BOARD OF ADMINISTRATION  
Meeting Agenda - Final-revised  
Federated City Employees' Retirement  
System and Federated City Employees'  
Health Care Trust  
Thursday, September 17, 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: 988 0269 0505  
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)  
Vacant, Trustee  
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  
CLOSED SESSION AGENDA ITEMS WILL BE HEARD AT 8:30 A.M.  
I. CLOSED SESSION NEW BUSINESS  
A.  
B.  
C.  
CLOSED SESSION: CONFERENCE WITH LABOR NEGOTIATOR PURSUANT TO  
GOVERNMENT CODE SECTION 54957.6(a). Designated Labor Negotiator: Spencer Horowitz,  
Board Chair. Unrepresented employees: Chief Executive Officer.  
CLOSED SESSION: CONFERENCE WITH LABOR NEGOTIATOR PURSUANT TO  
GOVERNMENT CODE SECTION 54957.6(a). Designated Labor Negotiator: Anurag Chandra,  
Investment Committee Chair. Unrepresented employees: Chief Investment Officer.  
CLOSED SESSION: CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED  
LITIGATION: Significant exposure to litigation pursuant to Section 54956.9(d)(2): One Case.  
OPEN SESSION - will reconvene following Closed Session, estimated to be 9:30 a.m.  
• 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.  
Eddie Aubrey, Independent Police Auditor, Independent Police Auditor, effective September 2,  
2026; 10.65* years of service. (8.31 PERS + 2.33 CSJ = 10.65 YOS)  
b.  
c.  
d.  
e.  
Stephen Cameron, Park Maintenance Repair Worker II, Parks, Recreation and Neighborhood  
Services, effective September 26, 2026; 12.19* years of service.  
Robert R. Castaneda Jr., Police Radio Dispatcher, Police Department, effective October 10, 2026;  
17.88* years of service.  
Mark E. Kiehl, Air Service Development Manager, Airport Department, effective October 3, 2026;  
12.51* years of service.  
Jose Vazquez, Wastewater Operator Foreperson II, Environmental Services Department, effective  
October 10, 2026; 25.88* years of service.  
1.2 Early Retirement  
a.  
Kate Handford, Executive Office Administrator, City Manager’s Office, effective October 10, 2026;  
10.52* years of service.  
1.3 Approval of Deferred Vested  
a.  
Joseph Barboa, Maintenance Worker II, Department of Transportation, effective October 3, 2026;  
18.80* years of service. (15.34 CSJ + 3.46 StanCERA = 18.80 YOS)  
b.  
c.  
d.  
e.  
f.  
Alfred Buzo, Council Policy & Legislative Director, City Clerk’s Office, effective September 1, 2026;  
9.40* years of service.  
Ronald Q. Coquia, Supervising Application Analyst, Airport Department, effective October 6, 2026;  
15.70* years of service.  
Heba El Guindy, Senior Transportation Specialist, Department of Transportation, effective August  
16, 2026; 9.17* years of service. (1.41 CSJ + 7.76 PERS = 9.17 YOS)  
Stephanie L. Molloy, Supervising Environmental Services Specialist, Environmental Services  
Department, effective August 25, 2026; 8.02* years of service. (2.89 CSJ + 5.20 PERS = 8.02 YOS)  
Jarae Lynn Neumann, Police Data Specialist II, Police Department, effective August 21, 2026;  
10.88* years of service.  
g.  
h.  
Cristina Pena, Engineer II, Environmental Services Department, effective September 26, 2026;  
26.78* years of service. (1.43 CSJ + 25.34 PERS = 26.78 YOS)  
Keith E. Van Gastel, Building Inspector Supervisor, Certified II, Planning, Building and Code  
Enforcement, effective October 10, 2026; 13.02* years of service.  
1.4 Approval of Board Minutes  
a.  
Approval of the Board Minutes of August 20, 2026.  
Attachments:  
1.5 Approval of Return of Contributions  
a.  
Voluntary | Involuntary  
Attachments:  
1.6 Communications and Information Reports  
a.  
b.  
c.  
d.  
FY2027 Q1 - Vision’31 Quarterly Report. Receive and file.  
Attachments:  
Report of the Monthly Board Expenses for July 2026. Receive and file.  
Attachments:  
Statement of Work for Investment Manager Reconciliation Audit with Baker Tilly.  
Attachments:  
Adoption of updated City Policies related to Finance-Purchasing.  
Attachments:  
e.  
Educational Travel Reports:  
·
Opal Group Public Funds Summit East, July 27-29, 2026 by Matthew Faulkner.  
Attachments:  
1.7 Approval of Travel and Reimbursements  
a.  
Brian Chi, Trustee  
·
CALAPRS Virtual Trustees Roundtable, October 2, 2026.  
Attachments:  
b.  
Matthew Faulkner, Vice Chair  
MarketsGroup 10th Annual Real Estate West Forum, Half Moon Bay, CA, October 13-14,  
2026.  
·
Attachments:  
c.  
Reimbursements  
·
Opal Group Public Funds Summit East, Newport, RI, July 27-29, 2026 - Matthew Faulkner.  
Attachments:  
1.8 Approval of Change in Retirement Date  
a.  
Approval for a change in effective date for Falguni N. Amin, Engineer II, Public Works Department,  
from December 30, 2025, to December 31, 2025, for a Deferred Vested Retirement approved at the  
December 18, 2025 Board meeting.  
Attachments:  
2. DEATH AND SURVIVORSHIP NOTIFICATIONS (Moment of Silence)  
a.  
b.  
c.  
Notification of the death of William P. Carter, Senior Office Specialist, retired November 19, 2016,  
died July 24, 2026. Survivorship benefits to Jose Federico, spouse.  
