By Muskan Arora
Cheryl Alston, executive director of the
$3.8B Dallas Employees’ Retirement Fund will step down from the role after twenty
years at the plan, as stated by a press release on April 14th.
The pension plan’s deputy executive
director David Etheridge will step up as acting executive director, starting
May 13.
"This is the time in my career to take
advantage of the many opportunities available in the business and non-profit
arena," said Alston.
"I plan to continue my involvement in corporate boards and the public service arena," she added.
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Parallelly to her role at Dallas ERF, Alston also served as an independent director at Federal Home Loan Bank of Dallas and had a presidential appointment to the Pension Benefit Guarantee Corporation Advisory Committee.
"Cheryl and her team have provided
stable, responsible and creative leadership through two recessions and numerous
economic challenges over the past twenty years," said T.Dupree Scovell, ERF
Board Chair.
"Thanks to her leadership, the fund
has reduced future liabilities by $2.5 billion and is on the path to being
fully funded," added Scovell.
The acting executive director, Etheridge
has created a collaboration between the board and the city council that led to
the recent passage A proposition, which allowed additional city and employee
contributions to the plan to meet state requirements and establish a financial
footing for the plan’s future.
Dallas ERF returned 10.6% for 1-year as of
February 28.
