The Dallas Police and Fire Pension System's Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests, reports The Dallas Morning News.
The system was set to pay out the weekly requests Friday. Pension officials said allowing the withdrawals would leave them without the liquid reserves required to sustain the $2.1 billion fund.
"Our situation is currently critical, and we took action," board chairman Sam Friar said.
Never, ever trust government pension programs. They can change the rules at anytime. That goes for Social Security.