# Government Employees Retirement System of the Virgin Islands Defined Contribution (GERS)

Government Employees Retirement System of the Virgin Islands Defined Contribution (GERS) is a Public Defined Contribution Plan based in St. Thomas, United States.

## Overview

- **Organization type:** Public Defined Contribution Plan
- **Headquarters:** St. Thomas, United States
- **Region:** North America
- **Address:** St. Thomas, U.S. Virgin Islands, United States
- **Assets under management:** Under $500 million (Altss estimate)
- **LinkedIn:** https://vi.linkedin.com/company/gersvi1959

## Regulatory record

- **Reports private funds:** No

## About

The Government Employees Retirement System of the Virgin Islands Defined Contribution (GERS DC) plan was established to complement the territory's defined benefit system, which faced chronic underfunding. Angel Dawson Jr., the plan's Administrator and CEO, oversees day-to-day operations. The plan is sponsored by the Government of the U.S. Virgin Islands, which serves as the primary employer and funding source. Investment strategy centers on a mix of real estate holdings in the U.S. Virgin Islands and a member loan portfolio. Owned real estate includes Havensight Shopping Mall, two GERS office complexes (one in St. Thomas, one in St. Croix), and several land parcels — Estates Hoffman and Nullyberg on St. Thomas and Estate Coakley Bay on St. Croix. These assets are held directly by the plan and generate rental income. Membership loans, extended to plan participants, represent the other major allocation. The plan operates exclusively within the U.S. Virgin Islands. The GERS DC plan has a small administrative staff. The board includes Chairman Dwane Callwood and Vice Chair Leona Smith. The plan is a member of the National Conference of Public Employee Retirement Systems (NCPERS) and partners with AARP Virgin Islands for retiree financial wellness outreach. No known third-party investment managers or external advisors are publicly disclosed. The structural differentiator is the plan's direct ownership of commercial real estate in the territory, rather than allocating to pooled real estate funds. This approach ties portfolio performance to the local Virgin Islands economy, making it distinct from most US public DC plans, which typically use commingled funds. The small size and geographic concentration present both governance transparency and single-economy risk.

## Sectors

- Real Estate
- Private Credit

## Offices

- St. Croix, U.S. Virgin Islands

## People

- Angel Dawson Jr. — Administrator and CEO
- Dwane Callwood — Chairman of the Board of Trustees
- Leona Smith — Vice Chairperson of the Board of Trustees

## Questions

### Who runs investment decisions at GERS DC?

Angel Dawson Jr. serves as Administrator and CEO, responsible for day-to-day management. The Board of Trustees, chaired by Dwane Callwood, provides oversight. No specific CIO or investment committee head is publicly named.

### How is GERS DC different from the main GERS defined benefit plan?

The GERS DC plan is a separate defined contribution vehicle, distinct from the larger defined benefit system that has faced well-publicized funding challenges. The DC plan holds assets directly on behalf of members, while the defined benefit pool operates under separate statutes. Both are overseen by the same Board of Trustees.

### What assets does GERS DC hold?

The plan's holdings include direct real estate (Havensight Shopping Mall, two office complexes, and undeveloped land parcels in St. Thomas and St. Croix) and a member loan portfolio. No allocation to public stocks, bonds, or external fund vehicles is evident in public records.

### Does GERS DC use external investment managers?

No external investment managers or third-party advisors are publicly disclosed. The plan's direct real estate holdings are managed internally. For member loans, plan staff administer the program.

### What is the known posture on co-investments alongside external GPs?

No co-investments or partnerships with external general partners have been publicly reported. The plan's investments are self-directed real estate and member loans within the U.S. Virgin Islands.

## Related profiles

- [First Republic Investment Management (FRIM)](https://altss.com/profile/first-republic-investment-management-frim)
- [Grandway Investment Management](https://altss.com/profile/grandway-investment-management)

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Last updated: 2026-06-03T20:00:00.000Z

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