Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Cathedral City staff present draft IRC Section 115 trust investment policy; council asks for clarifications on roles and reporting
Summary
City staff reviewed a proposed investment policy for the city’s IRC section 115 trust (OPEB funds), describing the move from CalPERS to Schuster Advisory Group and proposing a balanced 50/50 equity‑to‑fixed allocation; council members asked staff to clarify role definitions, reporting cadence and allowable asset classes.
City staff on Tuesday presented a draft investment policy for the city’s Internal Revenue Code section 115 trust that holds Other Post‑Employment Benefits (OPEB) assets, and council members requested edits clarifying responsibilities, reporting and permissible investments.
Kevin (staff presenter) summarized the city's decision, approved by council in June, to transfer roughly $14 million previously invested in CalPERS' CERBT pool into a city‑managed IRC 115 trust now overseen by Schuster Advisory Group with Charles Schwab Trust Bank as custodian. "It ensures compliance with fiduciary duty, risk management, and the funding goal," Kevin said, describing the policy as a "sister" to the city’s treasury investment policy.
Staff reported the transferred funds…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
