Austin city negotiators and firefighters have struck an agreement regarding the Austin Firefighter Retirement Fund to comply with state law, allowing for assured benefits for retirees. Mayor Kirk Watson announced the signing of a memorandum of understanding to resolve unfunded liabilities. Legislative proposals now have a clearer path forward, with hearings scheduled in both the Senate and House on related bills. If approved, retirement benefits will be aligned based on service duration and timing, addressing current unfunded liabilities amounting to $300 million and securing future benefits for firefighters. President Bob Nicks commended the collaborative effort in negotiations.
Negotiators for the city's firefighters reached a crucial agreement on retirement fund compliance, addressing unfunded liabilities to ensure retirement benefits for current and future retirees.
Mayor Watson announced a memorandum of understanding that sets a framework for how the Austin Firefighter Retirement Fund will handle its unfunded liabilities.
President Bob Nicks noted that the legislative proposals would require a hearing to proceed, but he's optimistic about the agreement facilitating needed benefits for retiring firefighters.
Nicks praised Mayor Watson for his efforts, emphasizing that if the Legislature approves the agreement, benefits will depend on service duration, retirement timing, and employment start.
#austin-firefighters #retirement-fund #state-law-compliance #unfunded-liabilities #legislative-proposals
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