# City of Danbury Retirement System

City of Danbury Retirement System is a Pension Fund based in Danbury, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Danbury, United States
- **Region:** North America
- **Address:** Danbury, CT, United States
- **Assets under management:** ~$300M (Altss estimate)
- **Website:** danbury-ct.gov
- **LinkedIn:** https://www.danbury-ct.gov

## Regulatory record

- **Reports private funds:** No

## About

The City of Danbury Retirement System operates as the municipal pension fund for Danbury, Connecticut. It administers seven single-employer plans, a mix of contributory and non-contributory defined benefit structures that cover a range of city workers from general staff to sworn public safety personnel. The system is governed by a permanent pension board that includes Daniel Garrick, the city's Finance Director and Treasurer, alongside other appointed officials and the Mayor of Danbury. The system deploys capital through a hybrid strategy that combines fund-of-funds structures with direct mandates. It also maintains a position in Pointer Offshore LTD AE Series One, a hedge fund vehicle that introduces active, absolute-return strategies to the mix. This construction reflects a classic municipal pension approach: a beta-heavy base layered with active satellite exposures, rather than a direct-deal or co-investment engine. The pension board oversees the fund's governance from Danbury, Connecticut. The system participates in the Government Finance Officers Association of Connecticut, a professional network for municipal finance officers. Its structural distinction lies in governance, not investment strategy. The pension fund is not a standalone entity but an administrative function embedded within the city's finance department, with the Finance Director serving as a permanent board member. This tight integration means changes in city leadership directly affect pension oversight, making the system an extension of municipal administration rather than an independent investment office.

## Sectors

- Fund of Funds
- Public Equities
- Hedge Funds

## People

- Daniel Garrick — Finance Director, Treasurer, and Permanent Pension Board Member
- Roberto Alves — Mayor of Danbury
- Sean Hearty — Pension Board Member
- Joanne Read — Pension Board Member

## Questions

### How is the City of Danbury Retirement System structured?

The system is a municipal pension fund operating seven single-employer defined benefit plans. These plans cover Danbury's general city employees, police, and fire departments. The fund is managed as an embedded function of the city's finance department, not as a separate legal entity.

### Does the system invest directly in private companies or only in funds?

It does not make direct private company investments. Known holdings show a mix of direct mutual fund and hedge fund allocations—the Sequoia Fund, a Legal & General S&P 500 collective trust, and Pointer Offshore LTD AE Series One—rather than direct co-investments or venture positions.

### What is the system's known investment strategy?

The portfolio uses a hybrid strategy pairing passive core equity exposure with active hedge fund allocations. The Legal & General S&P 500 trust provides low-cost market beta, while holdings in the Sequoia Fund and Pointer Offshore add concentrated stock-picking and absolute-return components.

### Where does the system's funding come from?

Funding comes from the City of Danbury and its employees. The seven plans include both contributory and non-contributory structures, with the city as the plan sponsor responsible for meeting actuarial funding requirements for the defined benefit promises made to its workforce.

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Last updated: 2026-08-11T02:43:31.692Z

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