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 Retirement Services Department is seeking an individual whose values align with the values of the City's employees.
The mission of the City's Retirement Services Department is to provide quality services in the delivery of pension and related benefits and maintain financially sound pension plans.
The salary range for the Retirement Investment Officer classification is $150,224.62 - $212,438.72 annually. This salary range includes an approximate five percent (5%) ongoing non-pensionable compensation pay.
The Office of Retirement Services (ORS) is seeking an exceptionally talented and high-performing individual to help manage approximately $8 billion in pension assets. The Retirement Investment Officer will work closely with the CIO, Investment Officers, and Analysts, as well as engage with the Investment Committee and Board. This is a unique opportunity to join a highly collaborative, professional, and forward-thinking team.
The Retirement Investment Officer (RIO) will report to the Senior Investment Officer with a dotted line to the CIO and will be primarily responsible for monitoring investment and operational risk, and strategy manager investment guideline/contract compliance for the two pension portfolios as well as the two healthcare portfolios. The RIO will be responsible for the management and oversight of the investment performance reporting process, both internal and external consultant reporting. The RIO will be the primary liaison with the master custodian bank and responsible for monitoring the accuracy of the respective Systems’ performance data through independent reconciliation of manager reported performance and custodian bank performance data.
Also, the RIO will be the primary liaison with the plans’ external risk consultant in ensuring that periodic risk reports are prepared in accordance with the needs of the system and are discussed quarterly at the Investment Committees for both plans. In addition, the RIO will suggest appropriate investment and operational guidelines and policies, and may need to develop appropriate procedures for overseeing the risk portion of the Investment Policy Statement.
The RIO may be asked to support the work of other investment officers in different asset classes, as well as support the CIO on ad hoc projects.
The RIO will ensure compliance of the investment program with the IPS (Investment Policy Statement) as well as any other rules and regulations that may impact the governance of the Plans. Responsibilities include, but are not limited to the following:
- Work closely with the plans’ external investment consultants to produce a detailed risk review of the program quarterly for the Investment Committee.
- Ensure performance data calculated by master custodian bank is accurate and reconciled with investment managers’ reported performance data and resolve any meaningful differences.
- Monitor and ensure that the overall portfolio's risk and underlying exposures are consistent with policy.
- Ensure compliance of investment decisions (manager selection and termination) with the requirements of the IPS (Investment Policy Statement).
- Monitor compliance of the overall portfolios with SAA targets.
- Keep track of all required documentation for manager selection and termination decisions including keeping track of the due diligence checklist.
- Be the primary point of contact with both the statutory as well as internal auditors during the course of their audit engagement.
- Responsible for the preparation of the Plans’ annual fee report that is presented to the Boards’ as well as City Council.
- May be involved in assisting Investment Officers in the performance of due diligence and analysis for selection of investment firms through on-site visits, discussions with other institutional investors, and analysis of information provided by consultants.
- Assist with ad-hoc projects to assist CIO and Investment Officers in the implementation of the plan’s strategy.
- Attend industry conferences on risk, performance monitoring, and investment compliance programs for institutional investors to keep abreast of current practice and thought.
Education: Bachelor’s Degree from an accredited college or university in finance, financial engineering, mathematics, economics, actuarial science or a related field.
Experience: Five (5) years’ experience in working at a defined benefit retirement fund, investment consulting, investment management, pension consulting or other related financial or fiscal analytic work.
Acceptable Substitutions: Post-graduate degree from an accredited college or university in finance, mathematics or economics or other field involving mathematical modeling may substitute for one year of the required experience.
Form 700 requirement: This position requires a disclosure of outside investments, real property interest, income, and business positions. You must complete and file an “Assuming Office Form 700” with the City Clerk’s Office within the first 30 days of employment with the office.
Desirable Qualifications
- A graduate degree in a quantitative discipline, either in economics or finance, or in the natural sciences or engineering is desirable for the position. Candidates with graduate degrees in one of the disciplines listed above, or a Chartered Financial Analyst designation, are also encouraged to apply.
- Exposure to the risk, compliance, performance monitoring, and operational aspects of managing a pension plan.
- Risk and/or Compliance certification.
The ideal candidate will possess the following competencies, as demonstrated in past and current employment history. Desirable competencies for this position include:
Job Expertise - Demonstrates knowledge of and experience with applicable professional/technical principles and practices, Citywide and departmental procedures/policies and federal and state rules and regulations.
- Knowledge of: Investment concepts including portfolio theory, asset allocation and capital markets; Financial and statistical analysis; Principles and practices of institutional investing.
- Ability to: Perform complex financial analysis and ability to analyze, isolate and interpret data; Interact with external service providers such as actuarial and investment consultants, money managers and custodian; Utilize and coordinate the delivery of custodial services.
Analytical Thinking - approaches a situation or problem by defining the problem or issue; identifies a set of features, parameters, or considerations to take into account, collects and analyzes data, uses logic and intuition to arrive at conclusions and recommendations.
Collaboration - develops networks and builds alliances; engages in cross-functional activities.
Communication Skills - communicates and listens effectively and responds in a timely, effective, positive and respectful manner; written reports and correspondence are accurate, complete, current; well-organized, legible, concise, neat, and in proper grammatical form.
Computer Skills - experienced with common business computer applications including but not limited to: MS Outlook, MS Word, MS PowerPoint, MS Access, and MS Excel.
Decision Making - identifies and understands issues, problems, and opportunities; uses effective approaches for choosing a course of action or developing appropriate solutions.
Initiative - exhibits self-directed, resourceful and creative behaviors toward meeting job objectives; anticipates problems, is proactive, and avoids difficulties by planning ahead; displays willingness to assume extra responsibility or workload and accept challenges; pursue continuing educational opportunities which promote enhanced job performance.
Leadership - leads by example; serves as appropriate role model; demonstrates high ethical standards; Remains visible and approachable and interacts with others on a regular basis; promotes a cooperative work environment; encourages and rewards risk-taking, allowing others to learn from mistakes.
Selection Process
The selection process will consist of an evaluation of the applicant's training and experience based on the application and responses to all the job specific questions. You must answer all questions to be considered or your application may be deemed incomplete and withheld from further consideration. Only those 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.
If you have questions about the duties of this position, the selection or hiring processes, please contact Angela Tea at angela.tea@sanjoseca.gov.
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