# City of Milford

City of Milford is a Pension Fund based in Milford, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Milford, United States
- **Region:** North America
- **Address:** Milford, CT, United States
- **Assets under management:** $415M (Altss estimate)
- **Website:** www.ci.milford.ct.us
- **LinkedIn:** https://www.linkedin.com/company/city-of-milford-ct

## Regulatory record

- **Reports private funds:** No

## About

The City of Milford Pension and Retirement Fund operates as a municipal defined-benefit plan serving eligible employees of Milford, Connecticut. A 24-member Board of Trustees governs the fund, chaired by Gregory Kimmel, with union representation on the board including Michael Hedman. The board retains long-standing investment advisory relationships; John Beirne has advised the fund since 1978, a tenure spanning more than four decades across market cycles. The fund deploys capital primarily through a fund-of-funds structure, with a stated focus on growth and late-stage expansion strategies. Geographic concentration is presumed domestic, consistent with the profile of similarly sized Connecticut municipal plans, though specific allocations are undisclosed. With an Altss-estimated $415M in assets, the fund represents a modest but enduring institutional pool. The plan's governance structure — a sizable board with direct labor representation — is characteristic of legacy municipal systems. No adjacent vehicles such as philanthropic foundations or co-investment clubs are publicly associated with the fund. Its operational tempo is shaped by public-meeting cycles and board resolutions rather than the continuous-deployment posture of a private family office or endowment. Structurally, the fund's most distinctive feature is the unusual continuity of its advisory relationship. This embedded advisory model, combined with a large representative board, creates a decision-making cadence that differs materially from both the outsourced-CIO model gaining traction among public plans and the lean investment committees of larger state funds.

## Sectors

- Fund of Funds
- Growth

## People

- Gregory Kimmel — Chairman of the Pension and Retirement Board
- John Beirne — Long-time investment advisor

## Questions

### Who runs investment decisions at the City of Milford Pension and Retirement Fund?

The fund is overseen by a 24-member Board of Trustees chaired by Gregory Kimmel. The board includes union representation through Michael Hedman and has been advised since 1978 by John Beirne, who serves as the long-time investment advisor. Day-to-day investment decisions are made through this board structure with advisory input.

### How is the fund structured, and does it invest directly or through intermediaries?

The fund operates primarily through a fund-of-funds structure, allocating to external managers rather than making direct investments. Its stated strategy targets growth and late-stage expansion vehicles. There is no public evidence of direct co-investment or separate account programs.

### What is the fund's known posture on securities litigation and fiduciary recovery?

The fund participates in the Institutional Investor Group for securities litigation, a collaborative effort that includes the Bristol Pension Fund as a co-participant. This signals an active posture on recovering losses through class-action and shareholder-rights mechanisms, though specific recoveries are not publicly disclosed.

### What is the size of the fund, and has it publicly disclosed a recent AUM figure?

The fund does not publicly report a precise AUM. Altss estimates the current asset pool at approximately $415M, based on analysis of public filings and plan disclosures. No audited financial statements with current AUM have been located through open-records channels.

### How long has the current investment advisory relationship been in place?

John Beirne has served as investment advisor to the fund since 1978, a tenure of more than 46 years. This is among the longest continuous advisory relationships documented for a US municipal pension plan. The arrangement predates the fund's current board composition and multiple market cycles.

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

Canonical page: https://altss.com/profile/city-of-milford

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology