Texas City’s Police, Fire Pension Fund Hit By $60 Million Loss

DALLAS (June 20, 2014) A pension fund that covers the retirement of Dallas police officers and firefighters has lost about $60 million in speculative investments involving luxury homes in Colorado, Hawaii and elsewhere.

The loss, which was explained Thursday during a board meeting of the Dallas Police and Fire Pension, comes as concern mounts over investment returns for the $3.4 billion fund, particularly in the way officials have invested in real estate.

Officials have invested $133 million in luxury homes since 2006, but The Dallas Morning News reported that the fund has received $65 million from sales and values the remaining properties at $24 million.

The numbers don't include $16 million paid in loan interest.

Officials still await appraisals and audits for hundreds of millions of dollars in real estate and private equity investments.

KWTX-TV News 10 6700 American Plaza Waco, Texas 76712 (254) 776-1330 Fax (254) 751-1088
Copyright © 2002-2016 - Designed by Gray Digital Media - Powered by Clickability 263999641 - kwtx.com/a?a=263999641
Gray Television, Inc.