FORT WORTH — Fort Worth employees work hard for a what some agree is a nice retirement package — benefits that are close to their salaries that last as long as they live.
The problem is, it's no longer a good deal for the city.
The Fort Worth Employee's Retirement Fund crisis started in 2008, when the stock market plummeted. Projections show the fund will be empty by the time today's youngest employees are retiring.
That means each year the city will have to use more and more taxpayer money to write millions in promised benefit checks.
"What we're talking about is the most important decision we're going to be making for some time," said Fort Worth City Council member Jungus Jordan.
"It is going to have an impact on our city for years and years to come," agreed Mayor Mike Moncrief.
Retirement fund trustee Sue Winter represents retired employees. "Mayor, I represent retirees who are scared to death that something will happen to their benefits," she said.
Council member Danny Scarth tried to provide some reassurance. "None of us have any intention of making any changes to that, whatsoever," he said.
But council members are making no such promises to current city employees. Options include converting the retirement plan from one that guarantees a set check for life after retirement to one that makes contributions to a fund employees manage and invest themselves.
Retirement fund trustee Kimberly Britton supports a hybrid solution. "We've got to know what we're going to do," she said. "We can't just sit here. Not making a decision is making a decision."
Fort Worth's city manager presents a proposed city budget next month. Mayor Moncrief has asked him to include a plan for handling the retirement fund problem.
E-mail chawes@wfaa.com
