The previously struggling Dallas Police and Fire Pension System has addressed its issues, which included a 60% allocation to alternatives and a generous DROP program. The reform bill reduces benefits, changes the deferred retirement program and raises revenues, MarketWatch reports.
The stock market has rallied since President Donald Trump was elected to office, boosting New York city’s underfunded pension plan, Crain’s New York writes. If this continues, the city could use the $10bn it usually contributes to the fund every year and instead spend it on rescuing the city’s dismal subway system.
Massachusetts may break its pension promises, The Boston Globe reports. To stay afloat, the state has planned to increase diversity in investment strategies and increase contributions. However, it isn’t clear for how long the plan will be on track because lawmakers have to actually set aside money in the budget for years to close the funding gap.
The City of McAllen, Texas, is considering a $450 bonus for city workers for the next fiscal year. The bonus will allow the city to reward workers without committing to a permanent pay hike, Valley Central writes. The cost projections for the adjustment include payments to the Texas Municipal Retirement Fund.