Posted on 12/09/2016 5:51:06 AM PST by davikkm
The Dallas Police and Fire Pension System's Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests. The system was set to pay out the weekly requests Friday. Pension officials said allowing the withdrawals would leave them without the liquid reserves required to sustain the $2.1 billion fund. "Our situation is currently critical, and we took action," board chairman Sam Friar said. Pension officials and many police and firefighters have blamed Dallas Mayor Mike Rawlings for forcing the latest run on the bank. Dozens of retirees rushed to request withdrawals after Rawlings filed a lawsuit Monday to stop the withdrawals. By then, more than $500 million had already gushed from the fund since the board proposed benefit cuts in August.
(Excerpt) Read more at dallasnews.com ...
Makes me wonder how California plans to handle it’s 250 billion dollar unfunded pension debt.
Didn’t we have a mysterious bank run in Sept 08? Of course ithis is only a fraction. So.. what do the Dallas folks know that we don’t?
Depends upon how the Pension was established, not all have one lump sum distributions ( for IRA Rollovers if you are smart! ). If Lump Sums are not offered in California, then all those folks are captive if you will...
Easy. California and other states will demand a federal (taxpayer) bailout.
“Makes me wonder how California plans to handle it’s 250 billion dollar unfunded pension debt.”
Tax increases, bond issues, excessive code enforcement and, probably, outright property seizures.
You’re money’s not here at the bank - you’re money is there, in a senator’s pocket; and there, in a union official’s mansion and yacht; and there, in a mobster’s night club; and there, in a corrupt democrat’s land deal...
Good grief...
Correction: - YOUR money’s...
...
I think I need another cup of coffee.
Clever. So true.
I used to despise “It’s A Wonderful Life” until I read the background to the movie with Jimmy Stewart. From what I read, this was his first movie after the war and was suffering from depression/PTSD which if you watch carefully you can see it coming out in his acting. It was an interesting story. I’m looking forward to watching it this time with a better idea of what’s really going on.
Never mind it’s the officers’ money.
LOL ... Turned yourself into the grammar police, eh? Do they have an underfunded pension liability too?
2008 was a special year for that sort of stuff. Remember the secred congressional weekend meetings that gave us QE?
There is talk that the US economy was HOURS from collapse. And a couple of senators in the meetings calling their wives telling them to get as much cash out of cash machines as they could because the banks may not be opening Monday was also disconcerting.
Check out Bill Bonner on youtube. His prediction is that a second phase of that event is coming and it will be dramatically worse. The recent runup in the stock market feels like a run on tulip bulbs to me.
They hope illegals and IsIs will pay for it, muhahahaha, if not red China MUHAHAHAHAHABAAH!
We are run by idiots
LMAO
Brilliant and beautiful satire.
If only it wasn’t true.
I believe there were a lot of international bank leaders committing suicide that year too, BTW.
Per above link, $7.6 bil just for Dallas.
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