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Delta Dental of California Cash Balance Retirement Plan
The Delta Dental of California Cash Balance Retirement Plan is the defined benefit pension plan sponsored by Delta Dental of California, a major dental health...
Delta Dental of California Cash Balance Retirement Plan
The Delta Dental of California Cash Balance Retirement Plan is the defined benefit pension plan sponsored by Delta Dental of California, a major dental health insurer headquartered in San Francisco. The plan operates under a cash balance formula, a hybrid structure that provides participants with a notional account balance that grows annually through pay credits and interest credits, with the accrued benefit payable as a monthly annuity at retirement. Sarah Chavarria serves as CEO of the sponsoring entity, with board oversight led by Chair Heidi Yodowitz and Audit Committee Chair Glen F. Bergert. The plan's investment portfolio spans four primary asset classes: public equity, fixed income, real estate, and infrastructure, all invested within the United States. The affiliated Delta Dental of California 401(k) Plan held $723 million in assets as of 2024. The plan sponsor participates in the Delta Dental Plans Association, the national network of 39 independent dental health service plans, and its executives engage with the Bay Area Council, a regional business and public policy organization. As a corporate pension fund, the plan's investment governance falls under the purview of Delta Dental of California's board and audit committee, chaired by Glen F. Bergert. The plan's cash balance structure — where participant benefits are defined at retirement rather than tied to individual investment performance — distinguishes its liability profile from the 401(k) plan. The sponsor also operates the Delta Dental of California Community Care Foundation, a philanthropic entity focused on oral health access in underserved communities. The plan's structural differentiator is its position within a not-for-profit dental benefits enterprise that operates as part of a national federation of independent plans. This governance architecture means investment decisions are overseen by a health insurer's board rather than a dedicated pension committee, an unusual alignment for a retirement plan managing a multi-asset institutional portfolio.
General information
Firm type
Pension Fund
Year founded
1954
Location
Region
North America
Country
United States
City
San Francisco
Corporate office
San Francisco, CA, United States
Principals
Sarah Chavarria
CEO of Delta Dental of California (Plan Sponsor)
Heidi Yodowitz
Board Chair of Delta Dental of California
Glen F. Bergert
Board Member and Chair of the Audit Committee
Sector focus
Frequently asked questions
Who runs investment decisions at the Delta Dental of California Cash Balance Retirement Plan?
Investment decisions for the plan are governed by Delta Dental of California's board of directors, chaired by Heidi Yodowitz, with audit committee oversight led by Glen F. Bergert. Sarah Chavarria serves as CEO of the plan sponsor. The plan does not publicly disclose a dedicated chief investment officer or investment committee structure.
How does the cash balance formula work for plan participants?
A cash balance plan is a defined benefit plan in which each participant has a notional account that grows annually through employer pay credits and guaranteed interest credits. At retirement, the accrued balance may be taken as a lump sum or converted to a monthly annuity. This structure differs from a traditional pension that pays a final-average-salary benefit and from a 401(k) where the participant bears all investment risk.
How is this plan related to the Delta Dental of California 401(k) Plan?
Both are retirement plans sponsored by Delta Dental of California. The Cash Balance Retirement Plan is a defined benefit plan where the employer bears investment risk and guarantees a future benefit. The 401(k) Plan, which held $723 million in assets as of 2024, is a defined contribution plan where participants direct their own investments and bear the market risk.
What asset classes does the plan allocate to?
The plan invests across public equity, fixed income, real estate, and infrastructure, all within the United States. The portfolio is diversified across these institutional asset classes, though specific target allocations and manager lineups are not publicly disclosed.
Does Delta Dental of California maintain philanthropic structures relevant to its investment activity?
Yes, the organization operates the Delta Dental of California Community Care Foundation, which focuses on oral health access in underserved communities. The foundation is a separate philanthropic entity from the retirement plan and its investment operations.
What is the relationship between Delta Dental of California and the Delta Dental Plans Association?
Delta Dental of California is one of 39 independent member plans that comprise the Delta Dental Plans Association, a national network of not-for-profit dental health service plans. This federation structure means the California plan operates independently while sharing the Delta Dental brand and network access.
What regulatory body oversees this pension plan?
As a corporate defined benefit plan, the Delta Dental of California Cash Balance Retirement Plan is governed by ERISA and regulated by the Department of Labor and the IRS. The Pension Benefit Guaranty Corporation insures participant benefits up to statutory limits.
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