San Jose retirement board approves consent calendar, multiple retirements and creates joint audit ad hoc committee

At its June meeting the San Jose Police & Fire Retirement Board approved a set of routine and personnel actions, created a joint audit ad hoc committee to support an internal audit procurement, and directed staff to pursue a compensation study and a new retirement deputy‑director classification for investment staff.

Consent calendar and retirements Trustee Santos moved to approve the consent calendar; Trustee Flicker seconded. The board took a roll‑call vote and approved the consent calendar unanimously (Kwan: yes; Flicker: yes; Gardiner: yes; Santos: yes; Woosley: yes; Menon: aye).

The board then approved a slate of service retirements and deferred‑vested retirements. Trustee Santos moved the service retirements and Trustee Woosley seconded; the motion passed on a roll‑call vote (Kwan: aye; Flicker: aye; Gardiner: aye; Santos: yes; Woosley: yes; Menon: aye). Trustees expressed appreciation for long service among police and fire members named in the agenda.

Joint audit ad hoc committee and delegation authority The board established a joint audit ad hoc committee to work with staff on the city procurement for outsourced internal audit services and to participate in the early stages of evaluation. The committee was formed with Trustee Ganapati named as the primary representative and Trustee Woosley as the alternate. The board then delegated authority to the joint ad hoc committee to assist with procurement timing and process; that delegation passed on roll call (unanimous among trustees present).

Classification creation and compensation study The board authorized staff to begin the classification‑creation process with the city for a retirement‑specific deputy director role to be used for an investment deputy director position (excludes the CIO). The motion to authorize staff to work with the city’s OER and HR passed by roll‑call vote (motion by Gardiner; second by Santos; unanimous among trustees present).

Separately, the board authorized an updated compensation study focused on current and proposed retirement investment staff classifications (exclusive of the CIO). Trustees voted to move forward with Gallagher (formerly COF) as the consultant to develop a proposal and methodology, and staff said they would seek alignment with city methodology prior to finalizing the study’s scope. The motion to commence the study passed on a roll call vote (motion by Santos; second by Woosley; unanimous among trustees present).

CEO operations update CEO John Flynn provided an oral operations update. Flynn said staff schedules were adjusted to comply with updated city guidance of a minimum of 32 in‑office hours per week. He reported two upcoming vacancies in the benefits group (a benefits analyst vacating June 13 and a health group staff specialist retiring in July) and said ORS will seek exceptions to the city hiring freeze to begin recruitments once council approval of the city budget is finalized. Flynn also reviewed procurement contract statuses for multiple vendors (Salsman & Johnson, Hansen Bridget, Ice Miller, Reed Smith, Chiron, Milliman, Aon) and said staff are prioritizing insurance certificates, contract drafts, and end‑of‑fiscal‑year timelines to avoid gaps in services.

Flynn noted the building owner is working to deliver expanded ORS office space by July 1 and staff are coordinating IT wiring and furniture procurement for the move. He also reminded trustees about outreach and member events: a police and fire retirement workshop scheduled Aug. 28, an SJREA presentation June 12, a summer picnic on June 27, and office closures observed for Juneteenth and Independence Day.

What the actions mean Most votes were procedural or administrative and passed unanimously among trustees present. The ad hoc audit committee will participate in scoring proposals and bring finalists to the joint audit committee for recommendation to the full board; the classification creation and compensation study are preparatory steps intended to align retirement investment staff pay competitiveness with peer funds while coordinating methodology with city HR practice.