Cummins Inc. (CMI)

The corporate pension falls under the CFO's organization, currently led by Mark Smith. Jennifer Rumsey, Chair and CEO since 2022, serves as the plan's ultimate fiduciary sponsor. Day-to-day investment management may be outsourced to external managers; Cummins has not publicly named a dedicated internal CIO for the pension, and the treasury group — which oversees real estate and precious-metals exposure — reports through the CFO.

Confirmed corporate-owned properties include the Cummins Global Headquarters at 500 Jackson Street in Columbus, the Cerealine Building in Columbus, and an office facility in Indianapolis. These are classified as commercial assets on the corporate balance sheet and are likely held within the pension's real-asset allocation, given their long-duration, income-generating characteristics.

Yes — internal records note explicit platinum and palladium exposure. This is atypical for a conventional corporate pension and likely reflects Cummins's industrial need for precious metals in catalytic-converter manufacturing. It suggests the pension's real-asset book may include directly-held commodities alongside real estate, rather than solely financial derivatives.

The Cummins Foundation is a legally separate philanthropic entity established in 1954. It funds education, environmental, and social-justice initiatives and is governed by an independent board. Foundation assets are not commingled with pension trust assets, though both share Cummins Inc. as their ultimate sponsor.

Cummins Inc. maintains a single-employer defined-benefit pension plan for its own workforce. Some unionized employees at Cummins facilities may also participate in multi-employer plans through collective bargaining agreements, but the primary corporate pension is a single-employer ERISA plan.

Cummins's corporate strategy — pivoting toward electrolyzers, fuel cells, and low-carbon power systems under Jennifer Rumsey — suggests the pension's real-asset allocation is increasingly screening for energy-transition infrastructure. The firm has not publicly disclosed a formal decarbonization mandate for the pension, but the operational alignment between sponsor strategy and trust assets is a documented governance consideration.

Like most US corporate defined-benefit plans, Cummins is subject to ERISA diversification requirements. The plan is not likely to hold a concentrated position in Cummins equity beyond what a passive broad-market index would contain. Specific allocation percentages are not publicly disclosed.