Gainesville Logo
 
Share to Facebook Share to Twitter Bookmark and Share
File #: 211328.    Version: 1 Name:
Type: Discussion Item Status: Passed
File created: 6/8/2022 In control: Board of Trustees for the Retiree Health Insurance Trust Fund
On agenda: 6/16/2022 Final action: 6/16/2022
Title: City Commission Resolution No. 211008 Recommendations to the Board of Trustees for the City of Gainesville Retiree Health Insurance Trust Fund (B) This item involves the City Commission Resolution No. 211008 recommendations concerning divestment and restriction of Russian and Belarusian investments in the City of Gainesville Retiree Health Insurance Trust Fund.
Attachments: 1. 211328-A_211008 BOT Resolution_20220616, 2. 211328-B_2022 City Attorney Fiduciary Duty Memo_20220616

Title

City Commission Resolution No. 211008 Recommendations to the Board of Trustees for the City of Gainesville Retiree Health Insurance Trust Fund (B)

 

This item involves the City Commission Resolution No. 211008 recommendations concerning divestment and restriction of Russian and Belarusian investments in the City of Gainesville Retiree Health Insurance Trust Fund.

 

Explanation

The Gainesville City Commission approved Resolution No. 211008 at their March 17, 2022 meeting. The Resolution requests that the Board of Trustees of the Gainesville Retiree Health Insurance Trust Fund divest of any current holdings in Russian or Belarusian securities as soon as practicable, and that the Board consider a new investment policy opposed to future investment of City funds in Russian or Belarusian securities.

 

Fiscal Note

Divestment and restriction of Russian and Belarusian securities in the Retiree Health Insurance Trust Fund may impact the Fund’s investment returns, and thereby financially impact the City. However, because the Fund rarely invests in Russian or Belarusian securities, any financial impact is expected to be minimal. The actuarial assumed investment rate of return for the Retiree Health Insurance Trust Fund is 7.9% annually, and is included in the City’s annual budgets and the Fund’s actuarial valuations.

 

Recommendation

Recommended Motion:  The Board of Trustees for the City of Gainesville Retiree Health Insurance Trust Fund: 1) consider City Commission Resolution No. 211008 requests for the Gainesville Retiree Health Insurance Trust Fund, and take any action deemed appropriate.

 




© 2014 City of Gainesville, Florida. All right reserved.

CONTACT US
City Departments
Online Contact
200 East University Ave.
Gainesville, FL 32601
352-334-5000