Talen Montana Retirement Plan

The plan is sponsored by Talen Montana, LLC, a subsidiary of Talen Energy Corporation. Talen Energy was formed in 2015 when Riverstone Holdings acquired generation assets from PPL Corporation and combined them with other holdings to create an independent power producer. The retirement plan covers employees associated with the legacy Montana coal plants, now part of the Talen portfolio.

Following Talen Energy's separation from PPL Corporation, the retirement plan pursued litigation related to benefit calculations and funding obligations. The resulting settlement injected assets directly into the plan's trust, fortifying its funded status. This litigation-derived capital is a distinctive feature of the plan's asset base, reducing dependency on ongoing employer contributions from Talen Montana, LLC.

Based on plan disclosures, real estate — both direct partnerships and publicly listed REITs — forms a meaningful component of the asset allocation. This aligns with the plan's mature profile, where income-producing real assets support benefit payments to a largely retired or near-retirement participant population. The real estate sleeve likely serves both current income and inflation-hedging functions.

No. The plan is a private-sector defined benefit plan governed by ERISA, not a government retirement system. The 'Montana' designation reflects the geographic location of the power plants whose workers it covers, not state sponsorship. Oversight falls under federal ERISA requirements and the plan sponsor, Talen Montana, LLC.

Investment management details are not publicly disclosed. Given the plan's size and the complexity of a multi-asset portfolio spanning real estate partnerships, REITs, and diversified strategies, external investment consultants or an outsourced chief investment officer likely supports the plan's fiduciaries. No dedicated in-house investment staff names appear in available records.