Notification of the death of Angela Cipperly, Community Service Supervisor, retired October 1,  
2013, died July 11, 2026. No survivorship benefits.  
Notification of the death of Robert Coats, Recreation Superintendent, retired July 11, 1998, died July  
31, 2026. No survivorship benefits.  
d.  
e.  
f.  
Notification of the death of Elizabeth Fort, Office Specialist II, retired August 2, 2003, died July 19,  
2026. No survivorship benefits.  
Notification of the death of Gerard Guinnane, Senior Instrument Technician, retired October 24,  
2015, died July 30, 2026. Survivorship benefits to Christine A. Guinnane, spouse.  
Notification of the death of Pamela P. Parker, Librarian II, retired September 5, 1998, died August  
18, 2026. No survivorship benefits.  
3. INVESTMENTS  
a.  
b.  
Oral update from the CIO of Retirement Services, Jay Kwon.  
Presentation of Calendar 1st Quarter 2026 private equity report by Neuberger Berman.  
Attachments:  
c.  
d.  
Presentation of Calendar 1st Quarter 2026 private markets report by Meketa Investment Group.  
Attachments:  
Presentation of Calendar 2nd Quarter 2026 performance report for Pension Plan by Meketa  
Investment Group.  
Attachments:  
e.  
Presentation of Calendar 2nd Quarter 2026 performance report for Healthcare Trust by Meketa  
Investment Group.  
Attachments:  
f.  
Discussion and action on the strategic asset allocation by Meketa Investment Group.  
Attachments:  
g.  
Discussion and action on benchmarking for Multi-Sector Bonds, revisions to the Asset Allocation  
section of the Investment Policy Statement and Resolution number 9135.  
Attachments:  
h.  
Presentation of the Investment Fee Report for Calendar Year 2025 by the Investment Staff.  
Attachments:  
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 award of a merit increase, effective the first pay period in FY 2026-2027,  
and additional 2027 executive day(s) for the Chief Executive Officer position.  
d.  
e.  
Discussion and action on award of additional 2027 executive day(s) for the Chief Investment Officer  
position.  
Discussion and action on number of trustees necessary to carry a motion on an agendized item where  
only a quorum is present.  
Attachments:  
f.  
Discussion and action of standing committee assignments.  
Attachments:  
g.  
h.  
Discussion and action on Strategic Initiative 4.1.2 MemberDirect Modernization, presentation by  
Sandra Castellano and staff.  
Attachments:  
Discussion and action on AI Governance at ORS, presentation by John Flynn, CEO.  
Attachments:  
i.  
Discussion and action on adoption of updated City Policy Manual #1.7.12 - Artificial Intelligence (AI)  
Policy.  
Attachments:  
6. COMMITTEE MINUTES, REPORTS AND RECOMMENDATIONS  
6.1 Investment Committee (Chandra, Faulkner, Abbott)  
Last Meeting: August 25, 2026  
Next Meeting: October 20, 2026  
Oral update from the Chair of the Investment Committee.  
a.  
6.2 Audit/Risk Committee (Linder, Horowitz, Chi)  
Last Meeting: August 20, 2026 Next Meeting: October 22, 2026  
a.  
Oral update from the Chair of the Audit/Risk Committee.  
·
·
Approval of the Q2 2026 travel and attendance report for the Federated City Employee’s  
Retirement System.  
Discussion on proposed revisions to the Police and Fire Department Retirement Plan and  
Federated City Employees’ Retirement System Internal Audit Charter.  
Discussion and action on the updated FY 2026-2027 audit plan.  
Discussion on the status of outstanding Internal Audit recommendations.  
·
·
Attachments:  
b.  
c.  
Minutes from May 21, 2026 Joint Audit Committee meeting. Receive and file.  
Attachments:  
Discussion and action on the updated FY 2026-2027 audit plan.  
Attachments:  
6.3 Governance Committee (Abbott, Vacant, Chi)  
Last Meeting: September 16, 2026 Next Meeting: December 16, 2026  
a.  
Oral update from the Chair of the Governance Committee.  
6.4 FCERS Disability Committee (Faulkner, Linder, Vacant - Alt: Abbott)  
Last Meeting: June 9, 2026 Next Meeting: October 13, 2026  
a.  
Oral update from the Chair of the Disability Committee.  
6.5 Joint Personnel Committee (Chandra, Horowitz, Linder)  
Last Meeting: August 31, 2026 Next Meeting: November 17, 2026  
a.  
Oral update from the Vice Chair of the Joint Personnel Committee.  
·
·
·
Discussion and action on the Investment Team Compensation recommendation.  
Discussion and action to provide direction to the staff on the Legal Services Assessment.  
Final Discussion and action to provide direction to the staff on the Communications Function  
Assessment.  
Attachments:  
b.  
Minutes of the April 1, 2026 Joint Personnel Committee meeting. Receive and file.  
Attachments:  
6.6 Joint Budget Ad Hoc Committee (Linder, Abbott - Alt: Chi)  
Last Meeting: August 21, 2026 Next Meeting: September 21, 2026  
a.  
Oral update from the Joint Budget Ad Hoc Committee.  
7. EDUCATION & TRAINING  
a.  
b.  
CALAPRS 2026 Program Calendar.  
Attachments:  
Quarterly Trustee Education Opportunities Report.  
Attachments:  
c.  
d.  
CALAPRS Virtual Trustees Roundtable, October 2, 2026.  
NCPERS Fiduciary in Focus Workshop, Nashville, TN, October 24-25, 2026.  
Attachments:  
e.  
SACRS Annual Fall Conference 2026, Rancho Mirage, CA, November 10-13, 2026.  
• PROPOSED AGENDA ITEMS  
• ADJOURNMENT  
• Next FCERS Board Meeting: October 22, 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  
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  
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:  
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.