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February 2, 2021Finance Committee Minutes <br />Director Hsieh presented information on establishing a Section 115 pension trust. <br />Topics were covered as follows: <br />- Background <br />- Pension and OPEB (Other Post-Employment Benefits) Funding Status <br />- Analysis of Accrued Pension Liability <br />- Pension Trust Service Providers <br />- Next Steps <br />PUBLIC COMMENTS3. <br />There was approximately one (1) public speaker that provided public comment. <br />Comment was made by the following individual: <br />Maureen Forney <br />COMMITTEE MEMBER COMMENTS4. <br />Committee members provided comments and questions for clarification. <br />Committee members mentioned that they: <br />- Are in favor of PARS <br />- Have a preference away from PERS <br />- Recommend that the City continues socially responsible investments <br />- Have a preference to take a more conservative approach <br />Additional information was requested to include in the presentation to City Council as <br />follows: <br />- What is the value added with PARS? (e.g., flexibility with rate of return) <br />- What are the benefits of establishing a pension trust (e.g., higher investment returns <br />in the long run)? <br />- How is the fee structure suitable for City’s pension trust? How will the City benefit <br />over time? <br />- What is the monetary/dollar amount that represents the “funded status” percentage? <br />- In-depth analysis (e.g., breakdown of pension and OPEB liabilities, including number <br />of individuals receiving benefits, San Leandro Firefighters pre-ACFD, etc.) <br />ADJOURN5. <br />The meeting was adjourned at 4:58 p.m. <br />Page 2City of San Leandro <br />93