BOARD OF ADMINISTRATION  
Action Minutes  
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  
_______________________________________________________________  
The Board of Administration of the Federated City Employees Retirement  
System and Health Care Trust met on Thursday, April 16, 2026, at City Hall, Wing  
Rooms 118-120, 200 E. Santa Clara St., San Jose, CA 95113 and via Zoom at 8:30  
a.m. Vice-Chair Faulkner called the meeting to order at 8:30 a.m. followed by roll  
call.  
Board Members Present: Matthew Faulkner, Deborah Abbott, Brian Chi, and  
Nathan Nakagawa.  
Board Members Present via Zoom utilizing the Traditional Brown Act  
teleconferencing rules: Mark Linder. Counsel Fairley questioned Trustee Linder  
on whether he met the qualifications to teleconference under the Brown Act, and  
Trustee Linder responded  
in the affirmative.  
Anurag Chandra and Spencer Horowitz were absent.  
Retirement Staff Present: John Flynn, Jay Kwon, Barbara Hayman, Benjie  
Chua-Foy, Amanda Hiew, Gabriela Romero, Edith Orosco, Sherrell Aledo, Ryan  
Reynado, Dhinesh Ganapathiappan, Christina Wang, David Aung, Arun  
Nallasivan, Ron Kumar, and Cynthia Ayala.  
Retirement Staff Present via Zoom: Shilpi Dwivedi, Harrison Pierce, Jennifer You,  
Ellen Lee, Sylvia Mark, An Nguyen, and Nam Cao.  
Also Present: Pam Foley, Vice Mayor and City Council Liaison; and Mariah  
Fairley, General and Fiduciary Counsel.  
Also Present via Zoom: Kevid Balaod, With Intelligence-Journalist; Julie Becker,  
Aon; Brad Imamura, Public Member; Nate Weinstein, Public Member; and Donald  
Ludwig, Public Member.  
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)  
**  
Take action on request(s) for remote appearance.  
i.  
CLOSED SESSION  
CLOSED SESSION NEW BUSINESS-DEFERRED/CONTINUED ITEMS-NONE  
I.  
ORDERS OF THE DAY  
Orders of the Day was heard immediately after roll call attendance.  
ORDERS OF THE DAY:  
• None.  
WAIVE SUNSHINE:  
• Late Attachment: Item 6.3c(1).  
A motion was made to waive sunshine for the attachment referenced above.  
Approved. (M.S.C. Linder/ Abbott 5-0-0). The motion passed unanimously by roll  
call vote.  
Chair Horowitz and Trustee Chandra were absent.  
Brad Imamura, a member of the public, made public comments.  
PUBLIC/RETIREE/GENERAL COMMENTS – Subject to Government Code  
Section 54954.3  
Brad Imamura, a member of the public, made public comments, which was  
addressed by Vice-Chair Faulkner.  
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.  
CONSENT CALENDAR  
1.  
A motion was made to approve the Consent Calendar.  
Approved. (M.S.C. Nakagawa/Chi 5-0-0). The motion passed unanimously by  
roll call vote.  
Chair Horowitz and Trustee Chandra were absent.  
Brad Imamura, a member of the public, made public comments.  
Approval of Service Retirements  
1.1  
a.  
Mark A. Ambler, Maintenance Worker I, Parks, Recreation and Neighborhood  
Services, effective April 25, 2026; 9.36* years of service.  
b.  
c.  
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.  
Early Retirement  
1.2  
a.  
Hassan K. Basma, Associate Engineer, Department of Transportation, effective  
April 25, 2026; 10.57* years of service.  
b.  
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)  
Approval of Deferred Vested  
Russell D. Chung, Engineer II, Fire Department, effective April 25, 2026; 26.12*  
1.3  
a.  
years of service. (With Reciprocity - 8.28 CSJ + 17.83 PERS = 26.12 YOS)  
b.  
c.  
d.  
e.  
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)  
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)  
f.  
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)  
Approval of Board Minutes  
Approval of the Board Minutes of March 19, 2026.  
Approval of Return of Contributions  
1.4  
a.  
1.5  
a.  
