Gallagher study finds San Jose retirement staff pay ~8% below market; board accepts the report and defers action
June 18, 2026 | San Jose , Santa Clara County, California
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Gallagher presented a total‑compensation market study to the San Jose retirement boards, using data cut off December 31, 2025. The consultant reported that across six surveyed investment and benefits positions the Office of Retirement Services’ top‑of‑range pay was approximately 7.9% below the market median on base salaries; total‑compensation analysis (including benefits) left the agency roughly the same distance below market.
‘‘When we look at all six positions combined and look at base salaries only we found that San Jose retirement services was approximately 7.9% below the market,’’ the Gallagher presenter said, noting a similar result for total compensation. Gallagher recommended salary range adjustments: no change for one title, a 1–5% increase for another, and more than 5% increases for three positions; it also proposed a market‑median approach to top steps when setting ranges.
Trustees, staff and the council liaison debated the timing and budget implications. Vice Mayor Foley (City Council liaison) cautioned that city fiscal constraints and ongoing bargaining unit negotiations could complicate approval by council. Trustees emphasized the need to remain competitive—particularly for investment staff who oversee a complex portfolio—and discussed how automatic unit increases (a recently approved unit‑99 agreement providing 3% adjustments and a one‑time lump sum) factor into market positioning.
After extended discussion and public comment, the board voted to accept Gallagher’s report as a factual briefing to be used in future decisions and deferred any action on salary adjustments so the board and staff could coordinate timing with city budget processes and with Police & Fire board inputs.
The board’s acceptance of the report was unanimous; a later decision on specific range or incumbent adjustments was tabled for a future meeting.
This article is drawn from Gallagher’s presentation to the board and trustees’ deliberations.
‘‘When we look at all six positions combined and look at base salaries only we found that San Jose retirement services was approximately 7.9% below the market,’’ the Gallagher presenter said, noting a similar result for total compensation. Gallagher recommended salary range adjustments: no change for one title, a 1–5% increase for another, and more than 5% increases for three positions; it also proposed a market‑median approach to top steps when setting ranges.
Trustees, staff and the council liaison debated the timing and budget implications. Vice Mayor Foley (City Council liaison) cautioned that city fiscal constraints and ongoing bargaining unit negotiations could complicate approval by council. Trustees emphasized the need to remain competitive—particularly for investment staff who oversee a complex portfolio—and discussed how automatic unit increases (a recently approved unit‑99 agreement providing 3% adjustments and a one‑time lump sum) factor into market positioning.
After extended discussion and public comment, the board voted to accept Gallagher’s report as a factual briefing to be used in future decisions and deferred any action on salary adjustments so the board and staff could coordinate timing with city budget processes and with Police & Fire board inputs.
The board’s acceptance of the report was unanimous; a later decision on specific range or incumbent adjustments was tabled for a future meeting.
This article is drawn from Gallagher’s presentation to the board and trustees’ deliberations.
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