Board accepts independent audit and ACFR, closes internal-audit items; hears retirements and CIO search timeline

The San Jose Police and Fire Retirement Board accepted the independent auditors' report and management letter and approved the annual comprehensive financial report (ACFR) for fiscal year 2024–25 at the meeting.

Audit committee members reported a recent full committee review of external-audit findings, the management letter and internal-control recommendations. Trustees voted to accept the independent auditors' reports and to accept the ACFR as presented.

The board also approved the closure of eight internal-audit items that staff and the audit committee recommended as completed, reducing the number of outstanding internal-audit recommendations. The audit committee reported progress on external recommendations, cybersecurity penetration testing, and other audit-related items.

On personnel and governance matters, trustees moved through nominations and governance housekeeping: nominations were opened for board chair and vice chair for calendar year 2026 (nominations to be finalized at the next meeting), and trustees approved several retirements and deferred-vested applications by voice vote. The board observed a moment of silence for several recently deceased retirees; staff provided survivorship- and beneficiary-notification details in the meeting packet.

Finally, the joint personnel ad hoc committee provided an update on the chief investment officer (CIO) search: the candidate profile is live, applications close Dec. 5, and the committee outlined a December–February schedule of candidate review, first- and second-round interviews and a proposed joint-board meeting in mid-February for finalist review.