Retirement board streamlines travel policy, drops one high-cost conference

The San Jose Retirement Board voted to adopt a revised travel policy that shortens the formal policy-review cycle from five years to three and makes several operational clarifications for trustee travel.

Governance staff said the revisions respond to trustee feedback that off-site hotels can reduce participation and networking opportunities; the policy now allows trustees to book comparable facilities when the conference hotel is sold out while keeping a preference for the conference facility. Trustees also removed the Wharton School of Business investment program from the preapproved list because of cost and added the annual Pension Bridge conference as a preapproved event.

Staff said exceptions to the preapproved list will continue to require full-board approval and budget consideration. The policy clarifies that the CEO will coordinate approvals with the chair for exception requests. Trustee Abbot moved adoption and Trustee Nakagawa seconded; a roll-call vote approved the policy with all present trustees voting aye.