Special Meeting of the Town Pension and OPEB Trusts Oversight Committee

TOWN OF LOS GATOS SPECIAL MEETING OF THE TOWN PENSION AND OPEB TRUSTS OVERSIGHT COMMITTEE AGENDA DECEMBER 20, 2022 110 EAST MAIN STREET AND TELECONFERENCE TOWN COUNCIL CHAMBERS 6:15 P.M. Maria Ristow, Mayor Mary Badame, Vice Mayor PARTICIPATION IN THE PUBLIC PROCESS Matthew Hudes, Council Member Rob Moore, Council Member Rob Rennie, Council Member How to participate: The Town of Los Gatos strongly encourages your active participation in the public process, which is the cornerstone of democracy. If you wish to speak to an item on the agenda, please follow the participation instructions on page 2 of this agenda. If you wish to speak to an item NOT on the agenda, you may do so during the “Verbal Communications” period, by following the participation instructions on page 2 of this agenda. The time allocated to speakers may change to better facilitate the Town Council meeting. Effective Proceedings: The purpose of the Town Council meeting is to conduct the business of the community in an effective and efficient manner. For the benefit of the community, the Town of Los Gatos asks that you follow the Town’s meeting guidelines while attending Town Council meetings and treat everyone with respect and dignity. This is done by following meeting guidelines set forth in State law and in the Town Code. Disruptive conduct is not tolerated, including but not limited to: addressing the Town Council without first being recognized; interrupting speakers, Town Council or Town staff; continuing to speak after the allotted time has expired; failing to relinquish the podium when directed to do so; and repetitiously addressing the same subject. Deadlines for Public Comment and Presentations are as follows:  Persons wishing to make an audio/visual presentation on any agenda item must submit the presentation electronically, either in person or via email, to the Clerk’s Office no later than 3:00 p.m. on the day of the Council meeting.  Persons wishing to submit written comments to be included in the materials provided to Town Council must provide the comments as follows: o For inclusion in the regular packet: by 11:00 a.m. the Thursday before the Council meeting o For inclusion in any Addendum: by 11:00 a.m. the Monday before the Council meeting o For inclusion in any Desk Item: by 11:00 a.m. on the day of the Council Meeting Town Council Meetings Broadcast Live on KCAT, Channel 15 (on Comcast) on the 1st and 3rd Tuesdays at 7:00 p.m. th Rebroadcast of Town Council Meetings on the 2nd and 4 Tuesdays at 7:00 p.m. Live & Archived Council Meetings can be viewed by going to: www.LosGatosCA.gov/TownYouTube IN COMPLIANCE WITH THE AMERICANS WITH DISABILITIES ACT, IF YOU NEED SPECIAL ASSISTANCE TO PARTICIPATE IN THIS MEETING, PLEASE CONTACT THE CLERK DEPARTMENT AT (408) 354-6834. NOTIFICATION 48 HOURS BEFORE THE MEETING WILL ENABLE THE TOWN TO MAKE REASONABLE ARRANGEMENTS TO ENSURE ACCESSIBILITY TO THIS MEETING [28 CFR §35.102-35.104] Page 1  TOWN OF LOS GATOS SPECIAL MEETING OF THE TOWN PENSION AND OPEB TRUSTS OVERSIGHT COMMITTEE AGENDA DECEMBER 20, 2022 110 EAST MAIN STREET AND TELECONFERENCE TOWN COUNCIL CHAMBERS 6:15 PM IMPORTANT NOTICE This is a hybrid meeting and will be held in-person at the Town Council Chambers at 110 E. Main Street and virtually through the Zoom webinar application (log-in information provided below). Members of the public may provide public comments for agenda items in-person or virtually through the Zoom webinar by following the instructions listed below. The live stream of the meeting may be viewed on television and/or online at www.LosGatosCA.gov/TownYouTube. PARTICIPATION To provide oral comments in real-time during the meeting:  Zoom webinar: Join from a PC, Mac, iPad, iPhone or Android device: Please click this URL to join: https://losgatosca- gov.zoom.us/j/86848726681?pwd=djIxUS9pVmpMUmtzWE5Yc1FDa2dWQT09 Passcode: 587955 You can also type in 868 4872 6681 and Passcode: 587955 in the “Join a Meeting” page on the Zoom website at https://zoom.us/join.  Join by telephone: Join by Telephone: Dial: USA 877 336 1839 US Toll-free or 636 651 0008 US Toll. Conference code: 686100 o If you are participating by calling in, press #2 on your telephone keypad to raise your hand.  