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To: NonValueAdded
Billions in pension shortfalls threatening Texas cities' budgets

Per above link, $7.6 bil just for Dallas.

19 posted on 12/09/2016 6:20:03 AM PST by mewzilla (I'll vote for the first guy who promises to mail in his SOTU addresses.)
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To: mewzilla

In 2014 and 2015 the fund lost $370 million on investing activities with a loss of $238 million in 2015 alone. Benefits paid to members for those two years totaled $533 million. The fund hired its first Chief Investment Officer in mid 2015. That individual left after one year and the position remains vacant.

At this rate the future looks bleak. It reminds me of what former Texas Agriculture Commissioner, Jim Hightower once said about family farms: It’s still possible to make a small fortune in family farming provided you start out with a large fortune.


38 posted on 12/09/2016 8:52:16 AM PST by t4texas (No koolaid for me. Thanks!)
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