Dear Dallas Residents,
I extend a warm welcome to this information hub dedicated to the critical work of fully funding the Dallas Police and Fire Pension System (DPFP) and the City of Dallas Employees’ Retirement Fund (ERF) over the next 30 years. As the Chairman of the Ad Hoc Committee on Pensions, it is my honor to provide you with up-to-date information into our ongoing efforts.
Our committee's mission is clear – to guarantee the financial stability of the DPFP and ERF.
Fortunately, Dallas stands in a robust financial position. Our compensation for uniformed and civilian employees remains near the top compared to other large cities. And over the last six to seven years, we have dramatically increased the median salary for our police officers and fire fighters to reach one of the most competitive pay structures in the country.
We are committed to developing funding solutions that uphold our city's current and future needs. We have been presented with several funding options from both city staff and external experts, offering a diverse range of possibilities that include nine-figure cash infusions into the retirement funds in the very near future.
In the coming weeks, the Ad Hoc Committee will continue to collaborate with city staff to thoroughly evaluate these options, aiming to identify the most fiscally responsible solution for our valued employees and the community at large.
Our promise to you is a comprehensive, fiscally responsible solution that addresses the current DPFD and ERF shortfalls. We are dedicated to delivering these funding plans on schedule. We will submit our funding soundness restoration plan for DFPD to the Texas Pension Review Board by Fall 2024.
I encourage you to stay informed and engaged by visiting this information hub. Our commitment to resolving these financial challenges is unwavering.
With your support, we are confident in securing a stable and prosperous future for the City of Dallas and its residents.
Mayor Pro Tem Tennell Atkins, Chairman of the Ad Hoc Committee on Pensions
Gathering advice from experts in pension funds and investments is another step in the right direction. Our due diligence will ensure the financial integrity of the Dallas Police and Fire Pension System and the Employees’ Retirement Fund.
Mayor Pro Tem Tennell Atkins,Chairman of the Ad Hoc Committee on Pensions
I am invested in making sure that they, whether on the police and fire side or general employee side, their pensions are met.
T.C. BroadnaxCity Manager, City of Dallas
We’re on schedule to submit our funding soundness restoration plan to the Texas Pension Review Board by Fall 2024. The collaborative effort of the Ad Hoc Committee on Pensions and expert advice from interested stakeholders will help the city finalize a plan that ensures the long-term financial soundness of the Dallas Police and Fire Pension System while protecting Dallas residents.
Jack Ireland,Chief Financial Officer for the City of Dallas
The ideal scenario is for everybody to agree to a plan… we can do this.
Keith Brainard,Vice Chairman, Texas Pension Review Board