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Conejo Recreation & Park District <br />GENERAL MANAGER <br />Jim Friedl <br />DATE: June 2, 2022 <br />BOARD OF DIRECTORS <br />Nellie Cusworth, Chair <br />Susan L. Holt, Vice Chair <br />George M. Lange, Director <br />Chuck Huffer, Director <br />Doug Nickles, Director <br />GENERAL MANAGER EMERITUS <br />Tex Ward <br />TO: Board of Directors <br />FROM: Jim Friedl, General Mana � <br />SUBJECT: Consider and Approve ,, <br />d'u ents to the Investment Policies for the <br />District's Defined Benefit, Other Post -Employment Benefits (OPEB) and <br />Pension Stabilization Trust Funds <br />RECOMMENDATION <br />Approve recommended adjustments to the Investment Policies for the District's Defined Benefit, <br />Other Post -Employment Benefits (OPEB) and Pension Stabilization Trust Funds <br />BACKGROUND <br />On February 17, 2022 the Board of Directors (Board) authorized transfer and investment of <br />funds held at Public Agency Retirement Services (PARS) for the Retirement Enhancement Plan, <br />to Charles Schwab Trust Bank for the Defined Benefit Plan to be administered by Nyhart with <br />Fiduciary Investment Management provided by Shuster Advisory Group, LLC (Shuster). <br />Also on February 17, 2022, the Board authorized transfer and investment of funds held at PARS <br />for Other Post -Employment Benefits (OPEB) and Pension Stabilization the Retirement <br />Enhancement Plan, to the Multiple Employer/Pension 115 Trust to be administered by Shuster. <br />DISCUSSION <br />Transfer of these funds to Shuster is nearing completion and the investment policy for these <br />funds needs to be determined. <br />Previously, the Board decided to utilize HighMark Capital Management as the Investment <br />Manager which offered 5 difference investment policy options ranging from Conservative to <br />Capital Appreciation. The District has been opting for the "HighMark Plus Active - Moderate" <br />50/50% (Equity/Fixed) allocation option. <br />On March 30, 2022, staff meet with Shuster to discuss next steps for the funds and potential <br />investment policies. On May 3, the Finance and Audit Committee (Committee) also reviewed <br />allocation options with Shuster. After consultation with staff, and considering the District's <br />ADMINISTRATIVE OFFICES <br />403 West Hillcrest Drive, Thousand Oaks, CA 91360-4223 <br />805-495-6471 1 Fax: 805-497-3199 1 parks@crpd.org I www.crpd.org <br />