[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.
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.
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]
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.
[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.
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.
The Committee, through its Chairman, will report
to Levy Court on at least an annual basis.
The Committee shall have a Chairman (elected
by the members of the committee), Vice Chairman and a Secretary.
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.
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.
Members of the Committee shall receive no compensation
from the county for time serving as a Committee member.