Voluntary | Involuntary  
Communications and Information Reports  
1.6  
a.  
Report of the Monthly Board Expenses for February 2026. Receive and file.  
Mayor's March Budget Message for Fiscal Year 2026-2027.  
b.  
c.  
d.  
Request for Consideration of Reasonably Good Cause for Trustee Chandra’s  
absence.  
Educational Travel Reports:  
·
CALAPRS General Assembly 2026, Carlsbad, CA, March 8 - 11, 2026 by  
Spencer Horowitz.  
Approval of Travel and Reimbursements  
1.7  
a.  
Anurag Chandra, Trustee  
·
2026 Milken Institute Global Conference, Beverly Hills, CA, May 3 - 6, 2026.  
b.  
c.  
John Flynn, CEO  
·
NCPERS Chief Officers Summit 2026, Newport Beach, CA, June 15 - 16,  
2026.  
Reimbursement  
Spencer Horowitz, Chair  
·
CALAPRS General Assembly 2026, Carlsbad, CA. March 8 - 11, 2026.  
Approval of Administrative Matters  
1.8  
a.  
Fiduciary Insurance and Waiver of Recourse Fees for Policy Year March  
2026-2027.  
DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)  
2.  
a.  
Vice-Chair Faulkner asked for a moment of silence for those who served and  
passed away.  
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.  
INVESTMENTS  
3.  
a.  
Oral update from the CIO of Retirement Services, Jay Kwon.  
CIO Kwon updated the Board.  
Brad Imamura, a member of the public, made public comments, which was  
addressed by Vice-Chair Faulkner.  
OLD BUSINESS-DEFERRED/CONTINUED ITEMS-NONE  
NEW BUSINESS  
4.  
5.  
a.  
Oral update from the CEO of Retirement Services, John Flynn.  
CEO Flynn updated the Board.  
Brad Imamura, a member of the public, made public comments, which were  
addressed by Vice-Chair Faulkner and CEO Flynn.  
b.  
c.  
Oral update from the City Council Liaison to the Board.  
Vice Mayor and Councilmember Foley updated the Board on pending matters  
before the City Council that were relevant to the Board. She also thanked  
Vice-Chair Faulkner for his excellent work and welcomed CIO Kwon.  
Discussion and action on the proposed administrative budget for fiscal year  
2026-2027.  
This item was presented.  
Brad Imamura, a member of the public, made public comments.  
A motion was made to approve the proposed administrative budget for fiscal  
year 2026-2027.  
Approved. (M.S.C. Abbott/Nakagawa 5-0-0). The motion passed unanimously by  
roll call vote.  
Chair Horowitz and Trustee Chandra were absent.  
d.  
Discussion and action on adoption of updated City Policy Manual #3.3.2 -  
Management Performance Program Policy for ORS Operations.  
This item was presented.  
A motion was made to approve the adoption of updated City Policy Manual  
#3.3.2 - Management Performance Program Policy for ORS Operations.  
Approved. (M.S.C. Chi/Nakagawa 5-0-0). The motion passed unanimously by  
roll call vote.  
Chair Horowitz and Trustee Chandra were absent.  
COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS  
Investment Committee (Chandra, Faulkner, Abbott)  
6.  
6.1  
Last Meeting: April 14, 2026  
Next Meeting: June 30, 2026  
a.  
Oral update from the Chair of the Investment Committee.  
Trustee Abbott updated the Board on matters discussed at the previous  
meeting. CIO Kwon added that the next meeting is to be determined.  
Audit/Risk Committee ( Linder, Horowitz, Chi)  
6.2  
Last Meeting: February 19, 2026 Next Meeting: May 21, 2026  
a.  
Oral update from the Chair of the Audit/Risk Committee.  
Chair Linder advised the Board that the committee's next meeting is on May  
21, 2026.  
Governance Committee (Abbott, Nakagawa, Chi)  
6.3  
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.  
Chair Abbott updated the Board on matters discussed at the previous meeting.  
b.  
c.  
Minutes of the January 15, 2026 Joint Governance Committee meeting. Receive  
and file.  
The Minutes were received and filed.  
