Port of Hueneme takes charge for funding retiree benefits

By: | at 06:09 AM | Ports & Terminals  

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.


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