[{"_1":2,"_134":-5,"_135":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75,87,99,111,122],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},"mediaId",6613092,"mediaKeyId","2878236-00b0c394c0987debdc7d2c9121e05caa","parentId",2878236,"title","Board approves retirements and records multiple death notifications","audioSeconds",187,"startMs",7467000,"endMs",7654000,"viewUrl","/Search/View?dp=1&key=2878236-00b0c394c0987debdc7d2c9121e05caa&start=7467&end=7654","thumbnailUrl","https://assets.pipeline.soar.com/2878236-00b0c394c0987debdc7d2c9121e05caa/thumbnail_7467000.jpg","articleUrl","/articles/6613092/San-Jose/Santa-Clara-County/California/Board-approves-retirements-and-records-multiple-death-notifications","mediaUrl","https://secure.pipeline.soar.com/6613092-cda17ec89fd2a64057ac42d4ad28f6ba/orig.mp4?Expires=1771194434&Signature=eIK99-UNmZ1TDl6BYvlDLx4RpNjAoCi81jWL3qcOgUusHo56ESpBgxEPQ06T9z712F204pzG-2T8r88EgtdhCC39wCos88ypLYdg-SPG7iomvOQ5BHNq0vsqHOEWkBZn2qslRqBNv56STOzCm7qCpHKhTf3KeAx7pdebAuw6TBBEQc6fDb8PRVKhmQqjJkAnOsIjj-uGVM85qfS-C4mSGJ3VjJntp-HB7WqWpD9ziQKe5ch1Zw~uB1VBvfFtuvTkOA0OHS56MkP1wr5sdCZXTuarZYyy4URGD~AqvUWjuRup-UwUjPbvouEQ0qcnpHujoyTo3iTvUMV9EAzI0XjqIg__&Key-Pair-Id=KUT5TJCACFTXG","author","San Jose CA","date","2025-04-04T18:23:38.14Z","article","The San Jose Office of Retirement Services Board of Trustees approved retirement applications presented during the meeting and received staff notices of multiple deaths of retired public‑safety employees.

Retirements: Trustees approved the retirement of Michael S. Carlson, police sergeant, effective April 24, 2025, with 25.99 years of service, and Denise R. McMullen, police sergeant, effective April 26, 2025, with 24.92 years of service. Motions to approve the retirements were made and seconded; the board voted in favor.

Death notifications: Staff presented notifications for a number of retired members and survivors. The meeting record lists multiple decedents and whether survivorship benefits apply. Examples from the packet and staff remarks include the death of Joseph Altamorano (firefighter, retired 1998; died 2025‑02‑03) with survivorship benefits to spouse; Michael H. Bowman (police officer, retired 2000; died 2025‑03‑13) with no survivorship; and others. Trustees observed a moment of silence and offered condolences; several trustees who had worked with decedents spoke briefly about their service.

The board entered the approvals and notifications into the record. Staff will administer survivorship benefits and post‑retirement processes according to plan rules.","mediaType","Video","parentTitle","APR 3, 2025 | Police & Fire Department Retirement Plan Board","oneSentenceSummary","The board approved retirements submitted at the meeting and recorded notifications of several veteran and retired public‑safety employees’ deaths, including survivorship determinations where applicable.","taxTitle","San Jose , Santa Clara County, California","taxId",2857,"location","headline","","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6613096,"Andrew Meade elected vice chair of San Jose retirement board",115,4056000,4171000,"/Search/View?dp=1&key=2878236-00b0c394c0987debdc7d2c9121e05caa&start=4056&end=4171","https://assets.pipeline.soar.com/2878236-00b0c394c0987debdc7d2c9121e05caa/thumbnail_4056000.jpg","/articles/6613096/San-Jose/Santa-Clara-County/California/Andrew-Meade-elected-vice-chair-of-San-Jose-retirement-board","https://secure.pipeline.soar.com/6613096-7bc7789b17851ec3fc0e9e566952b2cd/orig.mp4?Expires=1771194434&Signature=bU5c2r3hVEAzGXSKZrqyklw7-cvHvQfr-r9RM9wl8SLDpNGPUPQdo~mxqmihHXLPRCv~kBYl18W3rS0ul4nVCNJ~SxXuPLRLp4FHVX61Ty24u7C~0eewi~EtBLRn7me5LQnf~4M1EeHanzmdz7MHUrkgLTCEsk4i5AqnV~77AqEC2GDnK-iiDSFpmLnyfEuadJWlqiKVv~MAR6GE~yaG6j0MW1Sd3DWc2IQCDpVHROh1oSvudUOIAt2xrrm0m5Pmko9j2wtKgqUY7jkiu0hMeWRBKKqFa9xecMyEA~o-5SmFW01LyUbRSvUCfTnUln4DXvbSvDc8zTDpWi1IwWjS0A__&Key-Pair-Id=KUT5TJCACFTXG","The San Jose Office of Retirement Services Board of Trustees elected Andrew Meade vice chair at the meeting. The board chair asked members to indicate support by a raised hand; the motion passed by voice vote.

