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Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

 
TheToolMan
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12/08/2016 08:45 PM
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Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
This isn't going to end well. Even my little city of Sammamish Washington is going into the RED and they are one of the top managed areas in the state... Not going to end well...

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.

more at [link to www.dallasnews.com]
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
Anonymous Coward
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12/08/2016 08:47 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
[link to www.godlikeproductions.com]
TheToolMan  (OP)

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12/08/2016 08:49 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
 Quoting: Anonymous Coward 70602513


I posted that one a week or so ago. This one is new because they are halting the withdrawals from the retired Policemen and Firemen.
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
Anonymous Coward
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12/08/2016 09:05 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
Anonymous Coward
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12/08/2016 09:13 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
 Quoting: Anonymous Coward 72288439

hesright
Anonymous Coward
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12/08/2016 09:15 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
 Quoting: Anonymous Coward 72288439


Here right here is proof of how Britain was able to disarm it's retarded citizens
TheToolMan  (OP)

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12/08/2016 09:18 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
 Quoting: Anonymous Coward 72288439


Yes, the cops and fire guys know how to milk the pension system... They basically work it to get 100% of their pay during retirement...
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
Anonymous Coward
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12/08/2016 09:19 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
 Quoting: Anonymous Coward 72288439

hesright
 Quoting: Anonymous Coward 72941746


Wow, 2 retards. The cops aren't millionaires you fucking idiots. There are thousands of cops trying to withdrawal their $200,000 lump sum retirement that is supposed to last them 10 years
Anonymous Coward
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12/08/2016 09:23 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
They say "they" have 2.1 BILLION but they wont give the pensioners their 154 Million....

They would still have almost 2 BILLION left in the bank.

They are LIARS and should give the police and firemen THEIR money or be hanged for theft.
Anonymous Coward
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12/08/2016 09:25 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
The truth would of been a much better economic plan
Anonymous Coward
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12/08/2016 09:25 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
 Quoting: Anonymous Coward 72288439


Yes, the cops and fire guys know how to milk the pension system... They basically work it to get 100% of their pay during retirement...
 Quoting: TheToolMan


Damn, 3 retards in a row! How is it the Cop's fault that the city didn't a,locate that money correctly? The city made a deal and agreed to pay a set amount to each Cop based on their rank and years of service and then broke that contract by allocating that money to other programs like feeding illegals! Those cops put their lives on the line for decades only to be lied to by liberal democrat communists! You motherfuckers are spineless cowards! You would be rioting right now if your company made a promise and 20 years later broke that promise! Lets throw elderly cops out on the street and starve them! WTF is wrong with you mentally ill imbeciles!?!?!?!
Anonymous Coward
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12/08/2016 09:27 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Protect our protectors!!!
Mr. Draper

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12/08/2016 09:31 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Zero hedge ran several stories about this the past month or two. Last one said the mayor was demanding they stop allowing lump sum withdrawals.

It's like a bank run.
Anonymous Coward
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12/08/2016 09:36 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Protect our protectors!!!
 Quoting: Anonymous Coward 72666418


No, they needed to give themselves raises and new city council vehicles every 2 years and lavish banquets and fancy offices and $1000 cell phones with unlimited data and minutes and fuel cards and tax exemptions and the best healthcare you can imagine but they couldn't match the dollar for dollar pension contracts they promised!?!?

I see a Federal Bailout in exchange for Federalizing the State Law Enforcement Association down to the local municipalities
Anonymous Coward
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12/08/2016 09:38 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
The truth would of been a much better economic plan
 Quoting: Anonymous Coward 58774730


A better plan is to let each person save for their own retirement. I'd love to have all my social security that I am supposed to get today, I'd do much better with it for my retirement.
Anonymous Coward
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12/08/2016 09:41 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
But most of these pension plans are all undercapitalized for the amount of payouts they've promised. They all assume 8% yoy return for the funds, but 10 year treasury bonds have earned less than 2% for years (going up a bit now).

So, they go heavy in stocks to try and make up the difference. What happens if stock markets crash? All the pension funds are insolvent.

Then watch people lose it.

