Houston Business Journal - Texas business leaders see cities’ inability to control their own pension funds to be a liability that could slow economic development.
Rep. Jim Murphy, R-Houston, has filed a bill to shift the control of municipal pension funds away from the state and to local cities in House Bill 2608. Sen. Paul Bettencourt, R-Houston, who replaced Lt. Gov. Dan Patrick in the Senate, is carrying the companion bill in the Senate.
Control of public pensions traditionally belonged to the state, set by Texas law. Murphy and his conservative supporters want that control shifted to the local pension board, with pension terms defined by municipal ordinance.