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The Calvert School Pension Plan
The Calvert School Pension Plan is the defined retirement vehicle for the Calvert School, a private coeducational day school founded in 1897 in Baltimore's...
The Calvert School Pension Plan
The Calvert School Pension Plan is the defined retirement vehicle for the Calvert School, a private coeducational day school founded in 1897 in Baltimore's Tuscany-Canterbury neighborhood. The plan serves the school's faculty and staff, operating as a single-employer pension fund tied to the institution's broader financial architecture, which also includes a separate endowment. Governance rests with the school's Board of Trustees, chaired by Ned Insley, with Brittany Bramhall serving as Treasurer. Strategy is guided by an Investment Committee whose membership reflects deep ties to Baltimore's institutional asset-management community. The committee is chaired by Josh Perry, a Managing Director at private equity firm Southfield Capital. Henry Hopkins, a trustee and former Head of Legal at T. Rowe Price, serves as Lead Independent Director of Brown Advisory Funds and brings mutual fund governance and regulatory experience to oversight of the plan. Mary Miller, another trustee, is the former Director of Fixed Income at T. Rowe Price and a former Interim SVP for Finance at Johns Hopkins University. The committee's structure suggests a conservative, manager-selection-oriented posture consistent with a small institutional plan — likely allocating across traditional equity and fixed-income mandates with limited alternative exposure. Scale and specific deployment figures are not publicly disclosed. The plan's administrative footprint is minimal; no dedicated investment staff or separate office is maintained outside the school's Tuscany Road campus. Amy Seto, CFO of the Baltimore Community Foundation, serves on the school's Finance Committee, reinforcing a web of local institutional fiduciary relationships. Recent operational events tied specifically to the pension plan are not a matter of public record. Structurally, the plan is distinguished by its governance density relative to its probable size. An investment committee featuring veterans of T. Rowe Price's legal and fixed-income divisions, Johns Hopkins' finance leadership, and private equity dealmaking is unusual for a single-school pension plan. This architecture embeds a level of fiduciary and investment oversight that mirrors endowment governance at far larger institutions, reflecting Calvert School's deep integration with Baltimore's financial establishment.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Baltimore
Corporate office
105 Tuscany Road, Baltimore, MD 21210
Principals
Ned Insley
Chairman of the Board of Trustees
Brittany Bramhall
Treasurer of the Board of Trustees
Andrew Holmgren
Head Master and Ex-Officio Trustee
Frequently asked questions
Who runs investment decisions for the Calvert School Pension Plan?
The plan is governed by the school's Board of Trustees, with an Investment Committee chaired by Josh Perry, a Managing Director at private equity firm Southfield Capital. Committee members include Henry Hopkins, former Head of Legal at T. Rowe Price and Lead Independent Director of Brown Advisory Funds, and Mary Miller, former Director of Fixed Income at T. Rowe Price. The committee operates without a dedicated internal investment staff, relying on the expertise of its trustee members.
Is the pension plan's portfolio managed internally or through external managers?
Given the plan's governance structure and the absence of a dedicated internal investment team, the Calvert School Pension Plan likely allocates capital to external asset managers. The investment committee's composition — which includes professionals with deep experience in mutual fund governance, fixed-income portfolio management, and private equity — suggests a fiduciary model focused on manager selection and monitoring rather than direct securities management.
How is the pension plan related to the Calvert School Endowment?
The pension plan and the Calvert School Endowment are separate legal and financial entities serving different purposes. The endowment supports the school's long-term operating needs, scholarships, and capital projects. The pension plan is a distinct retirement vehicle that provides defined benefits to eligible faculty and staff. Both fall under the ultimate oversight of the school's Board of Trustees and may share overlapping governance through the Finance and Investment Committees.
Does the plan disclose its asset allocation or investment performance publicly?
No. As a private single-employer pension plan sponsored by a non-profit independent school, the Calvert School Pension Plan is not required to publicly file detailed asset allocation or investment performance data. No such disclosures have been made. The plan's conservative governance profile, shaped by fixed-income and traditional asset management veterans, points to a likely emphasis on capital preservation and steady return generation.
What investment philosophy is likely to guide the plan?
The presence of Mary Miller, former Director of Fixed Income at T. Rowe Price, and Henry Hopkins, a former T. Rowe Price legal executive with mutual fund board experience, signals a philosophy rooted in institutional-grade fiduciary process rather than speculative or concentrated bets. The committee is likely to favor diversified, liquid, and transparent strategies — with a strong emphasis on traditional fixed income and public equities, and limited allocations to illiquid alternatives.
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