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 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.
If Texas were to stop granting corporate subsidies, earnings would be enough to pay roughly 66.3 percent of the taxpayer cost required to fund retirement benefits for current public employees belonging to the main state-administered public pensions, according to a new report from Good Jobs First, a national policy resource center. Not everyone is in agreement with the report's findings, however. Some trade associations and corporate development officers fear that ending corporate subsidies will damage Texas' reputation as a business-friendly state and ruin its economic standing.