# Leupold & Stevens Employees' Pension Plan

Leupold & Stevens Employees' Pension Plan is a Pension Fund based in Beaverton, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Beaverton, United States
- **Region:** North America
- **Address:** Beaverton, OR, United States
- **Founded:** 1945
- **Assets under management:** Undisclosed
- **Website:** www.leupold.com
- **LinkedIn:** https://www.linkedin.com/company/leupold-&-stevens-inc-

## Regulatory record

- **Reports private funds:** No

## About

The Leupold & Stevens Employees' Pension Plan is the defined-benefit vehicle for the workforce of Leupold & Stevens, Inc., the Beaverton, Oregon-based manufacturer of rifle scopes, binoculars, and optical equipment. Founded in 1907 by Markus Friedrich Leupold and Adam Voelpel, the company remains privately held. It is governed through a structure that includes fifth-generation family member Joanna Morrill, who manages the family office, and President and CEO Bruce Pettet. The plan is integrated with a broader family-office ecosystem that includes the Leupold & Stevens Foundation.\n\nThe plan's investment posture is shaped by its role covering a base of active and retired manufacturing employees. The asset pool is built around the Leupold & Stevens Corporate Campus, a 14400 NW Greenbrier Parkway industrial property that represents a core real-asset holding. The plan also extends participant loans, a design feature that allows members to borrow against vested balances. This combination of direct real estate and participant-directed credit is atypical among modern corporate pensions, which have largely moved toward fully diversified marketable-securities portfolios. There are no publicly known commitments to venture capital or growth-stage co-investments.\n\nThe governance spine connects to the fourth- and fifth-generation owners. Board member Greg Waggoner was instrumental in formalizing the family office and foundation structures. The leadership overlaps with the corporate parent, meaning the plan's oversight flows through the same group managing the operating company. Leupold & Stevens also maintains deep ties to conservation and sporting communities through partnerships with the Oregon Hunters Association and the National Rifle Association, reinforcing the company's market alignment.\n\nThe plan's structural differentiator is its position inside a single-sponsor, family-owned industrial company with no external institutional pooling. There is no external CIO or OCIO disclosed. The plan bears the dual hallmarks of a small-to-mid-size corporate pension: immovable physical-plant assets on one side, and direct workforce lending on the other. This architecture makes it less comparable to large state plans and more akin to the legacy pension structures of closely held manufacturers in the Midwest and Pacific Northwest.

## Sectors

- Real Estate
- Private Credit

## People

- Bruce Pettet — President and CEO of Leupold & Stevens, Inc.
- Greg Waggoner — Board Member
- Joanna Morrill — Manager of the Leupold & Stevens Family Office

## Questions

### What role does the Leupold & Stevens Foundation play alongside the pension?

The Leupold & Stevens Foundation is a separate philanthropic entity, not a pension investment vehicle. It was developed alongside the family office by board member Greg Waggoner. There is no indication of commingled assets between the foundation and the employees' pension plan. The foundation represents the family's charitable giving, distinct from the plan's obligation to beneficiaries.

### Why does the plan hold participant loans as an investment?

Participant loans are a feature typical of defined-benefit plans that permit members to borrow against their vested balances. For a plan like Leupold & Stevens, these loans act as an internal credit instrument, generating interest income that accrues to the plan. It reflects a self-contained capital model rather than a market-facing private-credit strategy, though it can reduce liquidity available for external investments.

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Last updated: 2026-07-06T00:35:36.548Z

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