The State of Public Pensions in Texas
In the February issue of Fiscal Notes, we discuss Texas’ pension systems for state and local employees. These systems, which serve more than 2.5 million current and former employees, face significant and growing financial challenges. We also examine business incubators in Texas — organizations that offer a variety of services, including workspaces, mentoring and investor contacts, to support the launch of fledgling companies.
Fiscal Notes: Growing Pension Liabilities Could Affect State Finances
(AUSTIN) — The Comptroller’s office examines the inner workings of Texas’ public pension programs and reports on the current outlook for their long-term viability in the February edition of Fiscal Notes, released today. Many state and local governments across the country are struggling with growing pension costs and liabilities, and Texas governments are no exception.
“While Texas hasn’t yet encountered the kind of worst-case scenario with pension costs that other states and cities have struggled to overcome, long-term trends are troubling,” Texas Comptroller Glenn Hegar said. “Any major change to Texas’ public pension system will be legislatively challenging, but action now to address shortfalls would help the state avoid the financial difficulties that have plagued other governments throughout the nation.”
Fiscal Notes is available online, and you can receive them by subscribing via the Comptroller’s website.
The February issue of Fiscal Notes also looks at business incubators, organizations that help new companies find their footing with workspaces, investor leads and various types of professional assistance.
Fiscal Notes furthers the Comptroller’s constitutional responsibility to monitor the state’s economy and estimate state government revenues. Since 1975 It has been published, featuring in-depth analysis concerning state finances and original research by subject-matter experts in the Comptroller’s office.