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BOARD OF ADMINISTRATION  
Meeting Minutes  
Police and Fire Investment Committee  
Tuesday, April 28, 2026  
12:00 PM  
1737 North First Street, Suite 580  
San Jose, CA 95112  
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: 958 6514 9455  
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  
Jay Kwon, 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  
Tuesday, April 28, 2026. The meeting was called to order at 12:06 p.m. by Chair Lee  
followed by a roll call.  
Committee members present: Howard Lee, Andrew Gardainer, David Kwan and Sunita  
Ganapati.  
Retirement Staff present: John Flynn, Jay Kwon, Dhinesh Ganapathiappan, Christina  
Wang, Arun Nallasivan, David Aung, Ron Kumar, Harrison Pearce, Ryan Reynado,  
Jennifer You, Julie He and Ellen Lee.  
Also present in person: Laura Wirick, Meketa Investments and Colin Kowalski, Meketa  
Investments.  
Also present via Zoom: Brian Kwan, Verus Investments, Faith Daigneau, Meketa  
Investments, Kevin Balaod, public member, and Paul Schemel, public member.  
ADA ALERT  
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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)  
i.  
Take action on request(s) for remote appearance.  
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CALL TO ORDER AND ROLL CALL  
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ORDERS OF THE DAY  
CONSENT CALENDAR  
1.  
a.  
Approval of minutes of the February 23, 2026 Police and Fire Investment Committee meeting.  
A motion was made to approve the minutes of the February 23, 2026 Police and Fire  
Investment Committee meeting.  
Approved (m.s.c. Gardiner/Ganapati 4-0)  
2.  
NEW BUSINESS  
a.  
b.  
Oral Update by CIO, Jay Kwon.  
CIO Kwon introduced the agenda items for today's meeting.  
Overview of public equity by Christina Wang, Investment Officer and Harrison Pearce, Investment  
Analyst.  
Investment Officer Christina Wang and Investment Analyst Harrison Pearce gave a  
comprehensive overview of the Federated Plan's public equity portfolio. Mr. Pearce went  
through the objectives and the manager selection and monitoring process. Ms. Wang gave a  
summary of the current positioning of the portfolio and fund positioning. She also highlighted  
watch list managers and answered questions relating to under performance of couple of the  
managers. Finally, she discussed the active manager fee structure.  
c.  
Discussion and action on fiscal year 2026-2027 private markets pacing plan by Dhinesh  
Ganapathiappan, Senior Investment Officer and David Aung, Investment Officer.  
Senior Investment Officer Dhinesh Ganapathiappan and Investment Officer David Aung  
presented the private markets pacing plan for the upcoming fiscal year 2026-2027. Mr.  
Ganapathiappan reminded the Committee that the pacing plan is a guide for how we can get  
to our strategic asset allocation targets. He also presented updates on the current plan  
including updated performance. Mr. Aung presented the building blocks of the pacing plan.  
They ended the discussion with recommendations.  
A motion was made to approve the pacing plan as presented by staff.  
Approved (m.s.c. Ganapati/Kwan 4-0)  
d.  
Discussion and action on strategic asset allocation by Meketa Investments.  
Laura Wirick, and Colin Kowalski, Meketa Investment Group, presented the annual discussion  
on capital market assumptions and the strategic asset allocation. Mr. Kowalski gave a brief  
review of Meketa's updated capital market expectations. Meketa recommended no changes  
because they believe the current asset allocation has a strong balance between growth and  
protection against a variety of different market environments. One change Meketa  
recommended was to roll the three different bond categories into one multi sector bond  
category.  
A motion was made to approve the strategic asset allocation to be the same as last year,  
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except for the reclassification of the bond allocation to multi sector bonds.  
Approved (m.s.c. Ganapati/Kwan 4-0)  
CLOSED SESSION  
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PROPOSED AGENDA ITEMS  
PUBLIC COMMENTS  
ADJOURNMENT  
The meeting adjourned at 2:53 p.m.