The Houston Pension Question: How the City’s Pension Liability Grew and the Options for Reform

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Like most major cities, Houston today faces an increasing unfunded liability for its employee pensions. Estimates of this unfunded liability vary depending on the accounting techniques used, but our estimate is that the figure was at least $3.9 billion as of 2015, up from $212 million in 1992. This liability represents approximately 76 percent of the city’s current total annual revenue, including
both the general fund and enterprise funds…