Intermountain Healthcare Pension Plan

Intermountain Healthcare Pension Plan

The Intermountain Healthcare Pension Plan is the retirement vehicle for qualifying employees of Intermountain Health, the Utah-based integrated health system that traces its roots to 1975. Plan governance sits with a Board of Trustees that includes former Utah Governor and U.S. Health and Human Services Secretary Mike Leavitt and former Federal Reserve Vice Chairman Randal K. Quarles. With participation closed to new hires after April 2020 and a hard freeze on all future accruals effective December 2026, the fund has entered the decumulation phase — a structural fact that distinguishes its liquidity needs and risk appetite from open, actively growing public pension pools. The plan deploys across private equity, venture capital, real estate, and infrastructure, sourced through both fund commitments and direct co-investments. Real estate holdings include the HCP Studio Fund in Culver City, a mixed-use vehicle with The Related Companies in New York, global exposure through CBRE Group and Partners Group real estate funds, and European commercial assets via InfraRed Active Real Estate IV. On the private equity side, Miranda Lotze manages a portfolio with a generalist venture strategy, while the Utah Housing Preservation Fund and a Place Based Investments Portfolio target residentially focused and geographically anchored deals across the Intermountain West. Investment leadership is centralized under CIO Stacy Jennings, with Joshua McLin overseeing private markets as Managing Director. The operational event defining the current investment horizon is unambiguous: December 2026 is the date the pension freeze triggers, locking the beneficiary pool and reshaping portfolio construction around liability cash-flow matching rather than long-duration growth. Unlike health system pension plans still open to accruals — of which only a handful remain — Intermountain's 2026 freeze crystallizes a finite, amortizing set of obligations backed by a mature pool of real assets. Where most pension plan descriptions end at asset allocation, Intermountain's architecture is defined by two layers of governance oversight — a health system board chaired by a former HHS Secretary and a plan-specific trustee roster that includes a former Fed Vice Chair — setting it apart from the typical municipal or Taft-Hartley fund. That board composition signals a policy-aware, macro-informed approach to both capital deployment and risk management, particularly relevant as the plan navigates the terminal phase of a defined-benefit structure in a rate environment unlike any the trustees have managed through before.