Dallas Police & Fire Pension System

Cost of Public Corruption

DPFP Crisis, September 2017 - System trustees have a fiduciary duty to provide pension and related benefits to its members. System trustees also have a duty to ensure affordability to our first responders as well as the City of Dallas and its taxpayers. Contrary to media reports, legislation passed during 2017 while favorable did not fix the pension fund, and all remains at risk.

News & Events

DPFP Crisis Returns, November 2023 - A Dallas City Council committee learned this month that the Dallas Police & Fire Pension fund is facing a $3 billion shortfall. Seems the 2017 Texas Legislature deal to fix the pension fund has failed, and taxpayers only years later are once again on the hook to fix it. NBC5DFW

DPFP Fund Risk v Reward, December 2020 - Dallas Police & Fire Pension fund private equity LOST 32.9% this year vs a 23.6% benchmark, UNDERPERFORMING by a whopping 56.5%, and leaving the DPFP FUND PORTFOLIO ranked DEAD LAST among peers. Ironically, System Executive Management salaries when compared to average salaries in the market are paid 36% HIGHER THAN MARKET.

Townsend Group, December 2018 - According to court documents filed by former real estate investment advisor Townsend Group, the System acknowledged there is an “ongoing investigation” by federal investigators concerning its real estate investment program, and the System has made "millions of documents" available to the FBI for review and copy. 298th Judicial District Court, Dallas County, Texas Cause No. DC-17-11306

CDK Realty Advisors, February 2017 - System executives authorized monthly payments to the Argyle Volunteer Fire Department where CDK Realty investment manager Jon Donahue is a volunteer firefighter while filing a lawsuit against its former investment advisor, and spending hundreds-of-thousands of pensioner funds all with no legal discovery by any party to the litigation and with no assets available for pension fund recovery.

Columbus A. Alexander, CPA, CFE, January 2017 - The most disturbing thing now is that the basic culture of self-serving secrecy at the pension system has not changed. Some of the evidence suggests that the System's use of outside attorneys to investigate wrongdoing is a sham designed to do just the opposite - to make sure instead no discoverable documents or evidence will be produced. Source: Dallas Observer

CA FORENSICS, LLC, June 2016 - System staff without Board authorization file suit against a former System fraud examiner in an attempt to silence a well-informed critic of the System's governance at a time when there is deep distrust between city officials and the System, multiple criminal investigations are ongoing, and System officials are fighting for continued control of the fund's assets. Counterclaim