Green Mountain Power Corporation

Electrical utility company Green Mountain Power offers a 401(k) plan featuring diverse investment options, transparent fixed‑dollar fees and personalized retirement income solutions, including targeted managed accounts. A 5% annual payout retirement income feature—offered free—overlays target‑date fund strategies. To promote equity, GMP provides a special nonelective contribution for employees ineligible for the pension and, responding to the Setting Every Community Up for Retirement Enhancement 2.0 Act, adopted features such as student loan matching to help its younger employees save. It works with its recordkeeper to deliver employee education 18 times a year.

Joseph McKearin, Director Enterprise Risk, Green Mountain Power Corporation

To get to know them better, PLANSPONSOR sent the 2026 Plan Sponsor of the Year winners a list of questions from which to choose four to answer. Below are responses from Jill Murray on behalf of Green Mountain Power Corporation.

PLANSPONSOR: How does your organization’s leadership approach its commitment to employee retirement readiness and financial well-being?

Green Mountain Power: As the largest electric utility in Vermont and a certified B Corporation, our focus every day is on delivering clean, reliable, cost-effective electricity and exceptional customer service. We are also leading the transformation of the energy system through innovative programs that help the customers we serve reduce both costs and carbon. A big part of how we achieve this for Vermonters is by investing in employees across our organization who are engaged, empowered and deeply connected to the communities they serve.

We believe supporting our employees’ financial well-being is essential to building a strong workforce that can continue delivering for our customers. Retirement readiness is an important part of that investment, and our 401(k) plan is designed to help employees build confidence in their financial future. The plan offers features such as automatic enrollment, personalized planning tools and access to financial education that meets employees wherever they are in their career. This investment reflects our belief that supporting employees today helps them build a more secure future for themselves and their families.

One of the most valuable aspects of our program is providing 18 dedicated meeting days each year with our 401(k) provider, creating expanded opportunities for one-on-one consultations and personalized retirement planning support. These conversations help employees better understand their options, set goals and make informed decisions based on their individual needs. The feedback we receive from employees is overwhelmingly positive, reinforcing the value of personalized guidance and our ongoing commitment to helping employees achieve long-term financial security and overall well-being.

PLANSPONSOR: What aspect of your retirement plan offering are you most proud of?

Green Mountain Power: We’ve worked to create retirement program flexibility for employees in every stage of their career. Our plan supports pre-tax, Roth and after-tax contributions, providing options for how employees can save and manage taxes now and in retirement. We added features to help newer and younger employees build retirement security, including some options specifically tailored for employees paying down student loans. For employees approaching or entering retirement, our plan offers a structured payout fund.

PLANSPONSOR: What is one piece of advice you would offer to other plan sponsors aiming to improve financial well-being or retirement readiness?

Green Mountain Power: A willingness to adapt and improve our plans over time has been helpful as employees’ needs change, plus as we face the ongoing evolution of legislative and regulatory requirements.

Some of our most effective plan updates happened because we were evaluating new provisions and embracing change to benefit the communities we serve and our teammates.

PLANSPONSOR: How are changing workforce needs such as demographics, financial stressors or career paths shaping your approach to plan design or communication?

Green Mountain Power: As our workforce becomes younger, we’re making retirement planning relevant and accessible to them. Retirement can feel far away, especially if employees are balancing student loans, housing costs and/or starting a family. We offer flexible plan features, access to information, and expert advice to make it simpler to plan for the future.