San José/Evergreen Community College District Futuris Retirement Board of Authority
The San José/Evergreen Community College District Retirement Board consists of six members appointed by the Board of Trustees to govern the district’s compliance plan relating to Governmental Accounting Standards Board (GASB) Statements 43 & 45. These statements recommend reporting and funding guidelines for Other Post-Employment Benefits (OPEB) (i.e., retiree medical, dental and other welfare plans provided to eligible employees and retirees). According to a GASB 43 & 45 actuarial report completed in November, 2007, the district had an annual accrued OPEB liability on June 30, 2007 of $47,719,500. Of this amount, $37.2 million represented the estimated liability for current retirees’ welfare benefits and $10.5 million represented the estimated liability for active employees not yet retired who are eligible for welfare benefits.
The Retirement Board’s first official meeting was conducted on February 7, 2008. The Board approved a plan to be compliant with GASB 43 & 45 compliance guidelines, including establishment of an irrevocable trust from which OPEB liabilities are to be paid. The Board appointed a GASB 43 & 45 advisor, a trust company and an investment manager as part of the compliance plan. It also establishes a formal investment policy and reviews the performance of the trust company, which in turn monitors the performance of the investment manager in achieving the goals reflected in the investment policy.
All Retirement Board meetings are subject to the requirements of the Brown Act.
Membership
Agenda
2009
2008
Minutes