DALLAS (AP) - A study paid for by a Texas billionaire says Dallas city officials and taxpayers must regain control of the Dallas Police and Fire Pension Fund.
The Dallas Morning News (https://bit.ly/2dN0iKt) reports the study results come as city officials arm to press for more power over the system, which is trying to avoid going bust by 2028.
The study, financed by the Houston-based Laura and John Arnold Foundation, also urges moving the retirement plans away from defined-benefit pensions to the kind of defined-contribution plan that had drawn criticism from pension and labor advocates.
The Dallas police and fire pension board is asking city taxpayers to approve more than $36 million to pay for the pension fund’s overhead. About $115 million already is contributed to the fund each year by the city.
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Information from: The Dallas Morning News, https://www.dallasnews.com
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