Tag: DROP
Changes impact current retirees, current employees, and current and future taxpayers. At the end of May, the Governor of Texas signed a pension reform bill for the Dallas Police & Fire Pension System (and separate measures for Houston’ three pension plans). This legislation reduces benefits, reforms the Deferred Retirement Option Program (DROP), and raises revenues…
This extreme situation tells us little about public plans in general. The Dallas Police and Fire Pension Plan has received a lot of press attention recently. My view is that the situation is extraordinary and says little about what is going on with state and local pensions generally. It is a story of wild investments…