Tags: Money | Troubled | Pension | Dallas

Dallas Mayor Files Lawsuit to Stop Pension Withdrawals

Image: Dallas Mayor Files Lawsuit to Stop Pension Withdrawals

 Mayor Mike Rawlings (AP)

Monday, 05 Dec 2016 12:03 PM

Dallas Mayor Mike Rawlings has filed a lawsuit to stop the Dallas Police and Fire Pension system from allowing retirees to pull their deferred retirement funds from the ailing system.

Rawlings wrote in the lawsuit filed Monday that he believes the pension board is "willingly failing" to perform its duty.

More than $500 million in deferred retirement funds have been withdrawn since August, worsening the fund's finances. A study commissioned by the pension board projected that the fund will be insolvent in less than 15 years if no changes are made to the benefits received by members or to the amount of money the city contributes.

Messages left Monday morning for the pension board's attorney and a spokeswoman for the mayor were not immediately returned.

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Dallas Mayor Mike Rawlings has filed a lawsuit to stop the Dallas Police and Fire Pension system from allowing retirees to pull their deferred retirement funds from the ailing system. Rawlings wrote in the lawsuit filed Monday that he believes the pension board is "willingly...
Troubled, Pension, Dallas
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2016-03-05
Monday, 05 Dec 2016 12:03 PM
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