On Tuesday, November 7th, City of Houston voters overwhelmingly approved Proposition A, which authorizes the City to issue $1 billion in pension obligation bonds to reduce public employee pension unfunded liability, including $250 million to HMEPS.
This election result is the culmination of nearly a year’s work by Mayor Sylvester Turner, HMEPS, the Texas Legislature and many other stakeholders on pension reform to preserve the long-term viability of the City’s public employee pension systems, and that work has progressed as planned. For more information on the pension reform, click here.
We will continue to keep our participants informed about any future developments which may affect the system, and we will remain vigilant in defending their hard-earned retirement benefits.