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San Jose Retirement Board approves 2025–26 administrative budget after extended review
Summary
The San Jose Office of Retirement Services Board of Trustees approved a proposed administrative budget for fiscal year 2025–26, a 3.6% net increase from the adopted 2025 budget, after staff presented line-item changes and trustees asked for clarifications on reallocated costs and one‑time items.
The San Jose Office of Retirement Services Board of Trustees voted to accept the proposed administrative budget for fiscal year 2025–26 following a detailed presentation from staff and questions from trustees.
The board approved a proposed budget that staff said represents a $296,000, or 3.6%, increase over the adopted fiscal 2025 budget. Staff said the increase reflects several reallocated IT and professional‑services costs, one‑time office build‑out expenses for expanded space, and anticipated higher costs for services that are being reprocured, such as legal and actuarial work.
Staff walked trustees through the line items. Personnel services were shown with a modest 2% decrease driven by a mix of staffing changes, one‑time transition costs that do not recur, and the planned deletion and addition of positions that leave headcount largely unchanged. The presentation noted a plan to delete a…
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