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Burlington Employees' Retirement System
The Burlington Employees' Retirement System was established in 1954 as the defined benefit pension plan for municipal workers in Burlington, Vermont.
Burlington Employees' Retirement System
The Burlington Employees' Retirement System was established in 1954 as the defined benefit pension plan for municipal workers in Burlington, Vermont. The City of Burlington sponsors the plan, with contributions also flowing from the Burlington Electric Department and the Burlington School District. The system once pooled its assets with the Vermont Pension Investment Committee but later withdrew to manage its investment program independently, an uncommon posture for a city-level fund of its size. BERS allocates across a deliberately diversified mix of asset classes including real estate, private credit, distressed debt, buyouts, mezzanine, secondaries, and timber. Its disclosed holdings reflect a tangible geographic and operational focus on the Burlington area alongside national pooled funds. Directly held infrastructure assets include the McNeil Generating Station, Winooski One Hydro Station, and a stake in the Patrick Leahy Burlington International Airport. The system also participates in commingled vehicles such as the UBS Trumbull Property Fund and Carlyle Property Investors, and holds timberland exposure through the Molpus Woodlands Group. The retirement board governs the system, with Robert J. Hooper serving as Chairman and Munir Kasti as Vice Chair. Chief Administrative Officer Katherine Schad acts as the lead staff member and an ex-officio board member, while Marina Ushakova serves as Retirement Administrator. The fund is a signatory to the Principles for Responsible Investment through its advisor relationship with Fiducient/NEPC. The system also maintains a connection to local civic infrastructure through organizations such as Burlington City Arts. BERS stands apart from many municipal pension funds its size by having reclaimed investment authority from a state-level pooled vehicle. The system operates as a self-directed asset owner with a physical footprint in local real assets — from power generation to transportation infrastructure — while layering in national private-market fund commitments for diversification.
General information
Firm type
Pension Fund
Year founded
1954
Location
Region
North America
Country
United States
City
Burlington
Corporate office
Burlington, VT, United States
Principals
Robert J. Hooper
Chairman, Retirement Board
Munir Kasti
Vice Chair, Retirement Board
Katherine Schad
Chief Administrative Officer and Ex-Officio Board Member
Eric Dalla Mura
Retirement Board Class A Representative
Marina Ushakova
Retirement Administrator
Sector focus
Frequently asked questions
Who runs investment decisions at Burlington Employees' Retirement System?
The Retirement Board governs the system. Robert J. Hooper chairs the board and Munir Kasti serves as Vice Chair. Katherine Schad, the City's Chief Administrative Officer, acts as lead staff and an ex-officio board member. Day-to-day administration is handled by Retirement Administrator Marina Ushakova.
How is Burlington Employees' Retirement System structured relative to Vermont's state pension system?
BERS is a standalone municipal plan, not part of the Vermont State Employees' Retirement System. The fund previously transferred assets to the Vermont Pension Investment Committee, the state-level pooled vehicle, but subsequently withdrew those assets to manage its portfolio independently under the direction of its local board.
What is the fund's known posture on co-investments alongside external GPs?
Available public information does not detail a co-investment program. BERS appears to deploy through commingled funds such as the UBS Trumbull Property Fund and Carlyle Property Investors, and holds direct interests in local real assets, but there is no evidence of a systematic co-investment platform alongside external managers.
Does Burlington Employees' Retirement System participate in fund commitments or only direct deals?
The system engages in both. Its portfolio includes limited partnership interests in national real estate and private markets funds, as well as direct ownership of Burlington-area infrastructure assets like the McNeil Generating Station and Winooski One Hydro Station.
Which sectors does Burlington Employees' Retirement System explicitly avoid?
There is no public exclusion list. As a signatory to the Principles for Responsible Investment via its advisor relationship, BERS incorporates ESG considerations, but no specific sector prohibitions are disclosed.
How is Burlington Employees' Retirement System related to the City of Burlington?
The City of Burlington is the plan sponsor. City employees, along with workers from the Burlington Electric Department and Burlington School District, are the plan's members. The system's board includes city officials and employee representatives, and its direct holdings include municipal infrastructure.
What investment stages does Burlington Employees' Retirement System typically target?
Through its external fund commitments, BERS gains exposure to buyouts, distressed debt, mezzanine, secondaries, and special situations. Its direct investments are in mature, income-producing real assets rather than venture-stage companies.
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