Tom Bazan forwarded this interesting blurb about the city’s ongoing troubles with its pension plans from KTRH-740 earlier this week:
According to the city council’s new pension committee chair Pam Holm as long as the city has to borrow against taxpayer money to pay for pensions, the funding crisis can’t be considered “over.”
Figures show a projected funding gap of close to $2 billion in the police and municipal worker retirement systems. City officials say, however, that those numbers are old and may no longer be accurate.
City officials haven’t had much to say about the pension plans since Mayor White crafted a plan to use the Hilton Americas Hotel as security on a note to reduce the municipal employees’ pension fund’s massive liability.
The most recent Comprehensive Annual Financial Report (CAFR) from the Houston Municipal Employees Pension System is located here (pdf).
Whether or not Houston’s elected officials fully fund the pension plan, at least muncipal employees can feel good about the security of the plan’s database!
