The vendor is required to provide for the performance of expert professional investment management services for the for the port authority’s other post-employment benefits (OPEB) trust (the “trust” or “OPEB trust”) during 2025 through 2029.
- Policy
• Document the key roles and responsibilities of the OPEB investment committee.
• Document investment objectives, performance expectations and investment guidelines for trust assets.
• Establish an appropriate investment strategy for managing all trust assets, including an investment time horizon, risk tolerance ranges and asset allocation to provide sufficient diversification and overall return over the long-term time horizon of the trust.
• Establish investment guidelines to control overall risk and liquidity.
• Establish periodic performance reporting requirements that will effectively monitor investment results and ensure that the investment policy is being followed.
• Comply with all fiduciary, prudence, due diligence and legal requirements for trust assets.
- OPEB investment committee
• Exercise its fiduciary responsibilities in regard to the investment program in accordance with the provisions of the trust document as well as this investment policy statement.
• Review the asset allocation policy, asset class guidelines, and current capital market assumptions at least annually to ensure that the current asset mix can reasonably be expected to achieve the long-term goals of the trust.
• Review the trust's updated actuarial valuation and financial projection annually.
• Evaluate the appropriateness of the policy on an annual basis and, based on such evaluation, either confirm the terms of the policy as then in effect, or amend the investment policy statement.
• Review the investments of the trust no less than annually to assess whether policy guidelines continue to be appropriate and confirm that the investment manager is compliant with the investment policy. 
• The committee shall monitor investment risk, as well as monitor investment returns on an absolute and benchmark relative basis.
• Appoint investment consultants to review investment performance of the trust in whole or with respect to specific asset classes, to assist in the development of the investment policies and asset allocation, to monitor and report on investment risks, and to provide independent assessment of investments proposed by the current investment manager.
• Delegate to the treasurer general responsibility for implementing the policies established by the committee. 
• The treasurer shall prepare semi-annual reports for the committee on the investment program of the trust, including achievement of overall performance objectives, compliance with policy guidelines, particularly asset allocation policy.