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San Jose retirement board reviews $8.799 million administrative budget, proposes staff shifts
Summary
Board staff presented an $8.799 million administrative budget request — a 3.31% increase — highlighting a proposed Benefits Program Manager and a Deputy CIO, and discussed forecasting methods, quarterly reporting and next steps for approval with the city.
San Jose’s retirement board on April 15 heard a detailed presentation of the proposed administrative expense budget for fiscal 2026, a request of $8.799 million representing a 3.31% increase over the prior budget. Presenter staff told trustees the proposal includes a new Benefits Program Manager position and a Deputy CIO while eliminating a senior investment officer, yielding roughly no net change in head count but shifting responsibilities.
The presenter said the budget is funded primarily by investment income, participant contributions and city contributions, and that major investment manager fees are not…
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