Santa Clara Valley Transportation Authority

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 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 February 3, 2026 . REGULAR AGENDA 5.   RECEIVE –   Quarterly Performance Report ending December, 31   2025 (Meketa) 6.   RECEIVE   –   Preliminary Performance Report ending January 31, 2026 (Meketa) 7.   RECEIVE   –   2026 Capital Market Expectations   (Meketa) 8.   APPROVE –   Public Credit benchmark recommendation (Malchenko/ Meketa)

Santa Clara Valley Transportation Authority OPEB Committee   March 3, 2026 Page 2 9.   APPOINTMENT   –   Elect   Chair and Vice-Chair   of OPEB. 10.   ANNOUNCEMENTS & COMMUNICATIONS 11.   ADJOURN 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, February 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   February 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 11:33 a.m. by Chairperson Smith. ROLL CALL: Members Present:   Michael Smith, Jenny Le- Christensen, Michael Malchenko Members Absent : Tatiana Starostina 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   February 3, 2026 Summary Minutes CONSENT AGENDA 4.   APPROVE –   Minutes of February 3, 2026. REGULAR AGENDA 5.   RECEIVE   – December 2025 Preliminary Performance Report (Meketa) Stephanie Sorg from Meketa Investment Group reviewed the preliminary performance report ended December 31, 2025. She stated that the OPEB Trust totaled over $464 million which returned 40 basis points for the month and 14.3% for th

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What happened The Santa Clara Valley Transportation Authority met on 2026-03-03 at 11:30 AM and discussed 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 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 February 3, 2026. APPROVE – Public Credit benchmark recommendation (Malchenko/ Meketa) Santa Clara Valley Transportation Authority OPEB Committee March 3, 2026 Page 2 9 What matters to the public 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 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 She stated that the OPEB Trust totaled over $464 million which returned 40 basis points for the month and 14.3% for the year. Sorg stated that global equities were the largest asset class in the trust and have provided strong returns for the year ended December which helped drive the strong overall return in the trust