# Amica Pension Plan Amica Pension Plan is a Pension Fund based in Lincoln, United States. ## Overview - **Organization type:** Pension Fund - **Headquarters:** Lincoln, United States - **Region:** North America - **Address:** Lincoln, RI, United States - **Founded:** 1965 - **Assets under management:** Undisclosed - **Website:** amica.com - **LinkedIn:** https://www.linkedin.com/company/amica-mutual-insurance-co ## Regulatory record - **Reports private funds:** No ## About Amica Pension Plan is the noncontributory, defined benefit plan sponsored by Amica Mutual Insurance Company, the oldest mutual insurer of automobiles in the United States, founded in 1907. Amica Life Insurance Company also participates as an employer in the plan. Chief Investment Officer Susan F. Chung manages the investment strategy for the pension fund, reporting through Amica Mutual's corporate structure alongside CEO Edmund Shallcross III, CFO James P. Loring, and General Counsel Jennifer A. Morrison. The fund's investment approach centers on asset-liability matching, anchored by a Prudential buy-in group annuity contract that transfers a portion of the plan's pension obligations to Prudential. A dedicated liability hedging portfolio sits alongside the annuity to manage remaining funded-status risk. The plan allocates across public equities, fixed income, real estate, and alternative investments including private credit and hedge fund strategies. Amica Mutual's corporate investment team, led by Chung, sources fund commitments and co-investments across North American infrastructure, real estate debt, and secondaries. Total plan assets are not publicly disclosed. Amica Mutual operates from a single headquarters campus in Lincoln, Rhode Island, and the pension investment team is embedded within the corporate finance function under Chung's direction. The Amica Companies Foundation, funded by the insurer's profits, provides charitable grants in communities where the company operates, governed by the same corporate trustees who oversee the pension plan. No separate family office or external investment advisor structure sits between the plan and its asset managers. As a mutual company, Amica is owned by its policyholders rather than public shareholders, a structure that insulates the pension fund from quarterly earnings pressure and allows a longer-horizon approach to liability management. The Prudential annuity buy-in — a pension risk transfer transaction — is the most significant structural event in the plan's recent history, transferring liabilities for a block of retirees and reducing the plan's funded-status volatility. ## Sectors - Real Estate - Private Credit - Hedge Funds - Secondaries & Special Situations - Infrastructure ## People - Susan F. Chung — Chief Investment Officer - Edmund Shallcross III — Chief Executive Officer, Amica Mutual Insurance Company - James P. Loring — Chief Financial Officer, Amica Mutual Insurance Company - Jennifer A. Morrison — General Counsel, Amica Mutual Insurance Company ## Questions ### Who runs investment decisions at Amica Pension Plan? Susan F. Chung serves as Chief Investment Officer of Amica Mutual Insurance Company and oversees the pension plan's investment strategy. She manages the internal investment team and directs allocations across asset classes including the liability hedging portfolio. Investment decisions are made within Amica Mutual's corporate structure under the oversight of the plan's trustees. ### What is the Prudential buy-in annuity and how does it affect the pension plan? The Prudential buy-in group annuity contract is a pension risk transfer arrangement in which Amica Pension Plan purchased an annuity from Prudential to cover a portion of its retiree obligations. Under this structure, Prudential assumes the responsibility for paying benefits to that block of retirees, while the plan retains ownership of the annuity contract as a plan asset. This arrangement reduces the plan's funded-status volatility by matching assets more precisely to liability cash flows. ### How is Amica Pension Plan related to Amica Mutual Insurance? Amica Mutual Insurance Company is the primary sponsor of the Amica Pension Plan, a noncontributory defined benefit plan. Amica Life Insurance Company also participates as an employer. The pension fund is managed within Amica Mutual's corporate investment office, led by CIO Susan Chung, and governed by trustees who hold senior positions at the insurance company. ### Where does Amica Pension Plan's funding come from? The Amica Pension Plan is a noncontributory defined benefit plan, meaning employees do not contribute to the plan — all funding comes from employer contributions. Amica Mutual Insurance Company, a mutual insurer owned by its policyholders, funds the plan. Amica Life Insurance Company, a subsidiary, also contributes for its participating employees. ## Related profiles - [Amica](https://altss.com/profile/amica) - [Amicorp Wealth Services](https://altss.com/profile/amicorp-wealth-services) --- Source record modified: 2026-06-03T20:00:00.000Z Last verified: not supplied by this public snapshot. ## Sources and provenance - Organization website as recorded: https://amica.com/ Source links do not imply that every field was verified on the page modification date. See [Altss methodology](https://altss.com/methodology). Canonical page: https://altss.com/profile/amica-pension-plan Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology