Town Pension and OPEB Trusts Oversight Committee

TOWN OF LOS GATOS TOWN PENSION AND OPEB TRUSTS OVERSIGHT COMMITTEE AGENDA MARCH 30, 2021 110 EAST MAIN STREET LOS GATOS, CA Marico Sayoc, Mayor Rob Rennie, Vice Mayor Mary Badame, Council Member Matthew Hudes, Council Member PARTICIPATION IN THE PUBLIC PROCESS Maria Ristow, 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. The time allocated to speakers may change to better facilitate the Town Council meeting. Effective Proceedings: The purpose of the 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 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 Committee without first being recognized; interrupting speakers, Committee members 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 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 meeting o For inclusion in any Addendum: by 11:00 a.m. the Monday before the meeting o For inclusion in any Desk Item: by 11:00 a.m. on the day of the Meeting Town Council Meetings Broadcast Live on KCAT, Channel 15 (on Comcast) on the 1st and 3rd Tuesdays at 7:00 p.m. Rebroadcast of Town Council Meetings on the 2nd and 4th Mondays 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 of 4  TOWN OF LOS GATOS TOWN PENSION AND OPEB TRUSTS OVERSIGHT COMMITTEE AGENDA MARCH 30, 2021 7:00 PM IMPORTANT NOTICE REGARDING THE MARCH 30, 2021 MEETING This meeting is being conducted utilizing teleconferencing and electronic means consistent with State of California Executive Order N-29- 20 dated March 17, 2020, regarding the COVID-19 pandemic. The live stream of the meeting may be viewed on television and/or online at www.losgatosca.gov/AgendasAndVideos. In accordance with Executive Order N-29- 20, the public may only view the meeting on television and/or online and not in the Council Chamber. PARTICIPATION If you are not interested in providing oral comments in real-time during the meeting, you can view the live stream of the meeting on television (Comcast Channel 15) and/or online at www.LosGatosCA.gov/TownYouTube. If you would like to provide oral comments real-time during the meeting, you must join the Zoom webinar:  Join from a PC, Mac, iPad, iPhone or Android device: click this link https://us02web.zoom.us/j/85832205474?pwd=YS9MUjhHV2RmbFpOLzBsYktGcGxNdz 09. Password: 158557. You can also type in 858 3220 5474 in the “Join a Meeting” page on the Zoom website at https://zoom.us/join.  Join by telephone: Dial: 877 336 1839. Conference code: 969184 During the 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, please limit your comments to three (3) minutes, or such other time as the Chair may decide, consistent with the time limit for speakers at a Council meeting. If you are unable to participate in real-time, you may email to PublicComment@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. Page 2 of 4  TOWN OF LOS GATOS TOWN PENSION AND OPEB TRUSTS OVERSIGHT COMMITTEE AGENDA MARCH 30, 2021 7:00 PM REMOTE LOCATION PARTICIPANTS The following Committee Members are listed to permit them to appear electronically or telephonically at the Town Council meeting: MAYOR MARICO SAYOC, VICE MAYOR ROB RENNIE, COUNCIL MEMBER MARY BADAME, COUNCIL MEMBER MATTHEW HUDES, and COUNCIL MEMBER MARIA RISTOW. All votes during the teleconferencing session will be conducted by roll call vote. MEETING CALL TO ORDER ROLL CALL CONSENT ITEMS (Items appearing on the Consent Items are considered routine and may be approved by one motion. Any member of the Committee or public may request to have an item removed from the Consent Items for comment and action. A member of the public may request to pull an item from Consent by following the Participation Instructions on page 2 of this agenda. If an item is pulled, the Chair has the sole discretion to determine when the item will be hear. Unless there are separate discussions and/or actions requested by Coommittee, staff, or a member of the public, it is requested that items under the Consent Items be acted on simultaneously.) 1. Approve Draft Minutes of the December 1, 2020 Town Pension and OPEB Trusts Oversight Committee Meeting. VERBAL COMMUNICATIONS (Members of the public are welcome to address the Committee on any matter that is not listed on the agenda consistent with the Participation instructions on page 2 of this agenda. To ensure all agenda items are heard and unless additional time is authorized by the Chair, 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 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 consistent with the Participation instructions on page 2 of this agenda.) 2. Receive and Discuss the Town of Los Gatos IRS Section 115 Pension Trust and OPEB Investment Policy. 3. Receive Monthly Performance and Account Summary Reports for the Town of Los Gatos IRS Section 115 Pension Trust for the Period Ending December 31, 2020. 4. Receive Market Value Summary Quarterly Report and Performance Report for the California Employers’ Retiree Benefit Trust (CERBT) for the Period Ending December 31, 2020. 5. Receive CalPERS Actuarial Review and Presentation by Bartel and Associates. Page 3 of 4  6. Direct the Available Balance in the California Employers' Pension Prefunding Trust (CEPPT) ($708,807.33), $952,135 from the Town’s Pension/OPEB Reserve, and the General Fund Policy $390,000 scheduled payment to shorten the amortization period from 30 to 20 years as an Additional Discretionary Payment to CalPERS toward the 2013 Investment Loss Amortization Base. ADJOURNMENT (Council policy is to adjourn no later than midnight unless a majority of the Committee votes for an extension of time) Writings related to an item on the Committee meeting agenda distributed to members of the Committee within 72 hours of the meeting are available for review on the official Town of Los Gatos website. Copies of desk items distributed to members of the Committee at the meeting are available for review on the Town website. 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 of 4