DALLAS -- Members of the Dallas Police and Fire Pension Board have overwhelmingly voted to seek the resignation of fund administrator Richard Tettamant.
The board held a closed meeting for three hours on Thursday to decide Tettamant's fate.
The longtime head of the $3.4 billion fund was placed on leave last week. He’s come under fire over questions about the fund’s financial health and the huge bets the fund made in the real estate sector – some of which have not done well and may have been overvalued.
There have also been concerns about the deferred retirement program. It's an option that allows officers and firefighters to begin putting retirement checks into a special fund while remaining employed.
It may be so costly that it could jeopardize the overall soundness of the fund. The pension fund has been paying interest rates higher that the amount the fund has been earning.
Tettamant has also been at the center of the highly publicized battle over Museum Tower, a $200 million condominium building that critics say generates too much reflective sunlight into the nearby Nasher Sculpture Center. Pension officials and the sculpture center have been at odds for more than a year, and there’s no end in sight.
Amid the concerns about the fund’s health, city officials began an audit last year. It's status is unclear after being stalled.
Last year, News 8 told you about the globetrotting ways of Tettamant -- including trips to London, Brazil and Amsterdam. He also visited luxury properties in Napa Valley.
Pension fund officials said that the trips were part of Tettamant’s due diligence to oversee the fund’s investments.
The pension fund provides retirement benefits to more than 9,000 police and firefighters.
Last spring one of the pension fund’s board members abruptly resigned. Thomas White, a Dallas police officer, said he had lost faith in the fund’s leadership team.
On Thursday nine members of the pension board, including president George Tomasovic, voted for the motion to seek Tettamant's resignation. Three members were against it.