Oh that’ll leave a mark. Dallas, being a large and (I assume, have no idea whatsoever) reasonably well funded and well run (meaning they are not 100% self-funding their pension obligations) can probably absorb this OK.
Few hundred cops in Cleveland do this could crush city finances which probably aren’t that great to begin with.
To keep up with that promise the governing board got extremely aggressive with investments. In some years they did very well, but it has now backfired on them.
The taxpayers are going to have to bail out the pension fund. As Ken noted, they were guaranteeing returns that weren’t rational. Basically, the older folks were looting the fund at the expense of the younger guys (or more accurately, the taxpayers). Coupled with, as I noted above, a leadership team at the fund which was living large off of other people’s money.