Dallas: A Compilation
by meep
Posts are ordered chronologically within a theme.
PUBLIC PENSIONS
20 August 2014: Public Pensions Watch: Dallas Pension Learns About Concentration Risk
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.
16 January 2017: Tales of the Obvious: No Such Thing as Risk-Free; Don’t Do Stupid Stuff
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.
4 May 2017: Catch-Up Week: Dallas and Houston Pensions – Still A-Roar
The Texas legislature passes a bill to try to fix the Houston pension situation; Dallas is still deeply screwed.
1 June 2017: Houston and Dallas Pension Bills Signed: Now What?
The governor of Texas signs bills to make changes to both Dallas and Texas first responders’ pensions. So now the work begins.
GENERAL FINANCE
It’s all pensions for now.
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