On Dec. 13, the city council voted to approve a proposed plan that will put the City of Fort Worth’s pension on the path to sustainability and eliminate its $1.6 billion unfunded liability.
Part of this plan requires an employee vote, which will be held Feb. 4-22. Current city employees of all employee groups — general employees, fire and police — will vote on whether or not to:
- Increase employee contributions to the fund.
- Approve employee contributions to the fund for all overtime hours.
- Adopt the risk sharing mechanism to allow further contribution increases in the event that the health of the pension is not restored by these changes.
In order for the plan to succeed, a majority of all city employees — 50 percent plus one — must vote in favor of it. Both the City of Fort Worth’s increased contribution and an extension of the DROP period from five to six years are contingent upon approval of the employee contributions.
A failed employee vote will send the city’s pension to the state Legislature in Austin, where the final decision will be made regarding further contribution increases and benefit reductions.
Pension education resources
Several resources are now available as part of the city’s comprehensive education campaign, so employees can learn more about the proposed plan and cast an informed vote next month.
The city’s pension webpage will continue to be the most up-to-date resource for all things related to the pension discussions. Among other information, the webpage contains:
- A collection of articles and videos of council presentations about the proposed plan.
- Information organized by employee group — General Employees, Fire and Police — about how changes to the pension will impact each group.
- A pension glossary, which helps provide definitions for many of the concepts and terms being used throughout the education campaign.
- A pension FAQ section, which will be updated during the next few weeks with answers to employee questions.
The pension webpage also contains a complete schedule of more than 20 educational meetings, which will be given by city management at locations throughout Fort Worth. City employees will have the opportunity to ask questions and learn more information about the proposed changes prior to next month’s employee vote.
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