# Galveston Employees Pension Plan For Police

Galveston Employees Pension Plan For Police is a Pension Fund based in Galveston, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Galveston, United States
- **Region:** North America
- **Address:** Galveston, TX, United States
- **Founded:** 1949
- **Assets under management:** $50M–$100M (Altss estimate)
- **Website:** www.galvestontx.gov

## Regulatory record

- **Reports private funds:** No

## About

The Galveston Employees Pension Plan For Police was established in 1949 as a single-employer defined benefit plan for the city's police officers and non-civil service municipal employees. It operates as a component unit of the City of Galveston, with the city's finance director, Mike Loftin, serving alongside Chairman Derek Gaspard on the Board of Trustees. The plan provides retirement, service-connected disability, and death benefits funded through employee contributions and city appropriations. Public records indicate the plan maintains a conservative asset base, with disclosed holdings including participation in the Principal U.S. Property Account, a commingled core real estate fund, and short-term cash and cash equivalents. The fund's small scale limits its ability to access institutional private equity, venture capital, or direct infrastructure programs common among larger Texas municipal systems like Texas Municipal Retirement System or Houston Firefighters' Relief and Retirement Fund. The plan is an active member of TEXPERS (Texas Association of Public Employee Retirement Systems) and NCPERS (National Conference on Public Employee Retirement Systems), the two primary trade associations for local public pension funds. These memberships provide access to educational conferences, legislative advocacy, and peer benchmarking — essential functions for a fund with no dedicated internal investment staff. The Board of Trustees, composed of city officials and plan representatives, sets asset allocation and selects managers, a governance model common among smaller Texas municipal pensions. Unlike large state systems with internal investment teams and direct co-investment programs, this plan's structural differentiator is its complete reliance on external fiduciaries and commingled vehicles. The absence of a dedicated CIO or investment committee staff means all manager selection, monitoring, and actuarial decisions flow through a part-time board that coordinates with the city's finance department. For institutional allocators and GPs, the plan is accessible primarily through consultant gatekeepers and professional association networks rather than direct outreach.

## Sectors

- Real Estate
- Public Markets

## People

- Derek Gaspard — Chairman of the Board of Trustees
- Mike Loftin — City Finance Director and Board Trustee

## Questions

### Who runs investment decisions at the Galveston Employees Pension Plan For Police?

The Board of Trustees, chaired by Derek Gaspard and including City Finance Director Mike Loftin, oversees investment decisions. The fund does not maintain a dedicated internal investment staff or CIO, relying instead on the part-time board and external consultants for manager selection, asset allocation, and monitoring.

### What is the fund's known asset allocation?

Public records confirm participation in the Principal U.S. Property Account, a core commingled real estate fund, alongside cash and cash equivalents. Given its small asset base, equity and fixed-income exposure is almost certainly achieved through pooled investment vehicles rather than internally managed separate accounts.

### How is the fund governed?

The plan operates as a component unit of the City of Galveston under a Board of Trustees that includes the city's finance director. Board members serve part-time, coordinating with city finance staff and external actuarial and investment consultants. This is the standard governance structure for small municipal pension systems in Texas.

### What professional organizations does the fund belong to?

The fund is an active member of TEXPERS, the Texas Association of Public Employee Retirement Systems, and NCPERS, the National Conference on Public Employee Retirement Systems. These memberships provide benchmarking data, legislative advocacy, and educational resources tailored to local public pension plans.

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- [Bennington College Endowment](https://altss.com/profile/bennington-college-endowment)
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Last updated: 2026-08-11T02:43:31.692Z

Canonical page: https://altss.com/profile/galveston-employees-pension-plan-for-police

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