58.5 F
Fort Worth
Friday, November 27, 2020
Government Dallas mayor says pension mismanagement could be "criminal"

Dallas mayor says pension mismanagement could be “criminal”

Other News

Tarrant County DA’s office changing how it handles misdemeanor marijuna cases

The Tarrant County Criminal District Attorney’s Office is changing how it handles misdemeanor marijuana cases. The Tarrant County  Criminal District Attorney’s Office on Monday, Nov....

Arlington selects new police chief from Baltimore department

Col. Al Jones, a 25-year veteran of the Baltimore County Police Department, has been appointed the new police chief of the the City of...

Family of Black woman shot through window sues Texas officer

FORT WORTH, Texas (AP) — Family members of a Black woman who was killed when a white police officer fired through a window of...

Law firm offers free estate plans for health care workers during pandemic

Fort Worth attorney Erik Martin says he felt compelled to find a way for his law firm to join the effort to support frontline...

DALLAS (AP) — Dallas Mayor Mike Rawlings wants state investigators to determine whether previous administrators of the city’s ailing police and fire pension fund committed crimes that contributed to the fund’s financial crisis.

Rawlings said in a Facebook post Friday that he requested the investigation by the Texas Department of Public Safety and has been cooperating with the FBI. Rawlings did not specify what crimes may have been committed or name any specific administrators.

“As I have learned more in recent years and months about how the (pension fund) reached its current crisis, I have come to believe the conduct in question may rise to the level of criminal offenses,” he wrote.

DPS confirmed Friday that Texas Rangers will investigate.

The fund spent almost a decade basing its financial health on artificially inflated asset values from risky real estate investments made under a previous director, Richard Tettament, who resigned in 2014. The FBI earlier this year searched an investment firm that once advised the fund.

A spokesman for the pension system released an emailed statement on behalf of the board Friday.

“The Dallas Police and Fire Pension Board and staff have been working with and fully cooperating with the FBI for more than a year on its ongoing investigation of previous activities,” the statement read. “We remain focused on working with city and state officials to find long-term solutions that will safeguard previously earned and future retirement funds for Dallas first responders.”

The fund devalued its assets by about $1 billion after Tettament left to get an accurate picture of its financial standing. That devaluing dropped its percentage of funded liabilities to 45 percent, which pension experts said meant it would be insolvent in 15 years.

Proposed changes to benefits aimed at addressing the solvency sent members scrambling to withdraw deferred retirement funds from the plan. Members ended up pulling more than $500 million from the plan over a four-month period, moving up the expected insolvency date to about a decade.

The board voted to freeze large withdrawals earlier this month.

Both the city and the board are working on plan changes to present to the Legislature this session in hopes of finding a way to increase the fund’s solvency projections.


close






Oh hi there 👋
It’s nice to meet you.

Sign up to receive awesome content in your inbox.

We don’t spam! Read our privacy policy for more info.

Latest News

JRB Fort Worth chosen for main operating base for C-130J aircraft

Naval Air Station Joint Reserve Base Fort Worth has been selected as a main operating base for eight C-130J aircraft at the 136th Airlift...

Tarrant County DA’s office changing how it handles misdemeanor marijuna cases

The Tarrant County Criminal District Attorney’s Office is changing how it handles misdemeanor marijuana cases. The Tarrant County  Criminal District Attorney’s Office on Monday, Nov....

Arlington selects new police chief from Baltimore department

Col. Al Jones, a 25-year veteran of the Baltimore County Police Department, has been appointed the new police chief of the the City of...

GM flips to California’s side in pollution fight with Trump

DETROIT (AP) — General Motors says it will no longer support the Trump administration in legal efforts to end California’s right to set its...

Fort Worth out of running for Space Command HQ, San Antonio still in

A Texas city could still host the U.S. Space Command headquarters, but it’s not going to be Fort Worth. The U.S. Air Force has narrowed...