The Dallas Police and Fire Pension System board took a major step toward saving the troubled fund by voting in favor of a state lawmaker's solution on Monday.
The unanimous vote by the board earned the applause of everyone sitting and standing in the packed audience. Beneficiaries said they don't love State Rep. Dan Flynn's plan, but believe it's better then what the city was proposing.
Flynn’s plan involves:
The city contributing an extra $11 million dollars each year.
The retirement age would go up, depending on when the employee was hired.
Money would be paid out to each retiree based on average life expectancy -- now 78-years-old. That money would be paid out in equal monthly payments.
The vote Monday came after nearly two hours of debate and public input.
“I do think that working with the chair of subcommittee that the legislation would have to come out of is the smartest move to make because we're going to need his support,” board member and Dallas councilman Phillip Kingston.
About 9,000 current and former Dallas police and firefighters, along with their families, count on the promise of a secure pension.
“I'm pretty happy with the vote, as in I think there are some things that can be ironed out more,” said retired DPD officer Nancy Web
Flynn's plan still falls short of the funding goal of 30 years, but trustees believe it will buy them more time to come up with additional fixes. The hope is to get this bill passed by the legislature before the end of the session.