# Johns Hopkins University Retiree Medical Benefits Trust

Johns Hopkins University Retiree Medical Benefits Trust is a Pension Fund based in Baltimore, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Baltimore, United States
- **Region:** North America
- **Address:** Baltimore, MD, United States
- **Assets under management:** Undisclosed
- **Website:** hr.jhu.edu

## Regulatory record

- **Reports private funds:** No

## About

The Johns Hopkins University Retiree Medical Benefits Trust is a tax-exempt vehicle established to fund post-employment medical and dental benefits for eligible retirees of the university and its health system. Its investment assets are managed under the authority of the university's investment office, led by Vice President and Chief Investment Officer Jason Perlioni. The trust sits inside one of the world's most research-intensive university ecosystems, but its mandate is narrower than the main endowment — it exists solely to defease a specific, growing healthcare liability. The trust's investment strategy is structurally conservative. While the university's endowment can pursue illiquidity premiums through venture capital, private equity, and real assets, the medical trust portfolio tends toward shorter-duration instruments and higher liquidity to ensure benefit payments remain uninterrupted through market cycles. Specific asset-class weights and external manager relationships are not publicly broken out. Johns Hopkins University does not publish separate financials for the trust, and its staff is drawn from the central investment office rather than a dedicated team. The trust's existence alongside related university-controlled commercial real estate entities — including Johns Hopkins Seton Properties and the Mt. No recent mandate changes, new hires, or portfolio restructurings specific to the trust have been reported in the last 24 months. The trust's core structural differentiator is its embeddedness. Unlike standalone OPEB trusts that hire third-party CIOs or consultants, this vehicle draws on the same internal team that manages the university's multi-billion-dollar endowment. That creates potential alignment — and potential conflict — when liquidity demands of retiree health obligations pull against the endowment's long-horizon illiquidity budget. How Perlioni's office resolves that tension in a rising-medical-cost environment is the unwritten investment story here.

## People

- Jason J. Perlioni — Vice President of Investments and Chief Investment Officer, Johns Hopkins University

## Questions

### Who makes investment decisions for the Johns Hopkins University Retiree Medical Benefits Trust?

Investment oversight rests with Jason Perlioni, Vice President of Investments and Chief Investment Officer at Johns Hopkins University. He manages the trust's portfolio as part of his broader responsibility for the university's investment assets. The trust does not maintain a separate investment committee or dedicated staff — resources are drawn from the central university investment office.

### Does the trust file a separate Form 990 or publish its own financial statements?

The trust does not publish standalone financial statements or file a separate public-facing Form 990 as a distinct entity. Its assets and obligations are reported within the consolidated financial framework of the university. Specific AUM, manager rosters, and asset allocation are not publicly disclosed.

### What is the relationship between the trust and Johns Hopkins Medicine?

The trust provides retiree medical coverage for eligible employees across the entire university and health system enterprise, including those who worked for Johns Hopkins Medicine. It is a university-level vehicle — not controlled by the hospital or health system — though the liability pool is heavily influenced by the large clinical workforce.

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- [J&M Partners](https://altss.com/profile/j-m-partners)
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Last updated: 2026-08-11T02:43:31.692Z

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