Delaware County and Municipal Plan - General

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Delaware County and Municipal Plan - General
Basic facts
Location:Dover, Delaware
Top official:Suzanne B. Grant chair
Active members:1,426
Website:Official website
Total assets under management
2022:$87,750,000
See also: Public pensions in Delaware

The Delaware County and Municipal Plan - General is a Delaware state pension fund that provides retirement, disability, and survivor benefits to employees of Delaware counties or municipalities which have joined the plan, and their families. The Delaware County and Municipal Plan - General had $87,750,000 ($87.8 million) in total assets under management as of June 30, 2023[1]

The management of public pension funds can indicate support or opposition to environmental, social, and corporate governance (ESG) investment practices. ESG investing considers the extent to which corporations align with and promote certain non-financial standards, such as net carbon emission or corporate board diversity goals. States typically hire asset management companies (AMCs) to direct pension plan investments, some of which have ESG commitments that guide their strategies.

This article features the following sections:

Background

See also: Public pensions

The Delaware Public Employee Retirement System, founded in 1970, invests the assets of and provides funding for the nine retirement plans and three commingled pension funds based on a formula established by Delaware law, including Delaware State Employees' Pension Plan, Delaware New State Police Pension Plan, Delaware Revised Judicial Plan, Delaware Closed State Police Plan, Delaware County and Municipal Police and Fire Plan, Delaware Volunteer Firemen Pension Fund, and Delaware Diamond State Port Corp Plan on a formula established by Delaware law. These plans—based on the employee's length of service and salary— provide retirement, disability, and survivor benefits to the state's employees of counties or municipalities .[2]

The Delaware County and Municipal Plan - General served 1,117 active members and 202 retirees and beneficiaries as of June 30, 2023.[2]

Pension performance overview

The following table features information about the funding level and assets managed by the Delaware County and Municipal Plan - General as of June 30, 2023:[1]

Delaware County and Municipal Plan - General pension performance (June 30, 2023)
Fiscal year Percent funded Unfunded liabilities Total assets[3]
2022 101% $811,000 $87,750,000

Assets and asset management

Environmental, social, and corporate governance
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Asset management companies (AMCs) contract with pension funds to manage asset investment. Some pension funds contract with multiple AMCs, some contract with a single AMC, and others make their own investment decisions without contracting with an AMC.

More than 300 AMCs as of December 2022 were members of the Net Zero Asset Managers Initiative (NZAM), and 362 asset managers as of June 2023 were investor participants in the Climate Action 100+ initiative. Both international asset manager initiatives aim to align signatory investment decisions with the goal of achieving net zero greenhouse gas emissions by 2050.[4][5]

List of AMCs contracting with the Delaware County and Municipal Plan - General

The Delaware County and Municipal Plan - General is a subfund of the Delaware Public Employee Retirement System, which contracted with 38 asset management companies (AMCs) as of June 2021. Of those companies or funds, four were investor participants in Climate Action 100+, and five were members of NZAM as of 2024. The following list identifies the AMCs (and in some cases, the specific funds) contracting with the Delaware Public Employee Retirement System:[6]

  • Accel Partners
  • Advanced Technology Ventures
  • Allegis Capital
  • Angelo, Gordon & Co
  • Atalaya Capital Management
  • Baillie Gifford (NZAM, Climate Action 100+)
  • BlackRock Institutional Trust Company (NZAM, Climate Action 100+)
  • Centerbridge Partners
  • Cherry Tree Ventures
  • Dodge and Cox
  • DoubleLine Capital
  • Drive Capital
  • Flagship Pioneering
  • Focused Investors
  • GQG Partners LLC
  • Highclere International Investors LLC
  • IDG Capital Partners
  • Kiltearn Global Equity
  • Lightstone Ventures
  • Liquid Realty Partners
  • Main Post Capital
  • Marcus Capital Partners
  • MeriTech Capital Partners
  • Northern Trust (NZAM, Climate Action 100+)
  • Oaktree Capital Management
  • One Liberty Ventures
  • ONSET Enterprise Associates
  • Orbis Investments
  • Peppertree Capital Management
  • Riverstone
  • Summit Partners
  • T. Rowe Price Associates (NZAM)
  • The Carlyle Group
  • Trident Capital
  • Vanguard
  • Viking Global Investors
  • Vision Ridge
  • Wellington Management Company (NZAM, Climate Action 100+)

Governance and accountability

This section features information about the seven-member board of trustees that oversees the Delaware Public Employees Retirement System (PERS), of which the Delaware County and Municipal Plan - General is a subfund. The board is not specific to oversight of the Delaware County and Municipal Plan - General and does exercise oversight duties for other state funds.[7]

Board selection method

The board of trustees that oversees the Delaware Public Employee Retirement System is made up of seven members: five members are appointed and two are ex officio.[2]

Board of trustees membership

A seven-member board of trustees oversees the operation and administration of Delaware Public Employee Retirement System. The following individuals served on the board as of June 2023:[7]

  • Suzanne B. Grant, chair
  • Arturo Agra
  • Nancy M. Shevock
  • Ken Simpler
  • Harold Stafford
  • Rick Geisenberger
  • Cerron Cade

See also

External links

Footnotes

  1. ↑ 1.0 1.1 Delaware.gov, "Annual comprehensive financial report for the fiscal year ended June 30, 2023," accessed April 2, 2024
  2. ↑ 2.0 2.1 2.2 NASRA, “https://www.nasra.org/de,” accessed April 2, 2024
  3. ↑ Note: By default, this refers to the actuarial valuation of total assets. In some cases, the total market value of assets is shown instead. See the cited source for details.
  4. ↑ The Net Zero Asset Managers Initiative, "The Net Zero Asset Managers Initiative," accessed January 26, 2023
  5. ↑ Climate Action 100+, "The Three Goals," accessed June 20, 2023
  6. ↑ Ballotpedia, "Ballotpedia: Asset management data for state-administered pension funds across the 50 states," March 2023
  7. ↑ 7.0 7.1 Delaware.gov, “Board and Committee Members,” accessed April 2, 2024
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