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Oversight committee approves minutes, hears pension and retiree trust reports
Summary
The Los Gatos Town Pension and OPEB Trust Oversight Committee on March 3 approved minutes and received staff reports showing a pension trust balance of $3,234,153.34 (including a $690,000 transfer) and a retiree benefit trust balance of $526,434.78; staff will return in June to discuss trust-provider options or transferring assets to CalPERS.
The Los Gatos Town Pension and OPEB Trust Oversight Committee on March 3, 2026, approved the minutes from its Dec. 2, 2025 meeting and received staff reports on the town’s pension and retiree benefit trusts.
Administrative Services Director Christina Alfaro reported that “the ending balance as of December 31st, 2025 was $3,234,153.34.” She said the town transferred $690,000 to the pension trust on Feb. 24, 2026. Alfaro also reported that, as of Jan. 31, 2026, the pension trust had a net return of 1.18% for the month and a fiscal-year-to-date return of 5.88%.
Alfaro told the committee staff will return in June “to discuss exploring alternative Section 115 trust providers or transferring assets to CalPERS to offset pension liabilities.” That course of action was presented as an option for addressing pension liabilities; no formal direction or vote on provider changes or asset transfers was taken at the March meeting.
On the retiree benefit trust, Alfaro reported an ending balance of $526,434.78 as of Dec. 31, 2025 and said the trust recorded a 2.72% net return for the month ending Jan. 31, 2026 and a fiscal-year-to-date return of 10.32%.
Earlier in the meeting, Council member Hites moved to approve the Dec. 2, 2025 OPEB Pension and Oversight Trust Committee meeting minutes; the motion was seconded and passed unanimously. No members of the public spoke during verbal communications or during either report.
The committee did not take further action on the reports. Staff is scheduled to return in June with additional information on Section 115 trust options and the possible transfer of assets to CalPERS. The meeting was then adjourned.
