Besides pension issues, Dallas police and firefighters, pictured at a city council budget meeting at Dallas City Hall recently, are wanting more funds for policing issues. (Photo: AP)

(Bloomberg) — The Dallas Police and Fire Pension System, once applauded for a diverse investment portfolio that included Hawaiian villas, Uruguayan timber and undeveloped land in Arizona, finds itself needing to dig out of a deep hole.

Related: What should government’s role be in retirement planning?

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