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Parkland Health and Hospital Defined Benefit Retirement Plan
The Parkland Health and Hospital Defined Benefit Retirement Plan is the pension vehicle for Parkland Health, Dallas County's public hospital district.
Parkland Health and Hospital Defined Benefit Retirement Plan
The Parkland Health and Hospital Defined Benefit Retirement Plan is the pension vehicle for Parkland Health, Dallas County's public hospital district. The plan provides lifetime retirement benefits to eligible full-time employees of the health system. Its governance runs through a Board of Managers appointed by the Dallas County Commissioners Court, which also exercises budgetary oversight. Todd Furniss, a manager with a background in private equity and consulting, brings direct investment experience to the board. The CEO of Parkland Health, Frederick P. Cerise, and the CEO of the Parkland Health Foundation, Michael Horne, are also affiliated with the plan's broader operational ecosystem. The plan invests globally through a multi-asset portfolio spanning private equity, real estate, hedge funds and marketable alternatives, and distressed securities. Its private equity and distressed books give it exposure to corporate control, growth equity, and credit-oriented special situations across geographies. The hedge fund sleeve adds liquid, absolute-return strategies. Real estate investments cover both domestic and international property markets. This mix is administered without a publicly disclosed internal investment team count, suggesting reliance on external consultants and fund managers for manager selection and portfolio construction. The plan falls under the regulatory purview of the Texas Pension Review Board, the state body that monitors public retirement systems for actuarial soundness and governance standards. No recent asset totals or deployment figures are publicly reported. The plan's website is hosted through MillimanBenefits.com, indicating that actuarial and administrative services are outsourced to Milliman, a major benefits and investment consulting firm. Unlike pooled statewide Texas pensions, this plan serves a single county hospital district — a localized liability structure that makes its funding ratio and investment performance directly consequential to Dallas County's healthcare workforce. That narrow beneficiary base, combined with public-agency governance and outsourced administration, distinguishes its architecture from larger state funds that manage commingled assets across multiple public employers.
General information
Firm type
Pension Fund
Location
Region
North America
Country
United States
City
Dallas
Corporate office
Dallas, TX, United States
Principals
Todd Furniss
Member of the Board of Managers
Michael Horne
CEO, Parkland Health Foundation
Frederick P. Cerise
CEO, Parkland Health
Sector focus
Frequently asked questions
Who governs the Parkland Health pension plan?
A Board of Managers appointed by the Dallas County Commissioners Court governs the plan. The Commissioners Court also provides budgetary oversight. Todd Furniss, a manager with private equity and consulting experience, is a named member of the board. The CEO of Parkland Health and the CEO of the Parkland Health Foundation are also affiliated with the plan's operational structure.
What asset classes does the plan invest in?
The plan allocates across private equity, real estate, hedge funds and marketable alternatives, and distressed securities. These commitments span global markets. The inclusion of distressed securities indicates a credit-oriented, special-situations capability alongside traditional equity and property exposure.
How large is the Parkland Health pension fund?
The plan does not publicly disclose its total assets under management. No AUM figure appears in available public records or on the MillimanBenefits.com portal that hosts the plan's participant website.
Is the plan a single-employer pension or part of a larger state system?
It is a single-employer defined-benefit plan covering eligible employees of Parkland Health, the Dallas County Hospital District. It is not part of the Texas Municipal Retirement System or the Employees Retirement System of Texas. Its liabilities are specific to the hospital district's workforce.
What is the plan's relationship with the Texas Pension Review Board?
The plan falls under the regulatory oversight of the Texas Pension Review Board, the state agency that monitors Texas public retirement systems for compliance with actuarial, funding, and governance standards. The PRB reviews all Texas public pension plans, including single-employer municipal plans like Parkland's.
Who administers the plan's day-to-day operations?
The plan's participant-facing website is hosted by MillimanBenefits.com, indicating that actuarial, recordkeeping, and administrative services are outsourced to Milliman, Inc. Milliman is a global actuarial and benefits consulting firm. The plan does not disclose an internal benefits administration team.
Does the plan co-invest directly or invest solely through funds?
Public records do not specify whether the plan invests directly alongside GPs or exclusively through commingled funds. Its private equity, real estate, and distressed securities sleeves could include direct co-investments, fund commitments, or both, but no specific policy is disclosed. Institutional allocators should inquire directly about co-investment preferences.
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