The Moving Targets of Pension Fund Opponents
By Max Patterson, For the Express-News
April 30, 2017
Texas Sen. Paul Bettencourt wants the public to believe that statewide retirement systems are in trouble because of low investment returns and that the solution will cause taxpayers to foot the bill. The truth is statewide retirement systems and some local pension systems are underfunded because for years, the state and some cities did not fund the plans they approved.
A Texas Association of Public Employee Retirement Systems, or TEXPERS, survey showed that about 25 percent of our members did not receive their full actuarially required contribution in 2016. Public employers now see this is a problem, but some people still want to blame the investment market.