Dallas police and fire pension system says investments will show better returns in 2026
, one of the poorest performances in the state, rankled most anyone who cared about how public safety officers would fare post-retirement.
An issue with all of these investments is the previous leadership at the pension system, composed mainly of police officers and firefighters,Acres of empty land in rural Idaho and Colorado. A wine resort in California. Luxury homes in Hawaii. Another strain on the pension system came from the Deferred Retirement Option Plan, where retired officers could continue working and have their benefits routed into a separate account with a guaranteed interest rate. In 2016, DROP accounted for 58% of the pension system’s assets. It prompted retirees, worried about losing access to their drop accounts amid the pension’s perils, to make a “run-on-the-bank,” withdrawing $600 million.
“We want to make sure we’re not more than 5% or 10% of a fund because it ensures that there’s other institutional investors that are willing to invest with that manager with the right confidence and we are not overexposed to one manager,” he said.Pension officials were fairly optimistic about the real estate portfolio managed by AEW. The sale of the Union, a mixed-use building and former DPFP headquarters, yielded $51 million of profit on the original investment of $21 million, Wagner said.
That’s not to say the pension system doesn’t have plans to once again invest in private entities. Pension officials hired Albourne, an investment advisory firm, to help the system “do some of the stuff that wasn’t done that first time and build a program the right way.”There are two critical things to understand about the pension. First, it has a cash flow problem. More money is leaving the pension system to pay benefits than coming in.
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