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File #:
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24-0309
Version:
1
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Name:
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Approval of Investment Policy Statement for PEMHCA Section 115 Trust and Appropriation of Initial Funding
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Type:
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CC- Report
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Status:
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Agenda Ready
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On agenda:
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4/16/2024
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Final action:
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Title:
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REPORT - APPROVAL OF INVESTMENT POLICY STATEMENT FOR PEMHCA SECTION 115 TRUST AND APPROPRIATION OF INITIAL FUNDING FROM OPEB INTERNAL SERVICE FUND (THIS ITEM IS BEING CONTINUED TO THE MAY 21, 2024, REGULAR MEETING)
BACKGROUND: The City currently has a Section 115 trust to pre-fund pension expenses with PFM Asset Management LLC (PFMAM) serving as Trust Administrator, and Principal Bank serving as Trustee. The City will utilize this existing agreement for the PEMHCA Trust, with a new account being created to ensure these funds are separately reported and dedicated to PEMHCA pre-funding and claims payment.
RECOMMENDATION: It is recommended by the Finance Department that the Council, by resolution: 1) authorize the Chief Financial Officer to execute necessary documents for the adoption of the Investment Policy Statement for City of Santa Rosa Section 115 Trust Public Employees Medical and Hospital Care Act (PEMHCA) Other Post Employment Benefit (OPEB) Fund; 2) authorize an initial one ...
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Code sections:
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15061(b)(3) - General Rule Exemption, 15378 - Not a Project
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