In-Person: If you wish to speak during the meeting, please complete a “speaker’s card” located on the back of the chamber benches and return it to the Town Clerk. If you wish to speak to an item on the agenda, please list the item number. If you wish to speak on an item NOT on the agenda, please list the subject and you may speak during the “Verbal Communications” period. The time allocated to speakers may change to better facilitate the Town Council meeting. When the Chair announces the item for which you wish to speak, click the “raise hand” feature in Zoom. If you are participating by phone on the Zoom app, press *9 on your telephone keypad to raise your hand. If you are participating by calling in, press #2 on your telephone keypad to raise your hand. When called to speak, you will be asked to provide your full name and your town/city of residence. This identifying information is optional and not a requirement for participation. Please limit your comments to three (3) minutes, or such other time as the Mayor may decide, consistent with the time limit for speakers at a Council meeting. Page 2 If you wish to speak to an item or items on the Consent Calendar, please state which item number(s) you are commenting on at the beginning of your time. If you are unable to participate in real-time, you may email to Clerk@losgatosca.gov the subject line “Public Comment Item #__ ” (insert the item number relevant to your comment) or “Verbal Communications – Non-Agenda Item.” Comments received by 11:00 a.m. the day of the meeting will be reviewed and distributed before the meeting. All comments received will become part of the record. RULES OF DECORUM AND CIVILITY To conduct the business of the community in an effective and efficient manner, please follow the meeting guidelines set forth in the Town Code and State law. The Town does not tolerate disruptive conduct, which includes but is not limited to:  addressing the town Council without first being recognized;  interrupting speakers, Town Council, or Town staff;  continuing to speak after the allotted time has expired;  failing to relinquish the microphone when directed to do so;  repetitiously addressing the same subject. Town Policy does not allow speakers to cede their commenting time to another speaker. Disruption of the meeting may result in a violation of Penal Code 403. MEETING CALL TO ORDER ROLL CALL PLEDGE OF ALLEGIANCE CONSENT ITEMS Items appearing on the Consent Items are considered routine Town business and may be approved by one motion. Any member of the Council may request to have an item removed from the Consent Items for comment and action. Members of the public may provide input on any or multiple Consent Item(s) when the Mayor asks for public comments on the Consent Items. If you wish to comment, please follow the Participation Instructions contained on Page 2 of this agenda. If an item is removed, the Mayor has the sole discretion to determine when the item will be heard. 1. Approve Minutes of the September 20, 2022 Town Pension and OPEB Trust Oversight Committee Meeting. 2. Receive California Employer’s Retiree Benefit Trust (CERBT) Strategy 1 Market Value Summary Report for the Period Ending September 30, 2022. 3. Receive California Employer’s Pension Prefunding Trust (CEPPT) Strategy Market Value Summary Report for the Period Ending September 30, 2022. VERBAL COMMUNICATIONS (Members of the public are welcome to address the Town Council on any matter that is not listed on the agenda. To ensure all agenda items are heard and unless additional time is authorized by the Mayor, this portion of the agenda is limited to 30 minutes and no more than three (3) minutes per speaker. In the event additional speakers were not able Page 3 to be heard during the initial Verbal Communications portion of the agenda, an additional Verbal Communications will be opened prior to adjournment.) OTHER BUSINESS (Up to three minutes may be allotted to each speaker on any of the following items.) 4. Adopt Proposed Revisions to the Town of Los Gatos IRS Section 115 Pension Trust and Other Post-Employment Benefits (OPEB) Investment Policy As Recommended by the Finance Commission. 5. Receive CalPERS 2022 Annual Review of Funding Levels and Risks. ADJOURNMENT (Council policy is to adjourn no later than midnight unless a majority of Council votes for an extension of time). Writings related to an item on the Town Council meeting agenda distributed to members of the Council within 72 hours of the meeting are available for public inspection at the front desk of the Los Gatos Town Library, located at 100 Villa Avenue, and are also available for review on the official Town of Los Gatos website. Copies of desk items distributed to members of the Council at the meeting are available for review in the Town Council Chambers. Note: The Town of Los Gatos has adopted the provisions of Code of Civil Procedure §1094.6; litigation challenging a decision of the Town Council must be brought within 90 days after the decision is announced unless a shorter time is required by State or Federal law. Page 4