Dallas police and firefighters were once promised earlier retirement ages and plentiful pension benefits. Now that the Dallas Police & Fire Pension System (DPFP) is horribly underfunded, these promises are much harder to keep. Due to colossal mismanagement, city officials and plan administrators had to urgently find a way to save this broken system before it’s too late.
Thankfully, H.B. 3158, unanimously passed by the state legislature, aims to get the fund back on solid footing by increasing worker and taxpayer contributions, raising the retirement age, restructuring the plan’s governance, and significantly cutting on the post-retirement benefits.
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Advocate Jason Russell was published in The Washington Examiner on public pension systems.
For decades, public pension systems have been doling out more than they take in. Labor unions have stymied reform efforts, but the latest estimates of the public pension gap may finally serve as a wake-up call.
A new study from Moody’s Investors Service, the bond credit rating business, reports that the level of unfunded liabilities for the 25 largest state and local U.S. public pensions is now more than $2 trillion. The gap is more than three times higher than it was just a decade ago.
You can find the full post online here.
If you’d like to speak withJason or any other Advocate, please contact Young Voices.
Advocate Victor Nava was published in Reason on a California pension reform that threatens to sink the state further into debt.
On Tuesday, a California Public Employee Retirement System (CalPERS) committee approved a proposal that would allow 99 types of supplemental pay benefits to count toward state and local government employees’ pension benefits, nullifying, by administrative fiat, one of the key anti-spiking provisions in California’s Public Employees Pension Reform Act of 2013(PEPRA).
You can find the full piece online here.
If you’d like to speak with Victor or any other Advocate, please contact Young Voices.