The Police and Fire Department Retirement Plan Board meeting held on September 4, 2025, in San Jose, California, focused on critical discussions regarding the financial health and future projections of the retirement plan. The meeting began with a review of the current status of the retirement fund, highlighting its performance against market benchmarks and the implications for future payouts to retirees.

The first agenda item addressed the fund's investment strategy, where board members discussed the need for diversification to mitigate risks associated with market volatility. It was noted that the fund's current asset allocation may require adjustments to align with long-term growth objectives while ensuring adequate liquidity for upcoming retiree benefits.

Subsequently, the board examined the impact of recent legislative changes on pension funding requirements. Members expressed concerns about potential increases in contributions from both the city and employees, emphasizing the importance of maintaining a sustainable funding level to secure the retirement benefits promised to public safety personnel.

A significant portion of the meeting was dedicated to discussing the actuarial assumptions used in the fund's valuation. The board reviewed the assumptions regarding life expectancy, retirement age, and investment returns, which are crucial for accurately forecasting the fund's future obligations. It was agreed that a thorough review of these assumptions would be necessary to ensure they reflect current economic conditions and demographic trends.

The meeting concluded with a discussion on communication strategies to keep stakeholders informed about the retirement plan's status and any changes that may affect their benefits. The board recognized the importance of transparency and proactive engagement with both current employees and retirees.

Overall, the meeting underscored the board's commitment to ensuring the financial stability of the Police and Fire Department Retirement Plan, with plans for further evaluations and adjustments to adapt to changing economic landscapes. The next meeting is scheduled for December, where further updates on the fund's performance and strategic initiatives will be presented.