# Pension Plan of Independence Blue Cross

Pension Plan of Independence Blue Cross is a Pension Fund based in Philadelphia, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Philadelphia, United States
- **Region:** North America
- **Address:** Philadelphia, PA, United States
- **Founded:** 1962
- **Assets under management:** Undisclosed
- **Website:** independence.empower-retirement.com

## Regulatory record

- **Reports private funds:** No

## About

The Pension Plan of Independence Blue Cross is the defined-benefit vehicle for employees of the Philadelphia-based health insurer. The plan sponsor, Independence Health Group, operates as the parent of the region's dominant Blue Cross Blue Shield licensee. Unlike a single-family office managing generational wealth, this pool is governed by ERISA fiduciary standards and exists exclusively to provide future income to plan participants. While the specific portfolio composition is not public, corporate pension peers of similar profile commonly allocate across public equities, investment-grade and high-yield credit, real estate, and private markets. Real assets with a known Philadelphia footprint include 1901 Market Street, the health plan's headquarters building. The administrative team is led by Denise Hines-Mckeown as Plan Administrator, with Kristen Cashman overseeing benefits and retirement programs from the human resources side. Independence Health Group's general counsel, Thomas A. Hutton, provides legal oversight. Adjacent to the pension structure, the Independence Blue Cross Foundation operates as a separate philanthropic entity under the leadership of Rev. Dr. Lorina Marshall-Blake — a grantmaking arm that is legally distinct from the retirement trust. The plan is administered via Empower Retirement's recordkeeping platform. Succession and funding policy decisions sit with Independence Health Group's board and treasury function, not a dedicated investment office with independent sourcing capability.

## People

- Denise Hines-Mckeown — Retirement Programs Administrator and Plan Administrator
- Kristen Cashman — Director, HR Benefits, Disability, and Retirement Programs

## Questions

### Who is the plan sponsor for this pension fund?

Independence Health Group, Inc. is the parent company of Independence Blue Cross and the sponsor of the pension plan. The plan exists to provide retirement benefits to eligible employees of the Philadelphia-based health insurer.

### Who administers the Pension Plan of Independence Blue Cross?

Denise Hines-Mckeown serves as Retirement Programs Administrator and Plan Administrator. Kristen Cashman, Director of HR Benefits, Disability, and Retirement Programs, also holds a key administrative role on the benefits side. The plan's recordkeeping and participant platform is hosted by Empower Retirement.

### Is the Independence Blue Cross Foundation related to the pension plan?

The Independence Blue Cross Foundation is a separate philanthropic entity and not part of the pension trust. Led by Rev. Dr. Lorina Marshall-Blake, the foundation is a grantmaking organization. Pension assets governed by ERISA cannot be used for charitable purposes outside the exclusive benefit of plan participants.

### What is the governance framework for this pension?

As a corporate defined-benefit plan, the Pension Plan of Independence Blue Cross is governed by the Employee Retirement Income Security Act of 1974, which imposes fiduciary duties of prudence and loyalty, funding requirements, and annual reporting obligations through the Department of Labor's Form 5500 series.

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Last updated: 2026-08-11T02:43:31.692Z

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