Chance To Say No to Turner’s Billion Dollar Pension Boondoggle and Property Tax Hike
- $8.3 billion in pension debt has already been amassed
- $668 in pension costs in a single year
- 64{997ab4c1e65fa660c64e6dfea23d436a73c89d6254ad3ae72f887cf583448986} of all property taxes need to pay for current to pension system
Under Turner’s proposed plan the City would: Issue $1 BILLION in new bonds without taxpayer approval
Spend 50{997ab4c1e65fa660c64e6dfea23d436a73c89d6254ad3ae72f887cf583448986} of the City’s property tax receipts on pensions for the next 30 years
Contribute up to 37{997ab4c1e65fa660c64e6dfea23d436a73c89d6254ad3ae72f887cf583448986} of employees’ salaries to pension for the next 30 years
There can be no reform without moving all new employees to defined contribution plans (such as 401k plans), like private industry did decades ago.
The citizens of Houston should have the right to vote on what kind of pension since they are the ones paying for it & the right to vote on the issuance of any bonds!
If you agree with Paul Bettencourt and Bill King, please sign the petition!!!
This campaign makes no sense since property taxes can’t soar more than the cap and pre-existing limit allows. Even if the cap was removed, the tax rate could only be increased to 64 cents and as Houston is a full service city, that’s not bad. Those that think there’s a possibility of soaring taxes even if the cap was removed don’t know what they’re talking about and can move out of the city if an extra few cents bothers them.
Turner’s corridor is a CAP.
Hey Don, did you speak at the committee
meeting? I saw you there but could only wait till Bill King spoke. I imagine you weren’t far behind him.
What do you think of the attorney’s hired by the fire pension bringing up the issues of constitutionality ?
Many City employees are retiring as multi millionaires from these pension plans coupled with public service annuities that the rest of us ( who are paying through the nose for all of it ) don’t get working in the private sector and we are the majority. A very small segment of the population work in city government, yet they wield all of the power of government and get wealthy while we struggle to just get by. They also compete with the private sector in some cases or they regulate business creating monopolies for select benefactors. Government employees earn nearly 10 times what their private counterparts earn. NO MORE MONEY , they are crying with a loaf of bread under their arms
I would like to see some proof of those claims, especially the one that government employees earn 10 times as much as their private sector counterparts. Does that mean I can get an IT job in a government setting paying me over a million dollars a year? Let me know where to go for that.
This is rich…
There is no reason most anyone shouldn’t retire with at least $1m. I maxed out a ROTH IRA while my wife was in med school, I made less than $50k a year as a FF, and we rented a nice apartment in Old Braeswood by the Med Center. We even honeymooned in Costa Rica that year.
Oh and I was also contributing 9{997ab4c1e65fa660c64e6dfea23d436a73c89d6254ad3ae72f887cf583448986} of my gross income to my DB plan too. I think I even did $1k to a 457 plan as well.