HOUSTON (FOX 26) - It has been a long time coming but Houston Mayor Sylvester Turner says the City's 15-year pension crisis may be nearing its end.
Mayor Turner, members of Houston City Council and representatives from all three city pension systems announced that they have endorsed the mayor's pension reform plan on Wednesday.
The plan will now go before Houston City Council for a vote on Wednesday. It is expected to lower the city's annual costs now and in the future, in addition to reducing the $7.8 billion unfunded pension liability by more than 30 percent.
“This is the deal and what I’ve said to them, if there’s any attempt to unravel it, I will not support it. This is the deal and I will fight for it.”
If the plan passes, it will move to the state legislature for a vote when they reconvene in January. The plan will not raise taxes, according to Mayor Turner.