Staff noted the election required a specified number of affirmative votes to be successful (the chair corrected the threshold during the discussion). The board proceeded with a voice vote and recorded the affirmative responses as “Aye.”","Trustees elected Andrew Meade to the board vice‑chair position by voice vote after a nomination from the prior meeting.",{"_33":88,"_35":36,"_37":38,"_39":89,"_41":90,"_43":91,"_45":92,"_47":93,"_49":94,"_51":95,"_53":96,"_55":56,"_57":58,"_59":97,"_61":62,"_63":64,"_65":98,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6613100,"Trustees hear brief market update; pension and health care trust returns positive year‑to‑date",149,293000,442000,"/Search/View?dp=1&key=2878236-00b0c394c0987debdc7d2c9121e05caa&start=293&end=442","https://assets.pipeline.soar.com/2878236-00b0c394c0987debdc7d2c9121e05caa/thumbnail_293000.jpg","/articles/6613100/San-Jose/Santa-Clara-County/California/Trustees-hear-brief-market-update-pension-and-health-care-trust-returns-positive-yeartodate","https://secure.pipeline.soar.com/6613100-780211449a99cc046f8b9e27c6ae2e79/orig.mp4?Expires=1771194434&Signature=Vfie8pc0KxQfroKnlEZiQ1T89Nj2gPnBTyMuKrMGRDoUGHJCV21IjMWggP1MAY~xl5e6Fm8cRBOZPTwmKY1Qy96LU~DA3DIZ4AUpq4xtwvNl87N4j6S8KUeps2sJYcrydAveQtkPjFfda3z7zjovixL4XcCkDFueXhv4XwKQSns6-VEYIhvGPFdMV02zf6m9YqjSJocw4yD3qGyoTbm0QgwSF1PguvSNrfz~C17MqyWHwadU2uzvbRkAozlrXKTsRA9x2~KAG3FpRymtMXb6f9MdoS4mDCAWt~r7zCJOHDRB7fb33eMXTE3-7o7KyNYozr1493~jdjtzn7geucig5Q__&Key-Pair-Id=KUT5TJCACFTXG","Board members received a brief investments update during the meeting. Staff said it had been an eventful morning in markets but that there were no significant investment items requiring board action for this session.

Staff reported estimated fiscal year‑to‑date returns (not including that day’s trading) of 3.94% for the pension plan and 4.48% for the health care trust. Trustees had no follow‑up questions at the time and the board moved on to other agenda items.

