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Board shifts OPEB portfolio to a more conservative mix and keeps pension prefunding strategy
Summary
After presentations from county actuary and PARS/PFM managers, supervisors voted to adopt a balanced investment objective for the county’s OPEB assets, maintain the pension pre-funding posture and continue funding the actuarially determined contribution.
San Benito County supervisors voted May 12 to change the investment objective for the county’s OPEB pre‑funding account and to maintain the existing pension pre‑funding strategy.
County staff presented results of a recent actuarial valuation for other post‑employment benefits (OPEB). Interim CAO Henny Ring and financial staff summarized the actuarial report: the plan’s funded ratio was reported at about 92.2% on the valuation date, with an estimated net OPEB liability near $2.7 million as of June 30, 2025. Staff warned that benefit changes can materially increase…
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