Learn about the Delaware Community Reinvestment Action Council (DCRAC) on this week's edition of Treasury Talks. More Info
The Plans Management Board oversees the state’s investment programs. Available to the public, the 529 Educational Savings Plan hosts over 22,000 individual active accounts as of July 2020. The 529 has grown over the last three years, helping residents plan for educational costs, and increasing college- and career-readiness. The 529A ABLE Savings Plan for individuals with disabilities opened in June of 2018, and holds nearly $300,000 in assets. Finally, the Board supervises the Deferred Compensation Program which offers a 457(b) and 403(b) retirement plan for state employees. Over 20,000 state employees participate in the program with enrollment increasing rapidly over the last several years.
This body was established by Del. Code Title 29 Ch. § 2722 Plans Management Board.
The Board is composed of 11 members, including the State Treasurer, the Secretary of Finance, the Director of the Office of Management and Budget, the Insurance Commissioner and the Secretary of Education. Each may appoint a person to serve in their stead. Two state employees appointed by the Governor, one of whom can participate in the 403b Plan, also serve on the Board alongside four public members appointed by the Governor.
These committees exist to review specific programs, projects, or topics to make recommendations to the Board. Committee members may be experts who do not serve on the full Board.
The Audit and Governance Committee has the authority to review and make recommendations to the Board about all matters related to (i) Plan audits (ii) Plan amendments, (iii) Plan-related cybersecurity issues; and other audit or governance matters pertaining to the Plans.
Members: Committee Chair Pete Kennedy, State Treasurer Colleen C. Davis, Jerry Gallagher, Tim Snyder, John Macedo.
Members: Committee Chair Alan Colberg; State Treasurer Colleen C. Davis, Director of Office of Management and Budget Michael Jackson, Secretary of Finance Rick Geisenberger, Todd Roselle, David Biddle.