Employees' Retirement Plan of Green Mountain Power Corporation

Employees' Retirement Plan of Green Mountain Power Corporation

The plan provides monthly retirement benefits to former employees of Green Mountain Power (GMP), a regulated electric utility serving roughly 270,000 customers in Vermont. The defined benefit structure was closed to new entrants in 2008, meaning the plan's remaining purpose is paying down vested obligations to a shrinking participant base. GMP itself is a subsidiary of Énergir Inc., a Québec-based diversified energy company, which indirectly backstops the plan's corporate guarantee. The investment portfolio, reconstructed from public board of trustees filings, reflects a conservative liability-matching posture common to closed municipal and corporate pensions. Assets are concentrated in fixed-income commingled vehicles — PGIM Total Return Bond and PGIM Strategic Bond CITs form the core defensive sleeve — supplemented by commingled real estate and global trust funds. Known commitments include the Mercer US Core Real Estate Portfolio, PGIM Select Real Estate Fund CIT, and JPMorgan Commingled Pension Trust Funds. The geographic footprint is predominantly domestic, with selective global exposure through the JPMorgan commingled vehicles. Fiduciary oversight operates through GMP's corporate treasury function. Historical signatories to plan documents include former CFO Dawn Bugbee, who retired in 2019, and former Treasurer Robert J. Griffin. The plan's size and frozen status make it a purely liability-driven institutional investor — no new contributions, no active participant growth, and a fixed-to-declining asset base that requires precise duration matching rather than return-seeking behavior. The plan's structural differentiator is its status as a closed, single-sponsor pension in an industry undergoing consolidation. As GMP was acquired by Énergir, the plan now exists within a cross-border corporate structure uncommon for pensions of its size, creating a governance layer that involves both Vermont utility regulation and the Quebec-based parent's capital allocation priorities.