Senior Retirement Investment Officer – Pensions & Investments

About the Department

The City of San José, the Capital of Silicon Valley, is one of the nation’s best managed cities and one of the top ten cities in which to live, work, and do business. Moreover, San José is the center of cultural, government and economic activity for the region. The employees of the City of San José have embraced the following values: integrity, innovation, excellence, collaboration, respect, and celebration. The City’s Office of Retirement Services is seeking an individual whose values align with the values of the City’s employees.

The Office of Retirement Services (ORS) oversees the investment of assets and administers the benefits of the two Defined Benefit Retirement Plans for City of San Jose employees. The assets of the two plans total over $6 billion. As of June 30, 2020, there were over 6,800 retirees and beneficiaries, and nearly 7,400 active, inactive and deferred vested member in the two retirement plans. Each of the retirement plans has a Board of Administration that has fiduciary responsibility over their respective retirement plan. ORS staff has accountability to them as well as City Administration.

Position and Duties

Please note that applications are currently not accepted through CalOpps or any other third party job board application system. To apply, applicants must complete an application via the City of San Jose’s website at

The actual salary shall be determined by the final candidate’s qualifications and experience. In addition to the starting salary, employees in the Senior Retirement Investment Officer classification shall also receive an approximate five percent (5%) ongoing non-pensionable compensation pay.

The essential duties of this position include:

• Supports and advises the CIO in managing and overseeing the investment portfolio of pension assets for the San Jose Federated City Employee’s Retirement System and Police and Fire Department Retirement Plan.

• Assists in planning, developing, and executing portfolio investment strategies utilizing institutional investment methodologies as they apply to pension plans.

• Monitors and analyzes investment performance and market opportunities; implements and executes investment strategies; establishes international and domestic capital market views; assists in generating macro and micro economic trends and ensures trends are executed consistently throughout the portfolio; reviews varying economic environments and corresponding portfolio recommendations.

• Advises CIO on alternative investments including private equity, venture capital, private debt, real estate, and private real assets (infrastructure, energy, natural resources).

• Analyzes and assess output from external risk models; identifies key risks and proposes measurement and monitoring processes and procedures; evaluates and models total fund risk; collaborates with external risk vendors to compile risk data.

• Develops tactical asset allocation recommendations and pacing plans for new investments.

• Serves as fiduciary monitoring the safekeeping of assets and compliance with applicable laws, Board regulations, and policies.

• Applies portfolio optimization techniques and methods of developing asset allocations; analyzes portfolio risk factors, risk budgeting, risk decomposition, and performance attribution.

• Collaborates with consultants, general partners, limited partners, investment organizations, and members of the Retirement Board; recommends the selection and monitoring of investment managers; generates reports for investment managers.

• Analyzes financial and statistical data regarding partnerships and investments and evaluates third party vendors research.

• Plans, assigns, reviews, and evaluates the work of investment staff; participates in hiring decisions, disciplinary actions and other personnel activities; provides technical direction to staff and assists in resolving problems. Educates and conducts trainings in their respective asset class to Retirement Investment Officer’s and/or Trustee’s.

• Performs other related duties as required.

This recruitment may be used to fill multiple positions in this, or other divisions or departments. If you are interested in employment in this classification, you should apply to ensure you are considered for additional opportunities that may utilize the applicants from this recruitment.


The ideal candidate will possess the following competencies, as demonstrated in past and current employment history.

• Job Expertise – Demonstrates knowledge of and experience with applicable professional/technical principles and practices, including principles and operations of public employee defined benefit plans; pension plan institutional investment methodologies; varying capital and economic market environments; portfolio recommendations, risk factors, and optimization; Citywide and departmental procedures/policies and federal and state rules and regulations.

• Communication Skills – Communicates and listens effectively and responds in an timely, effective, positive and respectful manner; written reports and correspondence are accurate, complete, current; well-organized, legible, concise, neat, and in proper grammatical form responds to statements and comments of others in a way that reflects understanding of the content and the accompanying emotion; asks clarifying questions to assure understanding of what the speaker intended, ensures consistent communication takes place within area of responsibility.

• Computer Skills – Experienced with common business computer applications including but not limited to: MS Outlook, MS Word, MS PowerPoint, and MS Excel.

• Team Work and Interpersonal Skills – Develops effective relationships with co-workers and supervisors by helping others accomplish tasks and using collaboration and conflict resolution skills.

