FORT WORTH—In an attempt to find a compromise that would be supported by both the City Council and employees, City Manager David Cooke rolled out a new proposal Friday to fix the city’s struggling pension fund.
The Fort Worth Employee’s Retirement Fund could run out of money by 2048 if nothing is done to address the $1.6 billion projected shortfall.
The proposal would increase the city’s contribution from $92 million to $110.7 million annually and preserve the cost of living adjustment (also known as a COLA) for retirees.
Employee contributions would increase from $37 million annually to about $50 million annually. Police and firefighters contribute at a higher rate than general fund employees.