Piedmont Healthcare Retirement Plan

Investment governance falls under Piedmont Healthcare's finance leadership. CFO Tom Arnold serves as Treasurer of the Foundation and oversees the plan's financial strategy, while Executive Vice President Michael Mandl manages the real estate and finance functions that intersect with the plan's direct property holdings. Day-to-day plan administration is handled by Vicki Cansler in her role as Plan Administrator for the Consolidated Retirement Plan.

Yes. The plan holds direct interests in at least two healthcare-related properties: the Piedmont West Ambulatory Surgery Center in Atlanta and a medical office building in Metro Atlanta. These are not REIT investments — they are direct ownership stakes in facilities tied to Piedmont's clinical operations, creating a direct alignment between the plan's real estate returns and the health system's facility needs.

Piedmont Healthcare and Encompass Health operate a joint venture called Piedmont Encompass Rehabilitation Hospitals LLC, and the retirement plan is listed as a co-investor in that vehicle. This gives the plan direct exposure to inpatient rehabilitation facility operations, which are part of the post-acute care continuum that Piedmont's broader health system serves. Encompass Health is one of the largest operators of inpatient rehabilitation hospitals in the United States.

The defined-contribution portion operates under the name 401(K) TOMORROWPLAN. Fidelity Investments serves as the plan administrator, covering approximately 22,947 eligible Piedmont Healthcare employees. This vehicle sits alongside the legacy defined-benefit structure, giving participants access to both an employer-funded pension and a self-directed retirement savings account.

The retirement plan and the Piedmont Healthcare Foundation are separate legal entities with distinct fiduciary duties. Kelly Kerner serves as Chief Philanthropy Officer and President of the Foundation, while the retirement plan operates under the CFO's finance and treasury structure. The plan's assets are not commingled with philanthropic funds, though both entities ultimately serve the Piedmont Healthcare ecosystem.

No. Piedmont Healthcare does not publicly disclose the retirement plan's total asset size. As an ERISA-governed corporate pension plan, it files Form 5500 annually with the Department of Labor, but those filings are not typically surfaced in public-facing investor communications. The absence of disclosed AUM is common among single-employer hospital-system retirement plans.

The plan maintains a dedicated liability-hedging investment portfolio, which suggests a liability-driven investment strategy focused on matching the duration and cash-flow profile of promised retiree benefits. This approach is standard for mature corporate pension plans managing long-dated liabilities to current and former hospital employees. The fixed-income and hedging allocations serve to immunize the plan against interest-rate and longevity risk, while the real estate and joint-venture holdings provide return-seeking exposure.