• Analytical Thinking – Approaches a problem or situation by using a logical, systematic, sequential approach.

• Initiative – Exhibits resourceful behaviors toward meeting job objectives; anticipates problems, is proactive, and avoids difficulties by planning ahead; displays willingness to assume extra responsibility and challenges; pursues continuing education opportunities that promotes job performance.

• Leadership – Leads by example; demonstrates high ethical standards; remains visible and approachable and interacts with others on a regular basis; promotes a cooperative work environment, allowing others to learn from mistakes; provides motivational supports and direction.

• Problem Solving – Approaches a situation or problem by defining the problem or issue; determines the significance of problem(s); collects information; uses logic and intuition to arrive at decisions or solutions to problems that achieve the desired outcome.

• Supervision – Sets effective long and short-term goals based on a good understanding of management practices; establishes realistic priorities within available resources; provides motivational support; empowers others; assigns decision-making and work functions to others in an appropriate manner to maximize organizational and individual effectiveness.

• Collaboration – Develops networks and builds alliances; engages in cross-functional activities.


Minimum Qualifications:

Education: A Bachelor Degree from an accredited college or university in Finance, Financial Engineering, Mathematics, Accounting, Economics, or closely related field

Experience: Five (5) years of increasingly responsible experience in investment management assisting in developing and implementing investment strategies including identifying, evaluating, negotiating, and monitoring asset classes of institutional investment portfolios for a multi-asset class pension plan, endowment or financial institution.

Acceptable Substitution: Post-graduate degree from an accredited college or university in Finance, Mathematics, Financial Engineering or Economics or a related field may substitute for one (1) year of the required experience.

Licenses or Certificates:

Possession of at least one of the following certifications is highly desirable:

• Chartered Financial Analyst (CFA) Certification; or

• Chartered Alternative Investment Analyst (CAIA) Certification; or

• Chartered Enterprise Risk Analyst (CERA) Certification

Employment Eligibility: Federal law requires all employees to provide verification of their eligibility to work in this country. Please be informed that the City of San Jose will NOT sponsor, represent or sign any documents related to visa applications/transfers for H1-B or any other type of visa which requires an employer application.

Selection Process

The selection process will consist of an evaluation of the applicant’s training and experience based on the application and responses to the Job Specific Questions. Only the candidates whose backgrounds best match the position will be invited to proceed in the selection process. Additional phases of the selection process will consist of one or more interviews, one of which may include a practical/writing exercise.

You will be prompted to answer the following job-specific questions during the online application process. Please note that there is a 4,000-character limit, including spaces, for each text response.

1. Please indicate how you meet the minimum qualifications for Senior Retirement Investment Officer.

a. I have a Bachelor’s degree in Finance, Financial Engineering, Mathematics, Accounting, Economics or closely related field and five (5) years of increasingly responsible experience in investment management assisting in developing and implementing investment strategies.

b. I have a post-graduate degree in Finance, Financial Engineering, Mathematics, Accounting, Economics or closely related field and four (4) years of increasingly responsible experience in investment management assisting in developing and implementing investment strategies.

c. I do not possess the minimum qualifications for Senior Retirement Investment Officer.

2. Please describe your relevant experience that supports your meeting the requirements for Senior Retirement Investment Officer.

3. Indicate the current/valid certification(s) that you possess (SELECT ALL THAT APPLY)

a. Chartered Financial Analyst (CFA) Certification

b. Chartered Alternative Investment Analyst (CAIA) Certification

c. Chartered Enterprise Risk Analyst (CERA) Certification

You must answer all job-specific questions in order to be considered for this vacancy or your application will be deemed incomplete and withheld from further consideration.

If you have questions about the duties of these positions, the selection or hiring processes, please contact Santa Barota at [email protected]

Additional Information

-Link to Benefits page

-Link to Office of Retirement Services page

Please note that applications are currently not accepted through CalOpps or any other third party job board application system. To apply, applicants must complete an application via the City of San Jose’s website at

The application deadline is 11:59 PM on June 21, 2021. Please allow adequate time to complete the application and submit before the deadline or the system may not save your application. If your online application was successfully submitted, you will receive an automatic confirmation email to the email address you provided. IF YOU DO NOT RECEIVE THE CONFIRMATION, please email [email protected] and we will research the status of your application. Please contact Human Resources at (408) 535-1285, or [email protected] if you have any questions.

Use this link to apply.