While public agencies struggle to meet budget demands, the Port of Hueneme is taking bold steps today, towards fully funding employee retirement benefits for the future.
The Port is adding a pre-funding element to their financial plan for Other Public Employee Benefits (OPEB) costs. OPEB consists largely of health care premiums for retired employees. As a public agency, the Port currently provides these benefits. Last week, the Board of Commissioners of the Oxnard Harbor District (the Port of Hueneme’s governing body) voted to make a $500,000 opening deposit into an irrevocable trust account with California Employers Retiree Benefit Trust (CERBT). This trust, administered by CalPERS, will serve as the pre-funding element supplementing the pay-as-you-go method currently in place.