Dallas mayor leaves lawsuit meant to stop pension withdrawal - Newschannel 6 Now | Wichita Falls, TX

Dallas mayor leaves lawsuit meant to stop pension withdrawal

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DALLAS (AP) - Dallas Mayor Mike Rawlings has withdrawn from a lawsuit he filed as a private citizen against the Dallas Police and Fire Pension system in an effort to prevent the plan from making large lump-sum payouts on deferred retirement funds.

Rawlings withdrew Tuesday and said through a spokeswoman that the four city council members on the pension board who intervened in the lawsuit in February were in a better legal position to continue the challenge.

The pension system is in danger of becoming insolvent in the next 10 years. Officials spent almost a decade basing its financial health on artificially inflated asset values from risky real estate investments made under a previous director.

The board will meet next week to vote on requests by members to withdraw money from deferred retirement accounts.

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 This material may not be published, broadcast, rewritten or redistributed.

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