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San Jose trustees hear detailed 2024 fee report; private market commitments push management fees higher
Summary
Trustees of the City of San Jose Police and Fire Retirement Board heard a staff presentation on the calendar-year 2024 fee report showing a plan-level expense ratio near 107 basis points, a rise staff attributed primarily to private-market commitments.
Trustees of the City of San Jose Police and Fire Retirement Board received a presentation on the plan's calendar-year 2024 fee report and peer comparison, with staff saying the rise in plan-level fees reflects an increase in private-market commitments rather than a broad management-fee escalation.
The report showed management, incentive and operating fees for the pension plan of roughly $55,600,000, which staff said equated to about 107 basis points of plan assets in 2024. Staff told trustees the…
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