To strengthen Texas by expanding awareness of public pension issues, providing high quality training to retirement systems’ decision makers and working to assure the promised benefits of public employees.
The Texas Association of Public Employee Retirement Systems submitted a letter to senators Orrin Hatch and Ron Wyden, asking them to remove a proposed tax code provision that would subject public pensions to the unrelated business income tax, or UBIT. The letter mirrors a joint letter released by the National Association of State Retirement Administrators, the National Public Pension Coalition and the National Council on Teacher Retirement in asking legislators to support public pensions by making sure the harmful provision is not included in any tax overhaul. In this way, TEXPERS is joining the unified voice in saying the proposal would diminish investment earnings of police officers, firefighters, teachers and other public workers.
The Houston Firefighters' Relief and Retirement Fund combined risk-minimization with macro- and microeconomic diversification strategies to achieve a 12 percent return in its 2017 fiscal year which ended June 30. HFRRF earned $439,444,928 on its beginning net position of $3.729 billion on July 1, 2016. The pension ended FY 2017 with $4.025 billion, the first time in its 80-year history that it has exceeded the $4 billion marker.
Texans for a Secure Retirement held its Fourth Annual Symposium Oct. 18 in Austin. The program highlighted issues concerning the state's public pension systems. “Right now there's a lot of flak in the air about defined benefit pension systems,” TSR Board Chair Louis Malfaro said during the event.