The Texas Senate by a vote of 30-0 approved its version of HB-3158 Tuesday.
Senator Royse West said the plan would return the troubled Police & Fire Pension Fund to financial solvency in 46 years.
“All parties involved wrestled with their own perspectives versus what are the hard facts of the matter,” said Senator West. “Basically the plan as it exists is financially unsustainable and cannot remain as it is.”
The plan calls for the city to a make a minimum $13 million dollar contribution for seven years and would give the city a 6/5 majority on the pensions board.
After weeks of negotiation both parties say they are satisfied with the bill.
“It’s not a perfect deal,” said Dallas Police Association President, Mike Matta. “But it does give us a foundation to grow so that we can guarantee these benefits for these families.”
With the Senate’s passage, HB3158 will go back to the House for a vote to reconcile the differences between the two versions. Pending agreement between the chambers, the bill would be sent to Texas Governor Greg Abbott for final approval.
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