San Jose Police & Fire Department Retirement Plan (SJPF)

The San Jose Police & Fire Department Retirement Plan (SJPF) plays a critical role in ensuring the long-term financial security of the City of San José's public safety personnel. The plan not only offers retirement benefits but also supports disability and survivor benefits for eligible members. This comprehensive structure reflects the city’s recognition of the demanding and essential roles that police and fire personnel perform. As a defined benefit plan, SJPF guarantees a predictable monthly retirement income, which is calculated based on a member's salary and years of service.

The governance of the plan is handled by a dedicated Board of Administration comprising active and retired plan participants and qualified public representatives. This governance framework ensures fiduciary oversight, transparency, and alignment with the long-term goals of the fund. The investment strategy emphasizes both growth and risk management, allocating assets to a mix of traditional and alternative investments, including private equity, real estate, and fixed income. Each allocation is carefully calibrated to meet projected liabilities while maintaining fiscal prudence.

In recent years, the SJPF has pursued active portfolio management, including implementing a private equity pacing plan to enhance returns while maintaining diversification. The Office of Retirement Services provides extensive resources and services to plan members, such as retirement planning tools, educational workshops, and direct support. Through careful governance and strategic asset allocation, the SJPF continues to meet its commitment to delivering sustainable, long-term benefits to San José’s public safety employees and their families.