# San Jose Police and Fire Department Retirement Plan

San Jose Police and Fire Department Retirement Plan is a Pension Fund based in San Jose, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** San Jose, United States
- **Region:** North America
- **Address:** San Jose, California, United States
- **Founded:** 1946
- **Assets under management:** $10B
- **Website:** sjretirement.com
- **LinkedIn:** https://www.sjretirement.com

## Regulatory record

- **Reports private funds:** No

## About

The San Jose Police and Fire Department Retirement Plan is a defined benefit pension fund serving sworn officers and firefighters of California's third-largest city. The Office of Retirement Services, led by CEO Roberto L. Peña, administers benefits and supports a Board of Administration split between elected members and city appointees. The plan operates within California's sprawling network of municipal safety pensions, each managing independent investment programs despite overlapping membership in organizations like the State Association of County Retirement Systems. The portfolio spans public equities, fixed income, private equity, private credit, real estate, and infrastructure — a broad multi-asset allocation typical of well-funded California safety plans. Direct co-investments or specialized alternatives mandates are not publicly documented, though participation in private equity and real estate implies relationships with external general partners. Oversight falls to a nine-member Board of Administration chaired by Franco Vado, with David MacDonald leading the Investment Committee. Total assets are not disclosed, and the fund publishes no annual reports or board minutes on its public website, creating an unusually opaque profile for a California public pension. The fund's structural differentiator is its architecture: a standalone safety pension for a single city department, governed by a board that blends political appointees and member-elected trustees. This arrangement concentrates fiduciary accountability while insulating investment decisions from the city's broader employee retirement system — a governance choice that can preserve a distinct risk appetite.

## Sectors

- Public Equities
- Fixed Income
- Real Estate
- Private Equity
- Private Credit
- Infrastructure
- Commodities

## People

- Prabhu Palani — Chief Investment Officer
- Roberto L. Peña — Chief Executive Officer
- Franco Vado — Chair of the Board of Administration
- David MacDonald — Chair of the Investment Committee
- John Phillips — Chair of the Audit Committee
- Dan Mierzwa — Vice Chair of the Investment Committee
- Jerry Holcombe — Vice Chair of the Audit Committee

## Questions

### Who runs investment decisions at the San Jose Police and Fire Department Retirement Plan?

Prabhu Palani serves as Chief Investment Officer, overseeing portfolio strategy for the plan. The Investment Committee, chaired by David MacDonald with Dan Mierzwa as Vice Chair, provides governance and approves key commitments. The full Board of Administration, chaired by Franco Vado, retains ultimate fiduciary authority over asset allocation and manager selection.

### How is the San Jose Police and Fire Department Retirement Plan governed?

A nine-member Board of Administration oversees the plan, blending elected police and firefighter representatives with city appointees. The board delegates day-to-day investment oversight to an Investment Committee, while the Office of Retirement Services — led by CEO Roberto L. Peña — administers benefits and supports board functions. Legal counsel participates in the National Association of Public Pension Attorneys.

### Is the San Jose Police and Fire Department Retirement Plan related to other San Jose municipal funds?

The plan is a standalone defined benefit pension serving San Jose's police and fire departments, separate from the Federated Employees retirement plan for other city workers. This bifurcated structure is typical of California municipal safety pensions, which frequently maintain distinct investment programs, boards, and actuarial assumptions from their civilian counterparts.

## Related profiles

- [San Joaquin Capital](https://altss.com/profile/san-joaquin-capital)
- [San ju San Bank](https://altss.com/profile/san-ju-san-bank)

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Last updated: 2026-08-11T02:43:31.692Z

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