FORT WORTH (CBSDFW.COM) – Fort Worth city employees voted in favor of a new contribution plan Monday to keep their pension fund afloat.
Nearly 60 percent of employees who voted, voted for the plan.
They’ll start contributing more to the fund starting in July and the city will contribute more as well.
There will be no changes to the cost of living adjustment (COLA) given to already-retired workers.
The city of Fort Worth had to make changes to keep the fund , which had a $1.6 billion shortfall, from running out of money by 2040.
Employees voted to pay more into the fund and take less when they retire.
By reaching this agreement, the city of Fort Worth avoids having the Texas Legislature take up the issue.
The plan will also cost Fort Worth taxpayers an extra $21 million per year.
Fort Worth Mayor Betsy Price tweeted Monday, “I am thrilled to announce @CityofFortWorth pension results are in and our employees overwhelmingly voted in favor. Fort Worth successfully solved this locally.”