The VEBA Advisory Committee comprises five members serving four year terms. The committee administers the VEBA Plans, the trust account and is responsible for the operation of the plan in accordance with the terms of the plan. The committee is required to determine all questions arising out of the administration, interpretation and application of the plan and the trust including evaluating and selecting investment options.
The committee has the authority to enter into agreements on behalf of the City for the administration of the plan, for custodial agreements for funds, and for investments under the plan. The committee has broad authority in the administration of the City’s VEBA plans. However, that authority must be exercised within the limitations imposed by the plan and within the requirements of the applicable fiduciary standards.
The Conflict of Interest Section of the Political Reform Act applies to the Deferred Compensation Advisory Committee. Committee members are required to file a Statement of Economic Interests (Form 700).
One active member appointed by the city manager. Four active members are appointed by the city council. They are recommended for appointment by the employees: two active members recommended by the “Federated Unions”, one by the Police Officers’ Association, and one by Firefighters Local 230.
Each member of the VEBA Advisory Committee shall be an active employee who is a participant
of a VEBA Plan established under Chapter 3.57 or Chapter 3.58 of Title 3 of the San
Jose Municipal Code. There is no compensation for the members of the VEBA Advisory Committee. However, from time to time, committee members may be reimbursed for some expenses incurred on City business.
Committee members are expected to attend all committee meetings. Members who have unexcused absences from any three consecutive regular meetings, or 25% of the meetings in a calendar year, are deemed to have resigned from the committee.
Review governing materials below:
Regular meetings of the VEBA Advisory Committee are held quarterly during the calendar year (March, June, September, and December) without official notice at 1:00 p.m. on the third Monday of the month, unless the meeting is publicly posted to begin at a different time. If the scheduled time for a regular meeting should fall on a City holiday, the regular meeting shall take place on the next succeeding business day; provided, that the committee may, at a preceding regular meeting, specify some other time and date. Meetings are held at City Hall on 200 East Santa Clara Street.