Pension fund run in lump sum payments

Dallas News: Retired police and firefighters have withdrawn $220 million from the Dallas Police and Fire Pension Fund in the last six weeks -- a time when trustees debated significant benefit cuts to rescue the troubled retirement system from insolvency.
The system has received another $82 million in withdrawal requests since Wednesday.
The numbers have the makings of a run on the bank -- something pension officials fear will drive the fund deeper into a multibillion-dollar hole. Still, the pension board trustees made a bet Monday that they could allay fears and stop the bleeding simply by doing nothing. After a three-and-a-half hour discussion behind closed doors in executive session, the board members told a packed room that they decided not to restrict retirees' withdrawals from the pension's lucrative lump-sum payment accounts.

The fund needs a billion dollar bailout from whom?  Texas has already voted no to federal bailouts, as they end up losing to Illinois and California.  That leaves them with begging the state governor for a bailout, good luck.