City Council authorizes transfer of post-employment benefits to Shuster Advisory Group, LLC

Jason R. Aula 

Signal Hill City Manager Charlie Honeycutt (Photograph credit: Brandon Richardson, Long Beach Business Journal)

​LOS ANGELES, California — On Tuesday, May 10th pursuant to AB 361, the Signal Hill City Council continued to hold virtual meetings.

Mayor Keir Jones presented a proclamation to the Signal Hill Police Department, in honor of National Police Week, May 11- May 17, 2022.   

The City Council unanimously authorized transfer of post-employment benefits trust administration to Shuster Advisory Group, LLC.  The transfer will trigger a 52% reduction of provider fees saving the trust $176,000 over 10 years and $1.6 million over 30 years. Shuster has never terminated a client or had any legal issues over 30 years and provides services to 70 city agencies in California. In addition, Charles Schaub Trust Bank & Trust Co. will replace US Bank as the trust custodian. 

Under the direction of the Government Finance Officers Association (GFOA) in 2009, the city decided to prefund future post-employment liabilities with US Bank the present custodian of trust assets under contract with CalPERS. In addition, the City provides $885 per month for premiums of retiree contributions, which are funded annually by current municipal payroll contributions. 

City Clerk Carmen Brooks gave a presentation in regard to the upcoming June 7, 2022, statewide direct primary election. 

The next regularly scheduled Signal Hill City Council meeting will be held Tuesday, May 24, 2022, at 7:00 p.m.

City Council Members are compensated at a rate of $694.14 per month. 

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