Staff noted the update was high level and invited trustees to raise questions if they wanted a deeper briefing at a future meeting.","Staff reported fiscal year‑to‑date estimated returns of 3.94% for the pension plan and 4.48% for the health care trust, and said there were no major investment items requiring board action at the meeting.",{"_33":100,"_35":36,"_37":38,"_39":101,"_41":102,"_43":103,"_45":104,"_47":105,"_49":106,"_51":107,"_53":108,"_55":56,"_57":58,"_59":109,"_61":62,"_63":64,"_65":110,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6613105,"Board accepts City of San Jose prepayment election and approves police, fire contribution rates",273,821000,1094000,"/Search/View?dp=1&key=2878236-00b0c394c0987debdc7d2c9121e05caa&start=821&end=1094","https://assets.pipeline.soar.com/2878236-00b0c394c0987debdc7d2c9121e05caa/thumbnail_821000.jpg","/articles/6613105/San-Jose/Santa-Clara-County/California/Board-accepts-City-of-San-Jose-prepayment-election-and-approves-police-fire-contribution-rates","https://secure.pipeline.soar.com/6613105-cc51f899046fef1422f1aafcd5c97998/orig.mp4?Expires=1771194434&Signature=kFWOVMXVXtD27LxbONWdOhvDQjAabk2AIt-kd2aT5M3jxZ9PgieV6aZEhd-u3E7wscJl-ZTDcYFp07hUETWWXM--kh6jk2vzGOce3FqWmJKRe-~jCCbIvZs7~mbeyc5Mu46Px~VBvtSdUoC70nxmfIZIpLsCTLvd3wBoc-jpLvNIPje4xqg7ys2oaPxsGp4ZtXZjS5Re-hj-ej5DsS-Xl5mCi0fEenZW2DhHErkKzK8pvfpY4Tz-HeXiGR-t6LOk0AYPyRoxFZcaA2~6egij7~lbTFa32vsNip0D0khR7csqj40RdoApHdKNyQyoYAJzcwW16M1P~l~kJdNrdoHepg__&Key-Pair-Id=KUT5TJCACFTXG","The San Jose Office of Retirement Services Board of Trustees voted to accept a memorandum from the City Manager’s Office electing to make lump‑sum prepayments on employer contributions to the police and fire retirement plan for fiscal year 2025. Staff described the board action as an acceptance and filing of the city’s election.

Staff said the prepayment acceptance is linked to recent actuarial work: following recommendations to create a discount on the assumed rate, the city elected how it would pay its contribution. Staff presented a five‑year contribution outlook provided to the city as part of the valuation process.

On a related agenda item, the board voted to accept proposed contribution rates for police and fire across the different tiers. Staff said the contribution adjustments reflect differences in benefit structures, retirement timing patterns and recent contracts: for example, the small year‑to‑year change in fire contributions was explained by differences in benefit numerators and a recently negotiated contract for the fire unit. Trustees asked why police and fire moves differed; staff replied it is due to differences in benefit structure, anticipated retirement timing and recent or ongoing labor negotiations.

Trustees moved, seconded and approved the motions accepting the city’s letter and adopting the contribution rates. Staff said communications to members about contribution changes are typically issued in May or June and that members who lack a work email will receive materials through HR or by paper upon request.","The retirement board accepted the city manager’s election to make lump‑sum prepayments toward the police and fire plan and approved contribution rates for multiple tiers after staff and actuary input.",{"_33":112,"_35":36,"_37":38,"_39":113,"_41":114,"_43":115,"_45":115,"_47":116,"_49":117,"_51":118,"_53":119,"_55":56,"_57":58,"_59":120,"_61":62,"_63":64,"_65":121,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6613108,"San Jose retirement board authorizes staff to sign multi‑year contracts with Chiron, Reed Smith and Aon",0,6759000,"/Search/View?dp=1&key=2878236-00b0c394c0987debdc7d2c9121e05caa&start=6759&end=6759","https://assets.pipeline.soar.com/2878236-00b0c394c0987debdc7d2c9121e05caa/thumbnail_6759000.jpg","/articles/6613108/San-Jose/Santa-Clara-County/California/San-Jose-retirement-board-authorizes-staff-to-sign-multiyear-contracts-with-Chiron-Reed-Smith-and-Aon","https://secure.pipeline.soar.com/6613108-deef890ab04ace1eb6efdaa8b83c28b4/orig.mp4?Expires=1771194434&Signature=IwC~Y0BmVFhrllztvW8JOSCKJ0TsEmPxRlgCNlk5-5xw-0t~Q5GMnjH5RgvwPiOhVVkJXvjzTNfcEPDmzY-He7XYc~Vf3MmBqAbn-CtVzVNTYsbI4llXW1lnEVga1j590RamgmaWByTW-3NiRIWKNa02nXRdJKwIUnUdIsmx5R91Y-HYbTblq~9mpG2v699fuTTo15DECq8JqgSy4CGCm8fqmzm9AynnAfwSMlItncfeZc8-dRNAKOrO7Q73n~BTAZjbcC2bH1jEqnVFLzbr3eKuwJ8cBTi3ogTLRBHIJEc~CFStabiokWZa-QpZ1s23dIORlnHFlbr3X-GnaOtUsA__&Key-Pair-Id=KUT5TJCACFTXG","The San Jose Office of Retirement Services Board of Trustees authorized the CEO to negotiate and execute multi‑year agreements with three outside service providers after staff and ad‑hoc committees evaluated competitive proposals.

