Dallas Police & Fire Pension System lowered its assumed rate of return to 7.25% from 8.5%, said an announcement on the $3.4 billion pension fund's website.
“Based on new, more accurate information, it no longer appears reasonable to expect that the portfolio will achieve an 8.5% return over the long term,” wrote Kelly Gottschalk, executive director, on the reason for the change.
Ms. Gottschalk could not be reached for additional information by press time.
The new assumed rate of return was recommended by the pension fund's actuary, Buck Consultants.
