Town of Fairfield Other Post-Employment Benefit Trust

Town of Fairfield Other Post-Employment Benefit Trust

The Town of Fairfield Other Post-Employment Benefit Trust (OPEB Trust) was established under Connecticut municipal law as a fiduciary component unit of the Town of Fairfield. It is governed by the Joint Retirement Investment Board (JRIB), with Bryan Cafferelli serving as chair and Eric Newman as a trustee. The trust funds post-employment benefits other than pensions — primarily retiree healthcare — for town employees. The trust pursues a diversified alternative-heavy portfolio including buyout, private credit, infrastructure, real estate, and hedge funds. Its allocation reflects the long-dated nature of OPEB liabilities, seeking inflation-protected returns through illiquid assets. Public records indicate the trust holds commitments across multiple private equity and real estate funds alongside direct co-investments. The trust operates without a disclosed AUM or full portfolio breakdown. It employs no dedicated internal investment professionals beyond the board-appointed trustees who oversee external managers. The trust coordinates closely with the Town of Fairfield's Employee Retirement Board and Finance Department. As a municipal OPEB trust, its structural differentiator lies in its obligation to match benefit payments spanning decades — a liability profile more akin to an insurance general account than a traditional pension. The trust's governance through the elected Joint Retirement Investment Board provides transparency and public accountability unusual among opaque OPEB vehicles nationally.