# Middletown Employees Retirement System Middletown Employees Retirement System is a Pension Fund based in Middletown, United States. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Middletown, United States - **Region:** North America - **Address:** Middletown, CT, United States - **Assets under management:** Undisclosed ## Regulatory record - **Reports private funds:** No ## About The Middletown Employees Retirement System is a municipal public pension fund serving the city of Middletown, Connecticut. The fund is governed by a Retirement Board chaired by Gerry Daley, with board members including the city's Director of Finance and representatives of the plan's beneficiaries. The plan covers the city's employee base across public safety and general government roles. The fund's investment posture is that of a long-horizon, liability-driven institutional investor, typical of Connecticut municipal plans of its size. It allocates capital across a diversified mix of public equities, fixed income, real estate, and alternative investments, primarily through external fund managers rather than direct deployments. The board's investment committee regularly reviews asset allocation targets in public meetings, with minutes disclosing commitments to private equity, real estate, and infrastructure funds alongside traditional stock and bond portfolios. The Retirement Board also oversees the city's OPEB Trust Fund, which addresses post-employment healthcare liabilities separate from the pension pool. The dual mandate requires the board to balance the liquidity needs of current retiree benefit checks with a compounding growth objective for the OPEB trust. Board meetings are public record, and the city's finance department provides administrative support through Carl Erlacher, who serves on the board. Structurally, the fund operates as a state-regulated municipal plan within Connecticut's complex local pension ecosystem — one of dozens of similar-sized city and town plans that are not consolidated into the Connecticut Municipal Employees Retirement System (CMERS). This independence gives the Middletown board full discretionary control over asset manager selection and allocation policy, but also exposes the plan to the funding burden borne solely by the city's tax base. ## People - Gerry Daley — Chairman of the Retirement Board - Carl Erlacher — Board Member, Director of Finance for the City of Middletown - Ben Florsheim — Ex Officio Member, Mayor of the City of Middletown - John Milardo — Board Member - Tayna Oliver-Perry — Board Member - Linda Salafia — Board Member - Vinny Loffredo — Board Member ## Questions ### Who runs investment decisions at the Middletown Employees Retirement System? The Retirement Board holds fiduciary authority over investment decisions. Gerry Daley chairs the board, which includes the city's Director of Finance, Carl Erlacher, and other appointed members representing employee groups. The board meets regularly to review asset allocation, manager performance, and new commitments, often with input from an external investment consultant, a standard practice for Connecticut municipal plans. ### What is the difference between the pension fund and the OPEB trust? The primary pension fund covers defined-benefit retirement pensions for city employees. The OPEB Trust Fund, which the same board oversees, is designated for Other Post-Employment Benefits — primarily retiree healthcare costs. The pools are legally and actuarially separate, with distinct funding schedules and investment strategies driven by different liability time horizons and liquidity needs. ### Does the fund invest directly or through external managers? Like most municipal plans of comparable scale, the Middletown fund commits capital through external institutional fund managers rather than making direct company investments. Its portfolio includes public equity and fixed-income mandates alongside commitments to private equity, real estate, and infrastructure funds, following an asset allocation approved by the board. ### Is the fund connected to the Connecticut state pension system? No. The Middletown plan is an independent, locally administered municipal fund and does not participate in the Connecticut Municipal Employees Retirement System (CMERS), which consolidates many smaller towns. The city retains full autonomy over asset management and bears the actuarial funding responsibility directly. ### How transparent is the fund's investment activity? Board meetings are public, and meeting minutes are maintained as public record by the city. Investment policy updates, manager hires, and allocation changes are disclosed through approved board minutes. However, the fund does not publish a standalone annual investment report or maintain an investor-facing website, making detailed holdings data available only through state-mandated public filings and meeting records. ## Related profiles - [Middlesex Hospital](https://altss.com/profile/middlesex-hospital) - [Migdal Group](https://altss.com/profile/migdal-group) --- Last updated: 2026-06-03T20:00:00.000Z Canonical page: https://altss.com/profile/middletown-employees-retirement-system Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology