Rush University Medical Center Defined Benefit Pension Plan (RUMC)

Rush University Medical Center Defined Benefit Pension Plan (RUMC)

The Rush University Medical Center Defined Benefit Pension Plan (RUMC) provides retirement security for employees of the Chicago-based academic medical center. Under the oversight of the Board of Trustees, chaired by William Goodyear, the plan has grown to an estimated $4.4 billion in assets. Former Chief Investment Officer Patti O'Neil established the office's fiduciary framework before CIO Alex Wiggins assumed leadership, integrating the fund's strategy with Rush's broader community health mission. RUMC allocates across a conventional pension asset mix, with a significant tilt toward private equity buyout strategies. The plan commits capital through direct co-investments and limited partnership interests. A distinguishing feature is the Rush Impact Investment Fund, a dedicated vehicle for place-based investing targeting economic development, affordable housing, and health equity on Chicago's West Side. Co-investors and collaborators include West Side United, a collaborative of local institutions. RUMC's geographic focus centers on domestic US investments, concentrated in Chicago with select national exposure. Wiggins reports to the Board's Finance Committee and engages with peer institutional investors through the Healthcare Anchor Network (HAN), a coalition of health systems committed to leveraging investment portfolios for local impact. The pension plan's investment office is lean, operating within Rush's broader treasury and finance structure. Board member Todd Lillibridge also maintains affiliation with YPO's Gold Chicago Chapter. In addition to the pension plan's community investments, Rush's philanthropic arm, the Rush-Copley Foundation, operates as a separate charitable entity. RUMC's structural differentiator is the integration of a fiduciary pension mandate with an explicit community-development strategy. Unlike most single-sponsor health-system plans, RUMC allocates dedicated capital to geographically concentric, impact-first investments — seeking market-rate returns alongside measurable improvements in neighborhood health outcomes. This dual mandate reflects Rush's role as a large Chicago employer and anchor institution.