# Chesterfield County Supplemental Retirement Plan

Chesterfield County Supplemental Retirement Plan is a Pension Fund based in Chesterfield, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Chesterfield, United States
- **Region:** North America
- **Address:** Chesterfield, VA, United States
- **Assets under management:** Undisclosed
- **Website:** http://www.chesterfield.gov
- **LinkedIn:** https://www.linkedin.com/company/chesterfield-county

## Regulatory record

- **Reports private funds:** No

## About

The Chesterfield County Supplemental Retirement Plan operates as a public pension fund for employees of Chesterfield County, Virginia. The plan provides retirement benefits that supplement the primary Virginia Retirement System participation for county workers. A board that includes Deputy County Administrator Matt Harris and other county officials oversees the plan's strategy and operations. The plan's investment posture is conservative and fixed-income heavy. Disclosed holdings are concentrated in Federal Agency securities and collateralized mortgage-backed securities (CMBS). The plan also maintains demand deposit accounts in Chesterfield, Virginia, reflecting a local depository relationship. The overall asset allocation is designed to preserve capital while generating yield for supplemental benefit payments, with no publicly disclosed commitments to private equity, venture capital, or hedge fund strategies. Day-to-day administration involves Courtney Drake, the county's Compensation and Benefits Manager, who serves as the business partner for plan operations. The board structure includes at least four named members: Matt Harris, Carey Adams, Craig Bryant, and Lindsey Thornton. There is no evidence of external investment consultants, outsourced chief investment officer arrangements, or commitments to commingled alternative-investment vehicles. Structurally, the plan is notable for its simplicity. Unlike many state or municipal pension systems that have diversified into private markets to chase return targets, this supplemental plan remains a straightforward fixed-income portfolio managed within the county's finance function. This lightweight governance model keeps administrative overhead low but limits the plan's ability to source or diligence illiquid investments directly.

## Sectors

- Real Estate
- Private Credit

## People

- Matt Harris — Deputy County Administrator for Finance and Administration; Board Member
- Carey Adams — Board Member
- Craig Bryant — Board Member
- Lindsey Thornton — Board Member

## Questions

### How is the Chesterfield County Supplemental Retirement Plan different from the primary Virginia Retirement System benefits?

The supplemental plan provides additional retirement income on top of the benefits Chesterfield County employees earn through the Virginia Retirement System (VRS). While VRS is a statewide defined-benefit plan covering most local government employees, the Chesterfield supplemental plan is funded and administered at the county level. It functions as a targeted top-up, allowing the county to offer competitive total retirement packages without altering the state-managed core benefit.

### Who makes investment decisions for the plan?

The Supplemental Retirement Plan Board governs investment decisions. The board includes Chesterfield County's Deputy County Administrator for Finance and Administration, Matt Harris, alongside other county officers. This means investment oversight resides within the county's existing finance and administration leadership rather than an independent investment committee or external fiduciary.

### Does the plan participate in co-investments or alternative assets alongside other Virginia pension funds?

There is no public evidence that the plan commits to alternative assets, co-investments, or commingled private-market funds. Its disclosed holdings remain limited to fixed-income instruments and deposits. Virginia's larger state-run systems actively invest in private equity and real assets, but Chesterfield's supplemental plan does not appear to follow that playbook, reflecting its narrower mandate and smaller asset base.

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Last updated: 2026-06-03T20:00:00.000Z

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