(Feb. 18, 2013) We have very good news to report. Once again, our Pension System has been recognized as one of the most successful, well managed public pension plans in the country.
Recent Real Estate Sales Generate Excellent Returns for the Pension System
(Feb. 2013) The Pension System recently sold two major investment properties, indicating that the real estate market is enjoying a strong recovery after the lingering effects of the recession.
Responding to Open Records Requests from the Media
(Feb. 2013) Over the past weeks and months, your Pension System has received an abundance of open records requests from local news media. We are lawfully complying with these requests, and Deputy Vice Chairman Rick Salinas has more on our response.
American Academy of Actuaries - The 80% Funding Mytho
(From the American Academy of Actuaries- Feb. 2013) An 80% funded ratio often has been cited in recent years as a basis for whether a pension plan is financially or “actuarially” sound. Left unchallenged, this misinformation can gain undue credibility with the observer, who may accept and in turn rely on it as fact, thereby establishing a mythic standard.
Trustee Thomas White Tenders Resignation
(Mar. 15, 2013) At the March 14, 2013 regularly scheduled Board meeting, Trustee Thomas White, representing the Dallas Police Dept. announced his resignation from the Board.
Pensionomics from National Institute on Retirement Security (NIRS)
Defined benefit (DB) pension plans are highly valued by retired Americans like you who count on these benefits for a secure source of income in retirement.
But the benefits provided by pension plans have an impact that reaches well beyond the retirees who receive pension checks.
(News stories that appeared on the home page in 2012)
Incorrect Payroll Deductions for Pension Contributions are Being Corrected
(Updated on May 10, 2012) The following applies to Active DROP Firefighters who work 24 Hour shifts: Beginning in October 2011, the City Payroll department under-collected Pension contributions for Active DROP Firefighters who work 24-hour shifts.
The City is now in the process of recouping those contributions, so you may see the difference reflected in your pay.
Any questions should be directed to the City of Dallas Payroll Department.
Incorrect Payroll Deductions for Pension Contributions are Being Corrected
(April 30, 2012) We are aware of a contributions issue which appears to affect Active DROP Firefighters who work 24 hour shifts.There is no need to contact the City Payroll or Pension office about this issue. The City is aware of the situation and is working to make the corrections.
(News stories that appeared on the home page in 2011)
City of Dallas forwards an "Important Announcement from Colonial Life" Regarding a Recent Error in Payroll Deduction
(02/02/2011 - 2/23/2012)
The City of Dallas has asked that the Pension System pass this along to our Pensioners who have payroll deduction for Insurance products from Colonial Life.
Chairman George Tomasovic Warns of Political Attack on Pension Plans
(09/19/2011 - 2/10/2012)
In the video link below, Chairman George Tomasovic talks about a group that wants to do away with government pensions, as stated in the linked article from the Austin American Statesman and the clip from KHUF Public Radio.
View the Video link from Chairman George Tomasovic
Read the Article from the Austin American-Statesman
Hear the News Report from KHUF Radio
City of Dallas: "Recent Letter from AARP Does not Apply to City of Dallas Retirees"
(12/7/2011 - 2/3/2012)
The City of Dallas has informed us that AARP- United Healthcare Plans sent out a letter to our Medicare eligible retirees. This letter does not apply to our members and should be disregarded.
Quency D. Perkins, the City's Benefits Supervisor, wrote:
A letter was sent or is being sent to all AARP members as a part of the US Federal Mandates/Regulations, etc. However, this letter does not apply to the City of Dallas Retirees as we are a “group” employer-sponsored plan and we have our own contracted rates with AARP.
The City’s rates are based upon a weighted average among all of our retirees across the US (please see the 2012 Benefits and Enrollment Guide on page 25). And the rates quoted in the letter apply to retirees that are enrolled in their products as an “individual” member by state and geographic region within their state.
Employees/Retirees that need immediate assistance, please call the Benefits Service Center (888) 752-9122. Benefits Service Center Fax: (888) 202-5571.
Plan Amendment Election
(Jan, Feb. 2011) Ballots and information packets for the Plan amendment election were sent out to Active Police and Fire-Rescue Members on Feb. 2, and voting began on Feb. 4. and ends at noon on Feb. 14. In accordance with the Plan Document, only Active Members are permitted to vote in Plan Amendment Elections.
