# Eversource Energy (PBOP)

Eversource Energy (PBOP) is a Pension Fund based in Springfield, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Springfield, United States
- **Region:** North America
- **Address:** Springfield, MA, United States
- **Founded:** 1966
- **Assets under management:** Undisclosed
- **Website:** eversource.com
- **LinkedIn:** https://www.linkedin.com/company/eversourceenergy
- **Wikidata:** Q3344199

## Regulatory record

- **Reports private funds:** No

## About

Eversource Energy established the Pension and Benefits Outsourcing Plan (PBOP) as a dedicated trust to fund long-term post-retirement health and welfare obligations for its workforce. The plan operates under the governance of Eversource's senior leadership, with General Counsel Gregory B. Butler serving on the Investment Oversight Committee alongside CFO John M. Moreira. Unlike the company's primary pension plan, the PBOP trust is ring-fenced for a narrower liability stream — a structural nuance that shapes its asset allocation and liquidity requirements. The portfolio maintains a diversified posture across multiple asset classes, including public equities, fixed income, and private commercial real estate. A confirmed direct holding is The Rocky River Realty Company, a commercial property entity based in Hartford, Connecticut. While specific external fund commitments are not publicly itemized, the trust's mandate supports a blend of externally managed vehicles and internal direct investments. Geographic focus remains concentrated in the United States, aligned with Eversource's New England operational footprint. Governance rests with the Investment Oversight Committee, which includes Butler and draws on the broader financial leadership of the utility. Eversource Energy Foundation Inc. operates as a separate philanthropic vehicle, distinct from PBOP trust assets. The firm maintains active memberships in the Edison Electric Institute and the American Gas Association, reflecting its core identity as a regulated energy infrastructure operator rather than a pure-play investment manager. The trust's defining structural characteristic is its liability-driven mandate, tied specifically to healthcare-cost inflation for a unionized utility workforce. This creates an investment horizon and risk tolerance materially different from a corporate pension or endowment. The absence of third-party limited partners means the trust answers exclusively to plan actuaries, union representatives, and corporate fiduciaries — a governance circle that prioritizes steady, matched-asset returns over aggressive growth.

## Sectors

- Utilities
- Energy Transition & Renewables
- Infrastructure

## Offices

- Hartford, CT, United States

## People

- Joseph R. Nolan Jr. — Chairman, President, and CEO
- John M. Moreira — EVP, CFO, and Treasurer
- Gregory B. Butler — EVP and General Counsel; Member of the Investment Oversight Committee

## Questions

### What is the specific purpose of the Eversource PBOP trust?

The Pension and Benefits Outsourcing Plan is a dedicated trust established to pre-fund post-retirement health and welfare benefits for Eversource Energy employees. It is not a traditional pension fund covering defined-benefit retirements. The assets in this trust are legally segmented for this specific liability profile, governed by the Investment Oversight Committee which includes Eversource's General Counsel Gregory B. Butler.

### Who makes investment decisions for the PBOP trust?

Investment oversight for the PBOP trust falls to a committee that includes Gregory B. Butler, Eversource's EVP and General Counsel, and John M. Moreira, EVP and CFO. The committee operates under the fiduciary umbrella of Eversource Energy's corporate governance structure, with CEO Joseph R. Nolan Jr. holding ultimate executive responsibility.

### How does the PBOP trust differ from Eversource's main pension plan?

The PBOP trust is ring-fenced for post-retirement healthcare and welfare liabilities, not defined-benefit pension payments. This creates a distinct liability stream sensitive to medical-cost inflation rather than salary growth and longevity risk. The investment horizon and liquidity needs reflect this narrower mandate, differentiating it from the company's core pension assets.

### Is the Eversource Energy Foundation related to the PBOP trust?

No. The Eversource Energy Foundation Inc. is a separate corporate philanthropic vehicle. Its assets are not commingled with PBOP trust funds, and its mission is charitable giving in communities served by the utility, not the funding of employee benefit obligations.

## Related profiles

- [Eversource Energy](https://altss.com/profile/eversource-energy)
- [EverSource Wealth Advisors](https://altss.com/profile/eversource-wealth-advisors)

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Last updated: 2026-06-03T20:00:00.000Z

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