Afternoon.

Today is Wednesday, February twenty fifth at one thirty PM.

And this is the date and time set for this public meeting of the other post employment benefits trust fund, also known as OPEB.

Could you please give us a roll call of the OPEB members?

Sure.

Uh, Chair Razor.

Present.

Vice Chair Ganger.

Present.

And trustee Fisher.

We have a quorum.

Thank you, Zach.

At this time, the public is invited to comment on and discuss any topic that is relevant to or within the authority of this body.

Seeing and hearing no comments from the public, I will close public comment at this time and we'll move forward to our next agenda item, which is agenda item four A, which is the approval of the minutes from our last meeting on Wednesday, November nineteenth, two thousand twenty-five.

And just a note for the record in today's agenda lists the approval of the minutes from August thirteenth, twenty twenty-five, but these are the minutes from the OPEP meeting on November nineteenth, twenty twenty-five.

Yes, I have, and I have changes.

So I would move to approve the minutes of August 13, sorry, of November nineteenth, twenty twenty-five.

And I would move forward with that with uh with an I just to uh make that uh notation for November nineteenth.

All in favor say aye.

I motion carries moving forward to agenda item five A, which is the discussion of possible action regarding the OPEB trust earnings report for the second quarter of fiscal year two thousand twenty-six.

We have with us CFO Sherry Russell Benaboo.

Thank you very much.

Uh sorry about the date error.

I'll watch that in the future.

Um got through the day DA's office too.

So oh, our DA is not here.

Um do we have to should we wait?

That I'm not sure on.

I think we're supposed to always have a DA present.

Um we can pause it this time and see if the assigned DA will show up.

Usually the DA's office is here.

I don't see Adam out.

We will stand by at this time.

So I heard from the deputy city manager and she says uh they are supposed to be here to make sure there's no open meeting law violations.

Um and we're trying to get them here now, but I actually just uh got a message from Dan you.

Oh our and he said that we can continue without cancel without our cancel council here.

Okay.

Great.

Um so back to item 5A.

Uh sorry, Sherry Russell Benaboo for the record.

Um this is our earnings report, and um so for the six months ended December 31st, 2025.

Um we had a earnings ratio of 7.1, which is great.

Last year it was only 3.9%.

Uh earnings are looking good.

Uh for the Carson City Investment Pool, that's our small operating.

Uh there's 1,963 in interest earnings.

And then our BIF, the retirement benefits investment fund, that's our main investment fund.

There was uh 61,788.73 in interest earnings, uh 332,775.95 in gains and losses, and a little bit of fees of 793 793.29 cents.

Are there any questions?

I don't have any questions.

I have no questions, and I would just make a comment that it's nice to see all positive earnings so far this year.

Absolutely.

Hopefully I uh don't jinx it.

Yeah, I don't jinx that by saying that, but it's nice to see that.

Uh I would move to approve the OPEB trust earnings report as presented.

All in favor, say aye.

Aye.

Motion carries.

Moving forward to agenda item five B.

This is discussion of possible action regarding OPEB trust activity for the second quarter of fiscal year 2026.

Again, CFO Sherry Russell Benebu.

Thank you.

Uh for so for the six months ended again, December 31st, 2025.

Um, this is the revenues and expenses in the fund.

Uh revenues are paid by retirees, expenses are the insurance premiums.

So in a perfect world where no retirees um leave the plan or pass away, we would have um uh zero change in the monthly profit or loss.

However, people are always coming on the plan and coming off the plan.

Um sometimes Medicaid is cheaper, so they come off the plan uh for other reasons.

And um, so there is all there, there is always a little difference, but it will catch up in time.

Um and then we have that investment income amount um for the six months ended of 395,736.41.

Um a total current earnings of 401, 15513.

Uh there is a little balance sheet on the bottom that shows the total cash in the fund is 5,580 584.57.

Uh there's a little prepaid amount.

I believe this was um vision and uh life insur or yeah, life insurance um for 1,256.43.

And then uh we have a little deferred amount.

Um some retirees pay in advance, and so the $4,06 and 80 cents is an advanced payment.

So our total net position for this fund for the current year is five million five eighty-one eight forty-one.

Are any questions?

I don't have any questions.

I have no questions either.

I will move to approve to approve the OPAB trust activity as presented.

All in favor, please say aye.

Aye.

Aye.

Motion carries unanimously.

And moving on to agenda item five C, which also note um item five six, also the similar item with the uh meeting selection date, but for item five C we can look again at keeping it our three-month scheduled meetings.

So this one will be for May of 2026.

And in looking at the calendar, I show four possible dates in May.

Uh the sixth, the 13th, the 20th, and the 27th, all on Wednesdays.

If anybody has any conflicts with those or scheduling, that would be better for you.

We will get the statement for March, probably on April 30th.

So the six would be a little quick.

I try to get the agendas out to you uh a week in advance.

Okay.

So if I could ask for the 13th through the 27th one of those, that would be ideal.

I'm good, either of those three days.

Works for me too.

Okay.

How about the 20th?

Give us an extra week.

Sounds great.

So we will set it for Wednesday, May 20th, 2026 again at 130 p.m.

And uh if I may interrupt real quick, I uh with uh Karen Fisher, um our third trustee having resigned from the board.

Are we going to seek a third member?

Yes.

Um I did reach out to um Nancy Poulson, our old city manager.

She is retired, not old, but um retired city manager, and um she has agreed to be a trustee.

So um I will go through the process of taking it to the board and having um her appointed.

Um so hopefully she will be our next trustee in May if that's approved.

Perfect.

Great.

Thank you.

Thank you.

Moving forward to our final agenda item, which is public comment.

Uh public is invited again at this time to comment on any matter that is not specifically included on the agenda as an action item.

And please note that no action may be taken on a matter raised under this item of the agenda unless the item has specifically included on the agenda as an item upon which action may be taken.

Seeing and hearing no comments from the public, I will close public comment at this time.

And at this time, I will adjourn today's publicly scheduled OPEB meeting.

Meeting adjourned