After a prolonged period of uncertainty, Dallas Mayor Eric L. Johnson has announced the final approval of a new, stable funding plan for the Dallas Police and Fire Pension System (DPFPS). This long-awaited announcement follows the final approval from the DPFPS board, closely on the heels of the Dallas City Council's approval.
"Today, Dallas begins fulfilling a promise made to our police officers and firefighters that was in serious danger of being broken when I took office," Mayor Johnson stated, per the City of Dallas. The pension system, previously plagued by underfunding and poor management, has seen its fair share of crises, with funding ratios sinking below 50%. Recognizing the brunt of the issue, the state had previously stepped in to prevent a total system collapse.
Two years back, when the pension reform effort began in earnest, the mayor established the city’s first Committee on Pensions. After several months of diligent work, the committee presented its plan, leading to the latest developments. This plan is not only about keeping promises but also ensures the city's capability to attract dedicated public safety officers in the future.
"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," Johnson expressed, per the City of Dallas. The new funding strategy intends to create a secure retirement for current retirees and provide stability for current officers. The mayor’s office extended gratitude towards City Manager Kimberly Tolbert, pension committee chairs Tennell Atkins and Kathy Stewart, the Dallas City Council, and the pension board members for forging the solution to this longstanding issue.
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