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Council member Bridal asks for education on OPEB liability; staff to return with Section 115 trust options in August
Summary
Councilmember Bridal requested the commission receive more detail on the city's OPEB (retiree health) liability and prefunding options; staff said they will return in August with Section 115 trust options and comparative return data versus CalPERS.
Councilmember Bridal asked the Finance Commission for more information and an educational discussion about the city's OPEB (other post-employment benefits) liability and related outstanding debt.
"I don't have a great handle on that," Bridal said, asking for a briefing on where the liabilities stand and what options exist for prefunding or refinancing. Nick said staff will bring a focused discussion in August on the Section 115 trust (the vehicle for prefunding retiree health) with data comparing returns in CalPERS' retiree health trust and other potential trust options.
Nick described Section 115 as a vehicle the city has used to prefund retiree health and said staff can present several options for council consideration and, if desired, a recommendation to the city council.
