DALLAS (AP) - The Dallas police and fire pension board is asking that city taxpayers contribute more than $36 million to pay for the pension fund’s overhead costs.
The vote Thursday to request the money from the city came after board members were told that taxpayers may need to contribute hundreds of millions of dollars in additional funding to keep it solvent.
About $115 million already is contributed to the fund each year by the city.
The Dallas Morning News reports (https://bit.ly/2e2NMUa ) the $2.39 billion fund may become insolvent by 2028. It became further unsettled by a rash of recent lump-sum withdrawals by retired police and firefighters wary of the fund’s troubles.
The fund was undermined in recent years by overvalued investments and risky real estate deals.
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Information from: The Dallas Morning News, https://www.dallasnews.com
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