Shortly before the New Year, Dallas Mayor Mike Rawlings requested a criminal investigation into the past administration of the city’s Police and Fire Pension fund, which has become one of the most underfunded pension funds in the country after years of investment flops.
The poor investments were made by previous administrations, but still haunt the pension fund.
The Texas Rangers will be investigating the fund.
Details from KERA:
In a press release, Rawlings says the past administration of the troubled pension fund “committed a grave breach of trust with our first responders with serious ramifications impacting current and former police and fire personnel and their families, as well as Dallas taxpayers.”
The mayor also says he has been “in close cooperation” with the FBI on the matter. A FBI spokesperson didn’t immediately respond to a KERA request for comment; the FBI typically doesn’t comment on investigations.
The pension board released a statement this afternoon: “The Dallas Police and Fire Pension Board and staff have been working with and fully cooperating with the FBI for more than a year on its ongoing investigation of previous activities. Meanwhile, we remain focused on working with city and state officials to find long-term solutions that will safeguard previously earned and future retirement funds for Dallas first responders.”