Some key Republican lawmakers have joined their Democrat colleagues to oppose further pension reform in Texas, arguing the state’s current policies are working well in the interests of both public employees and taxpayers.
Opposition to the reforms stems primarily from members of the state legislature’s Pensions, Investments and Financial Services Committee, according to the Austin American-Statesman
Among the most vocal opponents on the committee is Republican Rob Orr, who maintains the two Texas guaranteed pension programs are are in good financial shape and should not be compared to poorly run plans in some other states. The Texas system, according to state officials, has about 80 percent of the assets needed to cover long-term benefit demands.
But Orr, according to the Statesman, believes some local pension policies do need to be looked at more closely.
Conservative groups are pushing lawmakers to transition the Texas pension system from a guaranteed benefit program to a retirement system similar to 401(k) plans adopted in other states.
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