BOARD OF ADMINISTRATION  
Meeting Agenda - Final  
Federated City Employees' Retirement  
System and Federated City Employees'  
Health Care Trust  
Thursday, April 16, 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: 943 6787 5370  
BOARD MEMBERS  
Spencer Horowitz, Chair (Term Expires 11/30/28) -- 83 Avenue Maréchal Foch, 83150 Bandol, France  
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) -- 2 Westwood Road, Santa Cruz, CA 95060  
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  
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.  
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.  
b.  
c.  
Mark A. Ambler, Maintenance Worker I, Parks, Recreation and Neighborhood Services, effective  
April 25, 2026; 9.36* years of service.  
Victor M. Carmona, Water System Operations Superintendent I, Environmental Services  
Department, effective March 28, 2026; 25.55* years of service.  
Govan M. Hill, Senior Engineering Technician, Environmental Services Department, effective April  
25, 2026; 12.56* years of service.  
1.2 Early Retirement  
a.  
b.  
Hassan K. Basma, Associate Engineer, Department of Transportation, effective April 25, 2026;  
10.57* years of service.  
Paul R. Harden, Supervising Environmental Services Specialist, Planning, Building and Code  
Enforcement, effective April 2, 2026; 11.23* years of service. (With Reciprocity - 3.66 PERS + 7.57  
CSJ = 11.23 YOS)  
1.3 Approval of Deferred Vested  
a.  
b.  
Russell D. Chung, Engineer II, Fire Department, effective April 25, 2026; 26.12* years of service.  
(With Reciprocity - 8.28 CSJ + 17.83 PERS = 26.12 YOS)  
Andrew B. Dorso, Building Inspector, Combination Certification II, Planning, Building and Code  
Enforcement, effective April 18, 2026; 11.21* years of service. (With Reciprocity - 1.21 CSJ +  
10.00 LACERS = 11.21 YOS)  
c.  
d.  
e.  
f.  
Brenda K. Eldridge, Senior Office Specialist, Information Technology Department, effective May 1,  
2026; 8.86* years of service. (With Reciprocity - 1.46 CSJ + 7.40 ACERA = 8.86 YOS)  
Richard Langston, Wastewater Mechanic I, Environmental Services Department, effective April 1,  
2026; 8.36* years of service. (With Reciprocity - 1.12 CSJ + 7.23 PERS = 8.36 YOS)  
Peter K. Owen, Program Manager II, Finance Department, effective May 2, 2026; 20.40* years of  
service. (With Reciprocity - 1.94 CSJ + 5.45 SamCERA + 13.00 CalPERS = 20.40 YOS)  
Meenaxi Raval, Planner IV, Planning, Building and Code Enforcement, effective, April 20, 2026;  
5.22* years of service.  
g.  
h.  
Kimberly Shunk, Director, City Manager’s Office, effective May 5, 2026; 23.53* years of service.  
(With Reciprocity - 3.48 CSJ + 20.05 PERS = 23.53 YOS)  
Annie To, Deputy Director, Finance Department, effective April 1, 2026; 36.42* years of service.  
(With Reciprocity - 9.50 EBMUD + 1.98 CSJ + 24.93 PERS - 36.42 YOS)  
1.4 Approval of Board Minutes  
a.  
Approval of the Board Minutes of March 19, 2026.  
Attachments:  
1.5 Approval of Return of Contributions  
a.  
Voluntary | Involuntary  
Attachments:  
1.6 Communications and Information Reports  
a.  
Report of the Monthly Board Expenses for February 2026. Receive and file.  
Attachments:  
b.  
Mayor's March Budget Message for Fiscal Year 2026-2027.  
Attachments:  
c.  
d.  
Request for Consideration of Reasonably Good Cause for Trustee Chandra’s absence.  
Attachments:  
Educational Travel Reports:  
CALAPRS General Assembly 2026, Carlsbad, CA, March 8 - 11, 2026 by Spencer Horowitz.  
·
Attachments:  
1.7 Approval of Travel and Reimbursements  
a.  
b.  
c.  
Anurag Chandra, Trustee  
2026 Milken Institute Global Conference, Beverly Hills, CA, May 3 - 6, 2026.  
·
Attachments:  
John Flynn, CEO  
·
NCPERS Chief Officers Summit 2026, Newport Beach, CA, June 15 - 16, 2026.  
Attachments:  
Reimbursement  
Spencer Horowitz, Chair  
·
CALAPRS General Assembly 2026, Carlsbad, CA. March 8 - 11, 2026.  
Attachments:  
1.8 Approval of Administrative Matters  
a.  
Fiduciary Insurance and Waiver of Recourse Fees for Policy Year March 2026-2027.  
Attachments:  
2. DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)  
a.  
Notification of the death of Daniel Beerman, Marketing Representative II, retired September 15,  
2017, died November 30, 2025. Survivorship benefits to Tamilyn Kajihara, spouse.  
b.  
c.  
d.  
e.  
f.  
Notification of the death of Patrick Forbes, Senior Warehouse Worker, retired May 17, 2010, died  
February 8, 2026. No survivorship benefits.  
Notification of the death of Abel Hernandez Jr, Maintenance Worker II, retired October 4, 1987,  
died January 4, 2026. No survivorship benefits  
Notification of the death of Ramona Sierras-Hodge, Senior Office Specialist, retired March 22,  
2008, died February 5, 2026. No survivorship benefits.  
Notification of the death of Stephen Edward Hung, Program Manager I, active, died January 31,  
2026. Survivorship benefits to Marsh Quan, spouse.  
Notification of the death of Roxanne L. Miller, Legislative Research Analyst, retired April 13, 2018,  
died January 31, 2026. No survivorship benefits.  
3. INVESTMENTS  
a.  
Oral update from the CIO of Retirement Services, Jay Kwon.  
4. OLD BUSINESS-DEFERRED/CONTINUED ITEMS-NONE  
5. NEW BUSINESS  
a.  
b.  
c.  
Oral update from the CEO of Retirement Services, John Flynn.  
Oral update from the City Council Liaison to the Board.  
Discussion and action on the proposed administrative budget for fiscal year 2026-2027.  
Attachments:  
d.  
Discussion and action on adoption of updated City Policy Manual #3.3.2 - Management Performance  
Program Policy for ORS Operations.  
Attachments:  
6. COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS  
6.1 Investment Committee (Chandra, Faulkner, Abbott)  
Last Meeting: April 14, 2026  
Next Meeting: June 30, 2026  
a.  
Oral update from the Chair of the Investment Committee.  
6.2 Audit/Risk Committee ( Linder, Horowitz, Chi)  
Last Meeting: February 19, 2026 Next Meeting: May 21, 2026  
a.  
Oral update from the Chair of the Audit/Risk Committee.  
6.3 Governance Committee (Abbott, Nakagawa, Chi)  
Last Meeting: March 18, 2026 Next Meeting: June 17, 2026  
a.  
Oral update from the Chair of the Governance Committee.  
·
Nomination and Election of Governance Committee Vice Chairs.  
·
·
·
·
Discussion and action to recommend adoption of the Governance Review Framework.  
Discussion and action to recommend adoption of new Policy on Policies.  
Discussion and action to recommend adoption of the new Public Comment Policy.  
Discussion on Q2’26 policies: Board of Administration Charter, CEO & CIO Performance  
Evaluation Policies.  
·
Discussion and action on CEO authority to approve new and updated City Policies.  
Attachments:  
b.  
c.  
Minutes of the January 15, 2026 Joint Governance Committee meeting. Receive and file.  
Attachments:  
Discussion and action to adopt the Governance Review Framework and multi-year workplan for the  
review and update of board governance documents.  
Attachments:  
d.  
e.  
Discussion and action to adopt the new Policy on Policies.  
Attachments:  
Discussion and action to adopt the new Public Comment Policy.  
Attachments:  
f.  
Discussion and action to recommend delegating authority to the Chief Executive Officer to approve  
City policies applicable to the operations of the Office of Retirement Services.  
Attachments:  
6.4 FCERS Disability Committee ( Faulkner, Linder, Nakagawa - Alt: Abbott)  
Last Meeting: February 10, 2026 Next Meeting: May 12, 2026  
a.  
6.5 Joint Personnel Committee (Chandra, Horowitz, Linder)  
Oral update from the Chair of the Disability Committee.  
Last Meeting: April 1, 2026  
Next Meeting: August 18, 2026  
a.  
Oral update from the Vice-Chair of the Joint Personnel Committee.  
·
·
·
·
Nomination and election of Chair of Joint Personnel Committee.  
Nomination and election of Vice-Chair of Joint Personnel Committee.  
Discussion and action on the Investment Team Compensation.  
Discussion and action on 2025-2026 CEO Performance Evaluation, including process and  
evaluation criteria.  
·
·
Discussion and action on 2025-2026 CIO Performance Evaluation, including process and  
evaluation criteria.  
Discussion on CEO & CIO Performance Evaluation Policies.  
Attachments:  
b.  
c.  
Minutes of the January 27, 2026 Joint Personnel Committee meeting. Receive and file.  
Attachments:  
Discussion and action on the FY2026 CEO Performance Evaluation metrics and weightings  
recommended by the Joint Personnel Committee.  
Attachments:  
d.  
Discussion and action on the FY2026 CIO Performance Evaluation metrics and weightings  
recommended by the Joint Personnel Committee.  
