On Wednesday, July 8, 2020, the DPROA Board met via Zoom teleconference. Our general membership meeting was cancelled due to the number of reported cases of COVID-19 across DFW. This brief is intended to inform our members on the activity of our law suits as well as other membership issues.
The Degan case is currently being prepared for submission to the United States Supreme Court. As you might expect this is a very deliberative process, but we expect to have our petition of certiorari to the USSC prior to their deadline.
The Annual Adjustment Lawsuit is once again moving along. The Solicitor General representing the State has submitted his Brief on the Merits (attached below) and it is now our turn to respond. I would caution you to remember that this is their argument and they are hoping the TSC will agree. We believe our argument will be just as persuasive. Our brief should be filed before the end of the month. (You can read it HERE.)
Our lobbyist informed us of a meeting of the Texas Pension Review Board on June 30th where the DP&FP was mentioned. You can listen by going to HERE and clicking on June 2020 Board Meeting, listed on the right side. When the video starts, go to the 50 minute point to hear the discussion. If you recall back in May, I told you the Pension Board was considering lowering the discount rate (expected rate of return) and last month they lowered it to 7%. We will continue to monitor this and all activity related to our fund.
Stay healthy and be safe,
David Elliston