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Retirement Board Governance
City of San Jose
Majority Approval Required
Pass: 86122 / 51.14% Yes votes ...... 82270 / 48.86% No votes
Index of all Measures
|Results as of Dec 28 11:41am, 100.0% of Precincts Reporting (495/495)|
|Information shown below: Yes/No Meaning | Impartial Analysis | Arguments | Full Text|
Retirement Board Governance. Shall the Charter be amended to 1) allow the Council to establish one or more Retirement Boards with specified authority, including, hiring an at-will chief executive, (2) specify the hiring authority of the Retirement Services chief executive; 3) exclude certain future Retirement Services employees from the classified civil service and the City's defined benefit retirement plans; and (4) establish the process for setting stipends paid to non-employee Retirement Board members?
Under the current Charter, the City Council can establish boards and commissions and appoints all their members, the City Manager is the appointing authority for the Retirement Services Department Director and staff, and the City Attorney retains outside attorneys. By ordinance, the City Council currently sets the stipends for board and commission members.
The proposed measure would amend the Charter to expressly provide for the City Council's establishment of one or more retirement boards and to specify the City Council's authority to appoint at least a majority, but not all, of the retirement board members. The appointment and the removal process of the board members would continue to be set forth by ordinance. The renamed Salary Setting Commission would make a biennial recommendation to the City Council regarding the monthly stipend for any non-City employee member of a retirement board designated by ordinance to receive a stipend.
Additionally, the proposed measure would amend the Charter to authorize the retirement board or boards to hire and prescribe the duties of the chief executive officer and chief investment officer within the Office of Retirement Services (the "Office") who would serve at the pleasure of the retirement boards.
The chief executive officer would have the authority to hire and oversee the Office's employees, subject to any applicable Civil Service Rules. The compensation for the chief executive officer, chief investment officer, and the investment professional staff would continue to be set by the City Council. The retirement boards in recommending the compensation amounts to the City Council would be required to consider compensation of equivalent positions in comparable United States Public Pension plans.
The Office's chief executive officer, the chief investment officer and the investment professional staff will be positions in the City's Unclassified Civil Service. Unclassified Civil Service employees may be terminated without cause and do not have the same disciplinary hearing rights afforded to Classified Civil Service employees. These employees would not be members of the defined benefit pension or retirement healthcare plans. These modifications would not apply to any incumbent filling those positions on the date this proposed measure takes effect.
In addition to these changes, under the proposed Charter amendment, each retirement board is required to (1) administer the applicable retirement plan in accordance with the fiduciary duties and obligations under the law; (2) adopt an operating budget approved by the City Council; and (3) comply with all public meeting requirements under applicable laws. Each board would be authorized to contract with attorneys for services related to the retirement plans' administration.
Voting yes on this measure is a vote to amend the Charter to modify governance of the City retirement plans.
Voting no on this measure is a vote to maintain the current Charter provisions related to the retirement plans' governance.
|Arguments For Measure G||Arguments Against Measure G|
|This measure will allow our two retirement boards the independence
to hire and fire their senior staff, while preserving public oversight of their
budgets, salaries and costs through the City budget process and public
hearings. The measure will reduce red tape and help prevent politicians
from meddling with the management of the retirement plans.
Our retirement boards have been reorganized to require that a majority of the board members have financial expertise and are independent from special interest groups. Employees and retirees will continue to have representatives on the retirement boards, and the City Council will continue to appoint a majority of independent board members.
The two retirement boards are required to comply with open government and sunshine requirements with public meetings that are broadcast on cable TV and the internet so that the public, employees, and retirees can see how their money is being managed.
The members of the two boards have fiduciary duties in the management of public funds entrusted to them. This measure will allow them to carry out those duties in an efficient manner and in compliance with the law while improving performance and saving money.
This measure is supported by Councilmembers and Trustees of the retirement plans.
We urge you to vote yes. For more information visit: http://www.VoteYesOnMeasureG.com
/s/ Pete Constant
/s/ Vince Sunzeri
/s/ Kenneth Willey
No arguments against Measure G were submitted.
|Full Text of Measure G|
|San Jose City Council Resolution including full text of Measure G|