HOUSTON, TX — Houston Mayor Sylvester Turner’s plan to reform the city’s three pension plans has received the backing from the Houston Police Department , Houston Fire Department and the Houston Municipal Employees, Turner said Monday.
Turner’s plan, which he hopes to present to the Texas Legislature in January, called for the city’s pension systems to be fully funded by 2046.
The plan is designed to eliminate $5.6 billion in unfunded pension liability within 30 years, but would also reduce benefits avoiding more than $2.5 billion in future costs, and include the issuance of at least $1 billion in bonds.
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