At the Special Board meeting on Monday, September 26, 2016, the Board voted unanimously to not implement any changes that would limit or restrict withdrawals from Retirees’ DROP accounts. The Board also voted unanimously to adopt this statement. MORE

Full Message

The Board of Trustees has called for a Special Meeting of the Board on Monday, 9/26 at 2pm to consider possible changes to DROP policies. The staff is recommending to the Board that no change be made which would limit or restrict withdrawals from Retiree’s DROP accounts. Agenda materials can be found HERE. Please continue to monitor dpfp.org for the most current information.

At the August 11, 2016 Board meeting, the Long-Term Financial Stability Sub-Committee and DPFP's actuary presented to the full Board recommendations for plan amendments. Recommendations for changes have not yet been approved by the Board and further discussion will take place at a special Board meeting on August 18. For a summary of recommendations and projected impact, see the Actuary's presentation here. In addition, the Sub-Committee's presentation can be found here.

Member meetings will be scheduled in the near future to discuss the proposed plan amendments.

At the September 8, 2016 Board of Trustees meeting, pursuant to the authority granted under Section 9.01(i) of the Combined Pension Plan (the “Plan”), the Board amended Section 6.14(d) of the Plan to remove the provision allowing for Members still in Active Service to transfer amounts from the Member’s DROP account to the City of Dallas’ defined contribution plan. This action was taken to ensure that the Plan remains qualified under the Internal Revenue Code and is effective immediately.

Legal opinion regarding tax qualification amendment is available HERE..

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