Texas is not immune to the problems that trouble pension systems across the country. In Texas, state and local governments employ about 16% of workers. Most of them have a defined-benefit pension plan that promises a regular payment to retirees based on guaranteed formulas and irrespective of investment returns. Underperforming investments and generational accounting issues are exhausting these plans leaving them with mounting, unsustainable liabilities. In fact the Texas Pension Review Board (PRB) noted in its 2019 report to the Legislature that “despite a nearly 10-year bull market follow- ing the 2008 market downturn, the unfunded liabilities of many public retirement systems both across the country and in Texas continue to rise.”
Testimony in Support of HB 4914, with Ammon Blair in House Committee on State Affairs
Chairman King, Vice Chairwoman Hernandez, and distinguished members of the committee, My name is Ammon Blair, and I am a Senior Fellow at the Texas Public Policy Foundation. I am honored to appear before you today in strong support of House Bill 4914. I bring 22 years of military experience, including service in the United...