Actuarial services: The board approved staff’s recommendation to contract with Chiron for actuarial services. Staff described the recommended agreement as a six‑year term not to exceed $1,700,000, with a four‑year option to extend (ten years maximum). Staff told trustees that Chiron scored highest among respondents and had the requisite experience to perform valuation work and periodic experience studies.

Legal services: After an RFP and finalist interviews, the board authorized the CEO to negotiate a contract with Reed Smith for fiduciary and general counsel services. Staff and trustees noted that Reed Smith was the current firm and that the recommended not‑to‑exceed amount reflected historical billing patterns and anticipated workload; staff cited a proposed term of six years and discussed a not‑to‑exceed amount of roughly $3,000,000 in the presentation materials. Trustees discussed past year‑to‑year variability in legal spend and how retainers and ad‑hoc litigation costs can drive totals.

Governance consulting: The board also approved awarding governance consulting services to Aon after interviews of finalists. Staff told trustees the firm will support governance policy reviews, board self‑assessments, CEO/CIO evaluation facilitation, trustee education, and strategic‑planning support; staff said the engagement includes a set of fixed services and hourly rates for additional work, and noted an approximate not‑to‑exceed amount presented to trustees of about $800,000 over six years.

Trustees discussed transition considerations and the possibility of moving some recurring work in‑house in the future (for example, an internal general counsel), but supported the staff recommendations. Each of the three awards was put to a motion and approved by the board.

Staff said that if negotiated terms materially differ from the board packet estimates, they will return to the board for approval.","The board authorized the CEO to negotiate and execute agreements with Chiron (actuarial), Reed Smith (fiduciary/general counsel) and Aon (governance consulting) following competitive RFPs and staff recommendations.",{"_33":123,"_35":36,"_37":38,"_39":124,"_41":125,"_43":126,"_45":127,"_47":128,"_49":129,"_51":130,"_53":131,"_55":56,"_57":58,"_59":132,"_61":62,"_63":64,"_65":133,"_67":68,"_69":70,"_71":68,"_72":73,"_74":73},6613113,"San Jose Retirement Board approves 2025–26 administrative budget after extended review",4485,1194000,5679000,"/Search/View?dp=1&key=2878236-00b0c394c0987debdc7d2c9121e05caa&start=1194&end=5679","https://assets.pipeline.soar.com/2878236-00b0c394c0987debdc7d2c9121e05caa/thumbnail_1194000.jpg","/articles/6613113/San-Jose/Santa-Clara-County/California/San-Jose-Retirement-Board-approves-202526-administrative-budget-after-extended-review","https://secure.pipeline.soar.com/6613113-db933b8e51efd79a2d580d720049713d/orig.mp4?Expires=1771194434&Signature=DwP7Jfvd7qSmvl1mHc5YZ3BCP9XBS4JDmbrNCfH2WImOYGPJh1DbC9ea9bnocOml3drK3AKpHNzEk7ibNkunaysNi~vmGL2fv5ESozIajfR-pnzBeCwcgUjyf27TfrAWeTJOynjhXSJWUIbBkA1wBKmSZy7DtWRnDCLsZHlkmqQgyg3XTN6076t8nEcHhKBMmOPzQHN-wVTvYQ-jz9SkF7lrs4k1HpB~dFjMRYTDbB1qFnDgxxZD7aBBAlp2PAZ2Hl5oEN-yPzx8TabXys8i3b~7bonh08RdqUdNhgZrmf2abKK9XtO6-d0cSgWgM6mte5Uh0RpZ9fETUAl6dCM48w__&Key-Pair-Id=KUT5TJCACFTXG","The San Jose Office of Retirement Services Board of Trustees voted to accept the proposed administrative budget for fiscal year 2025–26 following a detailed presentation from staff and questions from trustees.

