In 2009, pre-dating San Jose’s Measure B pension reforms by a few years, the city began exploring the idea of restructuring its retirement boards.
A report called both the public safety and federated boards ineffective and recommended that the city replace elected union and political appointees with a majority of board members with financial expertise. The city complied, though the change spurred some backlash from unions that wanted to hang on to control.
But the goal was to give the two pension boards greater autonomy. On the ballot this fall, Measure G would enact the final phase of that 2009 report. It will grant full independence to the retirement boards, effectively upgrading them to their own agency with the authority to hire and fire executives, set salaries and make other personnel decisions.
The City Council would still control their budget and appoint board members and the boards would remain beholden to open meeting laws. A “yes” vote would make Retirement Services Director Roberto Peña, who’s in charge of San Jose’s $4.8 billion retirement plans, accountable to the board instead of the city manager.
Vote "yes" on Measure G to strengthen the independence of San Jose’s retirement boards so they can better focus on their financial stewardship.
For official ballot descriptions of local measures, go to the Registrar of Voters website.