September 15, 2016
Historic Announcement from Mayor Turner on Pension Reform
I am pleased to announce we have developed Preliminary Points of Understanding with the Houston Police Officers' Pension System, the Houston Firefighters' Relief and Retirement Fund and the Houston Municipal Employees Pension System.
The plan I am outlining immediately reduces and later eliminates the unfunded pension liability, controls costs going forward, allows us to retain employees and allows us to present to the state legislature a much more united front. It is a budget neutral, 30-year fixed payoff plan that includes significant cost avoidance from what the City would need to pay in the absence of reform. We will have fully funded, secure, sustainable and affordable defined benefit pension plans that our employees can rely on and our taxpayers will find fiscally responsible. No other plan does this and takes the issue off the table permanently.
To read the full text of my announcement, go here -- http://www.houstontx.gov/pensions/letter-from-mayor.html