DALLAS -- Just before noon Thursday, the Dallas Police and Fire Pension Board voted to reinstate monthly pension payments to retirees who had already signed up for those benefits. Retirees will still not be allowed to make big lump sum withdrawals from DROP.
Pension board members say they are in a crisis situation. If nothing changes the fund will go bankrupt in 10 years.
That promoted members to start pulling all their money out -- withdrawing $500 million in six months. The mayor sued earlier this year to stop those lump sum withdrawals. The board did, but it also stopped monthly pension payments.
Retirees like Joe Dunn say that cuts their monthly income by 60 percent.
"I got to used that money to help my kids, do repairs on my home, if something major happened to my house. If they don't reinstate this dispersal, I'd probably have to go take a loan out to make repairs even though I've got money in the bank to pay for it." Dunn says.
"You're afraid to buy anything or purchase anything extra or anything because you don't know if you're going to have enough money to live the next month on," Retired Senior Corporal Joe Freeze says.
Joe depends on the monthly pension payments to pay for his wife's cancer treatments. He says he'll go bankrupt. Both feel their money is being held hostage.
The board will also talk about the City of Dallas' plan to save the fund. Taxpayers could wind up paying millions of dollars in a long-term plan.
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