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Reso 2021-087 Investment Guidelines Post Employment Benefits Trust
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Reso 2021-087 Investment Guidelines Post Employment Benefits Trust
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7/1/2021 9:21:39 AM
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CM City Clerk-City Council - Document Type
Resolution
Document Date (6)
6/7/2021
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Investment Authority: Except as otherwise noted, the Trustee, US Bank, has delegated <br />investment authority to HighMark Capital Management, an SEC -registered investment adviser. <br />Investment Manager has full investment discretion over the managed assets in the account. <br />Investment Manager is authorized to purchase, sell, exchange, invest, reinvest and manage the <br />designated assets held in the account, all in accordance with account's investment objectives, <br />without prior approval or subsequent approval of any other party(ies). <br />Investment Objectives and Constraints <br />The goal of the Plan's investment program is to provide a reasonable level of growth which, will <br />result in sufficient assets to pay the present and future obligations of the Plan. The following <br />objectives are intended to assist in achieving this goal: <br />• The Plan should seek to earn a return in excess of its policy benchmark over the life of <br />the Plan. <br />• The Plan's assets will be managed on a total return basis which takes into consideration <br />both investment income and capital appreciation. While the Plan Sponsor recognizes the <br />importance of preservation of capital, it also adheres to the principle that varying degrees <br />of investment risk are generally rewarded with compensating returns. To achieve these <br />objectives, the Plan Sponsor allocates its assets (asset allocation) with a strategic <br />perspective of the capital markets. <br />Investment Time Horizon: 6-8 years <br />Anticipated Cash Flows: Assets in the Plan will seek to mitigate the impact of future rate <br />increases from CaIPERS. Typically increases in rates come with <br />a one-year advance warning, however this Plan may transfer <br />assets to CalPERS at any time. <br />Investment Objective: The primary objective is to generate a reasonable level of <br />growth. The assets in this Plan will eventually be used to fund <br />Pension Plan obligations for assets managed in the CalPERS <br />Trust. <br />Risk Tolerance: Moderate <br />The account's risk tolerance has been rated moderate, which <br />demonstrates that the account can accept price fluctuations to <br />pursue its investment objectives. <br />City of San Leandro Employee Benefit Fund Pension Plan <br />Investment Guidelines Document — HighMark Capital Management, Inc. <br />(v. 05/06/2021 - RY) <br />3 <br />
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