Lengthy mediation efforts to save Dallas pension fund fail - Newschannel 6 Now | Wichita Falls, TX

Lengthy mediation efforts to save Dallas pension fund fail

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DALLAS (AP) - Lengthy mediation efforts this week between Dallas leaders and the Dallas Police and Fire Pension System have failed and no resolution appears evident as the pension stumbles toward insolvency.

A pension spokesman told The Dallas Morning News on Wednesday that talks have "all but collapsed" and that court battles appear likely.

Various Dallas police and fire associations said in a statement Thursday that they're frustrated by the decision of city officials to "abruptly end mediation." The associations scheduled a news conference for later Thursday.

The state Legislature must approve any fix.

The pension fund spent almost a decade basing its financial health on artificially inflated asset values from risky real estate investments made under a previous director. The FBI last year searched an investment firm that once advised the fund.

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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