DALLAS (WBAP/KLIF) – A bill aimed at rescuing the failing Dallas Police and Fire pension fund cleared its first legislative hurdle on Wednesday with a 6-0 vote in the Texas House Pensions Committee. Dallas Mayor Mike Rawlings has called the bill a taxpayer bailout and is asking for changes that have, so far, been ignored.
“The state created a Bernie Madoff scheme here, and it’s collapsing,” said Rawlings on The Stinchfield Report on KLIF. “I’m asking the state to give us the power going forward…and that we don’t bankrupt the taxpayers in the future.”
The bill calls for the city of Dallas to pay a minimum amount into the fund, which increases over time and is not tied to the number of employed police officers or firefighters or their salaries. Rawlings has asked for that requirement to be dropped from the legislation and for the city to have a majority representation on the pension board.
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