The Dallas City Council's efforts to solidify underfunded pension plans for police and firefighters saw a breakthrough as the Ad Hoc Committee on Pensions laid out a strategy promising longevity and stability. Rolled out by the city's CFO, Jack Ireland, the blueprint pins down an annual actuarial contribution expected to ramp up over the next five years. This approach guarantees an additional $17-$20 million injected into the Dallas Police and Fire Pension System (DPFPS) per fiscal year, granting some financial peace of mind to city employees and retirees who have served their community.
According to the City of Dallas, the plan is that the city will make a pension adjustment of one percent next year, a permanent uptick for those enjoying retirement. From 2026, a one percent supplemental pay is set for those years where DPFPS profits, pushing forward until the pension system's 70% funded mark is hit. Fiscally speaking, the DPFPS is in the troughs at 39.1% funded, but with the consumer price index (CPI) potentially influencing cost-of-living adjustments in the future, there’s a light at the end of the tunnel.
The Ad Hoc Committee didn't shake off concerns about taxpayer burdens resulting from the system's historical missteps. "The Ad Hoc Committee on Pensions has never wavered from doing what is best for every resident of the City of Dallas,” Mayor Pro Tem Tennell Atkins, Chair of the Committee, remarked, as per the City of Dallas, on the commitment to both safeguard public funds and ensure the DPFPS's viability. The city concurrently is on a trajectory to hike the salary of uniformed personnel by 7.23 percent come fiscal year 2025, an emblematic gesture aligning with Dallas's valorization of its public service sector.
Throughout the City of Dallas, voices of unison resonate in their pledge to uphold public safety and the welfare of those safeguarding it. With the Committee and DPFPS staff working collaboratively, the consensus is the endgame. "The City of Dallas remains committed to working with DPFPS staff to achieve consensus on the final plan," CFO Ireland articulated on the focused pursuit of a sustainable and equitable financial future for the city's protectors, according to the City of Dallas.
