Dallas Mayor Eric L. Johnson on Thursday released the following statement on the new funding plan for the Dallas Police and Fire Pension System (DPFPS), which was passed by the DPFPS board today after approval by the Dallas City Council yesterday:
“Today, Dallas begins fulfilling a promise made to our police officers and firefighters that was in danger of being broken when I took office. After decades of anxiety and uncertainty around the Dallas Police and Fire Pension System, those who have dedicated their lives to the safety of this great city can now rest easy knowing that our promises to them will be kept.
“When I became mayor, the pension system was in crisis. Chronic mismanagement and speculative investments left it with critically low funding ratios—below 50%. The state was forced to intervene to prevent complete collapse, and prior administrations attempted to address the underfunding, but their short-term fixes proved inadequate.
“Two years ago, I created Dallas’s first Committee on Pensions to begin the work of getting the pension system back on track. Today, I’m proud we have pushed that work across the goal line.
“Our public safety officers put their lives on the line for Dallas every day, and for the first time in decades, we are funding their pension responsibly so that it will provide what they were promised. This plan ensures that today’s retirees are secure, that our current officers can look forward to a stable future, and that Dallas can continue attracting the best men and women to serve in our public safety departments.
“I am grateful to City Manager Kimberly Tolbert and her staff for their exceptional work, and to chairs Tennell Atkins and Kathy Stewart for their strong leadership of the pension committee. I also thank my colleagues on the Dallas City Council and the pension board members, including my appointees, for their support of this sound solution.”
