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Council approves switch of OPEB prefunding from CalPERS CERBT to Schuster-run Section 115 trust; directs an investment policy return within 120 days
Summary
The council voted to move the city's OPEB (other post‑employment benefits) prefunding from CalPERS CERBT to a Section 115 trust administered by Schuster Advisory Group, citing potential for higher returns and greater portfolio flexibility; council asked staff to return with a strict investment policy within 120 days.
Cathedral City’s council authorized staff on June 25 to transition the city’s OPEB (other post‑employment benefits) prefunding from the CalPERS CERBT program to a Schuster Advisory Group‑administered Section 115 trust, subject to preparatory steps and a requirement that staff present a formal investment policy back to council within 120 days.
Financial Services Director Kevin Biersack and City…
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