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Austin staff report progress on pension reforms; OPEB liability now about $1.3 billion
Summary
City financial staff told the Audit & Finance Committee that reforms and recent legislation moved the three city pension systems toward actuarially determined contributions and improved amortization periods, and that the city's other post‑employment benefits (OPEB) actuarial liability is roughly $1.3 billion.
City financial staff briefed the Audit and Finance Committee on Dec. 3 about recent reforms to Austin’s three contributory defined‑benefit retirement systems and the city’s other post‑employment benefits (OPEB).
Deputy CFO Diana Thomas and CFO Ed Bagnino summarized legislative and administrative changes that shifted systems to actuarially determined contributions, established lower benefit tiers for new hires and altered board governance and benefit‑enhancement authority. Those changes have reduced projected amortization periods for legacy liabilities: the…
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