Police & Fire Department Retirement Plan

Duties

The Police & Fire Department Retirement Plan (“Plan”) is a defined benefit retirement plan serving the employees and retirees of the City of San José. Operating under the San José Municipal Code Section 2.08.1200, the System is managed and administered by its Board of Administration (“Board”). The Board’s specific duties include:

Administration and investment of the retirement funds
Consideration of requests for retirement
Determination of eligibility for membership in the pension plans
Determination of employees' eligibility for membership in the pension plan
Determination of employees' eligibility for retirement benefits

The Board uses investment earnings and employer and employee contributions to provide eligible retirees with defined-benefit pensions based on their years of service and highest compensation. The System provides medical, survivorship, and permanent disability benefits to qualified members and their beneficiaries.

Authority

The Board has broad authority in the administration of the retirement plan as well as the authority to enter into agreements on behalf of the City for the administration of the Plan. The authority is exercised within the limitations imposed by the Municipal Code and within the requirements of the applicable fiduciary standards. The Board also has an Investment Committee, which meets monthly.

Meetings

The Board meets on the first Thursday of each month at 8:30 a.m. except in July. The meetings are held at San José City Hall located at 200 East Santa Clara Street, Wing Rooms 118-120, San José, CA 95113.

For more information about Board meetings or to view meeting materials, please visit the Office of Retirement Service's website at: https://www.sjretirement.com/

Police & Fire Department Retirement Plan Member Qualifications

The Plan’s Board of Administration consists of nine members with four year terms except for the City Council members whose terms depend on their Council status:

Two employee members, one Fire Department employee and one Police Department employee
Two members who retired under the retirement plan provisions; One from Police and one from Fire
Four members of the public appointed by the City Council
One public member selected by the Police & Fire Board

Residency

Each Public Board Member must live within a 50-mile radius of San José City Hall.

Education

Public Board Members must have a baccalaureate degree from an accredited college or university in finance, actuarial science, law, economics, business or other relevant field of study. An advanced degree in a relevant field of study or professional certification is desirable but not required.

Knowledge and Experience

Board members should have a high level of knowledge and expertise and at least twelve (12) years' experience relevant to the administration of a public retirement plan, including but not limited to: (1) senior executive position in pension administration; (2) pension actuarial practice; (3) institutional investment management; (4) auditing; (5) accounting; (6) legal; (7) health and welfare and/or employee benefits management; (8) investment management; (9) banking; (10) asset/liability management for an insurance company; (11) college or university professor with a focus on fiduciary or trust fund law or a quantitative background in financial theory or actuarial math. Twelve (12) years combined experience in a related field may meet this requirement.

Benefits

The Civil Service Commission member receives as compensation for services as a member of the Board, the sum of $250 per month. There is no compensation for the members of the Board who are employee and retiree representatives, City Council members or City administration members. However, from time to time, all Board members may be reimbursed for some expenses incurred on City business.

Political Reform Act

The Conflict of Interest Section of the Political Reform Act applies to the Deferred Compensation Advisory Committee. Committee members are required to file a Statement of Economic Interests (Form 700) upon appointment and annually thereafter and is subject to the City's Code of Ethics.

Appointment Process

Active/Retiree members are elected by their membership and appointed by the City Council
The public members are appointed by City Council

Attendance Policy

Board members are expected to attend all meetings. Members who have unexcused absences from any three consecutive regular meetings or more than 20% of the meetings in a calendar year are deemed to have resigned from the Board.

For further information about the Plan, please contact the Office of Retirement Services staff at (408) 794-1000.

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