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San Jose Civic Gallery City Hall agenda intelligence

Matter 26-108

Acceptance of the Retirement Plans’ Annual Comprehensive Financial Reports for Fiscal Years Ended June 30, 2025 and June 30, 2024.

Budget & Finance City Council Agenda Ready Introduced 27 Jan 2026
1 Document on file 202 KB · 1 extracted · 1 AI summary
File
26-108
Type
Consent Agenda
Status
Agenda Ready
Requester
Unknown
Introduced
27 Jan 2026
Last synced
19 May 2026 · 04:04

The papers

1 document · 202 KB
01 202 KB

Memorandum

202 KB Extracted AI Summary
file 56a51a21-a480-469d-88ef-4b4d6bfdfb1c.pdf sha 7f32dbea4f9d source unavailable

Official source link unavailable. The file was imported, but the current source metadata does not include a public document URL.

Generated summary AI-assisted

This memorandum addresses the acceptance of the Annual Comprehensive Financial Reports (ACFRs) for the Police and Fire Department Retirement Plan and the Federated City Employees’ Retirement System for the fiscal years ending June 30, 2025, and June 30, 2024. It provides an overview of the financial performance of the retirement plans, highlighting key financial results, contributions, deductions, and actuarial funded statuses. The ACFRs are prepared by the Office of Retirement Services and audited by an independent firm, which provided a favorable opinion on the financial statements.

Key points
  • The memorandum is addressed to the Mayor and City Council regarding the acceptance of ACFRs.
  • The ACFRs cover fiscal years ending June 30, 2025, and June 30, 2024.
  • Total net positions for the Police and Fire Plan were $5.966 billion and $3.948 billion for the Federated System as of June 30, 2025.
  • Investment returns for the fiscal year were 10.0% for the Police and Fire Plan and 9.6% for the Federated System.
  • Total contributions increased by 5.0% for the Police and Fire Plan and 9.1% for the Federated System compared to the previous fiscal year.
  • The actuarial funded status for the Police and Fire Plan increased from 80.2% to 81.8%, and for the Federated System from 58.2% to 60.7% as of June 30, 2024.
  • The memorandum will be posted on the City’s Council Agenda website for the February 10, 2026 meeting.

Generated for convenience from extracted text using AI. Review the official source document before relying on this summary.

Extracted text preview · 8,556 chars
COUNCIL AGENDA: FILE: ITEM: TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: See Below 2/10/26 26-108 2.8 FROM: John Flynn DATE: January 29, 2026 COUNCIL DISTRICT: Citywide SUBJECT: Acceptance of the Retirement Plans’ Annual Comprehensive Financial Reports for Fiscal Years Ending June 30, 2025 and June 30, 2024 RECOMMENDATION a) Accept the Police and Fire Department Retirement Plan Annual Comprehensive Financial Report for the Fiscal Years ended June 30, 2025 and June 30, 2024; and b) Accept the Federated City Employees’ Retirement System Annual Comprehensive Financial Report for the Fiscal Years ended June 30, 2025 and June 30, 2024. SUMMARY AND OUTCOME To provide an overview of the Police and Fire Department Retirement Plan (“Plan”) Annual Comprehensive Financial Report for the fiscal years ended June 30, 2025 and June 30, 2024 and the Federated City Employees’ Retirement System (“System”) Annual Comprehensive Financial Report (“ACFRs”) for the fiscal years ended June 30, 2025 and June 30, 2024. The ACFRs provide relevant financial information to the Council of the two retirement plans and ensure the Council is fully informed on the retirement plans’ performance, the impact of...