Trustees unanimously approve minutes, invoices and batch of retiree benefits
May 20, 2026 | New Castle County, Delaware
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The New Castle County Government Employees’ Pension Program Board of Trustees voted unanimously April 15 to approve routine governance business, including the March 18, 2026 minutes, vendor invoices and a package of retiree benefits.
At 8:16 a.m. Chairperson Daniel McFadden called the meeting to order and staff completed roll call. Trustee Daryl Brown moved to approve the minutes of the March 18 meeting; Trustee Paul Frese seconded and the motion was adopted unanimously.
Trustees then reviewed two vendor invoices listed during the meeting: JP Morgan Asset Management for $36,644.77 (fourth quarter 2025) and LDR Capital Management for $16,091.66 (first quarter 2026). Trustee Daryl Brown moved to approve payment of the invoices, Trustee LaPorsha Lopez seconded, and the board adopted the motion unanimously.
Staff presented the Coordinator’s Report, which included payroll and participation counts and a March 2026 benefits total of $4,462,578.30. The report also listed multiple capital calls and recent distributions. The board approved the Coordinator’s Report and a set of service retirements, benefit conversions (noting the conversion provision under New Castle County Code 26.04.108(A)), survivor benefits, lump-sum payments and refunds. Trustee Daryl Brown moved that the board approve the Coordinator’s Report and the listed benefits; Trustee Michael Finnigan seconded; the motion was adopted unanimously.
The meeting concluded with a motion by Trustee Daryl Brown, seconded by Trustee Paul Frese, to adjourn at 8:26 a.m.; that motion was also adopted unanimously.
The board did not take any controversial or substantive policy votes during the session; staff and NEPC were asked to continue routine reporting and to invite additional investment managers to future meetings.
At 8:16 a.m. Chairperson Daniel McFadden called the meeting to order and staff completed roll call. Trustee Daryl Brown moved to approve the minutes of the March 18 meeting; Trustee Paul Frese seconded and the motion was adopted unanimously.
Trustees then reviewed two vendor invoices listed during the meeting: JP Morgan Asset Management for $36,644.77 (fourth quarter 2025) and LDR Capital Management for $16,091.66 (first quarter 2026). Trustee Daryl Brown moved to approve payment of the invoices, Trustee LaPorsha Lopez seconded, and the board adopted the motion unanimously.
Staff presented the Coordinator’s Report, which included payroll and participation counts and a March 2026 benefits total of $4,462,578.30. The report also listed multiple capital calls and recent distributions. The board approved the Coordinator’s Report and a set of service retirements, benefit conversions (noting the conversion provision under New Castle County Code 26.04.108(A)), survivor benefits, lump-sum payments and refunds. Trustee Daryl Brown moved that the board approve the Coordinator’s Report and the listed benefits; Trustee Michael Finnigan seconded; the motion was adopted unanimously.
The meeting concluded with a motion by Trustee Daryl Brown, seconded by Trustee Paul Frese, to adjourn at 8:26 a.m.; that motion was also adopted unanimously.
The board did not take any controversial or substantive policy votes during the session; staff and NEPC were asked to continue routine reporting and to invite additional investment managers to future meetings.
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