Austin faces billion-dollar pension crisis
Austin’s largest local retirement system is in serious trouble. By its own standards, the City of Austin Employees’ Retirement System’s unfunded liabilities totaled $1.3 billion in 2016, an increase of $875 million over 10 years. Under a more realistic set of standards, the pension debt is likely closer to $2.4 billion, and growing fast. That fiscal imbalance not only calls into question the long-term sustainability of the plan but also suggests that both taxpayers and retirees are in harm’s way under the status quo.
Press Release April 26, 2018