Dallas police and fire pension to grant small withdrawals
DALLAS (AP) — The Dallas Police and Fire Pension Board has reversed itself and will allow some small withdrawals from deferred retirement funds.
The board voted Thursday to allow withdrawals for small amounts requested in November. The panel had voted earlier this month to shut the gates entirely on withdrawals from the ailing pension fund.
More than $500 million has been withdrawn since August.
Dallas Mayor Mike Rawlings filed a lawsuit to stop the lump-sum withdrawals, which he said have accelerated the estimated insolvency projection for the fund to about 10 years. A judge issued a temporary restraining order to stop the large withdrawals, but approved smaller monthly payments.
The board is expected to take up possible larger fixes for the fund at its January board meeting.