FORT WORTH (WBAP/KLIF)- Fort Worth residents voted in favor of increasing contributions to fix the $1.6 billion dollar unfunded liability for the city’s retirement fund. Mayor Betsy Price said Fort Worth is the first big city to settle a pension fund locally, without having to settle it in Austin.
“It’s a very emotional issue for council, employees and citizens because it means we have to contribute more money but it overwhelmingly passed,” Price said.
Price said with over 75% voted and 60% voted for the proposed plan “I feel really good about the efforts we’ve made with workshops to educate the city on this issue and what they would be voting for and to solve it locally,” Price said.
Employee contributions will go up in July, Police and fire will be phased in over 2 years.
For more information on the pension fund, increased contributions visit: http://fortworthtexas.gov/benefits/pension/general/
I am thrilled to announce @CityofFortWorth pension results are in and our employees overwhelmingly voted in favor. Fort Worth successfully solved this locally. pic.twitter.com/87PGY6cGI7
— Betsy Price (@MayorBetsyPrice) February 25, 2019