Houston Pension Solution Takes Historic Step Forward in Texas Legislature

Style Magazine Newswire | 3/24/2017, 9 a.m.
After hearing testimony from Mayor Sylvester Turner and many others, the Texas Senate State Affairs Committee today voted to send …
Mayor-Elect Sylvester Turner

After hearing testimony from Mayor Sylvester Turner and many others, the Texas Senate State Affairs Committee today voted to send the Houston Pension Solution to the full senate for approval.  With one exception, the measure passed out of committee is the same reform package supported by a 16-1 vote of City Council and forwarded to Austin by the City of Houston. The state affairs committee measure includes a provision requiring a vote for the issuance of Pension Obligation Bonds (POBs).  The agreement between the City and the Houston Police Officers Pension System (HPOPS) as well as the Houston Municipal Employees Pension System (HMEPS) includes the issuance of $1 billion in pension bonds to replace existing debt the city already owes HPOPS and HMEPS.  They will not result in new borrowing. The mayor is reiterating a call to the Houston Firefighter Relief and Retirement Fund (HFRRF) to provide data on the true costs of providing firefighter pension benefits. 

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