City of Delano Employee Pension Plan

City of Delano Employee Pension Plan

The City of Delano Employee Pension Plan administers retirement benefits for municipal workers in this Central Valley city of roughly 51,000 residents. A Pension Committee — chaired by Carlton Lennon with Rios serving as trustee — governs the plan. The committee includes members Miguel Angel Fernandez, Abel Moreno, Elvira Rodriguez, and Connie Perez-Andreesen. The portfolio is constructed across five sleeves: a domestic-stock ETF basket, an international-stock ETF basket, an alternatives allocation, a debt-securities and fixed-income book, and guaranteed investment contracts and annuities. The plan's presence in alternatives is confirmed, though specific fund commitments or direct holdings have not been publicly detailed. Effective October 8, 2022, the plan entered a reciprocity agreement with the California Public Employees' Retirement System, allowing participating Delano employees to coordinate service credits between the two systems. This CalPERS linkage is the plan's most consequential structural update in recent years; it does not transfer investment management to CalPERS but signals the city's intent to align with the state's broader public-pension infrastructure. The plan's architecture separates actuarial risk-sharing via CalPERS reciprocity from localized investment governance — the pension committee holds decision rights on manager selection and asset allocation, making this a small-fiduciary operation with an unusually clean boundary between benefits administration and portfolio construction.