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Board accepts City of San Jose prepayment election and approves police, fire contribution rates
Summary
The retirement board accepted the city manager’s election to make lump‑sum prepayments toward the police and fire plan and approved contribution rates for multiple tiers after staff and actuary input.
The San Jose Office of Retirement Services Board of Trustees voted to accept a memorandum from the City Manager’s Office electing to make lump‑sum prepayments on employer contributions to the police and fire retirement plan for fiscal year 2025. Staff described the board action as an acceptance and filing of the city’s election.
Staff said the prepayment acceptance is linked to recent…
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