Click here to read the final newsletter from State Treasurer Ken Simpler: More Info
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)
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.
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.
Task Force Memorandums