November 6, 2014 Dear Fund Members, Today the Houston Firefighters’ Relief and Retirement Fund (the HFRRF) met with Mayor Annise Parker and other City officials to outline the Board’s proposal that has a projected cumulative savings to the City, reducing its General Fund expense to the HFRRF over the next 3 years by $77M. The discussion we had today with the Mayor is not a HFRRF negotiation with the City. Our proposal is firm. The numbers in our proposal are supported by an actuarial study prepared by the Fund’s actuary, and that were also agreed upon by the City’s actuarial firm. The adjustments ( no benefit cuts ) that we discussed, are in the best interest of the membership of this plan. Today’s conversation with Mayor Parker lasted for about an hour. At the end of the day, our current plan and benefit structure remains sustainable. Mayor Parker offered no decision on whether the City would accept or decline our plan proposal that would clearly offer significant savings and reductions for the City to this pension plan. I will keep you updated on this issue if anything changes. My door is always open, Todd E. Clark Chairman
Posted on: Thu, 06 Nov 2014 22:21:23 +0000
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