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Colleen C. Davis
State Treasurer


Plans Management Board



About the Board:

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.

Duties of the Board:

  • Adopt rules and regulations for the general administration of its duties and establish subcommittees
  • Enter into any and all contracts, agreements, or arrangements necessary or desirable for carrying out the purposes of any of the Plans
  • Maintain, invest, and reinvest the funds contributed into the Plans consistent with the standard of care set forth
  • Approve the annual budget for each of the Plans and the collection of fees to defray all costs of the Plans
  • Arrange for an annual financial audit of each of the Plans, which shall be provided annually to the General Assembly

This body was established by Del. Code Title 29 Ch. § 2722 Plans Management Board.


Membership:

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.

View the members of the Plans Management Board:

Donna Vieira

Donna Vieira

Chair, Plans Management Board

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Alan A. Colberg

Alan A. Colberg

Chair, Investment Committee

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Pete Kennedy

Pete Kennedy

Chair, Audit & Governance Committee

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Colleen C. Davis

Colleen C. Davis

State Treasurer

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Trinidad Navarro

Trinidad Navarro

Insurance Commissioner

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Susan Bunting

Susan Bunting

Secretary of Education

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Richard J. Geisenberger

Richard J. Geisenberger

Secretary of the Department of Finance

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Leighann Hinkle

Leighann Hinkle

Member at Large, State Employee

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Cerron Cade

Director, Office of Management and Budget

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Jerry Gallagher

Jerry Gallagher

Member at Large

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Joel Coppadge II

Public Member at Large

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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.

The Investment Committee has the authority to review and make recommendations to the Board regarding  all matters related Plan investment options and Plan investment performance, and other investment-related matters pertaining to the Plans.

Members: Committee Chair Alan Colberg; State Treasurer Colleen C. Davis, Secretary of Finance Rick Geisenberger, Todd Roselle, David Biddle.

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.


 


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