Dallas City Hall
City Council has adopted a plan that will ensure the “funding soundness” of the Dallas Police and Fire Pension System (DPFPS) and protects pension benefits for all police and fire first-responders — both active and retired, on Sept. 11.
Currently, the DPFPS board managed fund is 39% funded and has $3.2 billion unfunded liability. The City’s Plan will provide full funding for DPFPS within 30 years.
The proposed plan includes the following:
There will be a transition from a flat rate contribution to an actuarially determined contribution that will be adjusted annually.
The City will contribute over $11 billion to ensure DPFPS is fully funded based on state law requirements over the next 30 years.
Over the next five years, the City has committed to contributing more than $1 billion to DPFPS with a step-up in contributions.
The FY 2024-2025 budget includes more than $200 million to begin fully funding DPFPS within 30 years.
The Council’s 14-to-1 vote directs the city manager to submit the City Plan to the State Pension Review Board, no later than Nov. 1.
