Credit: Jordan Vonderhaar for The Texas Tribune
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A plan to overhaul the pension for Texas’ future state employees and shore up billions of dollars in unfunded obligations owed to retirees advanced out of the Texas Senate on Wednesday.
Republican State Sen. Joan Huffman’s proposal to revamp the Texas Employees Retirement System moved forward by a 19-12 vote, despite fierce opposition from some state workers’ unions. Senate Bill 321 would enroll new state workers hired after Sept. 1, 2022 in a cash balance plan similar to a common 401(k) retirement account rather than the traditional defined benefit pension plan. The bill now heads to the Texas House for consideration.
Bill Would Move New Texas State Employees to 401(k)-Like Plan
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Overhaul to Texas state employee pension plan unveiled and quickly advanced by state Senate committee
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A key Texas Senate committee on Monday unveiled and quickly passed a major overhaul to the state s employee pension plan. Credit: Evan L Roy/The Texas Tribune
A powerful Texas Senate committee on Monday unveiled and quickly voted out a major overhaul to the state’s employee pension plan.
Senate Bill 321 by state Sen. Joan Huffman, R-Houston, would enroll new employees eligible for the Texas Employees Retirement System in a cash balance plan similar to a common 401(k) retirement account instead of the traditional, defined benefit pension plan. The Senate Finance Committee approved the measure by a vote of 13-0, with Democratic state Sen. Royce West of Dallas voting present.
Texas Employees discloses $246 million in commitments
Texas Employees discloses $246 million in commitments
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Texas Employees Retirement System, Austin, disclosed private market commitments totaling $246 million in March, according to a transaction report.
The $30.9 billion pension fund made a follow-on commitment of $75 million to open-end real estate fund Invesco Real Estate Asia Fund. It also made follow-on commitments of $25 million to private equity fund-of-funds ERS Private Equity Emerging Manager III, managed by Baring Private Equity Asia, and A$27.4 million ($21 million) to QIC Global Infrastructure Fund.
The pension fund also committed $100 million to real estate co-investment CO20210322, $10 million to private infrastructure co-investment CO20210401, and $10 million and $5 million, respectively, to private equity co-investments CO20210303 and CO20210331.