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San Jose board updates PAFR, corrects memo typo and elects officers; CIO search continues
Summary
Trustees authorized edits to the PAFR to include 2025 funded‑status numbers, accepted a corrected disability memo footer, elected new chair and vice chair and received an update on the CIO recruitment timeline and committee rotation proposals.
At its Dec. 16, 2025 meeting the San Jose Federated Retirement Board handled several governance and procedural items including edits to the Public Annual Financial Report (PAFR), correction of a memorandum error, officer elections and committee updates.
After the board accepted the final actuarial valuation, trustees voted to update the PAFR charts and accompanying text so the final year reflects the newly approved 2025 funded‑status numbers. Trustee Linder moved the change; the motion passed following a brief public comment noting concern over the fund’s long‑term funded status.
Board counsel acknowledged a drafting error in the footer of a disability memorandum that mistakenly carried another applicant’s name. Trustees moved to accept the substance of the memorandum with deletion or correction of the footer and accepted the committee recommendation as amended.
On organizational business the board conducted its December elections. The designated chair nominee was elected by open vote; Trustee Faulkner was elected vice chair following statements and a brief public comment period. Trustees discussed potential committee rotation and modest term‑limit concepts, asking members to provide input to the chair ahead of January committee assignments.
Separately, the joint personnel committee (JPC) reported that the CIO recruitment is active: more than 70 resumes were screened, the field was narrowed to seven candidates for interviews on Jan. 8 and the committee expects subsequent rounds and a joint board decision in February.
What’s next: Staff will publish the updated PAFR and formalize corrected memos; trustees will receive the shortlisted CIO interview schedule and should plan to attend the joint hiring meetings early next year.
