Dear Subscriber,
The pension crisis in Dallas, Texas, is starting to create panic among beneficiaries – and the situation is beginning to balloon out of control.
Panicked local retirees have pulled $220 million from the fund for police officers and firefighters – in a six-week period between August and September – following a recommendation that they no longer be allowed to take out large blocks of money.
The fund is now near collapse and is seeking a massive bailout. The Dallas Police and Fire Pension System has asked the city for a one-time infusion of $1.1 billion, an amount roughly equal to Dallas’ entire general-fund budget.
But it’s not even close to what the pension fund needs to be fully funded.
How could this happen when Dallas is one of the largest and fastest-growing cities in the country?
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