Lengthy Mediation Efforts To Save Dallas Pension Fund Fail
Follow CBSDFW.COM: Facebook | Twitter
DALLAS (AP) - Lengthy mediation efforts this week between Dallas leaders and the Dallas Police and Fire Pension System have failed and no resolution appears evident as the pension stumbles toward insolvency.
A pension spokesman told The Dallas Morning News on Wednesday that talks have "all but collapsed" and that court battles appear likely.
Various Dallas police and fire associations said in a statement Thursday that they're frustrated by the decision of city officials to "abruptly end mediation." The associations scheduled a news conference for later Thursday.
The state Legislature must approve any fix.
The pension fund spent almost a decade basing its financial health on artificially inflated asset values from risky real estate investments made under a previous director. The FBI last year searched an investment firm that once advised the fund.
(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)