The Plan Amendment election was called by the Board in order to preserve and protect the Plan for the benefit of retired, current and future Members.
(click here for more, Including a Video Presentation from the Board and Frequently Asked Questions)
(News stories that appeared on the home page in 2010)
(Dec. 2010) Part of the Pension System's diverse investment program is our farmland/agricultural investments. For a listing of some of the products and brands that we are invested in, click here.
Our Response to a Recent Pension Survey
(Dec. 2010) A recent study from Northwestern University’s Kellogg School of Management is generating interest and controversy for its analysis of 90 state and municipal defined benefit pension programs with $100 million to more than $1 billion in assets. The researchers used four-year-old data from the U.S. Census Department to review the unfunded liability of these programs.
click here for more
City of Dallas 2011 Insurance Information
(Oct. 2010) On October 1, Retiree prescription coverage changed from Medco to Prescriptions Solutions.
click here for more about the change
For more Retiree Insurance Information, go to the City of Dallas Website by clicking here.>>
Second Reading on 2010 Budget
DALLAS (Nov. 11, 2010) The Board of Trustees will conduct the second and final reading of the 2011 Budget at the November 11 Board meeting. The meeting is an opportunity for you to provide input to the Board.
(click here for details on the proposed budget)
Chairman Gerald Brown Retires; George Tomasovic named Chairman
DALLAS (Aug. 13, 2010)… Long-serving Dallas Police and Fire Pension System (DPFPS) Board of Trustees member Gerald Brown has resigned as Chairman of the Board. The Board of Trustees elected Fire Battalion Chief George Tomasovic to succeed Brown. Battalion Chief Tomasovic has served on the DPFPS Board of Trustees since 1999, most recently as Deputy Vice Chairman. The resignation and appointment take effective immediately. Lt. Brown will retire August 31st after 35 years as a Dallas firefighter and 27 years on the DPFPS Board, the last 11 years as Chairman. (Read More)
Final Phase of Financing for the LBJ Managed Lanes Project is Complete
DALLAS (June 17, 2010)…The LBJ Infrastructure Group, a consortium of public and private partners, announced today that the group has secured the final phase of financing for the $2.78 billion expansion of LBJ Freeway in Dallas. The Dallas Police and Fire Pension System (the Pension System) is an equity partner in the LBJ Managed Lanes Project. (Read More)
Ground-Breaking Set for Museum Tower Project
DALLAS (June 18, 2010) Dallas Police and Fire Pension System Board of Trustees, after careful review, decided to proceed with construction of the Museum Tower Project. Ground-breaking is scheduled for June 24. (Read more)
Dallas Police and Fire Pension System Named Top Mid-size Pension Plan
(posted Mar. 2010)
We are proud to announce that the Dallas Police and Fire Pension has been named a Public Pension Plan of the Year for 2010. On February 28, 2010, Money Management Letter (MML) presented the Public Pension Awards for Excellence in Huntington Beach, CA. The System was honored in the Mid-sized Public Pension Plan category. Mid-Sized fund candidates are plans with between $1 billion and $10 billion under management. The System was one of three finalists for the award in the mid-size category. The other two finalists were the Arizona Public Safety Personnel Retirement System and the San Mateo County (CA) Employees Retirement System.
Helpful Tax Information For You
(posted Feb. 2010)
The IRS has issued guidance on the Government Retiree Credit, and other important issues. (more)
The Base Monthly Rate for Medicare B for 2010 has Changed
Please note that the monthly Medicare rate for 2010 has changed. The base monthly rate for Medicare B for 2010 has changed to $110.50. If your rate is higher you may have an Income Related Market Maintenance Adjustment.
For questions concerning your Medicare B rate, please contact The Center for Medicare & Medicaid Services (CMS) AT 800-MEDICARE (800-633-4227).
See note from CMS.
To our Pensioners with City Credit Union Accounts:
(posted February 26, 2010)
We were advised by the City Credit Union that in updating their systems, some deposits that normally go into savings accounts were deposited into member's checking accounts.
The Credit Union has assured us that they will update their system and next month's deposit should be in the correct account.
If you have any other questions or concerns about your account, you should contact the City Credit Union at (214) 515-0100.
