DUTIES: The Federated City Employees’ Retirement System (“System”) is a Defined Benefit retirement plan serving the employees and retirees of the City of San Jose. Operating under the San Jose Municipal Code Section 2.08.1000, the System is managed and administered by its Board of Administration (“Board”). The Board’s specific duties include: consideration of requests for retirement, administration and investment of the retirement funds, and determination of eligibility for membership in the pension plans, employees’ eligibility for membership in the pension plan, and 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.

RELATIONSHIPS: The Board has broad authority in the administration of the retirement system as well as the authority to enter into agreements on behalf of the City for the administration of the System. 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 Investment and Real Estate Committees, which meets quarterly.

QUALIFICATIONS: The System’s Board of Administration consists of seven members with four year terms except for the City Council members whose terms depend on their Council status:
• Two employee members who are members of the System and each from a different City department;
• One member who retired under the retirement plan provisions;
• Two City Council members;
• One member of the Civil Service Commission; and
• One member of the public who is not connected with city government in any capacity and who has significant relevant experience in investment matters.

MEETINGS: The Board meets on the second Thursday of each month at 8:30 a.m. except in July. The meetings are held at the office of The Department of Retirement Services located at 1737 North First Street, Suite 600, San Jose, CA 95112.

BENEFITS: The public and Civil Service Commission members receive as compensation for services as a member of the Board, the sum of $150.00 per month. There is no compensation for the members of the Board who are employee and retiree representatives or City Council 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).

APPOINTMENT PROCESS: • Active/Retiree members are elected by their respective constituents and appointed by the City Council;
• City Council members are selected by the Mayor and appointed by the City Council;
• Civil Service members are recommended by the Civil Service Commission and appointed by the City Council; and
• The Public member is recommended by the Federated Board and appointed by the 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 System, please contact the Department of Retirement Services Staff at 408-794-1000 or visit www.sjretirement.com