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Oxnard committee backs Section 115 trust to fund OPEB and pension liabilities
Summary
The committee recommended that the City Council adopt a resolution establishing a Section 115 trust to fund future OPEB and pension liabilities; staff and consultant said the trust supplements direct CalPERS payments and gives investment flexibility. Committee vote: 3-0.
The Finance and Governance Committee on April 22 recommended that the City Council adopt a resolution to establish a Section 115 trust to prefund future OPEB and pension liabilities and authorized the city manager to execute agreements for a trust administrator, custodian and trustee.
CFO Javier Chargo de Lazaro and consultant Mike Schuster of Schuster Associates explained the trust's purpose: to provide an additional vehicle for prefunding liabilities with greater investment flexibility than CalPERS alone. Schuster said a Section 115 trust offers diversification and tactical options that can complement CalPERS, noting that the city's locally managed defined-benefit enhancements had outperformed CalPERS over the most recent reporting…
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