State Treasurer Ken Simpler announces the launch of Delaware’s ABLE Plan. Similar to a college savings plan DEPENDABLE is a 529(a) tax-deferred savings account that can be used to pay for many daily, disability-related expenses. Click here to open an account or for More Info

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Kenneth A. Simpler
State Treasurer


Plans Management Board



Board’s Mandate:

The Board’s purpose shall be to oversee the College Investment Plan established pursuant to subchapter XII, Chapter 34 of Title 14, the Delaware Achieving a Better Life Experience Program established pursuant to Chapter 96A of Title 16, and the Deferred Compensation Program established pursuant to Chapter 60A of this title (collectively, “the Plans”), in each case, in accordance with the individual purposes of each of the Plans. (Del. Code Title 29 Ch. § 2722 Plans Management Board)

Upcoming Meetings | Board Members

 


 

Membership:

The Board is composed of 11 members. The State Treasurer, the Secretary of Finance, the Director of the Office of Management and Budget, the Insurance Commissioner and the Secretary of Education serve by virtue of their position and may appoint a person to serve in their stead. Two state employees appointed by the Governor, 1 of whom is eligible to participate in the 403b Plan, also serve on the Board. Finally,  the Board includes four public members appointed by the Governor, all of whom are qualified to serve by reason of education or experience.

 


 

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

 


 

Board Committees:

Board members serve on committees to review specific programs, projects, or issues and make recommendations to the Board. Currently, the Board consists of two committees that were created through Board Resolution 2018-1. The resolution created the Audit & Governance and Investment Committees. The resolution dissolved the prior Deferred Compensation Committee, College Investment Committee and ABLE task force.

The Audit and Governance Committee shall have authority to and shall review and make recommendations to the Board with respect to (a) 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 as may be referred by the Board.

The Investment Committee shall have authority to and shall review and make recommendations to the Board with respect to (a) all matters related Plan investment options and Plan investment performance, and (b) other investment-related matters pertaining to the Plans as may be referred by the Board.
The ABLE Task Force was created to help evaluate, and recommend an optimal decision regarding the State’s ABLE implementation. Through a robust and comprehensive RFP process, the PMB will have all the information necessary from the Task Force to make a wise decision about this important program that will provide life-altering benefits for many of our fellow citizens.

Task Force Memorandums

 


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