Potential Dallas police and fire pension fix emerging in Texas Legislature
Texas House Pensions Committee Chairman Dan Flynn has the makings of a plan he thinks can save the failing Dallas Police and Fire Pension System without cutting back on benefits members have already earned.
But one big hurdle still exists: nobody really likes the plan. Not yet, at least.
"All these plans are terrible," said council member Philip Kingston, a pension board trustee. "I just think Flynn's is the best of the bad options."
Flynn's plan isn't in writing yet, but the pension board was briefed Monday on the highlights of a bill he intends to file in Austin soon.
The Republican lawmaker's plan, in its current fluid condition, would cut back the benefit multiplier for everyone going forward, eliminate future interest payments on lump-sum accounts, increase contribution rates and would likely mean nobody receives a cost-of-living raise for the next 20 years or so. The full retirement age would go up to 58 from 50 or 55, depending on when first-responders were hired.
Read more: http://www.dallasnews.com/news/dallas-city-hall/2017/02/20/potential-dallas-police-fire-pension-fix-emerging-texas-legislature