That's what government workers get for trusting their retirement to criminals they refused to indict for fraud for almost 30 years now.
Anonymous Coward
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12/08/2016 09:46 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Zero hedge ran several stories about this the past month or two. Last one said the mayor was demanding they stop allowing lump sum withdrawals.

It's like a bank run.
 Quoting: Mr. Draper


A run on their own money that the mayor just shut down. These officers were promised a dollar for dollar match on their retirement and even 2 dollar match in some cases so technically it is their money that the mayor just confiscated. The city stopped matching their retirement payments and decided to invest a percentage of it thinking that 25% would payout to 100% over 10 years so they could allocate the remaining percentage to pay raises. The 2008 financial crisis wiped out virtually all those returns and left BILLIONS IN UNFUNDED LIABILITIES. THE $2.4 BILLION IS WHAT HAS ACCUMULATED SINCE 2008 THAT WAS NEVER INVESTED!
Anonymous Coward
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12/08/2016 09:49 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
But most of these pension plans are all undercapitalized for the amount of payouts they've promised. They all assume 8% yoy return for the funds, but 10 year treasury bonds have earned less than 2% for years (going up a bit now).

So, they go heavy in stocks to try and make up the difference. What happens if stock markets crash? All the pension funds are insolvent.

Then watch people lose it.

That's what government workers get for trusting their retirement to criminals they refused to indict for fraud for almost 30 years now.
 Quoting: Anonymous Coward 30194358


That was in just the last decade or so. The mortgage backed securities was the first investment that tanked
wishiwas

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12/08/2016 09:53 PM

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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
The shell game is almost done.
Justitiae soro Fides
Anonymous Coward
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12/08/2016 09:59 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
The shell game is almost done.
 Quoting: wishiwas


The shell game is going to end when these officers and fireman realize the retirement pensions for the politicians is fully funded. Perhaps this is what will finally create the conditions for good men to take back our country from the criminals. Federal pensions are just as bad yet our senators and congressmen and Presidents are living nice and cushy. The day of reckoning is almost upon us
TheToolMan  (OP)

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12/08/2016 10:13 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
bump
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
Anonymous Coward
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12/08/2016 10:45 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
In other words, they spent it all, and only left enough to ride for a little bit...
Those jackwagons running it. Such fuckheads.
Anonymous Coward
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12/08/2016 11:05 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
I warned some of my family 3 months ago...

some listened some didn't..
Anonymous Coward
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12/08/2016 11:07 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
 Quoting: Anonymous Coward 72288439


Yes, the cops and fire guys know how to milk the pension system... They basically work it to get 100% of their pay during retirement...
 Quoting: TheToolMan


Damn, 3 retards in a row! How is it the Cop's fault that the city didn't a,locate that money correctly? The city made a deal and agreed to pay a set amount to each Cop based on their rank and years of service and then broke that contract by allocating that money to other programs like feeding illegals! Those cops put their lives on the line for decades only to be lied to by liberal democrat communists! You motherfuckers are spineless cowards! You would be rioting right now if your company made a promise and 20 years later broke that promise! Lets throw elderly cops out on the street and starve them! WTF is wrong with you mentally ill imbeciles!?!?!?!
 Quoting: Anonymous Coward 72857773

specialstupid
Anonymous Coward
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12/08/2016 11:09 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Here it comes! Time to bail out the ponzi schemers yet again.

Of course nobody will go to jail again.
Anonymous Coward
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12/08/2016 11:10 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
But most of these pension plans are all undercapitalized for the amount of payouts they've promised. They all assume 8% yoy return for the funds, but 10 year treasury bonds have earned less than 2% for years (going up a bit now).

 Quoting: Anonymous Coward 30194358


That was in just the last decade or so. The mortgage backed securities was the first investment that tanked
 Quoting: Anonymous Coward 72857773

That 8% is long gone.Bummer.In the private sector its SUCK IT UP MR 401K.
Anonymous Coward
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12/08/2016 11:30 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
financial Ponzi scheme

works well until everyone decides to cash in at once

Teachers, Firefighters, Policemen, Correction Guards, City, County, State, ect...

