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Carson City OPEB trustees approve third-quarter activity and earnings reports; set August meeting
Summary
Carson City OPEB Board approved minutes and accepted third-quarter fiscal year 2025 activity and earnings reports, heard CFO Sherry Russell summarize balances and investment returns, and scheduled the next meeting for Aug. 13, 2025.
Carson City OPEB trustees on a unanimous vote approved minutes from their March meeting, accepted third-quarter fiscal year 2025 trust activity and earnings reports, and set their next meeting for Aug. 13, 2025, at 1:30 p.m.
Chief Financial Officer Sherry Russell presented the activity and earnings reports, noting the trust carried roughly $4.4 million to $4.5 million in cash as of March 31, 2025, that $400,000 was contributed earlier in the current fiscal year (a contribution that stemmed from the prior year's appropriation), and that the board will make its next contribution in June.
Russell told trustees that interest earnings on the Carson City investment pool — the account used for operating cash — totaled $1,741.44 for the quarter and that the Retirement Benefits Investment Fund (RBIF), the state fund holding the plan’s invested assets, reported total earnings the board’s materials list as $173,721.64 for the quarter. "This is still a 3.9 ROI," Russell said, adding that the trust’s year-over-year return had declined from 10.9% at the same time last year. "We had a big loss in March," she said.
Trustees discussed no changes to policy or funding levels during the meeting. After Russell answered a question that fees reported were regular management fees paid through the RBIF, a trustee moved and seconded approval of the activity report and the earnings report; both motions carried unanimously.
The board also approved the minutes of the March 18, 2025, meeting by unanimous vote and confirmed its next meeting for Wednesday, Aug. 13, 2025, at 1:30 p.m.
Votes at a glance: Minutes approval — motion carried unanimously (yes 3, no 0). OPEB trust activity approval — motion carried unanimously (yes 3, no 0). OPEB earnings report approval — motion carried unanimously (yes 3, no 0).
