Texas Public Policy Foundation’s James Quintero, director of the Center for Local Governance, offered the following statement on a petition calling for a vote to change Houston’s pension system. Last Thursday, the group Texans for Local Control submitted 35,000 signatures to the Houston City Secretary’s office petitioning for an election to shift new city employees to a defined contribution-style plan, similar to a 401(k). If Houston voters approve the measure in November, the shift would affect all new city employees hired in 2018 and beyond.
“The City of Houston is making pension promises that it can’t possibly keep, at least not without higher taxes, fewer services, benefit reductions, or some combination thereof," said Quintero. "Already, Houston’s unfunded liabilities have grown to nearly $10 billion, a figure that will only grow worse without real reform. Houstonians deserve a public retirement system that is sustainable and affordable. By shifting all new employees to a defined contribution plan, they can finally have both.”
For more information or to request an interview with Mr. Quintero, please contact Alicia Pierce at email@example.com or 512-472-2700.