FROM: James D. Herberg, General Manager
Originator: Lorenzo Tyner, Assistant General Manager
SUBJECT:
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SECTION 115 TRUST PENSION ACCOUNT CONTRACT AWARD
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GENERAL MANAGER'S RECOMMENDATION
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RECOMMENDATION: Recommend to the Board of Directors to:
A. Approve Professional Services Agreements to three firms: Chandler Asset Management, Inc.; PFM Asset Management, Inc.; and Public Agency Retirement Services to establish and oversee Orange County Sanitation District's Internal Revenue Service (IRS) Code Section 115 pension trust administration and investment management services;
B. Adopt Resolution No. OC SAN 21-XX entitled: "A Resolution of the Board of Directors of Orange County Sanitation District Adopting a Post-Employment Benefit Trust Agreement with Chandler Asset Management, Inc.; and Authorizing Officers to Execute Documents and Agreements";
C. Adopt Resolution No. OC SAN 21-XX entitled: "A Resolution of the Board of Directors of Orange County Sanitation District Adopting a Post-Employment Benefit Trust Agreement with PFM Asset Management, Inc.; and Authorizing Officers to Execute Documents and Agreements";
D. Adopt Resolution No. OC SAN 21-XX entitled: "A Resolution of the Board of Directors of Orange County Sanitation District Adopting a Post-Employment Benefit Trust Agreement with Public Agency Retirement Services; and Authorizing Officers to Execute Documents and Agreements"; and
E. Authorize staff to make an initial investment of up to $15 million into the Section 115 pension trusts.
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BACKGROUND
The Orange County Sanitation District (OC San) provides pension benefits to its employees through the Orange County Employee Retirement System (OCERS) at an annual cost of approximately $15 million. Staff continually examines strategies to support and minimize these costs. After an initial presentation, the Administration Committee directed staff to provide additional information and an...
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