolution 9134 06-18-2026 ADA  
4. OLD BUSINESS-DEFERRED/CONTINUED ITEMS-NONE  
5. NEW BUSINESS  
a. Oral update from the CEO of Retirement Services, John Flynn.  
b. Oral update from the City Council Liaison to the Board.  
c. Discussion and action on Gallagher’s Investment Team Compensation Study.  
Time Certain: 10:00 a.m.  
Attachments:  
5c(1) - FED Compensation Study Memo to Boards ADA  
5c(2) - San Jose Retirement Total Compensation Report 6-3-2026  
d. Discussion and presentation of Vision’31 - ORS Action Plan to support the Five-Year Strategic  
Plan by John Flynn, CEO.  
Attachments:  
5d(1) - ORS Vision'31 Presentation - Final  
5d(2) - ORS Strategic Plan Vision'31 - Final  
5d(3) - ORS Action Plan - Final  
5d(4) - Strategic Initiatives Timelines - Final  
5d(5) - Strategic Initiatives Groupings -Final  
e. Discussion and action on the FY 2027 Annual Strategic Work Plan for the Office of Retirement  
Services, covering the first operational year of the Five-Year Strategic Plan.  
Attachments:  
5e(1) - FED - FY2027 Strategic Work Plan Memo - Final  
5e(2) - FY2027 Strategic Work Plan - Final  
f. Discussion and action to approve one full-time overstrength Benefits Division Manager through  
January 2, 2027.  
Attachments:  
5f(1) - FED ORS Overstrength Benefits Division Manager Board Memo ADA  
5f(2) - ORS Organization Chart ADA  
g. 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.  
Attachments:  
5g - FED Joint Ad Hoc Budget Committee Memo  
6. COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS  
6.1 Investment Committee (Chandra, Faulkner, Abbott)  
Last Meeting: April 14, 2026 Next Meeting: August 25, 2026  
a. 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  
a. Oral update from the Chair of the Audit/Risk Committee.  
·
·
·
·
·
Approval of the Q3 2025 amended travel and attendance report for the Federated City  
Employee’s Retirement System.  
Approval of the Q1 2026 travel and attendance report for the Federated City Employee’s  
Retirement System.  
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.  
Attachments:  
6.2a(1) - Q3 2025 FED Travel-Attendance Report ADA  
6.2a(2) - Q1 2026 FED Quarterly Travel-Attendance Report ADA  
6.2a(3) - FY 2026 Audit Plan MGO ADA  
6.2a(4) - Internal Audit Contract Amendment - Memo ADA  
6.2a(5) - FED First Amendment to Baker Tilly Services Agreement (Redlines)  
6.2a(6) - FY27-31 Audit Plan Memo ADA  
6.2a(7) - Internal Audit Status ORS Audit Committee Meeting ADA  
6.2a(8) - Risk Assessment Proposed 5-Year IA Plan- Draft Report ADA  
6.2a(9) - Internal Audit Dashboard ADA  
6.2a(10) - Internal Audit Status Report 5-21-26  
6.2a(11) - Proposed Closed Items  
6.2a(12) - Penetration Testing Status Dashboard ADA  
b. Minutes of the Joint Audit Committee meeting from February 19, 2026. Receive and file.  
Attachments:  
6.2b - JAC 2-19-26 Minutes-Final ADA  
c. Discussion and action on FY 2025 - 2026 Office of Retirement Services External Audit Plan by  
Macias Gini & O’Connell LLP (MGO).  
Attachments:  
6.2c - FY 2026 Audit Plan MGO ADA  
d. Discussion and action to approve the First Amendment to the agreement with Baker Tilly for  
internal audit consulting services.  
Attachments:  
6.2d(1) - FED Internal Audit Contract Amendment Memo ADA Archivable  
6.2d(2) - FED First Amendment to Baker Tilly Services Agreement (Redlines)  
e. Discussion and action on the Proposed Internal Audit Plan for FY 2026 - 2027 from Baker Tilly.  
Attachments:  
6.2e(1) - Audit Plan Memo FED Board Meeting 6-18-26 ADA Final  
6.2e(2) - Proposed FY'26-FY'27 Internal Audit Plan FED ADAv2  
6.3 Governance Committee (Abbott, Nakagawa, Chi)  
Last Meeting: June 17, 2026 Next Meeting: September 16, 2026  
a. Oral update from the Chair of the Governance Committee.  
6.4 FCERS Disability Committee (Faulkner, Linder, Nakagawa - Alt: Abbott)  
Last Meeting: June 9, 2026 Next Meeting: August 11, 2026  
a. Oral update from the Chair of the Disability Committee.  
6.5 Joint Personnel Committee (Chandra, Horowitz, Linder)  
Last Meeting: April 1, 2026  
Next Meeting: August 18, 2026  
a. Oral update from the Vice Chair of the Joint Personnel Committee.  
7. EDUCATION & TRAINING  
a. CALAPRS 2026 Program Calendar.  
Attachments:  
7a - CALAPRS 2026 Program Calendar ADA  
b. Quarterly Trustee Education Opportunities Report.  
Attachments:  
7b - 2026 Q3 Quarterly Trustee Education Opportunities Report ADA  
c. NASRA Annual Conference 2026, Boston, MA, August 8 - 12, 2026.  
Attachments:  
7c - NASRA Annual Conference 2026 Prelim Agenda  
d. NCPERS Public Pension Funding Forum, Chicago, IL, August 16 - 18, 2026.  
Attachments:  
7d - NCPERS Public Pension Funding Forum Agenda  
e. CALAPRS Principles of Pension Governance for Trustees, Santa Barbara, CA, August 24 - 27,  
2026.  
Attachments:  
7e - CALAPRS Principles of Pension Governance Flyer  
• PROPOSED AGENDA ITEMS  
• ADJOURNMENT  
• Next FCERS Board Meeting: August 20, 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.