HOUSTON – Numbers show city of Houston employees, firefighters and police officers receive varying amounts of money from city pensions when they retire.
The city of Houston has long offered pensions to firefighters, police officers and most remaining city employees.
The longer you work for the city, the more money you earn from your pension when you retire.
A report released three months ago shows funding for Houston’s three pension systems is $5.6 billion dollars behind.
"Most jobs today, you really don't see a pension unless it's in the public sector,” said Max Patterson, TEXpers executive director. Patterson believes city employees should get the money they have been promised and the city should have to make up most of the shortfall.
“The problem right now is there isn't enough money to pay those benefits,” Craig Mason said. Mason is a former city of Houston pension executive who left the city last year. "Pensions provide more benefit than the city can afford.”
Mayor Sylvester Turner has pledged to address the pension issue.
Channel 2 Investigates reviewed summary figures from the three city pensions.
Many employees receive a certain amount each month after they retire and an additional lump-sum payment called a drop.
The following are examples from city pension plan reports.
Houston Municipal employees with 21-25 years on the job:
$3,741 current average monthly salary at retirement
$2,283 average monthly pension benefit
$276,187 average DROP balance
Houston Police officers with 20-25 years on the job:
$6,786 average final salary at retirement
$3,811 average monthly pension benefit
$132,108 average DROP balance
Houston Firefighters with 21-25 years on the job:
$5,397.66 Average final average salary at retirement
$3,393.55 average monthly pension benefit
$171,064.21 average DROP balance
Houston Firefighters with more than 30 years on the job:
$5,165.79 Average final average salary at retirement
$4,854.28 average monthly pension benefit
$813,718.88 average DROP balance
Houston Police officers with 35-40 years on the job:
$7,083 average final salary at retirement
$3,994 average monthly pension benefit
$1,153,557 average DROP balance
Currently the state Legislature decides how much pension plans pay. Some people want cities to be able to set their own pension plan payout rates, under a option called local control.
So far the state Legislature has not allowed Houston to set its own rates.
If you have a comment about this story or a tip for investigative reporter Jace Larson, email him at jlarson@kprc.com.