City of Paramount Council Agenda April 2026
City Selects Charles Schwab Trust Bank as OPEB Custodian
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Description
Paramount will designate Charles Schwab Trust Bank as custodian for its Section 115 OPEB assets under the Shuster Advisory Group trust program. All prefunding assets from CalPERS will be transferred to Charles Schwab Trust Bank once liquidation is completed.
Contract Details
Vendor
CHARLES SCHWAB TRUST BANK
Agency
City of Paramount, CA
Contract Type
FINANCIAL_SERVICES
Document Date
April 28, 2026
Contract Term
Effective upon transfer of assets following April 28, 2026; ongoing until changed by City
Renewal Info
Custodial role continues subject to trust and service agreement terms and may be changed by City Council action.
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