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Board accepts Gallagher compensation study; will ask city to align investment pay ranges to market
Summary
Gallagher presented a market survey showing San Jose retirement service investment classifications roughly 7–8% below median base pay; board accepted the study and voted to forward recommended pay‑range adjustments to City Council and to have the board chair present the recommendations.
Gallagher presented a compensation study of six benchmark investment roles using a California comparator set (with and without CalPERS). The report found San Jose's base salaries were about 7.5–7.9% below the market median; total compensation (including benefits) remained broadly competitive. Gallagher recommended salary range changes for several classifications and an internal alignment for a proposed deputy chief investment officer (15% above senior investment officer if market matches were insufficient).
