To: Board of Supervisors
From: Monica Nino, County Administrator
Report Title: Contra Costa County Post-Employment Health Care Plan Investment Policies
?Recommendation of the County Administrator ? Recommendation of Board Committee
RECOMMENDATIONS:
APPROVE amendments to the Contra Costa County Post-Employment Health Care Plan Investment Policies and Guidelines, as recommended by the Post Retirement Health Benefits Trust Agreement Advisory Body (No fiscal impact).
FISCAL IMPACT:
No direct fiscal impact.
BACKGROUND:
On December 14, 2010 the Board of Supervisors adopted Resolution No. 2010/579 authorizing the transfer of assets from the County's Post Retirement Health Benefits Trust to the Public Agencies Retirement Services (PARS) Public Agencies Post-Retirement Health Care Plan Trust. In summary, the action authorized adoption of the PARS Trust, authorized the transfer of plan assets held in the County's Post Retirement Health Benefits Trust, directed that future contributions be made to the PARS Trust, and authorized the Plan Administrator (County Treasurer-Tax Collector) to take whatever actions are required to administer the County's PARS plan(s). On February 8, 2011, subsequent Board of Supervisors action fulfilled the final requirement to formally establish an investment policy and guidelines for the investment of the County's other post-employment benefit (OPEB) assets.
As a best practice, the Post-Retirement Health Benefits Trust Agreement Advisory Body periodically reviews and updates the Investment Policies and Guidelines Document, as done in 2011, 2013, 2015, and 2019. For each cycle, considerations are made as to whether: any cleanup language is necessary to clarify meaning and application of the policies and guidelines; new legislation and regulations governing the investment practice of the Plan's funds have been passed since the last review; asset categories and/or allocations affecting the management and performance of the investment portfoli...
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