Discussion and action to adopt the Governance Review Framework and multi-year  
workplan for the review and update of board governance documents.  
This item was presented.  
A motion was made to adopt the Governance Review Framework and  
multi-year workplan for the review and update of board governance  
documents.  
Approved. (M.S.C. Abbott/Linder 5-0-0). The motion passed unanimously by roll  
call vote.  
Chair Horowitz and Trustee Chandra were absent.  
d.  
Discussion and action to adopt the new Policy on Policies.  
This item was presented.  
A motion was made to adopt the Governance Review Framework and  
multi-year workplan for the review and update of board governance  
documents.  
Approved. (M.S.C. Nakagawa/Chi 5-0-0). The motion passed unanimously by  
roll call vote.  
Chair Horowitz and Trustee Chandra were absent.  
e.  
Discussion and action to adopt the new Public Comment Policy.  
This item was presented.  
A motion was made to adopt the new Policy on Policies.  
Approved. (M.S.C. Nakagawa/Abbott 5-0-0). The motion passed unanimously by  
roll call vote.  
Chair Horowitz and Trustee Chandra were absent.  
Brad Imamura, a member of the public, made public comments, which was  
addressed by Vice-Chair Faulkner.  
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.  
This item was presented.  
A motion was made to approve to recommend delegating authority to the  
Chief Executive Officer to approve City policies applicable to the operations of  
the Office of Retirement Services.  
Approved. (M.S.C. Abbott/Nakagawa 5-0-0). The motion passed unanimously by  
roll call vote.  
Chair Horowitz and Trustee Chandra were absent.  
FCERS Disability Committee ( Faulkner, Linder, Nakagawa - Alt: Abbott)  
6.4  
Last Meeting: February 10, 2026 Next Meeting: May 12, 2026  
a.  
Oral update from the Chair of the Disability Committee.  
There was no update.  
Joint Personnel Committee (Chandra, Horowitz, Linder)  
6.5  
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.  
Trustee Linder updated the Board on matters discussed at the previous  
meeting.  
b.  
c.  
Minutes of the January 27, 2026 Joint Personnel Committee meeting. Receive and  
file.  
The Minutes were received and filed.  
Discussion and action on the FY2026 CEO Performance Evaluation metrics and  
weightings recommended by the Joint Personnel Committee.  
This item was presented.  
A motion was made to the FY2026 CEO Performance Evaluation metrics and  
weightings recommended by the Joint Personnel Committee.  
Approved. (M.S.C. Linder/Abbott 5-0-0). The motion passed unanimously by roll  
call vote.  
Chair Horowitz and Trustee Chandra were absent.  
d.  
Discussion and action on the FY2026 CIO Performance Evaluation metrics and  
weightings recommended by the Joint Personnel Committee.  
This item was presented.  
A motion was made to the FY2026 CIO Performance Evaluation metrics and  
weightings recommended by the Joint Personnel Committee.  
Approved. (M.S.C. Linder/Abbott 5-0-0). The motion passed unanimously by roll  
call vote.  
Chair Horowitz and Trustee Chandra were absent.  
EDUCATION & TRAINING  
7.  
The Education & Training was received and filed.  
a.  
b.  
c.  
d.  
CALAPRS 2026 Program Calendar.  
Quarterly Trustee Education Opportunities Report.  
SACRS Spring Conference 2026, Olympic Valley, CA, May 12 - 15, 2026.  
NCPERS Trustee Educational Seminars (TEDS), Las Vegas, NV, May 16 - 17,  
2026.  
e.  
NCPERS The Annual Conference & Exhibition (ACE), Las Vegas, NV, May 17 -  
20, 2026.  
PROPOSED AGENDA ITEMS  
None.  
ADJOURNMENT  
The meeting adjourned at 10:30 a.m.  
Next FCERS Board Meeting: May 21, 2026  
*Estimated  
Minutes Recorded, Prepared and Respectfully Submitted by,  
_________________________________________  
SPENCER HOROWITZ, 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  
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’  
related to an agenda item for an upcoming meeting.  
The Code of Conduct  
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.  
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.