Dallas City Council Debates Consultant Hire to Improve Pension Fund Return
As retired Dallas police officers and firefighters near eight years without a cost-of-living adjustment, Dallas City Council members are discussing whether to hire a consultant to enhance the pension fund’s rate of return. The council aims to balance its commitments to first responders while minimizing taxpayer burden.
During a Wednesday meeting, Dory Wiley, an outside consultant who evaluated the Dallas Police and Fire Pension Fund, detailed how previous staff and board members led the fund into a significant financial hole. He stated that he had tried to warn the board during that period.
Councilmembers Paul Ridley and Gay Donnell Willis both emphasized the need for better fund performance to reduce the financial impact on taxpayers.
“We discuss selling properties for $5 million or $10 million and cutting from DART, which could weaken the public transit system. But there hasn’t been enough focus on improving the fund’s performance,” Willis noted.
This budget trimming has also affected public services. One potential asset up for sale is the Skillman Branch Library, a move that has sparked opposition from regular users.
Councilwoman Paula Blackmon believes improving the pension fund’s rate of return is crucial.
The city’s current pension funding plan differs from the one approved by the Dallas Police and Fire Pension Board, which has already been sent to the state pension review board. State lawmakers may ultimately decide which plan to follow.
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