Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

  • Source: Dallas Morning News
  • Published: 12/09/2016 12:00 AM

The Dallas Police and Fire Pension System's Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests. The system was set to pay out the weekly requests Friday. Pension officials said allowing the withdrawals would leave them without the liquid reserves required to sustain the $2.1 billion fund. "Our situation is currently critical, and we took action," board chairman Sam Friar said. Pension officials and many police and firefighters have blamed Dallas Mayor Mike Rawlings for forcing the latest run on the bank. Dozens of retirees rushed to request withdrawals after Rawlings filed a lawsuit Monday to stop the withdrawals.



Comments

We welcome comments from registered users. Comments are solely the responsibility of those who post them; their viewpoints are not endorsed by the Daily Dispatch and DailyDispatch.com. (read more)
Highlight
ship name
no comments have been added


FREE QUICK SUBSCRIBE
Sign up to subscribe to custom state Daily Dispatch emails for free

click to subscribe