In this editorial, the author claims that "Texas lawmakers must address a state pension problem before it becomes an insurmountable crisis.”
The author compares the state’s second-largest employee retirement fund, the Employees Retirement System of Texas, with a credit card debt. He states that lawmakers have not "properly funded" the pension plan and that the fund is set to run out of money in 2063. He says that if the government does not take care of this issue, the debt will increase by $500 million every year and would cause Texas’ credit rating to go down. The author emphasizes that the legislature must do something. He proposes cutting pension benefits or asking employees to contribute more, but suggests that the best solution would be for the state to make the financial contributions “it hasn’t made for years”.
The author compares the state’s second-largest employee retirement fund, the Employees Retirement System of Texas, with a credit card debt. He states that lawmakers have not "properly funded" the pension plan and that the fund is set to run out of money in 2063. He says that if the government does not take care of this issue, the debt will increase by $500 million every year and would cause Texas’ credit rating to go down. The author emphasizes that the legislature must do something. He proposes cutting pension benefits or asking employees to contribute more, but suggests that the best solution would be for the state to make the financial contributions “it hasn’t made for years”.
Finally, the author mentions Sen. Kevin Eltife, R-Tyler, a member of the Senate Finance Committee, who said “he won’t support tax cuts until lawmakers shore up the state pension fund.” Agreeing with the senator, the author, in name of Texas’ citizens, “urges” Gov. Greg Abbott, Lt. Gov. Dan Patrick and the Legislature to take care of the issue.
From my perspective, the author’s intended audience is Texas’ citizens that will be retiring in 2063 and later because those will be the generations affected by this issue. I strongly agree with the author of this article. I think this issue should be fixed if we don’t want Texas to enter a dead end road.
From my perspective, the author’s intended audience is Texas’ citizens that will be retiring in 2063 and later because those will be the generations affected by this issue. I strongly agree with the author of this article. I think this issue should be fixed if we don’t want Texas to enter a dead end road.
http://www.dallasnews.com/opinion/editorials/20150215-editorial-state-employee-pension-is-a-ticking-time-bomb.ece
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