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City of Pleasanton
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CITY CLERK
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AGENDA PACKETS
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2018
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060518
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CITY CLERK
CITY CLERK - TYPE
AGENDA REPORT
DOCUMENT DATE
6/5/2018
DESTRUCT DATE
15Y
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• Staff will regularly monitor the investment performance and can make <br /> adjustments to the portfolio if the risk outweighs the benefits. Staff will also move <br /> funds to a more conservative portfolio as we get closer to requiring a draw on the <br /> fund to make pension payments. <br /> PARS Trust Withdrawal Policy Guidelines <br /> As previously noted, staff is proposing a Section 115 Pension Trust Withdrawal Policy <br /> Guidelines (Guidelines) to help ensure there are monies available to help the City make <br /> pension contributions when necessary. The following are the proposed Guidelines: <br /> a. Annual CaIPERS employer pension contribution rate increase (in dollars) is <br /> greater than the growth rate (in dollars) of the City's General Fund. <br /> ✓ Example: the pension contribution increases by $2 million from the previous <br /> year while General Fund growth is $1 .5 million. <br /> b. The General Fund has a structural deficit that needs to be addressed (i.e. non- <br /> discretionary expenditures exceed revenues). <br /> c. General Fund reserves have been used and need to be replenished in order to <br /> maintain a reserve equal to 20 percent of General Fund expenditures. <br /> d. Paying off specific pension liabilities that will result in interest savings greater <br /> than interest earnings on the Trust Fund. <br /> CONCLUSION <br /> Once City Council has approved PARS investment strategies and the initial $28 million <br /> investment. staff will finalize the PARS paperwork and make the initial PARS <br /> investment. Staff will include PARS investment performance results in the quarterly <br /> investment reports submitted to City Council. <br /> Submitted by: Approved by: <br /> /47/, <br /> Tina Olson Nelson Fialho <br /> Director of Finance City Manager <br /> Attachments <br /> 1 . HighMark Historical Portfolio Returns <br /> 2. HighMark Investment Guidelines — Conservative & Capital Growth Accounts <br /> 3. PARS Trust Withdrawal Policy Guidelines <br /> Page 4 of 4 <br />
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