Agenda

Return

C.148

To:	Board of Supervisors
From:	POST-RETIREMENT HEALTH BENEFITS TRUST AGREEMENT ADVISORY BODY
Date:	September 10, 2019

Contra

Costa

County

Subject:

Revisions to the CCC Post-Employment Health Care Plan Investment Policies and Guidelines (Last Revised September 2015)

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 09/10/2019

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor
Karen Mitchoff, District IV Supervisor
Federal D. Glover, District V Supervisor

ABSENT:

John Gioia, District I Supervisor

Contact:	Lisa Driscoll, County Finance Director (925) 335-1023
cc:	Russell Watts, Treasurer-Tax Collector Robert Campbell, Auditor-Controller Patrick Godley, HSD Chief Financial Officer Highmark Capital (via CAO)

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: September 10, 2019
David Twa,

BY:	, Deputy

RECOMMENDATION(S):

Approve amendments to the Contra Costa County Post-Employment Health Care Plan Investment Policies and Guidelines to modify investment strategic ranges (last revised September 2015).

FISCAL IMPACT:

No specific fiscal impact.

BACKGROUND:

As a matter of best practices the Post-Retirement Health Benefits Trust Agreement Advisory Body annually reviews the Investment Policies and Guidelines Document. Considerations are made as to whether or not:

any cleanup language is necessary to clarify meaning and application of the policies and guidelines;

BACKGROUND: (CONT'D)

any new legislation and regulations governing the investment practice of the Plan’s funds have been passed since the last review;

new asset categories and/or allocations affecting the management and performance of the investment portfolio have been introduced; and

new guidelines and requirements have been added to further guide and/or restrict the investing of funds.

For 2019, the following changes were reviewed by the Advisory Body and are presented to the Board of Supervisors for approval:

1. Page 1, Added revision date
2. Page 2, Updated current assets
3. Page 2, Updated contact for HCM Back up - Portfolio Manager
4. Page 2, Adjustment to the Strategic Range of Asset Classes as follows: Alternatives 0-10%.
5. Page 8, Adjustments in the benchmark composition in section VIII, Investment Objectives, to reflect the changes made in the Strategic Ranges.
6. Page 9, Modification to the Target Mix and Allocation Ranges in Table 1 of the Asset Allocation.

The red-lined current policy and a copy of the revised policy are included as Attachments A and B. Post Retirement Health Benefits Trust documents are available on the Post Retirement Health Benefits Trust Agreement Advisory Body website (http://ca-contracostacounty.civicplus.com/index.aspx?NID=2915).

CONSEQUENCE OF NEGATIVE ACTION:

Failure to approve the adjustment to the investment strategic ranges will have a negative impact on the management and performance of the Plan’s investment portfolio.