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CEO reports strong multi‑year returns; staff updates note vacancies and cybersecurity completion
Summary
CEO John Flynn reported fiscal year‑to‑date and multi‑year investment returns above the discount rate and highlighted completed cybersecurity remediation; staff noted several recent separations and ongoing recruitment.
John Flynn, CEO of the San Jose Federated Retirement System, told trustees the pension fund was up 1.95% fiscal year‑to‑date (as of July 1) and that the pension system’s one‑, three‑, and five‑year returns were 9.6%, 8.9%, and 9.8% respectively — figures Flynn said exceed the system’s discount rate (6.625%) and beat the investable benchmark over five years.
Flynn summarized operational items: the benefits division has experienced staff turnover (he listed multiple recent separations and the total current vacancies…
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