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Fort Worth Is The Latest Texas City To Grapple With Serious Pension Problems
From KERA:While Dallas and Houston have been wrestling with very public battles over their pensions for city employees, Fort Worth has been nursing a pension crisis of its own for years. Now, city officials are working to find solutions.
Changes needed
The bad news for the more than 10,000 former and current city workers, firefighters and cops covered under Fort Worth’s pension plan came at a joint meeting of the City Council and pension board earlier this month.
The big takeaway: Fort Worth’s pension fund is on the hook for about $1.6 billion more than the fund is expected to be able to pay.
“This plan is not sustainable without changes,” said Paul Schrader, a consultant with the firm PFM Group Consulting, which Fort Worth hired to help sort the pension problems.
Read more: http://www.texasstandard.org/stories/fort-worth-is-the-latest-texas-city-to-grapple-with-serious-pension-problems/
