Dallas Police & Fire sues Buck over DROP administration, funding issues

Dallas Police & Fire Pension System filed a lawsuit against Buck Consultants, its longtime actuary and adviser, claiming the firm failed to provide proper counsel as the pension fund lost substantial sums of money due to a flawed DROP program.

The $2.1 billion pension fund faulted Buck for issues stemming from the pension fund’s deferred retirement option plan, which it adopted in 1993 after consultation with Buck. The program allowed members to contribute retirement funds while remaining on active duty, with a guaranteed rate of return of no less than 8%.

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