Excerpt:
The Dallas Police and Fire Pension System — which as been severely underfunded for years — still has about 25% of its assets tied up in private investments.
That’s according to pension system official’s briefing during Thursday’s Ad Hoc Committee on Pensions meeting.
Those include investments in an energy fund, natural resources — and assets in real estate. The private investments were deemed “legacy” assets that the pension system still maintains.
It was risky private investments that landed the system in the situation it’s in now — with over a billion dollars in unfunded liabilities.
“Currently we’ve gotten that down to 26%,” Dallas Police and Fire Pension System Chief Investment Officer Ryan Wagner said during the meeting.
Author(s): Nathan Collins
Publication Date: 9 Feb 2024
Publication Site: KERA News