Report: SJ pension fund losses worse than peers Monday, December 29, 2008 By The Associated Press SAN JOSE, Calif.—San Jose's retirement director says the city's pension funds have performed worse in the recent market downturn than those of its peers such as San Francisco. The two funds—one for firefighters and police and the other for civilian workers—have lost nearly $1 billion since July 1. Retirement Director Russell Crosby says the more than 9 percent drop compares to a median loss among other public funds of 8 percent. He says if trustees overseeing the funds had had more experience they would have diversified investments sooner to reduce losses. City Councilman Pete Constant, a trustee, says he would give up his seat to improve fund performance. Constant says the city may have to contribute millions of dollars to make up for the losses.