The Texas Public Employees Association (TPEA) honored Texas Sen. Joan Huffman recently for creating a law that will save the Employees Retirement System (ERS) pension fund.
Founded in 1946, TPEA is the largest nonunion nonpartisan association for active and retired Texas state employees. It monitors the pension fund and health insurance benefits for state employees and retirees. But the sustainability of those benefits is being threatened by a staggering $15 billion of debt.
Huffman’s legislation is designed to pay off the existing debt over time, lower long-term costs to the employee and enhance benefit portability.
"I am thrilled that Senate Bill 321 has become law as it delivers on promises made to state employees and law enforcement officers by paying off the existing debt over a closed period of time and putting the fund on a sustainable financial path," Huffman said in a statement provided by TPEA.
“By creating a path for the ERS pension system to become actuarially sound we are avoiding the mounting pension debt that has bogged down so many other states,” she said.
The TPEA awarded Huffman a plaque for her service and support.
“Sen. Huffman designed a strong path forward for ERS and the state employees and retirees of Texas," Executive Director Ann Bishop said in the release. "SB 321 is not only helping safeguard pensions for hundreds of thousands of essential Texas employees and retirees, it's ensuring that the Texas budget remains balanced for years to come."