Parkland Health and Hospital Defined Benefit Retirement Plan

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. 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. 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.