Mayor Annise Parker has called Houstonâs pensions âunsustainable.â Following her recent inauguration, Mayor Parker says she wants to tackle the problem andÂ create a more sustainable retirement for current employees. The Mayor and other officials have said thereâs a growing need for pension reform.Â But what changes can be made without impacting benefits already promised to employees?Â Today on Houston Matters, we discuss the city of Houstonâs pension system with city council member Stephen Costello.
We also turn our attention to the stateâs pension systems. Officials project one of two systems, the Employees Retirement System, will run out of money to pay benefits by 2052 if nothing is done to change the program. The Texas Legislature could consider several options when it meets again in 2015.