Dallas approves $11 billion pension plan for police and firefighters

Published: Sep 11, 2024 Duration: 00:02:15 Category: News & Politics
Tags : news video kdfw fox 4
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BELTLINE HAS BEEN MOVED OVER TO THE RIGHT SHOULDER. LAUREN BRANDON BACK TO YOU. ALL RIGHT. DALLAS WILL INVEST BILLIONS OF DOLLARS TO TRY TO HELP SAVE THE POLICE AND FIRE PENSION FUND. SHANNON MURRAY, LIVE THIS MORNING IN DALLAS, WHERE THE PENSION BOARD WILL MEET LATER THIS MORNING. SHANNON YEAH, BRANDON AND LAUREN. SO THIS PLAN FROM THE CITY COMES AFTER THE DALLAS POLICE AND FIRE PENSION FUND ALREADY RELEASED ITS OWN PLAN THAT IT'S BEEN APPROVED. CITY COUNCIL VOTED ON WEDNESDAY TO COMMIT MORE THAN $11 BILLION OVER THE NEXT 30 YEARS TO COVER THE MORE THAN $3 BILLION SHORTFALL IN THE POLICE AND FIRE PENSION FUNDS, AND ONE OF THE BIGGEST CONCERNS WAS COST OF LIVING ADJUSTMENTS FOR RETIREES. THE CITY HAD PLANNED TO INCLUDE YEARLY STIPENDS OF ABOUT $500 A YEAR TO MAKE UP FOR A LACK OF COST OF LIVING ADJUSTMENTS, BUT THAT WAS NOT INCLUDED IN THE PLAN. WE CANNOT AFFORD TO HAVE RETIREES GOING WITHOUT ANY KIND OF SUPPLEMENT, YOU KNOW, HAVING GOTTEN ONE SINCE 2017, WE CAN'T AFFORD ANY MORE YEARS. THOSE THAT ARE ABOUT TO RETIRE, THEY NEED TO KNOW, AM I IS THIS GOING TO BE MY PAY, OR AM I GOING TO GET A SOME KIND OF A OF A STIPEND, YOU KNOW, BETWEEN NOW AND THE NEXT 22 YEARS? VERY IMPORTANT FOR THEIR FAMILIES. SO IT'S SOMETHING THAT NEEDS TO BE HASHED OUT RIGHT NOW. WELL, I THINK THE VOTE IS A GOOD STEP IN THE RIGHT DIRECTION. THEY'VE APPROVED A PLAN, A FUNDING SOUNDNESS RESTORATION PLAN THAT SHOULD FUND THE PENSION SYSTEM OVER A 30 YEAR PERIOD, JUST AS THE LAW DICTATES. NOW, THE DALLAS MORNING NEWS REPORTS THAT THE CITY WILL STILL OFFER SUPPLEMENTAL PAY TO RETIREES TO HELP WITH THE COST OF LIVING INCREASES THAT HAS ALREADY BEEN APPROVED FOR NEXT YEAR'S BUDGET. AND DALLAS MAYOR ERIC JOHNSON RELEASED A STATEMENT ON THE APPROVAL, SAYING, QUOTE, WHEN DALLAS MAKES A COMMITMENT, WE KEEP IT. WE HAVE PROMISED TO TAKE CARE OF BOTH OF OUR RETIRED AND ACTIVE FIRST RESPONDERS, AND WE WILL KEEP THAT PROMISE. JOHNSON SAYS HE WILL CONTINUE TO MAKE PUBLIC SAFETY A NUMBER ONE PRIORITY. NOW, THE CITY AND THE PENSION BOARD ARE KIND OF IN A BATTLE OVER WHO HAS THE FINAL SAY OVER THE PENSION, AND THAT MAY BE DECIDED IN COU

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