Bloomberg does what Bloomberg does: looks at the numbers. Forget the art and the aesthetic considerations. Bloomberg wants to know about the risky investments made by the Dallas Police & Fire Pension System. That right there is the big question. Andrew Biggs is a former deputy commissioner of the U.S. Social Security Administration and a resident scholar at the American Enterprise Institute in Washington. From Bloomberg:
Last year, the fund asked members to approve benefit limits after projections showed assets “would deteriorate over the next few years to levels that threatened the system’s ability” to meet future obligations, according to a July 2011 letter in the fund’s annual report.
Even after the members approved the changes, the fund’s liabilities exceeded assets to pay benefits by $885.5 million, according to the report.
“Stuff like that seems silly to me,” said Biggs. “Their jobs is to protect the taxpayers and the pensioners.”
