Item 6.4.
Quarterly Investment Report
as of April 30, 2026
Chu Thai, Finance Director
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City of Union City
Quarterly Treasury
Update (as of
4/30/2026)
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Meet Your Primary Contacts
Mark Shuster
Managing Partner, CEO
[email protected]
JoAnn Parrino
Partner, Senior Consultant
[email protected]
Sarah Yauchzee
Operations Director
[email protected]
Michael Gonzalez
CFA, MSF
Portfolio Manager
[email protected]
Carl Steinhilber
CFS
Senior Plan Consultant
[email protected]
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Powers and Duties Common To Cities,
Counties And Other Agencies
CA GOVT CODE §53600.3.
All governing bodies of local agencies or persons authorized to make investment decisions on behalf of those local agencies investing public funds pursuant to this chapter are trustees and therefore fiduciaries subject to the prudent investor standard.
When investing, reinvesting, purchasing, acquiring, exchanging, selling or managing public funds, a trustee shall act with care, skill, prudence, and diligence under the circumstances then prevailing, including but not limited to, the general economic conditions and the anticipated needs of the agency, that a prudent person acting in a like capacity and familiarity with those matters would use in the conduct of funds of a like character and with like aims, to safeguard the principal and maintain the liquidity needs of the agency.
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Background
• For over 30 years, Shuster, and its prior affiliates have provided retirement plan consulting to both corporate and public sector plans.
• Recognizing a gap in quality and independent advisory services in the public sector over a decade ago, Shuster entered the sector in 2013.
• Since our first public sector client engagement in 2015, we have onboarded over 100 new agency clients, encompassing over 225 public agency plans. Currently, we serve as the adviser for more than 250 qualified retirement plans. • Our comprehensive plan audit, RFP process and investment advisory services have resulted in significant cost reductions and improved safety of principal options for plan participants.
• Unwavering focus on delivering state-of-the-art, low cost and compliant retirement plans to our plan sponsor customers and their employees.
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Shuster Advisory Group
• SEC-Registered Investment Advisor w/ $11B+ in assets
under management / advisement
• Full fiduciary to investments
• Must act in the best interest of the agency
• Provides ongoing investment management, trust level
and administrative services
• Independent/non-proprietary
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Plan Consulting Services
Defined Contribution
• 457(b)
• 457(f)
• 401(a)
• 401(k)
• 403(b)
• 415(m)
• PT-OBRA/ Social Security
Alternative
Retiree Medical Reimbursement
Pension
• Defined Benefit
• Cash Balance
• Supplemental Defined Benefit
Future Liability Prefunding (115 Trust)
• Pension
• OPEB
Operating Reserves/Cash Accounts
• Cash Management
• Bonds
• Pooled Cash
• CD’s
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Cities and Towns We Proudly Serve
The cities and agencies listed above do not expressly recommend Shuster Advisory Group, a HUB International Company.
American Canyon Commerce Jurupa Valley Montebello Pismo Beach Sausalito Arcadia Covina Laguna Hills Monterey Park Placentia Sebastopol Artesia Downey La Mirada Moraga Pleasant Hill Scotts Valley Azusa Eastvale La Palma Moreno Valley Rancho Cordova Signal Hill Baldwin Park El Segundo La Quinta Morgan Hill Rancho Mirage South Gate Bell Emeryville La Verne Norwalk Rancho Palos Verdes South Pasadena Bell Gardens Fontana Lafayette Oakley Redlands Stanton
Bellflower Fullerton Lakeport Ontario Rialto Stockton
Beverly Hills Gardena Lakewood Orange Riverside Temecula Canyon Lake Glendora Lancaster Oxnard San Bernardino Union City Carson Hemet Lomita Palmdale San Dimas Upland
Cathedral City Hermosa Beach Lompoc Palm Desert San Fernando Vernon Chino Hesperia Los Altos Palo Alto San Juan Capistrano Walnut Claremont Huntington Park Los Gatos Paramount San Luis Obispo Whittier Clovis Indian Wells Lynwood Perris San Pablo Wildomar
Colton Inglewood Manhattan Beach Pico Rivera Santa Fe Springs Yucaipa 9 © 2025 HUB International Limited.
Public Agencies We Proudly Serve
Antelope Valley Medical Center Midway City Sanitation District Buena Vista Water Storage District Mountains Recreation & Conservation Authority (MRCA) Chino Valley Fire District Ohio County Employees Retirement Plan (OCERP) Conejo Recreation & Park District (CRPD) Ontario International Airport Authority County Commissioners’ Association of Ohio (CCAO) Orange County Fire Authority (OCFA) County of Modoc Regional Center of the East Bay
First Public Hydrogen Authority San Bernardino Water District Greater Los Angeles County Vector Control District (GLACVCD) South Bay Regional Public Communications Authority Hesperia Fire Protection District Three Valleys Municipal Water District Hesperia Water District Trinity County Waterworks
Little Lake Fire Protection District Valley-Wide Recreation & Park District Madera Irrigation District West Valley Water District
The cities and agencies listed above do not expressly recommend Shuster Advisory Group, a HUB International Company. 10 © 2025 HUB International Limited.
