Wells Fargo Bank manages the Short Term Investment Fund (STIF) accounts for the CALGOVEBA in a totally liquid, interest earning asset class. Wells Fargo is a AA rated bank. They have developed a program specifically for the CALGOVEBA and will receive all of the incoming funds for the participating California agencies in the trust.
Metropolitan Life Insurance Company (MetLife) manages the Long Term Investment Fund (LTIF) for the CALGOVEBA. Because the MetLife funding agreement guarantees a minimum 3% return EVERY year, it is the core asset in the growing stable value platform. The assets are held within a proprietary Funding Agreement developed for the CALGOVEBA. The Funding Agreement preserves principal and provides the guarantee a minimum compounding interest rate of 3%. The funding agreement is liquid for all participant directed withdrawals, so, the contract offers a unique combination of liquidity, security, and a guarantee return. MetLife is a AA rated company and maintains excellent service in their investment products. The crediting rate for the LTIF since its inception is as follows: