New feature allows users to estimate pensions for 900,000 state and local government employees
AUSTIN – TexasBudgetSource.com has launched the Texas Pension Calculator, which allows TBS website visitors to view the salaries and estimated pension obligations for approximately 900,000 state and local government employees in Texas.
“Texas Budget Source’s pension calculator and public employee salary database allow the citizens and taxpayers of Texas to gain a more clear understanding of where and how their tax dollars are spent,” said Talmadge Heflin, director of the Center for Fiscal Policy at the Texas Public Policy Foundation. “The calculator projects the financial demands of current employees after retirement and enables the user to estimate annual pension costs of public workers in Texas.”
The calculator has a search engine that allows users to search for employees by name, entity, job title, or salary range. The calculator then estimates the annual pension due to the employee based on the employee’s current salary and the average service time for employees in the relevant retirement system. A future version of the interface will factor for the employee’s actual service time.
“Americans are slowly waking up to the fiscal crisis that is the government pension structure,” Heflin said. “While our state pension systems have not reached the crisis stage yet, the pension plans of three of Texas’ largest cities are projected to become insolvent over the next 10 to 15 years. We hope this calculator will engage the public in the discussion over how we provide for the retirement income of our government employees in a manner that is fiscally sustainable.”
At its launch this week, the calculator’s database includes the employees of almost 1,000 governmental entities – including state agencies, cities, counties, school districts, and special districts. Over time, the database will grow to cover more than 4,000 government entities.
TexasBudgetSource.com offers unique analysis and reporting, plus links to state agencies, government websites, and budget information throughout the state. Texas Budget Source is a project of the Texas Public Policy Foundation, a non-profit, free-market research institute based in Austin.
Primary website: www.TexasBudgetSource.com
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Senior Communications Director
Texas Public Policy Foundation
900 Congress Ave., Suite 400
Austin, TX 78701
(512) 472-2700 office
(512) 925-3512 cell
(512) 472-2728 fax