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Town of Cheshire
The Town of Cheshire operates three distinct defined-benefit pension plans — one for general town employees, one for police, and one for volunteer firefighters...
Town of Cheshire
The Town of Cheshire operates three distinct defined-benefit pension plans — one for general town employees, one for police, and one for volunteer firefighters — funded through taxpayer contributions and managed under the oversight of the Cheshire Retirement Board. Finance Director James J. Jaskot serves as treasurer, while Chairman Michael D. Evans leads the board. The town itself sits in New Haven County, with major employers including Bozzuto's Inc., a wholesale grocery distributor that anchors the local commercial base. The pension plan's investment strategy concentrates in buyout funds, a posture common among smaller municipal systems seeking private equity exposure without the staffing overhead of direct co-investments or venture stage-picking. While the precise asset-class allocation and fund names are not publicly itemized, the retirement board's disclosed investment policy has emphasized private equity partnerships as a return engine alongside more conventional fixed-income and public-equity holdings. The three plans are managed collectively, pooling assets to meet actuarial targets for beneficiaries that include retired first responders and municipal workers. Beyond pension assets, the town holds a portfolio of civic real estate — Town Hall at 84 South Main Street, the mixed-use Ball & Socket Arts complex on West Main Street, land designated for next-generation elementary schools, and additional tax-exempt parcels. Town finance officials participate actively in the Government Finance Officers Association, and the municipality maintains ties to the Cheshire Chamber of Commerce for economic development. Two charitable structures operate alongside: Cheshire's Lights of Hope and The Petit Family Foundation, both distinct from pension assets. Cheshire's structure — a small municipal plan with buyout concentration — reflects a governance model where the retirement board, not a standalone investment office, sets allocation strategy. This distinguishes it from large state funds with dedicated internal investment staff, making fund-manager selection and consultant relationships the principal levers for portfolio construction.
General information
Firm type
Pension Fund
Year founded
1799
Location
Region
North America
Country
United States
City
Cheshire
Corporate office
Cheshire, CT, United States
Principals
Sean M. Kimball
Town Manager
James J. Jaskot
Finance Director and Treasurer
Michael D. Evans
Chairman of the Cheshire Retirement Board
Sector focus
Frequently asked questions
Who runs investment decisions for the Town of Cheshire pension plans?
The Cheshire Retirement Board, chaired by Michael D. Evans, governs the pension plans. Day-to-day financial oversight falls to Finance Director and Treasurer James J. Jaskot, while Town Manager Sean M. Kimball holds executive authority over municipal operations. The board sets asset allocation policy and selects external fund managers rather than employing internal investment staff.
Is the Town of Cheshire pension fund structured as a single entity or multiple plans?
The town runs three separate defined-benefit pension plans: the general Town Pension Plan, the Police Pension Plan, and the Volunteer Firefighter Pension Plan. All three fall under the oversight of the Cheshire Retirement Board and share a common investment strategy, but each has its own beneficiary pool and actuarial obligations.
What investment strategy does the Town of Cheshire pension plan pursue?
The retirement board has concentrated its alternative-asset exposure in buyout strategies, consistent with the approach of many small- to mid-sized municipal plans that gain private equity exposure through commingled fund commitments rather than direct deals. The board's public investment policy has prioritized private equity partnerships to supplement traditional public-market and fixed-income allocations.
Does the Town of Cheshire participate in fund commitments or direct deals?
The plan participates almost exclusively through fund commitments. As a municipal pension fund without a dedicated internal investment team, Cheshire lacks the staffing infrastructure to underwrite, execute, or monitor direct co-investments. Consultant relationships help the board select and diligence external managers.
How is the Town of Cheshire pension fund related to local employers like Bozzuto's Inc.?
Bozzuto's Inc. is a major commercial presence in Cheshire but is not the source of pension assets. The pension plans are funded by taxpayer contributions and managed independently of any single employer, though the economic health of large local taxpayers like Bozzuto's indirectly supports the town's revenue base.
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