On Thursday, state lawmakers warned the City of Dallas to settle its differences between two competing financial plans to fund its public safety pension.
A plan to fund the pension system needs to take effect one year from now, but there are competing proposals, one from the city and one from the pension system, that are separated by an average of $20 million a year over 30 years.The state intervened before, and that may happen again.Rep. Fred Frazier reminded Kelly Gottschalk, the pension system's executive director, about how bad the process was seven years ago when the fund was forced to leave the legislature with a funding plan.
At stake for retirees is not just the soundness of the plan, but also if they will receive a cost of living adjustment or a small stipend that does not provide any relief from inflation.It's something impacting the city's ability to recruit new officers."We have about 100 more police officers and firefighters now than we had 2015," said Gottschalk. "They are leaving as fast as they can hire them.
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