Dallas Police And Fire Pension Reinstates Monthly Withdrawals

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DALLAS (CBS11) – Just weeks after freezing all Deferred Retirement Option Plan or DROP accounts, the Dallas Police and Fire Pension System board voted Thursday to allow some officers and firefighters to resume withdrawals.

The board voted to reinstate monthly withdrawals but lump sum withdrawals are still not allowed.

Earlier this month, the pension board voted to freeze all DROP accounts as many retirees moved to pull out all of their money from their DROP account further jeopardizing the already fading pension fund.

Many retired officers and firefighters who attended the emergency pension fund meeting Thursday called the decision “too little” and “unfair.”

Retired police officer Dale Erves told pension board members, “We had trust in you all that you had our back, but you failed us.”

Like many officers, Erves’ DROP account remains frozen because he would withdraw lump sums from his retirement account instead of a scheduled monthly withdraw.

Even retired police officers like Joe Dunn, who benefited from the board’s vote, said it’s unfair.

“I’m happy with the vote,“ said Dunn, who will once again receive his monthly withdrawals. “But we should be able to get (our money) whether it’s lump sum, we want it monthly, or whether we want it at a $25,000 increment. You shouldn’t be able to say you got money but you can’t have it.”

If no changes are made to the pension fund system, the $2.39 billion fund is projected to run out of money by 2028.

(©2016 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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