Posts are ordered chronologically within a theme.
This is the first time Dallas pension funds come across my radar. In a year when many public plans had double digit investment returns, Dallas Police & Fire assets came in at a 4.4% return. I look at the losses in private equity.
21 September 2014: Public Pensions and Alternative Assets: Dallas Shows How It Can End
I look beyond the private equity losses to the real estate losses. And I note some governance issues.
27 September 2016: Texas Trouble: Pensions in Dallas and Houston
Dallas Police & Fire — due to concerns over failing investments, many officers retiring and pulling out cash.
25 October 2016: Texas Update: Houston and Dallas Try to Clean Their Pension Messes
Dallas content is lower down: Moody’s downgrades Dallas due to its pension pain.
8 November 2016: Election Day Pensions (and Finance): Ballot Initiatives
A ballot initiative on Dallas ERF, which is the one not getting sucked into a black hole. The initiative was to lower benefits for new entrants to the plan.
15 November 2016: Public Pension and Finance Ballot Initiative Results
The Dallas ERF initiative passes with 69% voting yes.
22 November 2016: Dallas Police and Fire: The Pension that Ate Dallas
Dallas Police & Fire makes the pages of the NY Times. That’s not good. The actuaries have even worse news.
18 December 2016: Pension Return Assumptions and Discount Rates: An Overview
This is not specific to Dallas Police & Fire, but I find they’re an outlier in terms of the time-weighted returns (which is what is reported) versus dollar-weighted returns (which took a bit of calculatio).
21 December 2016: Dallas Police and Fire Pensions: Beyond the Event Horizon
A run on the Dallas Police & Fire pensions, causing cash flow problems (as well as solvency problems). Short version: extravagant promises have catastrophic consequences.
In the second part of the post, an unhelpful person points at all the stupid things done in Dallas Police & Fire pensions that has caused disaster and says…. don’t do that.
27 January 2017: Dallas Police and Fire Pensions: Pulling into the Abyss
Well, mediation has failed, lawsuits are warming up, and a possible criminal investigation into the asset management for Dallas Police and Fire Pensions.
12 March 2017: Pensions Catch-Up Week: Dallas Police and Fire
It’s been a busy month for Dallas Police and Fire: heavy-duty PR campaigns from multiple sides, DROP benefits frozen, ongoing lawsuits (and one settled), and a proposal that takes money from local transit.
It’s all pensions for now.
Welcome to the Public Pension Watch: Hurray for New Jersey!
A Week of Bad Pension Ideas: Just Make the Full Payments!
Kentucky Update: Republicans Take Legislature, Pensions Still Suck, Hedge Funds to Exit