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Minutes of OPEB Trust Board Special Meeting, 11/22/2021

AGENDA: OPEB Trust Board Special Meeting

RECEIVED 12/10/2021 10:40am
Kimberly Keil - Redding Assistant Town Clerk

Town of Redding
OPEB Trust Board Minutes
Special Meeting
Monday, 11/22/2021
Immediately after BOF Meeting Via Zoom

Present:

Jenifer Wyss, Chair
Dr. Kimberly Yonkers, Vice Chair
Ward Mazzucco
Jamie Barickman
Rob Dean
Karen Gifford

Also Present:
Steve Gniadek
Wes Higgins
Members of the Public

Chair Wyss called the meeting to order at 8:26PM.
To approve minutes from the Monday July 26, 2021 Meeting

MOTION:
Mr. Mazzucco made a motion to approve the minutes of the Monday, 7/26/2021 OPEB Trust Board Meeting. Mr. Barickman seconded the motion. There were five yes votes (Wyss, Mazzucco, Barickman, Yonkers, and Dean) and one abstention (Gifford). The motion carried.1. Public Comment
Chair Wyss opened the floor to Public Comment.
There was no Public Comment.

  1. Investment Performance

MOTION:
Vice Chair Yonkers made a motion to approve the September and October 2021 Charles Schwab Investment Statements. Mr. Dean seconded the motion. The vote was unanimous, and the motion carried.

2.Future Trust Funding
Chair Wyss met with Jamie Barickman and Wes Higgins to discuss future trust funding. There were two key questions generated from this meeting:

  1. What is the appropriate level of funding based on the Town of Redding’s liability?
  2. When does the Town of Redding expect to achieve this funding?

Discussion followed concerning these questions.

MOTION:
Mr. Mazzucco made a motion to deploy the remaining $500,000 on a dollar-cost averaging basis to fund the OPEB Trust. Vice Chair Yonkers seconded the motion. Discussion followed. There were 5 Yes Votes (Mazzucco, Yonkers, Dean, Gifford, and Wyss) and one abstention (Barickman). The motion carried.

  1. OPEB liability report at July 1, 2021 (if available)

Vice Chair Yonkers asked about the detail of the annual cash contribution to the OPEB Trust. Mr. Gniadek stated that within the cash contribution, the actuarial cost is reflected. Hooker & Holcombe is the firm that completes the actuarial analysis.

  1. Other Business

There was no other business to discuss.

  1. Public Comment

Chair Wyss opened the floor to Public Comment.

There was no Public Comment.

MOTION:
Ms. Gifford made a motion to adjourn the meeting. Vice Chair Yonkers seconded the motion. The vote was unanimous, and the motion carried. 

The meeting was adjourned at 9:12PM.

Submitted by,
Zachary Smith