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

 
Copperhead

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12/09/2016 12:10 AM

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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.
 Quoting: Anonymous Coward 72666418





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Anonymous Coward
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12/09/2016 12:14 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
lol@enforcer class being screwed over by the looters they protect.
Conner

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12/09/2016 12:24 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Is this where you realize that Alex Jones was right a few years ago, when he told the cops "they're coming for your pensions next"?
Conner
Anonymous Coward
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South Africa
12/09/2016 12:28 AM
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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.
 Quoting: Anonymous Coward 72666418


The banking parasite greedily suck up their G@yim 'contributions' to the pension scheme/scam but on the rare occasion when their victims 'unite' and demand their money all at once, the scam comes undone for all to see.

If you want to see Bankers being physically harmed in an organized coup/Revolution, then piss of grassroots/middle management law enforcement and military veterans.
oldmandowntheroad

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12/09/2016 12:40 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Legalize weed and cocaine , presto no debt.
We can't pay muslims 5,000.a month 3,000 for food stamps and pay you white people your pensions.
Oh you didn't no the democratic party is the communist party, just another arm of Catholic church, and their murdering band of jesuit zombies.
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Anonymous Coward
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France
12/09/2016 12:41 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
The bootlicker guys crack me up.

When a group of people unite and demand $15 an hour w/no benefits simply so that they won't starve and can keep the most modest roof over their head you come completely unglued. I've seen it here 1000 times.

When the police go in to the city and threaten and demand MILLIONS EACH in long term wages and medical care + a million dollar slush fund for as little as 15 years of civil service work, something that could never possibly pencil out, conceived with the knowledge it will ultimately fail but be backstopped by the taxpayer - you wouldn't have it any other way!

cruise
TheToolMan  (OP)

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12/09/2016 12:55 AM
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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.
 Quoting: Anonymous Coward 73558112


When it is other people's money, you tend to blow through it quicker
"My mom said the only reason men are alive is for lawn care and vehicle maintenance."
Anonymous Coward
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12/09/2016 12:59 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

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
 Quoting: Anonymous Coward 72857773


Here in illinois they make $200,000 a year. Collecting multipal pensions from jobs they worked a day at
Slartybartfast

User ID: 68677308
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12/09/2016 01:24 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
I live in the state of my ancestors - 375 years and counting. teachers are poorly paid, have poor retirement, and the system is STILL billions of dollars in debt. The really hard part to live with is that it wasn't stolen. The people running the fund are just plain incompetent. Have you ever asked a stock broker what he thinks the market will do? They don't have a clue. The honest ones tell you they don't know. The morons in my state thought they did know. But at least the legislators in my state have created a retirement system so tortuous, you CAN'T get out of it unless you quit, or actually retire after 30 years! So, no runs. Still..

Last Edited by Slartybartfast on 12/09/2016 01:30 AM
ERUDITIO LIBERI TUI EFFLECTUM HOSTIS TUI
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BunnySwanson

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12/09/2016 01:24 AM
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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?
 Quoting: Anonymous Coward 73571793


You mean, who is going to save your ass when you find yourself drowning in a canal, trapped in a car, when all the others who could be coming to your aid are video tapping your impending death for their YT channel...

Last Edited by BunnySwanson on 12/09/2016 01:25 AM
Had a dream long ago which showed me the future and it was not pretty. Been watching closely ever since.
Anonymous Coward
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Poland
12/09/2016 02:14 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

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
 Quoting: Anonymous Coward 72857773


Here in illinois they make $200,000 a year. Collecting multipal pensions from jobs they worked a day at
 Quoting: Anonymous Coward 62797999


Provide a link or you are just another paid disinfo shill you BLM collaborator!
Anonymous Coward
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12/09/2016 02:15 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


Yup. 20 years on the force here in California working the overtime the last year, and, oh yeah, "back injuries" so they can claim some of their benefits tax free, at least here in California. Just look at police pensions at the Transparent California web site. It is amazing how much they make. More than a regular doctor, that is for sure. Brother in law retired at 54 making a ton. He is set for life.
Anonymous Coward
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Poland
12/09/2016 02:28 AM
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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?
 Quoting: Anonymous Coward 73571793


You mean, who is going to save your ass when you find yourself drowning in a canal, trapped in a car, when all the others who could be coming to your aid are video tapping your impending death for their YT channel...
 Quoting: BunnySwanson


It's cool bro, in about a month the BLM and Black Panther Party and all the Marxist Groups will be designated TERRORIST ORGANIZATIONS the new SecDef and DHSSec. They will have their day of reckoning I promise. The Generals' that President Trump just appointed realize our Republic has been hijacked and just the mere mention of these General's appointments to the media sent shockwaves through this Administration that any attempt to sabotage this transition of power will be met with an overwhelming military response. President Trump is a master chess player
Anonymous Coward
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12/09/2016 02:29 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Dallas mayor Mike Rawlings a Democrat born in Texas, went to Boston College. What a surprise!! Your money is MY MONEY.
anonymous texan
User ID: 71198574
United Kingdom
12/09/2016 02:35 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
I know they are not connected but N Tx school districts don't even blink when they decide to build 50m dollar high school football stadiums. So that should get your bearings on the priorities of this metroplex. dallas police are leaving because they can make 10K a year more in smaller towns around DFW and not has to patrol oak cliff and harry hines.


Also this area is having record growth. Where is all that tax revenue going? Probably to maintain John Wiley-Price's lavish lifestyle.They have been talking about this damn police and fire pension on the local news since June.It was supposed to have been fixed.Then they cut everyone off. Dallas is so crooked it make Miami seem honest.
Anonymous Coward
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12/09/2016 02:46 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Has all the trappings of a classic ponzi.

