Dear fellow Dallas taxpayers:
Dallas needs a fair and equal Police and Fire Pension System that allows the departments to have a solid future for their employees and keeps the city competitive in its hiring and providing safe neighborhoods. At the same time, taxpayers need protection from massive bailouts and the assurance of adequate basics services like trash pickup, neighborhood parks, libraries, and streets and alleys.
The Pension system is dictated by a state law. That’s why we need your help to convince Texas legislators to improve the system. This law has allowed the Pension Board to adopt extravagant benefits and features for pension members without any control from the city or accountability to taxpayers. Under this law, only the Texas Legislature or a majority of Pension members can amend it.
And the Pension Board has done just that. Additionally, the Pension Board made poor and suspicious investment deals and even borrowed millions for unduly risky investments. Current law does not grant Dallas the power to fix the Pension system. This costly problem requires legislative action.
Dallas has put a solution on the table, one that will fully fund the Pension Plan over a 30-year period without increasing property taxes. The money will come from increased contributions from the city (from anticipated economic growth) and public-safety employees and cuts to overly generous features. More important, Dallas’ plan will recapture past payments of overly generous features, which is the most equitable way to ensure all members, retirees and beneficiaries receive their protected benefits. Dallas’ plan does not require any money from the state, and, most important, it does not force a bailout on the backs of taxpayers.Finally, Dallas’ plan sets control at the local level for a locally financed solution.
Ron Kirk, Co-Chair
Laura Miller, Co-Chair
Tom Leppert, Co-Chair
Dallas Black Chamber of Commerce
Dallas Citizens Council
Dallas Regional Chamber
Greater Dallas Asian American Chamber of Commerce
Greater Dallas Hispanic Chamber of Commerce
MetroTex Association of REALTORS
North Dallas Chamber of Commerce
Oak Cliff Chamber of Commerce
The Real Estate Council