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DALLAS - On Thursday, the Dallas City Council’s Ad Hoc Committee on Pensions invited finance industry experts to offer guidance regarding the Dallas Police and Fire Pension System’s path to financial soundness.
After receiving an assessment from a third-party actuarial firm hired by the Dallas Police and Fire Pension System, stakeholders with expertise in pension funds and investment portfolio management briefed the Ad Hoc Committee on Pensions, sharing additional options to fully fund the Dallas Police and Fire Pension System over a 30-year period.
“Gathering advice from experts in pension funds and investments is another step in the right direction. Our due diligence will ensure the financial integrity of the Dallas Police and Fire Pension System and the Employees’ Retirement Fund,” said Mayor Pro Tem Tennell Atkins, Chair of the Ad Hoc Committee on Pensions. “We remain committed to finding a solution without compromising our ability to meet the existing and future needs of our city and all its residents.”
With the additional options, city staff along with stakeholders will continue to work with the Ad Hoc Committee on Pensions to finalize and submit a funding soundness restoration plan.
“We’re on schedule to submit our funding soundness restoration plan to the Texas Pension Review Board by Fall 2024,” said Jack Ireland, Chief Financial Officer for the City of Dallas. “The collaborative effort of the Ad Hoc Committee on Pensions and expert advice from interested stakeholders will help the City finalize a plan that ensures the long-term financial soundness of the Dallas Police and Fire Pension System while protecting Dallas residents.”
Additionally, the Ad Hoc Committee on Pensions received an update from Cheryl Alston, Executive Director of Employees’ Retirement Fund of the City of Dallas. The Employee’s Retirement Fund is on track to finalize their funding soundness restoration plan as well.
The Ad Hoc Committee on Pensions will reconvene Thursday, Jan. 11, 2024.
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