Public Pensions Out of Control in Texas’ Biggest Cities
Texas officials say the recession hit pension funds hard. But every fund manager in America was slapped by the same economic headwinds, or worse.
The excuses don’t explain why Dallas and Houston racked up higher liability ratios than down-and-out Detroit, or why Texas — the nation’s biggest job-producing state — has four cities among the 12 worst performers.
“It’s a head scratcher and a warning,” said Jonathan Williams, vice president at the American Legislative Exchange Council.
“Clearly, the status-quo is not working. To protect the [cities’] promise to employees,” Williams advised, “stop digging the hole deeper and transition into more sustainable plans.”
Ward, Kenric. (2017, Jan. 10). Public Pension Out of Control in Texas’ Biggest Cities. Retrieved from http://watchdog.org/285551/texas-pension-crisis/