Core Points - Nearly 300 Houston city workers who took early retirement have not received pension payments, causing financial concerns [1][2] - The City of Houston offered early retirement buyouts to about 3,000 workers due to a projected budget shortfall, with around 1,000 accepting the offer [3] - The Houston Municipal Employees Pension System (HMEPS) is experiencing a higher than usual caseload, which has contributed to the delays in payments [4] Summary by Sections Pension Payment Delays - Nearly 300 former city employees are facing delays in receiving pension payments, which were expected within 30 to 60 days after retirement [1][2] - The HMEPS board chair indicated that timing and incorrect paperwork from some retirees contributed to the delays [4] Early Retirement Buyout Program - The City of Houston initiated an early retirement buyout program as a cost-saving measure amid a budget shortfall, with approximately 1,000 employees accepting the offer in April [3] - The pension plan involved is a defined benefit plan, which is becoming less common compared to defined contribution plans [5] HMEPS Operations - HMEPS typically processes an average of 39 retirements per month, but the recent influx has created a backlog [4] - Additional staff have been hired to address the payment issues, with expectations that payments will be made by the end of September [4]
Retired Houston city workers had their pensions delayed for months — here’s what to do if this happens to you
Yahoo Finance·2025-10-02 10:30