The Dallas Police and Fire Pension plan is severely underfunded. Not even a $1.1 billion taxpayer bailout the plan officials request will make the plan whole.
Discussion of a possible freeze in lump sum payments led to a run on withdrawals. The board still has not suspended lump sum payouts.
On Saturday, Dallas Mayor Mike Rawlings proposed targeting those who got rich from the system. This is sure to accelerate the run on assets via lump sum withdrawals.
Today, DallasNews reports City’s plan to save Dallas Police and Fire Pension Fund will target those who got rich from the system.
A City Council briefing posted online late Friday night provided the first glimpse into the city’s plan to save the Dallas Police and Fire Pension System from insolvency within the next decade or so. Rawlings and the City Council will discuss the plan Wednesday.
While the presentation is short on details, Rawlings said he can be clear about a few aspects. The city won’t pay the $1.1 billion bailout that pension officials want. Taxpayers will chip in, but he doesn’t want to issue debt to pay for it. Base benefits will be protected. And the city’s general philosophy is that those who profited from the overly generous benefits will have to take part in the banquet of consequences.
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2 comments:
How about some politicians and union officials take part in the "banquet of consequences"?
A fifth grade math student could tell the numbers never added up. THEY knew the math didn't work, but it DID make some politicians rich (bribes) and union officials rich (by promising the world and taking huge bonues and salaries).
NOW, the same people are saying the TAXPAYERS need to pay them because they artfully scammed their own union members, all the while knowing this day would come?
A BILLION DOLLARS still won't solve the problem?
And no crime at all was committed?
Well, there IS always the hanging option.....
Keep cheering.
I find this interesting. I am one who did not retire with a "retirement" or "pension". I often wondered if the crybabies would weep for me. I mean, who really cares, but them, that the pension plans they believed would be there will never will be? Democratic Administrations had their hands in these people's pockets for years and It's nearly all been spent.
My advice to civil servants is to focus on getting 40 quarters of non-government service under their belts so that they can at least collect some Social Security benefits. That is, unless Obama Pi$$es away what's left to his dreamers before Jan 20th.
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