On Tuesday, the Fort Worth Star-Telegram carried a story noting how the City of Fort Worth will be adjusting its employees’ pension benefits to meet some projected shortfalls. The city’s actions demonstrate the remarkable flexibility that all Texas cities possess when considering funding and meeting their employees’ pension promises.
Not all cities are finding themselves in the same situation as Fort Worth – in fact most Texas cities are not. But when one city has a problem, it’s localized. Other pension systems around the U.S. aren’t built this way, and the negative headlines in the national media pay testimony to their failures. Despite its problems, Ft. Worth took big steps toward recovery this week. They should be applauded for the way they handled it.
The Texas system enabling local control of public employee pensions should be applauded as well. It works. – Max Patterson