# City of Ann Arbor Retiree Health Care Benefits Plan

City of Ann Arbor Retiree Health Care Benefits Plan is a Pension Fund based in Ann Arbor, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Ann Arbor, United States
- **Region:** North America
- **Address:** Ann Arbor, MI, United States
- **Founded:** 1990
- **Assets under management:** Undisclosed
- **Website:** a2gov.org

## Regulatory record

- **Reports private funds:** No

## About

The City of Ann Arbor Retiree Health Care Benefits Plan funds medical and prescription obligations for retired municipal employees. Administered alongside the larger City of Ann Arbor Employees' Retirement System, the plan shares the same Board of Trustees — chaired by Jeremy Flack — and operates under the oversight of Executive Director Wendy Orcutt. It is a single-employer defined-benefit health trust, not a pension, yet invests to meet actuarial health cost liabilities. Despite its modest size among US public asset owners, the plan runs a notably diversified portfolio. Core allocations span investment-grade bonds, high-yield debt, and Treasury Inflation-Protected Securities (TIPS) to match near-term health payout curves. A separate return-seeking sleeve pushes into venture capital globally, alongside direct real estate holdings within the United States and stakes in natural resources and infrastructure. This multi-asset construction mirrors the endowment-style approach of its sister pension plan. The plan has not publicly disclosed assets under management or headcount. Its investment committee operates within the same administrative apparatus as the employees' retirement system, which has historically engaged external consultants for asset allocation reviews. No recent venture capital commitments or real estate transactions are identifiable in the public record. What distinguishes this trust is its hybrid mandate: it is a health-benefit vehicle investing with the toolbox of a pension fund. Where many OPEB trusts stay in municipal bonds, Ann Arbor's plan reaches into alternatives — including venture — to extend its coverage horizon. The Board's shared governance across the health plan and the pension system creates a single fiduciary spine that few municipal OPEB trusts replicate.

## Sectors

- Infrastructure
- Real Estate
- Private Credit
- Natural Resources
- Venture Capital

## People

- Jeremy Flack — Chairperson of the Board of Trustees
- Wendy Orcutt — Executive Director of the Retirement System

## Questions

### Is this a pension fund or a health-benefit trust?

It is a defined-benefit health care trust (an OPEB plan), not a pension. The trust pays medical and prescription benefits to retired Ann Arbor municipal workers. Its investment strategy is designed to meet actuarially projected health liabilities, not pension checks.

### What asset classes does the trust invest in?

The portfolio spans investment-grade bonds, high-yield bonds, TIPS, global venture capital, US real estate, natural resources, and global infrastructure. This mix blends liability-matched fixed income with return-seeking alternatives — a structure more commonly associated with endowments than municipal OPEB trusts.

### How does this trust differ from the City's main pension fund?

The pension fund covers retirement income; this trust covers post-employment medical costs. Structurally, however, they share the same Board, executive director, and administrative staff — meaning the same fiduciary body applies its investment approach to two different liability streams. The health trust's shorter-duration liabilities make its alternatives exposure particularly unusual.

## Related profiles

- [City of Ann Arbor Employees’ Retirement System](https://altss.com/profile/city-of-ann-arbor-employees-retirement-system-caaers)
- [City of Atlanta Firefighters' Pension Fund](https://altss.com/profile/city-of-atlanta-firefighters-pension-fund)

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Source record modified: 2026-06-03T20:00:00.000Z

Last verified: not supplied by this public snapshot.

## Sources and provenance

- Organization website as recorded: https://a2gov.org/
Source links do not imply that every field was verified on the page modification date. See [Altss methodology](https://altss.com/methodology).

Canonical page: https://altss.com/profile/city-of-ann-arbor-retiree-health-care-benefits-plan

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology