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Posts Tagged ‘pension fund’

Houston pension reform bill passes

It’s done. The Texas House on Wednesday approved the controversial Senate version of a bill that aims to overhaul Houston’s failing pension funds — over the passionate objections of current and former firefighters. Senate Bill 2190, which passed in a 103-43 vote, now heads to Gov. Greg Abbott’s desk. But the months of rancor between […]

House and Senate concur on pension bill

One more vote in each chamber, then it’s on to get a signature. The Legislature is expected to take its final votes on Houston’s pension reform legislation within days after a group of House and Senate lawmakers Sunday night hashed out the differences between their chambers’ versions and produced a final bill. Stripped from the […]

Senate rejects House changes to Houston pension reform bill

Conference committee, here we come. The Texas Senate on Wednesday refused to concur with House-passed amendments to a reform bill designed to resolve financial problems for Houston’s pension system. Sen. Joan Huffman, a Houston Republican who is the author of the legislation, said the House changes would be too costly and would derail a tentative […]

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 […]

Petitions submitted to force another pension vote

Oh, good grief. Voters soon could decide whether to close Houston’s traditional pension plans to new employees after political activists submitted a petition to City Hall to force a referendum this November. The petition further complicates Mayor Sylvester Turner’s efforts to pass a pension reform bill, which already had hit a hurdle in the state […]

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 […]

Is there some fretting about Mayor Turner?

Maybe? I don’t know. I guess it depends on how you define “fretting”. The resignation of Mayor Sylvester Turner’s top deputy – a social justice advocate and one of the mayor’s few confidants in a sea of senior staff appointed by the previous mayor – is fueling worry among aides and allies about the administration’s […]

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 […]

Some dude opposes pension reform

Presenting this in a slightly redacted form. [Some dude] has joined friend and ally Sen. Paul Bettencourt, R-Houston, in rallying opposition to [Mayor Sylvester] Turner’s [pension reform] proposal among conservatives. He has attended at least three dozen forums on the topic, by his count, and has been running social media ads touting his views on […]

Interview with Bill Kelly

You may have heard that the city of Houston has some legislative business to take care of this session. Most notably, the city wants to get a bill passed to implement its pension reform plans, which may or may not have been complicated by the news that a vote could be required for the city […]

We may be voting on pension obligation bonds

Oh, boy. A state lawmaker carrying Houston’s pension reform bill says her version of the proposal will require a public referendum on a $1 billion cash infusion central to the negotiations, an idea Mayor Sylvester Turner called a “poison pill” that could derail the reforms and force “massive” layoffs. The requirement that voters have a […]

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 […]

HPD retirements

This is a concern, but I don’t think it’s a big one. A dozen of the Houston Police Department’s top commanders were among 123 officers who filed paperwork this week indicating they plan to retire in the first half of next year, senior City Hall and HPD sources said, a sign that a rumored exodus […]

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. […]

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 […]

City loses in appeal against firefighters’ pension statute

Here’s a pension fund-related litigation update for you. Houston can’t overhaul a state-governed firefighter pension system that the mayor claims is pushing the city towards insolvency, a Texas appeals court ruled. Houston sued the Houston Firefighters’ Relief and Retirement Fund in January 2014, seeking a declaration that a state law setting how the fund is […]

What do we want of a Fire Department study?

Whatever it is, this wasn’t it. A much-anticipated analysis of fire department operations essentially was dead on arrival Friday after it failed to identify cost savings and called for a multitude of investments, including three new fire stations. Mayor Sylvester Turner promised to conduct another review of the $500 million department to supplement the $297,000 […]

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 […]

No bonds this year

Maybe next year. Mayor Sylvester Turner likely will not ask voters to approve bonds this November to replace the nearly depleted debt residents approved in 2012, a move that may delay several projects. […] Having addressed a $160 million shortfall with the unanimous passage of his first budget last month, Turner said he now is […]

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 […]

Council unanimously passes Turner’s first budget

Good job. Mayor Sylvester Turner achieved his goal of securing unanimous passage of his first general fund budget Wednesday morning, a month ahead of the typical schedule and after an unusually brief and uncontentious discussion of council members’ proposed changes. The $2.3 billion general fund budget, which pays for most basic city services with revenues […]

So far, so good for Mayor Turner

That’s the general consensus of his first four-plus months in office. Faced with a $160 million budget shortfall that would leave some wringing their hands until deadline day, Mayor Sylvester Turner presented his plan a month ahead of schedule. The proposal being reviewed by City Council includes a few one-off gimmicks, by Turner’s own admission, […]

Mayor Turner delivers State of the City 2016

Here’s the press release. Flooding, pensions, City finances and public safety were front and center as Mayor Sylvester Turner delivered his first State of the City before the Greater Houston Partnership. In a major move designed to produce tangible results and instill confidence among residents, the mayor announced the selection of Stephen Costello to fill […]

Turner announces his budget

From the inbox: Utilizing a shared sacrifice approach, Mayor Sylvester Turner today unveiled a proposed Fiscal Year 2017 General Fund budget that eliminates a projected $160 million shortfall that was the result of cost increases, voter imposed revenue limitations, a broken appraisal system and the economic downturn. The budget totals $2.3 billion, which is about […]

Mayor Turner releases transition team report

From the inbox, a glimpse of what to expect in the near to medium future from Mayor Turner. Mayor Sylvester Turner has released a 17-page report that details the work of his transition team chaired by businessman and long-time civic advisor David Mincberg. More than 250 Houstonians from all walks of life participated. They have […]

Prepping for the city budget

Mayor Turner gives a brief preview of what is to come. Mayor Sylvester Turner said Friday that he expects to lay off 40 city employees and eliminate 54 vacant positions as he seeks to close a budget shortfall of as much as $160 million, his first public estimate of the personnel reductions required to balance […]

Layoffs are coming

It’s gonna suck, though hopefully not as hard as last time. Mayor Sylvester Turner said Wednesday that a still undetermined number of city employees will be laid off in the coming months, making his first formal acknowledgment that Houston’s projected $126 million budget gap can’t be closed by July without personnel reductions. Though Turner did […]

Chron analysis of how Turner won

I suppose it’s a bit simplistic to say “he got more votes than the other guy”, but one way or the other that’s what happened. Sylvester Turner’s 24-year quest for the mayor’s office was realized by a narrow margin Saturday night, driven by overwhelming support from black voters and a robust effort to push supporters […]

Overview of the Controller runoff

It’s another one of those partisan races. Sorry, non-partisans. Though the job lacks policy-making authority, the race to become Houston’s next chief financial officer has developed into a partisan proxy war over how to correct Houston’s fiscal course. In the shadow of the first open-seat mayor’s race in six years, Republicans have lined up behind […]

Endorsement watch: Going for Turner

The Chronicle endorses Sylvester Turner for Mayor. Because there is no perfect candidate on the ballot, voters should look for someone who has the talents best suited to fixing the problems that currently threaten Houston’s long-term success: Sylvester Turner. For the past six years, Houston has been well led by Annise Parker’s competent hand. But […]