Attachments:  
7. EDUCATION & TRAINING  
a.  
b.  
c.  
d.  
e.  
CALAPRS 2026 Program Calendar.  
Attachments:  
Quarterly Trustee Education Opportunities Report.  
Attachments:  
SACRS Spring Conference 2026, Olympic Valley, CA, May 12 - 15, 2026.  
Attachments:  
NCPERS Trustee Educational Seminars (TEDS), Las Vegas, NV, May 16 - 17, 2026.  
Attachments:  
NCPERS The Annual Conference & Exhibition (ACE), Las Vegas, NV, May 17 - 20, 2026.  
Attachments:  
• PROPOSED AGENDA ITEMS  
• ADJOURNMENT  
• Next FCERS Board Meeting: May 21, 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  
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  
item for an upcoming meeting.  
The Code of Conduct  
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.  
1. Public Meeting Decorum:  
a) Persons in the audience will refrain from behavior which will disrupt the public  
meeting. This will include making loud noises, clapping, shouting, booing, hissing or  
engaging in any other activity in a manner that disturbs, disrupts or impedes the orderly  
conduct of the meeting.  
b) Persons in the audience will refrain from creating, provoking or participating in any  
type of disturbance involving unwelcome physical contact.  
c) Persons in the audience will refrain from using cellular phones and/or pagers while  
the meeting is in session.  
d) Appropriate attire, including shoes and shirts are required in the Council Chambers  
and Committee Rooms at all times.  
e) Persons in the audience will not place their feet on the seats in front of them.  
f) No food, drink (other than bottled water with a cap), or chewing gum will be allowed in  
the Council Chambers and Committee Rooms, except as otherwise pre-approved by  
City staff.  
g) All persons entering the Council Chambers and Committee Rooms, including their  
bags, purses, briefcases and similar belongings, may be subject to search for weapons  
and other dangerous materials.  
2. Signs, Objects or Symbolic Material:  
a) Objects and symbolic materials, such as signs or banners, will be allowed in the  
Council Chambers and Committee Rooms, with the following restrictions: § No objects  
will be larger than 2 feet by 3 feet.  
-No sticks, posts, poles or other such items will be attached to the signs or other  
symbolic materials.  
-The items cannot create a building maintenance problem or a fire or safety hazard.  
b) Persons with objects and symbolic materials such as signs must remain seated  
when displaying them and must not raise the items above shoulder level, obstruct the  
view or passage of other attendees, or  
otherwise disturb the business of the meeting.  
c) Objects that are deemed a threat to persons at the meeting or the facility  
infrastructure are not allowed. City staff is authorized to remove items and/or individuals  
from the Council Chambers and Committee Rooms if a threat exists or is perceived to  
exist. Prohibited items include, but are not limited to: firearms (including replicas and  
antiques), toy guns, explosive material, and ammunition; knives and other edged  
weapons; illegal drugs and drug paraphernalia; laser pointers, scissors, razors,  
scalpels, box cutting knives, and other cutting tools; letter openers, corkscrews, can  
openers with points, knitting needles, and hooks; hairspray, pepper spray, and aerosol  
containers; tools; glass containers; and large backpacks and suitcases that contain  
items unrelated to the meeting.  
3. Addressing the Council, Committee, Board or Commission:  
a) Persons wishing to speak on an agenda item or during open forum are requested to  
complete a speaker card and submit the card to the City Clerk or other administrative  
staff at the meeting.  
b) Meeting attendees are usually given two (2) minutes to speak on any discussion item  
and/or during open forum; the total amount of time allocated for public testimony for  
each public speaker or for an agenda item is in the discretion of the Chair of the meeting  
and may be limited when appropriate. (California Government Code Section 54954.3;  
Council Policy 0-37) Applicants and appellants in land use matters are usually given  
more time to speak. Speakers using a translator will be given twice the time allotted to  
ensure non-English speakers receive the same opportunity to directly address the  
Council, Committee, Board or Commission.  
c) Speakers should discuss only the agenda item when called to speak for that item,  
and only topics related to Retirement Board business when called to speak during open  
forum on the agenda.  
d) Speakers’ comments should be addressed to the full body. Requests to engage the  
Mayor, Council Members, Board Members, Commissioners or Staff in conversation will  
not be honored. Abusive language is inappropriate.  
e) Speakers will not bring to the podium any items other than a prepared written  
statement, writing materials, or objects that have been inspected by security staff.  
f) If an individual wishes to submit written information, he or she may give it to the City  
Clerk or other administrative staff at the meeting.  
g) Speakers and any other members of the public will not approach the dais at any time  
without prior consent from the Chair of the meeting.  
Failure to comply with this Code of Conduct which will disturb, disrupt or impede the  
orderly conduct of the meeting may result in removal from the meeting and/or possible  
arrest.