San Jose Ca.Gov
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Meeting Name: City Council Agenda status: Final
Meeting date/time: 9/30/2021 1:30 PM Minutes status: Draft  
Meeting location: Virtual Meeting -
Study Session - City Council, Boards of the Federated City Employees’ Retirement System and Police & Fire Department Retirement Plan Joint Meeting - Pension Obligation Financing : Respective Roles and Responsibilities for Policy Development
Published agenda: Agenda Agenda Published minutes: Not available  
Meeting video: eComment: Not available  
File #Ver.Agenda #Agenda NoteTypeTitleActionResultAction DetailsVideo
      How to observe the Meeting (no public comment):    Not available Not available
      1) Cable Channel 26, 2), or 3)    Not available Not available
      How to submit written Public Comment before the City Council Meeting:    Not available Not available
      1) Use the eComment tab located on the City Council Agenda page. eComments are also directly sent to the ilegislate application used by City Council and staff. 2) By email to by 10:00 a.m. the day of the meeting. Those emails will be attached to the Council Item under “Letters from the Public.” Please identify the Agenda Item Number in the subject line of your email.    Not available Not available
      How to submit written Public Comment during the City Council Meeting:    Not available Not available
      1) Email during the meeting to, identifying the Agenda Item Number in the email subject line. Comments received will be included as a part of the meeting record but will not be read aloud during the meeting.   Not available Not available
      How to provide spoken Public Comment during the City Council Meeting:    Not available Not available
      1) By Phone: (888) 475 4499. Webinar ID is 930 5283 5954. Click *9 to raise a hand to speak. Click *6 to unmute when called. Alternative phone numbers are: US: +1 (213) 338-8477 or +1 (408) 638-0968 or (877) 853-5257 (Toll Free) 2) Online at: a. Use a current, up-to-date browser: Chrome 30+, Firefox 27+, Microsoft Edge 12+, Safari 7+. Certain functionality may be disabled in older browsers including Internet Explorer. Mute all other audio before speaking. Using multiple devices can cause an audio feedback. b. Enter an email address and name. The name will be visible online and will be used to notify you that it is your turn to speak. c. When the Mayor calls for the item on which you wish to speak, click on “raise hand.” Speakers will be notified shortly before they are called to speak. d. When called, please limit your remarks to the time limit allotted.    Not available Not available
     Purpose   Not available Not available
      The purpose of this joint study session is to present and discuss the respective roles and responsibilities of the City Council and Retirement Plan Boards in policy development as the City Council evaluates issuing Pension Obligation Bonds (“POBs”) as an option to reduce the unfunded actuarial liabilities in the Plans. The Study Session is intended to provide preparatory work that will enable Council and the Retirement Plan Boards to make informed decisions about the policies they will formulate and adopt, should the City choose to issue POBs, and align all parties’ understanding of their respective roles to improve the funded status of the Plans.   Not available Not available
     Outcome   Not available Not available
      The City Council, Retirement Plan Boards, Administration, and stakeholders have a shared understanding of their respective roles and responsibilities if the City Council chooses to proceed with issuance of POBs, including development of a workplan for informing and understanding each other’s approaches and intended policies before such bonds are issued.    Not available Not available
     Call to Order and Roll Call   Not available Not available
      Study Session   Not available Not available
      1:30 p.m. - 4:30 p.m.   Not available Not available
21-2179 1 Study SessionJoint Study Session: Pension Obligation Financing - Respective Roles and Responsibilities For Policy Development.   Not available Not available
   Part I -  City Manager’s Introductions and Opening Comments   Not available Not available
   Part II -  Framing the Study Session: How we got here and where we need to go   Not available Not available
   Part III -Why is the City considering issuing POBs? Roles and Responsibilities of the City    Not available Not available
   Part IV -  Roles and Responsibilities of the Retirement Boards   Not available Not available
   Part V -Analysis of Actuarial Impacts The Retirement Boards’ Consultants (Cheiron, Boards’ Actuary)   Not available Not available
   Part VI -Analysis of Potential San José POBs The City’s Consultants (Urban Futures Inc., Municipal Advisors)   Not available Not available
   Part VII -  Public Comment   Not available Not available
   Part VIII -  Council and Board Member Dialogue (Questions and Comments)   Not available Not available
   Part IX -  Wrap-up and Next Steps   Not available Not available
     Adjournment   Not available Not available