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CaIPERS managed portfolio that provides for no investment decisions by the local agency and therefore CaIPERS assumes the entire fiduciary responsibility. International City Management Association Retirement Corporation (ICMA -RC) This is a 501(c)(4) non profit organization and offers an employer sponsored Retirement Health Savings (RHS) plan which takes the form of an Integral Part Trust. Assets in this trust are invested in Vantagepoint Mutual Funds and it currently has 28 public agencies under contract with $210 million in assets being invested to fund retiree health benefits. The governing board is a 10- member board of both private and public sector individuals. Agencies can structure a portfolio from conservative to aggressive within this family of mutual funds, and therefore the public agency has the fiduciary responsibility. Public Agency Retirement Services (PARS) This private corporation offers a turnkey program including program administration, custodial trust services for holding investments, and financial advisory services. It currently has approximately 30 public agencies in their program with $50 million in assets. PARS has partnered with Union Bank of California (UBOC) for custodial trust and with High Mark Capital Management for financial advisory services. High Mark Capital Management is a wholly owned subsidiary of UBOC. Assets invested in the PARS program are held in a Section 115 Trust. The governing board is comprised of five members all from the financial investment field. Agencies can structure a portfolio from conservative to aggressive and PARS offers flexible investment options including individual securities, mutual funds, and index -base securities. Both employer- directed and discretionary investment options are available. The public agency generally assumes the fiduciary responsibility. However, the trust document used by PARS contains some language that may mitigate this responsibility. California Government VEBA (CALGOVEBA) This is a non profit organization that offers program administration, custodial trust services through a multi employer 501(c)(9) VEBA trust for holding investments, and financial advisory services. CALGOVEBA currently has 6 public agencies under contract with $6 million in assets and offers a selection of either employer directed or discretionary investment pools. Wells Fargo manages the Short Term Investment Fund (STIF) and Metropolitan Life Insurance Company (MetLife) manages the Long Term Investment Fund (LTIF). Investment advisory services are offered through Arnerich Massena. The Board is made up of a 12 member executive committee who govern the Trust. Trustees are elected to the executive committee by vote of the other Trustees. Public Financial Management (PFM Asset Management LLC) This is a registered investment advisor offering OPEB investment and counseling services. Assets are held in a single employer Section 115 Trust and the public agency determines who serves as the trustee overseeing the trust and has the fiduciary responsibility. Currently PFM has 19 public agency clients with over $500 million in assets invested. Custodial trust services are offered by US Bank. Agencies can structure a portfolio from conservative to aggressive and PFM offers flexible investment options including individual securities, Page 11 of 13