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Pennsylvania Turnpike Commission
The Pennsylvania Turnpike Commission created the Retiree Medical Trust in 2008 to deliver post-employment benefits. The trust serves commission employees and...
Pennsylvania Turnpike Commission
The Pennsylvania Turnpike Commission created the Retiree Medical Trust in 2008 to deliver post-employment benefits. The trust serves commission employees and their dependents through a tax-exempt structure. The trust deploys capital into equity mutual funds, fixed income vehicles, the American Strategic Value Realty Fund, private debt partnerships and a global tactical asset allocation mandate run by First Eagle Investment Management. Positions also include commodities exposure and U.S. Treasury holdings. Allocations remain concentrated in North America with limited global reach through the GTAA and commodities sleeves. The Commission employs no disclosed investment staff dedicated to the trust. PFM Asset Management has served as investment advisor since 2008. Recent activity includes August 2024 authorization of bond issuances at public meetings in Middletown. The Commission functions as both operator of the physical turnpike infrastructure and settlor of the retiree trust, creating a direct governance link between toll revenues and benefit funding obligations.
General information
Firm type
Pension Fund
Year founded
2008
Location
Region
North America
Country
United States
City
Middletown
Corporate office
700 South Eisenhower Boulevard, Middletown, PA 17111, United States
Principals
Mark P. Compton
CEO
William K. Lieberman
Chairman
Michael Carroll
Chair
Sector focus
Frequently asked questions
Who runs investment decisions at the Retiree Medical Trust?
PFM Asset Management serves as the primary investment advisor. The Commission board appoints trustees who oversee the trust.
What asset classes does the trust hold?
Holdings include equity mutual funds, fixed income mutual funds, real estate core funds, private debt, commodities and U.S. Treasuries.
Does the trust make direct investments or only fund commitments?
The trust invests through limited partnerships and commingled vehicles rather than direct company ownership.
Where does the trust custody its assets?
PNC Bank has acted as custodian since 2008.
What is the relationship between the Commission and the trust?
The Commission established the trust in 2008 and appoints its trustees from among sitting commissioners.
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