# Pennsylvania Turnpike Commission

Pennsylvania Turnpike Commission is a Pension Fund based in Middletown, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Middletown, United States
- **Region:** North America
- **Address:** 700 South Eisenhower Boulevard, Middletown, PA 17111, United States
- **Founded:** 2008
- **Assets under management:** 597 (Altss estimate)
- **Website:** paturnpike.com
- **LinkedIn:** https://www.linkedin.com/company/pennsylvania-turnpike-commission

## Regulatory record

- **Reports private funds:** No

## About

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.

## Sectors

- Infrastructure
- Real Estate

## People

- Mark P. Compton — CEO
- William K. Lieberman — Chairman
- Michael Carroll — Chair

## 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.

## Related profiles

- [SCSK Pension Fund](https://altss.com/profile/scsk-pension-fund)
- [The Philadelphia Foundation](https://altss.com/profile/the-philadelphia-foundation-tpf)

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

Canonical page: https://altss.com/profile/pennsylvania-turnpike-commission

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