AUSTIN – Texas Public Policy Foundation’s Center for Local Governance gave invited testimony yesterday on public pensions for the Austin Fire Department and Austin Police Department before the Public Safety Committee of the Austin City Council.
“Austin’s public pension systems are in tough financial shape,” said Quintero. “According to the latest figures from the Pension Review Board, unfunded pension liabilities in the capitol city amounted to more than $1.2 billion in June 2015 and two of the three plans have amortization periods outside of the agency’s ‘recommended’ range. The data makes clear that the status quo is unworkable.
“Part of the difficulty with Austin’s public pension plans is that these systems have intentionally put the state legislature between themselves and the local taxpayer. Over the years, these plans have successfully lobbied the legislature to codify in state law some or all of their plans. So even though community stakeholders may want to make good government changes, they find they have to go to the legislature to do so.”
To schedule an interview with Mr. Quintero, please contact Caroline Espinosa at [email protected] or 512-472-2700.
James Quintero is director of the Center for Local Governance at the Texas Public Policy Foundation.
The Texas Public Policy Foundation is a non-profit, free-market research institute based in Austin, Texas.