Over the years, more than a dozen local retirement systems have petitioned the Legislature to have certain plan elements codified into state law, such as contribution rates, benefit levels, and the composition of their board of trustees. By establishing these provisions in state law, these systems have effectively put Austin between themselves and the communities they serve since, in many cases, substantive policy changes need to be approved by the Legislature. Locking out community stakehold- ers while locking in the status quo has been a negative for the fiscal position of these plans. As of June 2015, Texas’ state-governed systems had accumulated $7.4 billion in unfunded liabilities and eight of the 13 systems’ amortization periods were beyond the “recommended” guidelines.
Article V Convention of States: Overview and Model Legislation
Since the adoption of the U.S. Constitution, the power of the federal government has grown beyond the bounds originally envisioned by the Framers. Key Points: Just 16% of Americans say they trust the federal government to “do the right thing.” Federal interference has had life threatening results, especially at the border. Poor federal policy has...