Chief Investment Officer - Office of Retirement Services

About the City of San José

Known as the "Capital of Silicon Valley," the City of San José plays a vital economic and cultural role anchoring the world's leading region of innovation. Encompassing 180 square miles at the southern tip of the San Francisco Bay, San José is Northern California's largest city, third largest in the State, and the 10th largest city in the nation. With more than one million residents, San José is one of the most diverse large cities in the United States. San José's transformation into a global innovation center has resulted in one of the largest concentrations of technology companies and expertise in the world, including major tech headquarters like Cisco, Adobe, Samsung, and eBay as well as start-ups and advanced manufacturing. San José's quality of life is unsurpassed. Surrounded by the Diablo and Santa Cruz mountain ranges and enjoying an average of 300 days of sunshine a year, residents have easy access to the beaches along the California coast including Santa Cruz, Monterey and Carmel-by-the-Sea; Yosemite and Lake Tahoe in the Sierra Nevada; local and Napa Valley wine country, and the rich cultural and recreational life of the entire Bay region. San José has received accolades for its vibrant neighborhoods, healthy lifestyle, and diverse attractions from national media including Business Week and Money magazines. The downtown area is home to high-rise residential projects, theaters, museums, and diverse entertainment attractions such as live music, live theater, cafés, restaurants, and nightclubs. Inquiring minds are served by The Tech Interactive, the San José Museum of Art, and many local galleries and venues. The City is served by 19 of the 32 public school districts in the County, and over 300 private and parochial schools provide residents with a range of educational choices. Universities in and near the City include San José State University, Santa Clara University, Stanford University, and three University of California campuses.

Office of Retirement Services (ORS)

In 2000, the Office of Retirement Services became a separate City of San José department. ORS oversees the investment of assets and administers the benefits of the two defined-benefit retirement plans for City employees. The funds of the two plans total more than $10 billion. Each plan has a Board of Administration with fiduciary responsibility over its respective plan.

ORS serves at the direction of the independent Boards of Administration for the two retirement plans—Federated City Employees' Retirement System (Federated) and Police & Fire Department Retirement Plan. The Chief Executive Officer (CEO) and Chief Investment Officer (CIO) are hired and appointed by the Boards. ORS serves approximately 16,000 active, retired and survivor participants.

Mission and Funds

Mission : "Provide quality service in the delivery of pension and related benefits and maintain financially sound pension plans."

Federated Retiree Health Care Trust Fund

Federated Retirement Fund

Fire Retiree Health Care Trust Fund

Police & Fire Retirement Fund Police

Retiree Health Care Trust Fund

The 2024-2025 service delivery goals are :

Manage retirement plan assets and seek solutions to increase investment returns, reduce volatility and cost while mitigating risk.

Work with plan actuaries to ensure the plans adopt the most appropriate rates, assumptions and methodologies to remove risk and reduce volatility.

Provide quality retirement planning, counseling and financial reporting.

The Ideal Candidate

The CIO for ORS is a unique leader who advises two separate Boards of Trustees in a complex, fast-paced and high-profile environment. The boards seek an established investment professional with diverse asset allocation strategies and the ability to provide strategic analysis and planning to both boards.

The next CIO will

Foster a collaborative and open environment.

Know and embrace a highly responsible investment team, nurturing ongoing professional development.

Appreciate the current performance of the funds, review with a fresh perspective and introduce new ideas where necessary.

Be comfortable with all asset classes.

Build trust with the two Boards of Trustees.

Maintain timely and informative communication with the Boards and stakeholders.

Work collaboratively with the CEO to achieve overall goals and objectives of the retirement boards.

Desirable qualifications include a track record of strong investment performance, a background in alternative investments (hedge funds, private equity, private debt), diversified portfolios, outstanding communication and interpersonal skills, and confidence in developing and mentoring a team. The candidate should be comfortable speaking in public and presenting to elected officials, member sponsors and the public.

Education, Experience and Licensing

Education

Bachelor's degree in Finance, Accounting, Economics, Business Administration or a related field.

Required Experience

Seven (7) years of increasingly responsible senior investment management experience, developing and implementing investment strategies, evaluating and negotiating institutional investment portfolios for a multi-asset pension plan, endowment or financial institution.

Desired Experience

Experience in managing hedge funds and private equity is highly desirable.

Required Licensing

Valid California motor-vehicle license. A professional certification such as CFA, CAIA or CERA is highly desirable. Nationwide candidates from the public and private sector are encouraged to apply.

Compliance & Disclosure

Upon commencement of employment and each spring thereafter, the incumbent must file the Family Gift Reporting Form (Form 700) with the Statement of Economic Interest-Form 700. Additional details are available through state reporting links.

Compensation and Benefits

Salary range : $303,976 – $407,605 (dependent upon qualifications and experience). The salary includes an approximate 5% ongoing non-pensionable compensation.

Benefits include a defined-benefit retirement plan with CalPRS. A benefits package is detailed on the City's Human Resources Benefits website and the Unit 99 Benefit and Compensation Summary.

How to Apply

Apply online by December 5, 2025 at https : / / www.alliancerc.com / .

The Selection Committee will review profiles on December 12, 2025. Anticipated first-round virtual interviews are scheduled for the week of January 5, 2026; second-round interviews the week of January 26, 2026. Top finalists are expected to be interviewed by both Boards of Trustees the week of February 9, 2026.

Contact

Sherrill Uyeda

suyeda@alliancerc.com

(562) 901-0769 x 331

Wesley Herman

wherman@alliancerc.com

(562) 901-0769 x 337

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