(News stories that previously appeared on the home page in 2009 or earlier)
City of Dallas Open Enrollment for Retiree Health Insurance Runs Oct. 1 Thru Oct. 30, 2009
(Sept.-Oct, 2009) Open enrollment for City of Dallas retiree health insurance will run through Friday, October 30 (Learn more). For a copy of the 2010 Enrollment Guide, (click here)
Important Information about Your Pharmacy Benefit (For members enrolled in one of the following health plans: 70/30 PPO, EPO, or 75/25 PPO w/ HRA)
(July 2009) Your United Healthcare Pharmacy benefits Program includes a Retail pharmacy and Mail-Order pharmacy option. For more information, click here.
New Tax-withholding Tables Announced
How They Affect You
(April 2009) Was your net benefit payment beginning in March a little larger than normal? The change is a result of new tax withholding tables and not due to a change in your System benefit. Learn more
The Board of Trustees and staff of the Pension System are doing everything possible to keep the system strong.
One of the methods used is to monitor the legislative process in Austin and Washington, and voice our concerns to our elected representatives when necessary.
The first week of May, we were alerted to legislation in Austin that could have removed local control that a Board of Trustees like ours has over its Pension System.
We mobilized our members through our Web site and various e-mail lists to send e-mails expressing opposition to the bill. We received over 600 e-mails that were then forwarded to key legislators in Austin. We are happy to report that Senate Bill 1548 and its various other forms have died. Thanks to all who assisted us in this effort.
We will keep you posted on legislative issues as they come up.
Board Certifies Results for the 2009 Trustee Election and Special Election
(April 10, 2009) At the April 9 Board meeting, the Board of Trustees certified the results of the 2009 Trustee Election, and a Special Election to fill the remaining term of Fire Trustee Gary Edge. Steve Umlor was re-elected to Police Trustee Place 1 with 75% of the votes cast. Gerald Brown (Fire Trustee Place 1), John Mays (Police Pensioner Trustee), and Richard Wachsman (Fire Pensioner Trustee) were unopposed, so they retained their seats on the Board.
In the special election to fill the unexpired term of Gary Edge (Fire Trustee Place 2), Rick Salinas was elected with 53% of the votes cast. Mr. Salinas began serving his term immediately after the results were certified.
Pension System Invests in Infrastructure --- New LBJ I-635 Project
(Feb 26, 2009) AUSTIN— The Texas Transportation Commission voted Thursday (2/26) to conditionally award the New LBJ project to LBJ Development Partners, positioning the North Texas economy to benefit from the $4 billion transportation project. The Commission's action is another step toward a partnership with LBJ Development Partners to finance, design, construct, operate and maintain the 13-mile LBJ-635 corridor..
The Pension System has joined with the developer to participate in the project through investment. Steve Shaw, Vice Chairman of the Board of Trustees, spoke about the project at the press conference. Click on the links below for more information.
(Read Steve Shaw's remarks)
(Download Brochure: The New LBJ)
(Feb 18, 2009) Recent news revealed that the federal government has made charges of fraud against Stanford Financial. The System has no investment or other involvement with Stanford International Bank or Stanford Financial.
Letter to the President
(Jan. 2009) The Dallas Police and Fire Pension System has sent a letter to President Obama asking that his administration consider the role that public pension funds can play in the nation's recovery from the current economic crisis. Included in the letter was a discussion of an investment partnership that the System has with the North Tarrant Express Mobility Partners building a major toll road infrastructure project. Recently, representatives from the Pension System were in Washington for a legislative conference, and took this opportunity to share the letter with members of the Texas delegation to Congress. To read the letter, click here.
Market Rate of Return Issue Favorably Resolved
(first appeared Dec. 2008) Some time ago, we advised you of the potential negative effect of a new Internal Revenue Service regulation that could have restricted the System's DROP interest rate. We are now happy to announce that through the efforts of the Board and the national organizations with which we work, Congress has passed and the President has signed a bill (HR 7327) that includes a provision that protects plans like ours from the IRS regulation. The new law accepts interest provisions established by state or local laws or ordinances as meeting the requirements of the IRS regulation. Therefore, the DROP interest provisions currently contained in the Plan will not be affected by the IRS regulation and will stand as is in the Plan.