Armstrong Economics Blog
Re-Posted Dec 4, 2016 by Martin Armstrong
The Mayor of Dallas, Mike Rawlings, sent a letter on the 29th asking for an immediate suspension of lump-sum withdrawals from the Dallas Police and Fire Pension Fund. There is a run on the pensions because people are realizing that there will be nothing there. The troubled pension fund will be insolvent by 2028 at the current level. The politicians are banking on a taxpayer bailout to save it.


Reblogged this on Brittius and commented:
I blame the Texas state legislature, because I cannot understand how pension funds went unfunded and loans by municipalities were made against the funds. Municipal pensions should be fully funded. Loans are another matter as funds try to earn interest on loaned revenue. But it has to be in the account, first.
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