Not Just Dallas; Fort Worth Employees’ Pension Plan In Deep Trouble
by Michael Shedlock via MishTalk.com,
ZeroHedge.com
Dec 13, 2016
Dallas isn’t the only city in Texas with a sick retirement fund. Nearby Fort Worth is also in deep trouble.
Let’s dive into the Comprehensive Annual Financial Report for the Fort Worth Employees’ Retirement Fund for fiscal years ended September 30, 2015 & 2014 to see what we can find.
The Fort Worth “City” Pension plan has a liability of $1.271 Billion
on assets of only $2.094 billion. The plan is 62% funded and covers
389,528 employees.
The “Staff” plan which covers the people running the pension plan is in better shape. But there is only 1,542 people covered.
For the fiscal year ending September 30, the numbers got much worse.
City Plan Has More Net Liabilities than Assets
The Rest…HERE
