Santa Clara Valley Transportation Authority (VTA) Board of Directors

Santa Clara Valley Transportation Authority Retirees’ OTHER POST EMPLOYMENT BENEFITS COMMITTEE Tuesday, April 7, 2026 Other Post Employment Benefits Committee (OPEB) Begins at the conclusion of the 11:00 AM Board of Pensions Investment Committee VTA Conference Room B-104 Santa Clara Valley Transportation Authority 3331 North First Street San Jose, California 3331 North First S treet ∙ San Jose, CA 95134 - 1927 ∙ Administration 408.321.5555 ∙ Customer Service 408.321.2300 AGENDA 1.   CALL TO ORDER/ROLL CALL 2.   ORDERS OF THE DAY 3.   PUBLIC PRESENTATIONS:   This portion of the agenda is reserved for persons desiring to address the Committee on any matter not on the agenda. Speakers are limited to 2 minutes.   All statements that require a response will be referred to staff for reply in writing. CONSENT AGENDA 4.   APPROVE   – Meeting minutes of March 3, 2026 . REGULAR AGENDA 5.   RECEIVE   – Preliminary Performance Report ending   February 28 , 2026 . (Meketa) 6.   DISCUSS –   Public Credit investment manager search.   (Meketa) 7.   ANNOUNCEMENTS & COMMUNICATIONS 8.   ADJOURN

Santa Clara Valley Transportation Authority OPEB Committee   April 7, 2026 Page 2 NOTE COMMITTEE MEMBERS:   In order to establish whether or not a quorum exists for this meeting, members are asked to call   Alicia Cárdenas in the Finance & Administration   Department at (408) 952 -4117 before 4:3 0 p.m. on the day prior to the meeting. Thank you for your cooperation. All public records relating to an open session item on this agenda, which are not exempt from disclosure pursuant to the California Public Records Act, that are distributed to a majority of the   Investment Committee   less than 72 hours prior to the meeting will be available for public   inspection at 3331 North First Street, San Jose, CA at the same time that the public records are distributed or made available to the Investment Committee. In   compliance   with   the   Americans   with   Disabilities   Act   (ADA),   those   requiring accommodations or accessible media for this meeting should notify Alicia Cárdenas in the Finance & Administration   Department 48 hours prior to the meeting at (408) 952 - 4117 .

Santa Clara Valley Transportation Authority Retirees’ OTHER POST EMPLOYMENT BENEFITS COMMITTEE Tuesday, March 3, 2026 Other Post Employment Benefits Committee (OPEB) Begins at the conclusion of the 11:00 AM Board of Pensions Investment Committee VTA Conference Room B104 Santra Clara Valley Transportation Authority 3331 North First Street San Jose, California OPEB Committee   Page 1 of 2   March 3, 2026 Summary Minutes SUMMARY MINUTES 1.   CALL TO ORDER / ROLL CALL The Santa Clara Valley Transportation Authority Retirees’ Other Post Employment Benefits Committee (OPEB) meeting was called to order at 11:24 a.m. by Chairperson Smith. ROLL CALL: Members Present:   Michael Smith, Grace Ragni, Michael Malchenko Members Absent : Tatiana Starostina, Jenny Le-Christensen A quorum was present. 2.   ORDERS OF THE DAY M/S/C   No changes. 3.   PUBLIC PRESENTATIONS:   This portion of the agenda is reserved for persons desiring to address the Committee on any matter, not on the agenda. Speakers are limited to 2 minutes . All Statements that require a response will be referred to staff for reply in writing. There were no Public Presentations. Item 4

OPEB Committee   Page 2 of 2   March 3, 2026 Summary Minutes CONSENT AGENDA 4.   APPROVE –   Minutes of March 3, 2026. REGULAR AGENDA 5.   RECEIVE   – Quarterly Performance Report ending December 31, 2026 (Meketa) David Sancewich from Meketa Investment Group reviewed the final quarterly performance report ended December 31, 2025. She commented that the Trust had $464.5 million in assets and that the asset allocation was in compliance with the investment policy statement. Mr. Sancewich reviewed the overall performance and commented that returns were strong both on an absolute basis and risk adjusted basis having review several pages outlining analytics

…(truncated preview)

What happened The Santa Clara Valley Transportation Authority (VTA) Board of Directors met on 2026-04-07 at 11:30 AM and discussed Santa Clara Valley Transportation Authority Retirees’ OTHER POST EMPLOYMENT BENEFITS COMMITTEE Tuesday, April 7, 2026 Other Post Employment Benefits Committee (OPEB) Begins at the conclusion of the 11:00 AM Board of Pensions Investment Committee VTA Conference Room B-104 Santa Clara Valley Transportation Authority 3331 North First Street San Jose, California 3331 North First S treet ∙ San Jose, CA 95134 - 1927 ∙ Admi... Key decisions APPROVE – Meeting minutes of March 3, 2026. APPROVE – Minutes of March 3, 2026 What matters to the public Santa Clara Valley Transportation Authority Retirees’ OTHER POST EMPLOYMENT BENEFITS COMMITTEE Tuesday, April 7, 2026 Other Post Employment Benefits Committee (OPEB) Begins at the conclusion of the 11:00 AM Board of Pensions Investment Committee VTA Conference Room B-104 Santa Clara Valley Transportation Authority 3331 North First Street San Jose, California 3331 North First S treet ∙ San Jose, CA 95134 - 1927 ∙ Admi... Topics covered - Housing and land use - Budget and finance - Transportation and infrastructure - Environment and utilities Notable people / organizations - Santa Clara Valley Transportation Authority Retirees - OTHER POST EMPLOYMENT BENEFITS COMMITTEE Tuesday - Other Post Employment Benefits Committee - AM Board Next steps Sancewich reviewed the overall performance and commented that returns were strong both on an absolute basis and risk adjusted basis having review several pages outlining analytics based charting. She commented that the Trust returned 14.3% over the last year, 7% over the last five years and that compares favorably on a risk adjusted basis versus peers with a peer-relative ranking of 29 th over the last five years

The Santa Clara Valley Transportation Authority (VTA) OPEB Committee meeting focuses on reviewing the preliminary investment performance report for February 28, 2026, and discussing the search for a public credit investment manager. The agenda includes approval of prior meeting minutes and public presentations. The committee also addresses announcements and communications before adjourning.

1. Preliminary Performance Report Ending February 28, 2026
   Review of the investment performance update provided by Meketa.
2. Public Credit Investment Manager Search
   Discussion on the search for a new public credit investment manager.
3. Approval of March 3, 2026 Meeting Minutes
   Consent agenda item to approve prior meeting minutes.
4. Public Presentations
   Opportunity for public to address the committee on non-agenda items.
5. Announcements & Communications
   General updates and communications before meeting adjournment.