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CEO reports full staffing, new federated tier‑2 handbook and several contract negotiations underway
Summary
CEO John Flynn told trustees ORS is largely fully staffed, published the federated tier‑2 handbook, reminded trustees of a $75 fiduciary insurance waiver payment, and outlined multiple vendor contract negotiations and office expansion work.
SAN JOSE — At the May meeting the retirement system’s CEO, John Flynn, reported the Office of Retirement Services (ORS) is at full staffing for the first time in years, announced publication of the federated tier‑2 handbook, and outlined ongoing contracting and facilities work.
“I'm pleased to share with the board that ORS is fully staffed, with the exception of our senior auditor position, which we're looking to eliminate as part of the budget process anyway,” Flynn said, calling full staffing a significant milestone given the city’s roughly 10% vacancy rate.
Flynn thanked staff and supervisors for recruiting and for minimizing turnover. He also noted the federated tier‑2 handbook was published earlier in May; the handbook is an operational guide for members and staff and runs roughly 100 pages, he said, and he thanked Donna Bussey and Melanie Kermsy for their leadership on the publication.
Flynn reminded trustees that fiduciary insurance waiver fees are due: trustees should provide a $75 check payable to the City of San Jose Federated City Employee Retirement System by May 31 and leave it with administrative staff for delivery to accounting.
He reported procurements are largely finished and the organization is in contract negotiation on multiple fronts — legal services across several law firms, an actuary contract, a governance consultant contract with Aon, communications contracts, and a compensation‑study engagement with Gallagher for the investment team. Flynn said most contracts were on a good glide path to be completed before the end of the fiscal year.
Flynn also described an office expansion next door that is in demolition and rough‑in phases; the space will add offices, a small conference room and will be used for investment workshops. He said ORS had resumed its workshop series for members nearing retirement and that iPad replenishment and other admin upgrades were under way.
Trustees asked clarifying questions about the handbook and the budget process; Flynn said the federated budget had been submitted to the city manager and that his position requests were largely accommodated in a reallocation that adds a program manager focused on compliance and removes the senior auditor role (a net zero head‑count change), subject to city council and budget finalization.
