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Member Qualifications
Retirement System Member 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
          
    • Three members of the public appointed by the City Council
    • One public member is selected by the Federated 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 public and Civil Service Commission members receive as compensation for services as a member of the board, the sum of $225 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) upon appointment and annually thereafter and is subject to the City’s Code of Ethics: http://www.sanjoseca.gov/documentcenter/view/3618.

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

    Attendance Process
    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.