Texas Conservatives Push Pension Reform

Wednesday, 05 Sep 2012 12:29 PM

By Alec Weisman

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Leading conservatives in Texas are calling for the state to address pension reform problems next year rather than waiting for a crisis, according to the Austin American-Statesman.
Although the state’s two largest pension funds are considered to be in good fiscal health, a report by the Employees Retirement System of Texas released Tuesday warned, “unfunded liabilities will continue to climb to an unmanageable level” if benefits for future retirees remain unchanged.
The Employees Retirement System has enough money to fund benefits for the next 70 years, according to a report cited by the American-Statesman, even though it only has 80 percent of the assets required to fully cover the state’s obligations.
Still, some conservative groups and Republican lawmakers suggest that moving new state  employees into a 401(k)-type retirement system similar to plans that now dominate the private sector would help avert future funding issues.  
Employee unions are opposed to any reforms at the present time. Seth Hutchinson, the organizing coordinator for the Texas State Employees Union, said the call for wide-scale pension reform is nothing more than "a wave of propaganda [and] fear-mongering."
Texas is one of the few states in which public employees lack collective bargaining rights and whose total compensation, including benefits, is less than the private sector.

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Send me more news as it happens.
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

US Officials '99% Certain' North Korea Behind Sony Cyberattack: Report

Wednesday, 17 Dec 2014 20:51 PM

U.S. officials have determined with "99 percent certainty" that the North Korean government is behind the cyberattack on . . .

AMC MoviePass: Subscription Service Lets Viewers See Daily Movies

Wednesday, 17 Dec 2014 20:29 PM

AMC Theaters has joined startup MoviePass on a pilot program that will offer a subscription service for in-theater movie . . .

Socialmatic Camera Prints Polaroids and Posts Them to Social Media

Wednesday, 17 Dec 2014 19:53 PM

Polaroid will soon offer the Socialmatic camera, which both prints photos and posts them to social media. . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved