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Board approves redlined Investment Policy Statement after debate over staff 'implementation' authority
Summary
Trustees approved a redline update to the Investment Policy Statement (IPS). Debate centered on whether revisions to staff implementation procedures should require investment committee or board approval or only post‑fact reporting.
The San Jose Federated Retirement System board approved a redlined update to its Investment Policy Statement (IPS) after extended discussion about who should approve changes to the staff’s implementation procedures.
Trustees reviewed language that moves implementation‑level responsibilities from the IPS into a separate investment procedures document, with staff responsible for day‑to‑day implementation and a requirement that staff report revisions to the investment committee annually. Several trustees argued that substantive changes to the procedures — in particular changes affecting investment limits or pacing plans — should be…
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