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Oxnard Union High School District
Retiree Health Benefits Trust

Retiree Benefit Information Report (PPTX, 123kb; August 2019)

Investment Policy Statement [Revised and UPDTED February 2020]

The Purpose of the Retiree Health Benefits Trust

The intent of the Trust, a tax-exempt organization initially established in 1999 by an agreement between the Oxnard Union High School District and the Oxnard Federation of Teachers, was to build up funds to fully meet the District's unfunded obligations to pay for retiree benefits to eligible District employees and retirees and their respective dependents who are Trust beneficiaries. Since the Trust began, its goal has been to reach a point where the total assets of the Trust are equal to the projected obligations of the District to fund and provide contractual health care benefits to all eligible retirees and dependents.

As the most recent actuarial report (June 8, 2011) prepared for the District notes, the District will directly fund retiree benefits from the District's General Fund until the Trust is fully funded. Trust assets will thereafter be used to make benefit payments. This approach is consistent with the Trust's intent. The Trust is not fully funded at this time.

The principal focus of the Trust is the investment of funds. The Trust has never provided any funding for current retiree obligations, nor made any distributions to fund such benefits. There are no provisions in the Trust Agreement or in the history of the Trust's creation indicating an intent or purpose to make any interim distributions to beneficiaries.

Our Mission

The mission is "to financially ensure, through investment of Trust funds and the cooperative efforts of the District and the Federation, a comprehensive health and benefits program for every eligible retiree of the District at the most efficient cost achievable through unity of design, purchase and administration."

The Board of Trustees

The Trust is legally separate and independent from both the Oxnard Union High School District and the Oxnard Federation of Teachers. The Trust is governed by a Board of Trustees consisting of representatives selected by the District and the Federation. As of October 2013, the Trustees are:

Jeffrey Weinstein Chair; appointed by OUHSD
Julie Cole Co-Chair; appointed by OFTSE
Wes Davis appointed by OFTSE
Dr. Thomas McCoy appointed by OUHSD
Ted Lawrence appointed by OUHSD
Ed Ransom appointed by OFTSE
LaVada White appointed by OFTSE (alternate)

Three of the trustees are selected by the District, and three by the Federation. The Trustees receive no compensation for their service.

The Trustees have a fiduciary obligation to administer the Trust in accordance with its purpose and intent and with the terms of the Trust Agreement. The purpose of the Trust is to financially ensure the provision of health and welfare benefits to the beneficiaries.

The Trustees' fiduciary obligations include, but are not limited to: (a) administering the Trust solely for the benefit of the beneficiaries; and (b) treating the beneficiaries impartially, i.e. treating them fairly in relation to each other, both individually and by class.

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