This article appeared online at TheNewAmerican.com on Friday, December 9, 2016:
On November 21, The New American published an article entitled “Dallas to Declare Bankruptcy?” suggesting that the Dallas Police and Fire Pension System was in such poor shape that Dallas was looking more and more like Detroit.
It was pointed out that Moody’s declared that Dallas has higher unfunded pension liabilities, relative to its balance sheet, than any major American city except Detroit. The article noted that the plans’ present troubles dated back to a 1993 decision to offer a “retention perk” to keep officers considering retirement to stay on for a few more years.
That “perk,” referred to as DROP — Deferred Retirement Option Plan — allowed those agreeing to stay on to