by: David Pitman
Please click here for the KUHF Houston Public Radio audio clip.
The pension for Houston firefighters is one of the strongest in the country. That’s according to the latest ranking of the nation’s public pension funds.
The Houston Firefighters’ pension is number seven on the list of top ten public pensions. The Private Equity Growth Capital Council came up with that by looking at 10-year returns in private equity investments. The firefighters’ pension raked in an 11 percent return.
“You can’t beat that kind of number, I mean. And that’s total returns.”
Todd Clark is the Chairman of the Houston Firefighters’ Relief and Retirement Fund. He says the higher-than-average returns will save the city more than $37 million dollars in contributions over the next three years. Those payments from the city make up 20 percent of the money in the fund.
“Eighty percent comes from the firefighters and the investment returns, so this just helps secure the hard-earned benefits that were promised to the firefighters.”
Please click here for the full article.