Fort Worth’s Pension Fund in Jeopardy
The city of Fort Worth and its employees particularly police and firefighters have been concerned about their pensions for years. The city is running out of time to fix the $3 billion down shortfall.
“We do have a system that has had a five-year actuarial loss,” said Fort Worth Councilman, Cary Moon. “There are some serious considerations there that we have to look at on how we correct that.”
“We just believe there needs to be some joint funding,” said Fort Worth Firefighters Association President Michael Glynn. “Employees putting more money in, but the city putting more money in as well.”
The proposed fixes include increasing the minimum retirement age by a couple of years for police and firefighters, changing how accumulated sick time is counted, and reducing or eliminating the cost-of-living adjustments.
“There will be a combination of changes to these different variables that can be an overall fix for our employees,” said Moon.
One of the big things that workers want is not to lose their cost-of-living benefit adjustments.
“They decide to leave at their rate of pay knowing they had a COLA (cost-of-living adjustments) coming to them,” said Glynn. “And the city is wanting to go back on that promise.”
That would include current and future employees when they are ready to retire.
“We don’t want that either. That could be devastating to our futures in what we’re going to have to live with,” Glynn said. “But we are trying to negotiate and work out a deal with the city so we can put more money in and the city puts more money in and find a way to try and maintain our benefits.”
Fort Worth wants a plan in place later this year before the Legislature meets next year when it could impose its own rules on how Fort Worth should fix its pension plan.