74.4 F
Fort Worth
Monday, September 21, 2020
- Advertisements -
Government Fort Worth employees vote for city's pension solution

Fort Worth employees vote for city’s pension solution

Other News

Exxon’s oil slick

Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market...

Folk music’s Mark Twain: 7 Essential tracks from John Prine,

NEW YORK (AP) — Some people, the songs just come out of them. For nearly half a century, they tumbled out of John Prine...

Tarrant County records another COVID-19 death

Tarrant County Public Health (TCPH) on Wednesday, April 8 reported that a resident of Euless has died as the result of the COVID-19 virus....

Tradition stymied: A year unlike any since WWII for Augusta

The Masters is so intertwined with Augusta, they added an extra day to spring break.You see, the first full week of April isn't just...

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.

- Advertisements -
- Advertisements -

Latest News

2020 serves another blow as Ginsburg’s death ignites fight

By CALVIN WOODWARD Associated Press WASHINGTON (AP) — Justice Ruth Bader Ginsburg's death drew mourners to the steps of...

Supreme Court fight could elevate Kamala Harris’ profile

By KATHLEEN RONAYNE Associated Press SACRAMENTO, Calif. (AP) — Kamala Harris is poised to become a leading figure in...

High-speed train between Dallas and Houston gets federal approval

"High-speed train between Dallas and Houston gets federal approval" was first published by The Texas Tribune, a nonprofit, nonpartisan media organization that...

Democrats unveil temporary funding bill to avert shutdown

By ANDREW TAYLOR Associated Press WASHINGTON (AP) — Democrats controlling the House unveiled a government-wide temporary funding bill on...

From abortion access to immigration, the battle over the open Supreme Court seat will affect Texas for a generation

By Abby Livingston, The Texas Tribune Sept. 20, 2020 "From abortion access to immigration,...