Madison Gas and Electric

Investment oversight sits with the pension committee and internal treasury function of MGE Energy, advised by external consultants. Jeffrey M. Keebler, Chairman, President, and CEO of MGE Energy, holds ultimate executive responsibility. Day-to-day manager selection and monitoring are largely delegated to specialist firms through a fund-of-funds model.

The plan is a corporate defined-benefit pension for MGE's employees, and its funding health is monitored by the Wisconsin Public Service Commission as part of the utility's overall cost structure. Investment returns and contribution levels can indirectly influence customer rates, which imposes a conservative, liability-driven investment posture.

The plan has not publicly disclosed a direct co-investment program. Its private markets exposure has historically been accessed through fund-of-funds structures, where the underlying manager — rather than MGE staff — makes individual asset selection and co-investment decisions.

Yes, real assets and infrastructure are part of the plan's alternative investment sleeve. While specific holdings are not publicly itemized, the allocations are consistent with the parent utility's operational knowledge of power generation, transmission, and energy transition assets in the Upper Midwest.

No, the Madison Gas and Electric Retirement Plan Trust has been frozen to new entrants for a number of years, a common pattern among US corporate defined-benefit plans. The plan now functions primarily as a closed, maturing liability pool focused on meeting existing obligations.