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Posts Tagged ‘HMEPS’

Endorsement watch: The bonds

Endorsement season has officially begun. The key referendum, Proposition A, is a solution to Houston’s potentially disastrous pension problem. A complex deal ushered through the Texas Legislature by Mayor Sylvester Turner would reduce the $8.2 billion unfunded pension burden now carried by Houston taxpayers to $5.2 billion. Union leaders representing police officers and municipal employees […]

House passes pension reform bill

One step closer, though there are still issues to be worked out. The Texas House gave early approval Monday to a bill that would reform Houston’s three problematic pension funds, which have caused financial woes and spurred political battles for years. The 112-28 vote for Senate Bill 2190 came after lawmakers made some key changes […]

Pension reform bill passes House committee

Two for two. Houston’s pension reform bill will now move to the floor of each legislative chamber after a Texas House committee joined its Senate counterparts in passing the measure 6-1 Wednesday. With Rep. Roberto Alonzo, D-Dallas, opposed, the pensions committee adopted House Bill 43, which will now head to a scheduling committee to be […]

Firefighters will oppose pension reform bill

So it goes. Hopes that Houston’s firefighter pension board might agree to a compromise set of benefit reforms and end their opposition to Mayor Sylvester Turner’s landmark reform package proved too optimistic, after the two sides passed a Thursday deadline without a deal. It remains unclear what effect counting the firefighters as confirmed foes will […]

House hearing for pension bill

Another step in the process. Houston’s pension reform plan got its first hearing Monday in the state House, where rows and rows of current and retired firefighters appeared to voice opposition to the plan. Municipal and police leaders testified in support, however, as did representatives of the Greater Houston Partnership and, of course, Mayor Sylvester […]

Pension reform bill passes Senate committee

A major step forward. Houston’s pension reform plan cleared a state Senate committee in its initial hearing at the Capitol on Monday, despite the fact that all those who testified – including Mayor Sylvester Turner – opposed at least some portion of the omnibus package. Retirees were concerned about benefit cuts. Some conservatives said the […]

No one ever said pension reform was going to be easy

The firefighters’ pension fund isn’t happy with the way things are going. The plan to reform the City of Houston’s pension system is running into opposition from the Houston Firefighters’ Relief and Retirement Fund (HFRRF). In a recent letter sent to its members, the HFRRF criticized Houston Mayor Sylvester Turner for ending the negotiations on […]

Year Two for Mayor Turner

Year One was busy, but a lot of what was done this year depends on what happens next year. Tasked last year with distinguishing himself from a crowded field of mayoral candidates, Sylvester Turner styled himself as a progressive with expansive policy goals. He pledged to boost wages, improve educational opportunities and implement a new […]

Council ratifies Turner’s pension plan

From the inbox: On a 16-1 vote, Houston City Council has endorsed Mayor Sylvester Turner’s historic package of pension reforms. The vote clears the way for the City to move forward in partnership with the pension systems to seek legislative approval of the reforms. “I am bubbling over on the inside,” said Mayor Turner. “I […]

Pension deal approved by firefighters

It’s a big deal, though it’s hardly a done deal yet. For the first time ever, the Houston firefighters’ pension board agreed Monday to accept benefit cuts for current workers and retirees, potentially paving the way for a solution to a 15-year-old crisis that has threatened to bust budgets and weaken the city’s financial stability. […]

Pension deal takes a step forward

Not quite there yet, but getting close. Houston’s police and municipal pension boards have agreed to a landmark reform package produced over months of intensive negotiations at City Hall, and Mayor Sylvester Turner hopes the firefighters fund will follow suit with a vote Monday. The pending proposal, which puts Houston the closest it has come […]

Kinder Institute analyzes Mayor Turner’s pension reform plan

From the inbox: Rice University’s Kinder Institute has done the preliminary math on Mayor Sylvester Turner’s historic pension reform plan and determined the numbers appear to add up if all of the components are implemented as envisioned. The institute is one of several agencies to analyze the mayor’s proposal since it was unveiled last week. […]

More on the pension deal

The full version of the Chron story adds a lot of detail. Under the tentative deal, the funds would assume more realistic investment returns – 7 percent rather than 8 percent to 8.5 percent – and would recognize all recent market losses on their books at once. The city also would erase the plans’ underfunding […]

Mayor Turner announces pension fund deal

From the inbox: Negotiators for the City, the Houston Police Officers’ Pension System, the Houston Firefighters’ Relief and Retirement Fund and the Houston Municipal Employees Pension System have developed Preliminary Points of Understanding on a structural approach to long term, sustainable, defined benefit pension reform. Detailed formal plans continue to be developed and will need […]

Pension reform update

Things are happening. Longtime firefighters pension fund chairman Todd Clark has retired from the department and resigned his post, a move City Hall observers interpret as perhaps the clearest sign yet that Mayor Sylvester Turner’s push for pension reform may succeed. The municipal pension also is in upheaval, having bought out former director Rhonda Smith’s […]

Pension progress report

Our favorite subject, back in the news. Mayor Sylvester Turner and the leaders of the city’s three pension boards made clear to a visiting group of state lawmakers on Monday that they agree a fix to the city’s growing pension burden must be found, perhaps by the mayor’s deadline of year’s end. The state House […]

City sues HFRRF again

From the inbox: In the face of growing concern about its ability to meet long-term retiree pension obligations, the City of Houston filed a lawsuit today against the Houston Firefighters’ Relief and Retirement Fund (HFRRF), one of three pension systems covering City employees. The lawsuit seeks to enable the City to have the same input […]