Voters will decide this fall whether to grant the city’s retirement governance boards full autonomy, if the City Council decides to place the measure on the November ballot.
The move would effectively turn the Retirement Services Department into an independent agency, giving its boards the authority to hire and fire employees and make other personnel decisions.
That would make Director of Retirement Services’ Roberto Peña, who’s in charge of the $1.9 billion Federated City Employees Retirement System and the $2.9 billion Police and Fire Department Retirement Plan, accountable to the retirement advisory boards instead of the city manager.
The proposal requires changing the city charter, which is something only voters can do. Putting the measure on the ballot would cost the city $600,000.
San Jose's retirement boards underwent some major restructuring a few years ago, replacing elected city leaders with appointed "independent experts."
More from the San Jose City Council agenda for April 8, 2014:
- Here’s a look at some of the interview questions the city will toss at people applying for the vacant director’s position in the Planning, Building and Code Enforcement Department.
- The city wants to revise its guiding principles for labor negotiations. It also established a “market competitiveness reserve” to offer salary adjustments for jobs beleaguered by recruitment and retention problems.
- A review of the 2012-13 actuarial results for the city’s retirement and healthcare plans comes up for council review. It shows that unfunded liabilities jumped from $1.08 billion to $1.23 billion. Actuarial liability increased by $173 million for the Federated Plan and $180 million for the Police and Fire Plan.
- The city reviews its plan to bring 27 million square feet of new office space to north San Jose.
WHAT: City Council meets
WHEN: 1:30pm Tuesday
WHERE: City Hall, 200 E. Santa Clara St., San Jose
INFO: City Clerk. 408.535.1260
The would be a massive mistake . Since Reed has been placing his “people” on these retirement boards , only one other city in the country has underperformed more than San Jose . almost anyone would have done better by simply picking blindly , that is how bad things are . Reeds people are pushing funds into insanely high risk Hedge Funds ( and Losing dramatically) instead of relatively safe Mutual Funds . these fund managers make out like thieves in the night ( because of the extreme amount of hidden fees) they could care less how they perform , because they still get paid. But who do you think is on the hook for the shortages to the pension system ? yup, the taxpayers
Chuck will do every thing possible to big down public safety and every other person in this city who opposed him. It is all about putting money in his backers pockets before he leaves office.