LUBBOCK, TX -- Lubbock spends less on employee pensions than the average of other major cities in Texas; and Texas cities spend less on than the national average. That’s according to a written statement released last week by the Texas Association of Public Employee Retirement Systems or TEXPERS.
TEXPERS studied 173 cities nationwide and found that on average cities spend 7.9% of their total tax revenues on employee pensions. By contrast the Texas average was 4.2% - just more than half of the national average.
Lubbock spent 3.2% of its total tax revenue on employee pensions according to TEXPERS. San Antonio was the lowest Texas city on the list – spending 2.5%. Houston was the highest at 6.2%
Max Patterson, the executive director of TEXPERS, said, “In Texas, pension expenses are not excessive when considered as a percentage of cities’ taxpayer revenues.”
TEXPERS said the employee pensions in Texas do not put taxpayers at risk the way some city pension systems nationwide have done.
“Texas cities … were among the country’s most efficient users of taxpayers’ dollars for their employees’ pensions,” TEXPERS said.