# Chicago Housing Authority Employees' Retirement & Trust

Chicago Housing Authority Employees' Retirement & Trust is a Pension Fund based in Chicago, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 1951
- **Assets under management:** Undisclosed
- **Website:** thecha.org

## Regulatory record

- **Reports private funds:** No

## About

The Chicago Housing Authority Employees' Retirement & Trust was established in 1951 as the pension fund for the Authority's workforce, managing defined-benefit obligations for employees who operate and maintain public housing assets across Chicago. Oversight sits with the CHA's executive leadership; the fund's net position is reported within the Authority's broader financial statements, making it an internal trust rather than an independent investment office. Matthew Brewer, the Authority's Operating Chairman and Interim CEO, and CFO Michael Moran represent the key oversight figures for the trust's financial health. Investment strategy mirrors the conservative posture typical of municipal pension trusts: the fund prioritizes capital preservation and actuarial funding targets over aggressive return-seeking. The portfolio is structured around traditional fixed-income and equity allocations, with no publicly disclosed allocations to venture capital, private equity, or hedge funds. Because the trust's assets are reported only in aggregate via the Chicago Housing Authority's annual financial filings, specific manager relationships and asset-class weights remain opaque to external observers. The trust's sole mandate is satisfying the retirement security of CHA employees—a purpose that shapes every allocation decision. The fund operates from the Authority's Chicago headquarters with no separate investment office, relying on the CHA's finance department and external consultants for day-to-day portfolio management. While the trust does not publish separate leadership rosters or investment committee minutes, it benefits from the operational infrastructure of a large municipal agency. Adjacent to the pension trust, the CHA maintains related nonprofit vehicles—Chicago Housing Consulting Services, Inc. and the Springboard to Success program—though these entities serve resident-support missions rather than pension-investment functions. The trust's architecture as an internal municipal plan—embedded wholly within a public housing agency—marks its structural differentiator. It operates without the independent governance board, published investment policy, or transparency requirements typical of city-wide pension funds. This embedded structure concentrates fiduciary authority within CHA leadership, creating a governance model where pension decisions sit alongside operational housing priorities under a single C-suite responsible for both the balance sheet and the agency's public mission.

## Sectors

- Real Estate

## People

- Matthew Brewer — Operating Chairman and Interim CEO
- Michael Moran — Chief Financial Officer
- Angela Hurlock — Interim CEO (as of 2024/2025)

## Questions

### How does the trust invest its assets?

The trust follows a conservative defined-benefit-pension allocation model, holding traditional fixed-income and equity positions designed to meet actuarial funding requirements. No public disclosures indicate commitments to private equity, venture capital, hedge funds, or direct real estate. The fund does not disclose specific external manager rosters or the identity of any outside investment consultants.

### What is the trust's relationship to the Chicago Housing Authority's real estate portfolio?

The pension trust shares an administrative home with the Chicago Housing Authority—the second-largest public housing agency in the United States by unit count—but its investment portfolio is managed entirely separately from CHA's real estate assets. The trust holds no direct interest in CHA-owned housing developments, mixed-income redevelopment projects, or land assets. Its sole purpose is meeting retirement obligations to CHA employees.

### Does the trust allocate to external fund managers or operate an in-house investment team?

The trust does not maintain a dedicated investment staff. Day-to-day portfolio management is handled through the CHA's finance department, led by CFO Michael Moran, and supported by external consultants and traditional asset-management mandates (public record). The absence of a separate chief investment officer or internal investment committee reinforces the trust's embedded governance model.

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- [Chicago Transit Authority Supplemental Plan](https://altss.com/profile/chicago-transit-authority-supplemental-plan)

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Last updated: 2026-06-03T20:00:00.000Z

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