ALL of these pension funds over promise returns

UNsustainable

Dallas is the pension fund canary in the mine

if you don't have physical possession of your cash

you don't have diddly

Bank accounts and Money Market Funds once deposited are not your funds anymore

you are just a patsy stockholder in the Banker's vault

negative interest rate coming soon

Cypress was a trial balloon by the IMF/ World Bank/ BIS

pension fund fiasco chickens coming home to roost...
Anonymous Coward
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12/08/2016 11:49 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
 Quoting: Anonymous Coward 72288439


Yes, the cops and fire guys know how to milk the pension system... They basically work it to get 100% of their pay during retirement...
 Quoting: TheToolMan


Look, I know everybody on here lives on feel good sound bytes and cops are the most important thing in the world and that sort of thing but let me clue you in on reality. I've worked with these guys before.

Check on your local city budget. I guarantee you that if you do you will see that the local PD consumes 50-60% of every dollar that your city pays into taxes. There are 10 other vital departments in your city that literally scrap over the remaining 40-50%. I'll name some:

The court
The clerk's office
The land use planning / building department
the parks department
The engineering department / civil works / road maintenance.
several others...

They literally are scrapping over nickels out of that dollar while the cops WANT FOR ABSOLUTELY NOTHING. New cars, new toys, new everything, separate PRIMO health insurance plan. The Chief of police in most medium to large cities makes more than the president of the united states of america. And if they don't get what they want they send the chief into the city manager's office and intimidate him until they get it.

Meanwhile you bitch that your streets are crumbling and your bridges are falling down and the city's parks aren't up to par.

That is reality in every city in every county in every state in this country. Until you have worked on the inside YOU DON'T HAVE A CLUE how these fuckers rake the taxpayers over the coals.
Anonymous Coward
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12/08/2016 11:54 PM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
If the pigs become broke, how are they going to pay for all of their donuts?
Flying Elvii

User ID: 68199120
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12/09/2016 12:03 AM

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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
 Quoting: Anonymous Coward 72288439


Yes, the cops and fire guys know how to milk the pension system... They basically work it to get 100% of their pay during retirement...
 Quoting: TheToolMan


Look, I know everybody on here lives on feel good sound bytes and cops are the most important thing in the world and that sort of thing but let me clue you in on reality. I've worked with these guys before.

Check on your local city budget. I guarantee you that if you do you will see that the local PD consumes 50-60% of every dollar that your city pays into taxes. There are 10 other vital departments in your city that literally scrap over the remaining 40-50%. I'll name some:

The court
The clerk's office
The land use planning / building department
the parks department
The engineering department / civil works / road maintenance.
several others...

They literally are scrapping over nickels out of that dollar while the cops WANT FOR ABSOLUTELY NOTHING. New cars, new toys, new everything, separate PRIMO health insurance plan. The Chief of police in most medium to large cities makes more than the president of the united states of america. And if they don't get what they want they send the chief into the city manager's office and intimidate him until they get it.

Meanwhile you bitch that your streets are crumbling and your bridges are falling down and the city's parks aren't up to par.

That is reality in every city in every county in every state in this country. Until you have worked on the inside YOU DON'T HAVE A CLUE how these fuckers rake the taxpayers over the coals.
 Quoting: Anonymous Coward 72288439


Because they show up, and VOTE in the local elections, while in Democrat cities they turn a blind eye to the voter fraud as long as the union gets them MORE MONEY.
Anonymous Coward
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12/09/2016 12:05 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Wow, I feel so sorry for those multimillionaire pensioner cops... really I do.

rofl5
 Quoting: Anonymous Coward 72288439


Yes, the cops and fire guys know how to milk the pension system... They basically work it to get 100% of their pay during retirement...
 Quoting: TheToolMan


Check on your local city budget. I guarantee you that if you do you will see that the local PD consumes 50-60% of every dollar that your city pays into taxes.

That is reality in every city in every county in every state in this country. Until you have worked on the inside YOU DON'T HAVE A CLUE how these fuckers rake the taxpayers over the coals.
 Quoting: Anonymous Coward 72288439

Yeah,its out of control here for sure,Calif.Cops,firefighters and teachers,great salaries,insane retirements.





GLP