City Cash Account Update
a. Account Balances
i. 3/31/26:
• Fixed Income Investments Balance (excluding CDs): $63,937,558 ii. 4/30/26:
• Fixed Income Investments Balance (excluding CDs): $64,108,442 b. Current Yield
i. 3/31/26: 3.71%
ii. 4/30/26: 3.81%
c. Yield to Worst
i. 3/31/25: 4.17%
ii. 4/30/26: 4.24%
d. Pricing: Total 7 bps per annum
i. Fiduciary Fee: 1 bp
ii. Portfolio Management Fee: 6 bps
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115 Trust Update – City Accounts
Assets as of OPEB Pension Stabilization Total
3/31/2026 $9,551,458 $20,686,931 $30,238,389
4/30/2026 $10,025,242 $21,714,014 $31,739,256
Account
Allocation
(Equity/Fixed
Income)
Discount
Rate
1-Year
Return
Since Inception
Return
Since
Inception
Date
As of 3/31/2026
OPEB 50/50% 6.00% 14.53% 11.31% 1/22/2025 Benchmark 12.75% 9.61% Pension Stabilization 50/50% 6.80% 14.42% 12.02% 1/2/2025 Benchmark 12.75% 10.58% As of 4/30/2026
OPEB 50/50% 6.00% 19.27% 14.83% 1/22/2025 Benchmark 17.45% 13.19% Pension Stabilization 50/50% 6.80% 19.26% 15.38% 1/2/2025 Benchmark 17.45% 13.98% Pricing Summary: Total 15 bps per annum
• Admin Fees (Admin, Custody, & Trustee)1: 4 bps
• Investment Management Fee: 11 bps
1 - Shuster Admin Fee is 1 basis point per annum and will convert to a flat dollar fee after the end of contract year-3 based on the highest year-end balance of the first 3 contract years. Schwab Custody fee is 1 basis point per annum with an annual minimum of $400 per plan. Alta Trustee fee is 2 basis points with an annual maximum of $5,000 per plan. 20 © 2025 HUB International Limited.
115 Trust Update – Police/Fire OPEB Accounts
Assets as of OPEB Pension Stabilization Total
3/31/2026 $8,409,232 $2,079,684 $10,488,917
4/30/2026 $8,826,139 $2,182,721 $11,008,860
Account
Allocation
(Equity/Fixed
Income)
Discount
Rate
1-Year
Return
Since Inception
Return
Since
Inception
Date
As of 3/31/2026
OPEB Police 50/50% 6.00% 14.41% 11.23% 1/22/2025 Benchmark 12.75% 9.61% OPEB Fire 50/50% 6.00% 14.55% 11.32% 1/22/2025 Benchmark 12.75% 9.61% As of 4/30/2026
OPEB Police 50/50% 6.00% 19.14% 14.75% 1/22/2025 Benchmark 17.45% 13.19% OPEB Fire 50/50% 6.00% 19.28% 14.84% 1/22/2025 Benchmark 17.45% 13.19% Pricing Summary: Total 15 bps per annum
• Admin Fees (Admin, Custody, & Trustee)1: 4 bps
• Investment Management Fee: 11 bps
1 - Shuster Admin Fee is 1 basis point per annum and will convert to a flat dollar fee after the end of contract year-3 based on the highest year-end balance of the first 3 contract years. Schwab Custody fee is 1 basis point per annum with an annual minimum of $400 per plan. Alta Trustee fee is 2 basis points with an annual maximum of $5,000 per plan. 21 © 2025 HUB International Limited.
Section 115 Trust Performance (5/22/2026)
For the above report, market values include accrued interest. Performance returns are Annualized and calculated using TWR, Net of Fees. Asset level returns are gross of fees.
Note: All portfolio allocation options are available with Shuster. Shuster’s performance is calculated by Morningstar, is net of all Trust program fees and net of embedded fund expense, and is believed to be accurate but is not guaranteed. Any discrepancy is purely accidental. This summary is for simplification purposes only and is not guaranteed. Past performance is not a guarantee of future performance.
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457(b), 401(a), & PTS Plans Update
As of Plan 457(b) Plan 401(a) Plan PTS Plan Total
3/31/26
Assets $40,962,515 $6,367,434 $636,382 $47,966,331
Participants 284 78 369 653*
4/30/26
Assets $43,619,862 $6,704,325 $639,992 $50,964,180
Participants 284 77 372 656*
b. Pricing Summary: 457(b) and 401(a) Plans
i. MissionSquare Recordkeeping and Admin: 4 basis points (bps) per annum i. Prior to Shuster: 37 bps
ii. Shuster Advisory Services: $38,000 per annum split pro-rata (equates to 7.5bps) a. Account Balances
*Assumes participants in the 401(a) plan are also participating in the 457(b) plan 253 © 2025 HUB International Limited. © 2026 HUB International Limited.
Thank you
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Unless otherwise stated,all information, including fees and interest rates, is gatheredfrom the Agency or publicly available sources.
Past performanceis no guaranteeof future results.
HUB Retirement and Private Wealthemployees are affiliated with and offer Securities and Advisory services through various Broker Dealers and Registered Investment Advisers, some of whom may or may not be affiliated with HUB International. HUB Internationalowns the following Registered Investment Advisers: HUB Investment Partners; HUB Investment Advisors; Global Retirement Partners, LLC; RPA Financial; and Taylor Advisors.
Additional information for each individual HUB International RegisteredInvestment Advisor may be foundin the respective Form ADV available on the SEC’s IAPD website at https://adviserinfo.sec.gov.Insuranceservices are offeredthrough HUB International.