DALLAS (AP) — Dallas’ chief financial officer says the city’s proposed plan to fix the ailing police and fire pension will include cutting some of the more generous features members elected to grant themselves.
The preliminary proposal released at a Dallas City Council briefing Wednesday would also reduce monthly benefit checks for the retirees who have withdrawn lump sum deferred retirement payments from the system. Dallas Chief Financial Officer Elizabeth Reich says the system would consider part of those withdrawn funds a prepaid benefit and adjust monthly member checks accordingly.
Members have withdrawn more than $500 million since August, speeding up the fund’s insolvency projection from 15 years to 10 years.
Reich said members would have options to avoid the reduction by returning a portion of the funds to the system.