Response to Media Statements
5/16/2024
Given recent articles and public statements, DPFP feels the need to correct certain inaccuracies. In 2017, because of liquidity and solvency problems and following extensive negotiations between DPFP and the City of Dallas, the Legislature unanimously adopted HB 3158. HB 3158 provided for a reconstitution of the DPFP Board and a seven-year period of time to allow DPFP the ability to stabilize its investments and benefit operations. HB 3158 also contained a provision requiring that the DPFP Board adopt changes to the DPFP plan by November 1, 2024 in advance of the 2025 legislative session to achieve statutory funding requirements. The Legislature adopted the provisions in HB 3158 in the hopes that the City of Dallas and DPFP could agree on plan changes understanding that if the two groups could not reach an agreement before the 2025 legislative session, the DPFP Board would adopt the required plan changes and the Legislature would very likely step in and once again make changes to the DPFP statute.
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