The board approved a proposed budget that staff said represents a $296,000, or 3.6%, increase over the adopted fiscal 2025 budget. Staff said the increase reflects several reallocated IT and professional‑services costs, one‑time office build‑out expenses for expanded space, and anticipated higher costs for services that are being reprocured, such as legal and actuarial work.

Staff walked trustees through the line items. Personnel services were shown with a modest 2% decrease driven by a mix of staffing changes, one‑time transition costs that do not recur, and the planned deletion and addition of positions that leave headcount largely unchanged. The presentation noted a plan to delete a senior internal auditor position, add an administrative officer (later discussed with the city as a program manager classification) and continue one over‑strength administrative post and a portion of a cybersecurity analyst position.

Non‑personnel and equipment spending was shown down about 4.9% after staff reallocated approximately $123,000 of IT-related fees from that bucket into professional services; staff stressed that reallocation was not a net savings but an accounting shift tied to how vendor fees (for the pension administration system) are categorized. The budget includes $60,000 for build‑out of additional office space on the fifth floor and $15,000 to study document‑management upgrades to address OneDrive/SharePoint synchronization problems.

Professional services was the largest area of increase, shown as a 35% rise year over year (approximately $456,000). Staff said roughly $123,000 of that is the reallocation from IT, and the remainder reflects both anticipated higher market pricing for newly negotiated or rebid contracts (legal, governance, actuarial) and a new internal‑audit consulting line (staff estimated about $180,000). Staff also proposed a $30,000 engagement with CEM Benchmarking to produce operations benchmarking for both the police & fire and federated plans; staff warned the vendor’s questionnaire may require internal work to provide detailed operational data.

Trustees probed several items: the basis for a 60/40 split of investment staff costs between police & fire and federated accounts (staff said the split tracks assets under management and some historical allocations), whether reallocated amounts were actual savings (staff again said most were classification changes), implications of adding strategic‑planning and governance consulting work, and whether legal retainers and ad‑hoc fees should be budgeted differently. Trustees and staff discussed the tradeoff between keeping the budget tight and retaining a modest cushion for unpredictable legal or project work.

After discussion, a trustee moved to accept the budget and a second was recorded; the board voted in favor of adoption.

The board and staff said they will continue refining classifications with the city (for example, replacing the proposed administrative officer with a program manager classification if the city approves). Staff also said any contract negotiations that produce materially different cost estimates will be reported back to the board. The CEO noted the budget does not include investment manager fees or capitalized costs for the pension administration system, which are reported separately.

The board will send the adopted administrative budget through the remaining city approvals as required.","The San Jose Office of Retirement Services Board of Trustees approved a proposed administrative budget for fiscal year 2025–26, a 3.6% net increase from the adopted 2025 budget, after staff presented line-item changes and trustees asked for clarifications on reallocated costs and one‑time items.","actionData","errors"]

Article not found

Board approves retirements and records multiple death notifications

Andrew Meade elected vice chair of San Jose retirement board

Trustees hear brief market update; pension and health care trust returns positive year‑to‑date

Board accepts City of San Jose prepayment election and approves police, fire contribution rates

San Jose retirement board authorizes staff to sign multi‑year contracts with Chiron, Reed Smith and Aon

San Jose Retirement Board approves 2025–26 administrative budget after extended review