City of Fort Worth employees voted in favor of the city’s proposed pension solution, according to the unofficial results of the city’s pension vote.
The Fort Worth Employees’ Retirement Fund Board is scheduled to officially certify the results on Wednesday, Feb. 27.
A grand total of 74.47 percent of the city’s 6,589 employees voted – thereby achieving the “50-percent-plus-one” requirement for the vote to pass. Of those, 59.49 percent, or 3,920 employees, voted for city management’s proposed plan.
Speaking at the State of the City address on Feb. 19, Mayor Betsy Price touted that Fort Worth would to be the first big city in Texas to find a pension solution locally. Several cities have had the state step in to fix their underfunded pensions.
“I think, with the help of our team that’s worked hard on educating people, that we will have the votes,” she said, before the vote was announced.
Since the employee vote passed, the proposed contribution increases, the Risk Sharing mechanism, additional employee contributions on overtime and the additional DROP year will all take effect.
Contribution changes for General Employees will be effective July 20, 2019.
Contribution changes for Firefighters and Police Officers will also begin July 20, 2019, and their contributions will be phased in over the next two years.
Based on the performance of the plan, the Risk Sharing mechanism will kick in during 2022. These additional contribution increases are anticipated to last for two years.
As a reminder, the changes to sick/major medical leave and the COLA will also be effective July 20, 2019.