HOUSTON – Mayor Sylvester Turner will unveil a preliminary reform plan to cut yearly costs and close the amount of unfunded dollars for the police, fire, and civilian pensions Wednesday afternoon.
It’s an issue that threatens to cripple the city, and it all started 15 years from a disastrously bad financial projection.
Even though it happened long before Mayor Turner took office, it’s now arguably his biggest problem to fix.
Right now the city owes at least $5.6 billion to those three funds, which make payments to more than 40,000 retired employees.
That’s despite reforms over the years.
Since taking office in January, the mayor’s been in talks with the heads of the three funds.
The mayor says his goal is to reach a solution by the end of this year.
That’s because he needs to submit the plan to the state Legislature to consider when they reconvene in January.
We’ll be learning much more about the plan at 2 p.m. Stream it live here on KHOU.com.