Public Sector

Dallas Police & Fire Pension Voted Thursday to Halt all Withdrawals and Payments

The Dallas Police and Fire Pension system voted Thursday to stop all withdrawals and payments from its deferred retirement program, as a series of mass withdrawals drained more than $500 million from the fund in just a few months. The vote halted more than $154 million in withdrawals Friday. Pension officials said the withdrawals would drop reserve balances below the level needed to keep the fund going. Dallas Mayor Mike Rawlings filed a motion Monday to stop the lump-sum withdrawals, which he said shortened the projected insolvency of the ailing fund to about 10 years. Both the city and pension system proposed separate plans Read More