Or it could be the muslim loving liberal mayor who sent all the police money to Saudi Arabia and Qatar to fund the continuing islamic education of a million little Ahmed's.
Anonymous Coward
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United Kingdom
12/09/2016 02:58 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
so bottom line is, people have lost their savings to this pension scam thing again?!
Anonymous Coward
User ID: 73574170
United Kingdom
12/09/2016 03:00 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
...

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
 Quoting: Anonymous Coward 72857773


Here in illinois they make $200,000 a year. Collecting multipal pensions from jobs they worked a day at
 Quoting: Anonymous Coward 62797999


Provide a link or you are just another paid disinfo shill you BLM collaborator!
 Quoting: Anonymous Coward 72857773


how would you know any better? i'm affraid it's you that's fitting the shill label today.
Anonymous Coward
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Romania
12/09/2016 03:12 AM
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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.
 Quoting: Anonymous Coward 72666418



Read the article. They have less than $800M. They have to keep at least $600M in the fund to avoid bankrupting the fund. They would have dropped below that level in a few days. Hence the mayor's lawsuit to stop the withdrawals.

Political promises are NOT real money, people!!!

The worst thing is, they want the taxpayers to bail the pension fund out. You people who live in Dallas and other cities like it are about to be screwed. You paid taxes for their salaries, and now they want you to pay for their underfunded golden parachutes. Wake up and get rid of these liberal politicians before they turn Dallas into Detroit.
Anonymous Coward
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Romania
12/09/2016 03:17 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
so bottom line is, people have lost their savings to this pension scam thing again?!
 Quoting: Anonymous Coward 73574170



They lost their political promises. The money was never going to be there as promised.
Bosstravis

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12/09/2016 03:18 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


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


clappa
Anonymous Coward
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12/09/2016 03:51 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
"Back in Dallas, the pension trustees set about trying to capture the 9 percent annual investment returns. They opted for splashy and exotic land deals — villas in Hawaii, a luxury resort in Napa County, Calif., timberland in Uruguay and farmland in Australia, among others.
The projects called for frequent on-site inspections by the trustees and their plan administrator, Richard Tettamant. The Dallas Morning News reported that officials were spending millions on global investment tours, with stop-offs in places like Zurich and Pisa, Italy. Pension officials argued that their travel was appropriate and their investments were successes."...."In his meeting with the trustees, Senator Whitmire recalled that in 1993 he had voted enthusiastically for the plan that sent the pension fund on its ill-fated quest for 9 percent investment returns.“We all know some of the benefits, guaranteed, were just probably never realistic,” he said. “It was good while it lasted, but we’ve got some serious financial problems because of it.”

nytimes 2016/11/21 dallas-pension-debt-threat-of-bankruptcy
Nine's

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12/09/2016 03:53 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
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
 Quoting: Anonymous Coward 72857773


Did you read the article? From the linked article in OP's post:

"On Wednesday, the city officially unveiled its plan to save the fund. The biggest target was the lump-sum program officially called the Deferred Retirement Option Plan, or DROP.

That plan, originally intended as a retention perk for veterans, made hundreds of officers, firefighters and retirees into millionaires. DROP allowed them to retire on paper, continue working and meanwhile defer their pension benefit checks into a separate account. Once they actually retired, they could remain in DROP and continue deferring their checks."
Anonymous Coward
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12/09/2016 04:56 AM
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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.
 Quoting: Anonymous Coward 72666418



Read the article. They have less than $800M. They have to keep at least $600M in the fund to avoid bankrupting the fund. They would have dropped below that level in a few days. Hence the mayor's lawsuit to stop the withdrawals.

Political promises are NOT real money, people!!!

The worst thing is, they want the taxpayers to bail the pension fund out. You people who live in Dallas and other cities like it are about to be screwed. You paid taxes for their salaries, and now they want you to pay for their underfunded golden parachutes. Wake up and get rid of these liberal politicians before they turn Dallas into Detroit.
 Quoting: Anonymous Coward 72316308


It is too late. There are so many dumb mother fuckers in Dallas. They will keep voting democrat and loving their Muslim brotherhood and illegals. The dumb taxpayer here keeps voting for the same crap over and over. The cops have a very low contribution rates to begin with. The civilian workers pay more and will end up bearing the brunt of any city rifs or cuts. Cops and firemen will be okay. Cuts will come out of streets, water, parks, sanitation, animal services, storm water, library and courts. Higher taxes and no services to show while millionaire first responders have their homes and toys. This place pisses me off.
Anonymous Coward
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12/09/2016 05:08 AM
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Re: 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]
 Quoting: TheToolMan


I wonder if these guys had paid anything into the pension fund or if it was fully funded by taxpayers?
Anonymous Coward
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12/09/2016 05:11 AM
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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
 Quoting: Anonymous Coward 72857773




^That's true^...they do spend what they don't have.
The MAGA Coming Soon

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12/09/2016 05:23 AM
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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?
 Quoting: Anonymous Coward 73571793


Asset forfeiture.
Covid Jab Experiment - I'm in the control group.

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Anonymous Coward
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12/09/2016 06:21 AM
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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?
 Quoting: Anonymous Coward 73571793


They do have guns, ya know.
Anonymous Coward
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12/09/2016 07:00 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Got Gold and Silver government stooges ?



damned
DeplorableVigilantTex​an

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12/09/2016 07:08 AM
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Re: Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals
Thread: Is Dallas Texas the next Detroit? Bankruptcy looms..





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