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San Jose board accepts 2025 actuarial valuation as funded ratio edges up; stress tests show sensitivity to market shocks
Summary
Trustees approved the final 2025 pension valuation showing a plan value of roughly $3.6 billion and an overall funded ratio near the mid‑60s; actuaries warned that one‑year market shocks or discount‑rate changes would materially raise city and member contribution rates.
The San Jose Federated Retirement Board approved its final 2025 actuarial valuation on Dec. 16, 2025, accepting results presented by the board’s actuaries and adopting the report for publication.
The valuation presented a total fund market value of about $3.6 billion and showed funded‑ratio improvements for both tiers: Tier 1 rose to roughly 62.9% and Tier 2 to about 94.5%, producing a systemwide funded ratio in the mid‑60s. Actuaries said strong investment returns and ongoing contributions helped offset liability increases driven…
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