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Pension Funds

Forth Worth Employees vote in favor of contribution increases, other pension reforms

Participants in the Fort Worth (Texas) Employees' Retirement Fund voted in favor of contribution increases and other pension reforms to the $2.2 billion plan proposed by the city, spokeswoman Mary Kay Glass confirmed in an email.

Changes to the plan include contribution increases for all employees effective July 2019, with some phased in through January 2021. Employees will begin paying contributions on overtime as well.

The city will also pay a contribution increase effective January 2019. The Deferred Retirement Option Plan was extended to a six-year maximum program from five years effective July.

Certain automatic risk-sharing contribution increases are also included if plan funding does not meet certain funding requirements. The pension contribution vote did not include any modifications to current retiree benefits.

"The board is pleased with the manner in which this election was conducted," board Chairman Todd Cox said in a news release announcing the results of the vote. "We're hopeful that these changes will lead to a sustainable pension plan in the future."

The measure passed by 59.5%.

The board is considering and reviewing actuarial assumptions and conducting an experience study, to provide a better idea of where the fund will stand after the modifications are passed.