Kent County, DE
 
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Table of Contents
Table of Contents
[HISTORY: Adopted by the Levy Court of Kent County 3-9-1993 by Ord. No. 93-02. Amendments noted where applicable.]
GENERAL REFERENCES
Retirement — See Ch. 83.

§ 64-1 Findings.

Pursuant to 9 Del. C. §§ 4101 to 4111, inclusive, as amended, and to implement the powers conferred thereunder it is hereby determined and declared by the Levy Court of Kent County, Delaware as a matter of legislative finding that:
A. 
The good order of Kent County Government and the welfare of its personnel requires safe and wise investment of the pension funds of the employees and former employees of Kent County.
B. 
Kent County presently manages for the benefit of its employees a substantial pension fund.
C. 
There exists within the community persons with expertise that are willing and able to lend advice and counsel in the prudent investment of said fund for the benefit of the employees and former employees.

§ 64-2 Committee established.

A. 
There is hereby established a Kent County Pension Review Committee, hereinafter referred to as the "Committee."
B. 
The purpose of the organization shall be to regularly review the investment performance of the Kent County Employees Pension Fund, the Retiree Benefits Trust Fund, and other such funds as directed by the Levy Court. The Committee shall oversee fund valuation processes, ensure compliance with applicable pension, OPEB, or other such funds rules and regulations, direct studies and fund manager searches, as necessary, and as a result make prudent recommendations and report to the Levy Court of Kent County regarding plan amendments, investment policies, investment strategies, professional fund managers or trustees, investment advisors, etc.
[Amended 12-13-2016 by Ord. No. 16-17]

§ 64-3 Powers.

The Committee shall assume full responsibility to accomplish its mission and is hereby given the necessary powers as described below to do so:
A. 
Adopt its own internal rules of procedure subject to Levy Court review and approval.
B. 
Make such arrangements for meeting space and materials within the County Administration Building as are necessary for the carrying out of business of the Committee.
C. 
Obtain and keep such books and records as are needed to carry out the business of the Committee.

§ 64-4 Membership.

[Amended 12-13-2016 by Ord. No. 16-17]
The Committee shall include four citizens from the community with pension, investment, legal, or financial experience, who shall be appointed by and serve at the pleasure of a majority vote of the Levy Court of Kent County. In addition, the Kent County Administrator (by virtue of position), the Kent County Director of Finance (by virtue of position), and one Kent County employee representative nominated by the Kent County Employee Council or similar successor group shall serve.

§ 64-5 Bylaws.

The Committee shall be governed by a set of bylaws, which bylaws and any changes, additions or deletions thereto shall be approved by the Levy Court before becoming operative.

§ 64-6 Committee to report to Levy Court.

The Committee, through its Chairman, will report to Levy Court on at least an annual basis.

§ 64-7 Committee officers.

The Committee shall have a Chairman (elected by the members of the committee), Vice Chairman and a Secretary.

§ 64-8 Budget.

A budget will be established for the Committee on an annual basis and all credits and debits will be charged off to budget line items. The budget will be approved by Levy Court and only budgeted expenses shall be allowable.

§ 64-9 Member interest in investments prohibited.

No member of the Committee shall acquire any significant interest (more than 1% interest), direct or indirect, in any investment or in any property included or planned to be included in any investment.

§ 64-10 Compensation.

Members of the Committee shall receive no compensation from the county for time serving as a Committee member.