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Thursday, November 26, 2020
Banking Dallas pension lawsuit still alive as mayor drops injunction

Dallas pension lawsuit still alive as mayor drops injunction

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DALLAS (AP) — Dallas Mayor Mike Rawlings says he’s no longer seeking a temporary injunction to stop the Dallas Police and Fire Pension system from allowing retirees to pull small withdrawals from the ailing system.

But Rawlings said Friday he’s still proceeding with a lawsuit he filed last month against the pension system.

The lawsuit seeks to stop the system from selling assets to potentially pay for hundreds of millions of dollars in withdrawals.

Members have withdrawn more than $500 million since August, speeding up the fund’s insolvency projection from 15 years to 10 years.

The Dallas Police and Fire Pension Board says it’s pleased Rawlings has dropped the request for the injunction.

The board also said it will continue working with the city of Dallas and state legislators on a long-term solution.


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