Your Economy (No Politics)

[dickmilde]

Dallas Police Pension Board Approves Benefit Cuts; Asks For More Taxpayer Money To Avoid Collapse

For the past several months we've warned that the taxpayers of the City of Dallas, despite all of the tough talk coming out of their elected city council members, would ultimately be forced to bail out the failing Dallas Police and Fire Pension (DPFP) system. And just last night the DPFP board voted 9-0 to approve a plan that would do just that.

The plan to save the DPFP was proposed by Dan Flynn, chair of the pensions committee in the Texas House of Representatives, and calls for Dallas taxpayers to contribute 34.5% of police and firefighter salaries each year into the failing pension system, up from 27% in 2015, plus an incremental $11 million per year. In total, the adopted plan will cost Dallas taxpayers an extra $22 million per year.

( Any pension that was put in place between unions and elected officials using other peoples money is in trouble. )

More at the link:
http://www.zerohedge.com/news/2017-02-22/dallas-police-pension-board-approves-benefit-cuts-asks-more-taxpayer-money-avoid-col

And here is the CT pension problem...
CT Intends to Confiscate Your Pension Wealth
http://www.zerohedge.com/news/2017-02-22/ct-intends-confiscate-your-pension-wealth