May 18, 2017      5:42 PM

Lawmakers, pension fund representatives come to a compromise on Dallas fund

If everyone isn’t on board, “we expect we’ll hear from them,” Mayor Rawlings said about the proposed solution.

A legislative fix for the Dallas city pensions’ actuarial soundness was hard fought, argued vigorously and, as Sam Friar admitted, something that pleased no one entirely.

But, still, pension fund members and Dallas lawmakers announced this afternoon a deal was made to keep the pension fund afloat, a compromise around governance of the fund. As Sen. Royce West, D-Dallas, explained to assembled reporters, a floor amendment will require a two-thirds vote of a proposed 11-member board to approve any clawback to retiree benefits.

“We’re all agreeing to go in the same direction and move together,” West said, surrounded by representatives of the pension fund and fellow lawmakers. “There has been a lot of work together trying to make certain we had the plan solvent.”

By Kimberly Reeves

Copyright May 18, 2017, Harvey Kronberg, www.quorumreport.com, All rights are reserved