Free Republic

The city of Houston's main pension program has a billion-dollar funding shortfall because benefits have been boosted so high that many employees will earn more in retirement than they received while working, according to a report obtained by the Chronicle. A few will retire as millionaires. To properly reduce the shortfall, taxpayers would have to put nearly $100 million extra into the fund next year, according to an analysis prepared for the pension's board. Further, the city cannot reduce the benefits for any employee who already has worked five years, thanks to a Texas constitutional amendment passed by voters last...