Budget analysts are warning lawmakers the state's credit rating could be harmed unless they do more to properly fund the retirement plan for Texas employees.
The outgoing leader for the Employee Retirement System of Texas says the plan's unfunded balance is about $7.5 billion. The Austin American-Statesman reports that number is projected to increase to nearly $10 billion by 2018 if the Texas Legislature doesn't immediately pursue reforms.
The pension fund provides retirement and health benefits to more than a half-million state employees, retirees and their families. State officials say Texas only has 77 cents for every dollar needed to pay future benefits.
The Legislature convenes in January.
Copyright AP - Associated Press
