Dallas' police and fire pension is in trouble. Here's how the city council needs to approach fixing it.
Co-chairs of pension task force urge City Council to take prudent path.The Dallas City Council will soon have the chance to implement a plan to fix the long-beleaguered and chronically underfunded Dallas Police and Fire Pension System. As two people who for years have been immersed in this intractable issue, we believe the council has before it a path to long-term funding that is in the best interests of pensioners, Dallas taxpayers and public safety itself.
With a talented team of committed citizens with deep expertise in pension matters, we formulated recommendations and presented them late last year to the ad hoc committee. Specifically, the task force recommended:1.
3. The city not address the subject of benefits adjustments until the city presents and secures approval of its plan from the state’s Pension Review Board later this year; and4. Importantly, that once the city’s funding plan is in place — and not before — the city should then turn to the business of exploring opportunities to monetize assets to lessen the effects on its general fund of increased funding requirements necessary to reach full funding.
Unfortunately, some on the council appear to be putting the proverbial cart before the horse by focusing on mitigation measures — including, for example, possibly reducing the city’s commitment to DART — before settling on a pension funding plan and securing the review board’s approval.Although the advocates are doubtlessly well-intentioned, we believe these efforts are misguided for two reasons.
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