{"id":60142,"date":"2016-12-13T12:09:11","date_gmt":"2016-12-13T16:09:11","guid":{"rendered":"https:\/\/stateofthenation2012.com\/?p=60142"},"modified":"2016-12-13T12:09:11","modified_gmt":"2016-12-13T16:09:11","slug":"not-just-dallas-fort-worth-employees-pension-plan-in-deep-trouble","status":"publish","type":"post","link":"https:\/\/stateofthenation2012.com\/?p=60142","title":{"rendered":"Not Just Dallas; Fort Worth Employees’ Pension Plan In Deep Trouble"},"content":{"rendered":"

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MishTalk<\/p>\n

Dallas isn\u2019t the only city in Texas with a sick retirement fund. Nearby Fort Worth is also in deep trouble.<\/p>\n

Let\u2019s dive into the Comprehensive Annual\u00a0 Financial Report for the Fort Worth Employees\u2019 Retirement Fund<\/a>\u00a0 for fiscal years ended September 30, 2015 & 2014 to see what we can find.<\/p>\n

Fort Worth Retirement Fund<\/strong><\/p>\n

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The Fort Worth \u201cCity\u201d Pension plan has a liability of $1.271 Billion on assets of only $2.094 billion. The plan is 62% funded and covers 389,528 employees.<\/p>\n

The \u201cStaff\u201d plan which covers the people running the pension plan is in better shape. But there is only 1,542 people covered.<\/p>\n

For the fiscal year ending September 30, the numbers got much worse.<\/em><\/p>\n

City Plan Has More Net Liabilities than Assets<\/strong><\/p>\n

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The pension liability for the \u201cCity\u201d plan for fiscal year ending September 2015 jumped to $2.124 billion. The plan has more net liabilities than assets.<\/p>\n

Staff Plan in Much Better Shape<\/strong><\/p>\n

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Congratulations to the staff running running the retirement plan. They are in much better shape.<\/p>\n

Plan Assumptions<\/strong><\/p>\n

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