Bill King and GHP start campaign to reform state public pensions
- Battle brewing over Texas public pensions - Kate Alexander, Austin American-Statesman
A group of high-powered Houston business leaders is starting a statewide campaign to overhaul retirement for future teachers, firefighters, police officers, judges and other state and local government workers.
"I think the state needs to get the hell out of this (pension) business completely," said lawyer Bill King , who is forming Texans for Public Pension Reform with others from the Greater Houston Partnership, an über-chamber of commerce with business members representing $1.5 trillion in assets.
Taxpayers bear too much risk on behalf of public employees by providing them a guaranteed retirement that most private sector workers don't get, King said.
In a previous thread, I discussed the incentives for municipalities to make pension promises that will be very difficult to keep and then simply kick the can down the road, exacerbating the problem (a pattern we have seen now with the last three mayors in Houston). My prediction was that the state would have to visit this issue (via legislative action or perhaps a state question) in a few years, as the problems became more apparent. It looks as if Bill King and crew are ready to jump start that conversation.
Posted by Kevin Whited @ 08/30/11 10:15 PM | Print |
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