The Federated City Employees' Retirement Plan Board meeting held on September 20, 2025, in San Jose, California, featured significant discussions on cybersecurity risks and economic outlooks.

During the meeting, trustees expressed concerns about the growing threat of social engineering attacks, highlighting the need for enhanced cybersecurity training. One trustee shared personal experiences of receiving suspicious emails, emphasizing the importance of educating family members on cybersecurity hygiene. This discussion underscored the board's commitment to safeguarding the retirement plan's assets against potential cyber threats.

The meeting also included a presentation by Bassem Noffel, the chief asset allocation strategist at Alpine Macro, who joined via Zoom. Noffel's presentation focused on current economic conditions, including tariffs, inflation, and interest rate adjustments. He aimed to provide a broad overview of macroeconomic trends and their implications for financial markets, allowing for a question-and-answer session afterward.

The board's proactive approach to addressing cybersecurity and understanding economic factors reflects its dedication to ensuring the financial security of city employees' retirement plans. As the meeting concluded, the trustees expressed gratitude for the insights shared, indicating a forward-looking stance in navigating both cybersecurity and economic challenges.