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Economy

Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

2016-12-09

[Dallas Morning News] The Dallas Police and Fire Pension System's Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests.

The system was set to pay out the weekly requests Friday. Pension officials said allowing the withdrawals would leave them without the liquid reserves required to sustain the $2.1 billion fund.

"Our situation is currently critical, and we took action," board chairman Sam Friar said.

Pension officials and many police and firefighters have blamed Dallas Mayor Mike Rawlings for forcing the latest run on the bank. Dozens of retirees rushed to request withdrawals after Rawlings filed a lawsuit Monday to stop the withdrawals.

By then, more than $500 million had already gushed from the fund since the board proposed benefit cuts in August.

Posted by:Besoeker

#7 Coming soon to a great many publicly sponsored pension funds near you. Promises were made and obligations undertaken, that will prove impossible to honor.

Glenn at Instapundit has a saying that perfectly summarizes situations like this one: "That which can't go on forever...won't."

Posted by: Crusader 2016-12-09 23:18

#6 Isnt Dallas proper one of the Dem areas of Texas, surrounded by lots of Republican counties and small Republican cities? If so, that explains a lot.

Posted by: Injun Bucket8891 2016-12-09 22:18

#5 Coming soon to a great many publicly sponsored pension funds near you. Promises were made and obligations undertaken, that will prove impossible to honor.

Posted by: Anguper Hupomosing9418 2016-12-09 22:01

#4 Also local charges of mismanagement, which is another way of looking at 'returns not as high as expected.'

Posted by: Bobby 2016-12-09 13:48

#3 The gods of the copybook headings. They kept making deals, which were promises, then did nothing to ensure that the promises could be kept. They were warned repeatedly over recent decades that the promises could not be kept, given that not enough money has been put into the funds, and that the returns were not nearly as high as expected. Now the promises won't be kept, which is terribly unfair to those who believed the lying politicians and the lying union leaders.

Posted by: trailing wife 2016-12-09 13:37

#2 Run toward gunfire.
Run into burning buildings.
Don't run to your bank.

I sense an inequity.

Posted by: Skidmark 2016-12-09 13:25

#1 Pension officials and many police and firefighters have blamed Dallas Mayor Mike Rawlings for forcing the latest run on the bank

It's Math Stupid. Someone just said, the can kicking stops here.

Posted by: Procopius2k 2016-12-09 07:44

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