DALLAS (AP) — Officials at the Dallas Police and Fire Pension system say the ailing fund is losing $3.3 million in savings from proposed plan amendments every month a vote on those changes is delayed.
A Texas judge is expected to rule Friday in a lawsuit challenging the pension board’s ability to call a member vote on the amendments. The lawsuit alleges the board illegally increased its membership.
City and state officials are urging the pension board to make immediate changes after the ailing fund has gained national attention and caused a downgrade in the city’s credit rating.
Dallas Mayor Mike Rawlings asked the board this week to bar retirees from emptying their deferred retirement accounts, which has depleted more than $500 million from the fund since August.