HomeMy WebLinkAbout08. Information requested on GASB 45 OPEB TrustCentral Contra Costa Sanitary District
September 22, 2016
TO: FINANCE COMMITTEE
VIA: ROGER S. BAILEY, GENERAL MANAGER pr,
ANN SASAKI, DEPUTY GENERAL MANAGER
FROM: THEA VASSALLO, FINANCE MANAGER ).‘
SUBJECT: INFORMATION REQUESTED ON GASB 45 OPEB TRUST
The following is further information requested by the committee on Finance Committee
Agenda Item #8, "Receive information on fees charged by PARS and HighMark for
managing the GASB 45 OPEB Trust and Committee Member inquiry as to having an
independent review of the GASB 45 OPEB Trust investments".
Fees Charged
PAIRS Fees
From
$0
$5,000,001
$10,000,001
$1 5,000,001
$50,000,001
$5,000,000
$1 0,000,000
$1 5,000,000
$50,000,000
and over
Example:
Discounted Fee Schedule
40,000,000
Balance
5,000,000
5,000,000
5,000,000
25,000,000
Approx. Annual Fee
Approx. Monthly Fee
Approx. Annual %
Annual
Rate
0.225%
0_225%
0.180%
0_135%
0_090%
PAIRS
11,250
11,250
9,000
33,750
$65,250
$5,438
0.00163
Highrnark Investment 11/11gmt. Fees
(Fee is Waived for HighMark Funds)
Annual
From To Rate
$0
$5,000,001
$1 0,000,001
$1 5,000,001
$50,000,001
HNA
$5,000,000
$10,000,000
$1 5,000,000
$50,000,000
and over
Total
15,750 27,000
11,250 22,500
9,000 18,000
33,750 67,500
$69.7.50 $135,000
$5,813 $11,250
0.00174
Fees were discounted by 10.i4 on tiered levels as part of the 2013 OPEB Benchmark Study.
Review of OPEB Trust
0.315%
0.225%
0.180%
0_135%
0.090%
Finance Manager Thea Vassallo has been in contact with Managing Director Lauren
Brandt with PFM Asset Management LLC and has provided the requested information
to the consultant in order to provide feedback. Results of PFM's review will be brought
back to the Committee at a later date.
TV:slc
INFORMATION REQUESTED ON GASB 45 OPEB TRUST 9-22-16