City of Dallas unveils new Save the Pension website
The City of Dallas today unveiled a new website with details about the proposed plan to save the Dallas Police and Fire Pension. With the pending pay referendum lawsuit, these issues pose a serious financial threat to the City.
The website, www.savethepension.com provides a comprehensive understanding of the Dallas Police and Fire Pension history, the challenges being faced and how citizens can help save the pension by contacting their local state representatives.
This year the City of Dallas will contribute $124 million to the Dallas Police and Fire Pension System – the retirement plan for sworn employees of its police and fire departments. The City provides one of the highest contribution rates in the country.
The City has never missed a payment to the Pension System. However, the Fund made poor investments and approved overly generous features. It’s estimated to run out of money by 2027, meaning future retirements are in jeopardy.
“We know that the Pension System is complicated, and so is the solution,” said City of Dallas Chief Financial Officer Elizabeth Reich. “We believe that our plan will rebuild and restore the pension for its members, but we need the public’s help and support to make that happen,” she said.