Several public commenters used the general comment period to press trustees on the plan's funded status, the value of an in-house chief investment officer and governance issues.

Brad Himamura told trustees he had heard the federated plan's funded status was in the low sixties and urged action, comparing San Jose's approach to the City of Fresno (which he said has a reported funding level of about 85.9 percent). Masaru Yoshimoto, a retired city employee, recommended more trustee site visits to money managers and questioned the need for separate police and fire and federated systems. Another caller suggested removing the CIO position as a cost-saving step; trustees and staff pushed back and described the staff's role as essential for oversight and governance.

Staff updates and actions: CEO John Flynn and benefits staff gave operational updates. Notable items reported by staff:
- Tara Tran was promoted to benefits senior analyst; benefits is recruiting to fill three positions to cover retiree services and the upcoming open-enrollment season; staff have used rehires, temps and overtime to bridge gaps.
- Staff launched an updated member direct portal with enhanced security and multi-factor authentication; the portal refresh is a first step toward member self-service.
- Open enrollment is scheduled for Nov. 11; a retiree health fair is set for Nov. 5 at the Leininger Health Center.
- The deputy chief investment officer (DCIO) classification has been created by the City classification unit and is expected to go to City Council for approval in early November; staff said the position would be requested as over-strength in this budget cycle and then included in next year's budget request if the board approves a permanent role.

Why it matters: Public comment put trustee attention on funded status, governance and the costs and benefits of in-house investment staff. Board members and staff repeatedly said the plan's staffing and governance structure are designed for fiduciary oversight and that any structural changes would require City Council action and clear analysis.

Ending: Trustees thanked public speakers and asked staff to return updated funded-status numbers at the agenda item later in the meeting; staff said more definitive funded ratios and the valuation will be presented under the 2025 actuarial calendar.