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Retirees of the Goodyear Tire & Rubber Company Health Care Trust
Thomas F. Duzak chairs this $860M Pittsburgh trust, created by a 2006 Goodyear–USW agreement to fund retiree health benefits as a long-duration closed...
Retirees of the Goodyear Tire & Rubber Company Health Care Trust
The Retirees of the Goodyear Tire & Rubber Company Health Care Trust was established in 2008, formalizing a landmark 2006 labor settlement between Goodyear and the United Steelworkers. The agreement shifted responsibility for union retiree health benefits from the company's balance sheet to an independently governed trust. Committee members include Thomas F. Duzak as chair, former U.S. Assistant Secretary of Labor for EBSA Phyllis C. Borzi, and labor economist Teresa Ghilarducci — a governance mix that blends fiduciary oversight with deep retirement-security expertise. The trust's investment approach is dictated entirely by its liability stream: funding health premiums and medical costs for a closed group of eligible participants and surviving spouses. The portfolio is designed to balance current benefit payouts with long-term asset growth. While specific asset-class allocations and external manager relationships are not publicly disclosed, the trust functions as a perpetual health-care payer, demanding a defensive, income-aware posture with a long-duration horizon. Its geographic footprint is rooted in the U.S. industrial Midwest and wherever Goodyear retirees have settled. The trust manages an estimated $860M in assets (Altss estimate) from its Pittsburgh headquarters. Its administration office at 60 Boulevard of the Allies handles participant enrollment, provider interactions, and reporting to the oversight committee. There are no adjacent philanthropic vehicles, co-investment clubs, or pooled external-capital structures — the vehicle exists for one purpose. No major operational events have been publicly reported in the last 24 months. Its structural differentiator is its origin as a collectively bargained health-care trust, not a foundation or traditional endowment. This creates an unusual governance model where union appointees and independent fiduciaries jointly oversee a pool of capital for health — not pension — benefits. Unlike a pension, the trust's liability is not a fixed check but variable medical claims inflation, making it one of the more idiosyncratic risk pools in the institutional asset-owner universe.
General information
Firm type
Endowment / Foundation
Year founded
2008
AUM
$800M–$900M (Altss estimate)
Location
Region
North America
Country
United States
City
Pittsburgh
Corporate office
60 Boulevard of the Allies, 5th Floor, Pittsburgh, PA 15222, United States
Principals
Thomas F. Duzak
Chair of the Trust Committee
Phyllis C. Borzi
Committee Member
Teresa Ghilarducci
Committee Member
Hazel Broadnax
Committee Member
Chad Apaliski
Principal Officer
Sector focus
Frequently asked questions
Who runs investment decisions at the Goodyear Retiree Health Care Trust?
The Trust Committee holds ultimate fiduciary authority over investment policy. The committee is chaired by Thomas F. Duzak and includes members with deep regulatory and academic expertise, such as former EBSA Assistant Secretary Phyllis Borzi and economist Teresa Ghilarducci. Day-to-day portfolio management details and any outsourced CIO or consultant relationships are not publicly disclosed by the trust.
Is the Goodyear Retiree Health Care Trust a single-family office, a pension, or a healthcare trust?
It is a Voluntary Employees' Beneficiary Association (VEBA) trust — specifically, a collectively bargained health-care trust created by Goodyear and the United Steelworkers. It is neither a family office nor a traditional pension. It exists to pay health benefits for a closed group of Goodyear retirees and surviving spouses, not to build multi-generational wealth or pay defined-benefit pension checks.
Where does the underlying capital come from?
The trust was capitalized through a 2008 settlement with Goodyear Tire & Rubber Company, which transferred assets and obligations following a 2006 collective bargaining agreement with the United Steelworkers. The trust is not managed by Goodyear and does not receive ongoing corporate contributions. Its sole mandate is to manage that transferred principal to cover retiree health costs for as long as possible.
Does the trust participate in fund commitments or only direct deals?
The trust does not publicly disclose its asset allocation or deployment strategy. Given its liability-driven mandate to pay variable health claims over a long horizon, it likely employs a mix of liquid and income-generating assets managed through external managers, but no specific fund-commitment, co-investment, or direct-deal programs are named in public materials.
What investment stages or sectors does the trust target?
The trust does not target growth-stage sectors in the venture-capital sense. Its investment focus is entirely on generating risk-adjusted returns sufficient to meet escalating health-care liabilities. It behaves more like a long-only allocator with a health-care inflation hedge overlay than a multi-strategy endowment seeking venture exposure.
Does the trust maintain philanthropic programs or other vehicles?
No. The trust has a single mandate: providing health care benefits to eligible Goodyear retirees and their surviving spouses. It operates no donor-advised funds, foundations, or other charitable structures. Every dollar is earmarked for current or future medical claims within its closed participant pool.
What is the trust's posture on co-investments alongside external GPs?
The trust has not publicly indicated any co-investment activity. Its small estimated asset base and narrow liability-driven mandate make it an unlikely co-investor alongside the private-equity or venture-capital funds tracked by institutional allocators. Its investment function appears oriented toward maintenance of principal and predictable yield rather than opportunistic direct deals.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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